Winpak (WPK) Q1 2026 earnings summary

Executive summary

• Net income attributable to equity holders for Q1 2026 was $31.0 million, down 10.4% year-over-year due to lower gross profit and weaker sales volumes.

• Revenue for Q1 2026 was $280.0 million, a decrease of 1.7% compared to Q1 2025, driven by a 2.1% decline in volumes.

• Gross profit margins fell to 29.6% from 31.1% year-over-year, impacted by higher raw material costs and increased personnel expenses.

Financial highlights

• EBITDA for Q1 2026 was $53.8 million, down from $58.1 million in Q1 2025.

• Basic and diluted EPS was 53 cents, compared to 56 cents in Q1 2025.

• Cash and cash equivalents at quarter-end were $353.3 million, a decrease of $22.3 million from year-end 2025.

• Operating cash flow before working capital changes was $54.2 million.

Outlook and guidance

• Gross profit margin for the remainder of 2026 is expected to range between 30% and 31%.

• Sales volume growth for the rest of 2026 is projected at 3–5%.

• Capital expenditures for 2026 are forecast at $80–90 million, focused on converting and extrusion equipment.

• Ongoing geopolitical and supply chain risks could materially impact costs and margins.