APTARGROUP, INC.
For the period ended Sep 30, 2025. Filed Oct 31, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 31, 2025
ATR$142.50-1.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-01.
0000896622-25-000028
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-10-31.
0000896622-25-000033
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 135 previous paragraphs and 136 current paragraphs.
81 unchanged; 44 reworded; 11 added; 7 removed; 3 previous and 0 current paragraphs rearranged.
Tables are not compared: 22 previous and 22 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (11)
Current report
Cost of sales (“COS”) as a percentage of net sales increased to 62.2% in the third quarter of 2025 compared to 61.4% in the third quarter of 2024. While our sales and royalty growth continued to be driven by our Pharma segment, sales within this segment were negatively impacted by a mix of lower margin applications compared to the same period in 2024. We also were negatively impacted by lower productivity and an increase in certain input costs.
Current report
During the three months ended September 30, 2024, pension curtailment accounting was triggered as a result of restructuring in one of our entities in Europe. In addition to the costs above, the remeasurement of this pension obligation resulted in a $1.9 million curtailment gain. The curtailment gain is included in the line miscellaneous income (expense), net in the Condensed Consolidated Statements of Income.
Current report
Net other income increased $25.6 million to $30.7 million in the third quarter of 2025 from $5.1 million in the same period of the prior year. On July 28, 2025, we executed our call option to purchase an additional 31% equity interest in our investment in BTY. As a result of this additional investment, we remeasured our previously held minority equity interest in BTY at fair value resulting in a gain of $26.5 million. Following the transaction, we recognized a redeemable noncontrolling interest related to the remaining 20% equity interest held by the selling shareholder. This interest is classified in mezzanine equity and is subject to remeasurement based on a predetermined redemption formula. We also realized improving returns from our equity method investments with a $1.8 million improvement over the prior-year quarter, which was partially offset by a $1.2 million lower remeasurement gain on our investment in PureCycle. During the third quarter of 2024, we also reported a $1.9 million gain on pension curtailment for a facility closure in Europe.
Current report
(1)Adjusted EBITDA is calculated as earnings before net interest, taxes, depreciation, amortization, restructuring initiatives, acquisition-related costs, net unrealized investment gains and losses related to observable market price changes on equity securities, gains and losses from remeasurement of equity method investment and other special items. Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by Reported Net Sales. See the reconciliation under “Non-U.S. GAAP Measures.”
Current report
(1)Adjusted EBITDA is calculated as earnings before net interest, taxes, depreciation, amortization, restructuring initiatives, acquisition-related costs, net unrealized investment gains and losses related to observable market price changes on equity securities, gains and losses from remeasurement of equity method investment and other special items. Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by Reported Net Sales. See the reconciliation under “Non-U.S. GAAP Measures.”
Current report
Adjusted EBITDA in the third quarter of 2025 decreased 1% to $39.7 million compared to $40.2 million in the same period in the prior year. This is primarily attributable to the increase of certain input costs and lower product and tooling margins. Adjusted EBITDA margin declined from 13.3% in the third quarter of 2024 to 12.1% during the third quarter of 2025 due to the items mentioned above along with higher tariff costs which are mostly passed through to customers with no margin.
Current report
Adjusted EBITDA in the first nine months of 2025 decreased 2% to $124.0 million compared to $126.0 million reported in the same period in the prior year. This decrease was mainly driven by lower prestige fragrance and facial skincare volumes mentioned above along with increases in certain input costs. These factors, along with the pass through of higher tariff costs, led to our Adjusted EBITDA margin declining from 13.2% in the first nine months of 2024 to 12.8% during the first nine months of 2025.
Current report
(1)Adjusted EBITDA is calculated as earnings before net interest, taxes, depreciation, amortization, restructuring initiatives, acquisition-related costs, net unrealized investment gains and losses related to observable market price changes on equity securities, gains and losses from remeasurement of equity method investment and other special items. Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by Reported Net Sales. See the reconciliation under “Non-U.S. GAAP Measures.”
Current report
Adjusted EBITDA in the third quarter of 2025 decreased 5% to $30.3 million compared to $32.0 million reported in the same period of the prior year mainly due to lower tooling sales and lower productivity. Our Adjusted EBITDA margin declined from 17.2% in the third quarter of 2024 to 16.1% during the third quarter of 2025 due to the items discussed above along with higher tariff costs which are mostly passed through to customers with no margin.
Current report
Financing activities used $154.2 million in cash during the first nine months of 2025 compared to $137.7 million in cash used by financing activities during the same period a year ago. During 2025, we paid $89.3 million in dividends, purchased $190.0 million of our common stock that we placed into treasury stock and received proceeds of $14.9 million on stock option exercises. Additionally, we had net proceeds on our revolving credit facility of $151.1 million.
Current report
•loss of royalty revenue due to contract expirations;
Removed paragraphs (7)
Previous report
Cost of sales (“COS”) as a percentage of net sales decreased to 62.0% in the second quarter of 2025 compared to 62.4% in the second quarter of 2024. Our COS percentage was positively impacted by an improved mix of our higher-margin Pharma product sales and royalties compared to the same period in 2024. We also benefited from improved operational performance and cost management initiatives, which offset an increase in input costs.
Previous report
Net other income increased $3.9 million to $6.2 million in the second quarter of 2025 from $2.3 million in the same period of the prior year. We realized strong returns from our equity method investments of $2.1 million and also recorded a $2.2 million increase in the value of our PureCycle investment over the prior year period.
Previous report
Adjusted EBITDA in the second quarter of 2025 increased 5% to $47.1 million compared to $44.6 million in the same period in the prior year. This is primarily attributable to higher tooling sales mentioned above. We also benefited from improved operational performance and the performance of our equity method investments along with improvements realized from our cost management initiatives during the second quarter of 2025. These improvements led to our Adjusted EBITDA margin increasing from 13.9% in the second quarter of 2024 to 14.1% during the second quarter of 2025.
