Segment Performance
The aseptic carton revenue grew 1.2% in 2025, driven by a strong performance in the Americas, while chilled carton revenue declined 5.3% due to competitive pressures in China. The bag-in-box and spouted pouch business saw a 3.4% decline. The Americas region recorded the highest growth in 2025, with 4.4% revenue growth at constant currency. Europe saw a decline of 0.8% at constant currency, but showed a 4% growth in the fourth quarter.
Guidance and Outlook
For 2026, SIG expects revenue growth on a constant currency and constant resin basis to be flat to 2%. The company aims to improve its EBIT margin, excluding nonrecurring charges, to a range of 15.7% to 16.2%. The midterm financial guidance includes revenue growth of 3% to 5% per year, EBIT margin above 16.5%, and net CapEx of 6% to 8% of revenue. Analysts estimate next year's revenue growth at 3.6%.
Valuation Metrics
To understand what's priced in, we can look at the company's valuation metrics. The P/E Ratio is 25.31, P/B Ratio is 1.81, and P/S Ratio is 1.52. The EV/EBITDA is 10.01, and the Free Cash Flow Yield is 5.5%. The Net Debt / EBITDA is 3.26, which is in line with the company's net leverage ratio of 3x at the end of 2025. As per Ann-Kristin Erkens, the expected free cash flow for 2026 is slightly above EUR 400 million, which could positively impact the company's valuation.
Operational Highlights
The company has implemented several initiatives to improve its performance, including the placement of 68 new fillers and the introduction of the Neo line, which features a low waste rate and can process Alu-free full barrier sleeves. SIG has also received the EcoVadis platinum status for the seventh time with a record score of 99 out of 100.