NORWALK, Conn.--(BUSINESS WIRE)--Silgan Holdings Inc. (NYSE: SLGN), a leading supplier of sustainable rigid packaging solutions for the world's essential consumer goods products, will release its third quarter 2025 earnings results on Wednesday, October 29, 2025, before the U.S. markets open. At 11:00 a.m. eastern time on that day, Silgan will hold a conference call to discuss the Company's results and performance for this period. Callers in the U.S. and Canada can access the conference call toll free by di ...

AMG (Affiliated Managers Group) - AMG's portfolio is divided into two segments: alternative assets and differentiated long-only assets, each contributing 50% to the overall portfolio [1] - The company reported a positive net client cash flow of $8 billion in Q2 2025, driven by strong performance in private market and liquid alternative assets [1] - AMG has approximately $771 billion in total assets under management and operates through a network of around 40 affiliates managing over 500 investment strategies [2][3] - In Q2 2025, AMG's consolidated revenues were $493.2 million, down 1.4% year-over-year, missing forecasts by $13.26 million, while non-GAAP EPS increased by 15% year-over-year to $5.39, exceeding expectations [8] - AMG's net flows turned positive at $8 billion in Q2 2025, marking the strongest flow quarter in 12 years, with a 4.5% annualized organic growth [9] Silgan Holdings - Silgan operates in the packaging industry with three main product lines: Dispensing & Specialty Closures, Metal Containers, and Custom Containers [10] - The company reported Q2 2025 revenues of $1.54 billion, up nearly 12% year-over-year, surpassing forecasts by $6.21 million [13] - Non-GAAP EPS for Silgan was $1.01, which was 2 cents lower than expected, leading to a downward revision of full-year adjusted EPS guidance from $4.00-$4.20 to $3.85-$4.05 [14] - Following the earnings report, Silgan's shares fell by 15%, but analysts see this as a buying opportunity due to potential catalysts in the second half of 2025 and 2026 [15] - Silgan's stock has a Strong Buy consensus rating based on 8 recent reviews, with a current price of $44.50 and an average price target of $59.57, suggesting a 34% upside [15]

[Part I. Financial Information](index=3&type=section&id=Part%20I.%2E%20Financial%20Information) This section provides the company's unaudited condensed consolidated financial statements, management's discussion and analysis, market risk disclosures, and controls and procedures for the interim period [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Presents unaudited condensed consolidated financial statements for interim periods, including balance sheets, income, comprehensive income, cash flow, and equity statements, with detailed notes [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Presents the company's financial position at June 30, 2025, June 30, 2024, and December 31, 2024, showing increases in assets and liabilities Condensed Consolidated Balance Sheets (Dollars in thousands) | Asset/Liability/Equity | June 30, 2025 ($ thousands) | June 30, 2024 ($ thousands) | Dec. 31, 2024 ($ thousands) | | :--------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | **Assets** | | | | | Cash and cash equivalents | 317,462 | 302,795 | 822,854 | | Trade accounts receivable, net | 1,242,066 | 1,056,785 | 594,279 | | Inventories | 1,258,511 | 1,005,589 | 928,056 | | Total current assets | 3,008,844 | 2,538,633 | 2,522,683 | | Property, plant and equipment, net | 2,382,104 | 1,933,591 | 2,282,903 | | Goodwill | 2,484,557 | 1,987,284 | 2,316,031 | | Other intangible assets, net | 906,743 | 685,043 | 869,468 | | Total Assets | 9,410,393 | 7,693,237 | 8,584,668 | | **Liabilities** | | | | | Revolving loans and current portion of long-term debt | 1,937,384 | 1,398,246 | 716,932 | | Trade accounts payable | 757,494 | 658,118 | 1,111,607 | | Total current liabilities | 3,134,537 | 2,395,997 | 2,247,532 | | Long-term debt | 3,114,693 | 2,530,718 | 3,419,921 | | Total Liabilities | 7,183,575 | 5,759,547 | 6,595,087 | | **Stockholders' Equity** | | | | | Total stockholders' equity | 2,222,218 | 1,933,690 | 1,989,581 | | Total Liabilities and Stockholders' Equity | 9,410,393 | 7,693,237 | 8,584,668 | [Condensed Consolidated Statements of Income](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Presents income statements for the three and six months ended June 30, 2025 and 2024, showing increased net sales, gross profit, and net income Condensed Consolidated Statements of Income (Dollars and shares in thousands, except per share amounts) | Metric | Three Months Ended June 30, 2025 ($ thousands) | Three Months Ended June 30, 2024 ($ thousands) | Six Months Ended June 30, 2025 ($ thousands) | Six Months Ended June 30, 2024 ($ thousands) | | :-------------------------------- | :----------------------------------- | :----------------------------------- | :----------------------------------- | :----------------------------------- | | Net sales | 1,539,161 | 1,381,365 | 3,005,822 | 2,698,403 | | Cost of goods sold | 1,240,070 | 1,125,361 | 2,436,328 | 2,218,920 | | Gross profit | 299,091 | 256,004 | 569,494 | 479,483 | | Selling, general and administrative expenses | 121,836 | 107,701 | 250,923 | 208,177 | | Rationalization charges | 9,864 | 6,859 | 20,823 | 18,550 | | Income before interest and income taxes | 167,531 | 141,853 | 298,075 | 253,572 | | Interest and other debt expense | 48,699 | 41,343 | 91,627 | 79,990 | | Income before income taxes | 118,832 | 100,510 | 206,448 | 173,582 | | Provision for income taxes | 30,443 | 24,413 | 51,259 | 42,321 | | Net income | 88,944 | 76,097 | 156,906 | 131,261 | | Basic net income per share | 0.83 | 0.71 | 1.47 | 1.23 | | Diluted net income per share | 0.83 | 0.71 | 1.46 | 1.23 | [Condensed Consolidated Statements of Comprehensive Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) Details comprehensive income for the three and six months ended June 30, 2025 and 2024, highlighting foreign currency translation gains Condensed Consolidated Statements of Comprehensive Income (Dollars in thousands) | Metric | Three Months Ended June 30, 2025 ($ thousands) | Three Months Ended June 30, 2024 ($ thousands) | Six Months Ended June 30, 2025 ($ thousands) | Six Months Ended June 30, 2024 ($ thousands) | | :----------------------------------- | :----------------------------------- | :----------------------------------- | :----------------------------------- | :----------------------------------- | | Net income | 88,944 | 76,097 | 156,906 | 131,261 | | Other comprehensive income (loss), net of tax: | | | | | | Changes in net prior service credit and actuarial losses | 1,425 | 1,411 | 2,825 | 2,814 | | Change in fair value of derivatives | (5,087) | 527 | (2,016) | 2,952 | | Foreign currency translation | 71,669 | (27,478) | 117,169 | (51,935) | | Other comprehensive income (loss) | 68,007 | (25,540) | 117,978 | (46,169) | | Comprehensive income | 156,951 | 50,557 | 274,884 | 85,092 | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Outlines cash flows for the six months ended June 30, 2025 and 2024, showing significant operating cash outflow offset by financing activities Condensed Consolidated Statements of Cash Flows (Dollars in thousands) | Cash Flow Activity | Six Months Ended June 30, 2025 ($ thousands) | Six Months Ended June 30, 2024 ($ thousands) | | :----------------------------------- | :----------------------------------- | :----------------------------------- | | Net income | 156,906 | 131,261 | | Depreciation and amortization | 155,335 | 131,932 | | Trade accounts receivable, net | (601,838) | (474,482) | | Inventories | (293,758) | (74,498) | | Trade accounts payable | (279,697) | (227,429) | | Net cash (used in) operating activities | (904,851) | (526,913) | | Capital expenditures | (155,693) | (131,442) | | Net cash (used in) investing activities | (145,844) | (128,408) | | Borrowings under revolving loans | 1,409,738 | 739,385 | | Repayments of long-term debt | (706,274) | (100,000) | | Dividends paid on common stock | (43,362) | (41,453) | | Repurchase of common stock | (6,873) | (7,735) | | Net cash provided by financing activities | 513,872 | 328,946 | | Effect of exchange rate changes on cash and cash equivalents | 31,431 | (13,753) | | Net (decrease) in cash and cash equivalents | (505,392) | (340,128) | | Balance at beginning of year | 822,854 | 642,923 | | Balance at end of period | 317,462 | 302,795 | [Condensed Consolidated Statements of Stockholders' Equity](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders%27%20Equity) Details changes in stockholders' equity for the periods ended June 30, 2025 and 2024, driven by net income and foreign currency translation gains Condensed Consolidated Statements of Stockholders' Equity (Dollars and shares in thousands, except per share amounts) | Metric | June 30, 2025 ($ thousands) | June 30, 2024 ($ thousands) | Dec. 31, 2024 ($ thousands) | | :----------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Common stock - shares outstanding (end of period) | 106,993 | 106,779 | 106,795 | | Common stock - par value (end of period) | 1,751 | 1,751 | 1,751 | | Paid-in capital (end of period) | 374,582 | 360,344 | 367,871 | | Retained earnings (end of period) | 3,516,444 | 3,298,525 | 3,402,667 | | Accumulated other comprehensive loss (end of period) | (235,379) | (297,530) | (353,357) | | Treasury stock (end of period) | (1,435,180) | (1,429,400) | (1,429,351) | | Total stockholders' equity (end of period) | 2,222,218 | 1,933,690 | 1,989,581 | | Dividends declared on common stock per share (six months) | 0.40 | 0.38 | N/A | [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Provides detailed disclosures on accounting policies, revenue, rationalization, comprehensive loss, inventory, debt, financial instruments, and segment information [Note 1. Significant Accounting Policies](index=9&type=section&id=Note%201.%20Significant%20Accounting%20Policies) Outlines the basis of presentation for interim financial statements, prepared under U.S. GAAP and to be read with the 2024 Form 10-K - Interim financial statements are prepared under U.S. GAAP, including normal recurring accruals, and should be read with the 2024 Form 10-K[20](index=20&type=chunk)[21](index=21&type=chunk) [Note 2. Revenue](index=9&type=section&id=Note%202.