SIG Combibloc Group AG Reports Q1 2024 Financial Performance

SIG Combibloc Group AG announced its financial results for the first quarter of 2024, highlighting stable revenue on a constant currency basis from the previous year, with a slight reported revenue decline of 1.0% year-on-year. The company recorded a volume growth in key regions and stable pricing, alongside a reported adjusted EBITDA margin of 21.5%. CEO Samuel Sigrist expressed optimism for accelerated growth and increased consumer confidence throughout the year.

Amid slight revenue challenges, SIG demonstrated a resilient performance in key segments, particularly in its chilled and aseptic carton units, which offset softer results in other areas. The company also noted the start of production at a new facility in China, expected to enhance its operational efficiency and market presence in chilled products. Additionally, Europe showed a notable revenue increase in the quarter, while performance in the Americas reflected a decrease attributed to lower volume in specific product lines.

Financially, Q1's adjusted EBITDA of €155.2 million demonstrated a decrease from the prior year's €175.0 million, influenced by currency fluctuations and various strategic investments. The quarter also saw an overall decrease in net income influenced by restructuring expenses related to production adjustments in China.

In its guidance, SIG confirmed expectations for 2024 with projected constant currency revenue growth at the lower end of its mid-term target range and an adjusted EBITDA margin within the lower half of the 25-26% range. The outlook remains cautiously optimistic with a focus on expanding market share and enhancing profitability in the latter half of the year.