Cabka: Revenue Declines Despite Improved Profitability in 2025
In 2025, the Dutch distributor of recycled plastic packaging solutions achieved its goal: to stabilize operations and improve profitability. However, this improvement masks a less glorious reality: its revenue fell by 1% to 180 million euros, forcing the company to demonstrate from 2026 that it can grow without sacrificing margins.
Financial Figures Reflect a Transitional Paradox
The 2025 figures reflect the paradox of a company in transition. Cabka's total revenue amounted to 180.0 million euros, a decrease of 1% compared to 181.9 million euros in 2024. The gross operating margin reached 51.3% compared to 50.9% the previous year, while operational EBITDA progressed by 0.6 million euros to reach 21.1 million euros, with an EBITDA margin expanding to 11.7% from 11.3%. This improvement is part of the execution of the SHIFT program, aimed at restoring operational control and simplifying the organization. The group reduced its personnel expenses by 2.3 million euros to 42.6 million euros and slightly reduced general expenses to 28.6 million euros.
Debt Reduction Marks a True Financial Success in 2025
Debt reduction is the real financial success of 2025. Net debt decreased by 9.2 million euros to 62.6 million euros, while the net debt/EBITDA ratio significantly improved to 2.7x from 3.2x a year earlier. This improvement reflects both operational optimization and disciplined capital management. Operational cash flow improved to 20.2 million euros (before taxes of 1.6 million) from 16.4 million euros in 2024. Capital investments amounted to 11.7 million euros, down from 18.7 million euros in 2024, confirming that the expansion phase in the United States, particularly the reconstruction of the Saint Louis factory, is largely complete. No dividends were paid in 2025, with priority given to improving the balance sheet.
Uneven Business Performance in 2025
The business performance in 2025 remains uneven. In Europe, the Portfolio segment experienced an annual decline of 6%, particularly in the first half of the year, although the second half showed signs of improvement. Pooling and Customized Solutions also declined by 5%, offset by a strong recovery in Contract Manufacturing with a growth of 31%, revealing a return of customer engagement in the sector. In the United States, operations progressed by 4% (8% in local currency), supported by the expansion of Contract Manufacturing. The ECO segment confirmed its momentum with robust growth of 16% to 14.6 million euros. For 2026, Cabka expects a return to growth and further expansion of EBITDA margins, without precisely quantifying its expectations. The strategic roadmap for 2026-2030 is based on two phases: operational excellence and margin expansion until 2028, followed by market consolidation and expansion through acquisitions until 2030. The challenge now lies in the group's ability to transform this stabilization into a real growth dynamic, especially in Europe where conditions remain volatile.
