Avery Dennison
Sector unknown·AVY · USA (SEC 10-K)·Fiscal year to 31/12/2025
Business Overview and Reportable Segments We are a global leader in materials science and digital identification solutions. We are Making PossibleTM products and solutions that help advance the industries we serve, providing branding and information solutions that optimize labor and supply chain efficiency, reduce waste and mitigate loss, advance sustainability, circularity and transparency, and better connect brands and consumers. We design and develop labeling and functional materials, radio-frequency identification ("RFID") inlays and tags, software applications that connect the physical and digital, and offerings that enhance branded packaging and carry or display information that improves the customer experience.
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
Circular economy and recycling
Regulation
DriverMixed impact: mixed
“A substantial amount of our label materials is sold for use in packaging in the food, beverage, and home and personal care market segments. In recent years, there has been an accelerated focus on sustainability and transparency in sustainability reporting, with greater concern regarding climate change and single-use plastics, corporate commitments and increasing stakeholder expectations regarding the reuse and recyclability of plastic packaging and recycled content, and increased regulation in multiple geographies regarding the collection, recycling and use of recycled content. 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.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Research, Development and Innovation As a global leader in materials science, we innovate to develop and introduce new products and solutions that help customers solve some of the most complex problems in the industries we serve. These include optimizing supply-chain and labor efficiency, reducing waste and mitigating loss, advancing sustainability, circularity and transparency, and helping brands and consumers to better connect.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Additionally, our research and development efforts include sustainable innovation and design of products that advance the circular economy, reduce materials and waste, use recycled content, and extend product end-of-life or enable product recycling.”
Annual report 2025A · The company itself
Chains in: EU climate and energy policy strengthens
Healthcare and hospitals
End markets
StrategyPositive impact: strengthens
“Growing the proportion of our portfolio in high-value categories that serve markets that are growing faster than gross domestic product, represent large pools of potential profit and leverage our core capabilities is an important part of our long-term growth strategy. High-value products and solutions include our specialty and durable label materials, graphics and reflective solutions, industrial and medical tapes, and trade and specialty adhesives; intelligent labels that use RFID tags and inlays; shelf-edge pricing, productivity and consumer engagement solutions; and external embellishments.”
Annual report 2025A · The company itself
Market
“Table of Contents Label materials are sold worldwide to converters for labeling, decorating and specialty applications in the food, home and personal care, beer and beverage, durables, pharmaceutical, wine and spirits and logistics market segments.”
Annual report 2025A · The company itself
Market
“These materials and converted products are used in non-mechanical fastening, bonding and sealing systems for various automotive, electronics, building and construction, general industrial, personal care, and medical applications.”
Annual report 2025A · The company itself
Chains in: Ageing population strengthens, GLP-1 and obesity treatment mixed effect
Labour and wages
Raw materials and inputs
DriverNegative impact: weakens
“Competition to recruit and retain critical talent was challenging in recent years. Our ongoing productivity efforts and restructuring actions can increase this challenge.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Risks Related to Our Business As a manufacturer, our sales and profitability depend upon the availability and cost of raw materials and energy, which may be subject to significant price fluctuations, and our ability to control or offset increases in raw material and labor costs.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“We engage in restructuring actions from time to time to reduce our costs and increase efficiencies. We expended approximately $47 million in 2025 compared to approximately $42 million related to restructuring actions in 2024.”
Annual report 2025A · The company itself
Agriculture and food production
End markets
Market
“Table of Contents Label materials are sold worldwide to converters for labeling, decorating and specialty applications in the food, home and personal care, beer and beverage, durables, pharmaceutical, wine and spirits and logistics market segments.”
Annual report 2025A · The company itself
Market
“Solutions Group Our Solutions Group is a leading provider of information and branding solutions that cover worldwide marketplace needs ranging from digital identification and data management to branding and embellishment, productivity, pricing and retail media. Our ultra-high-frequency RFID solutions empower customers across multiple retail and industry segments, including apparel, logistics, food and grocery, and general retail, to connect the physical and digital worlds by enabling a digital identity and life for physical items.”
