GEF-B

• Ole Rosgaard noted entering 2026 from a position of strength, with Q1 performance showing progress on financial results and long-term strategy. EBITDA margin improved 260 basis points year-over-year due to cost optimization, adjusted EBITDA up 24%, and 2026 guidance reaffirmed. • $130 million of the $150 million share repurchase program was completed in Q1. Run rate cost optimization at $65 million, aiming for $80 million to $90 million by year-end. • Lawrence Hilsheimer discussed adjusted EBITDA up 24%, margins at 12.3%, Q1 adjusted free cash flow lower due to divested businesses but core cash engine improved. Reaffirmed 2026 guidance of $630 million adjusted EBITDA and $315 million adjusted free cash flow. Capital allocation focused on margin-accretive organic growth, low leverage, and share repurchases.

• Reaffirmed low-end 2026 guidance of $630 million in adjusted EBITDA and $315 million in adjusted free cash flow. • Q1 results consistent with guidance; price and raw material costs better than planned, volumes and manufacturing costs slightly behind, SG&A in line. • Confident in reaffirming guidance due to consistent performance across elements.

Customized Polymer Solutions: Demand was essentially flat overall. IBC volumes were up low singles, small containers down low singles, and large containers down mid-single digits due to continued industrial softness. Durable Metal Solutions: Remained under pressure with softness across regions, especially with chemical customers. Sustainable Fiber solutions: Saw volume declines in converting due to North America industrial softness, but mills ran at solid operating rates throughout the quarter. Innovative Closure Solutions: Volumes declined high singles from both metal and polymer closure demand, driven by industrial softness. Total sales were approximately flat due to strong price/mix, with volume down only mid-singles.

• Muted industrial backdrop affecting volumes and demand in segments like fiber and steel. • Continued softness in industrial and chemical end markets impacting various segments' performance.

Q: Gabe Hajde asked about volume performance in fiscal Q1, inventory management, and trends in Q2.

A: Ole Rosgaard noted muted demand conditions, with seasonality in some segments picking up in Q2. Lawrence Hilsheimer supplemented that small plastics volume started positively in Q2.

Q: George Staphos inquired about metal volumes, housing impact, fiber price cost, and polymer margins.

A: Ole Rosgaard mentioned metal demand muted, especially in housing; Lawrence Hilsheimer discussed fiber price cost to be later in the second half, and polymer margins driven by mix issue.

Q: Michael Roxland asked about confidence in volume improvement and implications of weak volumes.

A: Lawrence Hilsheimer and Ole Rosgaard stated confidence in volume progress due to commercial team efforts and early customer wins.

Q: Matthew Roberts questioned fiber operating rates, price cost, and share repurchases.

A: Ole Rosgaard and Lawrence Hilsheimer discussed fiber operating rates, price cost elements, and share repurchase status and future plans.

Q: Daniel Harriman followed up on share repurchases and acquisitions.

A: Lawrence Hilsheimer and Ole Rosgaard mentioned flexing capital deployment based on market and pipeline, with focus on organic growth but open to tuck-in acquisitions.