7. Segment information

The Group has four operating segments, which are also the reportable segments: Europe; India, Middle East and Africa (“IMEA”); Asia Pacific (“APAC”) and Americas. The packaging solution offered by the segments consists of filling lines and other related equipment, packaging material and after-sales services.

Overview of the segments and Group Functions

Europe includes production of aseptic carton sleeves and closures, pouches as well as barrier film and fitments for bag-in-box and spouted pouches for the Group’s customers in Europe. Europe also supplies the other segments with aseptic carton sleeves and, to a lesser extent, closures from its plants in Europe. In addition, Europe includes an assembly plant for equipment used for spouted pouches. The Group’s central procurement activities, including commodity hedging, are part of Europe, with the European production entities being the main internal customers.

IMEA includes production of aseptic carton sleeves and closures as well as barrier film and fitments for bag-in-box and spouted pouches for the Group’s customers in India, Middle East and Africa. In addition, IMEA includes an assembly plant for equipment used for bag-in-box and spouted pouches.

APAC includes production of aseptic carton sleeves, carton sleeves for the chilled market, pouches as well as barrier film and fitments for bag-in-box and spouted pouches for the Group’s customers in China, Southeast Asia and Oceania. In addition, APAC supplies the other segments with aseptic carton sleeves. APAC also includes the aseptic carton filling machine assembly plant in China and the assembly of filling machines for the chilled market in Asia.

Americas includes production of aseptic carton sleeves, pouches as well as barrier film and fitments for bag-in-box and spouted pouches for the Group’s customers in North and South America. Americas also includes an assembly plant for equipment used for bag-in-box.

The Group Functions include activities that support the Group’s business, such as the global aseptic carton filling machine assembly, global technology (including R&D), information technology, marketing, finance, legal, human resources and other global support functions. Global filling machine assembly sells aseptic carton filling machines and spare parts, and provides assembly-related services, to all segments. The Group Functions are not involved in any significant transactions with third parties.

Inter-company transactions between the segments, and between the segments and the Group Functions, are eliminated in consolidation. These mainly relate to the sale of aseptic carton filling machines, aseptic carton sleeves and closures. Pricing is determined on a cost-plus basis. The Group has limited inter-segment sales of products related to the chilled carton business.

Information about the Group’s segments is reported to the Chief Operating Decision Maker (“CODM”) on a regular basis for the purposes of resource allocation and assessment of performance of the segments. The performance of the segments in 2025 has been assessed by the CODM on the basis of both adjusted EBITDA and adjusted EBIT (both measures as defined in note 9). In prior years, the performance was primarily assessed on the basis of adjusted EBITDA.

Segment financial information

The following tables present financial information about the Group’s segments and Group Functions. The same measurement basis is used when presenting the segment information as is used in the Group’s consolidated financial statements.

Disaggregation of segment revenue

The following tables present revenue from transactions with external customers for the segments, split by major product/service line.

Geographic information

The Group operates in total 27 plants worldwide that mainly produce aseptic carton sleeves and film and fitments for bag-in-box and spouted pouches, but also chilled carton sleeves, closures and pouches. It also has a number of equipment assembly plants and training- and development-related centers.

The following table provides an overview of the location of the Group’s production and equipment assembly plants and its different centers as of December 31, 2025.

The construction of the Group’s first aseptic carton production plant in India was completed in December 2024. Production started in January 2025. In the second quarter of 2024, the Group moved its production of chilled carton in China from Shanghai to a new plant in Suzhou. These production plants are all leased by the Group.

In the third quarter of 2025, the Group initiated the closure of one of the two bag-in-box production plants in the Netherlands to streamline the European bag-in-box operations. The plant is expected to be vacated in the second half of 2026. The bag-in-box and spouted pouch production in the leased production plant in Chile was relocated to Brazil in 2025. See also notes 4, 9, 11 and 13.

The following table includes information about the Group’s non-current assets on a country basis. Non-current assets exclude financial instruments, deferred tax assets and net defined benefit assets.

The non-current assets are reported based on the geographic location of the business operations. The non-current assets are predominantly located in the countries in which the Group’s production and assembly plants are located. The Group’s intellectual property is primarily held by a company based in Switzerland.

The following table includes information about the Group’s revenue from external customers on a country basis.

Revenue is reported based on the geographic location of customers. The customer base of the Group includes international companies, large national and regional companies as well as small local companies.

Information about major customers

The Group does not have revenue from transactions with a single external customer amounting to 10% or more of the Group’s revenue in any of the periods presented.