{"success":true,"data":{"pressRelease":{"id":"107375","rtpr_id":"nPnqXc5za","ticker":"GPK","exchange":"NYSE","all_tickers":["GPK"],"title":"Graphic Packaging Holding Company Reports Second Quarter 2026 Financial Results","author":"PR Newswire","published_at":"2026-08-04T10:30:00.502Z","article_body":"Graphic Packaging Holding Company Reports Second Quarter 2026 Financial Results\n\nPR Newswire\n\nATLANTA, Aug. 4, 2026\n\n * Net Sales were $2,188 million; Innovation Sales Growth added $40 million.\n * Net Income of $24 million; Adjusted EBITDA of $247 million, strong execution\ndespite elevated inflation.\n * Structural cost actions expected to generate approximately $85 million of\nin-year savings, partially offsetting full-year 2026 expected inflation of\n$150 million.\n * On track to achieve full-year 2026 Net Sales at the high end of guidance\nrange, while Adjusted EBITDA is expected at the low end of guidance range due\nto the heightened inflationary environment; Adjusted EPS range lowered to\nreflect higher interest expense and Adjusted Cash Flow guidance updated to\n$600 million to $700 million.\nATLANTA, Aug. 4, 2026 /PRNewswire/ -- Graphic Packaging Holding Company (NYSE:\nGPK) (\"Graphic Packaging\" or the \"Company\"), a global leader in sustainable\nconsumer packaging, today reported second quarter 2026 results.\n\nNet Sales in second quarter 2026 were $2,188 million, versus $2,204 million in\nsecond quarter 2025. Net Income in second quarter 2026 was $24 million, or\n$0.08 per diluted share, versus Net Income of $104 million, or $0.34 per\ndiluted share in second quarter 2025. Second quarter 2026 and 2025 Net Income\nwere impacted by a net charge from non-recurring and special items and\namortization of purchased intangibles of $17 million and $24 million,\nrespectively. Excluding non-recurring and special items and amortization of\npurchased intangibles, Adjusted Net Income for the second quarter of 2026 was\n$41 million, or $0.14 per diluted share, and $128 million, or $0.42 per\ndiluted share in second quarter 2025.\n\n\"We continued to execute against our near-term strategic priorities and\ndelivered solid second quarter performance, with Adjusted EBITDA at the top of\nour guidance range despite greater than anticipated inflation,\" said Robbert\nRietbroek, President and Chief Executive Officer. \"Our business demonstrated\nresilience, with both sales and volumes increasing in the first half of 2026\ncompared with the same period in 2025. We are beginning to realize the\nbenefits of our productivity initiatives, disciplined cost management, and\nimproving operational efficiencies, which helped mitigate higher than expected\ninflationary pressures in the quarter. As a result, we achieved 50 basis\npoints of sequential Adjusted EBITDA margin expansion in the second quarter\nrelative to the first quarter.\"\n\n\"In response to incremental inflation, we implemented additional productivity,\ncost reduction, and pricing initiatives. The combination of these recent\nactions and our disciplined execution against strategic priorities positions\nus to drive continued sequential profitability and margin improvement in the\nsecond half of 2026 and provides positive momentum into next year.\"\n\nFinancial and Operating Results\n\nNet Sales\n\nSecond quarter 2026 Net Sales decreased 1% to $2,188 million, versus $2,204\nmillion in the same quarter last year. The $16 million decline was driven by a\n1% decrease, or $27 million, in price, flat, or $2 million decrease, in\nvolume/mix, partially offset by a $13 million favorable foreign exchange/other\nimpact. Innovation Sales Growth in the second quarter was $40 million.\n\nEBITDA\n\nSecond quarter 2026 EBITDA decreased 26% to $240 million from $323 million in\nthe same quarter last year. Excluding the impact of business combinations and\nother non-recurring and special items, Adjusted EBITDA was $247 million versus\n$336 million in the same quarter last year. The $89 million decline in\nAdjusted EBITDA was driven by the impact of commodity input and operating cost\ninflation of $60 million, lower price of $27 million, lower volume/mix of $8\nmillion, as well as an unfavorable foreign exchange impact of $3 million,\npartially offset by positive Net Performance of $9 million. Second quarter\nAdjusted EBITDA Margin was 11.3% in 2026, and 15.3% in 2025.