Sealed Air — Q2 2025 Earnings Presentation
17 slides from Sealed Air's earnings presentation, Aug 5, 2025
Slide 1: Q2 2025 Earnings
Q2 2025 EARNINGS August 5th, 2025 Dustin Semach, President and CEO Roni Johnson, Interim CFO Mark Stone, VP - Investor Relations © 2025 | Sealed Air | 1
Slide 2: Safe Harbor and Regulation G Statement
Safe Harbor and Regulation G Statement Forward-looking Statements This presentation, conference call and discussions that follow contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by such words
Slide 3: Sealed Air business and market update
Sealed Air business and market update Dustin Semach Roni Johnson President & CEO Interim CFO © 2025 | Sealed Air | 3
Slide 4: Q2 2025 results
Q2 2025 results Revenue Earnings Earnings/Share Net Sales Adj. EBITDA Adj. EPS $1.3B $293M $0.89 Down 1% as reported Up 2% as reported Up 7% as reported and constant currency Up 3% constant currency Up 10% constant currency © 2025 | Sealed Air | 4
Slide 5: Q2 2025 performance
Q2 2025 performance Net Sales (1)% Sealed Air Q2 sales down 1% as $1,345M 0% 1% $1,335M reported due to lower volumes (2)% Q2 Adj. EBITDA of $293M, up 2% as reported, up 3% constant Constant currency (1)% currency Q2 2024 Volume Price FX Q2 2025 Net Price Realization1 unfavorable $10M Adj. EBITDA 2%
Slide 6: Q2 2025 segment performance
Q2 2025 segment performance Food Protective Q2 organic sales flat driven by higher price, offset by Q2 organic sales down 4% driven by lower volumes lower volumes and unfavorable pricing Q2 Adj. EBITDA of $210M, up 3% as reported and Q2 Adj. EBITDA of $78M, down 5% as reported, down constant currenc
Slide 7: Free Cash Flow Capital Allocation
YTD Free Cash Flow Free Cash Flow Lower H1 cash flow driven by higher incentive $207M compensation and timing of tax payments $81M Continue to drive high cash flow conversion and use cash for debt paydown H1 2024 H1 2025 Capital Allocation Net Debt / Adj. EBITDA Disciplined capital allocation De-lev
Slide 8: Maintaining 2025 Outlook
Maintaining 2025 Outlook Range Constant currency △% Net Sales $5.1 – $5.5B (6)% – 2% Adj. EBITDA $1.075 – $1.175B (3)% – 6% Adj. EPS $2.90 – $3.30 (7)% – 6% Free Cash Flow $350 – $450M © 2025 | Sealed Air | 8
Slide 9: Combines industry leading material science, best-in-class service and differentiated automation solutions
Combines industry leading material science, best-in-class service and differentiated automation solutions to deliver world-class packaging solutions that solve our customers’ most critical packaging challenges. © 2025 | Sealed Air | 9
Slide 10: Appendix
APPENDIX U.S. GAAP Summary & Reconciliations © 2025 | Sealed Air | 10
Slide 11: Disciplined capital allocation model
Disciplined capital allocation model Debt Reduction Returning Capital to Shareholders Focus on deleveraging the balance sheet Dividend payout ratio2 Q2’25 ~25% Q2’25 net debt / adj. EBITDA ~3.6x Q2’25 Cash dividend $30M or $0.20 per share Target net debt / adj. EBITDA to ~3.0x in 2026 No shares repu
Slide 12: H1 2025 performance
H1 2025 performance Net Sales (3)% Sealed Air H1 sales down 3% as $2,675M reported. Organic decline of 2% 0% $2,607M due to lower volumes (2)% (1)% H1 Adj. EBITDA of $569M, up 1% Constant currency (2)% as reported, up 3% constant H1 2024 Volume Price FX H1 2025 currency Net Price Realization1 unfavo
Slide 13: H1 2025 segment performance
H1 2025 segment performance Food Protective H1 organic sales up 1% driven by higher price H1 organic sales down 6% driven by lower volumes and unfavorable pricing H1 Adj. EBITDA of $413M, up 5% as reported, up 6% constant currency H1 Adj. EBITDA of $152M, down 11% as reported and constant currency A
Slide 14: Free Cash Flow
Free Cash Flow Six Months Ended Jun. 30, ($M) 2025 2024 Adjusted EBITDA 569 564 Interest payments, net (115) (143) Income tax payments, net of refunds (116) (57) Restructuring & assoc. payments (35) (32) Change in trade working capital, net1 (82) (26) Change in other assets/liabilities (53) 7 Cash f
Slide 15: Adjusted EBITDA and Adjusted Tax Rate
Adjusted EBITDA and Adjusted Tax Rate Three Months Ended Last Twelve Months Ended ($M) Jun 30, 2025 Jun 30, 2024 Jun 30, 2023 Sep 30, 2023 Dec 31, 2023 Mar 31, 2024 Jun 30, 2024 Sep 30, 2024 Dec 31, 2024 Mar 31, 2025 Jun 30, 2025 GAAP Net earnings from continuing operations 94.2 97.8 384.1 309.1 339
Slide 16: U.S. GAAP summary & reconciliations
U.S. GAAP summary & reconciliations Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 ($M, except per share data) Net Earnings Diluted EPS Net Earnings Diluted EPS Net Earnings Diluted EPS Net Earnings Diluted EPS GAAP net earnings and diluted EPS from cont. operations $ 94.2
Slide 17: Components of change in net sales
Components of change in net sales By segment Three Months Ended June 30, ($M) Food Protective Total Company 2024 Net Sales $ 893.8 66.4% $ 451.3 33.6% $ 1,345.1 100.0% Price 14.4 1.7% (8.0) (1.8)% 6.4 0.5% Volume (13.1) (1.5)% (10.3) (2.3)% (23.4) (1.8)% Total constant currency change 1.3 0.2% (18.3