Interprétation IA fondée sur des extraits vérifiés. Les déclarations de l’entreprise et les limites de couverture restent explicites.
Méthode quality-scores-2 : six catégories de même poids. Le score global exige une couverture complète. Les données manquantes ne valent pas zéro. Les évaluations qualitatives sont des interprétations sourcées, pas des probabilités. 5/6 · 22/10/2026
Moat—
Insufficient evidence for every rubric criterion; no category score is inferred.
structural advantage · — · Scale and technical capabilities exist, but entry-barrier assertions and productivity results do not establish a defensible advantage against the named competitors.
durability · — · The passages establish operating capabilities, but not durable relative economic rents. Individual patents are not material, and technical substitution remains possible.
customer dependency · — · Program expansions support customer demand, but do not demonstrate costly switching, exclusive dependence or embedded workflows that protect Avery Dennison from replacement.
erosion resilience · — · Productivity has supported earnings through cost pressures, but operating resilience does not establish protection against competitive erosion or technology substitution.
Pouvoir de fixation des prix56
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
realized pricing · 2/4 · Pricing actions supported 2023 sales, followed by deflation-related reductions through first-half 2026. Q2 Materials prices rose by low single digits. Adverse 2025 and favorable 2026 price/input-cost effects demonstrate mixed outcomes, without establishing sustained discretionary premiums.
retention · 2/4 · Indirect evidence shows continuing Materials volume demand and apparel program expansion, balanced against Solutions base-business contraction and weaker food/logistics demand. Stocking materially boosted Q2 growth. These are mixed repeat-demand signals, not measured retention or proven lock-in.
margin resilience · 3/4 · Repeated material re-engineering and productivity benefits supported earnings in 2024 and first-half 2026. Solutions maintained comparable first-half adjusted earnings despite employee-cost pressure. Q1 weakness and lower Q2 reported company and Materials margins temper the strong operating-resilience assessment; pricing alone did not produce it.
contractual freedom · 2/4 · Performance Polymers North America terms permit quote revisions before confirmation and shipment-date list pricing despite earlier quotes or confirmations. Signed bilateral contracts take precedence. This demonstrates meaningful discretion in a limited business, without establishing enterprise-wide freedom or actual customer acceptance of every increase.
Prévisibilité93
Five consecutive annual periods. Equal weights: nondeclining revenue frequency; revenue-growth volatility (5–40pp); positive FCF frequency; FCF-margin volatility (3–20pp). Stability indicator, not a growth forecast.
- Nondeclining revenue years (%)
- 75.00
- Revenue growth volatility (pp)
- 5.63
- Positive FCF years (%)
- 100.00
- FCF margin volatility (pp)
- 0.89
Solidité financière41
Equal-weight grades: debt/FCF (1–8x), net debt/earnings before interest and tax (0–5x), interest service (1–12x), current ratio (0.75–2x). Earnings use reported operating income, or reported pretax profit plus reported interest expense when operating income is unavailable. Interest service uses earnings/interest expense; if unavailable, it uses reported operating cash flow/cash interest paid, without relabeling cash paid as accrued expense. Nonpositive cash flow/earnings score 0 for their service component; reported zero interest with a positive numerator scores 100. Net cash scores 100 for net leverage. Missing disclosures remain unavailable. General nonfinancial-company rubric, not a credit rating; exceptional and nonoperating gains are not normalized out. IFRS finance-cost and cash-flow classifications retain their reported scope.
- debtFcfGrade
- 39.43
- netDebtEbitGrade
- 33.43
- interestCoverageGrade
- 62.11
- currentRatioGrade
- 30.15
- Debt / FCF (x)
- 5.24
- Net debt / operating income (x)
- 3.33
- Current ratio (x)
- 1.13
Allocation du capital94
Three-year equal-weight indicators: pretax return on average invested capital (0–25%; equity + debt − cash, each year and its prior year), share-count growth (0–5%, lower better), share-based cost/revenue (2–20%, lower better), consolidated FCF/net income (0–1x). Return uses reported operating income or, if unavailable, EBIT calculated from reported pretax profit plus reported interest expense; exceptional/nonoperating gains are not normalized out. Share-based cost uses the reported cash-flow add-back or, if absent, separately reported recognized compensation expense; the latter never becomes an FCF adjustment. Nonpositive net income scores 0 for cash conversion; absent income/FCF stays unavailable. Nonpositive invested capital has no defined return and remains unavailable. Does not establish acquisition quality or buyback timing.
