AptarGroup Inc 2025年度报告

2025 Annual Report | Form 10-K “Aptar is well-positioned for growth. Ourdisciplined focus on productivity, togetherwith our strong balance sheet, gives us theability to return capital to shareholders whilealso retaining strategic flexibility andinvesting in the business to support long-term value creation.” Stephan TandaAptar President & CEO Financial Highlights Net Sales by Shipping DestinationFull Year 2025 Total Shareholder Returns1 Comparison of cumulative five-year total returns 4-7%21-23%12-14%30-40%1-3xSales Growth2Adj. EBITDA Margin3ROIC4Dividend Payout Ratio5Leverage Ratio6 Letter to Shareholders DEAR SHAREHOLDERS, I am pleased to share many highlights from 2025, a year driven by our purpose: We innovate and transform ideasinto solutions that improve everyday life. At Aptar, our technologies deliver medications that treat chronic diseases, bring convenience and security toconsumers, and we continually work to make our solutions more recyclable, reusable and sustainable. Wedevelop technologies designed to improve the lives of millions of people around the world. In 2025, our reported sales increased 5% to $3.8 billion, compared to $3.6 billion in the prior year. Core saleswere up 2%, reflecting steady demand across key product categories. Reported net income increased 5% to$393 million, and reported earnings per share grew 7% to $5.89, up from $5.53 a year ago. Adjusted earningsper share were $5.74, a slight decline of 1% versus $5.81 in the prior year, including comparable exchangerates. We continued to take a disciplined and balanced approach to capital allocation. In 2025, we returned$486 million to shareholders through share repurchases and dividends. Our focus on efficiency and prioritizationof high return investments has contributed to reduced capital expenditures, representing about 7% of sales, afocus we intend to continue in 2026. Importantly, 2025 marked our 32nd consecutive year of paying an annually increasing dividend, a milestone thatspeaks to our commitment to shareholders and the resilience of our business model. Overall, our results have demonstrated our ability to deliver consistent performance, invest for long-term growth,and return capital to shareholders—all while navigating a highly dynamic operating environment. In the nearterm, we face some headwinds driven by difficult year-over-year comparisons, reflecting the exceptionalramp-up in emergency medicine / naloxone distribution channels and related customer inventory dynamics.Even as we navigate these temporary pressures, we are advancing initiatives that position us for strong andscalable growth over time. As shared during our September Investor Day, we have delivered significant, sustained structural cost savingsthat strengthen our scalability and cost efficiency, supported by continued productivity initiatives—includingfootprint optimization, targeted automation and advanced manufacturing investments, further centralizationof back office functions, and ongoing organizational streamlining—as part of our continued commitment tooperational excellence and company wide optimization. On March 17, 2026, Aptar announced a leadership transition. After nearly ten years as President and CEO, Ihave decided to retire. Gael Touya, a seasoned global executive with more than 30 years at Aptar, most recentlyserving as President of Aptar Pharma, has been appointed President and Chief Executive Officer, effectiveSeptember 1, 2026. I will continue as President and CEO until that time and thereafter will work with Gael andthe Board as an advisor through the end of the year to help ensure a smooth transition. I also expect to retirefrom the Board at the end of the year and the Board will appoint Gael as a director on September 1, 2026. SEGMENT RESULTS We continue to be very excited about the strength and diversity of our Pharma pipeline backed by a growingnumber of systemic nasal drug delivery projects and a higher participation in injectable projects, includingprojects for GLP-1s and Annex1. Our Pharma segment’s reported sales grew 6% in 2025 to $1.74 billion on strong demand for emergencymedicine and central nervous system products and higher royalties. Our diversified pipeline spans respiratory,injectable, ophthalmic and dermal drug delivery, with a focus in respiratory, injectable biologics, systemic nasaldrug delivery, ophthalmology and vaccines. This robust pipeline and recent launches position us to achieve ourlong-term core sales growth target of 7–11% and adjusted EBITDA margins of 32–36%. In our Beauty segment, reported sales increased 7% in 2025 to $1.31 billion, with currency and acquisitionscontributing positively and core sales showing modest growth. Most regions delivered solid performance, whileNorth America softened due to weaker demand from indie skincare brands. In our Closures segment, reported sales grew 2% in 2025 to $730.3 million, including a currency benefit andcore sales grew slightly. Higher product