Sealed Air — Q1 2025 Earnings Presentation
15 slides from Sealed Air's earnings presentation, May 6, 2025
Slide 1: Q1 2025 Earnings
Q1 2025 EARNINGS May 6th, 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 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 as “anticipate,” “believe,” “plan,” “assume,”
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: Q1 2025 results
Q1 2025 results Revenue Earnings Earnings/Share Net Sales Adj. EBITDA Adj. EPS $1.3B $276M $0.81 Down 4% as reported Down 1% as reported Up 4% as reported Down 2% constant currency Up 2% constant currency Up 9% constant currency © 2025 | Sealed Air | 4
Slide 5: Q1 2025 performance
Q1 2025 performance Net Sales (4)% Sealed Air Q1 sales down 4% as $1,330M reported. Organic decline of 2% due to lower volumes (2)% 0% $1,272M (2)% Q1 Adj. EBITDA of $276M, Constant currency (2)% down 1% as reported, up 2% Q1 2024 Volume Price FX Q1 2025 constant currency Net Price Realization1 Adj.
Slide 6: Q1 2025 segment performance
Q1 2025 segment performance Food Protective Q1 organic sales up 1% driven by higher price Q1 organic sales down 8% driven by lower volumes and unfavorable pricing Q1 Adj. EBITDA of $203M, up 7% as reported, up 10% constant currency Q1 Adj. EBITDA of $74M, down 18% as reported, down 16% constant curr
Slide 7: Free Cash Flow and Capital Allocation
YTD Free Cash Flow Free Cash Flow Lower Q1 cash flow driven by higher incentive $78M compensation and tax payments Continue to monetize working capital and drive high ($12M) cash flow conversion on full year basis Q1 2024 Q1 2025 Capital Allocation Net Debt / Adj. EBITDA Disciplined capital allocati
Slide 8: 2025 Outlook
2025 Outlook Range Constant currency △% Net Sales $5.1 – $5.5B (4)% – 3% Adj. EBITDA $1.075 – $1.175B (2)% – 7% Adj. EPS $2.90 – $3.30 (6)% – 7% Free Cash Flow $350 – $450M © 2025 | Sealed Air | 8
Slide 9: Combines industry leading material science, best-in-class service and differentiated automation
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 deleverage Dividend payout ratio2 Q1’25 ~25% Q1’25 net debt / adj. EBITDA ~3.7x Q1’25 Cash dividend $29M or $0.20 per share Target net debt / adj. EBITDA to ~3.0x in 2026 No shares repurchased Focus to dri
Slide 12: Free Cash Flow
Free Cash Flow Three Months Ended Mar. 31, ($M) 2025 2024 Adjusted EBITDA 276 278 Interest payments, net (68) (75) Income tax payments, net of refunds (48) (21) Restructuring & assoc. payments (18) (14) Change in trade working capital, net1 (43) (15) Change in other assets/liabilities (68) (28) Cash
Slide 13: Adjusted EBITDA and Adjusted Tax Rate
Adjusted EBITDA and Adjusted Tax Rate Three Months Ended Last Twelve Months Ended ($M) Mar 31, 2025 Mar 31, 2024 Jun 30, 2023 Sep 30, 2023 Dec 31, 2023 Mar 31, 2024 Jun 30, 2024 Sep 30, 2024 Dec 31, 2024 Mar 31, 2025 GAAP Net earnings from continuing operations 116.9 83.4 384.1 309.1 339.3 359.8 363
Slide 14: U.S. GAAP summary & reconciliations
U.S. GAAP summary & reconciliations Three Months Ended March 31, 2025 2024 ($M, except per share data) Net Earnings Diluted EPS Net Earnings Diluted EPS GAAP net earnings and diluted EPS from cont. operations $ 116.9 $ 0.79 $ 83.4 $ 0.57 Special Items 2.6 0.02 29.4 0.20 Non-GAAP Adj net earnings and
Slide 15: Components of change in net sales
Components of change in net sales By segment Three Months Ended March 31, ($M) Food Protective Total Company 2024 Net Sales $ 868.4 65.3% $ 461.2 34.7% $ 1,329.6 100.0% Price 5.4 0.6% (6.5) (1.4)% (1.1) (0.1)% Volume 2.5 0.3% (28.6) (6.2)% (26.1) (1.9)% Total constant currency change 7.9 0.9% (35.1)