Core Insights - AptarGroup's international revenue performance is crucial for assessing its financial resilience and growth prospects [1][2] Group 1: International Revenue Performance - The total revenue for AptarGroup in the recent quarter reached $962.74 million, reflecting a 13.5% increase from the prior-year quarter [4] - Latin America contributed $72.62 million, accounting for 7.5% of total revenue, which was a surprise of +5.5% compared to analysts' expectations [5] - Europe generated $482.12 million, representing 50.1% of total revenue, with a surprise of +9.98% over expected figures [6] - Asia's revenue was $125.64 million, making up 13.1% of total revenue, and exceeded expectations by +18.31% [7] Group 2: Future Revenue Projections - Analysts project AptarGroup's total revenue for the current fiscal quarter to be $948.53 million, indicating a 6.9% increase from the prior-year quarter [8] - For the full year, total revenue is expected to reach $3.86 billion, reflecting a 2.1% increase from the previous year [9] Group 3: Market Context and Stock Performance - The reliance on global markets presents both opportunities and challenges for AptarGroup, making the analysis of international revenue trends essential for future forecasts [10] - Over the past four weeks, AptarGroup's stock has appreciated by 10.7%, while the Zacks S&P 500 composite remained unchanged [13] - In the last three months, the company's shares increased by 16%, outperforming the S&P 500's 3.7% increase [13]

Core Sales Performance - Pharma core sales increased by 4% in the quarter, with prescription core sales growing by 1%, driven by systemic nasal drug delivery and higher royalty payments, despite a 36% decline in emergency medicine sales [1][5][19] - For the quarter ended December 31, 2025, Aptar reported sales of $963 million, a 14% increase from $848 million a year earlier, with core sales reflecting healthy underlying demand across all segments [4][5] Profitability and Financial Metrics - Adjusted EPS for the quarter was $1.25, down from $1.62 in the prior year, attributed to higher depreciation, amortization, and interest expenses [2] - Adjusted EBITDA was $191 million, a 2% decrease year-over-year, with an adjusted EBITDA margin of 19.8%, down from 23% in the prior-year quarter, impacted by unfavorable product mix and higher production costs [3][7] Segment Performance - Injectables core sales increased by 24%, driven by demand for elastomeric components, while consumer healthcare core sales rose by 3% [10] - Beauty segment achieved 10% core sales growth, with personal care growing by 17%, although the adjusted EBITDA margin decreased to 10.2% due to lower-margin projects and operational disruptions [9][12] Capital Allocation and Shareholder Returns - In 2025, the company returned $486 million to shareholders through dividends and share repurchases, with a new $600 million buyback authorization announced [15][16] - Free cash flow was reported at $303 million, down $64 million year-over-year, primarily due to timing of tax payments and higher working capital [14] Outlook and Challenges - For Q1 2026, adjusted EPS is guided to be between $1.13 and $1.21, reflecting higher interest expenses and an expected effective tax rate of 21% to 23% [18] - Management anticipates a $65 million revenue headwind in 2026 due to declining emergency medicine demand, with the impact expected to be more pronounced in the first half of the year [19][20]

Table of Contents United States Securities and Exchange Commission Washington, D.C. 20549 FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM_____TO_____ COMMISSION FILE NUMBER 1-11846 AptarGroup, Inc. Delaware 36-3853103 265 EXCHANGE DRIVE, SUITE 301, CRYSTAL LAKE, IL 60014 815-477-0424 Securities ...

