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Edge20 Mar 2026
Tetra Pak: The Shape of Innovation
The story of Tetra Pak, the Rausing family, and how a paper tetrahedron gave rise to a company that now delivers almost 180 billion packages a year.
Piovan
Piovan (PVN) investor relations material
Piovan has been delisted
Piovan Q4 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2024 earnings summary21 Mar, 2025
Executive summary
FY 2024 revenues reached €571.8m, up 0.2% year-over-year, maintaining record 2023 levels despite challenging markets.
Adjusted EBITDA was €78.5m (13.7% margin), with stable profitability and strong cash conversion (~95%).
Net financial position improved to negative €32.4m from negative €57.8m, reflecting strong cash generation.
Growth driven by expansion in Asia (NuVu acquisition, new Chinese plant) and Food & Industrial Applications segment.
Strategic acquisitions and increased stakes in Nu-Vu Conair and Fea expanded presence in India and consolidated group structure.
Financial highlights
Revenues: €571.8m (+0.2% YoY); organic revenues excluding NuVu down 2.9%.
Adjusted EBITDA: €78.5m (13.7% margin), down 0.4% YoY; excluding NuVu, €75.1m (13.6% margin).
Adjusted EBIT: €68.3m (11.9% margin), down 1.0% YoY; EBIT: €58.4m (10.2% margin), down 9.6%.
Adjusted Net Income: €47.7m, down 1.1% YoY; net profit: €46.3m.
Net debt reduced to €32.4m from €57.8m, supported by €61m cash flow from operations.
Outlook and guidance
Management expects continued growth in food and services, with technical polymers stabilizing.
Expansion in Asia and India, supported by NuVu consolidation and new manufacturing facilities, to drive future growth.
Focus remains on circular economy, recycled value chain, and growth in Food & Industrial Applications.
Regulatory changes in Europe, India, and China expected to boost recycled plastics and food packaging markets.
Investindustrial's acquisition expected to support further international growth and industry leadership.
Explain Nu-Vu Conair stake impact.
How did packaging support polymers?
Detail one-off costs impacting EBITDA.
How will existing loans be refinanced?
How do new recycling regulations impact growth?
What non-recurring costs impacted 2024 EBITDA?
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