%20Revenue) Disaggregates revenue by segment and geography, highlighting growth in Dispensing and Specialty Closures and European markets Revenues by Segment (Dollars in thousands) | Segment | Three Months Ended June 30, 2025 ($ thousands) | Three Months Ended June 30, 2024 ($ thousands) | Six Months Ended June 30, 2025 ($ thousands) | Six Months Ended June 30, 2024 ($ thousands) | | :-------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | Dispensing and Specialty Closures | 702,187 | 565,377 | 1,373,290 | 1,101,297 | | Metal Containers | 676,056 | 650,796 | 1,304,483 | 1,267,925 | | Custom Containers | 160,918 | 165,192 | 328,049 | 329,181 | | **Total Revenues** | **1,539,161** | **1,381,365** | **3,005,822** | **2,698,403** | Revenues by Geography (Dollars in thousands) | Geography | Three Months Ended June 30, 2025 ($ thousands) | Three Months Ended June 30, 2024 ($ thousands) | Six Months Ended June 30, 2025 ($ thousands) | Six Months Ended June 30, 2024 ($ thousands) | | :-------------- | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | North America | 1,041,051 | 1,034,401 | 2,058,621 | 2,016,364 | | Europe and other | 498,110 | 346,964 | 947,201 | 682,039 | | **Total Revenues** | **1,539,161** | **1,381,365** | **3,005,822** | **2,698,403** | - Contract assets (unbilled receivables) were **$121.7 million** at June 30, 2025, up from $101.4 million at June 30, 2024[22](index=22&type=chunk) [Note 3. Rationalization Charges](index=10&type=section&id=Note%203.%20Rationalization%20Charges) Details rationalization charges by segment and activity, with projections for remaining expenses and cash expenditures Rationalization Charges by Segment (Dollars in thousands) | Segment | Three Months Ended June 30, 2025 ($ thousands) | Three Months Ended June 30, 2024 ($ thousands) | Six Months Ended June 30, 2025 ($ thousands) | Six Months Ended June 30, 2024 ($ thousands) | | :-------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | Dispensing and Specialty Closures | 3,275 | 3,191 | 7,646 | 9,748 | | Metal Containers | 5,140 | 2,493 | 10,072 | 6,077 | | Custom Containers | 1,449 | 1,175 | 3,105 | 2,725 | | **Total** | **9,864** | **6,859** | **20,823** | **18,550** | Activity in Rationalization Reserves (Dollars in thousands) | Category | Balance at Dec. 31, 2024 ($ thousands) | Charged to expense ($ thousands) | Utilized and currency translation ($ thousands) | Balance at June 30, 2025 ($ thousands) | | :-------------------- | :----------------------- | :----------------- | :-------------------------------- | :----------------------- | | Employee Severance and Benefits | 29,318 | 6,181 | (4,126) | 31,373 | | Plant Exit Costs | — | 3,910 | (3,910) | — | | Non-Cash Asset Write-Downs | — | 10,732 | (10,732) | — | | **Total** | **29,318** | **20,823** | **(18,768)** | **31,373** | - Remaining expenses for rationalization plans (excluding Central States Pension Plan withdrawal) are expected to be **$16.1 million**, with cash expenditures of **$21.6 million**; Central States Pension Plan withdrawal liability will incur approximately **$0.8 million annually** through 2040[24](index=24&type=chunk) [Note 4. Accumulated Other Comprehensive Loss](index=11&type=section&id=Note%204.%20Accumulated%20Other%20Comprehensive%20Loss) Explains the change in accumulated other comprehensive loss, primarily driven by foreign currency translation gains Accumulated Other Comprehensive Loss (Dollars in thousands) | Component | Balance at Dec. 31, 2024 ($ thousands) | Other comprehensive income before reclassifications ($ thousands) | Amounts reclassified from accumulated other comprehensive loss ($ thousands) | Other comprehensive income ($ thousands) | Balance at June 30, 2025 ($ thousands) | | :-------------------------------- | :----------------------- | :-------------------------------------------------- | :----------------------------------------------------------- | :------------------------- | :----------------------- | | Unrecognized Net Defined Benefit Plan Costs | (129,988) | — | 2,825 | 2,825 | (127,163) | | Fair Value of Derivatives | (5,039) | (871) | (1,145) | (2,016) | (7,055) | | Foreign Currency Translation | (218,330) | 117,169 | — | 117,169 | (101,161) | | **Total** | **(353,357)** | **116,298** | **1,680** | **117,978** | **(235,379)** | - Foreign currency translation gains of **$117.2 million** for the six months ended June 30, 2025, significantly reduced the accumulated other comprehensive loss, driven by foreign subsidiary financial statement translation gains (**$225.4 million**) and partially offset by net investment hedge losses (**$(141.7) million**)[26](index=26&type=chunk)[28](index=28&type=chunk) [Note 5. Inventories](index=12&type=section&id=Note%205.%20Inventories) Provides a breakdown of inventories by category, showing an increase in total inventories at June 30, 2025 Inventories (Dollars in thousands) | Category | June 30, 2025 ($ thousands) | June 30, 2024 ($ thousands) | Dec. 31, 2024 ($ thousands) | | :----------------------------------- | :------------ | :------------ | :------------ | | Raw materials | 490,214 | 408,681 | 450,389 | | Work-in-process | 231,578 | 190,661 | 199,030 | | Finished goods | 788,044 | 706,234 | 530,406 | | Other | 17,636 | 17,395 | 17,192 | | Subtotal | 1,527,472 | 1,322,971 | 1,197,017 | | Adjustment to value inventory at cost on the LIFO method | (268,961) | (317,382) | (268,961) | | **Total Inventories** | **1,258,511** | **1,005,589** | **928,056** | [Note 6. Long-Term Debt](index=12&type=section&id=Note%206.%20Long-Term%20Debt) Details the company's long-term debt, showing an increase in total debt principal due to bank debt and a significant repayment of Senior Notes Long-Term Debt (Dollars in thousands) | Debt Type | June 30, 2025 ($ thousands) | June 30, 2024 ($ thousands) | Dec. 31, 2024 ($ thousands) | | :----------------------------------- | :------------ | :------------ | :------------ | | Bank debt: | | | | | Bank revolving loans | 1,361,887 | — | — | | U.S. term loans | 850,000 | 850,000 | 850,000 | | Euro term loans | 1,056,421 | — | 931,950 | | Other foreign bank revolving and term loans | 67,224 | 54,277 | 35,725 | | **Total bank debt** | **3,335,532** | **1,569,277** | **1,817,675** | | 4⅛% Senior Notes | 600,000 | 600,000 | 600,000 | | 2¼% Senior Notes | 586,900 | 535,850 | 517,750 | | 1.4% Senior Secured Notes | 500,000 | 500,000 | 500,000 | | 3¼% Senior Notes | — | 696,605 | 673,075 | | Finance leases | 40,943 | 38,134 | 41,673 | | **Total debt - principal** | **5,063,375** | **3,939,866** | **4,150,173** | | Less unamortized debt issuance costs and debt discount | 11,298 | 10,902 | 13,320 | | **Total debt** | **5,052,077** | **3,928,964** | **4,136,853** | | Less current portion | 1,937,384 | 1,398,246 | 716,932 | | **Long-term debt** | **3,114,693** | **2,530,718** | **3,419,921** | - On March 15, 2025, the company repaid **€650.0 million** of 3¼% Senior Notes due 2025, funded by Euro revolving loan borrowings and cash on hand[31](index=31&type=chunk) [Note 7. Financial Instruments](index=13&type=section&id=Note%207.%20Financial%20Instruments) Discusses the company's use of derivative financial instruments to manage market risks, including fair value measurements and hedging strategies Carrying Amounts and Estimated Fair Values of Financial Instruments at June 30, 2025 (Dollars in thousands) | Instrument | Carrying Amount ($ thousands) | Fair Value ($ thousands) | | :-------------------------- | :-------------- | :--------- | | **Assets:** | | | | Cash and cash equivalents | 317,462 | 317,462 | | **Liabilities:** | | | | Bank debt | 3,335,532 | 3,335,532 | | 4⅛% Senior Notes | 599,629 | 589,818 | | 2¼% Senior Notes | 586,900 | 568,677 | | 1.4% Senior Secured Notes | 499,957 | 486,515 | - Derivative instruments (interest rate and natural gas swaps) are used to manage interest rate and natural gas cost exposures, not for trading or speculation, and are classified within Level 2 for fair value measurement[34](index=34&type=chunk)[37](index=37&type=chunk)[38](index=38&type=chunk) - Foreign currency exchange rate risk is minimized through Euro-denominated borrowings and internal hedging strategies, including net investment hedges, which resulted in foreign currency losses of **$(141.7) million** for the six months ended June 30, 2025[39](index=39&type=chunk)[42](index=42&type=chunk) [Note 8. Commitments and Contingencies](index=15&type=section&id=Note%208.%20Commitments%20and%20Contingencies) States that no pending legal proceedings are expected to materially adversely affect the company's business or financial condition - No pending legal proceedings are expected to have a material adverse effect on the company's business or financial condition[43](index=43&type=chunk) [Note 9. Supply Chain Finance Program](index=15&type=section&id=Note%209.%20Supply%20Chain%20Finance%20Program) Describes the company's supply chain finance program and the outstanding payables under it - The company has a supply chain finance program where suppliers can elect to sell receivables to a financial institution, with outstanding payables under this program totaling **$248.4 million** at June 30, 2025[44](index=44&type=chunk) [Note 10. Retirement Benefits](index=15&type=section&id=Note%2010.%20Retirement%20Benefits) Details net periodic pension and other postretirement benefit costs, showing slight increases in pension costs and decreases in postretirement costs Net Periodic Pension Benefit Cost (Dollars in thousands) | Component | Three Months Ended June 30, 2025 ($ thousands) | Three Months Ended June 30, 2024 ($ thousands) | Six Months Ended June 30, 2025 ($ thousands) | Six Months Ended June 30, 2024 ($ thousands) | | :-------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | Service cost | 1,968 | 2,164 | 3,912 | 4,329 | | Interest cost | 8,177 | 8,408 | 16,296 | 16,821 | | Expected return on plan assets | (10,256) | (10,771) | (20,513) | (21,542) | | Amortization of prior service cost | 5 | 23 | 13 | 46 | | Amortization of actuarial losses | 1,883 | 1,853 | 3,776 | 3,705 | | **Net periodic benefit cost** | **1,777** | **1,677** | **3,484** | **3,359** | Net Periodic Other Postretirement Benefit Cost (Dollars in thousands) | Component | Three Months Ended June 30, 2025 ($ thousands) | Three Months Ended June 30, 2024 ($ thousands) | Six Months Ended June 30, 2025 ($ thousands) | Six Months Ended June 30, 2024 ($ thousands) | | :-------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | Service cost | 6 | 7 | 10 | 14 | | Interest cost | 151 | 167 | 302 | 332 | | Amortization of prior service credit | (14) | (5) | (29) | (10) | | Amortization of actuarial gains | (86) | (84) | (172) | (168) | | **Net periodic benefit cost** | **57** | **85** | **111** | **168** | [Note 11. Income Taxes](index=16&type=section&id=Note%2011.%20Income%20Taxes) Discusses the IRS review of the 2023 tax year and the company's participation in the Compliance Assurance Program for 2024 and 2025 - The IRS completed its review of the 2023 tax year with no changes, and the company is participating in the Compliance Assurance Program for 2024 and 2025[46](index=46&type=chunk) [Note 12. Treasury Stock](index=16&type=section&id=Note%2012.