Previous report
Adjusted EBITDA in the first six months of 2025 decreased 2% to $84.2 million compared to $85.8 million reported in the same period in the prior year. Improved results from our equity method investments and savings realized from our cost improvement initiatives could not fully offset the lower beauty and indie brand skin care volumes mentioned above. Therefore, our Adjusted EBITDA margin declined slightly from 13.2% in the first six months of 2024 to 13.1% during the first six months of 2025.
Previous report
Adjusted EBITDA in the second quarter of 2025 increased 18% to $31.9 million compared to $27.1 million reported in the same period of the prior year. Sales growth, along with operational improvements, utilization improvements and cost containment initiatives drove the improvement during the current quarter. Therefore, our Adjusted EBITDA margin improved from 15.6% in the second quarter of 2024 to 16.9% during the second quarter of 2025.
Previous report
Financing activities used $162.0 million in cash during the first six months of 2025 compared to $89.0 million in cash used by financing activities during the same period a year ago. The increased use of cash in the first six months of 2025 is primarily related to $132.9 million of additional treasury stock purchases as compared to the prior year and $17.2 million less of proceeds from stock option exercises.
Previous report
•the execution of our fixed cost reduction initiatives, including our optimization initiative;
Reworded paragraphs (44)
Previous wording
We reported net sales of $966.0 million for the quarter ended June 30, 2025, which represents a 6% increase compared to $910.1 million reported during the second quarter of 2024. The U.S. dollar weakened against most European currencies but strengthened against most Latin American currencies, resulting in a positive 3% currency translation impact at the consolidated level. Current year acquisitions did not impact the consolidated sales increase. Therefore, core sales, which excludes acquisitions and changes in foreign currency rates, increased by 3% in the second quarter of 2025 compared to the same period in 2024. All three segments contributed to our core sales increase during the second quarter of 2025.
Current wording
We reported net sales of $961.1 million for the quarter ended September 30, 2025, which represents a 6% increase compared to $909.3 million reported during the third quarter of 2024. The U.S. dollar weakened against most European currencies resulting in a positive 4% currency translation impact at the consolidated level. Current year acquisitions also positively impacted consolidated sales by 1%. Therefore, core sales, which excludes acquisitions and changes in foreign currency rates, increased by 1% in the third quarter of 2025 compared to the same period in 2024. Strong product volume growth in our Aptar Pharma and Aptar Closures segments more than compensated for lower tooling sales and the pass through of lower resin costs.
Previous wording
Reported net sales for the first six months of 2025 increased 2% to $1.85 billion compared to $1.83 billion for the first six months of 2024. Neither changes in foreign currency exchange rates nor acquisitions significantly impacted our consolidated results during the first six months of 2025. Therefore, core sales, which exclude acquisitions and changes in foreign currency rates, also increased 2% for the first six months of 2025 compared to the same period in 2024. Volume growth in our Aptar Pharma and Aptar Closures segments more than compensated for slightly lower results in our Aptar Beauty segment.
Current wording
Reported net sales for the first nine months of 2025 increased 3% to $2.81 billion compared to $2.73 billion for the first nine months of 2024. Foreign currency exchange rates and acquisitions each positively impacted our consolidated results by 1% during the first nine months of 2025. Therefore, core sales, which exclude acquisitions and changes in foreign currency rates, increased 1% for the first nine months of 2025 compared to the same period in 2024. As mentioned above, volume growth in our Aptar Pharma and Aptar Closures segments more than compensated for lower tooling sales and the pass through of lower resin costs.
Previous wording
For the first six months of 2025, COS as a percentage of net sales decreased to 62.1% compared to 63.0% in the same period in 2024. This decrease is mainly due to the improved mix of higher-margin Pharma product sales and royalties along with improved operational performance and savings from our cost management initiatives discussed above.
Current wording
For the first nine months of 2025, COS as a percentage of net sales decreased to 62.1% compared to 62.5% in the same period in 2024. This decrease is mainly due to the improved mix of higher-margin Pharma product sales and royalties along with favorable productivity driven by volume and savings from cost management initiatives.
Previous wording
Selling, research & development and administrative expenses (“SG&A”) increased by approximately $1.8 million to $151.1 million in the second quarter of 2025 compared to $149.3 million during the same period in 2024. Excluding changes in foreign currency rates, SG&A decreased by approximately $1.8 million in the quarter mainly as a result of our cost optimization efforts. Also, higher bad debt costs due to a reversal of a specific customer reserve in the 2024 period were more than compensated by lower costs to evaluate potential acquisition targets in the 2025 period. SG&A as a percentage of net sales decreased to 15.6% in the second quarter of 2025 compared to 16.4% in the same period in 2024.
Current wording
Selling, research & development and administrative expenses (“SG&A”) increased by approximately $7.2 million to $148.8 million in the third quarter of 2025 compared to $141.6 million during the same period in 2024. Excluding changes in foreign currency rates, SG&A increased by approximately $2.4 million in the quarter mainly due to higher legal fees in our Aptar Pharma segment. SG&A as a percentage of net sales decreased to 15.5% in the third quarter of 2025 compared to 15.6% in the same period in 2024.
Previous wording
Our SG&A expenses increased by approximately $4.3 million to $306.4 million in the first six months of 2025 compared to $302.1 million during the same period in 2024. Excluding changes in foreign currency rates, SG&A increased by approximately $4.0 million in the first six months of 2025 compared to the first six months of 2024. Bad debt and compensation cost increases more than offset the lower acquisition evaluation costs during 2025. SG&A as a percentage of net sales decreased slightly to 16.5% in the first six months of 2025 compared to 16.6% in the same period in 2024.
