Graphic Packaging Holding Company · NYSE:GPK

Graphic Packaging — Q1 2025 Earnings Presentation

17 slides from Graphic Packaging's earnings presentation, May 1, 2025

  1. Slide 1: First Quarter 2025 Earnings

    First Quarter 2025 Earnings May 1, 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 the timing of the completion and startup of the Waco, Texas facility, the timing of the closure of th

  3. Slide 3: First Quarter 2025 Highlights

    First Quarter 2025 Highlights Strategic Updates ▪ Waco, Texas recycled paperboard investment moving toward completion and Q4 2025 startup ▪ Middletown, Ohio recycled paperboard manufacturing facility closure announcement ▪ New $1.5B share repurchase authorization; total available authorization $1.86

  4. Slide 4: 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% 4 Note: Percentages represent 2024 Sales Mix

  5. Slide 5: Consumer Packaging Sales by Market

    Consumer Packaging Sales by Market Q1: Consumer search for value keeping volumes below expectations 2023 FY 2024 FY 2025 Q1 Q2 Q3 Q4 2023 Q1 Q2 Q3 Q4 2024 Q1 Food Beverage Foodservice Household Health & Beauty Total 5 Note: YoY unadjusted; excludes Russia.

  6. Slide 6: Seasonality, Experience, and Expectations

    Seasonality, Experience, and Expectations Typical Patterns Q1 2025 Experience ▪ Search for value expanding across most Seasonality Q1 Q2 Q3 Q4 consumer demographics Food 3 2 4 3 ▪ Promotional activity relatively unchanged; Beverage 2 5 4 2 driving mix shifts and brand switching Foodservice 1 3 3 5 ▪

  7. Slide 7: 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 7

  8. Slide 8: Commercializing Innovation: EnviroClip Beam

    Commercializing Innovation: EnviroClip Beam INNOVATION CUSTOMER LAUNCH ADDRESSABLE OPPORTUNITY A paperboard clip-style multi-pack Get More Vits is the first beverage ✚ $1.5B global multi-pack market opportunity carrier for PET bottles as an manufacturer to launch EnviroClip ✚ Primarily plastic and p

  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: First Quarter 2025 Financials

    First Quarter 2025 Financials Sales ($M excl EPS) Q1’25 Q1’24 ∆ YoY ▪ Packaging sales: Q1 -$2M, or ~0% ▪ Volume: Q1 +1% Net Sales $2,120 $2,259 -6% ▪ Price: Q1 -1% ▪ Impact of Augusta divestiture and bleached Net Income $127 $165 -$38 paperboard sales: Q1 -$110M, or -$5% ▪ F/X1: Q1 -$27M, or -1% Adj

  11. Slide 11: Consistent results across a wide range of market conditions

    Consistent results across a wide range of market conditions Price increases announced in response to recent input cost inflation Volume1 Adj EBITDA Margin 7% Customer Destocking Consumer Affordability Customer Destocking Consumer Affordability 21% 5% 3% 19% * * 1% -1% -3% -5% -7% Q1'23 Q2'23 Q3'23 Q

  12. Slide 12: 2025 Guidance and Commentary

    2025 Guidance and Commentary Previous1 Current2 ▪ Net Sales $8.6B to $8.8B $8.2B to $8.5B ▪ Assumed Volume +1% to +3% -4% to Flat ▪ Adjusted EBITDA $1.66B to $1.76B $1.4B to $1.6B ▪ Adjusted EPS $2.48 to $2.73 $1.75 to $2.25 ▪ Capital Spending: ~$700M ▪ Innovation Sales Growth: at least 2% of Sales

  13. Slide 13: 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

  14. Slide 14: 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

  15. Slide 15: Appendix

    Appendix 15 © 2024 Graphic Packaging International, LLC.

  16. Slide 16: Supplemental Guidance Information

    Supplemental Guidance Information in millions except tax rate 2025 Capital Spending ~$700 Interest Expense $215-$235 Cash Taxes, Working Capital, Pension1 $300-$350 Effective Tax Rate ~25% Depreciation & Amortization2 $450-$475 Waco Startup Costs $65-$75 Net Leverage, Year-End 20253 <3.5x Ending Q1

  17. Slide 17: Graphic Packaging Holding Company

    Graphic Packaging Holding Company

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