2026年上半年全球包装市场动态报告：趋势、并购与战略发展 Packaging Global Market Update

INSIGHT

Packaging:Global

MarketUpdate

Themarkettrends,M&Aactivity,andstrategicdevelopmentsshapingthefutureoftheglobalpackagingindustry.

H12026

Executiveoverview

TheEuropeanpackagingmarketentered2026withimprovingearningsvisibility,stabilisingdemandpatterns,andrenewedconfidencein

strategictransactionactivity.

Asmarketconditionscontinuetonormalisefollowingthedisruptionof2023–24,businessesareshiftingtheirfocusfrommarginrecoverytowardsgrowth,investment,andlong-termvaluecreation.Acrossmostpackagingsubsectors,stabilisingvolumesandimprovingprofitabilityaresupportingamoreconstructiveoutlookforbothoperatorsandinvestors.

Keytakeaways

>Healthcare,pharmaceutical,and

specialitymarketsremainthemost

attractiveduetostructuralgrowthdrivers,regulatorybarriers,andresilientdemandprofiles

>Sustainability,recyclability,andcirculareconomyinitiativescontinuetoshape

capitalallocationdecisionsand

innovationstrategies,particularlyinfibre-basedandflexiblepackaging,aswellasrigidplastics

>Marketconditionsnormalisedacross

packagingsegmentsdrivenbyeasing

inflation,improvedinputcoststability,anddemandfromfoodandbeverage,healthcare,andconsumerend-markets

>Strategicbuyerscontinuetodominate

M&Aactivity.Strongindustrialappetiteforconsolidation,geographicexpansion,andcapabilityenhancementacross

fragmentedpackagingniches

>Valuationmultiplesbroadlystabilisedbyimprovingearningsvisibilityandamoreconstructivemedium-termoutlook

followingthevolatilityofrecentyears

1

Packaging:GlobalMarketUpdateH12026

Marketsnapshot

Packaging:GlobalMarketUpdateH120262

M&AactivityremainsrobustacrossEurope,withstrategicacquirerscontinuingtodrive

transactionvolumesastheypursuescale,geographicexpansion,andcomplementary

capabilities.Flexibleandrigidpackagingremainthemostactiveareasofthemarket,while

labelsandspecialitypackagingcontinuetoattractbuyersseekingexposuretohigher-value,differentiatedapplications.Consolidationremainsadefiningthemeacrossthesector,as

largergroupsfocusonstrengtheningtheirmarketpositionsthroughincreasedscale,broadergeographicreach,andenhancedtechnicalcapabilities.

Packagingcontinuestoofferdefensivecharacteristics,butinvestorinterestis

increasinglyfocusedonbusinessescapableofdeliveringstructuralgrowthratherthansimplyvolumeresilience.Healthcareexposure,sustainability-ledinnovation,technicalspecialisation,andvalue-addedconvertingcapabilitiesremainkeydifferentiatorsin

attractingstrategicandfinancialbuyers.

Astransactionactivitycontinuestonormalise,businesseswithstrongcustomerrelationships,clearmarketpositioning,anddifferentiatedproductsarelikelytocommandthegreatestinterest.

Keysectorinsight

Packaging:GlobalMarketUpdateH120263

Rigidpackaging

Improvingmarketfundamentalssupportrenewedconsolidationactivity

Followingthenormalisationindemandobservedafterthepost-pandemicadjustmentperiod,theEuropeanrigidpackagingsectorhasbecomemorestablein2026.Marketconditions

remaindifferentiatedacrossmaterialsandend-markets,althoughvolumesandpricinghavegenerallyimprovedcomparedtothelowpointexperiencedduring2023–24.

responsetoevolvingcustomerrequirementsandregulatorydevelopments.

Marginperformancehasprogressively

improvedasenergy,freight,andrawmaterialcostshavestabilised.Whilesustainability-

relatedinvestmentsremainakeystrategicpriority,companiesareincreasingly

balancingcompliancerequirementswithdisciplinedcapitalallocationandreturn-focusedinvestmentdecisions.

