The US-headquartered group has substantial interests in the UK after acquiring Contego Packaging’s UK and Europe food and beverage cartons business, Benson Group, and most recently Firstan owner AR Packaging.

Net sales were down 7% at $8.8bn (£7bn) for the full year, while net income fell from $723m to $658m.

Adjusted EBITDA margins slipped from 19.9% to 19.1%.

President and CEO Michael Doss commented: “The past two years have presented unusual volume challenges for the industry and our customers. Customer destocking is largely over, but consumers are stretched and searching for value in their everyday purchases.”

He said that Graphic Packaging was responding to its customers’ evolving needs “by creating the more circular, more functional, and more convenient packaging that consumers prefer”.

“As the last of our major asset investments comes to completion in 2025, capital spending will decline significantly, and we will deploy excess cash to create substantial value for our stockholders,” he stated.

Doss said the group’s strategic investments in capabilities, innovation, and competitive advantage had positioned the company for long-term value creation.

It announced a 10% increase in its quarterly dividend.

The group’s biggest market is food packaging, at 38% of sales, followed by beverage, foodservice, household, and health and beauty.