Investor Presentation
Q1-2023
Highlights
• Solid Q1 results
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39.8% revenue growth, reaching $88.4M, including a $12.0M contribution from
Royal Envelope and a $7.8M contribution from Paragraph
13th consecutive quarter of Y/Y improvement in Adjusted EBITDA (1), amounting
to $18.8M, or 21.3% of revenue, up from $12.2M, or 19.1% of revenue last year
Net earnings increased 50.7% to $9.5M, or $0.37 per share, versus $6.3M, or
$0.24 per share, last year
Packaging revenue increased 28.7% to $24.0M; Adj. EBITDA margin (1) of 16.1%,
vs. 22.5% last year
Envelope revenue up 44.4% to $64.5M; Adj. EBITDA margin (1) of 26.8%, up from
22.4% last year
Acquisitions of Paragraph on January 16, 2023 and Graf-Pak Inc. on May 8,
2023
(1) This is a non-IFRS financial measure or ratio. Non-IFRS financial measures do not have any standardized meaning prescribed by IFRS and therefore may not
be comparable to similar measures presented by other companies. Please refer to the Non-IFRS Financial Measures section at the end of this presentation
for further details.
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