Annual report 2025A · The company itself
Chains in: Grain and agricultural commodities mixed effect, Climate change and extreme weather weakens, Grocery retail and private label weakens
Automotive
End markets
Market
“Our tapes portfolio includes bonding and functional materials for applications in various industry sectors such as automotive, building and construction and electronics.”
Annual report 2025A · The company itself
Market
“Our graphics and reflective products include a variety of films and other products that are sold to the architectural, commercial sign, digital printing and related market segments. We also sell durable cast and reflective films to the construction, automotive and fleet transportation market segments and reflective films for traffic and safety applications.”
Annual report 2025A · The company itself
Construction
End markets
Market
“Our tapes portfolio includes bonding and functional materials for applications in various industry sectors such as automotive, building and construction and electronics.”
Annual report 2025A · The company itself
Market
“Our graphics and reflective products include a variety of films and other products that are sold to the architectural, commercial sign, digital printing and related market segments. We also sell durable cast and reflective films to the construction, automotive and fleet transportation market segments and reflective films for traffic and safety applications.”
Annual report 2025A · The company itself
Chains in: Interest rates weakens, Housing market strengthens, Public investment and infrastructure strengthens, Business cycle and GDP growth strengthens, Reconstruction of Ukraine strengthens
E-commerce
Technology
Market
“Solutions Group Our Solutions Group is a leading provider of information and branding solutions that cover worldwide marketplace needs ranging from digital identification and data management to branding and embellishment, productivity, pricing and retail media. Our ultra-high-frequency RFID solutions empower customers across multiple retail and industry segments, including apparel, logistics, food and grocery, and general retail, to connect the physical and digital worlds by enabling a digital identity and life for physical items.”
Annual report 2025A · The company itself
Market
“In our Solutions Group reportable segment, sales in our overall apparel categories declined in 2025 as a result of tariff-related uncertainty.”
Annual report 2025A · The company itself
Industrial manufacturing
End markets
StrategyPositive impact: strengthens
“Growing the proportion of our portfolio in high-value categories that serve markets that are growing faster than gross domestic product, represent large pools of potential profit and leverage our core capabilities is an important part of our long-term growth strategy. High-value products and solutions include our specialty and durable label materials, graphics and reflective solutions, industrial and medical tapes, and trade and specialty adhesives; intelligent labels that use RFID tags and inlays; shelf-edge pricing, productivity and consumer engagement solutions; and external embellishments.”
Annual report 2025A · The company itself
Market
“These materials and converted products are used in non-mechanical fastening, bonding and sealing systems for various automotive, electronics, building and construction, general industrial, personal care, and medical applications.”
Annual report 2025A · The company itself
Packaging
Raw materials and inputs
Market
“Materials Group Our Materials Group is a leading global provider to the pressure-sensitive label and graphics industries. Our innovative products include label materials, graphics and reflective materials and functional bonding materials, like tapes.”
Annual report 2025A · The company itself
Market
“These efforts include patent and product development work relating to printing and coating technologies, as well as adhesive, release and ink chemistries in our Materials Group reportable segment.”
Annual report 2025A · The company itself
Chains out: this weakens Beer and beverages
Semiconductors and electronic components
Raw materials and inputs
Market
“These efforts include patent and product development work relating to printing and coating technologies, as well as adhesive, release and ink chemistries in our Materials Group reportable segment.”
Annual report 2025A · The company itself
Market
“We focus on research projects related to RFID, external embellishments and digital solutions in our Solutions Group reportable segment.”
Annual report 2025A · The company itself
Chains in: Artificial intelligence strengthens
Automation and robotics
Technology
StrategyPositive impact: strengthens
“Research, Development and Innovation As a global leader in materials science, we innovate to develop and introduce new products and solutions that help customers solve some of the most complex problems in the industries we serve. These include optimizing supply-chain and labor efficiency, reducing waste and mitigating loss, advancing sustainability, circularity and transparency, and helping brands and consumers to better connect.”
