A continuous and interconnected strategy of value creation

Our strategy is built around three connected pillars all enabled by being a Great Place to Work.

We recently held a Capital Markets Day which provides more detail on our strategy; below is a summary.

1. Cost Advantage  

A competitive cost base improves our financial performance and improves our agility and responsiveness.

We are continuously assessing our operations against what our customers value most, simplifying the business and removing unnecessary cost and complexity. We proactively remove unnecessary costs, streamline our processes and organisation, improve the utilisation of our assets, and reinvest responsibly to remain cost-efficient, agile, and responsive to our customers' needs.

This is about more than reducing costs. A more efficient business gives us greater flexibility to compete through different market conditions and, importantly, creates more capacity to invest in our customers and future growth.

Achievements to date:  

• Strategically investing in mill portfolio to improve performance and drive mills towards leading industry cost positions; these large-scale investments are now largely complete
• Packaging volumes consolidated into fewer, better performing sites; c.15% of packaging sites announced for closure, with volume expected to be largely maintained
• Streamlined operations, both organizationally and through reduction of peripheral activities
• Medium-term savings expected to reach approximately €480 million, with the majority of these to be achieved on a run rate basis by the end of 2027 and expected aggregate cost savings of approximately €200 million, for financial year to December 2026.

2. Superior Customer Experience   

A superior customer experience allows us to deepen our relationships, foster strategic partnerships and grow strategically.

Our starting point is getting the fundamentals right: providing high-quality packaging with the service, reliability and consistency our customers expect. From there, we can use our broader capabilities to help customers address challenges across their operations with strong DNA of innovation and sustainability.

The more value we create for our customers, the stronger those relationships become. That gives us the opportunity to grow with existing customers and win new business.

We are implementing a new commercial approach which identifies attractive profit pools to focus our resources where we have a clear advantage. We are focused on driving growth through our strategic customer relationships, to increase wallet. We are doing this by implementing a more consistent operating model through our business, supported by a more simplified structure. We are also implementing a bespoke service offering by customer segment to match their real requirements and using a common playbook for consistent deployment across geographies. To support this, we are enhancing our skills and capabilities.

3. Enhanced Scale & Capabilities

We are supporting growth by investing selectively in the areas where we believe we can win.

Our investment is focused on attractive geographies, segments and customers where we see opportunities to grow profitably. We are building the capacity and capabilities needed to serve those opportunities, while remaining disciplined about where we allocate capital.

We are also investing to support asset optimisation

As we grow, greater scale further strengthens our cost position. This creates a reinforcing model: a more efficient business gives us the capacity to invest, that investment strengthens our customer proposition, and stronger customer relationships create further opportunities for profitable growth.

The Key Enabler: A Great Place to Work⁽³⁾

Our people are what make this strategy possible.

Their safety comes above all else. We are committed to providing a safe working environment in which everyone feels able to speak up, and to continually learning and improving.

We want to be a workplace where colleagues understand where the business is going, feel heard and know that their feedback matters, are valued for the contribution they make, and have opportunities to grow with us.

Our actions are strengthening ownership and accountability, bringing decisions closer to the people responsible for delivering them. We focus on what matters most, take ownership of the commitments we make, work together with trust and integrity, and continue to uphold high ethical standards.

By staying focused on these priorities and executing them consistently, we can build a safer and more engaging business, strengthen our relationships with customers and create the conditions for sustainable, profitable growth.

_{(1) CHP = Combined Heat and Power / ETP = Effluent Treatment Plant.​
(2) Represents cumulative FY2025A capital expenditures and FY2026E planned investments.
(3) “A Great Place to Work” describes our own workplace ambition and does not refer to Great Place To Work™ Certification or any associated accreditation programme.}