Graphic Packaging Holding Company · NYSE:GPK
Graphic Packaging — Investor Presentation (August 2026)
23 slides from Graphic Packaging's investor presentation, August 2026
Slide 1: Investor Presentation August 2026
Investor Presentation August 2026
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 2030 single-use plastic ban implementation in EU Countries, 2026 cost savings, 2026 capital spending,
Slide 3: Graphic Packaging at a Glance
Graphic Packaging at a Glance Health & Beauty $8.6 billion $1.4 billion 22,000+ Health & Beauty 2025 Net Sales 2025 Adj EBITDA1 Employees Household 4% Household 14% 100+ year 100+ facilities ~96% 39% Food Operating history Design and Packaging sold 2025 Food Manufacturing is recyclable2 Foodservice
Slide 4: In the Hands of Tens of Millions, Multiple Times a Day
In the Hands of Tens of Millions, Multiple Times a Day Food at Home Snacking Food away from Home Beverages Pet Care Oral Care Personal Care Home Care Beauty Health Care 4
Slide 5: Clear Investment Thesis based on Unique Competitive Advantages
Clear Investment Thesis based on Unique Competitive Advantages Global Leader in Sustainable Consumer Packaging Partner of Choice for Consumer Goods & Foodservice Brands and Retailers Continuous Innovation to Meet Evolving Consumer Packaging Preferences Competitively Advantaged Global Network of Stat
Slide 6: Significant Expansion of Capabilities in Past Decade
Significant Expansion of Capabilities in Past Decade From Center of Store to Every Aisle and across Superstores, QSRs, and E-Commerce 2017 2026 6
Slide 7: Packaging that Consumers Interact with Everyday
Packaging that Consumers Interact with Everyday 7
Slide 8: Well-Diversified Global Portfolio Across Consumer Categories
Well-Diversified Global Portfolio Across Consumer Categories 39% 24% 19% Food Beverage Foodservice 14% 4% Health Household & Beauty Note: Figures denote % of 2025 Net Sales 8
Slide 9: Innovation Expands Market Opportunity
Innovation Expands Market Opportunity Driving development of more sustainable packaging solutions CleanClose Target Pilgrim’s Europe/Sainsbury’s Tudor Drinks Keuirg Dr Pepper Boardio PaperSeal Shape EnviroClip Beam for Harry Keurig Coffee Collective Brompton’s Peach Iced Tea American Dairy Queen Cor
Slide 10: Sustainability Tailwinds Support & Drive Higher Demand
Sustainability Tailwinds Support & Drive Higher Demand European Regulation, Increased Paper Recycling Rates, Consumer Preference ▪ Beginning in 2030, several types of single-use plastic packaging banned due to EU’s Packaging and Packaging Waste Regulation (PPWR) ▪ In 2025 Recycled Materials Associat
Slide 11: Integrated Global Network Supporting Customers
Integrated Global Network Supporting Customers PAPERBOARD MILLS PACKAGING FACILITIES • 5 paperboard mills in North America: • 100+ packaging and design facilities across the globe • 2 recycled paperboard mills (coated, uncoated) • 2 unbleached paperboard mills • Strategically located to offer local
Slide 12: Expanding Recycled Paperboard Markets
Expanding Recycled Paperboard Markets Uncoated Recycled Market Opportunity1 ▪ Entering URB market to expand recycled platform growth in new markets with new customers ▪ Current Waco capabilities can service folding carton and lamination applications today (~1M tons) ~1.0M tons ▪ New, incremental dem
Slide 13: 2025 Impact Report Published
2025 Impact Report Published Progress across all pillars: Better Packaging, Better for People, and Better Future 1. Defined as injury that results in a fatality or is life-threatening or life-altering. 13 2. US Virtual Power Purchase Agreement (VPPA) will start providing credits late 2027. EMEA proj
Slide 14: Q2 2026 Results
Q2 2026 Results ($M excl. EPS) Q2’26 Q2’25 Q2’26 HIGHLIGHTS Net Sales $2,188 $2,204 • Volume flat, Price -1% • Innovation Sales Growth $40M Net Income $24 $104 • FX/Other +$13M Adj. EBITDA1 $247 $336 BUSINESS DRIVERS Adj. EBITDA Margin1 11.3% 15.3% • Continued temporary packaging price EPS $0.08 $0.
