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What changed in APTARGROUP, INC.'s 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of APTARGROUP, INC.'s 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+199 added−185 removedSource: 10-K (2026-02-06) vs 10-K (2025-02-07)

Top changes in APTARGROUP, INC.'s 2025 10-K

199 paragraphs added · 185 removed · 159 edited across 7 sections

Item 1. Business

Business — how the company describes what it does

83 edited+15 added−15 removed42 unchanged
Biggest changeIn order to augment capacity and to maximize internal capacity utilization (particularly for plastic injection molding), we use subcontractors to supply certain plastic and metal components. Certain suppliers of these components have unique technical abilities that make us dependent on them, particularly for aerosol valve and pump production.
Biggest changeCertain suppliers of these components have unique technical specifications that make us dependent on them, particularly for aerosol valve and pump production. The principal raw materials used in our production are plastic resins, silicone, rubber and certain metal products. We believe an adequate supply of such raw materials is available from existing and alternative sources.
Aptar Closures is also evolving its product offering to make it more sustainable for example through light weighting, use of post-consumer recycled (PCR) resin, thermoplastic elastomers (TPE) flow control or by adding features such as tethered closures and non-detachable tamper evident packaging for beverages.
Closures is also evolving its product offering to make it more sustainable for example through light weighting, use of post-consumer recycled (PCR) resin, thermoplastic elastomers (TPE) flow control or by adding features such as tethered closures and non-detachable tamper evident packaging for beverages.
We have teams dedicated to designing for sustainability by providing products that improve recyclability and use less material. Aptar has launched products and components in North America, Europe and Asia made with PCR resin and continues to explore additional opportunities for alternative resins and recyclable products.
We have teams dedicated to designing for sustainability by providing products that improve recyclability and use less material. Aptar has launched products and components in North America, Europe, Latin America and Asia made with PCR resin and continues to explore additional opportunities for alternative resins and recyclable products.
Typical spray pump product applications include hair care, body care and sun care products. Personal care continuous spray aerosol valve product applications include hair care products, deodorants, shaving creams and sun care products. Our research and development teams continue to design unique accessories that increase the value of our continuous spray aerosol valve offerings. Home Care.
Typical spray pump product applications include hair care, body care and sun care products. Personal care continuous spray aerosol valve product applications include hair care products, deodorants, shaving creams and sun care products. Our research and development teams continue to design unique accessories that increase the value of our continuous spray aerosol valve offerings.
Aptar also has developed and deployed an integrated talent management system that includes annual talent reviews, succession planning, and individual development planning. A focus on promotions from within provide career growth opportunities for our employees. Inclusion, Equity & Belonging.
Aptar also has developed and deployed an integrated talent management system that includes annual talent reviews, succession planning, and individual development planning. A focus on promotions from within provide career growth opportunities for our employees. Inclusion & Belonging.
Xiangwei Gong 55 Executive Vice President, Strategic Group Development Beyond the Current Segments and President, Aptar Asia Ms. Gong has been Executive Vice President, Strategic Group Development Beyond the Current Segments since January 2025 and President of Aptar Asia since October 2018. Prior to this, Ms. Gong held various leadership positions at Royal DSM for over 22 years.
Gong has been Executive Vice President, Strategic Group Development Beyond the Current Segments since January 2025 and President of Aptar Asia since October 2018. Prior to this, Ms. Gong held various leadership positions at Royal DSM for over 22 years.
She was President of DSM Hydrocolloids from 2014 to 2018, President Asia of DSM Food Specialties from 2011 to 2014, Vice President of Channel Marketing from 2008 to 2011 and Vice President of Personal Care in DSM North America from 2005 to 2008. Shiela Vinczeller 61 Chief Human Resources Officer Ms.
She was President of DSM Hydrocolloids from 2014 to 2018, President Asia of DSM Food Specialties from 2011 to 2014, Vice President of Channel Marketing from 2008 to 2011 and Vice President of Personal Care in DSM North America from 2005 to 2008. Shiela Vinczeller 62 Chief Human Resources Officer Ms.
There continues to be increased interest and awareness from consumers and our customers in products with environmentally sustainable features, especially through the sourcing of sustainable materials. We are focused on reducing our environmental impacts through product life cycle assessments, sustainable material trials, operational eco-efficiency initiatives and renewable energy sourcing.
There continues to be increased interest and awareness from consumers and our customers in products with environmentally sustainable features, especially through the sourcing of sustainable materials and design for recyclability. We are focused on reducing our environmental impacts through product life cycle assessments, sustainable material trials, operational eco-efficiency initiatives and renewable energy sourcing.
There were no arrangements or understandings between any of the executive officers and any other person(s) pursuant to which such officers were elected. 9/ATR 2024 Form 10-K Table of Contents
There were no arrangements or understandings between any of the executive officers and any other person(s) pursuant to which such officers were elected. 9/ATR 2025 Form 10-K Table of Contents
Kanu was CFO designate of the Company from October 2024 to December 2024, Chief Financial Officer of TELUS International, a technology services firm, from 2020 to 2024, and Chief Financial Officer of Mitel Networks Corporation from 2019 to 2020. Marc Prieur 59 President, Aptar Beauty Mr. Prieur has been President of Aptar Beauty since December 2019. Prior to this, Mr.
Kanu was CFO designate of the Company from October 2024 to December 2024, Chief Financial Officer of TELUS International, a technology services firm, from 2020 to 2024, and Chief Financial Officer of Mitel Networks Corporation from 2019 to 2020. Marc Prieur 60 President, Beauty Mr. Prieur has been President of Beauty since December 2019. Prior to this, Mr.
Active Material Science Solutions. Sales of active material science solutions products accounted for approximately 11% of the segment’s total net sales in 2024. Our three-phase Active-Polymer™ technology solution is used to protect oral solid dose drugs, medical devices, diabetes test strips, diagnostics, and probiotics vials as well as wearable continuous glucose monitors.
Sales of active material science solutions products accounted for approximately 10% of the segment’s total net sales in 2025. Our three-phase Active-Polymer™ technology solution is used to protect oral solid dose drugs, medical devices, diabetes test strips, diagnostics, and probiotics vials as well as wearable continuous glucose monitors.
We also have an increasing number of product solutions that address the increased use of flexible packaging formats. Food. Sales to the food market accounted for approximately 53% of the segment’s total net sales in 2024 and primarily include sales of dispensing closures including those utilizing elastomeric flow-control components, and absorbent and non-absorbent food service trays.
We also have an increasing number of product solutions that address the increased use of flexible packaging formats. Food. Sales to the food market accounted for approximately 49% of the segment’s total net sales in 2025 and primarily include sales of dispensing closures including those utilizing elastomeric flow-control components, and absorbent and non-absorbent food service trays.
We continue to see trends toward more child resistant and senior-friendly packaging solutions and have developed products to meet these market needs. Injectables. Sales to the injectables market accounted for approximately 17% of the segment’s total net sales in 2024. Injectables are elastomeric primary packaging components that assist with the administration of injected medicines.
We continue to see trends toward more child resistant and senior-friendly packaging solutions and have developed products to meet these market needs. Injectables. Sales to the injectables market accounted for approximately 19% of the segment’s total net sales in 2025. Injectables are elastomeric primary packaging components that assist with the administration of injected medicines.
Examples of beverage products currently utilizing dispensing closures include bottled water, sport and energy drinks, juices and concentrated water flavorings. Personal Care. Sales to the personal care market accounted for approximatel y 19% o f the segment’s total net sales in 2024 and primarily include sales of dispensing closures for standard and custom applications.
Examples of beverage products currently utilizing dispensing closures include bottled water, sport and energy drinks, juices and concentrated water flavorings. Personal Care. Sales to the personal care market accounted for approximatel y 17% o f the segment’s total net sales in 2025 and primarily include sales of dispensing closures for standard and custom applications.
Vanessa Kanu 47 Executive Vice President and Chief Financial Officer Ms. Kanu has been Executive Vice President and Chief Financial Officer since January 2025. Prior to this, Mrs.
Vanessa Kanu 48 Executive Vice President and Chief Financial Officer Ms. Kanu has been Executive Vice President and Chief Financial Officer since January 2025. Prior to this, Mrs.
Our Employee Resource Groups which have been evolving over the past years, provide an open and inclusive forum to facilitate exchange and growth for all employees. Aptar is a participant in the Catalyst CEO Champions for Change and the Gender and Diversity KPI Alliance. Aptar was named on the World's Top Female-Friendly Companies by Forbes for 2024, 2023 and 2022.
Our employee resource groups which have been evolving over the past years, provide an open and inclusive forum to facilitate exchange and growth for all employees. Aptar is a participant in the Catalyst CEO Champions for Change. Aptar was named on the World's Top Female-Friendly Companies by Forbes for 2025, 2024, 2023 and 2022.
Sales to the home care market accounted for approximately 4% of the segment’s total net sales in 2024 and primarily included sales of continuous or metered dose spray aerosol valves, and, to a lesser degree, spray and lotion pumps. Product applications for continuous spray valves include disinfectants, spray paints, insecticides and automotive products.
Sales to the home care market accounted for approximately 5% of the segment’s total net sales in 2025 and primarily included sales of continuous or metered dose spray aerosol valves, and, to a lesser degree, spray and lotion pumps. Product applications for continuous spray valves include disinfectants, spray paints, insecticides and automotive products.
Sales to these markets accounted for approximately 61% of the segment’s total net sales in 2024. The fragrance, facial skincare, and color cosmetics markets require a broad range of spray and lotion pumps and sampling dispensing systems to meet functional needs and aesthetic preferences of our customers.
Sales to these markets accounted for approximately 58% of the segment’s total net sales in 2025. The fragrance, facial skincare, and color cosmetics markets require a broad range of spray and lotion pumps and sampling dispensing systems to meet functional needs and aesthetic preferences of our customers.
Available as standalone or as a fully integrated offering in our existing range of drug delivery solutions, we have digital health solutions covering a wide range of therapeutic areas including, but not limited to, pulmonary, oncology, neurology, diabetes, immunology and rare disease.
Available as standalone or as a fully integrated offering in our existing range of drug delivery solutions, Aptar offers digital health solutions covering a wide range of therapeutic areas including, but not limited to, pulmonary, oncology, neurology, diabetes, immunology and rare disease.
Sales to the consumer health care market accounted for approximately 22% of the segment’s total net sales in 2024. Many product applications for this market are similar to the prescription market proprietary drug delivery systems; however, these product applications are sold over-the-counter without a prescription.
Sales to the consumer health care market accounted for approximately 20% of the segment’s total net sales in 2025. Many product applications for this market are similar to the prescription market proprietary drug delivery systems; however, these product applications are sold over-the-counter without a prescription.
Vinczeller has been Chief Human Resources Officer since November 2018. Prior to this, Ms. Vinczeller spent 12 years in Human Resources leadership roles at International Paper, one of the world’s leading producers of fiber-based packaging, pulp and paper. Kimberly Y. Chainey 49 Executive Vice President, Chief Legal Officer and Corporate Secretary Ms.
Vinczeller has been Chief Human Resources Officer since November 2018. Prior to this, Ms. Vinczeller spent 12 years in Human Resources leadership roles at International Paper, one of the world’s leading producers of fiber-based packaging, pulp and paper. Irene Hudson 49 Executive Vice President, Chief Legal Officer and Corporate Secretary Ms.
