Canpack, a global manufacturer of aluminium beverage cans and packaging solutions has released its results for the quarter and nine-month period ending September 30, 2025, reporting a small rise in beverage-can demand but softer profitability.
Q3 2025: Higher volumes, firm sales, softer earnings
The company shipped 9.072 billion beverages can in Q3 2025, edging up 3 per cent from the 8.792 billion units recorded a year earlier in the same period. The reason for increase is primarily driven by higher can body volumes in the US and India, partially offset by lower can body volumes in Europe.
Net sales strengthened as well, climbing to USD 1.180 billion from USD 1.080 billion, a 9 per cent jump. This positive performance was driven by contractual pass through of higher aluminium LME and Premium as well as beverage can body volumes increase combined with the positive impact of contract assets recognition.
The top-line gains did not carry through to profit. Adjusted EBITDA slipped to USD 151 million, down from USD 160 million in Q3 2024, a 6 per cent year-over-year decline. Management pointed to higher labour and aluminium conversion costs, added logistics spending — particularly tied to India’s expansion—and the drag from contractual inflation-linked price adjustments.
Capex rose sharply in the same window. Canpack spent USD 47 million on capital projects in Q3 2025, compared with USD 38 million in the prior-year quarter, reflecting ongoing capacity additions and planned maintenance work.
Free cash flow reversed course in Q3, shifting from a USD 151 million inflow last year to a USD 71 million outflow — an USD 80 million swing linked to higher working-capital needs. Working capital rose USD 35 million, just above the USD 28 million increase in Q3 2024, as inventories, receivables and capex all moved higher. Net leverage also rose, ending the quarter at 2.48x versus 2.35x a year ago.
Chief Executive Officer, Marius Croitoru, Commented, “In Q3 2025, Canpack showed resilience in a dynamic market. We achieved strong growth in the U.S. and India, while in Europe we continued to operate at full capacity reinforcing the strength of our global footprint. Our teams remain focused on delivering for customers and driving operational excellence. As we already communicated we will continue investing in strategic markets such as Europe, India, Brazil and Colombia, while keeping efficiency and sustainability at the core of our approach. I would like to thank our employees for their hard work and commitment as we shape Canpack’s future together.”
For more information on aluminium packaging read: ALuminium in Packaging: Consumer Trends and Market Dynamics
Nine-month performance: Sales rise, EBITDA softens
Across the first nine months of 2025, Canpack recorded 26.161 billion can-body shipments, a 2 per cent improvement over the 25.651 billion units moved during the same stretch in 2024. Net sales reached USD 3.344 billion, up 9 per cent from USD 3.068 billion last year.
Adjusted EBITDA for the period landed at USD 433 million, down from USD 469 million, marking an 8 per cent decrease as the same cost and logistics pressures seen in Q3 carried through the broader year.
Capital spending over nine months climbed to USD 155 million, up from USD 97 million in 2024, with the company continuing to invest in expansion programmes and maintenance.
Free cash flow registered a sharp year-to-date improvement, shifting from an USD 11 million outflow in the first nine months of 2024 to a USD 121 million inflow in 2025 — a USD 132 million turnaround. The change stemmed mainly from a far smaller working-capital build of USD 163 million this year, supported by shifts in receivables, inventories and capex timing.
Also read: American Aluminium Industry: The Path Forward
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