Swiss packaging firm SIG has reported revenue growth of 4.3% year on year at constant currency, to €3.3 billion, in its financial year 2024.
Carton revenue at SIG Group increased by 6% with strong volume growth despite subdued end markets.
Revenue in its bag-in-box and spouted pouch segments fell 5% for the full year, despite witnessing 2.5% growth in the second half.
Adjusted EBITDA for the financial year amounted to €819.5 million, up from €803 million in 2023.
Commenting on the company's performance, CEO Samuel Sigrist, stated, “In 2024, SIG continued to outperform the market and gained share in its carton portfolio, demonstrating the resilience of our business model and strategy despite a challenging economic environment, particularly for consumers.”
Divisional Performance
In Europe, SIG Group reported revenue growth of 6.2% on a constant currency basis, with the aseptic carton market supported by higher raw milk production.
The bag-in-box and spouted pouch reported positive revenue growth in the second half of the financial year followed by the ramping up of cross-selling projects across both segments.
The company saw double-digit revenue growth of 13.4% in India, the Middle East and Africa, with robust growth in carton revenue driven by ramp-up of filler placements across the region.
In India, the company expanded its commercial presence and captured a share of the packaging market during the year.
Revenue in the Asia Pacific region grew by 1.6% as China saw a challenging year due to soft consumer spending.
In the Americas, revenue growth was 0.8% due to weakness in the out-of-home dining market and operational challenges at its US bag-in-box facilities.
Outlook 2025
The company expects a similar market environment for 2025 as in the previous year.
It has forecast constant currency total revenue growth in the range of 3%-5%, with adjusted EBITDA margin in the range of 24.5-25.5%.
Sigrist added, “In line with our usual seasonality, we expect revenue growth and adjusted EBITDA margins to be higher in the second half of the year. Guidance is subject to input costs as well as foreign currency volatility.”
The board of SIG has nominated Ola Rollén as its new chair to succeed Andreas Umbach.
Most recently, Rollén served as the president and CEO of Swedish industrial group Hexagon AB from 2000 to 2022.