Our new product offerings include: Purity Lite, a mono-material, lightweight, fully-recyclable closure; SimpliCycle, an award winning recyclable valve; Rocket, a sports cap awarded Best in Cap at the 17th Global Water Drinks Congress in 2020, tethered and with no losable component; Future, a mono-material, fully-recyclable pump; APF Futurity, our highly recyclable nasal spray pump; and Mono Micro, our mono-material and fully recyclable airless dispenser.
Our new product offerings include: Purity Lite, a mono-material, lightweight, fully-recyclable closure; SimpliCycle, an award winning recyclable valve; Rocket, a sports cap awarded Best in Cap at the 17th Global Water Drinks Congress in 2020, tethered and with no losable component; Future, a mono-material, fully-recyclable pump; APF Futurity, our highly recyclable nasal spray pump; Mono Micro, our mono-material and fully recyclable airless dispenser; GSA Advance and PZ Advance full plastic recyclable pumps.
Conversely, a weakening U.S. dollar relative to foreign currencies has an additive translation effect. We manage our exposures to foreign exchange principally with forward exchange contracts to economically hedge recorded transactions and firm purchase and sales commitments denominated in foreign currencies. EMPLOYEE AND LABOR RELATIONS Human Capital.
A strengthening U.S. dollar has a dilutive effect on our financial statements. Conversely, a weakening U.S. dollar relative to foreign currencies has an additive translation effect. We manage our exposures to foreign exchange principally with forward exchange contracts to economically hedge recorded transactions and firm purchase and sales commitments denominated in foreign currencies. EMPLOYEE AND LABOR RELATIONS Human Capital.
The information provided on our website is not part of this report and is therefore not incorporated herein by reference. 8/ATR 2024 Form 10-K Table of Contents INFORMATION ABOUT OUR EXECUTIVE OFFICERS Our executive officers as of February 7, 2025 are as follows: Name Age Position with the Company Stephan Tanda 59 President and Chief Executive Officer Mr.
The information provided on our website is not part of this report and is therefore not incorporated herein by reference. 8/ATR 2025 Form 10-K Table of Contents INFORMATION ABOUT OUR EXECUTIVE OFFICERS Our executive officers as of February 6, 2026 are as follows: Name Age Position with the Company Stephan Tanda 60 President and Chief Executive Officer Mr.
Sales to the personal care market accounted for approximately 35% of the segment’s total net sales in 2024 and primarily included sales of lotion pumps, spray pumps and continuous spray aerosol valves. Personal care lotion pump product applications include hand sanitizers, hand soaps, bath and shower cleansers and skin moisturizers.
Sales to the personal care market accounted for approximately 37% of the segment’s total net sales in 2025 and primarily included sales of lotion pumps, spray pumps and continuous spray aerosol valves. Personal care lotion pump product applications include hand sanitizers, hand soaps, bath and shower cleansers, haircare and skin moisturizers.
We primarily sell dispensing closures. In recent years, sales of dispensing closures have grown as consumers worldwide have demonstrated a preference for a package utilizing the convenience of a dispensing closure.
In recent years, sales of dispensing closures have grown as consumers worldwide have demonstrated a preference for a package utilizing the convenience of a dispensing closure.
Europe is our largest region in terms of sales, where sales based on shipped to locations for the years ended December 31, 2024 and 2023 were approximately 49% and 52% of our consolidated sales, respectively. Asia and Latin America when aggregated represented approximately 19% and 18% of our consolidated sales for the years ended December 31, 2024 and 2023, respectively.
Europe is our largest region in terms of sales, where sales based on shipped to locations for the years ended December 31, 2025 and 2024 were approximately 49% and 49% of our consolidated sales, respectively. Asia and Latin America when aggregated represented approximately 20% and 19% of our consolidated sales for the years ended December 31, 2025 and 2024, respectively.
Prieur was President of Aptar Food + Beverage from September 2018 to November 2019, VP of Aptar Operational Excellence from June 2017 to August 2018, President EMEA Sales & Operations – Consumer Health Care from June 2013 to June 2017 and President of our Pharma business in Asia from June 2008 to June 2013.
Prieur was President of Aptar Food + Beverage from September 2018 to November 2019, VP of Aptar Operational Excellence from June 2017 to August 2018, President EMEA Sales & Operations – Consumer Health Care from June 2013 to June 2017 and President of our Pharma business in Asia from June 2008 to June 2013. Hedi Tlili 51 President, Closures Mr.
Sales to the beverage market accounted for approximately 21% of the segment’s total net sales in 2024 and primarily include sales of dispensing closures including those utilizing elastomeric flow-control components.
Sales to the beverage market accounted for approximately 26% of the segment’s total net sales in 2025 and primarily include sales of dispensing closures including those utilizing elastomeric flow-control components.
We are committed to operating our facilities to ensure a safe and healthy workplace for all our colleagues. Our Wellness Wall, internally accessed via our intranet, offers everyday health and well-being practices from around the world, many times contributed by our employees.
Employee safety and well-being is a primary focus of Aptar. We are committed to operating our facilities to ensure a safe and healthy workplace for all our colleagues. Our Wellness Wall, internally accessed via our intranet, offers everyday health and well-being practices from around the world, many times contributed by our employees.
Our recent capital investment commitments in this business have enabled us to bring to market a broader offering of higher value products including coated stoppers and plungers (PremiumCoat®) which better protect the contents of the primary packaging container and the integrity of biologic formulations. Pharmaceutical applications for this market include vaccines, anti-thrombotic, small molecules, GLP-1 and biologics.
Our recent capital investment has enabled us to bring to market a broader offering of higher value products including coated stoppers and plungers (PremiumCoat®) which better protect the contents of the primary packaging container and the integrity of biologic formulations. Pharmaceutical applications for this market include vaccines, anti-thrombotic, small molecules, GLP-1 and biologics. Active Material Science Solutions.
We are working with the suppliers of these alternative propellants and our customers to develop new solutions. Pharma regulatory agencies in the United States and EU have developed and introduced Combination Products specific guidelines for more complex drug delivery products, including dispensing systems.
We are working with the suppliers of these alternative propellants and our customers to develop new solutions. 7/ATR 2025 Form 10-K Table of Contents Pharma regulatory agencies in the United States and EU have developed and introduced Combination Products specific guidelines for more complex drug delivery products, including dispensing systems.
The digital health solutions we provide improve patients' treatment, experience and outcomes. We leverage connected devices, diagnostics and digital therapeutic tools that support patients in managing their disease as well as enable care teams to remotely monitor the health of the patients when needed.
We leverage connected devices, diagnostics and digital therapeutic tools that support patients in managing their disease as well as enable care teams to remotely monitor the health of patients when needed.
ITEM 1. BUSINESS WHO ARE WE AND WHAT DO WE DO Aptar is a global leader in the design and manufacturing of drug and consumer product dosing, dispensing and protection technologies. Aptar serves a number of attractive end markets including pharmaceutical, beauty, food, beverage, personal care, and home care.
ITEM 1. BUSINESS WHO ARE WE AND WHAT DO WE DO Aptar is a global leader in the design and manufacturing of drug and consumer product dosing, dispensing and protection technologies. Aptar serves diversified end markets including pharmaceutical, fragrance, facial skincare, color cosmetics, food, beverage, personal care and home care.
Available as standalone or as a fully integrated offering in our existing range of drug delivery solutions, we have digital health solutions covering a wide range of therapeutic areas including, but not limited to, pulmonary, oncology, diabetes, immunology and neurology.
Available as standalone or as a fully integrated offering in our existing range of drug delivery solutions, we have digital health solutions covering a wide range of therapeutic areas including, but not limited to, pulmonary, oncology, neurology, diabetes, immunology and rare disease. We continue to develop proprietary drug delivery systems and accessories in this division.
Leveraging our proprietary highly engineered active polymer technologies, we enable enhanced mitigation of impurities and degradation, product stability, shelf life, and performance from medical device and drug delivery, to food protection applications. Our digital health solutions aim to improve patients' treatment experience and outcomes.
Leveraging our proprietary polymer-based technologies, we enable enhanced mitigation of impurities and degradation, product stability, shelf life, and performance across medical device, drug delivery, and selected food protection applications. Our digital health solutions aim to support patients' treatment experience and outcomes.
The package maps out a series of actions planned over several years. Some actions have resulted in regulations aimed to reduce marine litter, increase plastic recycling rates, mandate minimum recycled content for plastic packaging, prohibit single-use plastic packaging and introduce new charges in relation to the end-of-life management of packaging.
Some actions have resulted in regulations aimed to reduce marine litter, increase plastic recycling rates, mandate minimum recycled content for plastic packaging, prohibit single-use plastic packaging and introduce new charges in relation to the end-of-life management of packaging.
Sales to the prescription drug market accounted for approximately 49% of the segment’s total net sales in 2024. Pumps sold to the prescription drug market deliver medications nasally, orally or topically. Currently the majority of our pumps sold are for nasal allergy treatments.
Sales to the prescription drug and digital health markets accounted for approximately 51% of the segment’s total net sales in 2025. Pumps sold to the prescription drug market deliver medications nasally, orally or topically. Currently the majority of our pumps sold are for nasal allergy treatments.
Packaging for certain products such as natural and organic cosmetics, dermo-cosmetic formulas and anti-aging lotions continue to provide us with growth opportunities. We are a leading provider of packaging solutions for prestige and mass market fragrance products and indie brands. Our cosmetic lotion pumps, airless dispensing systems, and decorative capabilities are also expected to provide growth opportunities. Personal Care.
Packaging for certain products such as natural and organic cosmetics, dermo-cosmetic formulas and anti-aging lotions continue to provide us with growth opportunities. We are a leading provider of packaging solutions for prestige and mass market fragrance products and indie brands. Together with these major product platforms, our custom capabilities are also expected to provide growth opportunities. Personal Care.
The Aptar Beauty segment sells a broad variety of pumps, airless systems and valves to the fragrance, color cosmetics, facial skincare, personal care and home care markets. We believe we are a leading supplier for the majority of the products we sell primarily to the beauty markets. 3/ATR 2024 Form 10-K Table of Contents Fragrance, facial skincare, color cosmetics.
The Beauty segment sells a broad variety of pumps, airless systems and valves to the fragrance, color cosmetics, facial skincare, personal care and home care markets. We believe we are a leading supplier for the majority of the products we sell primarily to the beauty markets. Fragrance, facial skincare, color cosmetics ("F&F").
Metered dose valves are used for air fresheners. Spray and lotion pump product applications primarily include household cleaners, insect repellent and industrial cleaners. APTAR CLOSURES SEGMENT Our Aptar Closures segment accounted for 20% and 17% of our Net Sales and Total Assets, respectively, for 2024 and accounted for 14% of our Adjusted EBITDA excluding non-allocated corporate costs in 2024.
Metered dose valves are used for air fresheners. Spray and lotion pump product applications primarily include household cleaners, insect repellent and industrial cleaners. CLOSURES SEGMENT Our Closures segment accounted for 19% and 15% of our Net Sales and Total Assets, respectively, for 2025 and accounted for 13% of our Adjusted EBITDA excluding non-allocated corporate costs. We primarily sell dispensing closures.
We believe we have adequate committed safety stock to mitigate any significant supply concerns. CUSTOMERS We have approximately 5,000 customers with no single customer or group of affiliated customers accounting for greater than 4% of 2024 Net Sales. INTERNATIONAL BUSINESS We are geographically diverse with manufacturing and sales operations in Asia, Europe, Latin America (including Mexico) and North America.
