Silgan Holdings Inc. · NYSE:SLGN
Silgan — Merger or Acquisition (October 2026)
41 slides from Silgan's merger presentation, Oct 19, 2026
Slide 1: Accelerating Portfolio Evolution
Exhibit 99.2 Silgan Holdings Inc. Accelerating Portfolio Evolution October 19, 2026 ©2026 Silgan Holdings. All Rights Reserved.
Slide 2: Presentation Notes
PRESENTATION NOTES This presentation, and the statements made during the course of this presentation, are not intended to and do not constitute an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities. Statements made in or
Slide 3: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES Generally accepted accounting principles in the United States are commonly referred to as GAAP. A non-GAAP financial measure is generally defined as a financial measure that purports to measure financial performance, financial position or liquidity but excludes or include
Slide 4: Silgan's Unique Business Model
Silgan’s Unique Business Model Build and enhance Deploy strong Earnings growth business positions Free Cash Flow and value creation ü Sustainable ü Growth through ü Top tier competitive targeted earnings growth advantage acquisitions in Packaging sector ü Supply best value ü Other cash in industry b
Slide 5: Capital Allocation to Create Shareholder Value
Capital Allocation to Create Shareholder Value Multiple Levers for Growth and Returns Current Portfolio Adj. EBITDA 4 4 4 Net Sales Adj. EBITDA Margin Silgan Capital Allocation 1 Since Founding Dispensing and Specialty $2.7B $570M 21% Closures Capital CapEx 2 Capital Return Custom $122M 20% $626M Co
Slide 6: Strategic Announcement to Accelerate Value Creation
Strategic Announcement to Accelerate Value Creation ▪ Silgan is contributing its Metal Containers and Food and Beverage Flat Cap Closures businesses into a newly formed metal packaging business (“Silgan Metal Containers and Closures” or “Silgan MCC”), which will acquire Trivium Packaging (“Trivium”)
Slide 7: Strategic Rationale
Strategic Rationale ▪ Combination of our metal packaging business and Trivium creates a best-in-class global platform, provides for $225M of expected synergies, and establishes a clear path to separation Why we are Pursuing This ▪ At the same time, our funding approach will increase flexibility for
Slide 8: Transaction Summary
Transaction Summary ▪ Silgan contributes: Metal Containers and Food and Beverage Flat Cap Closures business at an enterprise value of $3.8B (8.1x LTM Jun-26 Adj. EBITDA) Formation of Silgan MCC ▪ Funds affiliated ~$1.0B of cash investment with AIP contribute: ▪ Silgan MCC acquires Trivium in an all-
Slide 9: Proposed Transaction Financing Structure
Proposed Transaction Financing Structure ($ in Billions) Silgan MCC Sources and Uses Sources of Funds New Silgan MCC Debt $4.9 Silgan Equity Rollover 1.5 AIP Cash Equity 1.0 $7.4 Total Sources Uses of Funds Silgan Equity Rollover $1.5 Redistributes balance sheet capacity to 1 Cash to Silgan at Close
Slide 10: Unlocking Benefits of a Partnership Structure
Unlocking Benefits of a Partnership Structure Benefits AIP Partner Benefits ▪ Silgan to realize significant value today, while retaining future upside without further investment ~$18B 145 Assets Under Acquisitions ▪ Silgan maintains control to capture upside while Management reducing execution risk
Slide 11: Significant Synergy Opportunity
Significant Synergy Opportunity Silgan’s Proven Synergy Track Record Value Creation through Synergies Synergies Recent Acquisitions Trivium Acquisition Multiple Exceeded Target? ü 7.1x 4.8x ü ü Dispensing Pre-synergy multiple Post-synergy multiple Dispensing and ü Specialty Closures 1 High-Convictio
Slide 12: Creating Value and Strategic Flexibility
Creating Value and Strategic Flexibility Pro Forma Total Silgan Future Intended Separation ▪ Provides clear future pathway to establish Silgan MCC as an independent public company $9.8B 1 Net Sales ▪ Intention to distribute via a tax-free spin ▪ Separation timing governed by progress of $1.7B integr
Slide 13: Differentiated Businesses Positioned to Excel
Differentiated Businesses Positioned to Excel Silgan MCC Silgan Dispensing Solutions 1 $7.3B $1.2B $2.5B $555M Net Sales Adj. EBITDA Net Sales Adj. EBITDA 1 1 16% ~4.0x 22% ~1.8x Adj. EBITDA Margin PF Net Leverage Adj. EBITDA Margin PF Net Leverage Key Products Key Products Food and Beverage Food Ca
Slide 14: Silgan MCC
Silgan MCC A large-scale global business in metal packaging ©2026 Silgan Holdings. All Rights Reserved.