- 3-year pre-tax operating return (%)
- 18.77
- 3-year average dilution (%)
- -1.45
- 3-year average SBC / revenue (%)
- 0.30
- cashConversionGrade
- 100.00
Qualité du management63
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 2/4 · Cash generation and lower 2023–2025 capital spending support discipline, but 2025 dividends, repurchases and acquisition/venture spending exceeded adjusted free cash flow, while debt increased and ROTC declined. First-half 2026 cash improvement depended substantially on working capital and lower incentive payments. Acquisition and repurchase value creation remain unestablished.
incentive alignment · 3/4 · Actual year-end 2025 ownership compliance, substantial long-term performance compensation, hedging restrictions and clawbacks support strong alignment. The Intelligent Labels award paid nothing after thresholds were missed. The 60% adjusted-EPS weighting in corporate annual incentives limits the assessment. No proposed compensation changes are assumed adopted or vested.
execution · 2/4 · Realized restructuring savings, customer program expansion and higher first-half 2026 net income demonstrate delivery. Results remain mixed: 2025 net income declined and the Intelligent Labels award missed its thresholds. Stocking inflated Q2 performance, and first-half restructuring charges approximately matched disclosed restructuring savings. Execution is assessed from operating outcomes.
governance · 3/4 · Existing annual elections, majority voting, a single voting class, proxy access and absence of a poison pill or supermajority requirements support strong governance. The board actually determined eight of ten directors independent. Board discretion over leadership structure and limited evidence of effectiveness under adverse events prevent an exceptional grade; the independent-chair proposal is not treated as adopted.
Preuves
As of December 31, 2025, we operated over 200 manufacturing and distribution facilities and had locations in more than 50 countries.
Business overview / manufacturing and distribution footprint · Dépôt 25/02/2026
We believe that entry of competitors into the field of pressure-sensitive adhesives and materials is limited by technical knowledge and capital requirements.
Materials competition / management assessment of entry barriers · Dépôt 25/02/2026
We believe that our technical expertise, size and scale of operations, broad line of quality products, reliable service, product and process innovation, distribution capabilities and brand strength are the primary advantages in maintaining and further developing our competitive position.
Materials competition / management assessment of competitive advantages · Dépôt 25/02/2026
Our larger competitors in label materials include UPM Adhesive Materials, a subsidiary of UPM Corporation; Fedrigoni Self-Adhesives; Lintec Corporation; Flexcon Corporation, Inc.; and an array of smaller regional and local companies.
Business / named label-materials competitors · Dépôt 25/02/2026
In the Solutions Group, our primary competitors include Checkpoint Systems, Inc., a subsidiary of CCL Industries Inc.; R-pac International Corporation; SML Group Limited; Arizon RFID Technology Cayman Co Ltd; and Tageos SAS, a subsidiary of Fedrigoni Group.
Business / named Solutions Group competitors · Dépôt 25/02/2026
These efforts provide intellectual property that leverages our research and development relating to materials science, such as adhesives, films, inks and release liners, and process engineering technology, such as coating, laminating and printing technologies in Materials Group.
Research and development / materials science and process intellectual property · Dépôt 25/02/2026
Patents, Trademarks and Licenses
The loss of individual patents or licenses would not be material to us taken as a whole, nor to our operating segments individually.
Patents, trademarks and licenses / individual patent materiality · Dépôt 25/02/2026
On April 25, 2024, we entered into a Settlement Agreement, License and Mutual Release with Adasa pursuant to which, among other things, (i) we agreed to pay $75.0 million to Adasa without any concessions or admissions of liability; (ii) Adasa agreed to grant us a worldwide, nonexclusive, nontransferable fully-paid up, and ongoing royalty-free perpetual license, without the right to sublicense, to the patents at issue in the litigation; and (iii) the parties mutually released all claims against one another.
Commitments and contingencies / RFID patent settlement and license · Dépôt 25/02/2026
Segment Adjusted Operating Income Segment adjusted operating income decreased in 2025 compared to 2024 primarily due the net impact of pricing and raw material input costs, as well as higher employee-related costs, partially offset by favorable volume/mix and benefits from productivity initiatives, including material re-engineering and savings from restructuring actions, net of transition costs.