CUSTOMERS We have approximately 5,000 customers with no single customer or group of affiliated customers accounting for greater than 4% of 2025 Net Sales. INTERNATIONAL BUSINESS We are geographically diverse with manufacturing and sales operations in Asia, Europe, Latin America (including Mexico) and North America.
We leverage companion and regulated software solutions, connected devices and diagnostic tools that support patients to manage their disease, as well as enable care teams to remotely monitor the health of the patients when needed.
We leverage regulated and companion software solutions, connected devices and diagnostic tools that support patients in treatment adherence and disease management, as well as enable care teams to remotely monitor patients when needed.
APTAR BEAUTY SEGMENT Our Aptar Beauty segment is our second largest segment in terms of net sales and total assets, representing 34% and 31% of our Net Sales and Total Assets, respectively, for 2024 and accounted for 19% of our Adjusted EBITDA excluding non-allocated corporate costs in 2024.
BEAUTY SEGMENT Our Beauty segment is our second largest segment in terms of net sales and total assets, representing 35% and 32% of our Net Sales and Total Assets, respectively, for 2025 and accounted for 18% of our Adjusted EBITDA excluding non-allocated corporate costs.
This assurance process allows for data on consumption of electricity, fuel oil, natural gas and renewable energy purchases to be verified for accuracy and completeness by an external organization. Globally this process is certified to the ISO 14064 standard for energy and greenhouse gas emission reporting.
This assurance process allows for data on consumption of electricity, fuel oil, natural gas and renewable energy purchases to be verified for accuracy and completeness by an external organization.
The majority of our European and Latin American employees are covered by collective bargaining arrangements made at either the local or national level in their respective countries. The total labor force covered by a collective bargaining agreement represents approximately 55% of the total employee population.
The majority of our European and Latin American employees are covered by collective bargaining arrangements made at either the local or national level in their respective countries. The total labor force covered by a collective bargaining agreement represents approximately 56% of the total employee population. 5/ATR 2025 Form 10-K Table of Contents Employee Well-being & Safety.
OUR STRATEGY We seek to enhance our position as a leading global provider in drug and consumer dosing, dispensing and protection technologies to deliver increased value to our customers and stockholders through strategic focus and execution in the following areas: Focus on Organic Growth with an added focus in high growth regions: We are focused on profitable growth by leveraging capabilities, assets, capacity and by sharing technologies across segments.
OUR STRATEGY Aptar’s strategy is focused on strengthening its position as a global provider in drug and consumer dosing, dispensing and protection technologies while delivering long-term value to our customers and stockholders through strategic focus and execution in the following areas: Focus on Organic Growth with an added focus in high growth regions: Aptar seeks profitable organic growth by leveraging capabilities, assets, capacity and by sharing technologies across Segments.
While valuable to our overall product portfolio, sales of any one individually patented product are not considered material to any specific segment or to our consolidated results. TECHNOLOGY We have technical expertise regarding injection molding, robotics, clean-room facilities and high-speed assembly. We also have expertise regarding the formulation and finishing of elastomer and silicone components.
While valuable to our overall product portfolio, sales of any one individually patented product are not considered material to any specific segment or to our consolidated results. 4/ATR 2025 Form 10-K Table of Contents TECHNOLOGY We have technical expertise regarding injection molding, robotics, clean-room facilities and high-speed assembly.
This technology allows medication to be broken up into very fine particles, which enables the drug to be delivered typically via the pulmonary route. Currently the majority of our MDIs sold are used for medications for respiratory ailments such as asthma and chronic obstructive pulmonary disease (COPD). We continue to develop proprietary drug delivery systems and accessories in this division.
This technology allows medication to be broken up into very fine particles, which enables the drug to be delivered typically via the pulmonary route. Currently the majority of our MDIs sold are used for medications for respiratory ailments such as asthma and chronic obstructive pulmonary disease (COPD). The digital health solutions we provide improve patients' treatment, experience and outcomes.
These components are used in the injectables market and the products include stoppers for vials, antibiotic, lyophilization and diagnostic vials. Our elastomeric components also include pre-filled syringe components, such as plungers, needle shields, tip caps and components for cartridges. We specialize in active material science innovations for the healthcare and pharmaceutical industries.
These components are used primarily in injectable drug delivery applications and include stoppers for vials, elastomeric components, pre-filled syringe components, such as plungers, needle shields, tip caps and components for cartridges, as well as components for pharmaceutical and diagnostic use. We specialize in active material science innovations for the healthcare and pharmaceutical industries.
Hedi Tlili 50 President, Aptar Closures Mr. Tlili has been President of Aptar Closures since December 2019. Prior to this, Mr. Tlili was President of Aptar EMEA Beauty + Home from June 2018 to November 2019 and President of Aptar EMEA Food + Beverage from May 2016 to May 2018. Prior to joining Aptar, Mr.
Tlili has been President of Closures since December 2019. Prior to this, Mr. Tlili was President of Aptar EMEA Beauty + Home from June 2018 to November 2019 and President of Aptar EMEA Food + Beverage from May 2016 to May 2018. Prior to joining Aptar, Mr. Tlili held leadership positions at our packaging solutions peers Albéa and Sonoco.
Consumers’ and patients' preferences for convenience and product differentiation through drug delivery and packaging design and function are important to our customers and they have converted many of their packages from non-dispensing formats to dispensing systems that offer enhanced shelf appeal, ease of use, convenience, cleanliness and accuracy of dosage.
Consumers’ and patients' preferences for convenience and product differentiation through drug delivery and packaging design and function are important to our customers and have driven a continued shift from non-dispensing formats to dispensing systems that offer enhanced shelf appeal, ease of use, convenience, cleanliness and accuracy of dosage. We design our products with both people and the environment in mind.
For more information, visit www.aptar.com. Our business was started in the late 1940’s, manufacturing and selling aerosol valves in the United States, and has grown primarily through acquisitions and organic growth. In this report, we may refer to AptarGroup, Inc. and its subsidiaries as “AptarGroup,” “Aptar” or the “Company.”.
Our business was started in the late 1940’s, manufacturing and selling aerosol valves in the United States, and has grown through acquisitions and organic growth. In this report, we may refer to AptarGroup, Inc. and its subsidiaries as “AptarGroup,” “Aptar” or the “Company.” We have manufacturing facilities located throughout the world including North America, Europe, Asia and Latin America.
Although Europe represents the largest region for us in terms of sales, our beauty and pharmaceutical customers often export their finished products using our technology around the world for consumption.
Although Europe represents the largest region for us in terms of sales, our beauty and pharmaceutical customers often export their finished products using our technology around the world for consumption. We are a net exporter of goods from Europe and a net importer of goods to the North American, Asian and Latin American regions.
As of December 31, 2024, Aptar had approximately 13,500 full-time employees. Of the full-time employees, approximately 8,500 were located in Europe, 2,600 were located in Asia and Latin America and the remaining 2,400 were located in North America.
As of December 31, 2025, Aptar had approximately 14,000 full-time employees. Of the full-time employees, approximately 8,640 were located in EMEA, 2,930 were located in Asia and Latin America and the remaining 2,430 were located in North America.
Tlili held leadership positions at our packaging solutions peers Albéa and Sonoco. He was a Cluster Deputy Manager in Albéa Group from September 2014 to March 2016, Country General Manager in Sonoco from April 2013 to June 2014 and European Sales and Marketing Director from September 2011 to March 2013 in Sonoco. Gael Touya 55 President, Aptar Pharma Mr.
He was a Cluster Deputy Manager in Albéa Group from September 2014 to March 2016, Country General Manager in Sonoco from April 2013 to June 2014 and European Sales and Marketing Director from September 2011 to March 2013 in Sonoco. Gael Touya 56 President, Pharma Mr. Touya has been President of Pharma since September 2018. Prior to this, Mr.
We seek to maximize our return on investments while focusing on the top and bottom lines. Focus on Talent and Leadership: Execution of our strategy requires a talented, motivated, diverse, global team. We have continued to focus on talent acquisition and development strategies designed to ensure our teams have the right skills to execute our strategy.
Aptar aims to maximize return on investments while focusing on the top and bottom lines. Focus on Talent and Leadership: The execution of the Company’s strategy depends on a talented, motivated, diverse, global team. Aptar continues to invest in talent acquisition and development strategies designed to ensure the organization has the skills required to execute its strategy.
We source certain materials, especially some resins and rubber components for our pharmaceutical segment, from a single source. Significant delays in receiving these components or discontinuance of an approved raw material would require us to seek alternative sources, which could result in higher costs as well as impact our ability to supply products in the short-term.
Significant delays in receiving these components or discontinuance of an approved raw material would require us to seek alternative sources, which could result in higher costs as well as impact our ability to supply products in the short-term. We believe we have adequate committed safety stock to mitigate any significant supply concerns.
Our primary foreign exchange exposure is to the euro, but we have foreign exchange exposure to the Chinese yuan, Brazilian real, Argentine peso, Mexican peso, Swiss franc and other Asian, European and Latin American currencies. A strengthening U.S. dollar has a dilutive effect on our financial statements.
FOREIGN CURRENCY Because of our international presence, movements in exchange rates have an impact on the translation of the financial statements of our foreign subsidiaries. Our primary foreign exchange exposure is to the euro, but we have foreign exchange exposure to the Chinese yuan, Brazilian real, Argentine peso, Mexican peso, Swiss franc and other Asian, European and Latin American currencies.
We have manufacturing facilities located throughout the world including North America, Europe, Asia and Latin America. We have approximately 5,000 customers with no single customer or group of affiliated customers accounting for greater than 4% of our 2024 Net Sales.
We have approximately 5,000 customers with no single customer or group of affiliated customers accounting for greater than 4% of our 2025 Net Sales.
We believe our competitive advantages include our consistent high levels of innovation, quality, regulatory, customer pharma services, geographic diversity, financial strength and reliability and breadth of products and services. Our manufacturing strength lies in the ability to mold complex plastic components and formulate and finish elastomer and silicone components in a cost-effective manner and to assemble products at high speeds.
Our manufacturing strength lies in the ability to mold complex plastic components and formulate and finish elastomer and silicone components in a cost-effective manner and to assemble products at high speeds.
Compared to our 2019 baseline, Aptar has made progress cutting emissions, and continues efforts to mitigate climate risks and further the low-carbon economy, as reported by the Company through global environmental non-profit CDP's 2024 Corporate Questionnaire.
Globally this process is certified to the ISO 14064-1 standard for energy and greenhouse gas emission reporting. 6/ATR 2025 Form 10-K Table of Contents Compared to our 2019 baseline, Aptar has made progress cutting emissions, and continues efforts to mitigate climate risks and further the low-carbon economy, as reported by the Company through global environmental non-profit CDP's 2025 Corporate Questionnaire.
Sales of pumps to deliver prescription allergy medicine that is now available over-the-counter remains part of our prescription drug division. Our nasal pumps and unidose and biodose devices are also used to deliver liquid and powder pain management, emergency medicines and central nervous system therapies. MDIs are used for dispensing precise amounts of aerosolized medication.
Our nasal pumps and unidose and biodose devices are also used to deliver liquid and powder pain management, emergency medicines and central nervous system therapies. 2/ATR 2025 Form 10-K Table of Contents MDIs are used for dispensing precise amounts of aerosolized medication.
