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CCL Industries (CCL-B) investor relations material
CCL Industries Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary12 Nov, 2025
Executive summary
Q3 2025 sales rose 6.3% year-over-year to $1,965.9 million, with 3.7% organic growth and 2.5% from FX tailwinds.
Net earnings for Q3 2025 were $210.8 million, up from $191.7 million in Q3 2024; basic and adjusted EPS were $1.21, up 11% from $1.09 in Q3 2024.
Free cash flow from operations increased to $333.4 million in Q3 2025 from $233 million in Q3 2024.
$467.9 million was returned to shareholders year-to-date through dividends and share repurchases.
Operating income reached $321.8 million, up 11.4% year-over-year, with a margin of 16.4%.
Financial highlights
Adjusted EBITDA for Q3 was $416.1 million, up from $380.7 million in Q3 2024.
Effective tax rate increased to 25.5% from 24.5% due to higher income in high-tax jurisdictions.
Net finance expense decreased to $18.2 million from $19.3 million.
Dividend payout ratio at 27%.
Basic and adjusted EPS for the nine months was $3.61, up from $3.30 (excluding prior year revaluation gain).
Outlook and guidance
CCL segment orders remain stable; CPG customer volumes are soft, but CCL Design is strong.
Avery expects a seasonally slow quarter, except for Horticulture.
Checkpoint faces ongoing tariff risks, especially in MAS and ALS product lines.
Innovia's German plant will continue to incur start-up costs in Q4; label materials markets remain slow.
Modest currency tailwind expected for Q4 2025 if current exchange rates persist.
Quantify tariff cost impact on Avery/Checkpoint
Detail Innovia Germany plant startup costs
Reconcile 9-month basic vs adjusted EPS
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Next CCL Industries earnings date
Q4 202526 Feb, 2026
Next CCL Industries earnings date
Q4 202526 Feb, 2026
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Frequently asked questions
Labels and Packaging
CCL Industries is an American-Canadian company focused on the production of specialty labels and packaging. The company produces labeling and packaging materials for a variety of sectors, including healthcare, home & personal care, food & beverage, and consumer products. Its product range encompasses pressure-sensitive labels, shrink sleeves, aluminum containers, and more. The company has dual headquarters in Toronto, Canada, and Framingham, Massachusetts, and its shares are listed on the TSX.
Connecticut Chemicals Limited
The company was founded in 1951 as Connecticut Chemicals Limited, eventually changing its name to CCL, and it focused on custom manufacturing for the Canadian consumer products industry. However, the company expanded its scope to include labels and other packaging solutions. This expansion was not just in terms of product lines but also geographically, as it began operations in the United States and the United Kingdom, eventually going public on the Toronto Stock Exchange in 1980. In the 2000s, CCL Industries started shifting its focus from custom manufacturing towards labels and packaging through divestiture of various assets.
The Products
CCL’s product portfolio includes pressure-sensitive labels, which are designed for various applications in a range of sectors. It also produces shrink sleeves, aluminum, and film materials used for both decorative and functional packaging. Additionally, the company produces extruded and labeled plastic tubes, aluminum aerosols, and specialty bottles. Its portfolio also encompasses folded instructional leaflets, precision decorated and die-cut components as well as electronic displays. Some other companies operating in the packaging sector are Avery Dennison, Ball Corporation, and WestRock Company.
The Customers
Its clientele primarily includes companies in the consumer products industry, particularly those in the food and beverage, home and personal care, healthcare, and pharmaceutical sectors. Additionally, CCL caters to businesses in the automotive and electronics sectors, providing high-quality labeling and packaging solutions. Their products are also in demand among companies requiring innovative and secure label solutions for promotional, security, and RFID applications.
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