Cabka (CABKA) CMD 2025 summary

Strategic roadmap and growth phases

• Two-phase strategy: Phase 1 (2026–2028) focuses on maximizing efficiency, margin improvement, and operational leverage, targeting revenue above €215M and EBITDA margin expansion to 13–15% for a 40–60% EBITDA increase by 2028.

• Phase 2 (2028–2030) aims for organic revenue above €240M and EBITDA margin above 15%, with further growth to over €300M through M&A when balance sheet allows.

• Diversification into higher-growth verticals like pharma and e-commerce, with dedicated sales teams and regional market focus.

• Portfolio optimization and enhanced planning in Europe, with intensified commercial efforts and improved pricing in the US.

• No current plans for a merger; M&A will focus on scale and product expansion in core markets when balance sheet allows.

Market positioning and business model

• Specializes in transforming hard-to-recycle plastic waste into reusable transport packaging, enhancing logistics sustainability.

• Integrated approach from waste collection to manufacturing, supported by an in-house innovation center.

• Focuses on closing the loop in the plastics value chain, maximizing recycled content in end products.

• Positioned to benefit from EU sustainability regulations and structural growth in the sector.

• Listed on Euronext Amsterdam since March 2022, with a strong ESG profile and customer-centric approach.

ESG, compliance, and sustainability leadership

• 88% recycled material input in 2024, with carbon avoidance exceeding operational emissions and a target of carbon-neutral operations by 2030.

• Fully integrated ESG strategy, platinum EcoVadis rating, and alignment with EU PPWR regulations, supporting customer compliance and circularity.

• Commitment to 50% renewable energy by 2025 and robust traceability systems.

• Regulatory compliance (PPWR) seen as a competitive advantage, with products exceeding recycled content requirements.

• Strong ESG integration supports customer transition to circular models.