In May 2024, Aptar was named one of America's Climate Leaders 2024 by USA Today. In June 2024, Aptar was named one of TIME Magazine's World's Most Sustainable Companies 2024. In December 2024, Aptar was named one of America's Most Responsible Companies 2025 by Newsweek, marking our sixth year appearing on the list.
In June 2025, Aptar was named one of TIME Magazine's World's Most Sustainable Companies 2025. In December 2025, Aptar was named one of America's Most Responsible Companies 2026 by Newsweek, marking our seventh year appearing on the list. Additionally, Aptar has held a Platinum Sustainability Rating with EcoVadis since 2021.
Sales to the beauty, home care and healthcare markets accounted for approximately 7% o f the segment’s total net sales in 2024 and primarily include sales of dispensing closures for dish care, and other products to provide convenience, function, and style. 4/ATR 2024 Form 10-K Table of Contents GENERAL BUSINESS INFORMATION RESEARCH AND DEVELOPMENT Our commitment to innovation, one of our competitive strengths, has resulted in an emphasis on research and development directed toward developing affordable, new, sustainable and innovative packaging, drug delivery solutions and connected devices and adapting existing products for new markets or customer requirements.
GENERAL BUSINESS INFORMATION RESEARCH AND DEVELOPMENT Our commitment to innovation, one of our competitive strengths, has resulted in an emphasis on research and development directed toward developing affordable, new, sustainable and innovative packaging, drug delivery solutions and connected devices and adapting existing products for new markets or customer requirements.
Touya has been President of Aptar Pharma since September 2018. Prior to this, Mr. Touya was President of Aptar Food + Beverage from 2016 to August 2018, President of Aptar Food + Beverage Europe from 2012 to 2015 and Business Development Vice President Skin Care and Color Cosmetics from 2010 to 2011.
Touya was President of Aptar Food + Beverage from 2016 to August 2018, President of Aptar Food + Beverage Europe from 2012 to 2015 and Business Development Vice President Skin Care and Color Cosmetics from 2010 to 2011. Xiangwei Gong 56 Executive Vice President, Strategic Group Development Beyond the Current Segments and President, Aptar Asia Ms.
When molding dispensing closures, or plastic components to be used in pump or aerosol valve products, we use advanced plastic injection molding technology, including large cavitation plastic injection molds, bi-injection molding and in-mold assembly. We are able to mold within tolerances as small as one one-thousandth of an inch and we assemble products in a high-speed, cost-effective manner.
Pumps and aerosol valves require the assembly of several different plastic, metal and rubber components using high-speed equipment. When molding dispensing closures, or plastic components to be used in pump or aerosol valve products, we use advanced plastic injection molding technology, including large cavitation plastic injection molds, bi-injection molding and in-mold assembly.
Competitors include privately and publicly held entities that range from regional to international companies. We expect the market for our products to remain competitive, as our competitors continue to grow both organically and through consolidation and/or changing of ownership in the current economic climate.
We expect the market for our products to remain competitive, as our competitors continue to grow both organically and through consolidation and/or changing of ownership in the current economic climate. We believe our competitive advantages include our consistent high levels of innovation, quality, regulatory, pharma services, geographic diversity, financial strength and reliability and breadth of products and services.
In February 2024, Aptar was named one of Barron’s 100 Most Sustainable Companies for 2022, marking the fifth consecutive year Aptar was included on the Barron’s list. In March 2024, Aptar was named to CDP's Supplier Engagement Leaderboard, for the fourth consecutive year, in recognition of our efforts to measure and reduce climate risk within our supply chain.
In July 2025, Aptar was named to CDP’s Supplier Engagement Assessment (SEA) A-list for the 2024 disclosure cycle, for the fifth consecutive year, in recognition of our efforts to measure and reduce climate risk within our supply chain. In April 2025, Aptar was named one of America's Climate Leaders 2024 by USA Today.
The principal raw materials used in our production are plastic resins, silicone, rubber and certain metal products. We believe an adequate supply of such raw materials is available from existing and alternative sources. We attempt to offset cost increases through improving productivity and developing new, higher margin solutions and increasing selling prices, as allowed by market conditions or contractual commitments.
We attempt to offset cost increases through improving productivity and developing new, higher margin solutions and increasing selling prices, as allowed by market conditions or contractual commitments. We source certain materials, especially some resins and rubber components for our pharmaceutical segment, from a single source.
Aptar was also recognized by Women's Forum of NY for having 50% female board directors.
In 2025, Aptar was also recognized by Women's Forum of NY for having 50% female board directors. Additionally, SHero has recognized Aptar Greater China as one of the Best Companies for Female Executives for 2025 and 2024.
Chainey has been Executive Vice President, Chief Legal Officer and Corporate Secretary since July 2020. Ms. Chainey has been Corporate Secretary since January 2021. Prior to this, Ms.
Hudson has been Executive Vice President, Chief Legal Officer and Corporate Secretary since November 2025. Prior to this, Ms. Hudson was Vice President, Legal - North America and Global Regulatory and Assistant Corporate Secretary from May 2021 to October 2025. Prior to joining Aptar, Ms.
We partner with our customers by providing innovative solutions and end market expertise. While we offer a wide variety of services and products, our primary products are dispensing pumps, closures, aerosol valves, elastomeric primary packaging components, active material science solutions and digital health solutions. Dispensing pumps are finger-actuated dispensing systems that dispense a spray or lotion from non-pressurized containers.
Our primary products are dispensing pumps, closures, aerosol valves, elastomeric primary packaging components, active material science solutions and digital health solutions. Dispensing pumps are finger-actuated dispensing systems used to dispense sprays, liquids or lotions from non-pressurized containers, ranging from fine-mist pumps for pharmaceutical and fragrance applications, to lotion pumps for more viscous formulations.
We also provide analytical and connected device expertise within our pharma service technology businesses. MANUFACTURING AND SOURCING The majority of our worldwide production is located outside of the United States. Our philosophy is to produce as much as possible in the region where it will be sold.
We are able to mold within tolerances as small as one one-thousandth of an inch and we assemble products in a high-speed, cost-effective manner. We also provide analytical and connected device expertise within our Pharma segment. MANUFACTURING AND SOURCING The majority of our worldwide production is located outside of the United States.
Dispensing closures are plastic caps that allow a product to be dispensed without removing the cap from the container. Aerosol valves dispense product from pressurized containers. The majority of the aerosol valves that we sell are continuous spray valves or metered dose valves. We also manufacture and sell elastomeric primary packaging components.
Closures include dispensing and non-dispensing solutions that enable product delivery without removal of the cap and are used across multiple consumer end markets. Aerosol valves are used in pressurized containers and include continuous spray and metered-dose valves for pharmaceutical, personal care, and household applications. We also manufacture and sell elastomeric primary packaging components.
Additionally, we continue to focus on sustainability because leadership in sustainability remains a key differentiator across all of our segments. 2/ATR 2024 Form 10-K Table of Contents APTAR PHARMA SEGMENT Our Aptar Pharma segment is our largest segment in terms of net sales and total assets, representing approximately 46% of both our Net Sales and Total Assets for 2024 and accounted for 67% of our Adjusted EBITDA excluding non-allocated corporate costs in 2024.
PHARMA SEGMENT Our Pharma segment is our largest segment in terms of net sales and total assets, representing approximately 46% and 43% of our Net Sales and Total Assets, respectively, for 2025 and accounted for 69% of our Adjusted EBITDA excluding non-allocated corporate costs.
In addition, we offer a variety of sterilization options for elastomeric components and active material science solutions based on proprietary material science expertise. Pumps and aerosol valves require the assembly of several different plastic, metal and rubber components using high-speed equipment.
We also have expertise regarding the formulation and finishing of elastomer and silicone components. In addition, we offer a variety of sterilization options for elastomeric components and active material science solutions based on proprietary material science expertise. Our technology platforms are used across segments.
We design our products with both people and the environment in mind. Many of our product solutions for the beauty, personal care, home care, food and beverage markets are recyclable, reusable or made with recycled content and we expect to launch the first fully recyclable pharmaceutical nasal spray.
A number of our solutions for the beauty, personal care, home care, food and beverage markets are recyclable, reusable or made with recycled content and the Company continues to invest in product platforms designed to improve sustainability, including enhanced recyclability of pharmaceutical delivery systems. We partner with our customers by providing innovative solutions and end market expertise.
Focus on Managing Fixed Costs and Improving our Return on Invested Capital: We strive to manage selling, research & development and administrative ("SG&A") costs and overall fixed costs by leveraging our Global Business Service Centers, while improving our return on invested capital throughout the business. The key concepts are simplification, centralization, standardization and automation.
Excellence in Core Business Functions: Aptar emphasizes three pillars of functional excellence designed to ensure performance at high levels in core manufacturing and commercial functions: “innovate,” “produce” and “sell.” Focus on Managing Fixed Costs and Improving our Return on Invested Capital: Aptar seeks to manage selling, research & development and administrative ("SG&A") costs and overall fixed costs by leveraging Global Business Service Centers.
Additionally, Aptar has held a Platinum Sustainability Rating with EcoVadis since 2021. Future regulations on environmental matters regarding recycling or material inputs could impact our business. 7/ATR 2024 Form 10-K Table of Contents GOVERNMENT REGULATION Certain of our products are directly or indirectly affected by government regulation.
Future regulations on environmental matters regarding recycling or material inputs could impact our business. GOVERNMENT REGULATION Certain of our products are directly or indirectly affected by government regulation. In 2022, the United Nations Environment Assembly adopted a resolution mandating the negotiation of an international legally binding instrument to end plastic waste pollution by the end of 2024.

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Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Biggest changeIf disputes with our unions arise, or if our unionized workers or our suppliers engage in a strike or other work stoppage, we could experience a significant disruption of operations, which could have a material adverse effect on our business, operating results and financial position. 12/ATR 2024 Form 10-K Table of Contents We may not achieve the expected benefits from our restructuring initiatives, which could adversely affect our business and operations .
Biggest changeAs a result, higher raw material costs could result in declining margins and operating results. 12/ATR 2025 Form 10-K Table of Contents If disputes with our unions arise, or if our unionized workers engage in a strike or other work stoppage, or if our suppliers engage in a strike or other work stoppage, we could experience a significant disruption of operations.
If further tariffs are imposed on a broader range of imports, or if retaliatory trade measures are enacted by affected countries, we may face higher costs that could require us to raise prices for our products. These factors could reduce demand for our products, result in the loss of customers and harm our competitive position in key markets.
If further tariffs are imposed on a broader range of imports, or if retaliatory trade measures are enacted by affected countries, we may face even higher costs that could require us to raise prices for our products. These factors could reduce demand for our products, result in the loss of customers and harm our competitive position in key markets.
We also periodically test our systems for vulnerabilities and regularly rely on third parties to conduct such tests. To date, we have seen no material impact on our business or operations from these threats; however, we cannot guarantee that our security efforts will prevent unauthorized access or loss of functionality to our or our third-party providers' systems.
We also periodically test our systems for vulnerabilities and regularly rely on third parties to conduct such tests. To date, we have seen no material impact on our business or operations from these threats; however, we cannot guarantee that our security efforts will prevent unauthorized access to, or loss of functionality of, our system or our third-party providers' systems.
In addition, we are subject to investigations, audits and other proceedings initiated by federal, state, international, national, provincial and local authorities, including regulatory agencies such as the FDA as a result of the products manufactured by our Aptar Pharma segment.
In addition, we are subject to investigations, audits and other proceedings initiated by federal, state, international, national, provincial and local authorities, including regulatory agencies such as the FDA as a result of the products manufactured by our Pharma segment.