%20Treasury%20Stock) Details the common stock repurchase program and shares repurchased for tax requirements related to vested restricted stock units - A **$300.0 million** common stock repurchase authorization is in effect until December 31, 2026, with **$93.3 million** remaining as of June 30, 2025; no shares were repurchased under this authorization in the first six months of 2025[47](index=47&type=chunk) - During the first six months of 2025, **127,278 shares** were repurchased at an average cost of **$54.00** to satisfy minimum employee withholding tax requirements for vested restricted stock units[48](index=48&type=chunk) [Note 13. Stock-Based Compensation](index=16&type=section&id=Note%2013.%20Stock-Based%20Compensation) Reports the grant of restricted stock units and their fair value during the first six months of 2025 - **727,234 restricted stock units** were granted in the first six months of 2025, with a fair value of **$39.3 million**, to be amortized over the vesting period[50](index=50&type=chunk) [Note 14. Segment Information](index=17&type=section&id=Note%2014.%20Segment%20Information) Provides segment-level performance based on Adjusted EBIT, highlighting net sales and Adjusted EBIT for Dispensing and Specialty Closures, Metal Containers, and Custom Containers Reportable Segment Information - Net Sales (Dollars in thousands) | Segment | Three Months Ended June 30, 2025 ($ thousands) | Three Months Ended June 30, 2024 ($ thousands) | Six Months Ended June 30, 2025 ($ thousands) | Six Months Ended June 30, 2024 ($ thousands) | | :-------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | Dispensing and Specialty Closures | 702,187 | 565,377 | 1,373,290 | 1,101,297 | | Metal Containers | 676,056 | 650,796 | 1,304,483 | 1,267,925 | | Custom Containers | 160,918 | 165,192 | 328,049 | 329,181 | | **Total Net Sales** | **1,539,161** | **1,381,365** | **3,005,822** | **2,698,403** | Reportable Segment Information - Adjusted EBIT (Dollars in thousands) | Segment | Three Months Ended June 30, 2025 ($ thousands) | Three Months Ended June 30, 2024 ($ thousands) | Six Months Ended June 30, 2025 ($ thousands) | Six Months Ended June 30, 2024 ($ thousands) | | :-------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | Dispensing and Specialty Closures | 107,925 | 92,707 | 207,128 | 170,557 | | Metal Containers | 70,771 | 58,513 | 120,327 | 103,467 | | Custom Containers | 24,929 | 22,545 | 49,513 | 42,713 | | Corporate | (10,654) | (8,401) | (25,727) | (15,893) | | **Total Adjusted EBIT** | **192,971** | **165,364** | **351,241** | **300,844** | Reconciliation of Total Adjusted EBIT to Income Before Income Taxes (Dollars in thousands) | Metric | Three Months Ended June 30, 2025 ($ thousands) | Three Months Ended June 30, 2024 ($ thousands) | Six Months Ended June 30, 2025 ($ thousands) | Six Months Ended June 30, 2024 ($ thousands) | | :----------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | Total adjusted EBIT | 192,971 | 165,364 | 351,241 | 300,844 | | Less: | | | | | | Acquired intangible asset amortization expense | 15,946 | 12,356 | 31,359 | 25,637 | | Other pension (income) for U.S. pension plans | (925) | (1,211) | (1,850) | (2,422) | | Equity in earnings of affiliates, net of tax | 555 | — | 1,717 | — | | Rationalization charges | 9,864 | 6,859 | 20,823 | 18,550 | | Costs attributed to announced acquisitions | — | 5,507 | 1,117 | 5,507 | | **Income before interest and income taxes** | **167,531** | **141,853** | **298,075** | **253,572** | | Interest and other debt expense | 48,699 | 41,343 | 91,627 | 79,990 | | **Income before income taxes** | **118,832** | **100,510** | **206,448** | **173,582** | - The Metal Containers segment and part of the Dispensing and Specialty Closures segment experience seasonality due to fruit and vegetable harvests, leading to historically higher unit sales and disproportionate Adjusted EBIT in the third quarter[53](index=53&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=19&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management's discussion and analysis of financial condition and results, covering net sales, income, segment performance, liquidity, and capital allocation [General](index=19&type=section&id=General) Introduces Silgan Holdings Inc. as a rigid packaging manufacturer, outlining its strategic focus on growth, cost reduction, and acquisitions - Silgan is a leading manufacturer of sustainable rigid packaging solutions across three main product categories: dispensing and specialty closures, metal containers, and custom plastic containers[58](index=58&type=chunk) - The company's strategy focuses on increasing shareholder value through business growth, cost reduction, building competitive positions, and strategic acquisitions, such as the October 2024 acquisition of Weener Packaging[59](index=59&type=chunk)[60](index=60&type=chunk) [Results of Operations](index=20&type=section&id=RESULTS%20OF%20OPERATIONS) Analyzes consolidated net sales, gross profit, and income before interest and income taxes, highlighting the impact of acquisitions and productivity improvements Consolidated Income Statement Data as a Percentage of Net Sales | Metric | Three Months Ended June 30, 2025 (%) | Three Months Ended June 30, 2024 (%) | Six Months Ended June 30, 2025 (%) | Six Months Ended June 30, 2024 (%) | | :----------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | Net sales: | | | | | | Dispensing and Specialty Closures | 45.6 | 40.9 | 45.7 | 40.8 | | Metal Containers | 43.9 | 47.1 | 43.4 | 47.0 | | Custom Containers | 10.5 | 12.0 | 10.9 | 12.2 | | Consolidated | 100.0 | 100.0 | 100.0 | 100.0 | | Cost of goods sold | 80.6 | 81.5 | 81.1 | 82.2 | | Gross profit | 19.4 | 18.5 | 18.9 | 17.8 | | Selling, general and administrative expenses | 7.9 | 7.8 | 8.3 | 7.7 | | Rationalization charges | 0.6 | 0.4 | 0.7 | 0.7 | | Income before interest and income taxes | 10.9 | 10.3 | 9.9 | 9.4 | | Interest and other debt expense | 3.2 | 3.0 | 3.0 | 2.9 | | Income before income taxes | 7.7 | 7.3 | 6.9 | 6.5 | | Provision for income taxes | 2.0 | 1.8 | 1.7 | 1.6 | | Income before equity in earnings of affiliates | 5.7 | 5.5 | 5.2 | 4.9 | | Equity in earnings of affiliates, net of tax | 0.1 | — | 0.1 | — | | Net income | 5.8 | 5.5 | 5.3 | 4.9 | Consolidated Net Sales (Dollars in millions) | Segment | Three Months Ended June 30, 2025 ($ millions) | Three Months Ended June 30, 2024 ($ millions) | Six Months Ended June 30, 2025 ($ millions) | Six Months Ended June 30, 2024 ($ millions) | | :-------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | Dispensing and Specialty Closures | 702.2 | 565.4 | 1,373.3 | 1,101.3 | | Metal Containers | 676.1 | 650.8 | 1,304.5 | 1,267.9 | | Custom Containers | 160.9 | 165.2 | 328.0 | 329.2 | | **Consolidated** | **1,539.2** | **1,381.4** | **3,005.8** | **2,698.4** | Consolidated Income Before Interest and Income Taxes (Dollars in millions) | Segment | Three Months Ended June 30, 2025 ($ millions) | Three Months Ended June 30, 2024 ($ millions) | Six Months Ended June 30, 2025 ($ millions) | Six Months Ended June 30, 2024 ($ millions) | | :-------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | Dispensing and Specialty Closures | 89.8 | 78.9 | 169.7 | 138.7 | | Metal Containers | 65.7 | 56.3 | 110.5 | 98.0 | | Custom Containers | 22.6 | 20.5 | 44.7 | 38.3 | | Corporate | (10.6) | (13.9) | (26.8) | (21.4) | | **Consolidated** | **167.5** | **141.8** | **298.1** | **253.6** | - Consolidated net sales increased by **11.4%** to **$1.5 billion** in Q2 2025 and **$3.0 billion** in H1 2025, primarily driven by the Weener Packaging acquisition and higher organic unit volumes in dispensing products[62](index=62&type=chunk)[64](index=64&type=chunk) - Gross profit margin increased by **0.9 percentage points** in Q2 2025 (to **19.4%**) and **1.1 percentage points** in H1 2025 (to **18.9%**)[65](index=65&type=chunk) - Income before interest and income taxes increased by **$25.7 million** (Q2 2025) and **$44.5 million** (H1 2025), with margins improving to **10.9%** and **9.9%** respectively, largely due to Weener Packaging and improved manufacturing productivity[67](index=67&type=chunk)[68](index=68&type=chunk) - Interest and other debt expense increased by **$7.4 million** (Q2 2025) and **$11.6 million** (H1 2025) due to higher average borrowings related to the Weener Packaging acquisition[69](index=69&type=chunk) - Effective tax rates increased slightly to **25.6%** (Q2 2025) and **24.8%** (H1 2025) primarily due to changes in the geographic mix of profit[70](index=70&type=chunk) [Non-GAAP Measures](index=22&type=section&id=Non-GAAP%20Measures) Explains the use of non-GAAP measures like Adjusted EBIT and Adjusted EBIT margin to present core operating performance - Adjusted EBIT and Adjusted EBIT margin are non-GAAP measures used to assess core operating performance by excluding specific non-recurring or non-operational items (e.g., acquired intangible asset amortization, certain pension expenses, rationalization charges, acquisition costs) and including equity in earnings of affiliates[72](index=72&type=chunk)[73](index=73&type=chunk)[74](index=74&type=chunk) Reconciliation of Non-GAAP Financial Measures (Dollars in millions) | Metric | Three Months Ended June 30, 2025 ($ millions) | Three Months Ended June 30, 2024 ($ millions) | Six Months Ended June 30, 2025 ($ millions) | Six Months Ended June 30, 2024 ($ millions) | | :----------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | **Dispensing and Specialty Closures** | | | | | | Income before interest and income taxes (EBIT) | 89.8 | 78.9 | 169.7 | 138.7 | | Acquired intangible asset amortization expense | 14.4 | 10.9 | 28.4 | 22.6 | | Other pension (income) for U.S. pension plans | (0.2) | (0.3) | (0.3) | (0.5) | | Equity in earnings of affiliates, net of tax | 0.6 | — | 1.7 | — | | Rationalization charges | 3.3 | 3.2 | 7.6 | 9.7 | | **Adjusted EBIT** | **107.9** | **92.7** | **207.1** | **170.5** | | **Metal Containers** | | | | | | Income before interest and income taxes (EBIT) | 65.7 | 56.3 | 110.5 | 98.0 | | Acquired intangible asset amortization expense | 0.4 | 0.3 | 0.7 | 0.7 | | Other pension (income) for U.S. pension plans | (0.4) | (0.6) | (1.0) | (1.3) | | Rationalization charges | 5.1 | 2.5 | 10.1 | 6.1 | | **Adjusted EBIT** | **70.8** | **58.5** | **120.3** | **103.5** | | **Custom Containers** | | | | | | Income before interest and income taxes (EBIT) | 22.6 | 20.5 | 44.7 | 38.3 | | Acquired intangible asset amortization expense | 1.1 | 1.1 | 2.2 | 2.3 | | Other pension (income) for U.S. pension plans | (0.3) | (0.3) | (0.5) | (0.6) | | Rationalization charges | 1.5 | 1.2 | 3.1 | 2.7 | | **Adjusted EBIT** | **24.9** | **22.5** | **49.5** | **42.7** | | **Corporate** | | | | | | Loss