Demandacrossfoodandbeverage,personalcare,andhealthcaresegmentshasremainedresilient,supportingagradualrecoveryin

profitabilityacrossthesector.Glass

packagingproducerscontinuetobenefitfromexposuretopremiumbeverageand

pharmaceuticalmarkets,whilemetal

packaginghasdemonstrateddefensive

characteristicssupportedbyfood

preservationandbeveragedemand.Inrigidplastics,operatorsremainfocusedon

operationalefficiency,lightweighting

initiatives,andincreasingrecycledcontentin

Packaging:GlobalMarketUpdateH120264

Despitelingeringmacroeconomic

uncertainty,sentimentacrossthesectorhasimproved.Buyerscontinuetoplaceparticularemphasisonbusinessesthatoffer

operationalscale,specialisttechnical

capabilitiesorexposuretoattractiveend-

marketssuchashealthcareandpremium

consumerproducts.Valuationmultipleshavestabilisedacrossmostsubsectors,reflectingimprovedearningsvisibilityandamore

constructivemedium-termoutlook.

Valuationmultiples

stabilised,reflectingresilientend-marketdemandandimprovingmargins

Currentsectorvaluationmultiples

Metalpackaging

Median:8.6x

GlasspackagingMedian:5.7x

Plastic/diversifiedMedian:7.0x

10.5x

8.4x8.6x7.0x7.0x8.0x

5.1x5.7x6.4x

Country

Enterprisevalue

TurnoverLTM

(€m)

CAGR25A-27E

EBITDALTM

EBITDA%

US

LU

US

US

FR

ES

US

US

US

15,075

5,653

19,334

5,068

4,028

2,905

3,767

7,681

6,927

11,335

5,093

12,394

5,569

3,329

1,521

3,657

6,401

5,870

4.7%

5.4%

6.6%

1.5%

1.2%

1.6%

1.0%

0.6%

4.0%

1,795

657

1,841

994

707

454

538

1,097

866

15.7%

12.9%

14.9%

17.7%

21.3%

29.7%

14.6%

17.3%

14.6%

Note:closingpricesasof26.06.2026|Source(s):S&PCapitalIQ

Sharepricedevelopment(June2021–June2026)

140%

120%

100%

80%

60%

40%

110%

92%

83%

78%

EV/EBITDAmultipledevelopment(June2021–June2026)

Metalpackaging

AraaghMetalpackaging⃞

Plastic/diversified

16.0x

13.0x

10.0x

7.0x

4.0x

9.7x

8.1x

8.1x

5.9x

Glasspackaging

Note:closingpricesasof26.06.2026|Source(s):S&PCapitalIQ

Packaging:GlobalMarketUpdateH120265

M&Atransaction

activityinEurope

M&Aactivityremainsbroadlydiversified

acrosspackagingmaterials,withplastic

packagingaccountingforthelargestshareoftransactions,followedbyglassandmetal

packaging.Thisdistributionreflects

continuedconsolidationopportunitiesacrossallmajorrigidpackagingsegments,

supportedbyresilientend-marketdemandandincreasingrequirementsforoperationalscale.

Acquisitionsaredrivenbystrategicbuyers,highlightingamarketprimarilyledby

industrialconsolidation,withbuyersseekinggeographicexpansion,productportfolio

enhancement,andgreaterexposuretoattractiveend-marketssuchasfoodandbeverage,healthcare,andpremium

consumergoods.

Strategicacquirers

continuetotargetscale,operationalefficiency,andenhancedrecycling

capabilitiesacrossplastic,glass,andmetalpackaging

Packaging:GlobalMarketUpdateH120266

Source(s):Clearwaterresearch

Typeofpackagingmaterial

29%

Met

32%

alGlass

2026LTM

39%

Plastic

Typeofbuyer

79%

2026LTM

Strateg

ic

13%

Privateequity-

8%

Privateequityinvestor

backed

Selectedrigidpackagingdeals

Packaging:GlobalMarketUpdateH120267

Date

Target

Country

Buyer

Country

Rationale

Buyer’sgroup

Dec-25

BE

US

Europeancapacity

expansion

Strategic

Nov-25

UK

UK

Materialportfolio

extension

Strategic

Sep-25

NL

FR

Pan-Europeanbuy-and-build

Privateequity-

backed

Jul-25

LU

Creditors

Financial

restructuring

Distressed

Jul-25

FR

BR

Control

consolidation

Privateequity

Jul-25

DE

US

Circular

economy/NorthAmericagrowth

Privateequity

Source(s):Mergermarket

Packaging:GlobalMarketUpdateH120268

Flexiblepackaging

Resilientdemandandsustainability-driveninnovationsupportstability

Flexiblepackagingcontinuestodemonstrateresilience,supportedbyitsattractive

combinationofcostefficiency,functionality,andsustainabilitypotential.Asdemand

stabilises,innovationandmaterialtransitionstrategiesareincreasinglyshapingcompetitivepositioningacrossthesector.