Current wording
Our SG&A expenses increased by approximately $11.5 million to $455.2 million in the first nine months of 2025 compared to $443.7 million during the same period in 2024. Excluding changes in foreign currency rates, SG&A increased by approximately $6.3 million in the first nine months of 2025 compared to the first nine months of 2024 mainly due to the higher legal expenses discussed above. We also incurred higher bad debt costs during the first nine months of 2025 due to a reversal of a specific customer reserve in the 2024 period. SG&A as a percentage of net sales remained consistent at 16.2% in the first nine months of 2025 and in the same period in 2024.
Previous wording
Reported depreciation and amortization expenses increased by approximately $4.9 million to $69.9 million in the second quarter of 2025 compared to $65.0 million during the same period in 2024. Excluding changes in foreign currency rates, depreciation and amortization increased by approximately $3.3 million in the second quarter of 2025 compared to the same period a year ago. This increase is due to higher capital investments made during the prior years to support our growth strategy. Depreciation and amortization as a percentage of net sales increased to 7.2% in the second quarter of 2025 compared to 7.1% in the same period of the prior year.
Current wording
Reported depreciation and amortization expenses increased by approximately $8.2 million to $75.2 million in the third quarter of 2025 compared to $67.0 million during the same period in 2024. Excluding changes in foreign currency rates, depreciation and amortization increased by approximately $5.8 million in the third quarter of 2025 compared to the same period a year ago. This increase is due to recent acquisitions and higher capital investments made to support our growth strategy. Depreciation and amortization as a percentage of net sales increased to 7.8% in the third quarter of 2025 compared to 7.4% in the same period of the prior year.
Previous wording
Depreciation and amortization expenses increased by approximately $6.2 million to $135.6 million in the first six months of 2025 compared to $129.3 million during the same period a year ago. Excluding changes in foreign currency rates, depreciation and amortization increased by approximately $6.3 million in the first six months of 2025 compared to the same period a year ago. As discussed above, this increase is due to higher capital investments made during the prior years to support our growth strategy. Depreciation and amortization as a percentage of net sales increased to 7.3% in the first six months of 2025 compared to 7.1% in the same period of the prior year.
Current wording
Depreciation and amortization expenses increased by approximately $14.5 million to $210.8 million in the first nine months of 2025 compared to $196.3 million during the same period a year ago. Excluding changes in foreign currency rates, depreciation and amortization increased by approximately $12.0 million in the first nine months of 2025 compared to the same period a year ago. As discussed above, this increase is due to recent acquisitions and higher capital investments made to support our growth strategy. Depreciation and amortization as a percentage of net sales increased to 7.5% in the first nine months of 2025 compared to 7.2% in the same period of the prior year.
Previous wording
For the three and six months ended June 30, 2025, we recognized $1.6 million and $3.6 million, respectively of restructuring costs related to our initiatives to better leverage our fixed cost base through growth and cost reduction measures. For the three and six months ended June 30, 2024, we recognized $2.3 million and $5.8 million of restructuring costs related to these initiatives, respectively. The cumulative expense incurred as of June 30, 2025 was $68.3 million.
Current wording
For the three and nine months ended September 30, 2025, we recognized $2.2 million and $5.8 million, respectively of restructuring costs related to initiatives to better leverage our fixed cost base through growth and cost reduction measures. For the three and nine months ended September 30, 2024, we recognized $3.9 million and $9.7 million of restructuring costs related to these initiatives, respectively. The cumulative expense incurred as of September 30, 2025 was $70.5 million.
Previous wording
Restructuring costs for the three and six months ended June 30, 2025 and 2024 were as follows:
Current wording
Restructuring costs for the three and nine months ended September 30, 2025 and 2024 were as follows:
Previous wording
Operating income increased approximately $18.4 million to $144.4 million in the second quarter of 2025 compared to $126.0 million in the same period a year ago. Excluding changes in foreign currency rates, operating income increased by approximately $14.1 million in the quarter compared to the same period a year ago mainly due to sales growth in our Aptar Pharma and Aptar Closures segments along with improved operational performance and cost management initiatives. Operating income as a percentage of net sales increased to 15.0% in the second quarter of 2025 compared to 13.8% in the prior year period.
Current wording
Operating income decreased approximately $1.4 million to $136.9 million in the third quarter of 2025 compared to $138.3 million in the same period a year ago. Excluding changes in foreign currency rates, operating income decreased by approximately $7.9 million in the quarter compared to the same period a year ago. Cost management efforts were more than offset by higher cost of sales, depreciation, amortization and legal expenses noted above. Operating income as a percentage of net sales decreased to 14.3% in the third quarter of 2025 compared to 15.2% in the prior year period.
Previous wording
For the first six months of 2025, operating income increased by approximately $19.7 million to $257.8 million compared to $238.1 million in the same period of the prior year. Excluding changes in foreign currency rates, operating income increased by approximately $19.3 million in the first six months of 2025 compared to the same period a year ago. This increase was driven by sales growth from our Aptar Pharma segment and effective cost management efforts. Operating income as a percentage of net sales increased to 13.9% in the first six months of 2025 compared to 13.0% for the same period in the prior year.
Current wording
For the first nine months of 2025, operating income increased by approximately $18.4 million to $394.8 million compared to $376.4 million in the same period of the prior year. Excluding changes in foreign currency rates, operating income increased by approximately $11.5 million in the first nine months of 2025 compared to the same period a year ago. This increase was driven by sales growth from our Aptar Pharma segment and effective cost management efforts which more than compensated for higher legal expenses. Operating income as a percentage of net sales increased to 14.0% in the first nine months of 2025 compared to 13.8% for the same period in the prior year.
Previous wording
Interest expense increased approximately $0.8 million to $10.9 million in the second quarter of 2025 compared to $10.1 million for the same period of the prior year. During 2024, we replaced more than $370 million of private placement debt having interest rates between 1.2% and 3.5% with term loan and revolving credit facility borrowings having current variable interest rates between 2.98% and 5.83%.
Current wording
Interest expense increased approximately $1.2 million to $13.5 million in the third quarter of 2025 compared to $12.3 million for the same period of the prior year. During 2024, we replaced more than $370 million of private placement debt having interest rates between 1.2% and 3.5% with term loan and revolving credit facility borrowings having current interest rates between 2.9% and 5.6%.