Materials Group MD&A / 2025 pricing, input costs and productivity · Dépôt 25/02/2026
Segment adjusted operating income increased in 2024 compared to 2023 primarily due to higher volume and benefits from productivity initiatives, including material re-engineering and savings from restructuring actions, net of transition costs, partially offset by higher employee-related costs and the net impact of pricing and raw material input costs.
Materials Group MD&A / 2024 earnings drivers · Dépôt 25/02/2026
Segment Adjusted Operating Income Segment adjusted operating income increased in the first six months of 2026 compared to the same period last year primarily due to higher volume, favorable foreign currency translation, the net benefit of pricing and raw material costs, including material re-engineering, and benefits from productivity initiatives, including savings from restructuring actions, net of transition costs.
Materials Group MD&A / first-half 2026 earnings drivers · Dépôt 04/08/2026
In the first six months of 2026, net sales increased on an organic basis compared to the same period in the prior year primarily due to higher volume, partially offset by unfavorable mix and raw material deflation-related price reductions.
Materials Group MD&A / first-half volume, mix and price reductions · Dépôt 04/08/2026
●Sales were up 11.5% ex. currency.
●Sales up 9.7% on an organic basis
○Volume/mix growth of high single digits and price up low single digits
Q2 2026 results / Materials volume, mix and realized pricing · Dépôt 30/07/2026
EBITDA margin (non-GAAP) of 17.1%, up 50 bps ● Estimate that customer inventory stocking provided ~half our organic sales growth and ~$0.25 of EPS Strength & Durability of Franchise ● High-value categories (HVC) organic sales up mid-single digits ● Base categories organic sales up low double digits with strong growth in base labels ● Continuing to deliver strong productivity ● Leveraging playbook to mitigate inflationary pressures FY 2026 Outlook Expected Adj.
Q2 2026 presentation / estimated customer inventory stocking contribution · Dépôt 30/07/2026
8July 30, 2026 Preliminary & unaudited, Q2 2026 financial review and analysis Classification: Avery Dennison - Secret Enterprise-wide Intelligent Labels Apparel General Retail $0.9B 2025 Sales by Category Food & Logistics All Other Overall Results: ● Q2 sales up low single digits on organic basis; in line with our expectations ○ Apparel and general retail up approximately 10% on apparel program expansions and recovery in general retail ○ Food and logistics down double digits on soft logistics customer demand and lapping outsized share gains in 2025 Key End Segment Insights for 2026: ● Apparel and general retail: Expect growth in 2026 driven by apparel new program expansions and general retail recovery ● Food: Anticipate acceleration in Food category; assuming largest U.S.
Intelligent Labels / Q2 program expansions and category demand · Dépôt 30/07/2026
currency(1) 1 Organic sales change(1) 1 % (1)Totals may not sum due to rounding In the first six months of 2026, net sales increased on an organic basis compared to the same period in the prior year due to a low single digit rate increase in high-value categories, partially offset by a low single digit rate decrease in the base business.
Solutions Group MD&A / first-half high-value and base-business demand · Dépôt 04/08/2026
Segment Adjusted Operating Income Segment adjusted operating income in the first six months of 2026 was comparable to the same period last year primarily due to higher employee-related costs, which were offset by benefits from productivity initiatives, including savings from restructuring actions, net of transition costs, and the net benefit of pricing and raw material costs.
