Year-Over-Year Volume Increase in Envelope Segment
Envelope volume was up year-over-year for the fourth consecutive quarter, particularly in the U.S. market.
Best Quarter in Two Years for Packaging Business
The packaging business achieved 10% revenue growth and an adjusted EBITDA margin of 15%, marking its best performance in two years.
Strong Financial Position
Net debt decreased by $5.8 million, with a net debt to adjusted EBITDA ratio of 0.9x, well below the comfort zone of 2x.
Solid Free Cash Flow Generation
Net cash flow from operating activities was $7 million, up from $5.1 million last year, with a free cash flow conversion rate of 0.87 and a yield of about 35%.
Expansion in E-commerce Fulfillment Solutions
There was solid demand for e-commerce fulfillment solutions, with several new wins in the U.S. market.