SIG Group (SIGN) Q3 2026 TU & CMD 2026 earnings summary

Q3 and 9M performance

• Q3 revenue was €843.0m, up 7.2% at constant currency and 6.5% at constant currency and constant resin; growth benefited from a low prior-year comparison base.

• Q3 adjusted EBIT was €146.9m, with a 17.4% margin versus 14.8% in Q3 2025 excluding non-recurring charges; adjusted net income was €94m and FCF €91m.

• 9M revenue was €2,402.5m, up 3.0% at constant currency and 2.5% at constant currency and constant resin; adjusted EBIT was €390.6m with a 16.3% margin.

• 9M FCF was €59.0m versus negative €84.4m; adjusted net income was €227.6m versus €153.0m in 2025 excluding non-recurring charges.

Outlook and financial targets

• FY2026 revenue growth guidance remains 0%-2% at constant currency and constant resin; adjusted EBIT margin guidance rose to 16.0%-16.5% from 15.7%-16.2%.

• Midterm targets are 3%-5% organic revenue growth and adjusted EBIT margin above 18%, including above 20% for Aseptic Carton.

• Net CapEx guidance is 6%-8% of revenue including leases; additional revenue and mix are expected to convert to EBIT at a ~30% drop-through rate.

• Net leverage was 2.6x at September 30, 2026, versus 3.3x a year earlier; the target is below 2.5x by 2027 and ~2.0x beyond.

Strategy and segment performance

• Strategic priorities include profitable growth, technology and sustainability leadership, productivity, and organizational simplification; reporting moves to Aseptic Carton and Bag-in-Box & Spouted Pouch from the FY2026 report onward.

• Aseptic Carton grew 4.2% over 9M with a 19.1% adjusted EBIT margin; its medium-term market is expected to grow 2%-3%.

• Bag-in-Box & Spouted Pouch revenue declined 4.4% over 9M at constant currency and constant resin; the margin ambition is 8%-10%, or 10%-12% excluding corporate allocations.

• Turnaround measures include a dedicated team, focus on food service and aseptic pouch, footprint and portfolio optimization, and two site closures in 2026/27.

• Chilled Carton remains non-core; segment-reporting changes are expected to trigger a ~€250m non-cash impairment across Bag-in-Box & Spouted Pouch and Chilled Carton in Q4 2026.