Pact Group (PGH) H2 2025 earnings summary

Executive summary

• Revenue declined 1.9% year-over-year to $1,821.7 million, with underlying NPAT down 16% to $37.7 million and statutory NPAT down 68.5% to $23.6 million.

• Net debt increased by $76.4 million to $495.3 million, and gearing rose to 3.0x from 2.5x.

• The company delisted from the ASX in July 2025 following shareholder approval.

• No final dividend was declared for FY25.

Financial highlights

• Underlying EBITDA fell 6.2% to $249.1 million, and underlying EBIT dropped 10.4% to $138.5 million year-over-year.

• Operating cash flow decreased 43.6% to $66.4 million, mainly due to lower EBITDA and higher finance and tax costs.

• Capital expenditure was $119.4 million, focused on packaging upgrades and recycling infrastructure.

• No dividends were paid in FY25; franking credits available for future periods total $24.6 million.

Outlook and guidance

• The company continues to focus on core growth areas, expanding recycling capabilities, and leveraging regional scale.

• Ongoing review of the Asian packaging and closures business is underway.

• Supply chain disruptions from the closure of Qenos have normalized in the second half of FY25.