Previous wording
Interest expense increased $2.0 million to $22.2 million in the first six months of 2025 compared to $20.2 million during the same period in 2024. See Note 6 - Debt to the Condensed Consolidated Financial Statements for further details.
Current wording
Interest expense increased $3.2 million to $35.7 million in the first nine months of 2025 compared to $32.5 million during the same period in 2024 due to higher rates on current year borrowings as discussed above. See Note 6 - Debt to the Condensed Consolidated Financial Statements for further details on our current debt structure.
Previous wording
Net other income increased $5.4 million to $10.1 million of income for the six months ended June 30, 2025 from $4.7 million of income in the same period of the prior year. This increase is mainly due to approximately $4.5 million in higher equity results from affiliates.
Current wording
Net other income increased $31.0 million to $40.8 million of income for the nine months ended September 30, 2025 from $9.8 million of income in the same period of the prior year. As discussed above, we realized a $26.5 million remeasurement gain on an additional investment in BTY discussed above. We also realized approximately $6.3 million in higher equity results from affiliates which more than compensated for the $1.9 million gain on pension curtailment realized during 2024.
Previous wording
The effective tax rate for the three months ended June 30, 2025 and 2024 was 20.0% and 23.5% respectively. The effective tax rate for the three months ended June 30, 2025 reflects a deferred tax benefit of $8.3 million resulting from the release of a valuation allowance, and greater tax benefits from share-based compensation. The release of the valuation allowance reflects profitable results in locations that previously operated with tax losses. The effective tax rate for the six months ended June 30, 2025 and 2024 was 22.5% and 22.1%, respectively. The effective tax rate for the six months ended June 30, 2025 includes tax benefits from the valuation allowance release and from share-based compensation, offset by a one-time French surtax. The tax rate for 2024 reflects tax incentives in certain non-US jurisdictions from intellectual property development activities and a similar amount of tax benefits from share-based compensation.
Current wording
The effective tax rate for the three months ended September 30, 2025 and 2024 was 17.1% and 23.8% respectively. The lower effective tax rate for the three months ended September 30, 2025 reflects a benefit related to the gain resulting from remeasurement of equity investments to fair value upon Aptar becoming the majority shareholder in the invested companies (4.2%) and a deferred tax benefit resulting from the release of a valuation allowance (2.7%). The effective tax rate for the nine months ended September 30, 2025 and 2024 was 20.4% and 22.7%, respectively. The lower effective tax rate for the nine months ended September 30, 2025 reflects deferred tax benefits from the valuation allowance releases (3.1%) and a benefit related to the gain resulting from remeasurement of equity investments to fair value upon Aptar becoming the majority shareholder in the invested companies (1.6%). The tax rate for 2024 reflects tax incentives in certain non-U.S. jurisdictions from intellectual property development activities and greater excess tax benefits from share-based compensation than in 2025.
Previous wording
We reported net income attributable to AptarGroup, Inc. of $111.7 million and $190.5 million in the three and six months ended June 30, 2025, respectively, compared to $90.5 million and $173.6 million for the same periods in the prior year.
Current wording
We reported net income attributable to AptarGroup, Inc. of $127.9 million and $318.4 million in the three and nine months ended September 30, 2025, respectively, compared to $100.0 million and $273.6 million for the same periods in the prior year.
Previous wording
Net sales for the Aptar Pharma segment increased 7% in the second quarter of 2025 to $442.6 million compared to $414.5 million in the second quarter of 2024. Changes in currencies positively affected net sales by 4%. Therefore, core sales increased by 3% in the second quarter of 2025 compared to the second quarter of 2024. The majority of the sales growth is due to higher volumes in our prescription drug, injectables and active material science solutions divisions. Core sales of our products to the prescription drug market increased 8% on strong demand for our products used on emergency medicines and asthma, COPD applications along with $3.3 million in higher customer royalties. The 14% core sales decline in the consumer health care market was mainly driven by softer nasal decongestant, nasal saline and cough and cold volumes. Sales of our products and services to the injectables market increased 9% on strong GLP-1 component sales, while active material science solutions increased 11% mainly on strong active film sales growth. Digital Health currently does not represent a significant percentage of the total Pharma sales.
Current wording
Net sales for the Aptar Pharma segment increased 6% in the third quarter of 2025 to $445.4 million compared to $420.6 million in the third quarter of 2024. Changes in currencies positively affected net sales by 4%. Therefore, core sales increased by 2% in the third quarter of 2025 compared to the third quarter of 2024. The majority of the sales growth is due to higher volumes in our prescription drug, injectables and active material science solutions divisions. Core sales of our products to the prescription drug market increased 3% on strong demand for our products used on central nervous system and emergency medicines applications along with higher customer royalties. The 11% core sales decline in the consumer health care market was mainly driven by softer nasal decongestant and nasal saline volumes. Sales of our products and services to the injectables market increased 18% on strong demand for higher value elastomeric components, which are used in a number of end markets including biologics and GLP-1, while active material science solutions increased 3% mainly on strong diabetes product protection technologies growth. Digital Health currently does not represent a significant percentage of the total Pharma sales.
Previous wording
Net sales for the first six months of 2025 increased by approximately 4% to $852.1 million compared to $821.8 million in the first six months of 2024. Changes in currency rates negatively impacted net sales by 1% during the first six months of 2025. Therefore, core sales increased by 3% in the first six months of 2025 compared to the same period in the prior year. Strong volume growth and royalty increases more than compensated for lower tooling sales and pricing adjustments to secure longer-term contracts. Core sales of products included in our prescription drug division increased 9% on continued strong demand for our central nervous system and emergency medicine solutions along with higher revenues received from customer royalties. Core sales in the consumer health care market decreased 12% as higher demand for our eye care solutions was offset by lower sales of nasal decongestant, nasal saline and cough and cold products. Injectables core sales increased by 1% despite a challenging comparison to the first half of 2024 which experienced a 14% increase in revenues related to a catch-up period following an enterprise resource planning system implementation. Core sales of our active material science solutions increased 11% mainly on higher demand for our active film and diabetes protection technologies. Digital Health currently does not represent a significant percentage of the total Pharma sales.