\n\nOther Results\n\nTotal Debt (Long-Term, Short-Term and Current Portion) was $5,688 million in\nsecond quarter 2026 compared to $5,592 million in fourth quarter 2025 and\n$5,772 million in the first quarter 2026. Net Debt (Total Debt less Cash and\nCash Equivalents) was $5,483 million in second quarter 2026 compared to $5,331\nmillion in fourth quarter 2025 and $5,583 million in the first quarter 2026.\nThe Company's second quarter 2026 Net Leverage Ratio was 4.7x compared to 3.8x\nin fourth quarter 2025.\n\nCapital expenditures in second quarter 2026 were $83 million, versus $228\nmillion in the same quarter last year.\n\nThe Company returned approximately $65 million to stockholders during the\nfirst six months of 2026 through regular dividends.\n\n2026 Annual Guidance\n\nThe Company now expects 2026 Net Sales at the high-end of the range of $8.4\nbillion to $8.6 billion, Adjusted EBITDA at the low-end of the range of $1.05\nbillion to $1.25 billion, and Adjusted EPS in the range of $0.65 to $0.90.\n\nThe Company now expects 2026 Adjusted Cash Flow in the range of $600 million\nto $700 million, and 2026 capital spending below $450 million.\n\nOptimizing Operations\n\nFurthering our footprint optimization initiative, we completed the divestiture\nof our Croatia facility and announced plans to close our facility in Lebanon,\nTennessee, to consolidate volumes across fewer facilities. Additionally, we\nnotified employees of our intention to evaluate the potential closure of our\nsite in Winsford, UK.\n\nInnovation Sales Growth, Net Performance, and Non-GAAP Reconciliations\n\nWe define Innovation Sales Growth as incremental sales of a product that\ndelivers a significant change in materials used, package functionality or\ndesign to a new or existing customer. We define Net Performance as the impact\nof cost and productivity initiatives, production efficiencies and/or\ndisruptions and other operating impacts. A tabular reconciliation of EBITDA,\nAdjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income, Adjusted EPS,\nAdjusted Net Cash Used in Operating Activities, Adjusted Cash Flow, Net Debt\nand Net Leverage is attached to this release.\n\nEarnings Call\n\nThe Company will host a conference call at 10:00 a.m. ET today (August 4,\n2026) to discuss the results of second quarter 2026. The conference call will\nbe webcast and can be accessed from the Investors website at\nhttps://investors.graphicpkg.com (https://investors.graphicpkg.com) .\nParticipants may also listen via telephone by using the following dial-in\nnumbers:\n\nToll-Free: 888-506-0062\nInternational: 973-528-0011\nParticipant Access Code: 266400\n\nInvestors: Investor.Relations@graphicpkg.com\n(mailto:Investor.Relations@graphicpkg.com)\nMedia: Comms@graphicpkg.com (mailto:Comms@graphicpkg.com)\n\nForward Looking Statements\n\nAny statements of the Company's expectations in this press release, including\nbut not limited to savings resulting from structural cost actions in 2026,\n2026 Net Sales, Adjusted EBITDA and Adjusted Earnings per Diluted Share,\nAdjusted Cash Flow guidance, and profitability and margin improvement in the\nsecond half of 2026 constitute \"forward-looking statements\" as defined in the\nPrivate Securities Litigation Reform Act of 1995. Such statements are based on\ncurrently available information and are subject to various risks and\nuncertainties that could cause actual results to differ materially from the\nCompany's present expectations. These risks and uncertainties include, but are\nnot limited to, inflation of and volatility in raw material and energy costs,\ncontinuing pressure for lower cost products, the Company's ability to\nimplement its business strategies, including productivity initiatives, cost\nreduction plans, as well as the Company's debt level, currency movements and\nother risks of conducting business internationally, the impact of regulatory\nand litigation matters, including the continued availability of the Company's\nU.S. federal income tax attributes to offset U.S. federal income taxes and the\ntiming related to the Company's future U.S. federal income tax payments. Undue\nreliance should not be placed on such forward-looking statements, as such\nstatements speak only as of the date on which they are made and the Company\nundertakes no obligation to update such statements, except as may be required\nby law. Additional information regarding these and other risks is contained in\nthe Company's periodic filings with the Securities and Exchange Commission.