Financial Data and Key Metrics Changes - For Q4 2025, reported sales increased by 14% to $963 million, up from $848 million in the prior year, while core sales grew by 5% [3][4] - Full-year reported sales rose by 5% to $3.8 billion, compared to $3.6 billion in the previous year, with core sales up by 2% [6][25] - Reported net income increased by 5% to $393 million, and reported earnings per share grew by 7% to $5.89 [6][25] - Adjusted earnings per share were $5.74, a slight decline of 1% compared to the prior year [7][25] - Adjusted EBITDA margin decreased to 19.8% from 23% in the prior year due to higher production costs and unfavorable product mix [17][24] Business Line Data and Key Metrics Changes - Pharma segment core sales increased by 4%, with prescription core sales up by 1% and injectables core sales rising by 24% [17][18] - Beauty segment core sales grew by 10%, driven by strong demand in fragrance and personal care [20][21] - Closures segment core sales increased by 1%, with beverage core sales up by 7% while food core sales decreased by 1% [22] Market Data and Key Metrics Changes - Strong demand was noted in the pharma market, particularly for systemic nasal drug delivery and injectables [4][18] - The beauty market showed double-digit growth, especially in fragrance and skincare categories, indicating a recovery in consumer demand [20][21] - The closures market experienced mixed results, with beverage sales increasing while food sales declined [22] Company Strategy and Development Direction - The company is focusing on cost reduction initiatives and productivity measures to enhance operational efficiency [4][30] - Continued investment in innovation and technology is emphasized, particularly in the pharma segment with a strong pipeline of drug delivery systems [8][9] - The company aims to maintain a disciplined approach to capital allocation while returning capital to shareholders [7][26] Management's Comments on Operating Environment and Future Outlook - Management anticipates continued strong growth in the pharma segment, excluding emergency medicine, which is expected to face headwinds [28][32] - The beauty segment is showing signs of recovery, particularly in prestige fragrance, while closures are expected to perform steadily [32] - Management remains confident in achieving long-term growth targets despite short-term challenges [28][32] Other Important Information - The company returned $486 million to shareholders in 2025 through share repurchases and dividends, marking its 32nd consecutive year of increasing dividends [7][26] - A new share repurchase authorization of up to $600 million was announced, replacing all existing authorizations [26] Q&A Session Summary Question: Is there any deceleration in GLP-1 demand in elastomers in 2026? - Management expects injectables to grow in the high single digits to low double digits, with GLP-1 being an important but not sole driver of growth [35][39] Question: What is the expectation for EBITDA margin trends throughout the year? - Margins are expected to improve significantly in the second half of the year, driven by productivity measures and reduced impact from emergency medicine declines [40][41] Question: Can you provide specifics on margin performance in beauty and closures? - Management acknowledged operational issues in beauty and closures but expects steady improvements in margins as these issues are resolved [50][51] Question: What is the outlook for emergency medicine sales? - A revenue headwind of approximately $65 million is anticipated for 2026, primarily affecting the first half of the year [28][66] Question: How does the company view growth in the Narcan business? - Management anticipates low to mid-single-digit growth from the new baseline for Narcan, with potential for geographic expansion [74] Question: What are the expectations for cough and cold product demand? - Management expects to provide updates on the strength of the cough and cold season by Q1 or Q2, with indications of a strong season this year [76]