Slide 15: Silgan MCC Business Overview
Silgan MCC Business Overview Existing Silgan Metal Containers Trivium and Closures Businesses Supplier of metal containers Supplier of metal containers, aerosol and flat cap metal and plastic closures cans, and aluminum beverage bottles for food and beverage markets across food and other consumer ap
Slide 16: Hand-in-Glove Fit
Hand-in-Glove Fit Select Offering (Geography) Silgan MCC Key Highlights ü Complementary offerings across core markets Pet and Human Food Cans (N. America) ü Meaningfully enhances European presence Pet and Human Food Cans (EMEA) ü Entry into attractive aerosol and aluminum beverage bottles markets -
Slide 17: Silgan MCC at-a-Glance
Silgan MCC at-a-Glance Key Figures 1 1 $7.3B $1.2B 16% 12K+ 100+ Net Sales Adj. EBITDA Adj. EBITDA Margin Employees Plants Core Products Pet and Aluminum and Aluminum Food and Beverage Human Food Cans Steel Aerosol Cans Beverage Bottles Flat Cap Closures LTM Net Sales By Geography LTM Net Sales By P
Slide 18: Global Presence to Support Customers and Consumers
Global Presence to Support Customers and Consumers LTM Net Sales by Geography Extensive Manufacturing Base RoW 4% Europe North 36% America 100+ 12K+ 27B+ 30B+ 60% Plants Employees Cans Closures Metal Containers and Food Silgan Trivium and Beverage Flat Cap Closures Americas Can Plants 24 Americas Cl
Slide 19: Silgan MCC Priorities
Silgan MCC Priorities Execute on the Synergy Opportunity Capture cost and productivity benefits of the combined platform Build the Best-in-class Global Platform Leverage strengths of the two businesses to advance innovation and commercial and operational excellence Capitalize on Growth Markets Captu
Slide 20: Silgan Dispensing Solutions
Silgan Dispensing Solutions A focused, high-value specialty packaging company ©2026 Silgan Holdings. All Rights Reserved.
Slide 21: Silgan Dispensing Solutions at-a-Glance
Silgan Dispensing Solutions at-a-Glance Key Figures $2.5B $555M 22% 11K+ 66 Net Sales Adj. EBITDA Adj. EBITDA Margin Employees Plants Core Products Fragrance and Beauty Healthcare/ Dispensing Trigger Plastic Dispensers Drug Delivery Pumps Sprayers Containers LTM Net Sales By Geography LTM Net Sales
Slide 22: A Platform Poised for Growth
Adj. EBITDA Margin (%) Revenue ($ in millions) A Platform Poised for Growth Positioning Focus on Dispensing Solutions Driving Results Significant Investment in Dispensing Solutions… • Differentiated Dispensing Solutions platform driving $5,000 $2,000 organic growth and Dispensing $4,000 $1,500 conti
Slide 23: Robust Organic Growth Opportunities
Robust Organic Growth Opportunities Fragrance, Beauty Home Care and Healthcare and Pharma and Personal Care Lawn and Garden Market High-Single-Digit Mid-Single-Digit Low-Single-Digit Growth Potential Select Rising healthcare spend, Product innovation Durability, DIY, expanding drug delivery and bran
Slide 24: Positioned to Accelerate Capital Deployment
Positioned to Accelerate Capital Deployment Proven Capital Allocator Enhanced Financial Flexibility ▪ Core competency in M&A 3.4x ▪ Disciplined, returns-based approach ▪ Deep, proprietary relationships ~1.8x ▪ Proven approach to talent retention and investment Silgan 12/31/2025 Pro Forma Silgan Net
Slide 25: Silgan Dispensing Solutions Priorities
Silgan Dispensing Solutions Priorities Accelerate Organic Growth Capture favorable long-term trends across high-value markets Strengthen Differentiated Capabilities Continue investing in innovation, product development, technical talent, and manufacturing excellence Expand Customer Partnerships Leve
Slide 26: Closing
Closing One clear path forward, two differentiated businesses ©2026 Silgan Holdings. All Rights Reserved.
Slide 27: Enhancing Silgan's Unique Business Model
Enhancing Silgan’s Unique Business Model Pro Forma Total Silgan $9.8B 1 Net Sales Build and enhance Deploy strong Earnings growth business positions Free Cash Flow and value creation $1.7B ü Sustainable ü Growth ü Top tier 1,2 PF Adj. EBITDA competitive through earnings advantage targeted growth in
Slide 28: Summary
Summary ▪ Combining Silgan Metal Containers segment and Food and Beverage Flat Cap Closures business with Trivium, via 60%-owned partnership, enabling meaningful synergies Announcement Overview ▪ Positioning Silgan Dispensing Solutions for priority growth and investment opportunities ▪ Formation of
Slide 29: Appendix A: Additional Detail
Appendix A: Additional Detail ©2026 Silgan Holdings. All Rights Reserved.
