Cabka H1 2025 Results on Track: Delivering on Key Milestones with Improved Visibility for H2
PRESS RELEASE
Online investor presentation and Q&A at 11.00 CEST on 12 August 2025 via:Webinar| Cabka N.V. HY 2025 results
Amsterdam, Netherlands - 12 August 2025 - Cabka N.V. (together with its subsidiaries "Cabka", or the "Company"), a company specialized in transforming hard to recycle plastic waste into innovative Reusable Transport Packaging (RTP), listed at Euronext Amsterdam, today announces its unaudited results for the first half of 2025.
Highlights 2025 half-year
Sales of €90.0 million, down 2% YoY, driven by market volatility experienced in Europe, partially mitigated by improved sales in the US (+9%)
Gross Operating margin improved with more than 200 bps to 51.7% (H1 2024: 49.5%)
Operational EBITDA of €9.1 million, down €1.4 million YoY, driven by € 5.6 million inventory reduction and with margin preservation through cost savings achieved through Shift program
Net Working Capital improved by 26% y-o-y to €28.6 million (H1 2024: €38.6 million), representing 15.7% of sales. The movement was the result of favorable changes in working capital, particularly resulting from a decrease in inventory via our Shift program
Total CAPEX materially lower at €5.4 million (H1 2024: €9.3 million); evenly split between replacement & maintenance capex and expansion & automation capex
Capital Markets Day update scheduled for November 2025 to outline strategic roadmap and the company's medium-term targets
Cabka CEO Alexander Masharov, commented:
"Following the market challenges in 2024, the Group implemented a turnaround strategy, namely to execute the Shift program and reposition the company for growth. In the first half of 2025, we delivered on the first critical steps, outlined in detail at our November 2024 Capital Markets Day (CMD). Our Shift program is now delivering measurable impact, with a leaner cost base, material capex reduction, increased site efficiencies, and improved our cash from operations compared to the prior year.
Our performance in the first half of 2025 has been resilient. While total sales were slightly lower year-on-year, we are seeing early signs of improved commercial momentum. The US recovery continues to gain traction and we are pursuing several promising opportunities that should help improve capacity utilization.
Operational EBITDA declined compared to last year, primarily due to a deliberate reduction in inventory. In combination with the reductions achieved in operational costs under the Shift program, supported our free cash flow.
Looking ahead, our focus remains on disciplined execution. We are encouraged by the signs of strengthening in our order book for the second half of the year, and as such are comfortable confirming our guidance for the full-year.We will share further details on our strategic roadmap and medium-term targets at our next CMD in November of this year.
Key Figures Half Year
H1 2025
H1 2024
YoY Change
Sales
90.0
92.3
-2%
Gross operating margin
51.7%
49.5%
220 bps
Gross profit margin
49.7%
50.5%
-80 bps
Operational EBITDA
9.1
10.4
-13%
Net result
-4.7
-1.9
-147%
Basic EPS
-0.19
-0.06
-217%
Cash from/(used in) Operating Activities
0.2
-4.4
105%
Net Working Capital
28.6
38.6
-26%
CAPEX
5.4
9.3
-42%
Recycled Material Intake
87%
86%
1%
Financial and operational performance for the first half-year 2025
Sales performanceTotal first half 2025 sales amounted to €90.0 million, which is 2% lower compared to the same period last year.
In Europe, markets remained volatile as a result of continued geopolitical uncertainties which led to some customers holding off on larger commitments. Our sales came in at €57.7 million, 8% lower than in the previous year (H1 2024: €62.81 million), driven by smaller Portfolio customers pausing investments. Sales in Customized solutions remained steady. However, Contract manufacturing saw a substantial rebound, up 24% in H1 2025 compared to the same period last year.
In the US, sales increased by 9% to €12.0 million (H1 2024: €11.1 million). The US sales team implemented a new commercial strategy, with investment in pricing to regain market share. Additionally, the company successfully increased its capacity utilization, by expanding its Contract manufacturing service line in the US.
Our ECO business grew by 7% to €14.2 million, driven by product sales (H1 2024: €13.3 million).
Cost developmentsOur gross operating margin improved by more than 200 bps, rising from 49.5% in H1 2024 to 51.7% in H1 2025. This improvement reflects the continued efforts made as part of our Shift program, which delivered a significant €5.8 million2 inventory reduction. While this reduction improved our net debt position, it also led to a temporary gross profit margin reduction. As a result, our gross profit margin for H1 2025 was 49.7%, compared 50.5% in H1 2024.
Operating expenses decreased by €0.5 million year-on-year, driven primarily by cost savings realized as a result of the Shift program. The most notable was a €1.1 million saving in personnel expenses which also included a reduction in temporary labor costs. However, some of these gains were partially offset by an increase in other fixed costs, largely attributable to inflationary pressures. It is important to note that the prior-year period included a one-off release of an expense accrual from earlier years, which positively impacted the 2024 result. Adjusting for this non-recurring item, the underlying reduction in operating expenses would have been €1.1 million.
Depreciation and amortization remained stable at €9.7 million.
EBITDAOperational EBITDA for the first half of 2025 amounted to €9.1 million, representing a decrease of €1.4 million compared to the same period in 2024 (H1 2024: €10.4 million). This decline was fully driven by the reduction ...