before interest and income taxes (EBIT) | (10.6) | (13.9) | (26.8) | (21.4) | | Costs attributed to announced acquisitions | — | 5.5 | 1.1 | 5.5 | | **Adjusted EBIT** | **(10.6)** | **(8.4)** | **(25.7)** | **(15.9)** | | **Total adjusted EBIT** | **193.0** | **165.3** | **351.2** | **300.8** | [Dispensing and Specialty Closures Segment](index=24&type=section&id=Dispensing%20and%20Specialty%20Closures%20Segment) Details the Dispensing and Specialty Closures segment's performance, showing significant net sales growth and increased Adjusted EBIT, despite margin pressure Dispensing and Specialty Closures Segment Performance (Dollars in millions) | Metric | Three Months Ended June 30, 2025 ($ millions) | Three Months Ended June 30, 2024 ($ millions) | Six Months Ended June 30, 2025 ($ millions) | Six Months Ended June 30, 2024 ($ millions) | | :----------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | Net sales | 702.2 | 565.4 | 1,373.3 | 1,101.3 | | Income before interest and income taxes (EBIT) | 89.8 | 78.9 | 169.7 | 138.7 | | Income before interest and income taxes margin (EBIT margin) | 12.8 % | 14.0 % | 12.4 % | 12.6 % | | Adjusted EBIT | 107.9 | 92.7 | 207.1 | 170.5 | | Adjusted EBIT margin | 15.4 % | 16.4 % | 15.1 % | 15.5 % | - Net sales increased by **$136.8 million (24.2%)** in Q2 2025 and **$272.0 million (24.7%)** in H1 2025, primarily due to the Weener Packaging acquisition (**$143.6 million** in Q2, **$287.0 million** in H1) and higher organic unit volumes of dispensing products[79](index=79&type=chunk)[80](index=80&type=chunk) - Lower unit volumes of specialty closures (approx. **3%** in Q2, **2%** in H1) for North American beverage markets, due to cool/wet weather and lower promotional activity, partially offset sales growth[79](index=79&type=chunk)[80](index=80&type=chunk) - Adjusted EBIT increased by **$15.2 million** (Q2 2025) and **$36.6 million** (H1 2025), but Adjusted EBIT margin decreased to **15.4%** (Q2) and **15.1%** (H1) due to the decline in specialty closure volumes and unfavorable foreign currency impact in H1[81](index=81&type=chunk)[82](index=82&type=chunk) [Metal Containers Segment](index=25&type=section&id=Metal%20Containers%20Segment) Reviews the Metal Containers segment's performance, noting net sales growth and improved Adjusted EBIT and margin from productivity gains Metal Containers Segment Performance (Dollars in millions) | Metric | Three Months Ended June 30, 2025 ($ millions) | Three Months Ended June 30, 2024 ($ millions) | Six Months Ended June 30, 2025 ($ millions) | Six Months Ended June 30, 2024 ($ millions) | | :----------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | Net sales | 676.1 | 650.8 | 1,304.5 | 1,267.9 | | Income before interest and income taxes (EBIT) | 65.7 | 56.3 | 110.5 | 98.0 | | Income before interest and income taxes margin (EBIT margin) | 9.7 % | 8.7 % | 8.5 % | 7.7 % | | Adjusted EBIT | 70.8 | 58.5 | 120.3 | 103.5 | | Adjusted EBIT margin | 10.5 % | 9.0 % | 9.2 % | 8.2 % | - Net sales increased by **$25.3 million (3.9%)** in Q2 2025 and **$36.6 million (2.9%)** in H1 2025, primarily due to the pass-through of higher raw material and manufacturing costs and favorable foreign currency translation[86](index=86&type=chunk)[87](index=87&type=chunk) - Unit volumes were comparable in Q2 (higher pet food, lower soup) and increased by approximately **2%** in H1 (higher pet food)[86](index=86&type=chunk)[87](index=87&type=chunk) - Adjusted EBIT increased by **$12.3 million** (Q2 2025) and **$16.8 million** (H1 2025), with Adjusted EBIT margin rising to **10.5%** (Q2) and **9.2%** (H1), driven by improved manufacturing productivity and cost performance[88](index=88&type=chunk)[89](index=89&type=chunk) [Custom Containers Segment](index=26&type=section&id=Custom%20Containers%20Segment) Examines the Custom Containers segment's performance, showing slight net sales decreases but significant Adjusted EBIT and margin improvements Custom Containers Segment Performance (Dollars in millions) | Metric | Three Months Ended June 30, 2025 ($ millions) | Three Months Ended June 30, 2024 ($ millions) | Six Months Ended June 30, 2025 ($ millions) | Six Months Ended June 30, 2024 ($ millions) | | :----------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | Net sales | 160.9 | 165.2 | 328.0 | 329.2 | | Income before interest and income taxes (EBIT) | 22.6 | 20.5 | 44.7 | 38.3 | | Income before interest and income taxes margin (EBIT margin) | 14.0 % | 12.4 % | 13.6 % | 11.6 % | | Adjusted EBIT | 24.9 | 22.5 | 49.5 | 42.7 | | Adjusted EBIT margin | 15.5 % | 13.6 % | 15.1 % | 13.0 % | - Net sales decreased by **$4.3 million (2.6%)** in Q2 2025 due to lower volumes (approx. **2%**) from exiting lower margin business, and by **$1.2 million (0.4%)** in H1 2025 due to unfavorable foreign currency translation[92](index=92&type=chunk)[93](index=93&type=chunk) - Adjusted EBIT increased by **$2.4 million** (Q2 2025) and **$6.8 million** (H1 2025), with Adjusted EBIT margin rising to **15.5%** (Q2) and **15.1%** (H1), primarily due to improved manufacturing productivity and cost performance[94](index=94&type=chunk)[95](index=95&type=chunk) [Capital Resources and Liquidity](index=26&type=section&id=CAPITAL%20RESOURCES%20AND%20LIQUIDITY) Discusses the company's capital resources and liquidity, including operating cash flows, debt management, and sufficiency for future needs - Principal liquidity sources are net cash from operating activities and borrowings under debt instruments, including the senior secured credit facility[96](index=96&type=chunk) - For H1 2025, net cash used in operating activities was **$904.9 million**, and long-term debt repayment was **$706.3 million**, largely funded by **$1.4 billion** in net borrowings under revolving loans[98](index=98&type=chunk) - On March 15, 2025, **€650.0 million** of 3¼% Senior Notes were repaid using Euro revolving loan borrowings and cash on hand[97](index=97&type=chunk) - At June 30, 2025, **$1.4 billion** of revolving loans were outstanding, with **$118.3 million** available after letters of credit; seasonal working capital requirements average approximately **$375 million**[100](index=100&type=chunk)[101](index=101&type=chunk) - Management believes cash from operations and available borrowings will be sufficient for expected operating needs, capital expenditures, debt service, and other corporate uses, including potential future acquisitions[102](index=102&type=chunk) [Supply Chain Finance Program](index=27&type=section&id=Supply%20Chain%20Finance%20Program%20(MD%26A)) Describes the company's supply chain finance program, allowing suppliers to sell receivables and leveraging the company's creditworthiness - The company utilizes an SCF program where suppliers can sell receivables to a financial institution, potentially gaining more favorable terms by leveraging the company's creditworthiness[104](index=104&type=chunk) - Outstanding trade accounts payables subject to the SCF program were **$248.4 million** at June 30, 2025, included in accounts payable on the balance sheet[104](index=104&type=chunk) [Guaranteed Securities](index=27&type=section&id=Guaranteed%20Securities) Provides information on guaranteed securities and summarized financial data for the Obligor Group, Silgan's U.S. subsidiaries - The 4⅛% Senior Notes, 2¼% Senior Notes, and 1.4% Senior Secured Notes are guaranteed by the Obligor Group, consisting of Silgan's U.S. subsidiaries that also guarantee the Credit Agreement[105](index=105&type=chunk) Obligor Group Summarized Financial Information (Dollars in millions) | Metric | June 30, 2025 ($ millions) | Dec. 31, 2024 ($ millions) | | :------------------ | :------------ | :------------ | | Current assets | 1,773.9 | 1,464.5 | | Noncurrent assets | 4,352.2 | 4,279.5 | | Current liabilities | 2,636.6 | 1,826.4 | | Noncurrent liabilities | 3,630.9 | 3,987.8 | Obligor Group Summarized Income Information (Six Months Ended June 30, 2025, Dollars in millions) | Metric | Amount ($ millions) | | :--------- | :----- | | Net sales | 1,971.9 | | Gross profit | 312.0 | | Net income | 73.0 | [Rationalization Charges](index=28&type=section&id=Rationalization%20Charges%20(MD%26A)) Discusses ongoing facility rationalizations, cash payments made, and projected remaining expenses and expenditures - Cash payments for rationalization plans were **$8.0 million** for the six months ended June 30, 2025[109](index=109&type=chunk) - Excluding the Central States Pension Plan withdrawal, remaining rationalization expenses are expected to be **$16.1 million**, with cash expenditures of **$21.6 million**[109](index=109&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=29&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Details the company's market risks, including interest rate, foreign currency, and commodity price exposures, and their management through non-speculative derivatives - Primary market risks include interest rate, foreign currency exchange rate, and commodity pricing (natural gas) risks[111](index=111&type=chunk) - Derivative financial instruments are used to manage these exposures, not for trading or speculative purposes[111](index=111&type=chunk) - No material changes to market risks or management policies have occurred since the 2024 Form 10-K, except as noted in Notes 6 and 7[112](index=112&type=chunk) [Item 4. Controls and Procedures](index=29&type=section&id=Item%204.%20Controls%20and%20Procedures) Confirms the effectiveness of disclosure controls and procedures, notes no material changes to internal controls, and outlines the integration of Weener Packaging's controls - Disclosure controls and procedures were effective as of June 30, 2025, ensuring timely and accurate reporting[113](index=113&type=chunk) - No material changes to internal controls over financial reporting occurred during the period[114](index=114&type=chunk) - Internal controls of Weener Packaging, acquired in October 2024, are being integrated and will be part of the 2025 annual assessment of internal control effectiveness[115](index=115&type=chunk) [Part II. Other Information](index=29&type=section&id=Part%20II.%20Other%20Information) This section includes other required information such as trading arrangements, a list of exhibits, and the report's official signatures [Item 5. Other Information](index=30&type=section&id=Item%205.%20Other%20Information) Reports no adoption or termination of Rule 10b5-1 trading arrangements by directors or officers in Q2 2025 - No Rule 10b5-1 trading arrangements were adopted or terminated by directors or officers in Q2 2025[116](index=116&type=chunk) [Item 6. Exhibits](index=30&type=section&id=Item%206.