James Cropper (CRPR) Trading Update summary

Financial performance and trading update

• FY25 adjusted EBITDA met expectations and matched the prior year, with group revenue slightly lower due to a less favorable product mix in Paper & Packaging, despite higher Advanced Materials revenue.

• Adjusted profit before tax was slightly ahead of FY24, aided by a lower depreciation charge.

• Net debt improved at period end, reflecting lower capital expenditure and effective working capital management.

Outlook and strategic initiatives

• Advanced Materials is expected to deliver single-digit revenue growth in FY26, with operational investments aimed at growth beyond FY26.

• Paper & Packaging revenue is projected to remain stable, with an internal improvement program targeting significant cost savings and operational enhancements, with full benefits anticipated in FY27.

• A more detailed strategy update is planned for June, ahead of the audited FY25 results in July.

Leadership and operational focus

• Since January, the new CEO has initiated a rigorous business assessment, focusing on mid-term growth in Advanced Materials, operational improvements in Paper & Packaging, and cash management.

• Progress on these initiatives is ongoing, with further updates expected.