Annual report 2025A · The company itself
Beer and beverages
End markets
Market
“Table of Contents Label materials are sold worldwide to converters for labeling, decorating and specialty applications in the food, home and personal care, beer and beverage, durables, pharmaceutical, wine and spirits and logistics market segments.”
Annual report 2025A · The company itself
Chains in: Grain and agricultural commodities strengthens, Consumer preference shifts mixed effect, Packaging weakens
Digitalisation
Technology
StrategyPositive impact: strengthens
“Research, Development and Innovation As a global leader in materials science, we innovate to develop and introduce new products and solutions that help customers solve some of the most complex problems in the industries we serve. These include optimizing supply-chain and labor efficiency, reducing waste and mitigating loss, advancing sustainability, circularity and transparency, and helping brands and consumers to better connect.”
Annual report 2025A · The company itself
Chains in: Cybersecurity (products and services) strengthens, Public investment and infrastructure strengthens
Chains out: this strengthens IT consulting and public-sector IT
Shipping and logistics
End markets
Market
“Solutions Group Our Solutions Group is a leading provider of information and branding solutions that cover worldwide marketplace needs ranging from digital identification and data management to branding and embellishment, productivity, pricing and retail media. Our ultra-high-frequency RFID solutions empower customers across multiple retail and industry segments, including apparel, logistics, food and grocery, and general retail, to connect the physical and digital worlds by enabling a digital identity and life for physical items.”
Annual report 2025A · The company itself
Chains in: Carbon tax and ETS prices weakens, Global trade volumes strengthens, Fuel strengthens
Geopolitical uncertainty
Macro
DriverNegative impact: weakens
“In addition, business and operational disruptions or delays caused by geopolitical, social or economic instability and unrest – such as recent civil, political and economic disturbances in Syria, Yemen, Iran, Turkey, North Korea, and Bangladesh and the related impact on global stability, the Russia-Ukraine war, the Israel-Hamas war, the U.S.'s engagement in Venezuela, terrorist attacks and the potential for other hostilities or natural disasters in various parts of the world – could have a material adverse effect on our business. Since the Russia-Ukraine war began in 2022, we have maintained our position of not shipping products to the Russian market. The impact of the continuing war, as well as any further retaliatory actions taken by Russia, the U.S., the European Union and other jurisdictions, is unknown and could have a material adverse effect on our business.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“The profitable growth of our business in emerging markets is an important part of our long-term growth strategy and our regional results have and can fluctuate significantly based on their economic conditions and other events that occur more frequently in these markets and can significantly and adversely impact our operations (such as power outages, civil unrest or other hostilities, and labor stoppages).”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“In addition, the recent and ongoing geopolitical unrest and weather-related effects of climate change in numerous regions could impact the safety and productivity of our employees.”
Annual report 2025A · The company itself
Chains out: this strengthens Defence budgets, strengthens Energy security, strengthens Tariffs and trade policy, weakens Global trade volumes, strengthens Sea freight and freight rates, weakens Reconstruction of Ukraine
Inflation
Macro
DriverNegative impact: weakens
“Macroeconomic developments such as impacts from slower growth in the geographic regions in which we operate; inflation resulting from, among other things, increased raw material, energy and freight costs; labor shortages; geopolitical, social, supply chain and other disruptions; epidemics, pandemics or other outbreaks of illness, disease or virus; and uncertainty in global credit or financial markets could result in a material adverse effect on our business as a result of, among other things, lower consumer spending, fluctuations in foreign currency exchange rates, reduced asset valuations, diminished liquidity and credit availability, volatility in securities prices, and credit rating downgrades.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Shortages and inflationary or other increases in the costs of raw materials, labor, freight and energy have occurred in the past, and could recur. In past years, we implemented targeted price increases in our Materials Group reportable segment to address raw material inflation; more recently, we implemented deflation-related price reductions as a result of lower raw material costs.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Although we have processes to administer credit granted to customers and believe our allowance for credit losses is adequate, we have in the past had to increase the allowance due to, among other things, epidemics, pandemics or other outbreaks of illness, supply chain challenges, regulatory restrictions and inflationary pressures, and in the future may experience losses as a result of our inability to collect some of our accounts receivable.”