%20Exhibits) Provides a comprehensive list of exhibits filed with the Quarterly Report, including legal documents, certifications, and XBRL data List of Exhibits | Exhibit Number | Description | | :------------- | :---------- | | 22 | Subsidiary Guarantors and Issuers of Guaranteed Securities | | 4.1 | Third Supplemental Indenture to the Indenture dated as of February 10, 2021, with respect to the 1.4% Senior Secured Notes due 2026 | | 4.2 | Fifth Supplemental Indenture to the Indenture dated as of November 12, 2019, with respect to the 4⅛% Senior Notes due 2028 | | 31.1 | Certification by the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act | | 31.2 | Certification by the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act | | 32.1 | Certification by the Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act | | 32.2 | Certification by the Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act | | 101.INS | XBRL Instance Document | | 101.SCH | Inline XBRL Taxonomy Extension Schema Document | | 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | | 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | | 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | | 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | | 104 | Cover Page Interactive Data File | [Signatures](index=31&type=section&id=Signatures) This section contains the official signatures for the Quarterly Report, confirming its submission on behalf of Silgan Holdings Inc [Signatures](index=31&type=section&id=Signatures_Details) Confirms the official signing of the Quarterly Report by Kimberly I. Ulmer, Senior Vice President and Chief Financial Officer, on August 7, 2025 - The Quarterly Report was signed by Kimberly I. Ulmer, Senior Vice President and Chief Financial Officer, on August 7, 2025[122](index=122&type=chunk)

[Executive Summary & Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Highlights) Silgan Holdings Inc. achieved record Q2 2025 EBIT and Adjusted EBIT, driven by strong performance across its dispensing and metal container segments [Second Quarter 2025 Highlights](index=1&type=section&id=Second%20Quarter%202025%20Highlights) Silgan Holdings Inc. achieved record Q2 2025 EBIT and Adjusted EBIT, with strong distribution product growth and mid-single-digit pet food metal container growth - Achieved **record second quarter EBIT and Adjusted EBIT**[5](index=5&type=chunk) - Net sales and Adjusted EBIT for the Dispensing and Specialty Closures segment reached **new quarterly highs**[5](index=5&type=chunk) - Distribution products continued to show **strong growth**[5](index=5&type=chunk) - Metal containers for the pet food market achieved **mid-single-digit growth**[5](index=5&type=chunk) [CEO Commentary](index=1&type=section&id=CEO%20Commentary) CEO Adam Greenlee highlighted 15% Q2 2025 Adjusted EPS growth, driven by organic sales, Weener integration, and operational excellence - Adjusted diluted earnings per share (EPS) increased by **15% year-over-year**, primarily driven by organic volume growth in key product categories, successful integration of the Weener acquisition, and strong operational performance[4](index=4&type=chunk) - The Dispensing and Specialty Closures segment achieved **record quarterly results**, with strong performance in distribution products[4](index=4&type=chunk) - The Metal Containers segment saw **significant Adjusted EBIT growth**, with mid-single-digit volume growth in the pet food market[4](index=4&type=chunk) - The Custom Containers segment's Adjusted EBIT grew, benefiting from improved comparable volumes and effective execution of cost reduction initiatives[4](index=4&type=chunk) - First-half Adjusted EBIT was **record-setting**, increasing by **17% year-over-year**[4](index=4&type=chunk) - The company anticipates **9% EPS growth** and **double-digit Adjusted EBIT and free cash flow growth** for 2025[4](index=4&type=chunk) [Second Quarter 2025 Financial Results](index=3&type=section&id=Second%20Quarter%202025%20Financial%20Results) Silgan Holdings Inc. reported significant Q2 2025 net sales and net income growth, driven by acquisition and raw material cost pass-through [Consolidated Financial Performance](index=3&type=section&id=Consolidated%20Financial%20Performance) Silgan Holdings Inc. reported significant Q2 2025 net sales and net income growth, driven by acquisition and cost pass-through Second Quarter 2025 Consolidated Financial Data | Metric | Q2 2025 | Q2 2024 | Change (Millions USD) | Change (%) | | :--------------------------------- | :--------------- | :--------------- | :-------------------- | :------- | | Net Sales (Millions USD) | 1,539.2 | 1,381.4 | 157.8 | 11% | | Net Income (Millions USD) | 89.0 | 76.1 | 12.9 | 17% | | Diluted EPS (USD) | 0.83 | 0.71 | 0.12 | 17% | | Adjusted Diluted EPS (USD) | 1.01 | 0.88 | 0.13 | 15% | | EBIT (Millions USD) | 167.5 | 141.8 | 25.7 | 18% | | Interest and Other Debt Expense (Millions USD) | 48.7 | 41.3 | 7.4 | 18% | | Effective Tax Rate | 25.6% | 24.3% | 1.3 pp | - | - Net sales growth was primarily attributable to the **inclusion of the Weener acquisition** and the contractual pass-through of raw material costs[7](index=7&type=chunk) - Interest and other debt expense increased primarily due to **higher borrowings associated with the Weener acquisition** during the period[9](index=9&type=chunk) - The effective tax rate increased primarily due to a **change in the geographic mix of earnings** for the current period compared to the prior year period[10](index=10&type=chunk) [Segment Performance](index=3&type=section&id=Segment%20Performance) [Dispensing and Specialty Closures](index=3&type=section&id=Dispensing%20and%20Specialty%20Closures) Dispensing and Specialty Closures achieved record Q2 2025 net sales and Adjusted EBIT, driven by acquisition and organic growth Dispensing and Specialty Closures Segment Q2 2025 Performance | Metric | Q2 2025 (Millions USD) | Q2 2024 (Millions USD) | Change (Millions USD) | Change (%) | | :----------------- | :--------------------- | :--------------------- | :-------------------- | :------- | | Net Sales | 702.2 | 565.4 | 136.8 | 24% | | Adjusted EBIT | 107.9 | 92.7 | 15.2 | 16% | - Net sales for dispensing products increased by **$143.6 million**, primarily due to the inclusion of the Weener acquisition and higher organic volumes[11](index=11&type=chunk) - Specialty closures volumes in the food and beverage markets decreased by **3% year-over-year**, primarily impacted by lower volumes in the North American beverage market due to cooler, wetter weather conditions and lower-than-anticipated promotional activity in Q2 2025[11](index=11&type=chunk) - Adjusted EBIT growth primarily resulted from the Weener acquisition and higher organic volumes, partially offset by a decrease in specialty closures volumes in the North American beverage market, impacting Adjusted EBIT by approximately **$5 million**[12](index=12&type=chunk) [Metal Containers](index=3&type=section&id=Metal%20Containers) Metal Containers saw increased Q2 2025 net sales and Adjusted EBIT, driven by favorable price/mix and normalized production Metal Containers Segment Q2 2025 Performance | Metric | Q2 2025 (Millions USD) | Q2 2024 (Millions USD) | Change (Millions USD) | Change (%) | | :----------------- | :--------------------- | :--------------------- | :-------------------- | :------- | | Net Sales | 676.1 | 650.8 | 25.3 | 4% | | Adjusted EBIT | 70.8 | 58.5 | 12.3 | 21% | - Net sales growth was primarily driven by a **3% price/mix benefit**, resulting from the contractual pass-through of raw material and other manufacturing costs, partially offset by an unfavorable mix due to increased volumes of smaller-sized containers in the pet food market[14](index=14&type=chunk) - Foreign currency translation contributed approximately **1% to growth**[14](index=14&type=chunk) - Metal container volumes were **flat year-over-year**, with mid-single-digit growth in the pet food market partially offset by lower volumes in the soup market[14](index=14&type=chunk) - The improvement in Adjusted EBIT primarily resulted from a **favorable price/cost relationship** (including mix) and normalized production in the current quarter, compared to lower production volumes in the prior year period due to a customer's reduced fruit and vegetable packing schedule in mid-2024[15](index=15&type=chunk) [Custom Containers](index=5&type=section&id=Custom%20Containers) Custom Containers saw slight Q2 2025 net sales decrease from exiting low-margin business, but Adjusted EBIT grew from favorable price/cost Custom Containers Segment Q2 2025 Performance | Metric | Q2 2025 (Millions USD) | Q2 2024 (Millions USD) | Change (Millions USD) | Change (%) | | :----------------- | :--------------------- | :--------------------- | :-------------------- | :------- | | Net Sales | 160.9 | 165.2 | (4.3) | (3%) | | Adjusted EBIT | 24.9 | 22.5 | 2.4 | 11% | - Net sales decreased primarily due to a **2% decline in volumes**, largely attributable to exiting low-margin business to achieve cost reduction targets; excluding this exited business, volumes increased by **2%**[16](index=16&type=chunk) - The growth in Adjusted EBIT primarily resulted from a **more favorable price/cost relationship** (including mix)[17](index=17&type=chunk) [Outlook for 2025](index=5&type=section&id=Outlook%20for%202025) The company adjusted its 2025 full-year Adjusted Diluted EPS guidance due to market challenges but maintains a positive outlook for free cash flow and anticipates varied segment performance in Q3 [Full Year 2025 Outlook](index=5&type=section&id=Full%20Year%202025%20Outlook) Full-year 2025 Adjusted Diluted EPS guidance was revised due to market challenges, but double-digit free cash flow growth is still projected Full Year 2025 Financial Outlook | Metric | 2025 Revised Estimate | 2024 Actual | Change (%) | | :--------------------------------- | :-------------------- | :--------------- | :------- | | Adjusted Diluted EPS (USD) | 3.85 - 4.05 | 3.62 | 9% (Midpoint) | | Interest and Other Debt Expense (Millions USD) | Approx. 185 | - | - | | Effective Tax Rate | Approx. 24% | - | - | | Free Cash Flow (Millions USD) | Approx. 430 | 391.3 | 10% | | Capital Expenditures (Millions USD) | Approx. 