Quarter on quarter sequential improvement across KPIs

H1 2024 trading update

• Q2 2024 revenue growth, at constant currency, +5.7% (constant currency and con­stant resin¹ +5.4%), following 0% growth in Q1 2024
• HY 2024 revenue growth, at constant currency, +3.0% (constant currency and con­stant resin¹ +2.9%)
• Q2 2024 adjusted EBITDA margin 25.1% (Q2 2023: 25.7%); +360 bps vs. Q1 2024
• HY 2024 adjusted EBITDA margin 23.5%; (HY 2023: 24.9%)
• 2024 guidance updated:
  • revenue growth² of around 4%, +/-50 bps (previously at low end of 4-6%)
  • adjusted EBITDA margin at lower end of 24 to 25% range (previously lower half of 25-26% range)
• Mid-term guidance confirmed: revenue growth² in the upper half of 4-6% range, ad­justed EBITDA margin above 27%, net capex 7-9% of revenue

¹The resin escalator for the bag-in-box and spouted pouch businesses, which passes on movements in resin costs directly to customers, is excluded for year-on-year comparison purposes.

²Revenue growth at constant currency and constant resin