Slide 30: Select Transaction Details
Appendix Select Transaction Details Pre-synergy EV/Adj. EBITDA Multiple Post-synergy EV/Adj. EBITDA Multiple Median Purchase Price Multiple Reduction via Synergies: ~2x 1.9x 2.4x 13.0x 2.3x 1.3x 11.7x 11.1x 1.5x 10.5x 10.0x 9.3x 8.7x 8.7x 8.2x 7.2x WestRock Dispensing Albéa Dispensing Gateway Unicep
Slide 31: Appendix B: Reconciliation of Non-GAAP Financial Measures
Appendix B: Reconciliation of Non-GAAP Financial Measures ©2026 Silgan Holdings. All Rights Reserved.
Slide 32: Trivium Packaging B.V. Reconciliation to Adjusted EBITDA
Appendix Trivium Packaging B.V. Reconciliation of Income before interest and income taxes (EBIT) to Adjusted EBIT and Adjusted EBITDA ($ in millions) Year Ended LTM Ended December 31, 2025 June 30, 2026 Trivium Packaging B.V. Net Sales $ 3,013.6 $ 3,080.9 Income before interest and income taxes (EBI
Slide 33: Silgan Holdings Reconciliation of EBIT to Adjusted EBITDA
Appendix Silgan Holdings Inc. Reconciliation of Income before interest and income taxes (EBIT) to Adjusted EBIT and Adjusted EBITDA ($ in millions) Year Ended Six Months Ended LTM Ended December 31, 2025 June 30, 2025 June 30, 2026 June 30, 2026 Dispensing and Specialty Closures: Net sales $ 2,707.3
Slide 34: Silgan Holdings Reconciliation of EBIT to Adjusted EBITDA
Appendix Silgan Holdings Inc. Reconciliation of Income before interest and income taxes (EBIT) to Adjusted EBIT and Adjusted EBITDA ($ in millions) Year Ended Six Months Ended LTM Ended December 31, 2025 June 30, 2025 June 30, 2026 June 30, 2026 Custom Containers: Net sales $ 637.6 $ 328.0 $ 316.5 $
Slide 35: Silgan Holdings Reconciliation of EBIT to Adjusted EBITDA
Appendix Silgan Holdings Inc. Reconciliation of Income before interest and income taxes (EBIT) to Adjusted EBIT and Adjusted EBITDA ($ in millions) Year Ended Six Months Ended LTM Ended December 31, 2025 June 30, 2025 June 30, 2026 June 30, 2026 Silgan MCC Closures: Net sales $ 848.9 $ 429.4 $ 441.2
Slide 36: Total Existing Silgan Metal Containers and Closures Businesses
Appendix Silgan Holdings Inc. Total Existing Silgan Metal Containers and Closures Businesses ($ in millions) LTM Ended June 30, 2026 Metal Silgan MCC Total Existing Silgan Metal Containers Closures Containers and Closures Businesses Net sales $ 3,322.6 $ 860. 7 $ 4,183.3 Adjusted EBITDA $ 335. 9 $ 1
Slide 37: Total Silgan Dispensing Solutions
Appendix Silgan Holdings Inc. Total Silgan Dispensing Solutions ($ in millions) LTM Ended June 30, 2026 Dispensing Less Total Silgan & Specialty Custom Silgan MCC Dispensing Closures Containers Closures Solutions Net sales $ 2,733.2 $ 626. 1 $ (860.7) $ 2,498.6 Adjusted EBITDA $ 570. 3 $ 122. 1 $ (1
Slide 38: Silgan Holdings Reconciliation of EBIT to Adjusted EBITDA
Appendix Silgan Holdings Inc. Reconciliation of Income before interest and income taxes (EBIT) to Adjusted EBIT and Adjusted EBITDA ($ in millions) Year Ended December 31, Six Months Ended LTM Ended 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 June 30, 2025 June 30, 2026 June 30, 2026 Disp
Slide 39: Total Silgan MCC
Appendix Silgan Holdings Inc. Total Silgan MCC ($ in millions) LTM Ended June 30, 2026 Total Existing Silgan Metal Containers and Closures Total 1 Businesses Synergies Silgan MCC Trivium Net sales $ 4,183.3 $ 3,080.9 $ - $ 7,264.2 Adjusted EBITDA $ 473. 2 $ 478. 3 $ 225. 0 $ 1,176.5 Margin 11% 16% 1
Slide 40: Total Silgan Pro Forma
Appendix Silgan Holdings Inc. Total Silgan Pro Forma ($ in millions) LTM Ended June 30, 2026 Silgan Dispensing Silgan Total Solutions MCC PF Corporate Silgan PF Net sales $ 2,498.6 $ 7,264.2 $ - $ 9,762.8 Adjusted EBITDA $ 555. 1 $ 1,176.5 $ ( 52.0) $ 1,679.6 Margin 22% 16% 17% Note: Refer to slide
Slide 41: Thank You
THANK YOU www.silganholdings.com
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