Currentsectorvaluationmultiples

16.38x

9.32x6.29x6.22x7.37x

Average:7.97xMedian:6.83x2.21x

Country

Enterprisevalue

TurnoverLTM

(€m)

CAGRL5Yturnover

EBITDALTM

EBITDA%

CH

US

JP

US

IN

CA

30,739

8,525

4,234

1,188

988

747

13,809

4,750

5,781

998

1,642

1,766

4.1%

2.0%

0.4%

5.9%

12.1%

0.7%

1,877

914

580

206

189

262

13.6%

19.2%

10%

20.6%

11.5%

14.8%

Note:closingpricesasof26.06.2026|Source(s):S&PCapitalIQ

Packaging:GlobalMarketUpdateH120269

Despiteongoingmacroeconomicuncertainty,sentimentacrossthesectorhasimproved.

StrategicbuyersremainactiveacrossEuropeandNorthAmerica,supportedbya

fragmentedcompetitivelandscapeand

continuedopportunitiesforconsolidation.Valuationmultipleshaveremainedrelativelystable,reflectingthedefensivenatureofthesectorandtheresilienceofunderlying

demandacrossessentialconsumercategories.

Flexiblepackagingcontinuestobenefitfrom

itsattractivevalueproposition,combining

lightweightcharacteristics,costefficiency,andincreasinglysophisticatedbarrier

properties.Demandremainsparticularly

resilientinfoodandhealthcareapplications,whileindustrialanddiscretionaryconsumersegmentscontinuetorecoveratamore

gradualpace.

Profitabilityacrossthesectorhasimproved,supportedbymoderatingrawmaterialcosts,disciplinedpricingstrategies,andcontinuedoperationalefficiencymeasures.

Sustainabilityremainsoneofthesector's

Strategicconsolidation

continuestobedrivenbystablevaluationlevelsandattractivelong-term

industryfundamentals

mostimportantinvestmentthemes.As

regulatoryrequirementscontinuetoevolve,convertersareacceleratinginvestmentintorecyclablemono-materialstructures,

recycledcontentintegration,andadvancedbarriertechnologiestostrengthenlong-termcompetitiveness.

TEV/Sales

TEV/EBITDA

0.0x0.0x

12.0x

9.0x

6.0x

3.0x

5.0x

4.0x

3.0x

2.0x

1.0x

TEV/SalesTEV/EBITDA

Currentandhistoricpeergroupvaluations

Source(s):S&PCapitalIQ

M&Atransaction

activityinEurope

M&Aactivityremainsconcentratedinflexiblepackaging,especiallyfilmsandbags/sacks,whichtogetheraccountformorethan80%oftransactions,whilepouchesrepresenta

smallerbutincreasinglyrelevantsegment.

Thistransactionmixreflectscontinued

demandforscalableconvertingplatforms

servingfood,consumergoods,andindustrialpackaging.

Acquisitionsarepredominantlydrivenby

strategicbuyers,representing74%of

completedtransactions,comparedwith26%involvingprivateequityinvestors.This

distributionhighlightsamarketprimarilyledbyindustrialconsolidation,withlarger

packaginggroupsseekinggeographicexpansion,productdiversification,andenhancedtechnicalcapabilities.

Mid-marketconsolidationremains

particularlyactive,asfamily-owned

convertersincreasinglybecomeacquisitiontargetsforlargerEuropeanandinternationalpackaginggroupslookingtostrengthen

marketpositionsandbroadencustomerrelationships.