The regulatory clearance and approval process may result in, among other things, delayed realization of product revenues, substantial additional costs or limitations on indicated uses of products, any one of which could have a material adverse effect on our financial condition and results of operations. 13/ATR 2024 Form 10-K Table of Contents We are exposed to risks from lawsuits and claims, including product liability claims, as well as investigations, audits and other proceedings, which may result in substantial costs and expenses or interruption of our normal business operations.
The regulatory clearance and approval process may result in, among other things, delayed realization of product revenues, substantial additional costs or limitations on indicated uses of products, any one of which could have a material adverse effect on our financial condition and results of operations. 13/ATR 2025 Form 10-K Table of Contents We are exposed to risks from lawsuits and claims, including product liability claims, as well as investigations, audits and other proceedings, which may result in substantial costs and expenses or interruption of our normal business operations.
If we are unable to collect upon our accounts receivable as they come due in an efficient and timely manner, our business, financial condition or results of operations may be materially adversely affected.
Therefore, if we are unable to collect upon our accounts receivable as they come due in an efficient and timely manner, our business, financial condition or results of operations may be materially adversely affected.
For example, during 2020 the COVID-19 pandemic adversely affected our sales of products to our prescription pharma customers, due to lower incidences of common illnesses and doctors' appointments, and to our travel and retail beauty business and on-the-go beverage customers.
For example, the COVID-19 pandemic adversely affected our sales of products to our prescription pharma customers, due to lower incidences of common illnesses and doctors' appointments, and to our travel and retail beauty business and on-the-go beverage customers.
The majority of our employees in Europe and Latin America are covered by collective bargaining arrangements made either at the local or national level in their respective countries. Although we believe that our relations with our employees are satisfactory, no assurance can be given that this will continue.
The majority of our employees in Europe, specifically France for our Pharma and Beauty segments, and Latin America are covered by collective bargaining arrangements made either at the local or national level in their respective countries. Although we believe that our relations with our employees are satisfactory, no assurance can be given that this will continue.
We have approximately $936.3 million in recorded goodwill at December 31, 2024, and changes in future business conditions could cause this asset to become impaired, requiring write-downs that would reduce our operating income. We evaluate the recoverability of goodwill amounts annually, or more frequently when evidence of potential impairment exists. The impairment test is based on several factors requiring judgment.
We have approximately $1.08 billion in recorded goodwill at December 31, 2025, and changes in future business conditions could cause this asset to become impaired, requiring write-downs that would reduce our operating income. We evaluate the recoverability of goodwill amounts annually, or more frequently when evidence of potential impairment exists. The impairment test is based on several factors requiring judgment.
None of these stockholders have direct representation on our Board of Directors. If one of these stockholders decides to sell significant volumes of our stock, this could put downward pressure on the price of the stock. ITEM 1B. UNRESOLVED STAFF COMMENTS We have no unresolved comments from the SEC.
If one of these stockholders decides to sell significant volumes of our stock, this could put downward pressure on the price of the stock. ITEM 1B. UNRESOLVED STAFF COMMENTS We have no unresolved comments from the SEC.
Such events may result in business and manufacturing disruption, inventory shortages due to disruptions to our supply chain and distribution channels, delivery delays, increased risk associated with customer payments, increased labor cost and reduced labor availability, and reduced sales and operations, any of which could materially affect our stock price, business prospects, financial condition, results of operations and liquidity.
Should such an event happen again in the future, it may result in business and manufacturing disruption, inventory shortages due to disruptions to our supply chain and distribution channels, delivery delays, increased risk associated with customer payments, increased labor cost and reduced labor availability, and reduced sales and operations, any of which could materially affect our stock price, business prospects, financial condition, results of operations and liquidity.
Failure to protect our patents, trademarks and other intellectual property rights, or failure to successfully defend against intellectual property litigation, may have a material adverse effect on our business, consolidated financial condition or results of operations. Government regulation on environmental matters, including recycling or environmental sustainability policies could impact our business.
Failure to protect our patents, trademarks and other intellectual property rights, or failure to successfully defend against intellectual property litigation, may have a material adverse effect on our business, consolidated financial condition or results of operations. 14/ATR 2025 Form 10-K Table of Contents Government regulation on environmental matters, including recycling or environmental sustainability policies could impact our business.
It is possible that customers may contest their contractual obligations to us under bankruptcy laws or otherwise. Customer bankruptcies could further adversely affect our net sales and increase our operating expenses by requiring larger provisions for bad debt expense.
It is possible that customers may be unable to meet their obligations on a timely basis or may contest their contractual obligations to us under bankruptcy laws or otherwise which could adversely affect our ability to collect receivables. Customer bankruptcies could further adversely affect our net sales and increase our operating expenses by requiring larger provisions for bad debt expense.
We continue to streamline and reduce our fixed costs in order to increase operating efficiencies. If we do not successfully manage and execute these initiatives, or if they are inadequate or ineffective, we may fail to achieve the expected benefits, and our business and operations could be adversely affected.
If we do not successfully manage and execute these initiatives, or if they are inadequate or ineffective, we may fail to achieve the expected benefits, and our business and operations could be adversely affected.
In addition, we may not be able to improve productivity or realize savings from our cost reduction programs sufficiently enough to offset the impact of increased raw material costs. As a result, higher raw material costs could result in declining margins and operating results.
In addition, we may not be able to improve productivity or realize savings from our cost reduction programs sufficiently enough to offset the impact of increased raw material costs.
Our internal information technology systems may fail or suffer security breaches, loss or leakage of data, and other disruptions, which could disrupt our business or result in the loss of critical and confidential information. The satisfactory performance, reliability and availability of our technology infrastructure is critical to our ability to access data and applications.
Our internal information technology systems may also fail or experience security breaches, loss or leakage of data, or other disruptions, and the satisfactory performance, reliability and availability of our technology infrastructure is critical to our ability to access data and applications and to operate our business effectively.
Increased global information security threats and more sophisticated, targeted computer crime pose a risk to the confidentiality, availability and integrity of our data, operations and infrastructure, as well as the data of our customers. The rapid evolution and increased adoption of artificial intelligence technologies may intensify our cybersecurity risks.
Increased global information security threats and more sophisticated, targeted computer crime pose a risk to the confidentiality, availability and integrity of our data, operations and infrastructure, as well as the data of our customers.
Similarly, we have certain components and products that are manufactured at a single location or from a single machine or mold. Any disruption to the manufacturing process could also adversely impact our results, financial position and our ability to deliver products to our customers.
Any disruption in the supply of the materials that we require could adversely impact our ability to deliver products to our customers. Similarly, we have certain components and products that are manufactured at a single location or from a single machine or mold.
If our integration of acquisitions or significant capital investments fail to generate expected returns, our financial performance may suffer. We continue to pursue growth through acquisitions and equity investments, including the recent equity investment in Goldrain.
If our integration of acquisitions or significant capital investments fail to generate expected returns, our financial performance may suffer. We continue to pursue growth through acquisitions and equity investments. We also continue to invest internally in capacity expansions.
If implemented, such tariffs and countermeasures could increase the cost of raw materials and components used in our packaging solutions, disrupt our global supply chain and create additional operational challenges.
Such tariffs and countermeasures have increased the cost of certain raw materials and components used in our packaging solutions, and have the potential to disrupt our global supply chain and create additional operational challenges.
Furthermore, a deterioration in the relationship between the U.S. and other countries which could result in further revisions to laws or regulations or their interpretation and enforcement, increased taxation, trade sanctions, the imposition of import or export duties and tariffs, restrictions on imports or exports, currency revaluations or retaliatory actions, could materially adversely affect our operations and financial condition. 10/ATR 2024 Form 10-K Table of Contents Significant tariffs or other restrictions imposed on foreign imports by the U.S. and related countermeasures taken by impacted foreign countries could have a material adverse effect on our operations and financial results.
Furthermore, a deterioration in the relationship between the U.S. and other countries which could result in further revisions to laws or regulations or their interpretation and enforcement, increased taxation, trade sanctions, the imposition of import or export duties and tariffs, restrictions on imports or exports, currency revaluations or retaliatory actions, could materially adversely affect our operations and financial condition.
Current and future litigation, claims, investigations, audits and other proceedings or indemnification claims that we face may result in substantial costs and expenses and significantly divert the attention of our management regardless of the outcome. In addition, these matters could lead to increased operating costs or interruptions of our normal business operations.
Current and future litigation, claims, investigations, audits and other proceedings or indemnification claims that we face may result in substantial costs and expenses and significantly divert the attention of our management regardless of the outcome.
We continue to invest internally in several capacity expansions, if our integration efforts, including unlocking synergies, are unsuccessful we may not realize the full potential of the acquisitions and/or investments and as a result our financial performance may suffer.
If our acquisition integration efforts, including unlocking synergies, are unsuccessful or if our capacity expansions do not provide the expected returns, we may not realize the full potential of the investments and as a result our financial performance may suffer.
In addition, general economic conditions, competition and other factors may adversely affect the solvency or creditworthiness of our customers. If our customers suffer significant financial difficulty, they may be unable to pay their debts to us timely or at all, which could have a material adverse effect on our results of operations.
If our customers suffer significant financial difficulty, they may be unable to pay their debts to us timely or at all, which could have a material adverse effect on our results of operations.
Additionally, ongoing trade tensions and uncertainty regarding future trade policies could negatively impact global economic conditions and consumer confidence, further affecting our business performance. Increased global cybersecurity threats and more sophisticated, targeted computer crime could pose a risk to our operations.
Additionally, ongoing trade tensions and uncertainty regarding future trade policies could negatively impact global economic conditions and consumer confidence, further affecting our business performance. 10/ATR 2025 Form 10-K Table of Contents Increased global cybersecurity threats and more sophisticated, targeted computer crime, as well as failures or disruptions of our information technology systems, could pose a risk to our operations.
We may not prevail in any such litigation, and if we are unsuccessful, we may not be able to obtain any necessary licenses on reasonable terms or at all.
We may not prevail in any such litigation, and if we are unsuccessful, we may not be able to obtain any necessary licenses on reasonable terms or at all or such litigation may result in restrictions on our ability to manufacture or sell certain products or operate product lines.
However, a product liability claim in excess of our insurance coverage or not covered by existing insurance may materially adversely affect our business, results of operations or cash flows.
We believe we maintain adequate levels of product liability insurance coverage and robust quality control systems at our facilities. However, a product liability claim in excess of our insurance coverage or not covered by existing insurance may materially adversely affect our business, results of operations or cash flows.
If disputes with our unions arise, or if our unionized workers engage in a strike or other work stoppage, or if our suppliers engage in a strike or other work stoppage, we could experience a significant disruption of operations.
If disputes with our unions arise, or if our unionized workers or our suppliers engage in a strike or other work stoppage, we could experience a significant disruption of operations, which could have a material adverse effect on our business, operating results and financial position.
We have many suppliers providing materials to our manufacturing sites. In some cases, we source certain materials, especially some resins and rubber components for our Aptar Pharma segment, from a single source. Any disruption in the supply of the materials that we require could adversely impact our ability to deliver products to our customers.
Our ability to adequately source materials including those from a single supplier or from a single manufacturing location, could adversely impact our ability to deliver our products. We have many suppliers providing materials to our manufacturing sites. In some cases, we have historically sourced certain materials, especially some resins and rubber components for our Pharma segment, from a single source.