Current wording
Net sales for the first nine months of 2025 increased by approximately 4% to $1.30 billion compared to $1.24 billion in the first nine months of 2024. Changes in currency rates positively impacted net sales by 2% during the first nine months of 2025. Therefore, core sales increased by 2% in the first nine months of 2025 compared to the same period in the prior year. Strong volume growth and royalty increases more than compensated for lower tooling sales and pricing adjustments to secure longer-term contracts. Core sales of products included in our prescription drug division increased 7% on strong demand for our emergency medicine and central nervous system solutions along with higher revenues received from customer royalties. Core sales in the consumer health care market decreased 11% as higher demand for our eye care solutions was offset by lower sales of nasal decongestant, nasal saline and cough and cold products. Injectables core sales increased by 6% despite a challenging comparison to the first half of 2024 which experienced a 14% increase in revenues related to a catch-up period following an enterprise resource planning system implementation. Core sales of our active material science solutions increased 8% mainly on higher demand for our active film and diabetes treatment technologies. Digital Health currently does not represent a significant percentage of the total Pharma sales.
Previous wording
Adjusted EBITDA in the second quarter of 2025 increased 11% to $156.8 million compared to $141.5 million in the same period of the prior year. This increase was mainly due to the profitability of strong prescription drug, injectables and active material science solutions sales growth along with the higher customer royalties and improved operational performance. As a result, our Adjusted EBITDA margin improved to 35.4% in the second quarter of 2025 from 34.1% in the second quarter of 2024.
Current wording
Adjusted EBITDA in the third quarter of 2025 increased 9% to $165.8 million compared to $151.6 million in the same period of the prior year. This increase was mainly due to strong prescription drug, injectables and active material science solutions sales growth along with the higher customer royalties. As a result, our Adjusted EBITDA margin improved to 37.2% in the third quarter of 2025 from 36.0% in the third quarter of 2024.
Previous wording
Adjusted EBITDA in the first six months of 2025 increased 9% to $299.3 million compared to $273.7 million in the same period of the prior year. This increase was mainly due to the strong core sales growth in prescription and active material solutions along with higher royalty income as discussed above. Overall, our Adjusted EBITDA margin improved to 35.1% in the first six months of 2025 compared to 33.3% in the first six months of 2024.
Current wording
Adjusted EBITDA in the first nine months of 2025 increased 9% to $465.1 million compared to $425.3 million in the same period of the prior year. This increase was also mainly due to the strong core sales growth in prescription drug, injectables and active material solutions along with higher royalty income discussed above. Overall, our Adjusted EBITDA margin improved to 35.8% in the first nine months of 2025 compared to 34.2% in the first nine months of 2024.
Previous wording
Reported net sales for the quarter ended June 30, 2025 increased 4% to $334.8 million compared to $321.5 million in the second quarter of the prior year. Changes in currency rates and acquisitions positively impacted net sales by 2% and 1%, respectively, in the second quarter of 2025. Therefore, core sales increased 1% in the second quarter of 2025 compared to the same quarter of the prior year, mainly on stronger tooling sales. Core sales to the beauty market decreased 4% as strong sales to our mass fragrance customers could not compensate for lower sales of skincare applications for the indie brand market as well as softer demand for our prestige fragrance dispensing technologies as customers plan around current tariff-related uncertainties. Personal care improved by 11% on strong sales of our hair care and body and skin care applications, while home care core sales were flat.
Current wording
Reported net sales for the quarter ended September 30, 2025 increased 8% to $327.8 million compared to $302.9 million in the third quarter of the prior year. Changes in currency rates and acquisitions each positively impacted net sales by 4% in the third quarter of 2025. Therefore, core sales remained flat in the third quarter of 2025 compared to the same quarter of the prior year as higher tooling revenues and tariff pass throughs were offset by slightly lower product sales. Core sales to the beauty market decreased 5% on lower sales of skincare applications for the indie brand market as well as softer demand for our prestige fragrance dispensing technologies. Personal care improved by 13% on strong sales of our hair care and body and skin care applications, while home care core sales decreased 18% on lower sales of our products to air care and automotive customers.
Previous wording
For the first six months of 2025, reported net sales of $640.6 million decreased 1% compared to $648.8 million reported in the first six months of the prior year. Changes in currency rates did not have a significant impact on the 2025 results. Therefore, core sales also decreased 1% in the first six months of 2025 compared to the same period in the prior year. Sales gains in North America, Latin America and Asia could not compensate for lower European and specialty skincare applications for the indie brand market. Core sales of our products to the beauty market decreased 7% during the first six months of 2025 due to softer European demand for our prestige fragrance technologies and facial skin care products. However, personal care core sales improved 10% over the prior year on higher sales of our hair care and body and skin care products. Also, core sales of our home care market products improved 7% on higher demand from our customers selling air care and surface cleaning products.
Current wording
For the first nine months of 2025, reported net sales of $968.3 million increased 2% compared to $951.7 million reported in the first nine months of the prior year. Changes in currency rates and acquisitions each positively impacted net sales by 1% in the first nine months of 2025. Therefore, core sales remained flat during the first nine months of 2025 compared to the same period in the prior year. Core sales of our products to the beauty market decreased 7% during the first nine months of 2025 due to softer demand for our prestige fragrance technologies and facial skin care products. However, personal care core sales improved 11% over the prior year on higher sales of our hair care and body and skin care products. Core sales of our home care market products declined 1% on lower demand from our customers selling air automotive products.
