Sealed Air — Q3 2025 Earnings Presentation
17 slides from Sealed Air's earnings presentation, Nov 4, 2025
Slide 1: Q3 2025 Earnings
Q3 2025 EARNINGS November 4th, 2025 Dustin Semach, President and CEO Kristen Actis-Grande, 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 CEO and CFO
Sealed Air CEO and CFO Dustin Semach Kristen Actis-Grande President & CEO CFO © 2025 | Sealed Air | 3
Slide 4: Q3 2025 results
Q3 2025 results Net Sales Adj. EBITDA Adj. EPS $1.35B $287M $0.87 Up 0.5% as reported Up 4% as reported Up 10% as reported Down 1% constant currency Up 3% constant currency Up 9% constant currency © 2025 | Sealed Air | 4
Slide 5: Q3 2025 performance
Q3 2025 performance Net Sales 0.5% Sealed Air Q3 sales down 1% in constant currency on lower $1,345M 1% $1,351M volume (1)% (0)% Q3 Adj. EBITDA of $287M, up 4% as reported, up 3% constant Constant currency (1)% currency Q3 2024 Volume Price FX Q3 2025 Net Price Realization1 unfavorable $21M Adj. EBI
Slide 6: Q3 2025 segment performance
Q3 2025 segment performance Food Protective Q3 sales flat in constant currency on both price and Q3 sales down 3% in constant currency driven volume by lower volumes and lower pricing Q3 Adj. EBITDA of $215M, up 4% as reported and up 3% Q3 Adj. EBITDA of $78M, up 3% as reported, up 1% constant curre
Slide 7: Free Cash Flow Capital Allocation
YTD Free Cash Flow Free Cash Flow $323M Lower YTD cash flow driven by higher incentive compensation in 1H and timing of tax payments $201M Continue to drive high cash flow conversion and use cash for debt paydown YTD 2024 YTD 2025 Capital Allocation Net Debt / Adj. EBITDA Disciplined capital allocat
Slide 8: Updating 2025 Outlook
Updating 2025 Outlook Previously Constant Constant Range currency △% Range currency △% Net Sales $5.275 – $5.325B (3)% – (2)% $5.1 – $5.5B (6)% - 2% Adj. EBITDA $1.12 – $1.14B 1% – 3% $1.075 – $1.175B (3)% - 6% Adj. EPS $3.25 – $3.35 4% – 7% $2.90 – $3.30 (7)% - 6% Free Cash Flow $350 – $450M $350 –
Slide 9: Combines industry leading material science
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 Q3’25 ~25% Q3’25 net debt / adj. EBITDA ~3.5x Q3’25 Cash dividend $30M or $0.20 per share Target net debt / adj. EBITDA to ~3.0x in 2026 No shares repu
Slide 12: YTD 2025 performance
YTD 2025 performance Net Sales (2)% Sealed Air YTD sales down 2% as reported, down 1% in constant $4,020M $3,959M 0% currency due to lower volumes (1)% (0)% YTD Adj. EBITDA of $856M, up 2% as reported, up 3% constant Constant currency (1)% currency YTD 2024 Volume Price FX YTD 2025 Net Price Realiza
Slide 13: YTD 2025 segment performance
YTD 2025 segment performance Food Protective YTD sales flat in constant currency with favorable price YTD sales down 5% in constant currency driven partially offset by slightly lower volume by lower volumes and unfavorable pricing YTD Adj. EBITDA of $627M, up 5% as reported and YTD Adj. EBITDA of $2
Slide 14: Free Cash Flow
Free Cash Flow 9 Months Ended Sep. 30, ($M) 2025 2024 Adjusted EBITDA 856 840 Interest payments, net (180) (193) Income tax payments, net of refunds (150) (75) Restructuring & assoc. payments (58) (44) Change in trade working capital, net1 (108) (63) Change in other assets/liabilities (27) 18 Cash f
Slide 15: Adjusted EBITDA and Adjusted Tax Rate
Adjusted EBITDA and Adjusted Tax Rate Three Months Ended Last Twelve Months Ended ($M) Sep 30, 2025 Sep 30, 2024 Dec 31, 2023 Mar 31, 2024 Jun 30, 2024 Sep 30, 2024 Dec 31, 2024 Mar 31, 2025 Jun 30, 2025 Sep 30, 2025 GAAP Net earnings from continuing operations 185.7 88.7 339.3 359.8 363.7 394.8 269
Slide 16: U.S. GAAP summary & reconciliations
U.S. GAAP summary & reconciliations Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 ($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. operat
Slide 17: Components of change in net sales
Components of change in net sales By segment Three Months Ended September 30, ($M) Food Protective Total Company 2024 Net Sales $ 897.9 66.8% $ 447.2 33.2% $ 1,345.1 100.0% Price 1.5 0.2% (4.7) (1.1)% (3.2) (0.2)% Volume (1.4) (0.2)% (7.2) (1.6)% (8.6) (0.7)% Total constant currency change 0.1 0.0%