In the pharmaceutical market, the proprietary nature of our customers’ products and the success or failure of their products in the market using our dispensing systems may have a material impact on our operating results and financial condition. We typically work for years modifying our dispensing device to work in conjunction with a customer’s drug formulation.
The success or failure of our customers’ products, particularly in the pharmaceutical market, may materially affect our operating results and financial condition. In the pharmaceutical market, the proprietary nature of our customers’ products and the success or failure of their products in the market using our dispensing systems may have a material impact on our operating results and financial condition.
A majority of our operations are located outside of the United States. Because of this, movements in exchange rates may have an impact on the translation of the financial statements of our foreign entities.
Risks Related to Financial, Legal and Regulatory Matters We have foreign currency translation and transaction risks that may materially adversely affect our operating results. A majority of our operations are located outside of the United States. Because of this, movements in exchange rates may have an impact on the translation of the financial statements of our foreign entities.
Competitors, including privately and publicly held entities that range from regional to international companies, are becoming increasingly credible in the core markets in which we do business. We expect the market for our products to remain competitive, as consolidation and/or changing of ownership among our competitors and key customers are increasing in the current economic climate.
Competitors, including privately and publicly held entities that range from regional to international companies, are becoming increasingly credible in the core markets in which we do business. We expect the market for our products to remain competitive. Customers and consumers are increasingly requesting solutions that can be refilled and reused as the market moves toward more sustainable products.
We regularly assess the likelihood of an adverse outcome resulting from these examinations to determine the adequacy of our provision for taxes. There can be no assurance as to the outcome of these examinations.
We are also subject to examination of our returns and other tax matters by the U.S. Internal Revenue Service and other tax authorities and governmental bodies. We regularly assess the likelihood of an adverse outcome resulting from these examinations to determine the adequacy of our provision for taxes. There can be no assurance as to the outcome of these examinations.
Global health crises, such as the COVID-19 pandemic, have adversely affected our business, and future developments or other global pandemics could cause adverse effects, which may be material. Global health crises could have a material impact on our operations our employees and our customer, which could adversely impact our business, financial condition and results of operations.
Global health crises, epidemics and pandemics may adversely affect our business, and financial condition and results of operations. Global health crises could have a material impact on our operations our employees and our customer, which could adversely impact our business, financial condition and results of operations.
Difficult market conditions in the future may adversely affect our utilization rates and consequently our future gross margins, and this, in turn, could have a material negative impact on our business, financial condition and results of operations. 11/ATR 2024 Form 10-K Table of Contents Our ability to adequately source materials including those from a single supplier or from a single manufacturing location, could adversely impact our ability to deliver our products.
Difficult market conditions in the future may adversely affect our utilization rates and consequently our future gross margins, and this, in turn, could have a material negative impact on our business, financial condition and results of operations.
Developing new products, services and solutions is complex, requires significant investment and operational costs and may not be profitable, and our investments in new technologies are speculative and may not yield the expected business or financial benefits. In difficult market conditions, our fixed costs structure combined with potentially lower revenues may negatively impact our results.
We must continually introduce new, and enhance existing, products, services and solutions to retain customers and attract new customers. Developing new products, services and solutions is complex, requires significant investment and operational costs and may not be profitable, and our investments in new technologies are speculative and may not yield the expected business or financial benefits.
We are subject to a number of lawsuits and claims that arise in the ordinary course of our business, which include infringement, product liability, commercial, employment, tort, business interruption and other litigation. We are also subject to indemnification claims under various contracts.
We are subject to a number of lawsuits and claims that arise in the ordinary course of our business, which include intellectual property infringement, product liability, commercial, employment, tort, business interruption and other litigation. For example, in May 2025, Nemera filed patent infringement actions against us in France and Germany relating to certain of our ophthalmic products.
Although we currently have relevant licenses regarding our products and services, changes in the sanctions regimes without obtaining necessary licenses could adversely affect our operations in Russia and, as a result, our relationship with certain customers. Additionally, other regional incidents may cause delays in the global supply chain and have the potential to significantly increase shipping costs.
In addition, some Aptar products and services are subject to various sanctions regimes, including in the U.S. and the EU, relating to Russia. Although we currently have relevant licenses regarding our products and services, changes in the sanctions regimes without obtaining necessary licenses could adversely affect our operations in Russia and, as a result, our relationship with certain customers.
However, we have experienced indirect impacts on our business, including higher energy and other input costs as well as certain supply chain disruptions, which could materially adversely affect our results of operations and financial condition. In addition, some Aptar products and services are subject to various sanctions regimes, including in the U.S. and the EU, relating to Russia.
Although the continued invasion of Ukraine by Russia has not had a material direct impact to our consolidated results, we have experienced indirect impacts on our business, including higher energy and other input costs as well as certain supply chain disruptions, which could materially adversely affect our results of operations and financial condition.
During such periods, our plants may not operate at full capacity and the costs associated with this excess capacity are charged directly to cost of sales.
In difficult environments, or as a result of a reduction in firm orders, we are generally faced with a decline in the utilization rates of our manufacturing facilities due to decreases in product demand. During such periods, our plants may not operate at full capacity and the costs associated with this excess capacity are charged directly to cost of sales.
Our business is characterized by relatively high fixed costs and, notwithstanding our utilization of third-party manufacturing capacity, most of our production requirements are met by our own manufacturing facilities. In difficult environments, we are generally faced with a decline in the utilization rates of our manufacturing facilities due to decreases in product demand.
In difficult market conditions, our fixed costs structure combined with potentially lower revenues may negatively impact our results. Our business is characterized by relatively high fixed costs and, notwithstanding our utilization of third-party manufacturing capacity, most of our production requirements are met by our own manufacturing facilities.
Our effective tax rate could be affected by changes in the mix of earnings in countries with differing statutory tax rates, changes in the valuation of deferred tax assets and liabilities, the introduction of new taxes, or changes in tax laws or their interpretations. 14/ATR 2024 Form 10-K Table of Contents Beginning in 2024, various countries applied the Income Inclusion and Qualified Domestic Minimum Top-up Tax rules modeled after the Organization of Economic Cooperation and Development model rules on a global minimum tax.
Our effective tax rate could be affected by changes in the mix of earnings in countries with differing statutory tax rates, changes in the valuation of deferred tax assets and liabilities, the introduction of new taxes, or changes in tax laws or their interpretations.
If the customer’s pharmaceutical product is not approved by regulatory bodies or it is not successful on the market, the associated costs may not be recovered. Our revenue and results of operations may suffer upon the bankruptcy, insolvency or other credit failure of our customers . As mentioned above, shifting consumer preferences put our customers under pressure in their markets.
Our revenue and results of operations may suffer upon the bankruptcy, insolvency or other credit failure of our customers . As mentioned above, shifting consumer preferences put our customers under pressure in their markets. In addition, general economic conditions, competition and other factors may adversely affect the solvency or creditworthiness of our customers.
If we are unable to compete successfully, our market share may decline, which could materially adversely affect our results of operations and financial condition. We must continually introduce new, and enhance existing, products, services and solutions to retain customers and attract new customers.
Our competitors' design innovation or ability to provide more sustainable products could have an adverse impact on our business. If we are unable to compete successfully, our market share may decline, which could materially adversely affect our results of operations and financial condition.
We may encounter increased costs as we reformulate and redesign our product offerings in response to changing customer behaviors, and our efforts may be unsuccessful. Ownership by Certain Significant Stockholders. Based on filings with the SEC as of the date of this report, Aptar has four institutional stockholders who each own between 5% and 11% of our outstanding common stock.
Based on filings with the SEC as of the date of this report, Aptar has four institutional stockholders who each own between 5% and 11% of our outstanding common stock. None of these stockholders have direct representation on our Board of Directors.
In January 2025, during the initial days of President Trump's second term, the U.S. announced the imposition of additional substantial tariffs on imports from various countries, including China, Canada and Mexico, and the subject countries indicated their intention to impose counter measures.
In 2025, the U.S. government imposed a series of additional substantial tariffs on a broad range of imports from various countries, including China, Canada and Mexico. In response, several countries have imposed or announced counter measures.
We are also from time to time subject to claims from third parties suggesting that we may be infringing on their intellectual property rights. If we were held liable for infringement, we could be required to pay damages, obtain licenses or cease making or selling certain products.
We are also from time to time subject to claims from third parties suggesting that we may be infringing on their intellectual property rights. For example, in May 2025, Nemera filed patent infringement actions against us in France and Germany relating to certain of our ophthalmic products.
However, it may be possible for a third party to obtain our information without our authorization, independently develop similar technologies, or breach a non-disclosure agreement entered into with us. Furthermore, many of the countries in which we operate do not have intellectual property laws that protect proprietary rights as fully as do laws in the U.S.
However, it may be possible for a third party to obtain our information without our authorization, independently develop similar technologies, or breach a non-disclosure agreement entered into with us. For example, in March 2025, we filed a lawsuit against ARS Pharmaceuticals, Inc. and ARS Pharmaceuticals Operations, Inc. alleging that our confidential information and trade secrets were improperly disclosed and used.
Further, the failure of our products to operate as intended may result in a product liability claim against us. We believe we maintain adequate levels of product liability insurance coverage and robust quality control systems at our facilitates.
Refer to Note 13 – Commitments and Contingencies of the Notes to the Consolidated Financial Statements for additional information regarding these actions We are also subject to indemnification claims under various contracts. Further, the failure of our products to operate as intended may result in a product liability claim against us.
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For example, Russia's invasion of Ukraine has created significant regional disruption in addition to global security concerns that together with retaliatory sanctions imposed by the U.S. and other NATO members could have a lasting impact on both regional and global economies.
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Additionally, other regional incidents may cause delays in the global supply chain and have the potential to significantly increase shipping costs. At this time, impacts to our business are minimal.
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As of December 31, 2024, less than 1% of our consolidated net sales were from Russia and Ukraine; in addition, less than 2% is imported into Russia and Ukraine and therefore the war has not had, and we continue to expect that it would not have a material direct impact to our consolidated results.
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Significant tariffs or other restrictions imposed on foreign imports by the U.S. and related countermeasures taken by impacted foreign countries could have a material adverse effect on our operations and financial results.
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At this time, impacts to our business are minimal.
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Although the scope and application of these tariffs and countermeasures may continue to evolve, their implementation has contributed to heightened economic uncertainty and volatility in the global markets.
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Customers and consumers are increasingly requesting solutions that can be refilled and reused as the market moves toward more sustainable products. Our competitors' design innovation or ability to provide more sustainable products could have an adverse impact on our business.
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The rapid evolution and increased adoption of artificial intelligence technologies may intensify our cybersecurity risks. In addition, as locally hosted information technology environments and data centers continue to decline or are decommissioned,we may increasingly rely on cloud-based solutions to host applications and data.
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Customer demand across all segments may decrease quickly as a result of future developments related to a health crises, including the extent, duration and severity of outbreaks, the availability, adoption and efficacy of approved vaccines and treatments, the length of time it takes for normal economic and operating conditions to resume, additional governmental actions that may be taken and/or extended in response to outbreaks, and numerous other uncertainties.
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Any disruption, failure or security incident affecting our internal systems or our third-party or cloud-based service providers could result in the inability to host or access applications, loss of critical or confidential information, or interruptions to our operations.
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Consolidation of our customer base could impact our business. We believe mergers and acquisitions within our customer base create opportunities for increasing sales due to the breadth of our product line, our international presence and our long-term relationships with certain customers.
