Graphic Packaging Holding Company · NYSE:GPK

Graphic Packaging — Q3 2025 Earnings Presentation

20 slides from Graphic Packaging's earnings presentation, Nov 4, 2025

  1. Slide 1: Third Quarter 2025 Earnings

    Third Quarter 2025 Earnings November 4, 2025 © 2025 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 full-year 2025 capital expenditures and free cash flow, 2025 Net Sales, volume, Adjusted EBITDA, Adju

  3. Slide 3: Waco: Commercial Production, October 2025

    Waco: Commercial Production, October 2025 World’s Most Efficient and Highest-Quality Recycled Paperboard Manufacturing Facility 3

  4. Slide 4: Third Quarter 2025 Update

    Third Quarter 2025 Update  Q3 Net Sales -1% yoy, Packaging Sales -2% yoy; Volume -2%, Price -1%  Food and Household steady, Beverage and Foodservice weaker, Health and Beauty remain strong  Promotion: Beverage returned to normal patterns; Food and QSR remain targeted with limited impact on overal

  5. Slide 5: Graphic Packaging's products are in the hands of tens of millions of consumers

    Graphic Packaging’s products are in the hands of tens of millions of consumers multiple times a day Food Beverage Foodservice Household Health & Beauty 38% 25% 21% 12% 4% 5 Note: Percentages represent 2024 Sales Mix

  6. Slide 6: Consumer Packaging Sales by Market

    Consumer Packaging Sales by Market Q3: Bifurcated market; most consumers focused on price and value 2023 FY 2024 FY 2025 Q3 Q4 2023 Q1 Q2 Q3 Q4 2024 Q1 Q2 Q3 Food Beverage Foodservice Household Health & Beauty Total 6 Note: YoY unadjusted; excludes sales from Russian subsidiary divested in 2023.

  7. Slide 7: 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 7

  8. Slide 8: Innovation: ProducePack Synergy Top-Sealing Punnet

    Innovation: ProducePackTM Synergy Top-Sealing Punnet OLD PACKAGE GPI INNOVATION ADDRESSABLE OPPORTUNITY • $5B global trays and bowls addressable market opportunity • Tens of billions of unit opportunity in NA and in Europe • Part of a growing family of GPI innovation for produce markets More Circula

  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, engaged, Steadily and measurably Consistently execute for sustainability-focused customer-focused improve the environmental customers, shareholders consumer packaging culture footprint

  10. Slide 10: Third Quarter 2025 Financials

    Third Quarter 2025 Financials Sales Q3’25 Q3’24 ∆ YoY ($M excl EPS)  Packaging sales: -2%  Volume: -2% Net Sales $2,190 $2,216 -1%  Price: -1%  F/X1 +1% Net Income $142 $165 -$23 Adj. EBITDA2 $383 $433 -$50 Adjusted EBITDA2 Input and other cost inflation was partially offset by Adj. EBITDA  17.

  11. Slide 11: 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

  12. Slide 12: Return of Capital to Stockholders

    Return of Capital to Stockholders Every use of capital is compared against share repurchase $ in millions except per share data YTD Cash Dividends $98 + Share Repurchase $150 = Capital Returned to Stockholders $248 Share Repurchase Results: # of Shares Repurchased ~6.8M Average Price per Share $22.1

  13. Slide 13: 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 13

  14. Slide 14: Appendix

    Appendix 14 © 2024 Graphic Packaging International, LLC.

  15. Slide 15: Supplemental Guidance Information

    Supplemental Guidance Information in millions except tax rate 2025 Capital Spending ~$850 Interest Expense $215-$225 Cash Taxes, Working Capital, Pension1 $150-$200 Effective Tax Rate ~25% Depreciation & Amortization2 $445-$455 Net Leverage, Year-End 20253 3.5 - 3.7x Ending Q3 2025 Shares, Diluted4

  16. Slide 16: Seasonality, Experience, and Expectations

    Seasonality, Experience, and Expectations Typical Patterns Seasonality Q1 Q2 Q3 Q4 Food 3 2 4 3 Beverage 2 5 4 2 Foodservice 1 3 3 5 Household 3 3 3 3 Health & Beauty 5 3 2 3 Total 2 3 4 3  Total Company: Relatively weaker Q1, relatively stronger Q3  Stronger Months: March, August, October  Weake

  17. Slide 17: 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

  18. Slide 18: 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

  19. Slide 19: Significant Free Cash Flow to Deploy for Value Creation

    Significant Free Cash Flow to Deploy for Value Creation ~$5B Free Cash Flow (~$16/share) 2024-2030 Vision ~$2.0B Free Cash Flow 2030 (~$7/share) 2024-2027 2029 2028 ~$1B Free ~$1B Free 2027 Cash Flow Cash Flow 2nd incremental 2026 $80M Waco Incremental EBITDA 2025 $80M Waco ~$900M to ~$1B EBITDA Fre

  20. Slide 20: Graphic Packaging Holding Company

    Graphic Packaging Holding Company

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