Why Read?

• Understand recoveries for SSNs, SNs and TLs across scenarios and scenario probabilities – straight refinancing, equity injection, break-up and restructuring
• Understand feasibility of FY 26 EUR 400m EBITDA target from value creation plan (PHD and NA FP PET strategic growth programs, FP simplification and cost savings)

What’s New?

• Scenario and recovery modelling – straight refinancing, equity injection, break-up and restructuring
• Financial projections, valuation and sensitivities – base and bear cases

Questions Answered

• Can capacity expansion of 30 kt in PHD and of 15 kt in NA FP PET achieve the targeted EUR 40m and EUR 30m pa EBITDA upside? Is market demand sufficient to absorb this additional capacity?
• What is the possible path to EUR 400m EBITDA in FY 26?
• What IRRs are available to SVP on further equity injection to support refinancing and how big an equity injection might be needed?
• How supportive are M&A transaction multiples in recent years for Pharma and Food packaging companies?
• How might a hypothetical restructuring be executed – jurisdiction, processes, restructured packages and SSNs / SNs / TLs recoveries?
• What impact has declining sales volume had on KP’s EBITDA since FY 20? Has KP underperformed competitors through a more complete pass-through of cost inflation to higher customer prices or has volume reduction been strategic and aligned with migration to products with higher sales price – cost per tonne spreads and greater sustainability characteristics?
• What do competitor sales volume trajectories and outlooks suggest for KP’s sales volume prospectively?