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Any disruption to the manufacturing process could also adversely impact our results, financial position and our ability to deliver products to our customers.
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However, consolidation of our customers could lead to pricing pressures, concentration of credit risk and fewer opportunities to introduce new products to the market. The success or failure of our customers’ products, particularly in the pharmaceutical market, may materially affect our operating results and financial condition.
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We have therefore attempted to mitigate this risk by actively ensuring that we have dual sources of key materials. 11/ATR 2025 Form 10-K Table of Contents A material failure or disruption at one or more of our manufacturing facilities could adversely affect our ability to generate sales and meet customer demand.
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In addition, even when our contracts with these customers are not contested, if customers are unable to meet their obligations on a timely basis, it could adversely affect our ability to collect receivables. Further, we may have to negotiate significant discounts and/or extended financing terms with customers in these situations.
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Our ability to generate sales and meet customer demand depends on the continued operation of our manufacturing facilities, many of which involve complex, specialized, and highly regulated manufacturing environments, including clean-room operations.
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Locally hosted IT as data centers are declining and shutting down and could result in the inability to host our applications without a cloud based solution. Risks Related to Financial, Legal and Regulatory Matters We have foreign currency translation and transaction risks that may materially adversely affect our operating results.
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A material failure or disruption at one or more of these facilities could occur for a variety of reasons, including significant equipment or mechanical failures, information technology or systems outages, cybersecurity incidents, power interruptions, fires, explosions, natural disasters, extreme weather events, labor disruptions, public health events, or other causes beyond our control.
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These specific actions did not have a material affect on our results for 2024, nor do we expect a material effect on our results for 2025. We are also subject to examination of our returns and other tax matters by the U.S. Internal Revenue Service and other tax authorities and governmental bodies.
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If operations at any of our manufacturing facilities were materially disrupted, our ability to produce and deliver products to customers could be adversely affected for a period of time. Interruptions in manufacturing could result in lost sales, delayed customer deliveries or product launches, and damage to customer relationships.
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Manufacturing disruptions could also increase our costs due to production inefficiencies, inventory losses or write-offs, expedited shipping, or the need to transfer production to other facilities or rely on third-party manufacturers, which may be subject to capacity constraints, regulatory requirements, or higher costs.
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Certain of our products, components, tools, machines, or molds are manufactured at a limited number of facilities or rely on specialized equipment or processes, which may not be easily or quickly replaced.
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In addition, in the pharmaceutical industry, manufacturing disruptions may be particularly difficult to remediate due to regulatory requirements, validation processes, and customer qualification timelines, which could extend the duration and impact of any disruption. Any of these events could materially adversely affect our business, financial condition, results of operations, cash flows, and reputation.
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We typically work for years modifying our dispensing device to work in conjunction with a customer’s drug formulation. If the customer’s pharmaceutical product is not approved by regulatory bodies or it is not successful on the market, we may not achieve a future return on the time and effort invested in the development of the product.
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We may not achieve the expected benefits from our restructuring initiatives, which could adversely affect our business and operations . We continue to streamline and reduce our fixed costs in order to increase operating efficiencies.
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In October 2025, an EPO hearing invalidated Nemera’s main patent claim while allowing an amended claim to continue.
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In addition, in September 2025, ARS Pharmaceuticals Operations, Inc. filed an antitrust lawsuit against us in the United States District Court for the Southern District of California, alleging violations of U.S. competition laws related to supply of certain components and are seeking injunctive relief and damages.
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In addition, these matters could lead to increased operating costs or interruptions of our normal business operations or could result in restrictions on our ability to manufacture or sell certain products or operate specific product lines.
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Refer to Note 13 – Commitments and Contingencies of the Notes to the Consolidated Financial Statements for additional information. Furthermore, many of the countries in which we operate do not have intellectual property laws that protect proprietary rights as fully as do laws in the U.S.
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In October 2025, an EPO hearing invalidated Nemera’s main patent claim while allowing an amended claim to continue. Refer to Note 13 – Commitments and Contingencies of the Notes to the Consolidated Financial Statements for additional information.
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Defending against such claims, or initiating legal action to protect our own rights, may involve significant legal expenses, operational disruptions, and diversion of management attention.

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Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeThe Audit Committee is responsible for the oversight of risks from cybersecurity threats. The Audit Committee is composed of independent directors with diverse experiences, including relating to risk management, technology, and finance. Management briefs the Audit Committee on a quarterly basis, and on an as needed basis, regarding our information security program and related risks to Aptar.
Biggest changeIn addition, we maintain cybersecurity insurance as part of our overall insurance portfolio. Governance and Oversight The Audit Committee is responsible for the oversight of risks from cybersecurity threats. The Audit Committee is composed of independent directors with diverse experiences, including relating to risk management, technology, and finance.
ITEM 1C. CYBERSECURITY Increased global cybersecurity threats and sophisticated, targeted computer crime could pose a risk to our operations. Aptar has strategically integrated cybersecurity risk management into a broader enterprise-wide risk management framework, and consists of administrative, operational, organizational, physical, and technical processes that we believe are appropriate to the scope and nature of our business.
ITEM 1C. CYBERSECURITY Risk Management and Strategy Increased global cybersecurity threats and sophisticated, targeted computer crime could pose a risk to our operations. Aptar has strategically integrated cybersecurity risk management into a broader enterprise-wide risk management framework, which consists of administrative, operational, organizational, physical, and technical processes that we believe are appropriate to the scope and nature of our business.
Although we have not experienced any material cybersecurity events to date, cybersecurity threats could materially affect our business strategy, results of operations, or financial condition, as further discussed in the risk factor entitled “Increased global cybersecurity threats and more sophisticated, targeted computer crime could pose a risk to our operations” in Part I, Item 1A of this report. 16/ATR 2024 Form 10-K Table of Contents
Although we have not experienced any material cybersecurity events to date, cybersecurity threats could materially affect our business strategy, results of operations, or financial condition, as further discussed in the risk factor entitled “Increased global cybersecurity threats and more sophisticated, targeted computer crime could pose a risk to our operations” in Part I, Item 1A of this report. 17/ATR 2025 Form 10-K Table of Contents
In addition, we maintain cybersecurity insurance as part of our overall insurance portfolio. Our Information Security Department, reports to our Chief Information Security Officer who reports to the Chief Information Officer. This team is comprised of full-time information security professionals, is responsible for the implementation of our cybersecurity strategy, including assessing and managing material risks from cybersecurity threats.
Our Information Security Department reports to our Chief Information Security Officer who reports to the Chief Information Officer. This team is comprised of full-time information security professionals, is responsible for the implementation of our cybersecurity strategy, including assessing and managing material risks from cybersecurity threats.
Our Chief Financial Officer is responsible for oversight of our response to cybersecurity incidents, as appropriate. In addition, our executive management discusses cybersecurity issues quarterly. Aptar has a detailed incident response plan that provides the process and workflow of communication for escalation of incidents to executive leadership to determine if there is a breach that would warrant further action.
In addition, our executive management discusses cybersecurity issues quarterly. 16/ATR 2025 Form 10-K Table of Contents Incident Response Aptar has a detailed incident response plan that provides the process and workflow of communication for escalation of incidents to executive leadership to determine if there is a breach that would warrant further action.
Our risk management team works closely with our Information Security Department to continuously evaluate and address cybersecurity risks in alignment with our business and operational needs. 15/ATR 2024 Form 10-K Table of Contents Our cybersecurity strategy focuses on continued strengthening of our security posture, improvement of security operational efficiencies, and preparedness for evolving business and technology needs including the detection, analysis, and response to known, anticipated or unexpected cybersecurity threats, management of material risks related to cybersecurity threats and resilience against cybersecurity incidents.
Our cybersecurity strategy focuses on continued strengthening of our security posture, improvement of security operational efficiencies, and preparedness for evolving business and technology needs including the detection, analysis, and response to known, anticipated or unexpected cybersecurity threats, management of material risks related to cybersecurity threats and resilience against cybersecurity incidents.
As part of its oversight responsibilities, the Audit Committee regularly discusses and reviews with management, among other items, Aptar’s risk management system, including cybersecurity programs. The Audit Committee receives regular updates on any significant developments relating to cybersecurity. Furthermore, significant cybersecurity matters and related strategic risk management decisions are escalated to the Board of Directors.
The Audit Committee receives regular updates on any significant developments relating to cybersecurity. Furthermore, significant cybersecurity matters and related strategic risk management decisions are escalated to the Board of Directors.
In addition, we maintain cybersecurity insurance as part of our overall insurance portfolio. Management reports to the Audit Committee on a quarterly basis regarding our information security programs. As part of its oversight responsibilities, the Audit Committee regularly discusses and reviews with management, among other items, Aptar’s compliance and cybersecurity programs.
Management briefs the Audit Committee on a quarterly basis, and on an as needed basis, regarding our information security program and related risks to Aptar. As part of its oversight responsibilities, the Audit Committee regularly discusses and reviews with management, among other items, Aptar’s risk management system, including cybersecurity programs.
We believe this integrated approach allows cybersecurity considerations to be an integral part of our decision-making processes.
We believe this integrated approach allows cybersecurity considerations to be an integral part of our decision-making processes. Our risk management team works closely with our Information Security Department to continuously evaluate and address cybersecurity risks in alignment with our business and operational needs.
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Our Chief Financial Officer is responsible for oversight of our response to cybersecurity incidents, as appropriate.

Item 2. Properties

Properties — owned and leased real estate

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Biggest changeThe locations of our manufacturing facilities, by geographic region/country, are set forth below: Geographic Region/Country Number of Manufacturing Facilities Aptar Pharma Manufacturing Facilities Aptar Beauty Manufacturing Facilities Aptar Closures Manufacturing Facilities France 11 6 7 0 Germany 6 4 4 1 Rest of Europe/United Kingdom 7 2 2 4 North America 9 5 3 5 Latin America 7 1 6 2 China 5 3 2 4 Other Asia/Middle East 4 1 2 3 Total 49 22 26 19 Our head corporate office is located in Crystal Lake, Illinois.
Biggest changeThe locations of our manufacturing facilities, by geographic region/country, are set forth below: Geographic Region/Country Number of Manufacturing Facilities Pharma Manufacturing Facilities Beauty Manufacturing Facilities Closures Manufacturing Facilities France 11 6 7 0 Germany 6 4 4 1 Rest of Europe/United Kingdom 8 2 3 4 North America 9 5 3 5 Latin America 9 2 6 2 China 10 3 3 4 Other Asia/Middle East 4 1 2 3 Total 57 23 28 19 Our head corporate office is located in Crystal Lake, Illinois.
We manufacture products in 49 locations, with 14 of those facilities serving two segments and two serving all three of our segments as of December 31, 2024.
We manufacture products in 57 locations, with 14 of those facilities serving two segments and one serving all three of our segments as of December 31, 2025.

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

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Biggest changeWere such unfavorable final outcomes to occur, it is possible that they could have a material adverse effect on our financial position, results of operations and cash flows. Please refer to Note 13 – Commitments and Contingencies in Part II, Item 8 – Financial Statements and Supplementary Data for further discussion of contingencies affecting our business.
Biggest changeWere such unfavorable final outcomes to occur, it is possible that they could have a material adverse effect on our financial position, results of operations and cash flows. For information regarding these and other contingencies, please refer to Note 13 – Commitments and Contingencies in Part II, Item 8 – Financial Statements and Supplementary Data.
