TORONTO, ON — February 25, 2026 — Leads & Copy — CCL Industries Inc. (TSX:CCL.A)(TSX:CCL.B) reported its fourth quarter and annual financial results for 2025, showcasing a mix of growth and challenges across its segments.
The company’s fourth-quarter sales increased by 3.5% to $1,876.2 million, compared to $1,812.5 million in 2024. This increase includes an organic growth rate of 0.6%, acquisition-related growth of 0.2%, and a 2.7% positive impact from foreign currency translation.
Operating income for the fourth quarter of 2025 improved by 4.8% to $280.7 million, compared to $267.9 million in the prior year. Foreign currency translation positively impacted operating income by 3.0%.
Net earnings for the quarter were $171.1 million, compared to $179.8 million in 2024. Basic and adjusted basic earnings per Class B share were $0.99 and $1.03, respectively. In the fourth quarter of the prior year, basic and adjusted basic earnings per Class B share were $1.01 and $1.02.
The company recorded expenses for restructuring and other items of $7.4 million, primarily due to severance charges for operational restructuring at Avery.
Sales for 2025 increased by 5.8% to $7,663.8 million. Operating income improved by 8.7%, and adjusted net earnings increased by 5.3% to $810.4 million. Basic and adjusted basic earnings per Class B share were $4.59 and $4.64, respectively, compared to basic and adjusted basic earnings per Class B share of $4.73 and $4.32 in the previous year. Foreign currency translation had a positive impact of $0.10 on adjusted basic earnings per Class B share.
CCL Segment sales increased by 6.8% to $1,192.1 million, driven by 3.6% organic growth and a 3.2% positive impact from currency translation. Avery sales increased by 7.6% to $258.0 million, with 3.8% organic growth, a 1.8% contribution from acquisitions, and a 2.0% positive impact from currency translation. Checkpoint sales decreased by 6.2% to $260.2 million, while Innovia sales decreased by 7.4% to $165.9 million.
Geoffrey T. Martin, President and Chief Executive Officer, noted that fourth-quarter results were solid, with adjusted earnings per Class B share at $1.03, moderated by a higher tax rate but offset by foreign currency translation. He also highlighted CCL Segment’s 3.6% organic sales growth and Avery’s solid organic sales growth and profitability improvement.
The company’s consolidated leverage ratio ended 2025 at 0.78 times Adjusted EBITDA, after financing $441.2 million in new capital spending. The balance sheet included almost $1 billion in cash on hand, and with approximately US$1.0 billion in undrawn capacity on its syndicated revolving credit, the Company is well-positioned to fund its global ambitions. Total capital expenditures for 2026 are budgeted at $470 million.
The Board of Directors declared a 12.5% increase in the quarterly dividend to $0.36 per Class B non-voting share and $0.3575 per Class A voting share, payable to shareholders of record on March 17, 2026, to be paid on March 31, 2026.
CCL Industries Inc. employs approximately 26,000 people and operates 214 production facilities in 42 countries. It is the world’s largest converter of pressure sensitive and specialty extruded film materials. Avery is the world’s largest supplier of labels, specialty converted media and software solutions for short-run digital printing applications. Checkpoint is a leading developer of RF and RFID-based technology systems. Innovia is a leading global producer of specialty, high-performance films for label, packaging and security applications.
The Company will host a live webcast on February 26, 2026, to discuss these results. The quarterly results review presentation is available on the Company’s website.
Source: CCL Industries Inc.
