Revenues of €180.0 million, down 1% yoy (2024: €181.9 million), with improved momentum in H2
Gross margin improved to 51.3% (2024: 50.9%), due to an improved product mix, higher operational efficiency, and centralized material purchasing strategy
Operational EBITDA increased to €21.1 million in 2025 (2024: €20.5 million), an EBITDA margin of 11.7% (2024: 11.3%)
Net loss improved to €-7.4 million (2024: €-9.4 million) supported by SHIFT plan execution, which reduced the personnel and operational expenses by €3 million year over year
Net working capital at €28.3 million or 15.7% of sales (2024: €26.7 million or 14.7% of sales)
Net debt decreased to €62.6 million (2024: €71.8 million). Net debt/EBITDA year end 2025 decreased to 2.7x from 3.2x (year-end 2024)
Total CAPEX materially reduced to €11.7 million (2024: €18.7 million).
Dividend: Given continued focus on balance sheet improvement the company proposes not to pay a dividend for financial year 2025
Cabka CEO Alexander Masharov, commented:"2025 was the year we stabilized Cabka. In a volatile market environment, we emphasized discipline, margins and cash generation. The result is visible: stronger gross margins, improved EBITDA, significantly lower net debt and materially improved operating cash flow.
The SHIFT program delivered what it was designed to do, restoring operational control, simplifying the organization, reducing costs and rebuilding financial flexibility. We have demonstrated clear operational traction. Contract Manufacturing rebounded strongly in Europe, our US operations returned to growth, and our ECO business continued to expand at double digit rates. The second half of 2025 showed improved commercial momentum across our core segments.
With reduced leverage and a more disciplined capital allocation framework in place, Cabka enters 2026 in a stronger and more stable position. We expect improvement in revenues and further EBITDA margin expansion compared to 2025. Our strategic roadmap to 2030 remains intact: first optimize and strengthen, then accelerate."
in € million
2025
2024
Change
Revenues
180.0
181.9
-1%
Operational EBITDA
21.1
20.5
3%
EBITDA Margin
11.7%
11.3%
3.5%
Net Result Reported IFRS
(7.4)
(9.4)
21%
Business Segments and Geographical Markets
PortfolioIn Europe, the Portfolio segment faced significant headwinds due to challenging European conditions, geopolitical uncertainties, and potential US tariff impacts. The higher cost of capital led smaller customers to pause investments and delay larger commitments. Revenues declined 6% year-over-year, with the impact particularly pronounced in H1 2025 (down 15% in that period), while H2 showed an improved performance. Price decreases were partly offset by positive volume development.
In the US, our Portfolio business declined 2% for the full year due to pricing pressure partly compensated by volume growth. In local currency terms revenues were stable for the full year 2026. The strengthened sales organization and targeted customer acquisition efforts showed tangible results throughout the year.
Pooling and Customized SolutionsIn Europe, Pooling and Customized Solutions was a mixed picture with resilience in pooling, while the decline came mainly from the mobility segment driven by phasing issues. In the US, the company shifted its focus from Customized Solutions to Contract Manufacturing as part of its overall strategy to increase capacity utilization throughout the region.
Contract ManufacturingIn Europe, Contract Manufacturing emerged as a clear success story in 2025, delivering a strong recovery with 31% growth for the full year. The segment rebounded substantially over 2025, driven by renewed customer engagement and improved end-market conditions.
In the US, our focus on expanding Contract Manufacturing operations to increase capacity utilization at our St. Louis facility, contributed to improved operational leverage and supported the overall US recovery.
ECO BusinessOur ECO business continued its growth trajectory, expanding 16% year-over-year. The segment continues to benefit from demand for sustainable construction and road safety products made from post-consumer plastic waste. Waste collection fees remained stable.
DividendThe company proposes not to pay a dividend for the financial year 2025 given Cabka's continued focus on balance sheet improvement and financial flexibility.