300 | - | - | - The estimated Adjusted Diluted EPS was revised primarily due to anticipated lower specialty closure volumes in the North American beverage market and the expected impact of a recent customer bankruptcy in the North American metal containers business[18](index=18&type=chunk) [Third Quarter 2025 Outlook](index=5&type=section&id=Third%20Quarter%202025%20Outlook) Q3 2025 Adjusted EBIT is expected to vary across segments, impacted by lower beverage closure volumes and a customer bankruptcy - Adjusted EBIT for the Dispensing and Specialty Closures and Custom Containers segments is expected to be **higher than the prior year period**[20](index=20&type=chunk) - Adjusted EBIT for the Metal Containers segment is expected to be **slightly lower than the prior year period**[20](index=20&type=chunk) - Third quarter Adjusted EBIT is expected to be impacted by lower specialty closure product volumes in the North American beverage market and the recent customer bankruptcy in the North American metal containers business[20](index=20&type=chunk)[21](index=21&type=chunk) Q3 2025 Adjusted Diluted EPS Outlook | Metric | Q3 2025 Estimated Range | | :----------------------- | :---------------------- | | Adjusted Diluted EPS (USD) | 1.18 - 1.28 | [Company Information](index=6&type=section&id=Company%20Information) This section provides an overview of Silgan Holdings Inc.'s global operations, product offerings, investor communication details, and important disclaimers regarding forward-looking statements [Business Description](index=6&type=section&id=Business%20Description) Silgan Holdings Inc. is a global leader in sustainable rigid packaging, with $5.9 billion in 2024 net sales and 124 global facilities - Silgan is a **leading global supplier of sustainable rigid packaging solutions** for essential consumer goods worldwide[23](index=23&type=chunk) - Annual net sales were approximately **$5.9 billion in 2024**[23](index=23&type=chunk) - Operates **124 manufacturing facilities globally** across North America, South America, Europe, and Asia[23](index=23&type=chunk) - Key products include: dispensing and specialty closures (for beauty, food, beverage, personal and health care, home care, and garden products), metal containers (for pet and human food, and general products in North America and Europe), and custom containers (for shelf-stable food and personal care products in North America)[23](index=23&type=chunk) [Conference Call Details](index=6&type=section&id=Conference%20Call%20Details) Silgan Holdings Inc. will host a conference call on July 30, 2025, at 11:00 AM ET to discuss its Q2 2025 results - The conference call will be held on **Wednesday, July 30, 2025, at 11:00 AM ET**[22](index=22&type=chunk) - Dial-in numbers are **(888) 254-3590** for the U.S. and Canada, and **(773) 305-6853** for outside the U.S. and Canada, with conference ID **7251782**[22](index=22&type=chunk) - An audio webcast will be accessible at **www.silganholdings.com** and available for replay for 90 days after the call[22](index=22&type=chunk) [Forward-Looking Statements](index=6&type=section&id=Forward-Looking%20Statements) Non-historical statements are forward-looking, protected by safe harbor, and subject to uncertainties that may cause actual results to differ - Forward-looking statements are based on management's expectations and beliefs about future events and involve uncertainties and risks[24](index=24&type=chunk) - Actual operating results or financial condition may **differ materially** from those expressed or implied in forward-looking statements[24](index=24&type=chunk) - Risk factors include those described in the company's 2024 Form 10-K Annual Report and other SEC filings[24](index=24&type=chunk) [Contact Information](index=6&type=section&id=Contact%20Information) Investor relations contact details are provided for inquiries - Contact: **Alexander Hutter, Vice President, Investor Relations**[25](index=25&type=chunk) - Email: **AHutter@silgan.com**[25](index=25&type=chunk) - Phone: **203-406-3187**[25](index=25&type=chunk) [Financial Statements (Unaudited)](index=7&type=section&id=Financial%20Statements%20(Unaudited)) This section presents the unaudited condensed consolidated financial statements, including statements of income, balance sheets, cash flows, and supplemental segment data for the specified periods [Condensed Consolidated Statements of Income](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) This section presents unaudited condensed consolidated statements of income for Q2 and six months ended June 30, 2025 and 2024 Condensed Consolidated Statements of Income (Unaudited) | Metric | Q2 2025 | Q2 2024 | Six Months 2025 | Six Months 2024 | | :--------------------------------- | :--------------- | :--------------- | :--------------- | :--------------- | | Net Sales (Millions USD) | $1,539.2 | $1,381.4 | $3,005.8 | $2,698.4 | | Cost of Sales (Millions USD) | 1,240.1 | 1,125.4 | 2,436.3 | 2,218.9 | | Gross Profit (Millions USD) | 299.1 | 256.0 | 569.5 | 479.5 | | Selling, General and Administrative Expenses (Millions USD) | 121.8 | 107.7 | 250.9 | 208.2 | | Rationalization Charges (Millions USD) | 9.9 | 6.9 | 20.8 | 18.5 | | Other Pension and Postretirement (Income) (Millions USD) | (0.1) | (0.4) | (0.3) | (0.8) | | EBIT (Millions USD) | 167.5 | 141.8 | 298.1 | 253.6 | | Interest and Other Debt Expense (Millions USD) | 48.7 | 41.3 | 91.6 | 80.0 | | Income Before Provision for Income Taxes (Millions USD) | 118.8 | 100.5 | 206.5 | 173.6 | | Provision for Income Taxes (Millions USD) | 30.4 | 24.4 | 51.3 | 42.3 | | Income Before Equity in Earnings of Affiliates (Millions USD) | 88.4 | 76.1 | 155.2 | 131.3 | | Equity in Earnings of Affiliates, Net of Tax (Millions USD) | 0.6 | — | 1.7 | — | | Net Income (Millions USD) | $89.0 | $76.1 | $156.9 | $131.3 | | Basic Net Income Per Share (USD) | $0.83 | $0.71 | $1.47 | $1.23 | | Diluted Net Income Per Share (USD) | $0.83 | $0.71 | $1.46 | $1.23 | | Cash Dividends Per Common Share (USD) | $0.20 | $0.19 | $0.40 | $0.38 | [Condensed Consolidated Balance Sheets](index=8&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This section provides unaudited condensed consolidated balance sheets as of June 30, 2025, June 30, 2024, and December 31, 2024 Condensed Consolidated Balance Sheets (Unaudited) | Metric | June 30, 2025 (Millions USD) | June 30, 2024 (Millions USD) | December 31, 2024 (Millions USD) | | :--------------------------------- | :------------------------ | :------------------------ | :------------------------ | | **ASSETS:** | | | | | Cash and Cash Equivalents | $317.5 | $302.8 | $822.9 | | Trade Accounts Receivable, Net | 1,242.1 | 1,056.8 | 594.3 | | Inventories | 1,258.5 | 1,005.6 | 928.1 | | Other Current Assets | 190.8 | 173.5 | 177.5 | | Property, Plant and Equipment, Net | 2,382.1 | 1,933.6 | 2,282.9 | | Other Assets, Net | 4,019.4 | 3,220.9 | 3,779.0 | | **Total Assets** | **$9,410.4** | **$7,693.2** | **$8,584.7** | | **LIABILITIES AND STOCKHOLDERS' EQUITY:** | | | | | Current Liabilities, Excluding Debt | $1,197.2 | $997.7 | $1,530.7 | | Current and Long-Term Debt | 5,052.1 | 3,929.0 | 4,136.8 | | Other Liabilities | 938.9 | 832.8 | 927.6 | | Stockholders' Equity | 2,222.2 | 1,933.7 | 1,989.6 | | **Total Liabilities and Stockholders' Equity** | **$9,410.4** | **$7,693.2** | **$8,584.7** | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This section presents unaudited condensed consolidated statements of cash flows for the six months ended June 30, 2025 and 2024 Condensed Consolidated Statements of Cash Flows (Unaudited) | Metric | Six Months 2025 (Millions USD) | Six Months 2024 (Millions USD) | | :--------------------------------- | :------------------------ | :------------------------ | | **CASH FLOWS FROM OPERATING ACTIVITIES:** | | | | Net Income | $156.9 | $131.3 | | Depreciation and Amortization | 155.3 | 131.9 | | Amortization of Debt Discount and Issuance Costs | 2.6 | 2.7 | | Rationalization Charges | 20.8 | 18.5 | | Trade Accounts Receivable, Net | (601.8) | (474.5) | | Inventories | (293.8) | (74.5) | | Trade Accounts Payable and Other Changes, Net | (344.9) | (262.3) | | **Net Cash (Used In) Operating Activities** | **(904.9)** | **(526.9)** | | **CASH FLOWS FROM INVESTING ACTIVITIES:** | | | | Capital Expenditures | (155.7) | (131.4) | | Proceeds from Sale of Assets | 9.6 | 3.0 | | Other Investing Activities | 0.3 | 0.1 | | **Net Cash (Used In) Investing Activities** | **(145.8)** | **(128.3)** | | **CASH FLOWS FROM FINANCING ACTIVITIES:** | | | | Cash Dividends Paid on Common Stock | (43.4) | (41.5) | | Change in Outstanding Checks - Primarily for Vendors | (85.0) | (160.6) | | Net Borrowings and Other Financing Activities | 642.3 | 531.0 | | **Net Cash Provided By Financing Activities** | **513.9** | **328.9** | | Effect of Exchange Rate Changes on Cash and Cash Equivalents | 31.4 | (13.8) | | **Net (Decrease) in Cash and Cash Equivalents** | **(505.4)** | **(340.1)** | | Beginning Balance | 822.9 | 642.9 | | Ending Balance | $317.5 | $302.8 | [Consolidated Supplemental Segment Financial Data](index=10&type=section&id=Consolidated%20Supplemental%20Segment%20Financial%20Data) This section provides unaudited consolidated supplemental segment financial data for Q2 and six months ended June 30, 2025 and 2024 Consolidated Supplemental Segment Financial Data (Unaudited) | Segment | Q2 2025 Net Sales (Millions USD) | Q2 2024 Net Sales (Millions USD) | Six Months 2025 Net Sales (Millions USD) | Six Months 2024 Net Sales (Millions USD) | | :----------------------- | :------------------------ | :------------------------ | :------------------------ | :------------------------ | | Dispensing and Specialty Closures | $702.2 | $565.4 | $1,373.3 | $1,101.3 | | Metal Containers | 676.1 | 650.8 | 1,304.5 | 1,267.9 | | Custom Containers | 160.9 | 165.2 | 328.0 | 329.2 | | **Consolidated Total** | **$1,539.2** | **$1,381.4** | **$3,005.8** | **$2,698.4** | | | | | | | | Segment | Q2 2025 EBIT (Millions USD) | Q2 2024 EBIT (Millions USD) | Six Months 2025 EBIT (Millions USD) | Six Months 2024 EBIT (Millions USD) | | :----------------------- | :------------------------ | :------------------------ | :------------------------ | :------------------------ | | Dispensing and Specialty Closures | $89.8 | $78.9 | $169.7 | $138.7 | | Metal Containers | 65.7 | 56.3 | 110.5 | 98.0 | | Custom Containers | 22.6 | 20.5 | 44.7 | 38.3 | | Corporate | (10.6) | (13.9) | (26.8) | (21.4) | | **Consolidated Total** | **$167.5** | **$141.8** | **$298.1** | **$253.6** | [Non-GAAP Financial Measures Reconciliation](index=11&type=section&id=Non-GAAP%20Financial%20Measures%20Reconciliation) This section provides detailed reconciliations of non-GAAP financial measures, including Adjusted Diluted EPS, Adjusted EBIT, and Adjusted EBITDA, along with explanations for their use and the specific adjustments made [Adjusted Net Income Per Diluted Share Reconciliation (Table A)](index=11&type=section&id=Adjusted%20Net%20Income%20Per%20Diluted%20Share%20(Table%20A)) This section provides a reconciliation of Adjusted Net Income Per Diluted Share for Q2 and six months ended June 30, 2025 and 2024 Adjusted Net Income Per Diluted Share Reconciliation (Table A) | Metric | Q2 2025 Net Income (Millions USD) | Q2 2025 Diluted EPS (USD) | Q2 2024 Net Income (Millions USD) | Q2 2024 Diluted EPS (USD) | Six Months 2025 Net Income (Millions USD) | Six Months 2025 Diluted