Annual report 2025A · The company itself
Chains out: this weakens Consumer spending, strengthens Interest rates
Business cycle and GDP growth
Macro
DriverNegative impact: weakens
“Macroeconomic developments such as impacts from slower growth in the geographic regions in which we operate; inflation resulting from, among other things, increased raw material, energy and freight costs; labor shortages; geopolitical, social, supply chain and other disruptions; epidemics, pandemics or other outbreaks of illness, disease or virus; and uncertainty in global credit or financial markets could result in a material adverse effect on our business as a result of, among other things, lower consumer spending, fluctuations in foreign currency exchange rates, reduced asset valuations, diminished liquidity and credit availability, volatility in securities prices, and credit rating downgrades.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“The profitable growth of our business in emerging markets is an important part of our long-term growth strategy and our regional results have and can fluctuate significantly based on their economic conditions and other events that occur more frequently in these markets and can significantly and adversely impact our operations (such as power outages, civil unrest or other hostilities, and labor stoppages).”
Annual report 2025A · The company itself
Chains out: this strengthens Global trade volumes, strengthens Construction
Consumer spending
Macro
DriverNegative impact: weakens
“Macroeconomic developments such as impacts from slower growth in the geographic regions in which we operate; inflation resulting from, among other things, increased raw material, energy and freight costs; labor shortages; geopolitical, social, supply chain and other disruptions; epidemics, pandemics or other outbreaks of illness, disease or virus; and uncertainty in global credit or financial markets could result in a material adverse effect on our business as a result of, among other things, lower consumer spending, fluctuations in foreign currency exchange rates, reduced asset valuations, diminished liquidity and credit availability, volatility in securities prices, and credit rating downgrades.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Further consolidation may increase pressure from customers for us to lower our selling prices. While we have been generally successful at managing customer consolidations in the past, increased pricing pressures from our customers could have a material adverse effect on our business.”
Annual report 2025A · The company itself
Chains in: Inflation weakens
Chains out: this strengthens Retail, strengthens Hospitality and leisure, strengthens Premium consumers, strengthens Grocery retail and private label
Cyber attacks and IT security risk
Macro
DriverNegative impact: weakens
“Like all information technology systems, ours are susceptible to a number of risks including, but not limited to, damage or interruptions resulting from obsolescence, natural disasters, power failures, human error, viruses, social engineering, phishing, ransomware or other malicious attacks and cybersecurity events.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Our information technology and infrastructure are vulnerable to attacks by threat actors or system compromises due to employee error, malfeasance or other disruptions, and the threat landscape remains challenging with our digital business transformation, remote or hybrid employees, the increasing use of artificial intelligence (“AI”), and interconnected supply chains expanding the risk of attack. Threat actors are increasingly leveraging AI for cyberattacks, and our increasing use of AI carries risks related to data security, privacy events, and potential algorithmic bias.”
Annual report 2025A · The company itself
Chains out: this strengthens Cybersecurity (products and services)
Plastics and polymers
Raw materials and inputs
InputNegative impact: weakens
“Table of Contents Manufacturing and Environmental Matters We use various raw materials — primarily paper, plastic films and resins, as well as specialty chemicals purchased from various commercial and industrial sources — that can be subject to significant price fluctuations.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Risks Related to Our Business As a manufacturer, our sales and profitability depend upon the availability and cost of raw materials and energy, which may be subject to significant price fluctuations, and our ability to control or offset increases in raw material and labor costs. Raw material and freight cost increases have impacted our business. Raw materials represent a significant portion of our costs and a critical factor in our profitability.”
