Netherlands-based packaging solutions provider Cabka reported revenue of €181.9m ($189.4m) in financial year 2024, ending 31 December, down 8% from €196.9m in 2023.
The company reported operational earnings before interest, taxes, depreciation, and amortisation (EBITDA) of €20.5m for the full year 2024, down 16% from the previous year. The decline is mainly due to lower sales, alongside the impact of inflation on fixed costs.
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Despite global economic and political uncertainties, Cabka’s sales performance for the first quarter (Q1) of 2025 was €44.1m, consistent with the previous year and meeting projections.
The company is focusing on stabilising results through the execution of the ‘SHIFT’ programme, which aims to balance cash inflows and outflows.
The company said, early results from this initiative are showing positive outcomes, and the plan will continue to be executed throughout the year.
In Europe, Cabka saw a 3% year-over-year increase in total sales, reflecting a solid rebound in Contract Manufacturing and steady performance in the Portfolio and Customized Solutions segments.
However, in the US, the company faced a €0.5m decrease in revenue compared to Q1 of the previous year, attributed to challenging market conditions.
Cabka reiterates its guidance for sales and EBITDA for 2025, expecting them to be at least at the same level as 2024.
The company has obtained a temporary waiver and adjustment to financial covenants until the end of Q2 2025 and is engaging with banks to renegotiate debt facility terms and financial covenants due to the challenging market and financial conditions.
Furthermore, Cabka continues to uphold its environmental, social, and governance strategy and the goals established in 2022.
Cabka CEO Alexander Masharov said: “While uncertainties around CSRD (Corporate Sustainability Reporting Directive) implementation persist, aligning with ESRS (European Sustainability Reporting Standards) is a proactive step that underscores our commitment to transparency, trust, and measurable sustainability impact.”
In December 2023, the company completed a €80.4m debt refinancing process.
