Adjusted EBITDA increased 80% to $131.7 million, with a record adjusted EBITDA margin of 16.9%, up 280 basis points from last year.
Capital expenditures totaled $36.7 million for the quarter, with full-year guidance of $130 million to $140 million.
Debt to trailing 12 months EBITDA ratio was 3.17x, with a target to reduce leverage to approximately 2.5x by late fiscal 2026.
Net income was $44 million, with adjusted net income at $45.2 million or $0.81 per diluted share.
Operating cash flow was $83 million, more than doubling from $35 million a year ago, with a strong conversion rate of 80% to 85% of EBITDA to cash flow expected for FY 2025.
Q3 revenue was $779.3 million, up 51% year-over-year, driven 5% by organic growth and 46% by acquisitions.
Adjusted earnings per share were $0.89, up 7% as reported and 10% on a constant currency basis.
Adjusted EBITDA was $293 million, up 3% on a constant currency basis, with a margin of 22%, up 70 basis points year-over-year.
Food segment net sales were $896 million, flat year-over-year, with adjusted EBITDA of $210 million, up 3%, and margin at 23.4%.
Free cash flow for the first six months was $81 million, down from $207 million in the prior year period, driven by increased incentive compensation and tax payments.
Net leverage ratio stood at 3.6x, with a target to reduce to approximately 3.0x by end of 2026.
Net sales for Q2 2025 were $1.34 billion, down 1% on a constant currency basis.
Protective segment net sales were $439 million, down 3% reported and 4% constant currency, with adjusted EBITDA of $78 million, down 5%, and margin at 17.8%.
Volumes declined 2% overall, with Food volume weakness primarily due to softer industrial food processing volumes in North America.
Dafinchi