ITEM 3. LEGAL PROCEEDINGS In the normal course of business, we are subject to a number of lawsuits and claims both actual and potential in nature.
ITEM 3. LEGAL PROCEEDINGS We are subject to a number of lawsuits and claims both actual and potential in nature.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest changeThe following table summarizes our purchases of our securities for the quarter ended December 31, 2024: Period Total Number Of Shares Purchased Average Price Paid Per Share Total Number Of Shares Purchased As Part Of Publicly Announced Plans Or Programs Dollar Value Of Shares That May Yet Be Purchased Under The Plans Or Programs (in millions) 10/1 - 10/31/24 27,200 $ 169.15 27,200 $ 495.4 11/1 - 11/30/24 136,000 171.93 136,000 472.0 12/1 - 12/31/24 54,400 171.89 54,400 462.7 Total 217,600 $ 171.57 217,600 $ 462.7 18/ATR 2024 Form 10-K Table of Contents SHARE PERFORMANCE The following graph shows a five year comparison of the cumulative total stockholder return on our common stock as compared to the cumulative total return of the Standard & Poor’s 500 Composite Stock Price Index and to an index of peer group companies we selected.
Biggest changeThe following table summarizes our purchases of our securities for the quarter ended December 31, 2025: Period Total Number Of Shares Purchased Average Price Paid Per Share Total Number Of Shares Purchased As Part Of Publicly Announced Plans Or Programs Dollar Value Of Shares That May Yet Be Purchased Under The Plans Or Programs (in millions) 10/1 - 10/31/25 — $ — — $ 272.7 11/1 - 11/30/25 1,090,078 119.26 1,090,078 142.7 12/1 - 12/31/25 367,230 122.54 367,230 97.7 Total 1,457,308 $ 120.08 1,457,308 $ 97.7 19/ATR 2025 Form 10-K Table of Contents SHARE PERFORMANCE The following graph shows a five year comparison of the cumulative total stockholder return on our common stock as compared to the cumulative total return of the Standard & Poor’s 500 Composite Stock Price Index and to an index of peer group companies we selected.
While we expect to continue to pay a regular quarterly dividend of $0.45 per share in 2025, the timing, declaration, amount and payment of any future cash dividends are at the discretion of the Board of Directors and will depend on our available cash, working capital, financial condition, results of operations, capital requirements, covenants in our credit facility, applicable law and other factors that the Board of Directors considers relevant.
While we expect to continue to pay a regular quarterly dividend at a similar level in 2026, the timing, declaration, amount and payment of any future cash dividends are at the discretion of the Board of Directors and will depend on our available cash, working capital, financial condition, results of operations, capital requirements, covenants in our credit facility, applicable law and other factors that the Board of Directors considers relevant.
(included until December 17, 2024, when the company was taken private), CCL Industries Inc., Enovis Corporation, ICU Medical, Inc., Ingredion Inc., International Flavors & Fragrances, Inc., McCormick & Company, Inc., Perrigo Company plc, Revvity, Inc., Sealed Air Corporation, Sensient Technologies Corporation, Silgan Holdings, Inc., Sonoco Products Company, Stericycle, Inc., STERIS plc, Teleflex Inc. and West Pharmaceutical Services, Inc.
(included until December 17, 2024, when the company was taken private), CCL Industries Inc., Enovis Corporation, ICU Medical, Inc., Ingredion Inc., International Flavors & Fragrances, Inc., McCormick & Company, Inc., Perrigo Company plc, Revvity, Inc., Sealed Air Corporation, Sensient Technologies Corporation, Silgan Holdings, Inc., Sonoco Products Company, Stericycle, Inc.
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES MARKET FOR REGISTRANT’S COMMON EQUITY Our common stock is traded on the New York Stock Exchange under the symbol “ATR”. As of February 3, 2025, there were 143 holders of record of our common stock.
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES MARKET FOR REGISTRANT’S COMMON EQUITY Our common stock is traded on the New York Stock Exchange under the symbol “ATR”. As of February 2, 2026, there were 140 holders of record of our common stock.
DIVIDENDS On January 23, 2025, our Board of Directors declared a quarterly cash dividend of $0.45 per share of common stock, which will be paid on February 26, 2025 to stockholders of record as of February 5, 2025. During 2024, we paid $114.1 million in dividends to stockholders.
DIVIDENDS On January 22, 2026, our Board of Directors declared a quarterly cash dividend of $0.48 per share of common stock, which will be paid on February 25, 2026 to stockholders of record as of February 4, 2026. During 2025, we paid $120.8 million in dividends to stockholders.
During the quarter ended December 31, 2024, the Plan purchased 2,024 shares of our common stock on behalf of the participants at an average price of $158.87 per share, for an aggregate amount of approximately $322 thousand.
During the quarter ended December 31, 2025, the Plan purchased 9,572 shares of our common stock on behalf of the participants at an average price of $117.29 per share, for an aggregate amount of approximately $1.1 million.
ISSUER PURCHASES OF EQUITY SECURITIES On October 10, 2024 a new share purchase authorization of up to $500 million of common stock was authorized. This authorization replaces previous authorizations and has no expiration date. We may repurchase shares through the open market, privately negotiated transactions or other programs, subject to market conditions.
Subsequent to year end, the 2024 share authorization was superseded on February 3, 2026, when the Board approved a new share repurchase authorization of up to $600.0 million of common stock. This authorization replaces previous authorizations and has no expiration date. We may repurchase shares through the open market, privately negotiated transactions or other programs, subject to market conditions.
The peer group is consistent with the peer companies used by the Management Development and Compensation Committee of our Board of Directors (“MD&C Committee”) in connection with certain aspects of our executive compensation programs.
(included until November 1, 2024, when the company was acquired by Waste Management), STERIS plc, Teleflex Inc. and West Pharmaceutical Services, Inc. The peer group is consistent with the peer companies used by the Management Development and Compensation Committee of our Board of Directors (“MD&C Committee”) in connection with certain aspects of our executive compensation programs.
The Plan sold 9,100 shares of our common stock on behalf of the participants at an average price of $163.67 per share, for an aggregate amount of $1.5 million. At December 31, 2024, the Plan owned 101,617 shares of our common stock.
The Plan sold 8,611 shares of our common stock on behalf of the participants at an average price of $121.18 per share, for an aggregate amount of $1.0 million. At December 31, 2025, the Plan owned 124,458 shares of our common stock.
The companies included in the peer group are: Albemarle Corporation, Ashland Inc., Berry Global Group, Inc., Catalent, Inc.
The companies included in the peer group are: Albemarle Corporation, Ashland Inc., Berry Global Group, Inc. (included until April 30, 2025, when the company was acquired by Amcor plc), Catalent, Inc.
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During the fourth quarter of 2024, we repurchased approximately 218 thousand shares for approximately $37.3 million.
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ISSUER PURCHASES OF EQUITY SECURITIES On October 10, 2024 a share purchase authorization of up to $500.0 million of common stock was authorized. During the fourth quarter of 2025, we repurchased approximately 1.5 million shares for approximately $175.0 million.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

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Biggest changeYear Ended December 31, 2024 Buy/Sell Contract Amount (in thousands) Average Contractual Exchange Rate Min / Max Notional Volumes EUR / USD $ 14,407 1.0734 14,407 - 17,118 EUR / BRL 9,530 6.2435 9,530 - 10,217 USD / EUR 8,135 0.9386 7.225 - 10,148 EUR / CNY 5,978 7.7354 4,297 - 5,978 MXN / USD 5,500 0.0498 5,500 - 12,000 USD / CNY 4,710 7.1177 2,000 - 4,710 EUR / MXN 4,159 21.8187 4,159 - 4,236 EUR / THB 3,950 37.0481 3,950 - 5,377 EUR / CHF 3,880 0.9328 0 - 3,880 CZK / EUR 3,069 0.0396 3,069 - 13,247 EUR / CZK 2,650 25.1446 0 - 2,650 THB / EUR 1,463 0.0277 0 - 1,463 USD / MXN 1,000 20.1828 1,000 - 2,000 GBP / EUR 752 1.2002 752 - 829 CHF / USD 293 1.1453 0 - 1,409 EUR / GBP 179 0.8339 179 - 636 USD / GBP 148 0.7805 148 - 430 CZK / USD 119 0.0420 0 - 119 Total $ 69,922 As of December 31, 2024, we have recorded the fair value of foreign currency forward exchange contracts of $0.6 million in prepaid and other and $0.6 million in accounts payable, accrued and other liabilities in the Consolidated Balance Sheets.
Biggest changeYear Ended December 31, 2025 Buy/Sell Contract Amount (in thousands) Average Contractual Exchange Rate Min / Max Notional Volumes CZK / EUR $ 22,045 0.0411 16,198 - 22,045 USD / MXN 21,500 18.8004 17,000 - 21,500 EUR / USD 17,546 1.1661 17,546 - 22,503 EUR / BRL 9,111 6.4140 9,111 - 9,343 EUR / MXN 6,814 22.0089 6,130 - 7,885 USD / EUR 5,523 0.8597 5,114 - 7,066 EUR / THB 2,702 38.0791 2,636 - 2,702 CHF / EUR 1,897 1.0750 758 - 1,897 GBP / EUR 1,432 1.1391 1,229 - 1,615 EUR / CNY 1,175 8.3274 1,175 - 4,626 CZK / USD 674 0.0479 117 - 674 CHF / USD 353 1.2513 353 - 993 EUR / CHF 348 0.9255 348 - 1,,799 EUR / GBP 309 0.8774 0 - 362 USD / GBP 171 0.7564 158 - 199 GBP / USD 108 1.3449 0 - 294 USD / CZK 102 20.7060 0 - 102 Total $ 91,810 As of December 31, 2025, we have recorded the fair value of foreign currency forward exchange contracts of $0.3 million in prepaid and other and $0.6 million in accounts payable, accrued and other liabilities in the Consolidated Balance Sheets.
On July 6, 2022, we entered into a seven year USD/EUR fixed-to-fixed cross currency interest rate swap to effectively hedge the interest rate exposure relating to $203 million of the $400 million 3.60% Senior Notes due March 2032 which were issued by AptarGroup, Inc. on March 7, 2022.
On July 6, 2022, we entered into a seven year USD/EUR fixed-to-fixed cross currency interest rate swap to effectively hedge the interest rate exposure relating to $203.0 million of the $400.0 million 3.60% Senior Notes due March 2032 which were issued by AptarGroup, Inc. on March 7, 2022.
The table below provides information as of December 31, 2024 about our forward currency exchange contracts. The majority of the contracts expire before the end of the first quarter of 2025.
The table below provides information as of December 31, 2025 about our forward currency exchange contracts. The majority of the contracts expire before the end of the first quarter of 2026.
This USD/EUR swap agreement exchanged $203 million of fixed-rate 3.60% USD debt to €200 million of fixed-rate 2.5224% EUR debt. The fair value of this net investment hedge is $11.9 million and is reported in accounts payable, accrued and other liabilities in the Consolidated Balance Sheets. 35/ATR 2024 Form 10-K Table of Contents
This USD/EUR swap agreement exchanged $203.0 million of fixed-rate 3.60% USD debt to €200.0 million of fixed-rate 2.5224% EUR debt. The fair value of this net investment hedge is $32.5 million and is reported in accounts payable, accrued and other liabilities in the Consolidated Balance Sheets. 37/ATR 2025 Form 10-K Table of Contents

Other ATR 10-K year-over-year comparisons