Ccl Industries Inc. Class A · TSX:CCL.A
Ccl Industries Inc. Class A — Q4 2025 Earnings Presentation
17 slides from Ccl Industries Inc. Class A's earnings presentation, Feb 26, 2026
Slide 1: Investor Update 4th Quarter 2025
Investor Update 4th Quarter 2025 (Unaudited) February 26, 2026
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking information and forward-looking statements, as defined under applicable securities laws, (hereinafter collectively referred to as “forward-looking statements”) that involve a number of risks and uncertainties. Forward-looking statements include a
Slide 3: Summary
Summary Three Months Ended Twelve Months Ended Periods Ended December 31st (millions of CDN $) 2025 2024 Change (ex. FX) 2025 2024 Change (ex. FX) Sales $1,876.2 $1,812.5 +1% $7,663.8 $7,245.0 +3% (1) Operating Income $ 280.7 $ 267.9 +2% $1,241.5 $1,142.3 +6% Net Finance Cost $ (17.2) $ (19.1) $ (71
Slide 4: Earnings Per Share
Earnings Per Share Periods Ended December 31st (Per Class B share) Three Months Ended Twelve Months Ended 2025 2024 2025 2024 Net earnings - basic $ 0.99 $ 1.01 $ 4.59 $ 4.73 Net loss from restructuring $ 0.04 $ 0.01 $ 0.05 $ 0.03 and other items Revaluation gain - - - $ (0.44) Adjusted basic earnin
Slide 5: Free Cash Flow From Operations
Free Cash Flow From Operations (2) Periods Ended December 31st (millions of CDN $) $891.3 • Record $891.3 million 2025 FCF +47% up $285 million • Q4/25 FCF $292.8 million • Q4/24 FCF $261.7 million $606.5 $573.4 $559.6 $531.8 YTD Dec 2025 YTD Dec 2024 YTD Dec 2023 YTD Dec 2022 YTD Dec 2021 Page 5
Slide 6: Returned to Shareholders
Returned to Shareholders Periods Ended December 31st (millions of CDN $) Dividends Paid Share repurchase $300.0 million share buyback $550.0 $500.0 $223.7 million dividends paid $450.0 $400.0 $523.7 million returned to $300.0 shareholders $350.0 $300.0 $200.6 +29% $250.0 $200.0 $150.0 up $117MM $100
Slide 7: Cash & Debt Summary
Cash & Debt Summary (millions of CDN $) December December Debt Maturity 2025 2024 (millions of CDN $) USD Bond $823 Bonds (US$600.0MM, US$500.0MM, $ 1,809.6 $ 1,882.2 & Syndicated C$300.0MM) Syndicated term facility - - Credit Facility $248 Syndicated credit facility (€153.6MM) 247.5 348.9 Lease lia
Slide 8: Capital Spending
Capital Spending Periods Ended December 31st (millions of CDN $) 441.2 450 • $413 million net of disposals for YTD 2025 408.6 400 • Excludes Right-of-Use asset additions and depreciation 350 (IFRS 16 – Leases) 307.8 300 287.1 • Approximately $470 million estimated for 2026 250 Capital Spending Depre
Slide 9: CCL
CCL Periods Ended December 31st (millions of CDN $) Three Months Ended Twelve Months Ended 2025 2024 Change (ex. FX) 2025 2024 Change (ex. FX) Sales $1,192.1 $1,116.2 +4% $4,882.7 $4,502.6 +6% Operating Income(1) $173.2 $166.1 +1% $794.1 $713.7 +9% % Sales 14.5% 14.9% 16.3% 15.9% EBITDA(1) $255.3 $2
Slide 10: Joint Ventures
Joint Ventures Periods Ended December 31st Results at 100% (millions of CDN $) Three Months Ended Twelve Months Ended 2025 2024 2025 2024 Sales $ 24.7 $ 22.8 $ 92.2 $ 141.7 Net Income $ 2.3 $ 5.8 $ 11.2 $ 37.8 (1) EBITDA $ 4.8 $ 8.3 $ 20.3 $ 51.8 % Sales 19.4% 36.4% 22.0% 36.6% Label ventures equity
Slide 11: Avery
Avery Periods Ended December 31st Three Months Ended Twelve Months Ended (millions of CDN $) 2025 2024 Change (ex. FX) 2025 2024 Change (ex. FX) Sales $258.0 $239.7 6% $1,062.2 $1,049.1 (1%) Operating Income(1) $54.7 $44.6 20% $210.6 $211.5 (3%) % Sales 21.2% 18.6% 19.8% 20.2% EBITDA(1) $65.3 $54.5
Slide 12: Checkpoint
Checkpoint Periods Ended December 31st (millions of CDN $) Three Months Ended Twelve Months Ended 2025 2024 Change (ex. FX) 2025 2024 Change (ex. FX) Sales $260.2 $277.4 (8%) $1,012.1 $986.9 - Operating Income(1) $42.9 $40.5 +3% $162.5 $150.9 +5% % Sales 16.5% 14.6% 16.1% 15.3% EBITDA(1) $57.4 $54.0
Slide 13: Innovia
Innovia Periods Ended December 31st Three Months Ended Twelve Months Ended (millions of CDN $) 2025 2024 Change (ex. FX) 2025 2024 Change (ex. FX) Sales $165.9 $179.2 (9%) $706.8 $706.4 (3%) Operating Income(1) $9.9 $16.7 (41%) $74.3 $66.2 +9% % Sales 6.0% 9.3% 10.5% 9.4% EBITDA(1) $23.6 $28.3 (18%)
Slide 14: Outlook Commentary Q1
Outlook Commentary Q1 • Overall CCL Segment orders stable; U.S. plants impacted by snow related outages in January • Avery expected to be stable • ALS & RFID expected to strengthen at Checkpoint • Innovia’s German plant start up cost to continue but should reduce as volume is beginning to build • Ch
Slide 15: Questions
Questions Page 15
Slide 16: Appendix: Definitions
Appendix: Definitions (1) Non-IFRS measure; see MD&A dated December 31, 2025 for definition. (2) Free Cash Flow from Operations (non-IFRS measure) = cash from operating activities less capital expenditures, net of proceeds from sale of property, plant and equipment. Page 16
Slide 17: Appendix: Segment Reporting
Appendix: Segment Reporting CCL Segment (“CCL”) CCL is a converter of pressure sensitive and extruded film materials for a wide range of decorative, instructional, security and functional applications for government institutions and large global customers in the consumer packaging, healthcare, chemi