The UK’s decision to use the proceeds of its upcoming green gilt sale on nuclear energy is a dealbreaker for one bond fund https://t.co/NENMljRRIf ...

Financial Data and Key Metrics Changes - In 2025, the company achieved Adjusted EBITDA growth of 10%, significantly exceeding initial guidance [3][16] - The company ended the year with nearly $1 billion in liquidity and a net leverage of 5.3 times net debt to Adjusted EBITDA [13][14] - Adjusted Free Cash Flow for 2025 was reported at $172 million, ahead of guidance [14] Business Line Data and Key Metrics Changes - In Europe, fourth quarter revenue decreased by 1% to $539 million, with a 6% decline on a constant currency basis [5] - Fourth quarter Adjusted EBITDA in Europe increased by 14% to $64 million, driven by higher input cost recovery and favorable volume mix [7] - In the Americas, fourth quarter revenue increased by 24% to $807 million, reflecting higher input cost pass-through and shipment growth [9] Market Data and Key Metrics Changes - North America shipments increased by 9% for the quarter, with full-year growth of 6% [10] - In Brazil, fourth quarter beverage can shipments decreased by 4%, with a full-year decline of 2% [12] - The beverage can gained market share in both the beer and carbonated soft drink categories across various regions [4][9] Company Strategy and Development Direction - The company plans to optimize its network to better serve higher-demand can sizes and is progressing plans to add capacity in Spain and the UK [8] - The beverage can continues to take market share from other packaging substrates, supported by its convenience and sustainability credentials [4] - For 2026, the company expects Adjusted EBITDA in the range of $750 million to $775 million, driven by operational efficiencies and improved category mix [16][17] Management's Comments on Operating Environment and Future Outlook - Management views 2026 as a transition year for North America, with expectations of a small volume decline before returning to growth in 2027 [11][17] - The company anticipates some operational challenges due to supply chain disruptions but remains optimistic about overall market trends [11][33] - Management noted that the beverage can industry is expected to continue growing, supported by positive consumer trends and innovation [4][47] Other Important Information - The company announced an unchanged quarterly ordinary dividend of $0.10 per share [15] - The refinancing of debt through green bonds has simplified the capital structure and provided annual cash savings of approximately $10 million [14] Q&A Session Summary Question: Can you discuss volume trends by region for Q1? - Management indicated that North America had a good start, but January was impacted by weather, while February and March are tracking better [19][20] Question: What is the timeline for capacity expansion in Europe? - Management stated that capacity projects in Spain and the UK will be added over the next two years, with a moderate increase in capital expenditure [23][25] Question: How penetrated is the can market in Europe compared to North America? - Management noted that the can is less penetrated in Europe, with significant growth potential, especially in Germany and the UK [45][46] Question: Are there any expected headwinds from aluminum conversion costs? - Management indicated that they do not expect material headwinds from aluminum costs in 2026, as the major issues were primarily in 2025 [49] Question: What is the outlook for the World Cup impact in Brazil? - Management expects a potential pickup in sales during the World Cup, with a growth guide of 3%-5% for the market [31][32] Question: Can you elaborate on operational efficiencies expected in 2026? - Management highlighted ongoing operational improvements across regions, including reducing spoilage and implementing best practices [38][39]