Sustainability-driven

innovationandtransitiontowardrecyclable

packagingsolutionsremainkeyinvestmentpriorities

Packaging:GlobalMarketUpdateH1202610

Source(s):Mergermarket

Typeofflexiblepackaging

42%

Films

2026LTM

41

Bagsandsacks17%

Pouches

Typeofbuyer

74%

ic

2026LTM

26

Privateequity

Strateg

%

%

Selectedflexiblepackagingdeals

Packaging:GlobalMarketUpdateH1202611

Date

Target

Country

Buyer

Country

Rationale

Buyer’sgroup

Apr-26

UK

JP

Entryintoflexible

packagingmarket

Strategic

Mar-26

FI

FI

Add-on

strengtheningfood

packaging

capabilities

Strategic

Mar-26

UK

M人VEN

UK

Entryintoprotective

packagingand

expansionofUK

platform

Privateequity

Mar-26

FR

FR

Add-onexpanding

barrierfilmsand

flexiblepackaging

offering

Strategic

Feb-26

AT

US

Carve-outto

repositionflexible

packagingplatform

forgrowth

Privateequity

Feb-26

IT

IT

Expansion

enhancingflexible

packaging

integration

Strategic

Source(s):MergermarketandS&PCapitalIQ

Packaging:GlobalMarketUpdateH1202612

Paperandcardboard

Marginrecoveryandimprovingdemandrenewinvestmentactivity

Thefibre-basedpackagingsectorentered2026withimprovingmomentumfollowingseveralyearsofpricingvolatilityanddemandcorrection.Asmarketconditionscontinuetonormalise,operatorsareincreasinglyfocusedonmarginrecovery,operationalefficiency,andselectiveinvestmentopportunitiesacrosshigher-valuepackagingapplications.

Currentsectorvaluationmultiples

14.70x

13.09x

6.34x7.90x

10.10x7.95x

8.36x7.81x

7.36x8.34x

7.87x7.33x

Average:8.37x

Median:7.88x

5.12x5.47x

Country

Enterprisevalue

TurnoverLTM

(€m)

CAGRL5Yturnover

EBITDALTM

EBITDA%

IE

US

US

FI

BR

JP

US

US

UK

JP

FI

JP

AT

SE

33,503

25,636

22,047

10,776

9,139

8,601

8,936

7,754

6,672

4,586

4,049

4,269

2,422

2,012

27,632

20,945

7,967

9,326

3,281

11,307

6,663

7,637

7,663

7,230

3,960

6,073

3,885

3,669

27%

6%

6%

2%

10%

-2%

8%

6%

3%

-4%

4%

1%

9%

10%

4,257

3,496

1,684

745

1,149

1,018

1,131

1,223

869

592

491

605

481

369

15%

17%

21%

8%

35%

9%

17%

16%

11%

8%

12%

10%

12%

10%

Note:closingpricesasof26.06.2026|Source(s):S&PCapitalIQ

Packaging:GlobalMarketUpdateH1202613

businessesthatcombinedefensiveend-marketexposurewithstructuralgrowthdriversandhigherbarrierstoentry.

Despitelingeringmacroeconomic

uncertainty,sentimentacrossthesectorhasimproved,withmostcompaniesnowfocusedonselectivegrowthinitiatives,capacity

optimisation,anddisciplinedcapital

allocation.Valuationmultipleshavelargelyrecoveredandstabilised,supportedby

improvedearningsvisibilityandamoreconstructivemedium-termoutlook.

Overall,demandtrendshavenormalised

acrossbothEuropeandNorthAmerica,

supportedbyeasinginflation,gradual

industrialrecovery,andresilientdemandinconsumerandhealthcare-related

applications.Marginrecoveryhasbenefitedfrombetterinputcoststability,while

producerscontinuetofocusonoperationalefficiencyanddisciplinedpricing.The

pharma/healthcarefoldingcartonsegmentremainsoneofthestrongest-performing

niches,supportedbystructuralratherthancyclicaldrivers.Thisreflectsthebroader

trendofinvestorsfavouringpackaging

ales

ITDA

TEV/S

TEV/EB

0.5x

0.0x

.

6.0x

4.0x

2.0x

0.0x

TEV/SalesTEV/EBITDA

Source(s):S&PCapitalIQ

Currentandhistoricpeergroupvaluations

1.5x

1.0x

14.0x

12.0x

10.0x

80x

M&Atransaction

activityinEurope

M&AactivityinEurope’scartonboard

convertingsectorisstronglyconcentratedinbox-relatedtransactions,whichaccountfor58%ofdeals,followedbymultiproduct(17%),rigidbox(13%),andcases(12%).

Onthedemandside,acquisitionsare

predominantlydrivenbystrategicbuyers,representing81%oftransactions,

comparedwith19%involvingprivate

equity.Thisdistributionhighlightsamarketledbyindustrialplayersprioritising

consolidationincorepackagingsegments.