Financial Data and Key Metrics Changes - For Q4 2025, reported sales increased by 14% to $963 million, up from $848 million in the prior year, while core sales grew by 5% [3][4] - Full-year reported sales rose by 5% to $3.8 billion, compared to $3.6 billion in the previous year, with core sales up by 2% [6][25] - Reported net income increased by 5% to $393 million, and reported earnings per share grew by 7% to $5.89, up from $5.53 a year ago [6][25] - Adjusted earnings per share were $5.74, a slight decline of 1% compared to the prior year [7][25] - Adjusted EBITDA margin for Q4 was approximately 19.8%, down from 23% in the prior year [17][24] Business Line Data and Key Metrics Changes - Pharma segment core sales increased by 4%, with prescription core sales up by 1% and consumer healthcare core sales up by 3% [17][18] - Injectables core sales surged by 24%, driven by strong demand for elastomeric components [18] - Beauty segment core sales increased by 10%, with personal care core sales rising by 17% [20][21] - Closures segment core sales increased by 1%, with beverage core sales up by 7% [22] Market Data and Key Metrics Changes - Strong demand was noted in the pharma segment, particularly for systemic nasal drug delivery technologies and injectables [4][8] - The beauty segment experienced double-digit growth across fragrance and facial skincare markets [4][20] - The closures segment saw solid product volume growth, particularly in beverages [5][22] Company Strategy and Development Direction - The company is focusing on cost reduction initiatives and back-office centralization through global talent centers [4][30] - There is an emphasis on productivity measures to mitigate higher production costs and improve margins [3][30] - The company aims to maintain a disciplined approach to capital allocation while investing in long-term growth opportunities [7][26] Management's Comments on Operating Environment and Future Outlook - Management anticipates continued strong growth in the pharma segment, excluding emergency medicine, which is facing destocking challenges [32] - The company expects steady improvements in beauty margins and a return to growth in the closures segment [30][32] - The outlook for Q1 2026 includes adjusted earnings per share expected to be in the range of $1.13-$1.21 [29] Other Important Information - The company returned $486 million to shareholders through share repurchases and dividends in 2025 [7][26] - The company achieved a record quarter for tooling sales in Q4 2025, indicating strong customer retention [23] Q&A Session Summary Question: Is there any deceleration in GLP-1 demand in elastomers in 2026? - Management expects injectables to grow in the high single digits to low double digits, with GLP-1 being an important but not sole driver of growth [38][39] Question: What is the expectation for EBITDA margin trends throughout the year? - Management anticipates stronger margins in the second half of the year, driven by improvements in beauty and closures segments [40][41] Question: Can you provide specifics on the margin performance in beauty and closures? - Management noted operational issues in beauty due to environmental upgrades and maintenance in closures, with expectations for improvements in Q1 [50][51] Question: What is the outlook for emergency medicine sales? - Management expects a revenue headwind of approximately $65 million in 2026, primarily in the first half [28][66] Question: How should growth in Narcan and cough and cold products be expected to stabilize? - Management anticipates low to mid-single-digit growth for Narcan and expects to update on cough and cold product performance by Q2 [74][76]

Financial Data and Key Metrics Changes - For Q4 2025, reported sales increased by 14% to $963 million, up from $848 million in the prior year, while core sales grew by 5% [3][4] - Full-year reported sales rose by 5% to $3.8 billion, compared to $3.6 billion in the previous year, with core sales up by 2% [5][24] - Reported net income increased by 5% to $393 million, and reported earnings per share grew by 7% to $5.89, up from $5.53 a year ago [5][24] - Adjusted earnings per share were $5.74, a slight decline of 1% compared to the prior year [6][24] - Adjusted EBITDA margin for Q4 was approximately 19.8%, down from 23% in the prior year [17][24] Business Line Data and Key Metrics Changes - Pharma segment core sales increased by 4%, with prescription core sales up by 1% and consumer healthcare core sales up by 3% [17][18] - Injectables core sales surged by 24%, driven by strong demand for elastomeric components [18] - Beauty segment core sales increased by 10%, with personal care core sales rising by 17% [19][20] - Closures segment core sales increased by 1%, with beverage core sales up by 7% [21] Market Data and Key Metrics Changes - Strong demand was noted in the pharma segment, particularly for systemic nasal drug delivery and injectables [4][8] - The beauty segment experienced double-digit growth across fragrance and facial skincare markets [4][19] - The closures segment saw volume growth, although impacted by lower resin pricing [21] Company Strategy and Development Direction - The company is focusing on cost reduction initiatives and back-office centralization through global talent centers [4][29] - There is an emphasis on productivity measures and efficiency improvements, with expectations for continued growth in the pharma segment excluding emergency medicine [30][28] - The company aims to maintain a disciplined approach to capital allocation while investing in long-term growth opportunities [6][25] Management's Comments on Operating Environment and Future Outlook - Management anticipates near-term headwinds in emergency medicine extending through 2026, with a revenue headwind of approximately $65 million expected [26] - The company expects steady improvements in beauty margins and overall performance in the second half of 2026 [34][39] - There is confidence in the growth potential of the pharma segment, particularly in injectables and systemic nasal drug delivery technologies [30][45] Other Important Information - The company returned $486 million to shareholders in 2025 through share repurchases and dividends, marking its 32nd consecutive year of increasing dividends [6][25] - The company issued $600 million of senior notes in Q4 2025 to support its capital structure [23] Q&A Session Summary Question: Is there any deceleration in GLP-1 demand in elastomers in 2026? - Management expects injectables to grow in the high single digits to low double digits, with GLP-1 being an important but not sole driver of growth [32][33] Question: What is the expectation for EBITDA margin trends throughout the year? - Margins are expected to improve significantly in the second half of the year, driven by increased volume and productivity measures [34] Question: Can you elaborate on the margin performance in beauty and closures? - Operational issues and environmental upgrades impacted margins, but improvements are expected as these issues are resolved [39][40] Question: What is the outlook for emergency medicine sales? - Emergency medicine is expected to face challenges, with a significant decline anticipated in the first half of 2026 [26][41] Question: How does the company view the growth potential for Narcan and cough and cold products? - Management sees low to mid-single-digit growth for Narcan and anticipates a strong cough and cold season, with updates expected in Q1 and Q2 [46][48]

