* In June 2024, the Company acquired the final 50% interest in its Pacman joint venture triggering a re-measurement of its legacy investment to fair value resulting in a $78.1 million non-taxable revaluation gain recorded to net earnings. Excluding the revaluation gain, net earnings were $585.2 million, for the nine-month period ended September 30, 2024.
Earnings Per Share
Periods Ended September 30th
(Per Class B share)
Net earnings - basic
Three Months Ended
2025 2024
$ 1.21 $ 1.08
Nine Months Ended
2025 2024
$ 3.60 $ 3.72
Net loss from restructuring
and other items Revaluation gain
- $ 0.01
- -
$ 0.01
-
$ 0.02
$ (0.44)
Adjusted basic earnings(1) $ 1.21
$ 1.09
$ 3.61
$ 3.30
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
Returned to Shareholders
Periods Ended September 30th
(millions of CDN $)
$500.0
$450.0
$400.0
$350.0
$300.0
$250.0
$200.0
$150.0
$100.0
$50.0
$-
Dividends
Share repurchase
$300.0
$140.6
$100.0
$100.0
$167.9
$155.1
$55.8
$51.5
$300.0 million share buyback
$167.9 million dividends paid
$467.9 million returned to
shareholders
+58%
up $172MM
Q3 2025 Q3 2024 YTD 2025 YTD 2024
3,907,184 Class B shares purchased for cancellation
27% dividend payout ratio
Cash & Debt Summary
September
December
2025
2024
$ 1,831.2
$ 1,882.2
585.6
348.9
204.4
210.9
(millions of CDN $)
Bonds (US$600.0MM, US$500.0MM, C$300.0MM)
Syndicated credit facility (€207.3MM,
USD
Debt Maturity
(millions of CDN $)
USD
Bond
$835
Bond Syndicated Credit
C$247.0MM)
Lease liabilities
Debt - all other, net of issuance costs 3.5 5.6
$696
Facility
$586
CAD
Bond
Total debt
$ 2,624.7 $
2,447.6
$300
Less: Cash and cash equivalents (1,136.9) (828.7)
Net debt $ 1,487.8 $ 1,618.9
-
-
2025
2026
2027
2028
2029
2030
Leverage ratio(1) of 0.93x EBITDA
Available capacity within the syndicated revolving facility is US$0.8 billion
Strong liquidity position
Capital Spending
Nine Months Ended September 30th, 2025
(millions of CDN $)
$311 million net of disposals for YTD 2025
335.0
301.8
Excludes Right-of-Use asset additions and depreciation
(IFRS 16 - Leases)
230.6
212.5
Approximately $450 million estimated for 2025
Capital Spending
Depreciation & Amortization
18.8 22.1
43.0 31.5
42.6 35.2
- 0.5
400
350
300
250
200
150
100
50
0
Total CCL Avery Checkpoint Innovia Corporate
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)
% Sales
$216.3
17.2%
$179.2
15.5%
+18%
$620.9
16.8%
$547.6
16.2%
+12%
EBITDA(1) $295.3 $252.8 +15%
% Sales 23.4% 21.9%
$855.5 $763.6 +10%
23.2% 22.5%
Emerging Markets 34%
North America 36%
Europe
30%
6.6% Q3 organic growth: mid single digit in North America & Europe, high single digit in Latin
America and Asia Pacific (inc. Middle East)
Profitability gains strong at Healthcare & Specialty, Home & Personal Care and CCL Design
with CCL Secure up significantly but compared to a weak prior year…..
….. but flat in Food & Beverage
CCL Sales by Geography
Joint Ventures
Periods Ended September 30th
Results at 100%
(millions of CDN $)
Sales Net Income
EBITDA(1)
% Sales
Three Months Ended
2025 2024
$ 24.0 $ 25.6
Nine Months Ended
2025 2024
$ 67.5 $ 119.0
$ 3.6
$ 5.4
$ 8.9
$ 32.0
$ 6.2
$ 8.0
$ 15.5
$ 43.6
25.8%
31.3%
23.0%
36.6%
$ 1.8
$ 2.7
$ 4.5
$ 16.0
Label ventures equity share*
CCL purchased the remaining 50% interest of Pacman-CCL in June 2024….now fully consolidated
Page 10
(*) share of earnings consolidated using equity accounting principles.
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CCL Industries Inc. published this content on November 11, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on November 11, 2025 at 22:34 UTC.
CCL Industries Inc. is a Canada-based company, which is primarily involved in the manufacture of labels, consumer printable media products, technology-driven label solutions, polymer banknote substrates and specialty films. The Company's segments include CCL, Avery, Checkpoint and Innovia. CCL segment is a converter of pressure sensitive and specialty extruded film materials for a range of decorative, instructional, functional and security applications. Avery segment is a supplier of labels, specialty converted media and software solutions for short-run digital printing applications for businesses and consumers. Checkpoint segment is a developer of RF and RFID based technology systems for loss prevention and inventory management applications, including labeling and tagging solutions, for the retail and apparel industries worldwide. Innovia segment is a producer of specialty, high performance, multi-layer, surface engineered films for label, packaging and security applications.
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