Cabka: stable revenue in third quarter, annual targets confirmed
The Dutch manufacturer of reusable transport packaging made from recycled plastic published an activity update on October 20, 2026, which confirms the scenario it had itself described last summer. The third quarter did not extend the growth of the first half: revenue remained virtually at last year's level. Over nine months, the group remains on an upward trajectory, and management has confirmed its targets for the full fiscal year.
This update matters for Cabka, listed on Euronext Amsterdam: it shows that the slowdown announced in the half-year results materialized in the expected proportions, without calling into question the annual guidance.
Revenue up 4% over nine months, stable in third quarter
Over the first nine months of 2026, Cabka generated revenue of €137.8 million, compared to €132.1 million over the same period in 2025, an increase of 4%. The third quarter alone generated €42.3 million, compared to €42.1 million a year earlier.
The group describes this quarterly level as broadly stable. It presents it as consistent with less favorable market conditions that it had anticipated when publishing its half-year results.
During this publication on August 13, 2026, Cabka had indeed indicated that it expected a weaker third quarter, due to unfavorable market conditions it considered temporary. It notably cited the sharp increase in energy and plastic prices, which had increased uncertainty and led some customers to defer their investment decisions.
Mobility, Pooling and contract manufacturing drive growth
The nine-month progression is based on several business lines. In Europe, revenues from the Mobility activity increased 96% year-on-year. Those from the Pooling and Systems activity progressed 9%, an increase that the group attributes to continued demand for reusable transport packaging solutions.
Contract manufacturing recorded growth of 30% in Europe. In the United States, this same activity also contributed positively, thanks to new customer programs launched at the end of last year.
Conversely, revenues from Portfolio and ECO activities (the latter mainly comprising products for construction and road safety manufactured from post-consumer waste) declined, which partially offset these increases.
According to Chief Executive Officer Alexander Masharov, demand remains uneven across markets, which reinforces the priority given to product mix, cost control and profitable growth. The company indicates that its profitability improved over the period, an evolution it attributes to a favorable product mix and the continuation of its cost discipline. The executive also reported a recovery in tender activity.
2026 guidance confirmed: revenue growth and EBITDA margin improvement
Cabka has confirmed its targets for fiscal year 2026: it expects revenue growth and an operational EBITDA margin higher than that of fiscal year 2025. When publishing its 2025 annual report on April 29, 2026, the group had adopted a cautious tone on its outlook.
For the current fiscal year, analysts surveyed ahead of the publication anticipated on average revenue of €190 million, within a range of €188 to €191 million, compared to €180 million in 2025.
In August, the company had also mentioned several favorable elements for year-end: signs of intensifying tenders, several new opportunities in the automotive sector and a normalization of raw material prices expected to support the fourth quarter. However, it stressed that the timing and conversion of these opportunities remained uncertain.
The group will present on November 24, 2026, during a virtual event titled "Virtual Capital Markets Update," an update on its 2030 strategy and growth plans, in the presence of its Chief Executive Officer Alexander Masharov and its Chief Financial Officer Mark Letterie. Until then, the most structural element of this publication remains revenue of €137.8 million over nine months, up 4%, coupled with confirmed annual guidance.
