Slide 1: Third Quarter 2025 Earnings Presentation
Third Quarter 2025 Earnings Presentation October 28, 2025
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements Any "forward-looking" statements, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, contained herein, including those relating to TriMas’ business, financial condition or future results, invol
Slide 3: Opening Remarks: Strengthening the Foundation for the Future
Opening Remarks: Strengthening the Foundation for the Future Operational Excellence Strategic Planning Brand Evolution Digital Transformation Manufacturing Footprint Optimization Launched a global Strategically reviewing the Kicked off a “One TriMas” Rolled out our new ERP “Operational Excellence” b
Slide 4: Opening Remarks
Opening Remarks All Businesses Achieved YoY Q3 Sales Growth Robust total TriMas organic sales growth of 16%+ with improvements in cash flow and earnings per share Packaging Aerospace Aerospace delivered record quarterly sales with 37%+ organic growth and expanded operating margins, while maintaining
Slide 5: Third Quarter 2025 Results
Third Quarter 2025 Results Net Sales Adjusted EBITDA(1) Adj. Earnings Per Share(2) (in millions) (in millions) $269.3 +17.4% $0.61 +41.9% $48.1 +25.4% $229.4 $38.3 Organic: +16.1% $0.43 Acquisitions: +2.7% Dispositions: -2.3% Currency: +0.9% 16.7% 17.8% +110 bps Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 20
Slide 6: Third Quarter YTD 2025 Results
Third Quarter YTD 2025 Results Net Sales Adjusted EBITDA (1) Adj. Earnings Per Share(2) (in millions) (in millions) $785.7 +12.7% $135.7 $1.68 +37.7% $697.0 +23.5% $109.9 Organic: +12.6% $1.22 Acquisitions: +2.3% Dispositions: -2.0% Currency: -0.2% 15.8% 17.3% +150 bps Q3 YTD Q3 YTD Q3 YTD Q3 YTD Q3
Slide 7: Balance Sheet & Capitalization
Balance Sheet & Capitalization Low-Interest Rate Senior Notes Do Not Mature Until 2029 September 30, December 31, September 30, ▪ Solid balance sheet, backed by low-interest, Key Credit Statistics 2025 2024 2024 long-term debt with no maturities until 2029 Total Debt $407.1 $398.1 $410.0 ▪ Net debt
Slide 8: Q3 2025 Segment Overview: Packaging
Q3 2025 Segment Overview: Packaging Adjusted for Special Items Q3 2025 Q3 2024 Change LTM Q3 2025 Net Sales $135.7 $130.2 4.2% $529.4 Operating Profit $18.2 $19.0 -4.3% $72.2 Operating Margin 13.4% 14.6% -120 bps 13.6% Adjusted EBITDA (1) $27.3 $27.6 -1.2% $108.5 Adjusted EBITDA Margin 20.1% 21.2% -
Slide 9: Q3 2025 Segment Overview: Aerospace
Q3 2025 Segment Overview: Aerospace Adjusted for Special Items Q3 2025 Q3 2024 Change LTM Q3 2025 Net Sales $103.2 $70.8 45.8% $373.8 Operating Profit $21.6 $8.7 148.3% $68.4 Operating Margin 20.9% 12.3% 860 bps 18.3% Adjusted EBITDA (1) $26.1 $13.1 98.6% $86.1 Adjusted EBITDA Margin 25.2% 18.5% 670
Slide 10: Q3 2025 Segment Overview: Specialty Products
Q3 2025 Segment Overview: Specialty Products Adjusted for Special Items Q3 2025 Q3 2024 Change LTM Q3 2025 Net Sales $30.3 $28.3 7.2% $110.6 Operating Profit $2.4 $2.4 -1.7% $4.5 Operating Margin 7.8% 8.5% -70 bps 4.1% Adjusted EBITDA (1) $3.1 $3.4 -10.8% $7.8 Adjusted EBITDA Margin 10.1% 12.1% -200
Slide 11: Raising Total Company Sales and EPS Outlook
Raising Total Company Sales and EPS Outlook Outlook as of October 28, 2025 FY 2025 Outlook Total Company As of 2/27/25 As of 7/29/25 As of 10/28/25 Sales Growth(1) 4% to 6% 8% to 10% ~10% Adjusted EPS(2) $1.70 to $1.85 $1.95 to $2.10 $2.02 to $2.12 ▪ Strong year-to-date performance in Aerospace ▪ Pa
Slide 12: Q&A
Q&A
Slide 13: Appendix
= Appendix
Slide 14: Condensed Consolidated Balance Sheet
Condensed Consolidated Balance Sheet September 30, December 31, 2025 2024 Assets Current assets: Cash and cash equivalents $ 33,640 $ 23,070 Receivables, net 192,060 164,820 Inventories 227,210 209,190 Prepaid expenses and other current assets 30,260 29,560 Total current assets 483,170 426,640 Prope
Slide 15: Consolidated Statement of Income
Consolidated Statement of Income Three months ended Nine months ended September 30, September 30, 2025 2024 2025 2024 Net sales $ 269,260 $ 229,360 $ 785,690 $ 696,960 Cost of sales (203,350) (177,660) (593,030) (538,540) Gross profit 65,910 51,700 192,660 158,420 Selling, general and administrative
Slide 16: Consolidated Statement of Cash Flows
Consolidated Statement of Cash Flows Nine months ended September 30, 2025 2024 Cash Flows from Operating Activities: Net income $ 38,440 $ 18,610 Adjustments to reconcile net income to net cash provided by operating activities, net of acquisition impact: Gain on dispositions of assets (5,120) (1,040
Slide 17: Company and Segment Financial Information
Company and Segment Financial Information Three months ended Nine months ended Three months ended Nine months ended September 30, September 30, September 30, September 30, 2025 2024 2025 2024 2025 2024 2025 2024 Packaging Adjusted operating profit $ 30,340 $ 22,660 $ 86,520 $ 59,660 Net sales $ 135,
Slide 18: Additional Information on Non-GAAP Measures
Additional Information on Non-GAAP Measures Three months ended Nine months ended September 30, September 30, 2025 2024 2025 2024 Net income, as reported $ 9,300 $ 2,530 $ 38,440 $ 18,610 Special Items to consider in evaluating quality of net income: Asbestos-related costs 8,030 5,510 8,030 5,510 Bus
Slide 19: Additional Information on Non-GAAP Measures
Additional Information on Non-GAAP Measures Three months ended September 30, 2025 2024 Special Special As reported Items As adjusted As reported Items As adjusted Net cash provided by operating activities $ 36,490 $ 3,570 $ 40,060 $ 22,030 $ 5,210 $ 27,240 Less: Capital expenditures (13,670) - (13,6
Slide 20: Additional Information on Non-GAAP Measures
Additional Information on Non-GAAP Measures Three months ended Twelve months ended Nine months ended September 30, September 30, September 30, 2025 2024 2025 2024 2025 2024 Net income, as reported $ 9,300 $ 2,530 $ 44,080 $ 26,550 $ 38,440 $ 18,610 Depreciation expense 10,120 9,940 47,950 39,520 29,
Slide 21: Additional Information on Non-GAAP Measures
Additional Information on Non-GAAP Measures As of October 28, 2025 Full Year 2025 GAAP to Non-GAAP EPS Outlook Reconciliation Twelve months ended December 31, 2025 Low High Diluted earnings per share (GAAP) $ 1.14 $ 1.24 Pre-tax amortization of acquisition-related intangible assets (1) 0.42 0.42 Inc