Core Insights - Cabka N.V. has reported its unaudited results for the first half of 2025, indicating a slight decline in total sales but early signs of improved commercial momentum, particularly in the US market [1][4][26] Financial Performance - Total sales for H1 2025 amounted to €90.0 million, a decrease of 2% compared to H1 2024 [7][10] - Gross operating margin improved to 51.7%, up 220 basis points from 49.5% in H1 2024 [7][8] - Operational EBITDA decreased to €9.1 million, down 13% year-on-year, primarily due to a deliberate reduction in inventory [7][16] - The net result for H1 2025 was a loss of €4.7 million, compared to a loss of €1.9 million in H1 2024, reflecting a 147% decline [7][30] Sales Breakdown - Sales in Europe were €57.7 million, an 8% decrease from €62.8 million in H1 2024, attributed to market volatility and customer hesitance [11] - US sales increased by 9% to €12.0 million, supported by a new commercial strategy and improved capacity utilization [12] - Customized solutions sales remained steady, while contract manufacturing saw a significant rebound, increasing by 24% [11] Cost Management - The company achieved a €5.8 million inventory reduction as part of its Shift program, which also contributed to improved cash flow from operations [5][13] - Operating expenses decreased by €0.5 million year-on-year, with notable savings in personnel expenses [14] Cash Flow and Debt Management - Cash from operating activities improved to €0.2 million, a significant recovery from a cash outflow of €4.4 million in H1 2024 [17] - Total cash balance as of June 30, 2025, was €3.0 million, down from €4.7 million at the end of 2024 [20] Capital Expenditures - CAPEX for H1 2025 was €5.4 million, a 42% decrease from €9.3 million in H1 2024, reflecting a disciplined approach to capital expenditures [9][24] - Investments were split between replacement & maintenance and expansion & automation initiatives [25] Strategic Outlook - The company remains confident in its guidance for 2025, expecting sales and EBITDA to be at least in line with 2024, bolstered by a strengthening order book [26][28] - The Shift program is yielding tangible results, contributing to a leaner cost base and improved operational efficiency [27] Environmental, Social, and Governance (ESG) - Cabka's commitment to circularity is evident, with 87% of raw material intake sourced from recycled materials [32] - The company received a Platinum Medal from EcoVadis, reflecting its leadership in sustainability management [33][34]

Core Viewpoint - Cabka N.V. has nominated Mark Letterie as the new Chief Financial Officer (CFO) and Anja Siegesmund for the Supervisory Board, with appointments to be considered at an upcoming Extraordinary General Meeting of Shareholders [1] Group 1: Management Changes - Mark Letterie brings over 15 years of international finance experience, previously serving as Finance Director Europe at Vinmar International, overseeing financial governance for revenues exceeding €500 million [2] - Letterie holds a Master of Science in International Economics and Finance and is a Certified Management Accountant (CMA), making him well-suited for Cabka's growth phase [3] - He will succeed Frank Roerink, who will assist during a handover period until the end of November 2025 [4] Group 2: Company Overview - Cabka specializes in transforming hard-to-recycle plastic waste into innovative Reusable Transport Packaging (RTP), contributing to sustainability in logistics [5][6] - The company is recognized for its integrated approach to recycling, manufacturing, and closing the loop from waste to end-products, supported by its own innovation center [6] - Cabka has been listed on Euronext Amsterdam since March 1, 2022, under the CABKA ticker [7]

