SIG Half-Year Report 2024

Samuel Sigrist, CEO, said: “Year to date, carton has experienced strong growth while performance of bag-in-box has been clearly below our expectations. Bag-in-box in North America has suffered from temporary soft consumer demand, especially in foodservice, while production was constrained due to a plant relocation from Canada to the USA that took longer to ramp up than expected. Remedial action to resolve the production challenges is underway. Going forward we expect performance in bag-in-box to improve on a quarter-by-quarter basis. We have updated our 2024 guidance for revenue growth and adjusted EBITDA margin accordingly.”

Highlights

• Q2 2024 revenue growth, at constant currency, +5.7% (constant currency and constant resin1 +5.4%), following 0% growth in Q1 2024
• HY 2024 revenue growth, at constant currency, +3.0% (constant currency and constant resin1 +2.9%)
• Q2 2024 adjusted EBITDA margin 25.1% (Q2 2023: 25.7%); +360 bps vs. Q1 2024
• HY 2024 adjusted EBITDA margin 23.5%; (HY 2023: 24.9%)
• 2024 guidance updated:
• revenue growth of around 4%, +/-50 bps (previously at low end of 4-6%)
• adjusted EBITDA margin at lower end of 24 to 25% range (previously lower half of 25-26% range)
• Mid-term guidance confirmed: revenue growth in the upper half of 4-6% range, adjusted EBITDA margin above 27%, net capex 7-9% of revenue