Slide 15: Diversification of End Markets Driving Stability of Results
Diversification of End Markets Driving Stability of Results End Market Q2’25 Q3’25 Q4’25 2025 Q1’26 Q2’26 Food Beverage Foodservice Household Health & Beauty Total >+5% +2% to +5% -2% to +2% -2% to -5% >-5% Note: Chart represents Net Sales YoY. 15
Slide 16: Executing Near-Term Strategic Priorities
Executing Near-Term Strategic Priorities Optimize Deliver free cash Disciplined Enhance operations, Deploy free flow growth organic growth profitability footprint and cash flow commitment portfolio Growth in food and On track to Croatia divestiture Achieved $75M Paying down debt health & beauty deli
Slide 17: Updated 2026 Guidance
Updated 2026 Guidance1 Prior Current Net Sales Projecting the $8.40B - $8.60B high-end of range Assumed Volume Range -1% to +1% No change Adj. EBITDA Projecting the $1.05B - $1.25B low-end of range Adj. EPS $0.75 - $1.15 $0.65 - $0.902 Adj. Cash Flow $700M - $800M $600M - $700M Capital Spending ~$45
Slide 18: 2026 Supplemental Guidance
2026 Supplemental Guidance 2026 ($M) YoY Maint. Outage Impacts Interest Expense1 ~$275M Q1 ($18) Effective Tax Rate ~25% Q2 $6 Depreciation & Amortization2 ~$510M Q3 ~($10)E Year-End Net Leverage3 ~4.6x Q4 ~$5E 1. Interest Expense updated to reflect expected higher debt balance. 2. Excludes accelera
Slide 19: 2026 Supplemental Guidance
2026 Supplemental Guidance Adjusted Cash Flow Cost Savings ($M) 2025 2026 ($M) 2026 Q1 ($442) ($183) Q1 $10 Q2 $83 $138 Q2 $25 2H $528 ~$700E1 2H ~$50E FY $169 ~$650E1 FY ~$85E 19 1. 2H 2026 and FY 2026 represents expected Adj. Cash Flow at the midpoint of the guidance range.
Slide 20: Focus on Delivering Adjusted Cash Flow
Focus on Delivering Adjusted Cash Flow Cash Flow Drivers Enhancing Future Adjusted Cash Flow Profile (Adjusted Cash Flow1 $M) • Past Peak Investment Cycle; $700 + Capital Spending at or Below EBITDA 5% of Sales Growth $600-$700 • Disciplined Approach to New $700 Capital Projects • Reduction of Paper
Slide 21: Prioritizing Debt Paydown and Deleveraging
Prioritizing Debt Paydown and Deleveraging Net Leverage1 Debt Maturities ~4.6x 3.8x Unsecured Notes 3.2x 3.0x Green Bond $681 2.8x <2.5x Farm Credit Term Loans Bank Term Loans $250 Revolver $702 2 $450 $300 $832 $400 $675 $400 $500 $100 3 $240 3 $- 0 2022 2023 2024 2025 2026 By 2030 2026 2027 2028 2
Slide 22: Disciplined Capital Allocation
Disciplined Capital Allocation Near-Term Priorities 1 2 3 REDUCE LEVERAGE RETURN CAPITAL CAPITAL SPENDING Strengthen balance sheet Return capital to Disciplined capital through cash flow shareholders through spending ≤ 5% of sales generation and quarterly dividend deleveraging ($0.11 per share1) 22
Slide 23: Clear Path to Value Creation
Clear Path to Value Creation Driving disciplined and sustainable growth through proactive commercial strategy and focused innovation Taking decisive actions to strengthen operational excellence and recover margins Optimizing footprint and portfolio on core competencies and highest return opportuniti
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