Sealed Air(US:SEE)2025-05-06 11:11Q1 2025 Financial Performance - Net sales decreased by 4% as reported to $1.3 billion[12], with a 2% decline on a constant currency basis[12] - Adjusted EBITDA was $276 million[12], a 1% decrease as reported but a 2% increase on a constant currency basis[12] - Adjusted EPS increased by 4% as reported to $0.81[12], and 9% on a constant currency basis[12] Segment Performance - Food Protective segment organic sales increased by 1%[17], while Protective segment organic sales decreased by 8%[17] - Food Protective segment reported adjusted EBITDA of $203 million, up 7% as reported and 10% on a constant currency basis[17], with an adjusted EBITDA margin of 23.8%[17] - Protective segment reported adjusted EBITDA of $74 million, down 18% as reported and 16% on a constant currency basis[17], with an adjusted EBITDA margin of 17.6%[17] Cash Flow and Capital Allocation - Free cash flow was negative $12 million, down year-over-year from $78 million in Q1 2024[22] - The company is targeting a net debt to adjusted EBITDA ratio of approximately 30x in 2026[21, 29] - In Q1 2025, the cash dividend was $29 million, or $0.20 per share, representing a dividend payout ratio of approximately 25%[29] 2025 Outlook - Net sales are projected to be in the range of $5.1 billion to $5.5 billion, representing a decline of 4% to an increase of 3% on a constant currency basis[23] - Adjusted EBITDA is expected to be in the range of $1.075 billion to $1.175 billion, representing a decline of 2% to an increase of 7% on a constant currency basis[23] - Adjusted EPS is projected to be in the range of $2.90 to $3.30, representing a decline of 6% to an increase of 7% on a constant currency basis[23] - Free cash flow is expected to be in the range of $350 million to $450 million[23]