Solutions Group MD&A / first-half earnings resilience · Dépôt 04/08/2026
14July 30, 2026 Preliminary & unaudited, Q2 2026 financial review and analysis Classification: Avery Dennison - Secret Second quarter 2026 margin comparisons Reported Operating Margin Adjusted Operating Margin Adjusted EBITDA Margin 2Q26 2Q25 2Q26 2Q25 2Q26 2Q25 Materials Group 15.6% 16.1% 15.8% 15.6% 18.0% 17.8% Solutions Group 8.9% 8.9% 11.5% 10.0% 18.6% 17.1% Total Company 12.7% 12.9% 13.6% 12.9% 17.1% 16.6%
Q2 2026 presentation / reported and adjusted margin comparisons · Dépôt 30/07/2026
14April 28, 2026 Preliminary & unaudited, Q1 2026 financial review and analysis Classification: Avery Dennison - Secret First quarter 2026 margin comparisons Reported Operating Margin Adjusted Operating Margin Adjusted EBITDA Margin 1Q26 1Q25 1Q26 1Q25 1Q26 1Q25 Materials Group 14.9% 15.3% 15.4% 15.6% 17.8% 17.7% Solutions Group 7.5% 8.7% 9.0% 10.2% 16.4% 17.2% Total Company 11.8% 11.9% 12.6% 12.8% 16.4% 16.4%
Q1 2026 presentation / reported and adjusted margin comparisons · Dépôt 28/04/2026
Avery Dennison Corporation | 2026 Proxy Statement A-3 Table of Contents ADJUSTED FREE CASH FLOW AND ADJUSTED FREE CASH FLOW CONVERSION ($ in millions) 2023 2024 2025 Net cash provided by operating activities $ 826.0 $ 938.8 $ 881.4 Purchases of property, plant and equipment (265.3) (208.8) (169.0) Purchases of software and other deferred charges (19.8) (31.0) (31.4) Proceeds from company-owned life insurance policies 48.1 – – Purchases of Argentine Blue Chip Swap securities – (34.2) – Proceeds from sales of Argentine Blue Chip Swap securities – 24.0 – Proceeds from sales of property, plant and equipment 1.0 0.6 22.6 Proceeds from insurance and sales (purchases) of investments, net 1.9 10.1 3.5 Adjusted free cash flow (non-GAAP) $ 591.9 $ 699.5 $ 707.1 As reported net income $ 503.0 $ 704.9 $ 688.0 Adjusted free cash flow conversion (non-GAAP) 118% 99% 103% RETURN ON TOTAL CAPITAL (ROTC) ($ in millions) 2023 2024 2025 As reported net income $ 503.0 $ 704.9 $ 688.0 Interest expense, net of tax benefit 86.2 86.5 100.7 Intangible amortization, net of tax benefit 62.5 66.1 69.0 Effective tax rate 27.6% 26.1% 25.6% Net income, excluding interest expense and intangible amortization, net of tax benefit $ 651.7 $ 857.5 $ 857.7 Total debt $ 3,244.3 $ 3,152.2 $ 3,732.9 Shareholders’ equity $ 2,127.9 $ 2,312.3 $ 2,242.1 Total debt and shareholders’ equity $ 5,372.2 $ 5,464.5 $ 5,975.0 ROTC (non-GAAP) 12.4% 15.8% 15.0% ADJUSTED EARNINGS BEFORE INTEREST AND TAXES (EBIT) ($ in millions) 2023 2024 2025 As reported net income $ 503.0 $ 704.9 $ 688.0 Adjustments: Interest expense 119.0 117.0 135.4 Other non-operating expense (income), net (30.8) (26.7) (14.2) Provision for income taxes 191.7 248.6 237.1 Operating income before interest expense, other non-operating expense (income), and taxes $ 782.9 $ 1,043.8 $ 1,046.3 Reconciling items: Non-cash restructuring costs 8.3 6.0 3.0 Other items(1) 175.6 108.5 113.9 Adjusted earnings before interest expense, other non-operating expense (income), taxes, non-cash restructuring costs and other items (non-GAAP) $ 966.8 $ 1,158.3 $ 1,163.2 (1) Includes pretax impact of acquisitions completed after our 2023-2025 financial targets were set, intangible amortization, (gain)/loss on venture and other investments, net, (gain)/loss on sales of assets, outcomes of legal matters and settlements, net, transaction and related costs, and losses from Argentine peso remeasurement and Blue Chip Swap transactions.
Proxy Appendix A / cash flow, capital spending, debt and ROTC · Dépôt 12/03/2026
currency increased by 0.4% Reported EPS increased from $8.73 in 2024; adjusted EPS increased by 1.1% from $9.43 to $9.53, reflecting outsized sales growth in high-value categories, as well as mitigation of tariff-related impacts and softer consumer volumes We used adjusted free cash flow of $707.1 million to pay $288.4 million in dividends, make $572.3 million in payments for share repurchases, and expend $401.8 million for one acquisition and five venture investments Net income decreased by 2.4% from $704.9 million in 2024; ROTC was 15.0% TSR Performance Our TSR in 2025, while negative, was modestly higher than the TSR of the Dow Jones U.S.