EPS (USD) | Six Months 2024 Net Income (Millions USD) | Six Months 2024 Diluted EPS (USD) | | :--------------------------------- | :------------------------------ | :----------------------------- | :------------------------------ | :----------------------------- | :------------------------------ | :----------------------------- | :------------------------------ | :----------------------------- | | U.S. GAAP Net Income and Diluted EPS | $89.0 | $0.83 | $76.1 | $0.71 | $156.9 | $1.46 | $131.3 | $1.23 | | Adjustments | 19.0 | 0.18 | 17.9 | 0.17 | 39.2 | 0.37 | 35.8 | 0.33 | | Non-GAAP Adjusted Net Income and Adjusted Diluted EPS | $108.0 | $1.01 | $94.0 | $0.88 | $196.1 | $1.83 | $167.1 | $1.56 | | **Details of Adjustments:** | | | | | | | | | | Amortization of Acquired Intangible Assets | $15.9 | | $12.3 | | $31.3 | | $25.6 | | | Other Pension (Income) from U.S. Pension Plans | (0.9) | | (1.2) | | (1.8) | | (2.4) | | | Rationalization Charges | 9.9 | | 6.9 | | 20.8 | | 18.5 | | | Costs Associated with Announced Acquisitions | — | | 5.5 | | 1.1 | | 5.5 | | | Pre-Tax Impact of Adjustments | 24.9 | | 23.5 | | 51.4 | | 47.2 | | | Tax Impact of Adjustments | 5.9 | | 5.6 | | 12.2 | | 11.4 | | | Net Impact of Adjustments | $19.0 | | $17.9 | | $39.2 | | $35.8 | | | Adjusted Tax Rate | 25.3% | | 24.2% | | 24.6% | | 24.3% | | [Adjusted EBIT and Adjusted EBITDA Reconciliation (Table B)](index=12&type=section&id=Adjusted%20EBIT%20and%20Adjusted%20EBITDA%20(Table%20B)) This section provides a reconciliation of Adjusted EBIT and Adjusted EBITDA by segment for Q2 and six months ended June 30, 2025 and 2024 Adjusted EBIT and Adjusted EBITDA Reconciliation (Table B) | Segment | Metric | Q2 2025 (Millions USD) | Q2 2024 (Millions USD) | Six Months 2025 (Millions USD) | Six Months 2024 (Millions USD) | | :----------------------- | :--------------------------------- | :------------------------ | :------------------------ | :------------------------ | :------------------------ | | **Dispensing and Specialty Closures:** | EBIT | $89.8 | $78.9 | $169.7 | $138.7 | | | Amortization of Acquired Intangible Assets | 14.4 | 10.9 | 28.4 | 22.6 | | | Other Pension (Income) from U.S. Pension Plans | (0.2) | (0.3) | (0.3) | (0.5) | | | Equity in Earnings of Affiliates, Net of Tax | 0.6 | — | 1.7 | — | | | Rationalization Charges | 3.3 | 3.2 | 7.6 | 9.7 | | | **Adjusted EBIT** | **107.9** | **92.7** | **207.1** | **170.5** | | | Depreciation | 37.6 | 25.4 | 73.5 | 50.5 | | | **Adjusted EBITDA** | **$145.5** | **$118.1** | **$280.6** | **$221.0** | | **Metal Containers:** | EBIT | $65.7 | $56.3 | $110.5 | $98.0 | | | Amortization of Acquired Intangible Assets | 0.4 | 0.3 | 0.7 | 0.7 | | | Other Pension (Income) from U.S. Pension Plans | (0.4) | (0.6) | (1.0) | (1.3) | | | Rationalization Charges | 5.1 | 2.5 | 10.1 | 6.1 | | | **Adjusted EBIT** | **70.8** | **58.5** | **120.3** | **103.5** | | | Depreciation | 13.6 | 18.9 | 32.9 | 37.8 | | | **Adjusted EBITDA** | **$84.4** | **$77.4** | **$153.2** | **$141.3** | | **Custom Containers:** | EBIT | $22.6 | $20.5 | $44.7 | $38.3 | | | Amortization of Acquired Intangible Assets | 1.1 | 1.1 | 2.2 | 2.3 | | | Other Pension (Income) from U.S. Pension Plans | (0.3) | (0.3) | (0.5) | (0.6) | | | Rationalization Charges | 1.5 | 1.2 | 3.1 | 2.7 | | | **Adjusted EBIT** | **24.9** | **22.5** | **49.5** | **42.7** | | | Depreciation | 8.7 | 8.8 | 17.4 | 17.9 | | | **Adjusted EBITDA** | **$33.6** | **$31.3** | **$66.9** | **$60.6** | | **Corporate:** | EBIT (Loss) | $(10.6) $ | $(13.9) $ | $(26.8) $ | $(21.4) $ | | | Costs Associated with Announced Acquisitions | — | 5.5 | 1.1 | 5.5 | | | **Adjusted EBIT** | **(10.6)** | **(8.4)** | **(25.7)** | **(15.9)** | | | Depreciation | 0.1 | 0.1 | 0.2 | 0.1 | | | **Adjusted EBITDA** | **$(10.5) $** | **$(8.3) $** | **$(25.5) $** | **$(15.8) $** | | **Total Adjusted EBIT** | | **193.0** | **165.3** | **351.2** | **300.8** | | **Total Depreciation** | | **60.0** | **53.2** | **124.0** | **106.3** | | **Total Adjusted EBITDA** | | **$253.0** | **$218.5** | **$475.2** | **$407.1** | [Adjusted Net Income Per Diluted Share Reconciliation (Table C - Outlook)](index=14&type=section&id=Adjusted%20Net%20Income%20Per%20Diluted%20Share%20(Table%20C%20-%20Outlook)) This section provides a reconciliation of Adjusted Net Income Per Diluted Share for Q3 and full-year 2025 estimates and actual 2024 Adjusted Net Income Per Diluted Share Reconciliation (Table C - Outlook) | Metric | Q3 2025 Estimated Net Income (Millions USD) | Q3 2025 Estimated Diluted EPS (USD) | Q3 2024 Actual Net Income (Millions USD) | Q3 2024 Actual Diluted EPS (USD) | Full Year 2025 Estimated Net Income (Millions USD) | Full Year 2025 Estimated Diluted EPS (USD) | Full Year 2024 Actual Net Income (Millions USD) | Full Year 2024 Actual Diluted EPS (USD) | | :--------------------------------- | :---------------------------------- | :--------------------------------- | :---------------------------------- | :--------------------------------- | :---------------------------------- | :--------------------------------- | :---------------------------------- | :--------------------------------- | | U.S. GAAP Net Income and Diluted EPS | $111.5 - $122.2 | $1.04 - $1.14 | $100.1 | $0.93 | $342.5 - $364.0 | $3.19 - $3.39 | $276.4 | $2.58 | | Adjustments | 15.1 | 0.14 | 29.8 | 0.28 | 70.6 | 0.66 | 111.4 | 1.04 | | Non-GAAP Adjusted Net Income and Adjusted Diluted EPS | $126.6 - $137.3 | $1.18 - $1.28 | $129.9 | $1.21 | $413.1 - $434.6 | $3.85 - $4.05 | $387.8 | $3.62 | | **Details of Adjustments:** | | | | | | | | | | Amortization of Acquired Intangible Assets | $15.9 | | $12.4 | | $63.1 | | $52.6 | | | Other Pension (Income) from U.S. Pension Plans | (0.9) | | (0.7) | | (3.7) | | (4.2) | | | Rationalization Charges | 4.9 | | 19.5 | | 31.8 | | 59.5 | | | Costs Associated with Announced Acquisitions | — | | 7.1 | | 1.1 | | 28.4 | | | Purchase Accounting Inventory Step-Up | — | | — | | — | | 6.1 | | | Loss on Early Extinguishment of Debt | — | | — | | — | | 1.1 | | | Pre-Tax Impact of Adjustments | 19.9 | | 38.3 | | 92.3 | | 143.5 | | | Tax Impact of Adjustments | 4.8 | | 8.5 | | 21.7 | | 32.1 | | | Net Impact of Adjustments | $15.1 | | $29.8 | | $70.6 | | $111.4 | | | Diluted EPS Impact of Adjustments | $0.14 | | $0.28 | | $0.66 | | $1.04 | | [Explanation of Non-GAAP Measures](index=16&type=section&id=Explanation%20of%20Non-GAAP%20Measures) This section explains the company's use of non-GAAP financial measures, detailing the rationale for excluding items not reflecting ongoing operations - The company uses non-GAAP financial measures such as Adjusted Diluted EPS, Adjusted EBIT, and Adjusted EBITDA to more appropriately assess its operating performance[42](index=42&type=chunk)[43](index=43&type=chunk)[44](index=44&type=chunk) - Items excluded from Adjusted Diluted EPS include: amortization of acquired intangible assets, other pension income from U.S. pension plans, rationalization charges, costs associated with announced acquisitions, purchase accounting inventory step-up, and loss on early extinguishment of debt[42](index=42&type=chunk) - Items excluded from Adjusted EBIT are similar to those for Adjusted Diluted EPS, but also include equity in earnings of affiliates, net of tax, to reflect the operating performance of unconsolidated affiliates[43](index=43&type=chunk) - Adjusted EBITDA is calculated by adding depreciation expense to Adjusted EBIT[44](index=44&type=chunk) - The rationale for these adjustments is that excluded items, such as intangible asset amortization, acquisition costs, and inventory step-up losses, do not represent ongoing operating performance, while rationalization charges are considered investments that generate savings[42](index=42&type=chunk)[43](index=43&type=chunk)

Financial Data and Key Metrics Changes - The company reported net sales of approximately $1.5 billion, an increase of 11% from the prior year period, driven primarily by growth in dispensing products and the acquisition of Vayner [11][12] - Adjusted EBIT for the quarter reached a record $193 million, up 17% year over year, attributed to strong growth in dispensing products and improved price-cost dynamics in metal containers [11][12] - Adjusted EPS was $1.01, reflecting a $0.13 or 15% increase from the prior year quarter [12] Business Line Data and Key Metrics Changes - The Dispensing and Specialty Closures segment saw a 24% increase in sales compared to the prior year, mainly due to the inclusion of Vayner's sales and higher organic volumes [13] - Metal containers sales increased by 4% year over year, driven by favorable price mix and a 1% benefit from foreign currency translation [14] - Custom containers experienced a 3% decrease in sales, but adjusted EBIT increased by 11% due to favorable price-cost dynamics [15] Market Data and Key Metrics Changes - The North American beverage specialty closure products experienced a decline of 3.3% in volumes, primarily due to adverse weather conditions affecting consumption patterns [13][14] - Pet food products in metal containers grew by a mid-single-digit percentage, reflecting strong demand in the fastest-growing segments of the pet food market [7][14] - The company expects a mid-single-digit percentage growth in metal containers volumes, driven by pet food and a partial recovery in fruit and vegetable pack volumes [9] Company Strategy and Development Direction - The company is focused on leveraging the integration of the Vayner acquisition to drive accelerated growth and enhance its product portfolio [6] - Strategic initiatives and cost reduction efforts are expected to continue supporting earnings growth, with a projected 9% increase in adjusted EPS for 2025 [9][16] - The company remains confident in its ability to deliver significant earnings growth in 2025, despite challenges in certain markets [8][9] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the impact of adverse weather on beverage consumption and promotional spending, which is expected to affect volumes in the second half of the year [7][8] - The company anticipates that the missed consumption occasions in the first half will not be recovered in the remainder of the year [7] - Management expressed confidence in the recovery of the beverage market in 2026, despite current challenges [96] Other Important Information - The company revised its estimate of adjusted EPS for 2025 to a range of $3.85 to $4.50, reflecting lower volume expectations in specialty closures and the impact of a customer bankruptcy [15][16] - Free cash flow estimates were adjusted from approximately $450 million to $430 million, with a 10% increase from the prior year [16] Q&A Session Summary Question: Impact of customer bankruptcy on volumes and EBIT - Management confirmed that the recent bankruptcy of a large customer is expected to impact metal containers adjusted EBIT by approximately $10 million in 2025, but they have mitigated financial risks associated with this [20][22][68] Question: Dispensing business growth expectations - Management clarified that the expected mid-teens percentage increase in dispensing EBIT is primarily affected by the hot fill beverage segment, with no reduction to the balance of the business [33][36] Question: Outlook for soup volumes - Management indicated that soup volumes are expected to remain stable in the second half of the year, with strong relationships with customers supporting consistent demand [55][57] Question: Effects of tariffs on customers - Management stated that the company can pass through tariff-related costs to customers, and the impact on food cans is minimal, with no significant change in consumer purchasing behavior expected [86][90] Question: Working capital outflow concerns - Management explained that the working capital outflow was primarily due to securing additional raw materials ahead of tariffs, and they expect this to normalize by the end of the year [78][81]