Improvedperformanceandmarginrecoverysupportagradualresumptionof

CAPEXandstrategicinvestmentinitiatives

Packaging:GlobalMarketUpdateH1202614

Source(s):Mergermarket

Typeofpaperand

cardboardpackaging

13%

Rgox

Box

12%

Cases

2026LTM

17%

oduct

Typeofbuyer

81%

ttic

2026LTM

19

Privtit

%

aeequy

58%

es

Multipr

Sraeg

iidb

Selectedpaperandcardboarddeals

Packaging:GlobalMarketUpdateH1202615

Date

Target

Country

Buyer

Country

Rationale

Buyer’sgroup

Apr-26

IT

IT

Expansioninfood

packaging

Strategic

Feb-26

ES

IE

Expansionin

cardboard

packagingforluxury

andretail

Strategic

Nov-25

FR

ES

Food-gradefolding

cartonlinerboard

Strategic

Oct-25

ES

US

Expansioninrigid

packaging

Strategic

Aug-25

COLPACK

UK

US

Premium

sustainablefood

serviceoffering

Strategic

Jun-25

ES,FR,PT

DE

Corrugated

cardboard

consolidation

Strategic

Source(s):MergermarketandS&PCapitalIQ

Packaging:GlobalMarketUpdateH1202616

Labels

Traceability,digitalisation,andrecurringdemanddriveresilience

Thelabelssectorcontinuestobenefitfromstrongstructuralgrowthdriversthatextendbeyondbroaderpackagingmarketcycles.Increasingtraceabilityrequirements,digitalprintingadoption,anddemandforpremiumlabellingsolutionsaresupportingresilientmarketconditionsacrossawiderangeofend-marketsin2026.

Currentsectorvaluationmultiples

Median:10.76x

Average:9.99x

14.14x

11.23x

10.76x

13.24x

7.08x

9.35x

4.17x

Country

FI

US

CA

US

SE

JP

IT

Enterprisevalue

15,692

14,124

10,619

3,633

499

691

95

TurnoverLTM

(€m)

9,656

7,848

4,859

1,384

761

1,248

83

CAGRL5Yturnover

2%

5%

7%

7%

10%

-1%

14%

EBITDALTM

1,110

1,257

987

274

71

166

10

EBITDA%

11%

16%

20%

20%

9%

13%

12%

Note:closingpricesasof26.06.2026|Source(s):S&PCapitalIQ

Packaging:GlobalMarketUpdateH1202617

opportunities,withstrategicbuyersactivelypursuingacquisitionstoexpandgeographiccoverage,strengthentechnicalcapabilities,andincreaseexposuretoattractiveend-

markets.Valuationmultipleshaveremainedrelativelystable,supportedbydefensive

characteristicsandstrongexposuretorecurringdemandintheconsumerandhealthcaresectors.

Thesectorcontinuestobenefitfromseveral

structuralgrowthdrivers,includingincreasingproducttraceabilityrequirements,greater

adoptionofdigitalprintingtechnologies,andgrowingdemandforpremiumaswellas

customisedlabellingsolutions.Healthcareandpharmaceuticalapplicationsremainamongthemostattractivesegments,

supportedbyregulatoryrequirements,serialisationtrends,andtheneedforincreasinglysophisticatedproduct

identificationsystems.

Digitalprinting,product

traceability,and

sustainabilityinitiatives

continuetodrive

investmentandinnovationacrossthesector

Operationalperformanceacrossthesectorhasimprovedasinputcostshavestabilisedandconvertershavemaintainedpricing

discipline.Companiescontinuetoinvestinautomation,digitalprintingcapabilities,andsustainablelabellingsolutions,including

recyclablematerials,linerlessformats,andreduced-materialconstructions.

Despiteongoingmacroeconomicuncertainty,sentimentacrossthesectorremainspositive.Thefragmentednatureofthemarket

continuestosupportconsolidation

Currentandhistoricpeergroupvaluations

TEV/Sales

TEV/EBITDA

12.0x

9.0x

6.0x

3.0x

0.0x

TEV/SalesTEV/EBITDA

5.0x

4.0x

3.0x

2.0x

1.0x

0.0x

Source(s):S&PCapitalIQ

Packaging:GlobalMarketUpdateH1202618

M&Atransaction

activityinEurope

M&Aactivityremainsconcentratedinself-

adhesivelabelapplications,whilepremiumbeverage,healthcare,andspecialitylabellingnichescontinuetoattractsignificantbuyer

interest.Thesectorbenefitsfromahighly

fragmentedcompetitivelandscape,creatingongoingopportunitiesforconsolidation

acrosslocalandregionalmarkets.

Onthedemandside,acquisitionsare

predominantlydrivenbystrategicbuyers,

representingapproximately75%of

transactions,withprivateequityinvestorsaccountingfortheremaining.This

distributionhighlightsamarketprimarilyledbyindustrialconsolidation,withacquirersseekinggeographicexpansion,technical

capabilities,andexposuretoattractivespecialityapplications.