2025 financial performance / capital deployment and net income · Dépôt 12/03/2026
FINANCIAL CONDITION Liquidity Operating Activities Six Months Ended (In millions) June 30, 2026 June 28, 2025 Net income $ 372.2 $ 355.3 Depreciation 106.4 100.3 Amortization 66.8 58.4 Provision for credit losses and sales returns 27.2 25.3 Stock-based compensation 12.2 14.7 Deferred taxes and other non-cash taxes (19.2) (12.0) Other non-cash expense and loss (income and gain), net 29.2 20.8 Changes in assets and liabilities and other adjustments (50.1) (370.3) Net cash provided by operating activities $ 544.7 $ 192.5 During the first six months of 2026, net cash provided by operating activities increased compared to the same period last year primarily due to changes in operational working capital and lower incentive compensation payments, partially offset by higher tax payments, net of refunds.
Liquidity / first-half 2026 operating cash flow and its drivers · Dépôt 04/08/2026
PAY FOR PERFORMANCE Compensation Primarily Performance-Based ✓ 89% of CEO’s target TDC and 71% of average target TDC of other NEOs for 2025 Strategic Targeting ✓ Target TDC (base salary + target AIP opportunity + target LTI opportunity) set to incent strong performance and value creation, giving consideration to pay at similar-size companies, role responsibilities, experience, performance, retention and succession Capped Annual Incentive Consistent with Annual Financial Goals ✓ 2025 AIP awards for NEOs based on target performance objectives consistent with annual financial goals, subject to limited upward and unlimited downward discretion based on Committee’s assessment of performance of CEO against predetermined strategic objectives and other NEOs’ individual contributions; awards capped at 200% of target Majority Long-Term Equity Incentive Compensation ✓ LTI awards for NEOs prioritize longer-term stockholder value creation, with PUs cliff-vesting in three years and MSUs vesting over one-, two-, three- and four-year performance periods Capped Payout for Relative TSR in PUs ✓ Payout for relative TSR component of PUs capped at 100% of target if our absolute TSR is negative 52 2026 Proxy Statement | Avery Dennison Corporation Table of Contents COMPENSATION BEST PRACTICES No Employment Contracts ✓ NEOs employed without contract unless required by laws or market practices of home country Rigorous Stock Ownership Policy ✓ CEO required to maintain ownership of 6x his base salary and owned 2x this requirement at YE 2025; Level 2 NEOs and Level 3 NEO complied with requirements to maintain ownership of 3x and 2x of base salary, respectively No Hedging or Pledging ✓ Insider trading policy prohibits officers from engaging in short sale, option, hedging and pledging transactions in our common stock and all NEOs complied during 2025 Limited Trading Windows ✓ NEOs may only transact in company stock during approved trading windows after satisfying preclearance requirements, including certifying continued compliance with our stock ownership policy Below Median Burn Rate ✓ Three-year average burn rate of 0.37% at YE 2025, between 25th and 50th percentiles of S&P 500 companies Compensation Clawback ✓ Clawback policy requires recoupment of certain incentive-based compensation to executive officers if we have an accounting restatement to correct material noncompliance with any financial reporting requirement No Excise Tax Gross Ups ✓ No gross-up payments for excise taxes for termination following change of control Double Trigger Equity Vesting ✓ Equity awards not accelerated upon change of control unless NEO terminated without cause or NEO terminates employment for good reason within 24 months of change of control Limited Perquisites ✓ Other than capped financial planning reimbursement only for CEO and Level 2 NEOs and payment for executive physicals, our U.S.
Compensation / actual ownership compliance, incentive structure and safeguards · Dépôt 12/03/2026
2025 CORPORATE AIP PERFORMANCE OBJECTIVES Objective Description Adjusted Sales Growth (20%) Focuses management on top-line growth, a key contributor to long-term value creation Adjusted EPS (60%) Primary driver of stockholder value creation and measure we use to provide guidance to our investors; focuses management on profitable growth and expense control Adjusted Free Cash Flow (20%) Cash available after investment in our business, which we can deploy for dividends, share repurchases, acquisitions and venture investments; focuses management on improving capital efficiency, including working capital The AIP performance objectives for our Business NEO were tied primarily to results for the Materials business based 20% on adjusted sales growth, 45% on adjusted EBITDA and 20% on adjusted free cash flow; the remaining 15% was tied to adjusted EPS.
2025 annual incentive / corporate and business performance weightings · Dépôt 12/03/2026
The threshold level of performance was not achieved for either of the performance objectives, resulting in no payout for these PUs.