Outlook 2026In line with our statements at the capital markets update, we expect to return to growth in 2026. For the full year, we expect an improvement in revenues and a higher EBITDA margin compared to 2025.
Strategic Roadmap 2026-2030At our Capital Markets Day in November 2025, Cabka presented its strategic roadmap built on two distinct phases designed to deliver sustainable, profitable growth and position the company as a leading European provider of reusable plastic transport packaging solutions.
Phase 1 (2026-2028): Operational Excellence & Margin Expansion
The first phase focuses on strengthening our operational foundation and improving profitability through:
Revenue Growth: Target revenue progression from current €180 million to €215 million by 2028
Margin Improvement: EBITDA margin expansion from current ~11-12% to 13-15% by end of Phase 1
Phase 2 (2028-2030): Market Consolidation & Portfolio Expansion
The second phase accelerates growth through strategic M&A and market consolidation:
Revenue Acceleration: Target revenue growth to €300 million by 2030 with significant contribution from strategic acquisitions
Value Creation: Maintain EBITDA margins of 15-17% during expansion
This two-phase approach provides a clear roadmap for sustainable value creation, balancing near-term operational improvements with medium-term growth acceleration through strategic consolidation.
Condensed bridge from operational to IFRS consolidated statement of profit and loss, 2025 preliminary unaudited1
in € million
2025
2024
Change
Revenues
180.0
181.9
-1%
Other operating income items
3.6
10.6
-66%
Total Operating Income
183.6
192.4
-5%
Expenses for materials, energy and purchased services
(91.3)
(99.8)
-9%
Gross Profit
92.3
92.6
0%
Operating expenses
(71.2)
(72.1)
-1%
Operational EBITDA
21.1
20.5
3%
Depreciation and amortization
(19.4)
(20.2)
-4%
EBIT /Operating Income
1.6
0.4
300%
Financial results
(5.9)
(4.9)
-20%
Earnings before taxes
(4.3)
(4.6)
7%
Taxes
(1.8)
(0.4)
350%
Net income from operations
(6.0)
(4.2)
-42%
Non-operational items
Other IPO related expenses
0.0
(0.7)
Insurance Compensation Fire related
0.7
0.0
Tax on non-operational items
(1.3)
0.0
Non-operational restructuring costs
(0.7)
(1.2)
Fair value of Special shares and Warrants
0.0
0.9
Release of deferred tax asset in US
0.0
(4.1)
Net result reported IFRS
(7.4)
(9.4)
COMPREHENSIVE OVERVIEW 2025
Sales Performance Full-year sales for 2025 amounted to €180.0 million, reflecting a 1% decrease compared to the previous year (2024: €181.9 million).
EuropeRevenue declined -2% year-over-year, with the impact most pronounced in H1 2025 (-15%). The Pooling and Customized Solutions segment declined by 5%. Contract Manufacturing showed a strong rebound with 31% growth for the full year, signaling renewed customer engagement and improved end-market conditions.
United StatesIn the US, operations showed a growth rate of 4% (8% in local currency terms). In our Portfolio business, we implemented an aggressive pricing strategy in the second half to regain share which had a positive impact on volumes, but overall revenues declined 2% for the full year. The focus on contract manufacturing activities in the US and the considerable increase in revenues drove our overall US result to the aforementioned 4% growth.
ECOThe ECO business delivered robust growth of 16% year-over-year, resulting in €14.6 million sales in 2025 (2024: €12.6 million).
in € million
2025
2024
Change
in Euro x1,000
FY 2025
FY 2024
Change %
RTP Europe
122.363
124.872
-2%
Portfolio
72.612
77.475
-6%
Customized Solutions
32.929
34.519
-5%
Contract Manufacturing
16.821
12.879
31%
RTP US
22.015
21.189
4%
Portfolio US
19.210
19.524
-2%
Customized Solutions US
689
1.270
-46%
Contract Manufacturing
2.117
394
437%
ECO business