Core Points - Cabka N.V. held its Annual General Meeting (AGM) on May 29, 2025, in Amsterdam, where all proposed resolutions were passed [1] - A total of 12,254,913 votes were cast, representing 49.40% of the total issued share capital of 24,808,378 shares [1] Agenda Items Summary - **Remuneration Report**: The remuneration report for the management and supervisory boards for the financial year 2024 received 12,253,660 votes in favor, with 975 against and 278 withheld [2][3] - **Financial Statements**: The adoption of the company and consolidated financial statements for the financial year 2024 was approved with 12,254,635 votes in favor, no votes against, and 278 withheld [4][5] - **Discharge of Managing Directors**: The discharge of managing directors for the financial year 2024 was supported by 12,254,160 votes in favor, with 475 against and 278 withheld [6][7] - **Discharge of Supervisory Directors**: The discharge of supervisory directors for the financial year 2024 also received 12,254,160 votes in favor, with 475 against and 278 withheld [8][9] - **Appointment of Supervisory Director**: The appointment of a supervisory director was approved with 12,254,135 votes in favor, 500 against, and 278 withheld [10][11] - **Reappointment of External Auditor**: The reappointment of the external auditor for the financial year 2025 was supported by 12,254,635 votes in favor, with no votes against and 278 withheld [12][13] - **Share Repurchase Authorization**: The management board was authorized to repurchase ordinary shares, receiving 12,253,091 votes in favor, 1,544 against, and 278 withheld [14][15] - **Issuance of Ordinary Shares**: The management board was designated as the competent body to issue ordinary shares, with 12,253,051 votes in favor, 1,584 against, and 278 withheld [16][17] - **Exclusion of Pre-emptive Rights**: The management board was also designated to restrict or exclude pre-emptive rights upon issuance of ordinary shares, receiving 12,253,051 votes in favor, 1,584 against, and 278 withheld [18][19] Company Overview - Cabka specializes in recycling plastics from post-consumer and post-industrial waste into reusable transport packaging (RTP), enhancing logistics chain sustainability [20][22] - The company is listed on Euronext Amsterdam under the CABKA ticker since March 1, 2022 [23]

Core Viewpoint - Cabka N.V. announces the resignation of Tova Posner Henkin from the Supervisory Board and the interim appointment of Anja Siegesmund, reflecting the company's commitment to sustainability and strategic growth in the recycling industry [1][3][4]. Group 1: Resignation and Appointment - Tova Posner Henkin resigns from her position on the Supervisory Board for personal reasons, effective 30 May 2025 [1]. - Anja Siegesmund is appointed as an interim member of the Supervisory Board, pending approval at the Annual General Meeting of Shareholders [1][6]. Group 2: Contributions and Experience - Tova Posner Henkin has been a member of the Supervisory Board since 2021, significantly contributing to the company's strategic direction and playing a key role in its listing on Euronext Amsterdam in March 2022 [2]. - Anja Siegesmund brings extensive experience in sustainability and environmental policy, having served as the former Minister of the Environment in Thuringia, Germany, and currently as Executive President of the German Association of Waste Management, Water and Recycling Industry [3][5]. Group 3: Strategic Implications - The appointment of Anja Siegesmund is seen as a strategic move to enhance Cabka's focus on sustainable logistics and recycled material innovation [4]. - The company aims to strengthen its position in the recycling industry by leveraging Siegesmund's expertise in environmental protection and circular economy [4][5].

Core Insights - Cabka N.V. achieved a B score in the 2024 CDP climate assessment for the second consecutive year, highlighting its commitment to sustainability and climate change management [1][2] - The CDP assessment is recognized globally as a standard for measuring corporate climate performance, with over 22,000 companies evaluated in 2024 [1] Company Overview - Cabka specializes in transforming hard-to-recycle plastic waste into innovative Reusable Transport Packaging (RTP), contributing to sustainability in logistics [5][6] - The company is listed on Euronext Amsterdam under the CABKA ticker since March 1, 2022 [7] Sustainability Efforts - Cabka's sustainability strategy includes using recycled materials and designing products for reuse and recyclability, which minimizes waste and resource consumption [2] - The company is focused on decarbonization efforts, including transitioning to renewable energy, which is expected to enhance its performance in future disclosures [2] Industry Position - Cabka is recognized as a leader in the industry for its integrated approach to recycling and manufacturing, effectively closing the loop from waste to end-products [6] - The company possesses unique industry knowledge and capabilities to maximize the use of recycled plastics, ensuring attractive returns [6]