Previously granted Intelligent Labels performance units / missed thresholds and no payout · Dépôt 12/03/2026
Stockholder Rights ✓ Market-standard proxy access ✓ Right to call special meetings of stockholders at 25% ownership threshold ✓ No supermajority voting requirements ✓ No poison pill ✓ No exclusive forum or fee-shifting bylaws Board Governance ✓ Annual election of directors ✓ Majority voting in director elections ✓ Single class of outstanding voting stock ✓ Directors 80% independent ✓ Robust Lead Independent Director role ✓ Regular director succession planning and paced Board refreshment ✓ Regular executive succession planning and leadership development ✓ Annual Board/Committee evaluations and biannual individual director feedback process ✓ Mandatory director retirement policy at age 75 with no exemptions or waivers allowed or granted ✓ Best practice Governance Guidelines ✓ Strong Board and Committee governance ✓ Direct access to management and experts Avery Dennison Corporation | 2026 Proxy Statement 9 Table of Contents OUR SUSTAINABILITY We believe that sustainability is a business imperative that drives profitable revenue growth and margin expansion while also reducing our environmental impact and ensuring we comply with evolving regulatory requirements.
Governance highlights / existing shareholder rights and board provisions · Dépôt 12/03/2026
Upon the recommendation of the Governance Committee, our Board affirmatively determined eight of our ten directors to be independent.
Director independence / actual board determination · Dépôt 12/03/2026
Our Governance Guidelines give our Board the discretion to separate or combine the roles of Chairman and CEO as it deems appropriate based on the needs of our company at any given time.
Board leadership / discretion over chairman and CEO structure · Dépôt 12/03/2026
1. APPLICABILITY. These Standard Terms and Conditions of Sale (“Sale Terms”) shall apply to all sales and contracts for sale of adhesive products or other chemical products (“Products”) by and between Avery Dennison Corporation, through its Performance Polymers Division – North America (“SELLER”), and any customer (“BUYER”).
Performance Polymers North America sales terms / applicability · Consulté 19/10/2026
SELLER has the right to revise any price previously quoted, without notice to BUYER at any time prior to SELLER’s confirmation of an order.
Performance Polymers North America sales terms / price revision before confirmation · Consulté 19/10/2026
Prices for the Products ordered shall be those contained in SELLER’s price list in effect on the date of shipment, notwithstanding any earlier quote or order confirmation.
Performance Polymers North America sales terms / shipment-date list prices · Consulté 19/10/2026
In the case of a conflict between the Agreement and a written contract signed by both parties, the following order of precedence shall be made: (1) a written contract manually signed by both parties; and (2) the Agreement.
Performance Polymers North America sales terms / signed-contract precedence · Consulté 19/10/2026
Cost Reduction Actions
In the first half of the year, the company realized approximately $34 million in pre-tax savings from restructuring actions and incurred approximately $34 million in pre-tax restructuring charges.
Cost reduction actions / first-half realized savings and restructuring charges · Dépôt 30/07/2026
Net Income Per Common Share Net income per common share was computed as follows: Three Months Ended Six Months Ended (In millions, except per share amounts) June 30, 2026 June 28, 2025 June 30, 2026 June 28, 2025 (A)Net income $ 204.1 $ 189.0 $ 372.2 $ 355.3 (B)Weighted average number of common shares outstanding 76.3 78.2 76.5 78.7 Dilutive shares (additional common shares issuable under stock-based awards) .1 .1 .2 .2 (C) Weighted average number of common shares outstanding, assuming dilution 76.4 78.3 76.7 78.9 Net income per common share: (A) ÷ (B) $ 2.67 $ 2.42 $ 4.87 $ 4.51 Net income per common share, assuming dilution: (A) ÷ (C) $ 2.67 $ 2.41 $ 4.85 $ 4.50 Certain stock-based compensation awards were excluded from the computation of net income per common share, assuming dilution, because they would not have had a dilutive effect.
Financial statements / first-half net income and share counts · Dépôt 04/08/2026
Changes in consumer preferences, laws and regulations related to the use of raw materials and extended producer responsibility rules focused on the end-of-life of products, particularly in Europe and certain states in the United States, present the risk of reduced demand for certain of our products if customers seek decoration technology alternatives to pressure-sensitive labeling, but also the opportunity for increased demand for our more sustainable products, a significant focus of our research and development and related innovation efforts.
Risk factors / alternative decoration technology and sustainability · Dépôt 25/02/2026
In 2023, net sales decreased on an organic basis compared to the prior year due to lower volume driven primarily by inventory destocking, partially offset by the impact of pricing actions.
Materials Group MD&A / 2023 destocking and pricing actions · Dépôt 26/02/2025