Annual report 2025A · The company itself
Chains in: Oil strengthens
Tariffs and trade policy
Macro
DriverNegative impact: weakens
“In 2025, the U.S. implemented a 10% global baseline tariff rate on nearly all imports, with higher rates on certain goods. Additionally, it applied significant tariffs on goods from Canada, Mexico, China and the European Union, each of which announced reciprocal tariffs.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Our business operations have been and may continue to be adversely affected by the current and future political environment in China, both relating to in-country changes in laws and regulations or the interpretation thereof, as well as a result of its response to tariffs by the U.S. government on goods imported from China, tariffs by China on U.S. goods, the increasing use of economic sanctions and export control restrictions, and tensions related to Hong Kong and Taiwan.”
Annual report 2025A · The company itself
Chains in: Geopolitical uncertainty strengthens
Chains out: this weakens Global trade volumes
Wood and timber
Raw materials and inputs
InputNegative impact: weakens
“Table of Contents Manufacturing and Environmental Matters We use various raw materials — primarily paper, plastic films and resins, as well as specialty chemicals purchased from various commercial and industrial sources — that can be subject to significant price fluctuations.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Risks Related to Our Business As a manufacturer, our sales and profitability depend upon the availability and cost of raw materials and energy, which may be subject to significant price fluctuations, and our ability to control or offset increases in raw material and labor costs. Raw material and freight cost increases have impacted our business. Raw materials represent a significant portion of our costs and a critical factor in our profitability.”
Annual report 2025A · The company itself
Currency exposure
Macro
DriverMixed impact: mixed
“Foreign currency exchange rates, and fluctuations in those rates, affect our business. The majority of our net sales in 2025 was denominated in foreign currencies.”
Annual report 2025A · The company itself
Packaging regulation and deposit schemes
Regulation
DriverMixed impact: mixed
“A substantial amount of our label materials is sold for use in packaging in the food, beverage, and home and personal care market segments. In recent years, there has been an accelerated focus on sustainability and transparency in sustainability reporting, with greater concern regarding climate change and single-use plastics, corporate commitments and increasing stakeholder expectations regarding the reuse and recyclability of plastic packaging and recycled content, and increased regulation in multiple geographies regarding the collection, recycling and use of recycled content. 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.”
Annual report 2025A · The company itself
Climate change and extreme weather
Macro
DriverNegative impact: weakens
“We may experience supply chain disruptions due to natural and other disasters or other events, or our existing relationships with suppliers could deteriorate or end in the future. While we undertake business continuity planning and take actions to mitigate these disruptions when they occur, such as sourcing from other regions or suppliers, any disruption in our supply chain could negatively impact our sales and profitability, and any sustained inability to obtain adequate supplies could have a material adverse effect on our business.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“There is continuing concern from members of the scientific community and the general public that GHG emissions and other human activities will continue causing significant changes in weather patterns and increase the frequency or severity of extreme weather events, including droughts, wildfires and flooding. These types of extreme weather events have and may continue to adversely impact us, our suppliers and our customers, including their ability to purchase our products and our ability to timely receive appropriate raw materials to manufacture and transport our products on a timely basis.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“In addition, the recent and ongoing geopolitical unrest and weather-related effects of climate change in numerous regions could impact the safety and productivity of our employees.”
Annual report 2025A · The company itself
Chains out: this weakens Agriculture and food production
EU climate and energy policy
Regulation
DriverMixed impact: mixed
“We are affected by changes in our markets due to increasing environmental regulations and sustainability trends. If we do not respond appropriately to these changes, it could negatively impact customer demand, our market share and pricing, any of which could materially adversely affect our business.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“The costs of complying with these laws is significant and increasing. We are subject to national, state, provincial and/or local environmental, health, and safety laws and regulations in the U.S. and other countries in which we operate, including those related to the disposal of hazardous waste and GHG emissions from our manufacturing processes.”