Financial Data and Key Metrics Changes - In 2025, the company achieved Adjusted EBITDA growth of 10%, significantly exceeding initial guidance [3][16] - The company ended the year with nearly $1 billion in liquidity and a net leverage of 5.3x net debt to Adjusted EBITDA [13][14] - Adjusted Free Cash Flow for 2025 was reported at $172 million, ahead of guidance [14] Business Line Data and Key Metrics Changes - In Europe, fourth quarter revenue decreased by 1% to $539 million, primarily due to a negative IFRS 15 contract asset [5] - Fourth quarter Adjusted EBITDA in Europe increased by 14% to $64 million, driven by higher input cost recovery and favorable volume mix [7] - In the Americas, fourth quarter revenue increased by 24% to $807 million, reflecting higher input cost pass-through and shipment growth [9] Market Data and Key Metrics Changes - Shipments in North America grew by 9% for the quarter, with a full-year growth of 6% [10] - In Brazil, fourth quarter beverage can shipments decreased by 4%, but showed sequential improvement compared to the third quarter [12] - The beverage can gained additional market share in the beer packaging mix in 2025, aligning with long-term trends [12] Company Strategy and Development Direction - The company plans to optimize its network to better serve higher-demand can sizes and is progressing plans to add capacity in Spain and the U.K. [8] - The beverage can continues to take market share from other packaging substrates, supported by its convenience and sustainability credentials [4] - For 2026, the company expects Adjusted EBITDA in the range of $750 million to $775 million, driven by operational efficiencies and cost savings [16][17] Management's Comments on Operating Environment and Future Outlook - Management views 2026 as a transition year for North America, with expectations of a small volume decline before returning to growth in 2027 [11][17] - The company anticipates some operational challenges due to tight metal supply and adverse weather impacts in early 2026 [11][34] - Management remains optimistic about the beverage can industry's growth, with no negative signs from higher aluminum costs currently observed [22][64] Other Important Information - The company successfully raised $1.3 billion in green bonds to refinance existing debt, which will lead to annual cash savings of approximately $10 million [14] - The company announced an unchanged quarterly ordinary dividend of $0.10 per share [15] Q&A Session Summary Question: Can you discuss volume trends by region for Q1? - Management noted a good start in North America, with some weather-related disruptions in January, but February and March are tracking positively [19][20] Question: What is the timeline for capacity expansion in Europe? - Management indicated that capacity projects in Spain and the U.K. will be spread over the next few years, with a moderate increase in capital expenditure [23][25] Question: How is the company addressing operational efficiencies in 2026? - Management highlighted ongoing operational improvements across regions, including reducing spoilage and implementing best practices [38][39] Question: What is the expected impact of the World Cup on Brazil's market? - Management expects a potential pickup in sales during the World Cup, with a comfortable growth forecast of 3%-5% for the market [31][32] Question: Are there any expected headwinds from aluminum conversion costs in Europe? - Management does not anticipate material headwinds from aluminum conversion costs, indicating that this was primarily a 2025 issue [49] Question: How are new filling locations impacting customer relationships? - Management confirmed that new filling locations are aligned with existing customers and are part of long-term relationships [51][52]

Issuance of green bonds rose to $72 billion globally last month, boosted by sales from Europe and Asia, according to data compiled by Bloomberg. It was the most since June’s $85 billion tally https://t.co/6UYS7LTHDc ...

Core Viewpoint - Atsinaujinančios energetikos investicijos (AEI) has launched a public offering of new bonds with an 8.5% yield, targeting both private and institutional investors in the Baltic States [1][2] Company Overview - AEI is managed by Lords LB Asset Management and focuses on operational renewable energy projects in Lithuania and Poland [2] - The company has a total asset value of EUR 181 million and equity of EUR 96 million, with a portfolio of 280 MW of solar and wind parks [4][8] Bond Offering Details - The new bond issue offers 13-month bonds with a fixed annual interest rate of 8.5%, with a minimum investment of EUR 1,000 [1] - Existing investors can exchange their 5% coupon bonds maturing on December 15, 2024, for the new 8.5% coupon bonds on a one-to-one basis [3] Revenue Generation - AEI's main asset includes a 185.5 MW wind park in Lithuania, where AEI holds a 25% stake, generating an EBITDA of EUR 7.65 million over the past 12 months [5] - In Poland, AEI manages a 182 MW portfolio of solar parks, with over half operational and 85% of electricity sold under a fixed-tariff scheme [6] Strategic Plans - AEI is in the final stage of an asset divestment process, aiming to sell all developed and developing projects by the end of 2027 [2][7] - The company has successfully completed its first asset sale of a 65.5 MW solar portfolio in Poland [7] Market Context - There is a growing interest in bonds among private retail investors in the region, and AEI's bond issue aims to expand investment opportunities for this segment [9]

Financial Activities - Seche Environnement is selling €300 million of green hybrid bonds [1] Market Trends - The issuance is a rare format from a junk-rated company [1]

Poland should continue to look at green bonds as a means of financing over the longer term after selling its first such securities in more than six years, according to the country’s debt chief https://t.co/Zs9hegZtdy ...