Financial Data and Key Metrics Changes - The company reported net sales of approximately $1.5 billion, an increase of 11% from the prior year, driven primarily by growth in dispensing products and the acquisition of Vayner [11] - Adjusted EBIT for the quarter reached a record $193 million, up 17% year-over-year, attributed to strong growth in dispensing products and improved price-cost dynamics in metal containers [11] - Adjusted EPS was $1.01, reflecting a 15% increase from the prior year quarter [11] Business Line Data and Key Metrics Changes - The Dispensing and Specialty Closures segment saw a 24% increase in sales compared to the prior year, largely due to the inclusion of Vayner and higher organic volumes [12] - Metal containers sales increased by 4% year-over-year, driven by favorable price mix and a 1% benefit from foreign currency translation [14] - Custom containers experienced a 3% decrease in sales, but adjusted EBIT increased by 11% due to favorable price-cost dynamics [15] Market Data and Key Metrics Changes - The North American beverage specialty closure products experienced a decline of 3.3% in volumes, primarily due to adverse weather conditions impacting consumption patterns [12] - Pet food products in metal containers grew by a mid-single-digit percentage, reflecting strong demand in the fastest-growing segments of the pet food market [6] - The company expects metal containers volumes to grow by a mid-single-digit percentage, driven by growth in pet food and a partial recovery in fruit and vegetable pack volumes [9] Company Strategy and Development Direction - The company is focused on leveraging the integration of the Vayner acquisition to drive accelerated growth and uncover new opportunities in various markets, including healthcare and pharma [5] - The strategic emphasis remains on organic growth in dispensing and pet food products, with expectations for high single-digit growth in dispensing volumes [8] - The company aims to achieve a 9% increase in adjusted EPS and exceed $1 billion in adjusted EBITDA for the first time in its history [9] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the impact of adverse weather on consumption patterns and promotional spending, which affected volumes in the first half of the year [6] - The outlook for the second half of the year remains positive, with expectations for strong growth in dispensing and specialty closures, despite challenges in the North American beverage market [17] - Management expressed confidence in the company's ability to navigate the current challenges and achieve significant earnings growth in 2025 [8] Other Important Information - The company revised its estimate of adjusted EPS for 2025 to a range of $3.85 to $4.50, reflecting the impact of lower volume expectations in specialty closures and the customer bankruptcy in metal containers [15] - Free cash flow estimates were adjusted from approximately $450 million to $430 million, with a 10% increase from the prior year [16] Q&A Session Summary Question: Impact of customer bankruptcy on volumes - Management confirmed that the recent bankruptcy of a large customer would impact volumes but emphasized that they had no financial exposure due to proactive measures taken [20][23] Question: Adjustments in dispensing EBIT expectations - Management clarified that the expected mid-teens increase in dispensing EBIT was still on track, with the hot fill beverage impact accounted for separately [32][35] Question: Organic growth in dispensing products - Management indicated that legacy dispensing products were experiencing mid to high single-digit growth, despite challenges in the hot fill beverage segment [44] Question: Outlook for soup volumes - Management expressed confidence in stable soup volumes for the second half of the year, attributing earlier declines to timing issues [53][55] Question: Tariffs impact on customers - Management stated that tariffs would not significantly impact the company's financial exposure, as costs would be passed through to customers [86][90]

Company Performance - Silgan Holdings reported quarterly earnings of $1.01 per share, missing the Zacks Consensus Estimate of $1.03 per share, but showing an increase from $0.88 per share a year ago, representing an earnings surprise of -1.94% [1] - The company posted revenues of $1.54 billion for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 0.31%, and an increase from $1.38 billion year-over-year [2] - Over the last four quarters, Silgan has surpassed consensus EPS estimates two times and topped consensus revenue estimates two times [2] Future Outlook - The current consensus EPS estimate for the coming quarter is $1.36 on revenues of $1.93 billion, and for the current fiscal year, it is $4.08 on revenues of $6.44 billion [7] - The estimate revisions trend for Silgan was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] Industry Context - Silgan belongs to the Zacks Containers - Metal and Glass industry, which is currently in the top 16% of over 250 Zacks industries, suggesting a favorable industry outlook [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact Silgan's stock performance [5]

Group 1 - The packaging and packaging-related business is recovering from challenging periods, particularly since COVID, with some companies still presenting attractive valuations [1] - Silgan Holdings (NYSE: SLGN) is highlighted as a leader in the investment group focusing on European small-cap opportunities, emphasizing high-quality investment ideas [1] - The investment group offers two model portfolios: the European Small Cap Ideas portfolio and the European REIT Portfolio, along with weekly updates and educational content [1]

Consumer Discretionary Sector Overview - The consumer discretionary sector typically thrives during strong economic conditions, characterized by low interest rates and robust job growth [1] - Recent employment data indicates a decline in job additions, with only 139,000 jobs added in May 2025 compared to 272,000 in May 2024, suggesting potential challenges for the sector [2] - The Consumer Discretionary Select Sector SPDR Fund (XLY) is down over 2% year-to-date, contrasting with a 3% increase in the broader S&P 500 [3] Greif Inc. Performance - Greif Inc. has a 12-month stock price forecast of $74.17, indicating a 14.15% upside potential based on 7 analyst ratings, with a current price of $64.97 [3] - The company has a strong dividend yield of 3.36% and a payout ratio of 60.85%, reflecting its stability over nearly 140 years in business [4] - Greif's earnings per share (EPS) of $1.19 exceeded analyst expectations by 11 cents, with quarterly revenue showing a year-over-year increase of just over 1% [5] - The company is targeting $25 million in savings for the current fiscal year and $100 million by the end of fiscal 2027 through cost optimization efforts [6] - Greif's operational structure mitigates tariff impacts by selling products close to manufacturing locations, enhancing its competitive position [7] O-I Glass Inc. Performance - O-I Glass has a 12-month stock price forecast of $15.88, representing a 16.56% upside based on 8 analyst ratings, with a current price of $13.62 [9] - The company benefits from increasing demand for glass containers as consumers shift away from plastics, positioning it well for future growth [9] - O-I's Fit to Win program has successfully improved operational efficiency, contributing $61 million in benefits and leading to an adjusted EPS of 40 cents, surpassing analyst predictions by 22 cents [10] - Future projections indicate adjusted earnings for 2025 could surge up to 85% above 2024 levels, with strong analyst support reflected in six Buy ratings [11] Silgan Holdings Inc. Performance - Silgan Holdings has a 12-month stock price forecast of $63.11, indicating a 15.42% upside based on 9 analyst ratings, with a current price of $54.68 [12] - The company reported an 11% year-over-year revenue increase, with EPS of 82 cents exceeding expectations by 4 cents [13] - Despite strong performance, recent executive turnover introduces uncertainty, particularly in the U.S. metal containers business [14] - Analysts remain optimistic, with all nine ratings for Silgan shares classified as Buy [15]

Company Overview - Silgan Holdings (SLGN) shares have increased by approximately 4.5% over the past month, which is underperforming compared to the S&P 500 [1] - The most recent earnings report is essential to understand the key drivers affecting the stock [1] Earnings Estimates - Estimates for Silgan have trended downward over the past month, indicating a negative outlook [2][4] - The stock currently holds a Zacks Rank 3 (Hold), suggesting an expectation of an in-line return in the upcoming months [4] VGM Scores - Silgan has a poor Growth Score of F and a Momentum Score of D, while its Value Score is graded C, placing it in the middle 20% for this investment strategy [3] - The aggregate VGM Score for Silgan is D, which is relevant for investors not focused on a single strategy [3] Industry Comparison - Silgan is part of the Zacks Containers - Metal and Glass industry, where Crown Holdings (CCK) has gained 2.5% over the past month [5] - Crown Holdings reported revenues of $2.89 billion for the last quarter, reflecting a year-over-year increase of 3.7%, with EPS rising from $1.02 to $1.67 [5] - Crown is expected to post earnings of $1.85 per share for the current quarter, with a slight downward revision of -0.3% in the Zacks Consensus Estimate [6] - Crown holds a Zacks Rank 2 (Buy) and has a VGM Score of C, indicating a more favorable outlook compared to Silgan [6]