Annual report 2025A · The company itself
Chains out: this strengthens Circular economy and recycling, strengthens Energy efficiency
Other currencies
Macro
DriverNegative impact: weakens
“Table of Contents Fluctuations in foreign currency exchange rates, such as the unfavorable impacts associated with the Indian rupee and Brazilian real and favorable impacts associated with the euro in 2025, may result in a variety of negative effects, including lower net sales, increased costs, lower gross margins, increased allowance for credit losses and/or write-offs of accounts receivable, and required recognition of impairments of capitalized assets, including goodwill and other intangible assets.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Foreign currency translation increased our 2025 net sales by approximately $29 million compared to the prior year.”
Annual report 2025A · The company itself
Artificial intelligence
Technology
DriverNegative impact: weakens
“Our information technology and infrastructure are vulnerable to attacks by threat actors or system compromises due to employee error, malfeasance or other disruptions, and the threat landscape remains challenging with our digital business transformation, remote or hybrid employees, the increasing use of artificial intelligence (“AI”), and interconnected supply chains expanding the risk of attack. Threat actors are increasingly leveraging AI for cyberattacks, and our increasing use of AI carries risks related to data security, privacy events, and potential algorithmic bias.”
Annual report 2025A · The company itself
Chains out: this strengthens Data centres, strengthens Semiconductors and electronic components, strengthens Semiconductor industry
Chemicals and specialty chemicals
Raw materials and inputs
InputNegative impact: weakens
“Table of Contents Manufacturing and Environmental Matters We use various raw materials — primarily paper, plastic films and resins, as well as specialty chemicals purchased from various commercial and industrial sources — that can be subject to significant price fluctuations.”
Annual report 2025A · The company itself
China
Geography
DriverNegative impact: weakens
“Our business operations have been and may continue to be adversely affected by the current and future political environment in China, both relating to in-country changes in laws and regulations or the interpretation thereof, as well as a result of its response to tariffs by the U.S. government on goods imported from China, tariffs by China on U.S. goods, the increasing use of economic sanctions and export control restrictions, and tensions related to Hong Kong and Taiwan.”
Annual report 2025A · The company itself
ESG and sustainability reporting
Regulation
DriverNegative impact: weakens
“Data privacy legislation and regulation have been increasing in recent years – including, for example, the General Data Protection Regulation in the EU, the Personal Information Protection Law in China, the General Data Protection Law in Brazil and the state of California’s Privacy Rights Act – and although we have made reasonable efforts to comply with all applicable laws and regulations, there can be no assurance that we will not be subject to regulatory action in the event of a data privacy violation.”
Annual report 2025A · The company itself
Interest rates
Macro
DriverNegative impact: weakens
“At December 31, 2025, we had approximately $3.73 billion of debt.”
Annual report 2025A · The company itself
Chains in: Public debt and fiscal policy strengthens, Inflation strengthens
Chains out: this weakens Construction, weakens Real estate, weakens Wind power, weakens Housing market, weakens Office and commercial property, weakens Residential rental, weakens Residential construction
Labour regulation
Regulation
DriverNegative impact: weakens
“We have various non-U.S. collective labor arrangements, which make us subject to potential work stoppages, as well as union and works council campaigns and other labor disputes, any of which could adversely impact our business.”
Annual report 2025A · The company itself
M&A and consolidation
Macro
DriverNegative impact: weakens
“In recent years, some of the converter customers served by our Materials Group reportable segment have consolidated and integrated vertically and some of our largest customers have acquired companies with similar or complementary product lines. Industry consolidation could continue to increase the concentration of our business with our largest customers.”