Forward Looking Statements & Non-GAAP Financial Measures February 6, 2026 Q4 and Full Year 2025 Results Stephan B. Tanda, Aptar President and CEO Vanessa Kanu, Executive Vice President and CFO This presentation includes forward-looking statements. Forward-looking statements are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are based on management's beliefs and assumptions in light of information currently a ...

Core Insights - AptarGroup reported revenue of $962.74 million for the quarter ended December 2025, marking a year-over-year increase of 13.5% and exceeding the Zacks Consensus Estimate by 8.19% [1] - The company's EPS for the same period was $1.25, down from $1.52 a year ago, with a slight surprise of 1.22% over the consensus estimate of $1.24 [1] Revenue Performance by Segment - Aptar Beauty generated net sales of $341.11 million, surpassing the average estimate of $287.73 million by two analysts, reflecting a year-over-year increase of 24.5% [4] - Aptar Closures reported net sales of $181.61 million, slightly below the average estimate of $183.6 million, with a year-over-year change of 4.8% [4] - Aptar Pharma achieved net sales of $440.02 million, exceeding the average estimate of $431.39 million, representing a year-over-year increase of 9.8% [4] Stock Performance - Shares of AptarGroup have returned +7.3% over the past month, outperforming the Zacks S&P 500 composite's +0.5% change [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

分组1 - AptarGroup reported quarterly earnings of $1.25 per share, exceeding the Zacks Consensus Estimate of $1.24 per share, but down from $1.52 per share a year ago, representing an earnings surprise of +1.22% [1] - The company achieved revenues of $962.74 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 8.19%, compared to $848.09 million in the same quarter last year [2] - AptarGroup has outperformed the S&P 500 with a 6% increase in share price since the beginning of the year, while the S&P 500 gained 0.5% [3] 分组2 - The earnings outlook for AptarGroup is uncertain, with current consensus EPS estimates at $1.23 for the upcoming quarter and $5.71 for the current fiscal year, alongside revenues of $948.53 million and $3.87 billion respectively [7] - The Containers - Paper and Packaging industry, to which AptarGroup belongs, is currently ranked in the bottom 27% of over 250 Zacks industries, indicating potential challenges ahead [8] - The estimate revisions trend for AptarGroup was unfavorable prior to the earnings release, resulting in a Zacks Rank 4 (Sell) for the stock, suggesting expected underperformance in the near future [6]