Typeoflabels

lfdhsive

67%

33

Slee

2026LTM

%

ves

Se-ae

Mid-marketconsolidationcontinuesto

accelerateaslargerindustryparticipants

seekhighlyspecialisedbusinessesthatofferdifferentiatedtechnologies,nichecustomerrelationships,andattractiverecurring

revenuecharacteristics.

Typeofbuyer

ic

75%

Strategicconsolidationremainsactiveina

fragmentedmarket,

supportedbyattractivenicheapplicationsandrecurringend-marketdemand

25

Privateequity

Strateg

2026LTM

%

Source(s):Mergermarket

Selectedlabeldeals

Packaging:GlobalMarketUpdateH1202619

Date

Target

Country

Buyer

Country

Rationale

Buyer’sgroup

Jun-26

FR

CA

Globalscale-upinshrinksleevelabels

Strategic

Feb-26

ES

FR

Platformentryinto

theIberianself-

adhesivelabels

market

Privateequity

(Unigrains)

Jan-26

NL

FR

Bolt-on;addedfoodlabelcapacity

Strategic

Jan-26

DK

SE

Nordic

consolidation,entryintotheUKandthe

Netherlands

Strategic

Dec-25

UK

ES

UKadd-on;self-

adhesivecapacity

expansion

Strategic

Jun-25

NL

SE

ExpansioninB2B

tapesandfilms

distribution

Strategic

Feb-25

UK

FI

Castvinyland

reflectivefilms

addedtospecialty

portfolio

Strategic

Source(s):MergermarketandS&PCapitalIQ

Packaging:GlobalMarketUpdateH1202620

Specialitypackaging

Healthcare-drivengrowthandresilientmarketfundamentalssupportspecialitypackaging

Specialitypackagingremainsoneofthemostattractiveareasofthewiderpackagingmarket,supportedbystrongexposuretohealthcare,pharmaceutical,andotherhighlyregulatedend-markets.Entering2026,demandremainsrobust,andinvestmentactivitycontinuestobe

drivenbystructuralgrowthtrendsratherthanbroadereconomiccycles.

factorscontinuetomakehealthcare

packagingoneofthemostattractiveareasofthewiderpackagingmarketfrombothan

operationalandM&Aperspective.

Operationalperformancehasremained

robust,supportedbyhighcustomerretentionlevels,stringentqualificationrequirements,andelevatedbarrierstoentry.Companies

continuetoinvestinadvancedmanufacturingcapabilities,automation,andquality-controlsystemstomeetincreasinglydemanding

customerandregulatoryrequirements.

Thesectorbenefitsfromincreasingdemandforadvanceddrugdeliverysystems,

pharmaceuticalcontainmentsolutions,

diagnosticapplications,andprecision-

engineeredpackagingcomponents.Growthremainsconcentratedinhigh-valueformatswhereproductperformance,regulatory

compliance,andtechnicalexpertise

representkeycompetitivedifferentiators.

Healthcare-relatedapplicationscontinuetooutperformbroaderpackagingmarkets,

supportedbyfavourabledemographictrends,increasinghealthcareexpenditure,and

continuedinnovationacrossbiologics,

injectables,andadvancedtherapies.These

Healthcareand

pharmaceuticalapplicationscontinuetodriveresilientdemandandsupport

premiummarketpositioning

Despiteongoingmacroeconomicuncertainty,sentimentacrossthesectorremainspositive.Marketleaderscontinuetopursueselectivecapacityexpansionandstrategic

acquisitions,whilevaluationmultiplesremainatapremiumtobroaderpackagingsegments,reflectingthesector’sattractivegrowth

profile,resilientearningscharacteristics,andstrongexposuretostructurallygrowingend-markets.

Currentsectorvaluationmultiples

26.8x

12.7x

6.3x

11.0x

5.6x

9.4x

7.9x

Median:9.4x

US

US

CN

US

IT

DE

DE

Country

4,331

1,274

8.6%

341

26.7%

668

581

(12.2%)

85

14.6%

2,643

1,028

5.3%

281

27.4%

1,122

570

7.1%

178

31.4%

2,521

2,378

3.7%

450

18.8%

7,821

3,415

5.2%

711

20.8%

21,199

2,857

7.3%

791

27.7%

Enterprisevalue

TurnoverLTM

(€m)

CAGR25A-27E

EBITDALTM

EBITDA%

Note:closingpricesasof26.06.2026|Source(s):S&PCapitalIQ

21

Packaging:GlobalMarketUpdateH1