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Annual Report 2021

Creating sustainable value

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Creating sustainable value

This is our first combined annual and corporate responsibility report. It shows that sustainability is at the heart of our business. A business that in 2021 again proved its resilience and continued to grow.

Our Corporate Responsibility Report

“Aseptic cartons remain at the core of our business with robust growth prospects and a high level of profitability.”

  • Andreas Umbach Chairman
  • Samuel Sigrist Chief Executive Officer
Chairman & CEO's letter

Our results

Revenue growth in 2021 was underpinned by our broad geographic reach and our key role in the supply chain for essential food and beverages. The adjusted EBITDA margin increased and we continued to generate strong free cash flow.

  • Core revenue
    2.05 bn
    2020: €1.80bn
  • Core revenue growth1
    6.6 % (LFL)
    2020: 5.5% 1 At constant currency.
  • Adjusted EBITDA margin
    27.7 %
    2020: 27.4%
2021 at a glance


Over the last decade, we have expanded in the regions outside Europe and have developed innovative solutions to meet the needs of consumers around the world.

  • Americas
    366 m
    +19.4 %
  • Europe1
    735 m
    +2.1 %3
  • APAC
    691 m
    +8.2 %
  • MEA2
    252 m
    +0.8 %3
  • Americas
  • Europe1
  • APAC
  • MEA2

1 The sum of core revenue of EMEA for the first two months of 2021 (€119 million) and core revenue of Europe for the last ten months of 2021 (€616 million).

2 Core revenue for the last ten months of 2021 (since acquisition).

3 LFL growth at constant currency

Regional Review


Strong local presence in every region

Interactive map