Graphic Packaging Holding Company · NYSE:GPK

Graphic Packaging — Q4 2024 Earnings Presentation

19 slides from Graphic Packaging's earnings presentation, Feb 4, 2025

1. Slide 1: Fourth Quarter & Full-Year 2024 Earnings

   Fourth Quarter & Full-Year 2024 Earnings February 4, 2025 © 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 2025 sales, Adjusted EBITDA and Adjusted EPS growth ranges, and 2025 capital expenditure reduction, a

3. Slide 3: Full-Year 2024 Highlights

   Full-Year 2024 Highlights Strategic Updates  Launched Vision 2030  Divested Augusta bleached paperboard manufacturing facility and related open market paperboard sales  Executed Virtual Power Purchase Agreement to increase renewable energy use in Europe  Repurchased 2% of common shares outstandi

4. Slide 4: Fourth Quarter 2024 Highlights

   Fourth Quarter 2024 Highlights Strategic Updates  Waco, Texas coated recycled paperboard investment on track for Q4 2025 startup  Packaging network investments expanding capabilities and driving productivity  Measurable progress on Vision 2030 Culture goals Diversified Consumer Packaging Portfoli

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 Q4: Beverage, Foodservice and Household steady, modestly weaker Food results 6 Note: YoY unadjusted; excludes Russia.

7. Slide 7: Seasonality, Experience, and Expectations

   Seasonality, Experience, and Expectations Typical Patterns Q4 2024 Experience  Modest incremental volume improvement Seasonality Q1 Q2 Q3 Q4 Food 3 2 4 3  Increased promotional activity Beverage 2 5 4 2  Continued growth in private label Foodservice 1 3 3 5  Pricing similar to third quarter Hous

8. Slide 8: Customer Focus on Innovation Remains High

   Customer Focus on Innovation Remains High Addressable Market Opportunity $15 Billion $5.0B $4.0B $1.5B $2.5B $2.0B Trays & Bowls Cups & Containers Multi-Packs Paperboard Canisters Strength Packaging 8

9. Slide 9: Innovation across Diverse Markets for Customers Large and Small

   Innovation across Diverse Markets for Customers Large and Small Pladis Global McVitie’s Victoria BIC Creations carton Soleil 16-count razor carton Carso’s Pasta PaperSeal Morrisons Sainsbury’s Original Pressed board PaperSeal trays Shape Brasserie de Champigneulles KeelClip G2 Elaborados Nestlé Natu

10. Slide 10: Waco, TX Coated Recycled Paperboard Investment

    Waco, TX Coated Recycled Paperboard Investment  On track for Q4 2025 startup  Accelerated spend in 2024 de-risked equipment availability and key project milestones  Fiber sourcing contracts and logistics well-advanced  Capacity to recycle 15M cups per day  Highest quality, economically- advanta

11. Slide 11: 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

12. Slide 12: Fourth Quarter and Full-Year 2024 Financials

    Fourth Quarter and Full-Year 2024 Financials Sales  Packaging sales: Q4 -$22M, or -1%; Q4’24 Q4’23 ∆ YoY 2024 2023 ∆ YoY ($M excl EPS) FY 2024 -$235M, or –2%  Volume: Q4 +1%; FY 2024 -1% Net Sales $2,095 $2,249 -7% $8,807 $9,428 -7%  Price: Q4 -2%; FY 2024 -2%  Impact of Augusta divestiture and

13. Slide 13: Delivering consistent results across a wide range of market conditions

    Delivering consistent results across a wide range of market conditions Strong margin performance despite recent volume weakness Packaging Volume1 Adj EBITDA Margin 7% Customer Destocking Consumer Affordability Customer Destocking Consumer Affordability 21% 5% 3% 19% * * 1% -1% -3% -5% -7% Q1'23 Q2'2

14. Slide 14: 2025 Guidance and Commentary

    2025 Guidance and Commentary Current F/X 2025 Core & Base1 2025 Core2 Headwind3 F/X Headwind  Sales $8.66B $8.7B - $8.9B -$0.12B $8.6B - $8.8B  Adjusted EBITDA $1.68B $1.68B - $1.78B -$0.02B $1.66B - $1.76B  Adjusted EPS $2.53 $2.53 - $2.78 -$0.05 $2.48 - $2.73  Capital Spending: ~$700M  Innova

15. Slide 15: 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

16. Slide 16: 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 2024

17. Slide 17: Appendix

    Appendix 17 © 2024 Graphic Packaging International, LLC.

18. Slide 18: Supplemental Guidance Information

    Supplemental Guidance Information in millions except tax rate 2025 Capital Spending ~$700 Interest Expense $200-$250 Cash Taxes, Working Capital, Pension1 $300-$350 Effective Tax Rate ~25% Depreciation & Amortization2 $450-$500 Ending 2024 shares, diluted3 301.4 1. Excludes one-time cash payments an

19. Slide 19: Graphic Packaging Holding Company

    Graphic Packaging Holding Company

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