\n\nAbout Graphic Packaging Holding Company\n\nGraphic Packaging Holding Company (NYSE: GPK), headquartered in Atlanta,\nGeorgia, designs and produces consumer packaging made primarily from renewable\nor recycled materials. An industry leader in innovation, the Company is\ncommitted to reducing the environmental footprint of consumer packaging.\nGraphic Packaging operates a global network of design and manufacturing\nfacilities serving the world's most widely recognized brands in food,\nbeverage, foodservice, household, and other consumer products. Learn more at\nwww.graphicpkg.com\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4744913-1&h=4278389650&u=https%3A%2F%2Fwww.graphicpkg.com&a=www.graphicpkg.com)\n.\n Graphic Packaging Holding Company\n\nConsolidated Statements of Operations\n\n(Unaudited)\n\n Three Months Ended June 30, Six Months Ended June 30,\n In millions, except per share amounts 2026 2025 2026 2025\n Net Sales $ 2,188 $ 2,204 $ 4,344 $ 4,324\n Cost of Sales 1,896 1,784 3,746 3,459\n Selling, General and Administrative 180 204 382 400\n Other Expense, Net 11 10 25 26\n Business Combinations, Exit Activities and Other Special Items, Net 6 13 77 25\n Income from Operations 95 193 114 414\n Nonoperating Pension and Postretirement Benefit Expense (1) (1) (1) (1)\n Interest Expense, Net (68) (53) (132) (104)\n Income (Loss) before Income Taxes 26 139 (19) 309\n Income Tax Expense (2) (35) — (78)\n Net Income (Loss) $ 24 $ 104 $ (19) $ 231\n\n Net Income (Loss) Per Share - Basic $ 0.08 $ 0.35 $ (0.06) $ 0.77\n Net Income (Loss) Per Share - Diluted $ 0.08 $ 0.34 $ (0.06) $ 0.76\n\n Weighted Average Number of Shares Outstanding - Basic 296.6 301.2 296.6 301.7\n Weighted Average Number of Shares Outstanding - Diluted 296.7 301.6 296.6 302.4\n\n \n Graphic Packaging Holding Company\n\nCondensed Consolidated Balance Sheets\n\n(Unaudited)\n\n \n\n In millions, except share and per share amounts June 30, 2026 December 31, 2025\n Assets\n Current Assets:\n Cash and Cash Equivalents $ 205 $ 261\n Receivables, Net 888 760\n Inventories, Net 1,691 1,766\n Assets Held for Sale 8 10\n Other Current Assets 220 126\n Total Current Assets 3,012 2,923\n Property, Plant and Equipment, Net 5,532 5,669\n Goodwill 2,048 2,065\n Intangible Assets, Net 626 670\n Other Assets 442 448\n Total Assets $ 11,660 $ 11,775\n\n Liabilities\n Current Liabilities:\n Short-Term Debt and Current Portion of Long-Term Debt $ 552 $ 549\n Accounts Payable 955 1,027\n Liabilities Held for Sale 2 —\n Other Accrued Liabilities 675 668\n Total Current Liabilities 2,184 2,244\n Long-Term Debt 5,115 5,022\n Deferred Income Tax Liabilities 681 688\n Other Noncurrent Liabilities 443 484\n\n Shareholders' Equity\n Preferred Stock, par value $0.01 per share; 100,000,000 shares authorized; no — —\n shares issued or\n  outstanding\n Common Stock, par value $0.01 per share; 1,000,000,000 shares authorized; 3 3\n 296,054,676 and\n  295,128,049 shares issued and outstanding at June 30, 2026 and December 31,\n 2025, respectively\n Capital in Excess of Par Value 1,994 1,981\n Retained Earnings 1,530 1,614\n Accumulated Other Comprehensive Loss (291) (262)\n Total Graphic Packaging Holding Company Shareholders' Equity 3,236 3,336\n Noncontrolling Interest 1 1\n Total Equity 3,237 3,337\n Total Liabilities and Shareholders' Equity $ 11,660 $ 11,775\n\n \n Graphic Packaging Holding Company\n\nCondensed Consolidated Statements of Cash Flows\n\n(Unaudited)\n\n Six Months Ended June 30,\n In millions 2026 2025\n Cash Flows from Operating Activities:\n Net (Loss) Income $ (19) $ 231\n Adjustments to Reconcile Net (Loss) Income to Net Cash Provided by Operating\n Activities:\n Depreciation and Amortization 284 261\n Amortization of Deferred Debt Issuance Costs 3 3\n Deferred Income Taxes (7) 16\n Amount of Postretirement Expense Less Than Funding (1) —\n Share-Based Compensation Expense, Net 18 (1)\n Asset Impairment Charges 53 —\n Other, Net (2) (13)\n Changes in Operating Assets and Liabilities (284) (404)\n Net Cash Provided by Operating Activities 45 93\n