Previous wording
Operations that sell dispensing closures, sealing solutions and food service trays to the food, beverage, personal care, home care, beauty and healthcare markets form our Aptar Closures segment. Our food protection business and elastomeric flow-control technology business continue to report through the Aptar Closures segment.
Current wording
Operations that sell dispensing closures, sealing solutions and food service trays to the food, beverage, personal care, home care, beauty and other markets form our Aptar Closures segment. Our food protection business and elastomeric flow-control technology business continue to report through the Aptar Closures segment.
Previous wording
Reported sales for the quarter ended June 30, 2025 increased approximately 8% to $188.6 million compared to $174.0 million in the second quarter of the prior year. Changes in currency rates positively impacted net sales by 1%. Therefore, core sales for the second quarter of 2025 increased approximately 7% from the same quarter of the prior year. The majority of the increase during the current quarter is due to higher product sales in our food and beverage markets. Sales to the food market increased 13% on higher sales of our dispensing closures across a number of applications including sauces and condiments, food service, salad dressing and spreads, jellies and honey. The 7% increase in beverage market sales was mainly due to higher sales of our closures on functional drink products. Personal care sales declined 4% mainly due to lower tooling sales, while other sales increased 1% on higher sales of our laundry and dish care products.
Current wording
Reported sales for the quarter ended September 30, 2025 increased approximately 1% to $188.0 million compared to $185.8 million in the third quarter of the prior year. Changes in currency rates positively impacted net sales by 2%. Therefore, core sales for the third quarter of 2025 decreased approximately 1% from the same quarter of the prior year. During 2025, liquid coffee creamer product sales were reclassified from our food market to the beverage market to better align with how those products are currently managed. All prior period amounts have been revised to conform to the current year presentation. Higher product sales of 3% could not offset the decrease in tooling sales and the pass through of lower resin costs. Sales to the food market decreased 4% on lower tooling sales while product sales increased slightly across a number of applications. The 9% increase in beverage market sales was mainly due to higher sales of our closures on bottled water and functional drink products. Personal care sales declined 8% during the third quarter of 2025 mainly due to lower hair care sales, while other sales were flat.
Previous wording
Net sales for the first six months of 2025 increased approximately 2% to $360.7 million compared to $354.9 million in the first six months of 2024. Changes in currency rates negatively impacted net sales by 1%. Therefore, core sales increased approximately 3% in the first six months of 2025 compared to the same period in the prior year. During the first six months of 2025, liquid coffee creamer product sales were reclassified from our food market to the beverage market to better align with how those products are currently managed. All prior period amounts have been revised to conform to the current year presentation. While core product sales to our food and beverage markets each increased 7% and 4% respectively, both were negatively impacted by 2% lower tooling sales compared to the first six months of 2024. For the food market, we reported strong product sales of our closures for salad dressing, spread, jellies and honey, granulars and powders and Asian sauce products. Core sales to our beverage customers during the first six months of 2025 increased on improving functional drink application sales. Personal care core sales declined on lower tooling and sales of our hair care solutions while the other markets improved by 3% on stronger sales of our laundry and dish care products.
Current wording
Net sales for the first nine months of 2025 increased approximately 1% to $548.7 million compared to $540.7 million in the first nine months of 2024. Changes in currency rates did not impact net sales. Therefore, core sales increased approximately 1% in the first nine months of 2025 compared to the same period in the prior year. As mentioned above, during 2025, liquid coffee creamer product sales were reclassified from our food market to the beverage market and all prior period amounts have been revised to conform to the current year presentation. Product sales contributed a 5% improvement for the first nine months of 2025 but was partially offset by lower tooling sales and the pass through of lower resin costs. While core product sales to our food and beverage markets each increased 3% and 6% respectively, both were negatively impacted by 2% lower segment tooling sales compared to the first nine months of 2024. For the food market, we reported strong product sales of our closures for salad dressing, spread, jellies and honey, granules and powders and food protection products. Core sales to our beverage customers increased during the first nine months of 2025 on improving functional drink and bottled water application sales. Personal care core sales declined on lower tooling and sales of our hair care solutions while the other markets improved by 2% on stronger sales of our laundry and dish care products.
Previous wording
(2)Other includes beauty, home care and healthcare markets.
Current wording
(2)Other includes beauty, home care and other markets.
Previous wording
Adjusted EBITDA in the first six months of 2025 increased 9% to $59.1 million compared to $54.3 million reported in the same period of the prior year. Our profitability was positively impacted by the higher product sales discussed above along with our cost improvement initiatives which more than compensated for a lower tooling contribution. This led to our Adjusted EBITDA margin improving from 15.3% in the first six months of 2024 to 16.4% during the first six months of 2025.
Current wording
Adjusted EBITDA in the first nine months of 2025 increased 4% to $89.5 million compared to $86.3 million reported in the same period of the prior year. Our profitability was positively impacted by the higher product sales discussed above along with our cost improvement initiatives which more than compensated for a lower tooling contribution and lower productivity. This led to our Adjusted EBITDA margin improving from 16.0% in the first nine months of 2024 to 16.3% during the first nine months of 2025.
Previous wording
In addition to our three reporting segments, we assign certain costs to “Corporate & Other,” which is presented separately in Note 16 – Segment Information of the Notes to the Condensed Consolidated Financial Statements. For Corporate & Other, Adjusted EBITDA (which excludes net interest, taxes, depreciation, amortization, restructuring initiatives, acquisition-related costs, net unrealized investment gains and losses related to observable market price changes on equity securities and other special items) primarily includes certain professional fees, compensation and information system costs along with certain equity method investments which are not allocated directly to our reporting segments.
Current wording
In addition to our three reporting segments, we assign certain costs to “Corporate & Other” which is presented separately in Note 16 – Segment Information of the Notes to the Condensed Consolidated Financial Statements. For Corporate & Other, Adjusted EBITDA (which excludes net interest, taxes, depreciation, amortization, restructuring initiatives, acquisition-related costs, net unrealized investment gains and losses related to observable market price changes on equity securities, gains and losses from remeasurement of equity method investment and other special items) primarily includes certain professional fees, compensation and information system costs along with certain equity method investments which are not allocated directly to our reporting segments.
