Graphic Packaging Holding Company · NYSE:GPK

Graphic Packaging — Q1 2024 Earnings Presentation

19 slides from Graphic Packaging's earnings presentation, Apr 30, 2024

1. Slide 1: First Quarter 2024 Earnings

   First Quarter 2024 Earnings April 30, 2024 © 2024 Graphic Packaging Holding Company

2. Slide 2: Forward-Looking Statements

   Forward-Looking Statements CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS • Any statements of the Company’s expectations in these slides, including, but not limited to, statements regarding seasonality, timing of the closing of the sale of the Augusta, Georgia paperboard manufacturing fac

3. Slide 3: First Quarter 2024 Highlights

   First Quarter 2024 Highlights Strategic Updates  Vision 2030 introduced at Investor Day in February: more ambitious, better aligned  Agreement to sell Augusta, GA bleached paperboard manufacturing facility to Clearwater Paper  Waco investment on schedule, progressing well Diversified Consumer Pac

4. Slide 4: Unmatched Consumer Packaging Market Depth and Breadth

   Unmatched Consumer Packaging Market Depth and Breadth Portfolio moves with the consumer Market Sales %1 Food 39% Beverage 22% Foodservice 22% Household 13% Health 4% & Beauty 4 1. 2023 GPK sales breakdown by market

5. Slide 5: Consumer Packaging Sales by Market

   Consumer Packaging Sales by Market1 Growth in Beverage and Foodservice partially offset weaker results elsewhere1 2022 FY 2023 FY 2024 Q1 Q2 Q3 Q4 2022 Q1 Q2 Q3 Q4 2023 Q1 Food Beverage Foodservice Household Health & Beauty Total 5 1. YoY, not days-adjusted

6. Slide 6: Seasonality, Experience, and Expectations

   Seasonality, Experience, and Expectations Typical First Quarter 2024 Experience Q1 Q2 Q3 Q4 Seasonality  Easter holiday timing and fewer shipping days Food (~2%) YoY Beverage  Days-adjusted sales (~1%) YoY Foodservice  Days-adjusted sales modestly below expectation Household of flat YoY due to we

7. Slide 7: Active Engagement with Customers Across Five Innovation Platforms

   Active Engagement with Customers Across Five Innovation Platforms Addressable Market Opportunity $15B $5.0B $4.0B $1.5B $2.5B $2.0B Trays & Bowls Cups & Containers Multi-Packs Paperboard Canisters Strength Packaging 7

8. Slide 8: Commercializing Innovation

   Commercializing Innovation INNOVATION CUSTOMER LAUNCH ADDRESSABLE OPPORTUNITY Boardio™, a high barrier paperboard Preparations underway for first U.S. ✚ $2.5B global market opportunity package, now with an innovative market coffee launch; two Boardio™ ✚ Primarily rigid and flexible plastic degassing

9. Slide 9: Global Leader in Sustainable Consumer Packaging

   Global Leader in Sustainable Consumer Packaging Innovation Culture Planet Results Build the leading Enable a safe, inclusive, Steadily and measurably Consistently execute for sustainability-focused customer-focused improve the environmental customers, shareholders consumer packaging culture footprin

10. Slide 10: First Quarter 2024 Financials

    First Quarter 2024 Financials Sales Q1’24 Q1’23 ∆ YoY ($M excl EPS)  Lower open market sales of paperboard (~4%)  Easter holiday timing and fewer shipping Net Sales $2,259 $2,438 -7% days (~2%)  Input cost pass through in Europe (~1%) Net Income $165 $207 -20%  Days-adjusted sales (~1%)  Net ac

11. Slide 11: Operations and Capital Investment Update

    Operations and Capital Investment Update Bleached Paperboard Optimization  Augusta, GA bleached paperboard manufacturing facility sale expected to close May 1st  Texarkana, TX production capabilities aligned with consumer packaging and cup demand Waco, TX Recycled Paperboard Investment  Major con

12. Slide 12: Full-Year 2024 Outlook

    Full-Year 2024 Outlook  Expect positive full-year sales growth (excluding impact of Augusta, GA bleached paperboard manufacturing facility sale)  On track to achieve $200M Innovation Sales Growth  Margin strength, strong execution, and solid customer engagement set the stage to achieve full-year

13. Slide 13: 2024 Guidance Update

    2024 Guidance Update Reflects the planned sale of the Augusta, GA bleached paperboard manufacturing facility1 Initial Guidance Updated as of February 21 for Augusta sale Adjusted EBITDA $1,750 - $1,950M $1,730 - $1,830M of which Augusta $90 - $110M $30 - $35M2 Adjusted EPS3 $2.50 - $3.00 $2.65 - $2.

14. Slide 14: Vision 2030 Base Financial Model

    Vision 2030 Base Financial Model Vision 2030 Annual Sales Growth Low-Single Digits Annual ADJ EBITDA Growth Mid-Single Digits Annual ADJ EPS Growth High-Single Digits Normalized Capex (% of Sales) 5% Base financial model generates above cost of capital returns and significant cash flow, creating a r

15. Slide 15: Significant Cash Flow to Deploy for Value Creation

    Significant Cash Flow to Deploy for Value Creation ~$5B+ Cash Flow (~$17/share) 2024-2030 Vision ~$2.5B Cash Flow (~$8/share) 2030 2024-2027 2029 2028 ~$1B Cash Flow ~$1B Cash Flow 2027 2nd incremental 2026 $80M Waco Incremental EBITDA 2025 $80M Waco ~$900M to ~$1B EBITDA Cash Flow CapEx Cycle Wind

16. Slide 16: Appendix

    Appendix 16 16 © 2024 Graphic Packaging International, LLC.

17. Slide 17: Supplemental Information

    Supplemental Information First Quarter 2024 $ in millions ∆ YoY Net Sales Net Price/Volume/Mix ($197) Open Market Paperboard Sales (~4%) Easter Timing, Shipping Days (~2%) Input Cost Pass Through in Europe (~1%) Days-adjusted Sales (~1%) Net Acquisitions/(Divestitures) $15 Impact of F/X1 $3 Adjusted

18. Slide 18: Supplemental Guidance Information

    Supplemental Guidance Information $ in millions 2024 Capital Spending ~$950 Cash Interest $210 – $225 Cash Taxes, Working Capital, Pension ~$300 Effective Tax Rate ~25% 18

19. Slide 19: raphic Packaging

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Graphic Packaging Holding Company — Q1 2024 Earnings Presentation on 6ix