Financial Performance - Reported sales for Q4 2025 increased 14% to $963 million compared to $848 million in the prior year, with core sales growing 5%[3] - Reported net income decreased 26% to $74 million, and earnings per share decreased 24% to $1.13; adjusted earnings per share were $1.25[4] - For the year ended December 31, 2025, reported sales increased 5% to $3.78 billion, with core sales also increasing 2%[12] - Net sales for Q4 2025 reached $962.736 million, a 13.5% increase from $848.088 million in Q4 2024[26] - Consolidated net sales for the year ended December 31, 2025, reached $3,777,181,000, an increase from $3,000,000,000 in 2024[32] - Reported net income for the year ended December 31, 2025, was $392,497,000, with a net income margin of 10.4%[32] - Reported net income for the three months ended December 31, 2025, was $74,270,000, with a reported net income margin of 7.7%[31] - Net income attributable to AptarGroup, Inc. for 2025 was $392.789 million, compared to $374.541 million in 2024, reflecting a 4.2% increase[26] Segment Performance - Pharma segment reported sales growth of 10%, driven by strong demand for injectables and systemic nasal drug delivery technologies[5] - Beauty segment reported sales growth of 24%, with core sales growth of 10%, attributed to increased demand for fragrance dispensing[9] - Closures segment reported sales rose 5%, with core sales increasing 1%, supported by a 4% currency benefit[10] Cash Flow and Capital Expenditures - Cash flow from operations for the year was $570 million, with free cash flow at $303 million[16] - Free cash flow for the year ended December 31, 2025, was $302,888, down from $366,932 in 2024[37] - Capital expenditures for 2025 were $270.419 million, slightly down from $276.481 million in 2024[30] - Capital expenditures for the year ended December 31, 2025, were $270,419, slightly down from $276,481 in 2024[37] Shareholder Returns - The company plans to return $206 million to shareholders through share repurchases and dividends in Q4 2025, with a new authorization for up to $600 million in stock repurchases[4][18] Earnings Guidance - For Q1 2026, adjusted earnings per share guidance is expected to be in the range of $1.13 to $1.21, assuming an effective tax rate of 21.0% to 23.0%[17] - The company expects adjusted earnings per share for Q1 2026 to be in the range of $1.13 to $1.21, based on an effective tax rate of 21.0% to 23.0%[40] Balance Sheet - Cash and equivalents increased to $402.424 million in 2025 from $223.844 million in 2024, marking an increase of 80%[28] - Total assets grew to $5.253 billion in 2025, up from $4.432 billion in 2024, indicating a 18.5% increase[28] - Total liabilities increased to $2.540 billion in 2025 from $1.946 billion in 2024, a rise of 30.5%[28] Other Financial Metrics - Adjusted EBITDA margin was 19.8%, down from 23.0% in the prior year, reflecting higher production costs[4] - Adjusted EBITDA for the year ended December 31, 2025, was $815,102,000, representing an adjusted EBITDA margin of 21.6%[32] - Adjusted EBIT for the year ended December 31, 2025, was $527,739,000, reflecting a significant increase from the previous year[32] - Interest expense for the year ended December 31, 2025, totaled $52,737,000, reflecting the company's financing costs[32] - The company reported a net investment loss of $1,328,000 for the three months ended December 31, 2025[31] - The company reported a net loss on remeasurement of equity securities of $483 thousand in 2025, compared to a gain of $1.713 million in 2024[30] - The company reported a net investment loss of $1,713 for the year ended December 31, 2024[33] Share Count - The average number of diluted shares outstanding decreased to 66.725 million in 2025 from 67.691 million in 2024[26] - Average number of diluted shares outstanding for the year 2025 was 66,725, with net income attributable to AptarGroup, Inc. per diluted share at $5.89[36] - Adjusted net income attributable to AptarGroup, Inc. for the year was $382,775, with an adjusted net income per diluted share of $5.74[36]