Previous wording
For the quarter ended June 30, 2025, Corporate & Other costs decreased to $17.4 million from $20.5 million in the second quarter of 2024. Improved performance of certain equity method investments along with lower costs to evaluate potential acquisition targets in 2025 lead to the current quarter improvement compared to the prior year period.
Current wording
For the quarter ended September 30, 2025, Corporate & Other costs decreased to $13.3 million from $15.4 million in the third quarter of 2024. Improved performance of certain equity method investments along with lower incentive compensation costs led to the current quarter improvement compared to the prior-year period.
Previous wording
For the first six months of 2025 Corporate & Other costs decreased to $40.9 million compared to $42.1 million reported in the same period of the prior year. This decrease is mainly due to the improved performance of our equity method investments and lower costs to evaluate acquisition targets mentioned above, which more than offset higher incentive compensation costs, including higher accrual rates for certain equity compensation programs.
Current wording
For the first nine months of 2025 Corporate & Other costs decreased to $54.1 million compared to $57.5 million reported in the same period of the prior year. This decrease is mainly due to the improved performance of our equity method investments and lower costs to evaluate acquisition targets, which more than offset higher incentive compensation costs, including higher accrual rates for certain equity compensation programs.
Previous wording
In our Management’s Discussion and Analysis, we exclude the impact of foreign currency translation when presenting net sales and other information, which we define as “constant currency.” Core sales, which excludes the impact of foreign currency translation is a non-U.S. GAAP financial measure. Core sales growth is calculated as current-period core sales less prior period core sales divided by prior period core sales multiplied by a hundred. As a worldwide business, it is important that we take into account the effects of foreign currency translation when we view our results and plan our strategies. Consequently, when our management looks at our financial results to measure the core performance of our business, we may exclude the impact of foreign currency translation by translating our prior period results at current-period foreign currency exchange rates. As a result, our management believes that these presentations are useful internally and may be useful to investors. We also exclude the impact of acquisitions when comparing results to prior periods. Changes in operating results excluding the impact of acquisitions are non-U.S. GAAP financial measures. We believe it is important to exclude the impact of acquisitions on period over period results in order to evaluate performance on a more comparable basis.
Current wording
In our Management’s Discussion and Analysis, we exclude the impact of foreign currency translation when presenting net sales and other information, which we define as “constant currency.” Core sales, which excludes the impact of foreign currency translation is a non-U.S. GAAP financial measure. Core sales growth is calculated as current-period core sales less prior period core sales divided by prior period core sales multiplied by a hundred. As a worldwide business, it is important that we take into account the effects of foreign currency translation when we view our results and plan our strategies. Consequently, when our management looks at our financial results to measure the core performance of our business, we may exclude the impact of foreign currency translation by translating our prior period results at current-period foreign currency exchange rates. As a result, management believes that these presentations are useful internally and may be useful to investors. We also exclude the impact of acquisitions when comparing results to prior periods. Changes in operating results excluding the impact of acquisitions are non-U.S. GAAP financial measures. We believe it is important to exclude the impact of acquisitions on period over period results in order to evaluate performance on a more comparable basis.
Previous wording
We present earnings before net interest and taxes (“EBIT”) and earnings before net interest, taxes, depreciation and amortization (“EBITDA”). We also present our adjusted earnings before net interest and taxes (“Adjusted EBIT”) and adjusted earnings before net interest, taxes, depreciation and amortization (“Adjusted EBITDA”), both of which exclude restructuring initiatives, acquisition-related costs, purchase accounting adjustments related to acquisitions and investments and net unrealized investment gains and losses related to observable market price changes on equity securities. Our Outlook is also provided on a non-U.S. GAAP basis because certain reconciling items are dependent on future events that either cannot be controlled, such as exchange rates and changes in the fair value of equity investments, or reliably predicted because they are not part of our routine activities, such as restructuring initiatives and acquisition-related costs.
Current wording
We present earnings before net interest and taxes (“EBIT”) and earnings before net interest, taxes, depreciation and amortization (“EBITDA”). We also present our adjusted earnings before net interest and taxes (“Adjusted EBIT”) and adjusted earnings before net interest, taxes, depreciation and amortization (“Adjusted EBITDA”), both of which exclude restructuring initiatives, acquisition-related costs, purchase accounting adjustments related to acquisitions and investments, gain or loss from remeasurement of equity method investment, net unrealized investment gains and losses related to observable market price changes on equity securities, and other special items. For the three and nine months ended September 30, 2025, "Other special items" include costs incurred related to non-ordinary-course litigation regarding matters under "Legal Proceedings" within Note 12 - Commitments and Contingencies as these costs do not reflect our core operating performance. Our Outlook is also provided on a non-U.S. GAAP basis because certain reconciling items are dependent on future events that either cannot be controlled, such as exchange rates and changes in the fair value of equity investments, or reliably predicted because they are not part of our routine activities, such as restructuring initiatives, acquisition-related costs and other special items.
Previous wording
During the six months ended June 30, 2025, the U.S. dollar was weaker compared to all currencies except Latin America currencies, Chinese yuan, Indian rupee and Indonesia rupiah. This resulted in an additive impact on our translated results during the second quarter of 2025 when compared to the second quarter of 2024.
Current wording
During the nine months ended September 30, 2025, the U.S. dollar was weaker compared to all European currencies and Thai baht. This resulted in an additive impact on our translated results during the third quarter of 2025 when compared to the third quarter of 2024.
