17 slides from Ccl Industries Inc. Class A's earnings presentation, Nov 12, 2025
Slide 1: Investor Update 3rd Quarter 2025
Investor Update 3rd Quarter 2025 (Unaudited) November 12, 2025
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 Nine Months Ended Periods Ended September 30th (millions of CDN $) 2025 2024 Change (ex. FX) 2025 2024 Change (ex. FX) Sales $1,965.9 $1,849.7 +4% $5,787.6 $5,432.5 +4% (1) Operating Income $ 321.8 $ 288.9 +9% $ 960.8 $ 874.4 +8% Net Finance Cost $ (18.2) $ (19.3) $ (54.0)
Slide 4: Earnings Per Share
Earnings Per Share Periods Ended September 30th (Per Class B share) Three Months Ended Nine Months Ended 2025 2024 2025 2024 Net earnings - basic $ 1.21 $ 1.08 $ 3.60 $ 3.72 Net loss from restructuring - $ 0.01 $ 0.01 $ 0.02 and other items Revaluation gain - - - $ (0.44) Adjusted basic earnings(1)
Slide 5: Free Cash Flow From Operations
Free Cash Flow From Operations (2) Periods Ended September 30th (millions of CDN $) $860.2 $618.6 $333.4 $233.0 Q3 2025 Q3 2024 LTM Sep 2025 LTM Sep 2024 Page 5
Slide 6: Returned to Shareholders
Returned to Shareholders Periods Ended September 30th (millions of CDN $) $300.0 million share buyback Dividends Share repurchase $500.0 $167.9 million dividends paid $450.0 $400.0 $467.9 million returned to $350.0 shareholders $300.0 $300.0 +58% $250.0 $140.6 $200.0 up $172MM $150.0 $100.0 $100.0 $
Slide 7: Cash & Debt Summary
Cash & Debt Summary (millions of CDN $) September December Debt Maturity (millions of CDN $) 2025 2024 Bonds (US$600.0MM, US$500.0MM, $ 1,831.2 $ 1,882.2 USD Bond C$300.0MM) Syndicated term facility - - USD $835 Syndicated credit facility (€207.3MM, Bond Syndicated 585.6 348.9 Credit C$247.0MM) $696
Slide 8: Capital Spending
Capital Spending Nine Months Ended September 30th, 2025 (millions of CDN $) 400 • $311 million net of disposals for YTD 2025 350 335.0 301.8 • Excludes Right-of-Use asset additions and depreciation 300 (IFRS 16 – Leases) 250 230.6 212.5 • Approximately $450 million estimated for 2025 200 Capital Spe
Slide 9: CCL
CCL Periods Ended September 30th (millions of CDN $) Three Months Ended Nine Months Ended 2025 2024 Change (ex. FX) 2025 2024 Change (ex. FX) Sales $1,260.6 $1,152.5 +7% $3,690.6 $3,386.4 +7% Operating Income(1) $216.3 $179.2 +18% $620.9 $547.6 +12% % Sales 17.2% 15.5% 16.8% 16.2% EBITDA(1) $295.3 $
Slide 10: Joint Ventures
Joint Ventures Periods Ended September 30th Results at 100% (millions of CDN $) Three Months Ended Nine Months Ended 2025 2024 2025 2024 Sales $ 24.0 $ 25.6 $ 67.5 $ 119.0 Net Income $ 3.6 $ 5.4 $ 8.9 $ 32.0 (1) EBITDA $ 6.2 $ 8.0 $ 15.5 $ 43.6 % Sales 25.8% 31.3% 23.0% 36.6% Label ventures equity s
Slide 11: Avery
Avery Periods Ended September 30th Three Months Ended Nine Months Ended (millions of CDN $) 2025 2024 Change (ex. FX) 2025 2024 Change (ex. FX) Sales $279.3 $279.7 (2%) $804.2 $809.4 (3%) Operating Income(1) $53.1 $55.2 (6%) $155.9 $166.9 (9%) % Sales 19.0% 19.7% 19.4% 20.6% EBITDA(1) $63.2 $65.4 (5
Slide 12: Checkpoint
Checkpoint Periods Ended September 30th (millions of CDN $) Three Months Ended Nine Months Ended 2025 2024 Change (ex. FX) 2025 2024 Change (ex. FX) Sales $255.3 $240.5 +4% $751.9 $709.5 +4% Operating Income(1) $38.8 $36.7 +4% $119.6 $110.4 +6% % Sales 15.2% 15.3% 15.9% 15.6% EBITDA(1) $52.8 $49.7 +
Slide 13: Innovia
Innovia Periods Ended September 30th Three Months Ended Nine Months Ended (millions of CDN $) 2025 2024 Change (ex. FX) 2025 2024 Change (ex. FX) Sales $170.7 $177.0 (6%) $540.9 $527.2 (1%) Operating Income(1) $13.6 $17.8 (26%) $64.4 $49.5 +26% % Sales 8.0% 10.1% 11.9% 9.4% EBITDA(1) $25.8 $29.5 (15
Slide 14: Outlook Commentary Q4
Outlook Commentary Q4 • Overall CCL Segment orders stable but CPG customers’ volumes soft while CCL Design remains strong • Avery has its slow quarter, Horticulture aside • For Checkpoint, tariff related risks remain for MAS (internal) and ALS (external apparel supply disruption) • German plant star
Slide 15: Questions
Questions Page 15
Slide 16: Appendix: Definitions
Appendix: Definitions (1) Non-IFRS measure; see MD&A dated September 30, 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