Annual report 2025A · The company itself
Pandemics and outbreaks
Macro
DriverNegative impact: weakens
“Although we have processes to administer credit granted to customers and believe our allowance for credit losses is adequate, we have in the past had to increase the allowance due to, among other things, epidemics, pandemics or other outbreaks of illness, supply chain challenges, regulatory restrictions and inflationary pressures, and in the future may experience losses as a result of our inability to collect some of our accounts receivable.”
Annual report 2025A · The company itself
Chains out: this weakens Aviation and travel, strengthens Vaccines (travel health and preparedness)
Sea freight and freight rates
Raw materials and inputs
InputNegative impact: weakens
“Raw material and freight cost increases have impacted our business.”
Annual report 2025A · The company itself
Chains in: Geopolitical uncertainty strengthens
Asia and emerging markets
Geography
Geography
“Human Capital Resources Our Global Workforce With approximately 69% of our 2025 net sales originating outside the U.S. and approximately 40% of our net sales originating in emerging markets (Latin America, Eastern Europe, Middle East/Northern Africa, and most countries in Asia Pacific), our employees are located in more than 50 countries to best serve our customers.”
Annual report 2025A · The company itself
Geography
“Nearly 20,000 of our approximately 35,000 employees at year-end 2025, representing approximately 58% of our global workforce, were in Asia Pacific, serving our customers in that region.”
Annual report 2025A · The company itself
Geography
“Our strategy includes continuing to grow in emerging markets, which exposes us to less stable geopolitical conditions, civil unrest, economic volatility, and other risks applicable to operating in these regions. Approximately 40% of our net sales in 2025 originated in emerging markets.”
Annual report 2025A · The company itself
Geography
“In 2025, international operations constituted a substantial majority of our business, representing approximately 69% of our net sales.”
Annual report 2025A · The company itself
Geography
“Approximately 83% of our employees at year-end 2025 were located outside the U.S. and approximately 67% were located in emerging markets.”
Annual report 2025A · The company itself
Geography
“In 2025, we opened our first RFID inlay and label production site in India.”
Annual report 2025A · The company itself
Geography
“Additionally, in recent years, we expanded our Materials Group’s manufacturing capabilities in Brazil, France, India, China and Ohio; moved our Solutions Group’s Vietnam business into a new, expanded facility; and made additional investments in both capacity and business development globally for our Intelligent Labels platform.”
Annual report 2025A · The company itself
Latin America
Geography
Geography
“Human Capital Resources Our Global Workforce With approximately 69% of our 2025 net sales originating outside the U.S. and approximately 40% of our net sales originating in emerging markets (Latin America, Eastern Europe, Middle East/Northern Africa, and most countries in Asia Pacific), our employees are located in more than 50 countries to best serve our customers.”
Annual report 2025A · The company itself
Geography
“Our strategy includes continuing to grow in emerging markets, which exposes us to less stable geopolitical conditions, civil unrest, economic volatility, and other risks applicable to operating in these regions. Approximately 40% of our net sales in 2025 originated in emerging markets.”
Annual report 2025A · The company itself
Europe
Geography
Geography
“In 2025, international operations constituted a substantial majority of our business, representing approximately 69% of our net sales.”
Annual report 2025A · The company itself
United States
Geography
Geography
“In 2025, approximately 69% of our net sales originated outside the U.S.”
Annual report 2025A · The company itself
Chains in: USD vs DKK/EUR mixed effect
Competitors mentioned in the report
No named competitors in the report.
Financial figures
| Revenue latest fiscal year | 8.86 bn USD |
| Revenue growth vs. the year before, same method | 1.1 % |
| EBITDA reported by the company | N/A |
| Net debt debt incl. leasing minus cash | 3.22 bn USD |
| Diluted EPS per share | 8.79 USD |
Source: 10-K (SEC) A. See the report
Criteria
| Profit | ✓ |
| Growing | ✓ |
| Healthy balance sheet | N/A |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.
Figures are in the report's currency (USD), not converted to DKK. Quotes are shown as the company's own words in English.