Previous wording
Cash and equivalents and restricted cash decreased to $161.7 million at June 30, 2025 from $223.8 million at December 31, 2024. Total short and long-term interest-bearing debt increased from $1.03 billion at December 31, 2024 to $1.09 billion at June 30, 2025. The ratio of our Net Debt (interest-bearing debt less cash and cash equivalents) to Net Capital (stockholders’ equity plus Net Debt) increased to 25.2% at June 30, 2025 from 24.4% at December 31, 2024. See the reconciliation under “Non-U.S. GAAP Measures.”
Current wording
Cash and equivalents and restricted cash increased to $257.1 million at September 30, 2025 from $223.8 million at December 31, 2024. Total short and long-term interest-bearing debt increased from $1.03 billion at December 31, 2024 to $1.20 billion at September 30, 2025. The ratio of our Net Debt (interest-bearing debt less cash and cash equivalents) to Net Capital (stockholders’ equity plus Net Debt) increased to 25.1% at September 30, 2025 from 24.4% at December 31, 2024. See the reconciliation under “Non-U.S. GAAP Measures.”
Previous wording
In the first six months of 2025, our operations provided approximately $208.7 million in net cash flow compared to $235.9 million for the same period a year ago. In both periods, cash flow from operations was primarily derived from earnings before depreciation and amortization.
Current wording
In the first nine months of 2025, our operations provided approximately $386.3 million in net cash flow compared to $465.2 million for the same period a year ago. In both periods, cash flow from operations was primarily derived from earnings before depreciation and amortization.
Previous wording
We used $126.1 million in cash for investing activities during the first six months of 2025 compared to $145.0 million during the same period a year ago. Our investment in capital projects decreased $26.9 million during the first six months of 2025 compared to the first six months of 2024 as we completed larger projects that had higher spend in the prior year.
Current wording
We used $215.1 million in cash for investing activities during the first nine months of 2025 compared to $225.7 million during the same period a year ago. We spent $183.6 million during the first nine months of 2025 on capital expenditures. Additionally, we spent $28.2 million for acquisitions, net of cash acquired and $7.3 million for investment in equity securities during the first nine months of 2025.
Previous wording
We have a revolving credit facility (the “revolving credit facility”) with a syndicate of banks which provides us with unsecured financing of up to $600 million, which may be increased by up to $300 million subject to certain conditions. The revolving credit facility is available in the U.S. and to our wholly-owned UK subsidiary and can be drawn in various currencies including USD, EUR, GBP, and CHF. The revolving credit facility was set to mature in June 2026, but on July 2, 2024, we entered into a new amended and restated agreement (the “amended revolving credit facility”) that extended the maturity date to July 2029, subject to a maximum of two one-year extensions in certain circumstances. As of December 31, 2024, €170.0 million ($176.0 million) was utilized under the revolving credit facility in the U.S. and no balance was utilized by our wholly-owned UK subsidiary. As of June 30, 2025, we had utilized $111.5 million and €130 million ($153.1 million) under the amended revolving credit facility in the U.S. and no balance was utilized by our wholly-owned UK subsidiary.
Current wording
We have a revolving credit facility (the “revolving credit facility”) with a syndicate of banks which provides us with unsecured financing of up to $600 million, which may be increased by up to $300 million subject to certain conditions. The revolving credit facility is available in the U.S. and to our wholly-owned UK subsidiary and can be drawn in various currencies including USD, EUR, GBP, and CHF. The revolving credit facility was set to mature in June 2026, but on July 2, 2024, we entered into a new amended and restated agreement (the “amended revolving credit facility”) that extended the maturity date to July 2029, subject to a maximum of two one-year extensions in certain circumstances. As of December 31, 2024, €170.0 million ($176.0 million) was utilized under the revolving credit facility in the U.S. and no balance was utilized by our wholly-owned UK subsidiary. As of September 30, 2025, we had utilized $187.0 million and €130 million ($152.6 million) under the amended revolving credit facility in the U.S. and no balance was utilized by our wholly-owned UK subsidiary.
Previous wording
Based upon the above consolidated leverage ratio covenant, we would have the ability to borrow approximately an additional $1.9 billion before the 3.50 to 1.00 maximum ratio requirement would be exceeded.
Current wording
Based upon the above consolidated leverage ratio covenant, we would have the ability to borrow approximately an additional $1.8 billion before the 3.50 to 1.00 maximum ratio requirement would be exceeded.
Previous wording
On July 6, 2022, we entered into an agreement to swap approximately $200 million of our fixed USD debt to fixed EUR debt which would generate interest savings of approximately $0.5 million per quarter based upon exchange rates as of the transaction date.
Current wording
On July 6, 2022, we entered into an agreement to swap approximately $200 million of our fixed USD debt to fixed EUR debt.
Previous wording
On July 10, 2025, the Board of Directors declared a quarterly cash dividend of $0.45 per share payable on August 14, 2025 to stockholders of record as of July 24, 2025.
Current wording
On September 8, 2025, the Board of Directors declared a quarterly cash dividend of $0.48 per share payable on November 13, 2025 to stockholders of record as of October 23, 2025.
Showing the first 40 of 44 pairs. Open the source sections for the rest.
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
(1)Adjusted EBITDA is calculated as earnings before net interest, taxes, depreciation, amortization, restructuring initiatives, acquisition-related costs, net unrealized investment gains and losses related to observable market price changes on equity securities and other special items. Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by Reported Net Sales. See the reconciliation under “Non-U.S. GAAP Measures.”
Previous report — wording carried elsewhere
(1)Adjusted EBITDA is calculated as earnings before net interest, taxes, depreciation, amortization, restructuring initiatives, acquisition-related costs, net unrealized investment gains and losses related to observable market price changes on equity securities and other special items. Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by Reported Net Sales. See the reconciliation under “Non-U.S. GAAP Measures.”
Previous report — wording carried elsewhere
(1)Adjusted EBITDA is calculated as earnings before net interest, taxes, depreciation, amortization, restructuring initiatives, acquisition-related costs, net unrealized investment gains and losses related to observable market price changes on equity securities and other special items. Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by Reported Net Sales. See the reconciliation under “Non-U.S. GAAP Measures.”