Graphic Packaging Holding Company · NYSE:GPK
Graphic Packaging — Investor Presentation (November 2025)
19 slides from Graphic Packaging's investor presentation, November 2025
Slide 1: Investor Presentation November 2025
Investor Presentation November 2025 © 2025 Graphic Packaging Holding Company
Slide 2: Forward-Looking Statement
Forward-Looking Statement CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS Any statements of the Company’s expectations in these slides, including, but not limited to, statements regarding the Company’s plans and ability to meet its Vision 2030 goals, expected cash flow inflection in 2026,
Slide 3: Graphic Packaging Investment Case
Graphic Packaging Investment Case After a multi-billion dollar investment program transformed Graphic Packaging into the world’s leading sustainable consumer packaging company, free cash flow is expected to significantly exceed capital requirements. The Company has prioritized returning excess cash
Slide 4: Graphic Packaging at a Glance
Health & Beauty Graphic Packaging at a Glance Household 4% Global leader in sustainable consumer packaging 12% Food 38% Foodservice 2024 $8.8B $1.7B 21% Sales 2024 Net Sales 2024 Adj EBITDA1 25% Atlanta, GA 23,000+ Beverage Headquarters Employees ~95% 26 Revenues from Countries recyclable products2
Slide 5: Transformative Investments Complete
Transformative Investments Complete Invested in Capabilities (top-line consistency) 2018: Combination with International Paper Consumer Packaging business (foodservice) Numerous targeted acquisitions to expand expertise and reach Invested in Innovation (market expansion and margin stability) 2
Slide 6: Capabilities 2017: Strong Positions in Dry Food and Beverage
Capabilities 2017: Strong Positions in Dry Food and Beverage $4.4B in sales 6
Slide 7: Capabilities 2025: Every Aisle, Superstores, QSRs, and E-Commerce
Capabilities 2025: Every Aisle, Superstores, QSRs, and E-Commerce $8.8B in sales 7
Slide 8: In the hands of tens of millions of consumers multiple times a day
In the hands of tens of millions of consumers multiple times a day Food Beverage Foodservice Household Health & Beauty 38% 25% 21% 12% 4% 8 Note: Percentages represent 2024 Sales Mix
Slide 9: Acquired Europe's best innovator
Acquired Europe’s best innovator Integrated with leading US innovation platform for global leadership 15% 15% Other 48% Legacy GPK (~$1B) + AR Packaging (~$1B) 8% 8% 2%4% Food Beverage Health & Beauty Foodservice Household 9
Slide 10: Innovation is Expanding the Market for Paperboard Packaging
Innovation is Expanding the Market for Paperboard Packaging Addressable Market Opportunity $15 Billion $5.0B $4.0B $1.5B $2.5B $2.0B Trays & Bowls Cups & Containers Multipacks Paperboard Canisters Strength Packaging 10
Slide 11: Innovation expands share of CPG and QSR packaging spend
Innovation expands share of CPG and QSR packaging spend Pladis Global McVitie’s Victoria BIC Creations carton Soleil 16-count Carso’s Pasta razor carton PaperSeal Morrisons Sainsbury’s Original Pressed board PaperSeal trays Shape McDonald’s Elaborados McFlurry cup Nestlé Naturales Quality Street Pap
Slide 12: Global Leader in Sustainable Consumer Packaging
Global Leader in Sustainable Consumer Packaging Innovation Culture Planet Results Build the leading Enable a safe, engaged, Steadily and measurably Consistently execute for sustainability-focused customer-focused improve the environmental customers, shareholders consumer packaging culture footprint
Slide 13: Better, Every Day through our 2030 sustainability commitments
Better, Every Day through our 2030 sustainability commitments 1. Measured using Gallup Q12®. 13 2. Defined as a fatality or life-threatening or life-altering injury. 3. Includes Scope 3 Category 1, 3, 4, 5, 10, and 12 emissions.
Slide 14: Consumer Packaging Sales by Market
Consumer Packaging Sales by Market “Move with the consumer” to deliver consistent results and profitability 2023 FY 2024 FY 2025 Q3 Q4 2023 Q1 Q2 Q3 Q4 2024 Q1 Q2 Q3 Food Beverage Foodservice Household Health & Beauty Total 14 Note: YoY unadjusted; excludes sales from Russian subsidiary divested in
Slide 15: Consistent results across a wide range of market conditions
Consistent results across a wide range of market conditions Consumer affordability keeping pressure on volume Volume1 Adj EBITDA Margin 7% Customer Consumer Customer Consumer Destocking Affordability 21% Destocking Affordability 5% 3% 19% * * 1% * -1% -3% -5% -7% 1 YoY * Planned maintenance quarters
Slide 16: Waco: Commercial Production, October 2025
Waco: Commercial Production, October 2025 World’s Most Efficient and Highest-Quality Recycled Paperboard Manufacturing Facility 16
Slide 17: Vision 2030 Base Financial Model and Capital Allocation Priorities
Vision 2030 Base Financial Model and Capital Allocation Priorities Base Model: Annual Sales Annual Adj Annual Adj Normalized Capex Growth EBITDA Growth EPS Growth (% of sales) Low-Single Digits Mid-Single Digits High-Single Digits ~5% After 2025 Capital Priorities: Reinvest to Expand Capabilities1
Slide 18: Graphic Packaging has repurchased ~24% of the Company since 2018
Graphic Packaging has repurchased ~24% of the Company since 2018 While doubling sales and EBITDA, investing in advantaged assets, and keeping leverage modest 400 390 GPK Shares Outstanding 380 IP Stake 360 GPK Share Repurchase millions of shares 340 IP Stake Repurchase 320 310 295 300 280 260 2017 2
Slide 19: 2025 Guidance and Commentary
2025 Guidance and Commentary Previous Current Net Sales $8.4B to $8.6B $8.4B to $8.6B Assumed Volume +/- Flat -1% to Flat Adjusted EBITDA $1.45B to $1.55B $1.4B to $1.45B Adjusted EPS $1.90 to $2.20 $1.80 to $2.00 Capital Spending ~$850M ~$850M Innovation Sales Growth ≥2% of sales ≥2% of sales 19
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