Canpack Group, a global producer of aluminium beverage cans and packaging solutions, released its financial results for the second quarter and first half of 2025, ended June 30, along with a trading update.
For the three months ended June 30, 2025, beverage can body volumes remained flat compared with the same period in 2024. For the six months ended June 30, 2025, volumes increased by 1 per cent year-on-year. The growth was mainly driven by higher can body volumes in the US and India, partly offset by lower volumes in Europe and Brazil.
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Financial results
Net Sales rose by 10 per cent in Q2 2025 versus the same quarter in 2024, and by 9 per cent for the first half of 2025 compared to H1 2024. Net sales stood at USD 1,159 million as of June 30, 2025, up from USD 1,056 million a year earlier.
This performance was largely supported by contractual pass-through of higher aluminium LME prices and premiums.
Adjusted EBITDA declined to USD 143 million in Q2 2025 and USD 282 million in H1 2025, down from USD 175 million and USD 309 million in the corresponding periods of 2024. The decrease was mainly attributed to higher labour and aluminium conversion costs, incremental logistics expenses to support India’s growth, and lower selling prices linked to contractual inflation adjustments, partly offset by higher volumes.
Capital expenditures rose sharply to USD 56 million in Q2 2025 and USD 108 million in H1 2025, compared to USD 29 million and USD 59 million in the same periods of 2024. The increase reflected higher spending on capacity expansion projects and increased planned maintenance CapEx.
Free cash flow also improved significantly. In Q2 2025, free cash outflow narrowed to USD 16 million, compared to an outflow of USD 36 million in Q2 2024. For H1 2025, free cash flow turned positive at USD 50 million, compared with an outflow of USD 162 million a year earlier — a swing of USD 211 million. The improvement was driven by a smaller increase in working capital (USD 105 million increase in Q2 2025 vs USD 182 million in Q2 2024, and USD 128 million in H1 2025 vs USD 413 million in H1 2024), largely due to reduced use of factoring facilities. This was partly offset by higher CapEx and lower Adjusted EBITDA.
Chief Executive Officer, Marius Croitoru, Commented, “Despite global uncertainty we are pleased with the first semester’s financial results which are higher than our initial expectation for H1 2025. We are seeing strong performance in India and United States while we are running at full capacity in Europe without interruption since January 2024. While we cannot predict how the balance of 2025 will unfold, we are at this time cautiously optimistic. We continue to thank our world class customer base for their trust in Canpack as we work hard to delight each of them, and we continue to applaud our employees for their unwavering dedication and exceptional commitment.”
New announcement in Colombia
In response to rising demand and to strengthen the packaging industry in Colombia and neighbouring countries, Canpack announced a new greenfield investment near Barranquilla, in northern Colombia. Backed by a long-term agreement with a strategic customer, the new facility will have an installed capacity of approximately 1 billion aluminium can bodies per year.
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