Graphic Packaging Holding Company · NYSE:GPK
Graphic Packaging — Q3 2026 Earnings Presentation
17 slides from Graphic Packaging's earnings presentation, Nov 3, 2026
Slide 1: Third Quarter 2026 Earnings
Third Quarter 2026 Earnings November 3, 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 2026 savings from structural cost reductions, increasing profitability in the second half of 2026 dri
Slide 3: Q3 2026 Results and Key Highlights
Q3 2026 Results and Key Highlights Q3’26 Results Key Highlights Net Sales $2.2B ▪ Resilience in business; improvement in sales, volumes +1% y/y Volume +1% Net Income $22M ▪ Second consecutive quarter of Adj. EBITDA margin expansion, +190 bps q/q Adj. EBITDA1 $289M ▪ Sequential profitability improvem
Slide 4: Company-Specific Levers Drive Positive Financial Results in Dynamic Environment for Industry
Company-Specific Levers Drive Positive Financial Results in Dynamic Environment for Industry Innovating packaging solutions across the 1 1Portfolio resilience INDUSTRY BACKDROP product spectrum (value to premium) Leaning into competitively advantaged production Inflation Impacting 2 Substrate advant
Slide 5: Q3 2026 Packaging Sales by End Market
Q3 2026 Packaging Sales by End Market End Market Q3’25 Q4’25 2025 Q1’26 Q2’26 Q3’26 Food Beverage Foodservice Household Health & Beauty Total >+5% +2% to +5% -2% to +2% -2% to -5% >-5% Note: Chart represents Net Sales YoY. 5
Slide 6: Recognition for Innovation, Design and Culture
Recognition for Innovation, Design and Culture Top 5 Ranking Overall, #1 Recognized for design, innovation, and Won 3 AmeriStar awards for design, in Materials sector craftsmanship by the Paperboard Packaging Council sustainability and People’s Choice Recipient of Portillo’s Innovation 7 Gold Medals
Slide 7: Continued Progress: Near-Term Strategic Priorities
Continued Progress: Near-Term Strategic Priorities Optimize Deliver free cash Disciplined Enhance operations, Deploy free flow growth organic growth profitability footprint and cash flow commitment portfolio Consistent growth In-year cost URB production 2026 capital Q3 net debt levels in Food, our l
Slide 8: Focus on Customer Relationships
Focus on Customer Relationships Supporting Customers with Unique Packaging Solutions; Compelling to Value and Premium Shoppers Club Store and Retail Expansion Premiumization Partnered with Brami to produce club-store Partnered with Tudor Drinks to create a four-pack and retail packaging for protein
Slide 9: Recycled Paperboard Platform
Recycled Paperboard Platform Operational flexibility to produce and grow both CRB and URB ▪ Production of both recycled grades (CRB, URB) driving higher operating rates, improved fixed cost absorption and economics, and multiple growth avenues ▪ High-quality recycled paperboard packaging offers circ
Slide 10: Q3 2026 Results
Q3 2026 Results ($M excl. EPS) Q3’26 Q3’25 Q3’26 HIGHLIGHTS Net Sales $2,192 $2,190 • Volume +1%, Price -1% • Innovation Sales Growth $42M Net Income $22 $142 • FX/Other -$2M Adj. EBITDA1 $289 $383 Adj. EBITDA Margin1 13.2% 17.5% Q3’26 BUSINESS DRIVERS • Net Performance4 slightly favorable EPS $0.07
Slide 11: Prioritizing Debt Paydown and Deleveraging
Prioritizing Debt Paydown and Deleveraging $1.9B in Net Debt Total Debt Maturities Revolver $5.3B Liquidity2 $5.2B Bank Term Loans $5.1B $5.1B Green Bond $560 ~$4.9B Farm Credit Term Loans Unsecured Notes $696 3 Investment $675 $250 Grade $400 $355 4 Net 2.8x 3.0x 3.8x ~4.7x 3.2x <2.5x $679 $500 Lev
Slide 12: 2026 Guidance
2026 Guidance1 Current Net Sales ~$8.6B Assumed Volume Range flat to +1% Adj. EBITDA ~$1.05B Adj. EPS ~$0.65 Adj. Cash Flow $600M - $700M Capital Spending <$450M 1. Includes current estimated F/X forecast impact. 12
Slide 13: Clear Path to Value Creation
Clear Path to Value Creation Driving disciplined and sustainable growth through proactive commercial strategy and focused innovation Taking decisive actions to strengthen operational excellence and recover margins Optimizing footprint and portfolio on core competencies and highest return opportuniti
Slide 14: Appendix
Appendix LY Gait accom
Slide 15: 2026 Supplemental Guidance
2026 Supplemental Guidance 2026 ($M) YoY Maint. Outage Impacts Interest Expense ~$275M Q1 ($18) Effective Tax Rate 25% - 26% Q2 $6 Depreciation & Amortization1 ~$510M Q3 ($12) Year-End Net Leverage2 ~4.7x Q4 ~$6E 1. Excludes accelerated depreciation and amortization related to purchased intangibles.
Slide 16: 2026 Supplemental Guidance
2026 Supplemental Guidance Adjusted Cash Flow Cost Savings ($M) 2025 2026 ($M) 2026 Q1 ($442) ($183) Q1 $10 Q2 $83 $138 Q2 $25 Q3 $27 $359 Q3 $30 Q4 $501 ~$336E Q4 ~$25E FY $169 ~$650E1 FY ~$90E 16 1. FY 2026 represents expected Adj. Cash Flow at the midpoint of the guidance range.
Slide 17: Graphic Packaging Holding Company
Graphic Packaging Holding Company
Graphic Packaging Holding Company — Q3 2026 Earnings Presentation on 6ix