Cash Flows from Investing Activities:\n Capital Spending (223) (541)\n Acquisition of Businesses — (29)\n Proceeds from the Sale of Business and Properties, Net of Cash and Cash 8 12\n Equivalents Sold\n Beneficial Interest on Sold Receivables 240 110\n Beneficial Interest Obtained in Exchange for Proceeds (164) (54)\n Other, Net 6 (3)\n Net Cash Used in Investing Activities (133) (505)\n Cash Flows from Financing Activities:\n Repurchase of Common Stock — (110)\n Retirement of Long-Term Debt (400) —\n Payments on Debt (9) (6)\n Proceeds from Issuance of Debt 544 99\n Borrowings under Revolving Credit Facilities 1,829 2,077\n Payments on Revolving Credit Facilities (1,847) (1,599)\n Repurchase of Common Stock related to Share-Based Payments (4) (32)\n Debt Issuance Costs (4) (1)\n Dividends Paid (65) (63)\n Other, Net (12) (3)\n Net Cash Provided by Financing Activities 32 362\n Decrease in Cash and Cash Equivalents (56) (50)\n Effect of Exchange Rate Changes on Cash — 13\n Net Decrease in Cash and Cash Equivalents (56) (37)\n Cash and Cash Equivalents at Beginning of Period 261 157\n Cash and Cash Equivalents at End of Period $ 205 $ 120\n\nGraphic Packaging Holding Company\nReconciliation of Non-GAAP Financial Measures\n\nThe tables below set forth the calculation of the Company's earnings before\ninterest expense, income tax expense, depreciation and amortization, including\npension amortization (\"EBITDA\"), Adjusted EBITDA, Adjusted EBITDA Margin,\nAdjusted Net Income, Adjusted Earnings Per Share, Adjusted Net Cash Provided\nby Operating Activities, Adjusted Cash Flow, Net Leverage Ratio, and Total Net\nDebt. Adjusted EBITDA and Adjusted Net Income exclude charges associated with:\nthe Company's business combinations, facility shutdowns, certain extended mill\noutages, sales of assets, non-recurring and other special items. The Company's\nmanagement believes that the presentation of EBITDA, Adjusted EBITDA, Adjusted\nNet Income, Adjusted Earnings Per Share, Adjusted Net Cash Provided by\nOperating Activities, Adjusted Cash Flow, and Net Leverage Ratio provides\nuseful information to investors because these measures are regularly used by\nmanagement in assessing the Company's performance. EBITDA, Adjusted EBITDA,\nAdjusted Net Income, Adjusted Earnings Per Share, Adjusted Net Cash Provided\nby Operating Activities, Adjusted Cash Flow, and Net Leverage Ratio are\nfinancial measures not calculated in accordance with generally accepted\naccounting principles in the United States (\"GAAP\"), and are not measures of\nnet income, operating income, operating performance, liquidity or net sales\npresented in accordance with GAAP. The Company's guidance for 2026 Adjusted\nEBITDA, Adjusted Earnings per Share, and Adjusted Cash Flow are non-GAAP\nfinancial measures. The Company is unable to present a quantitative\nreconciliation of these forward-looking non-GAAP financial measures to their\nmost directly comparable GAAP financial measures (Net Income, Net Income per\nShare, and Net Cash Provided by Operating Activities, respectively) because\nthe information necessary to prepare such a reconciliation is not available\nwithout unreasonable efforts.\n\nEBITDA, Adjusted EBITDA, Adjusted Net Income, Adjusted Earnings Per Share,\nAdjusted Net Cash Provided by Operating Activities, Adjusted Cash Flow, and\nNet Leverage Ratio should be considered in addition to results prepared in\naccordance with GAAP, but should not be considered substitutes for or superior\nto GAAP results. In addition, our EBITDA, Adjusted EBITDA, Adjusted Net\nIncome, Adjusted Earnings Per Share, Adjusted Net Cash Provided by Operating\nActivities, Adjusted Cash Flow, and Net Leverage Ratio may not be comparable\nto Adjusted EBITDA or similarly titled measures utilized by other companies\nsince such other companies may not calculate such measures in the same manner\nas we do.\n Three Months Ended June 30, Six Months Ended June 30,\n In millions, except per share amounts 2026 2025 2026 2025\n Net Income (Loss) $ 24 $ 104 $ (19) $ 231\n Add (Subtract):\n Income Tax Expense 2 35 — 78\n Interest Expense, Net 68 53 132 104\n Depreciation and Amortization 146 131 286 263\n EBITDA 240 323 399 676\n Charges Associated with Business Combinations, Exit Activities and Other 6 13 77 25\n Special Items, Net((a))\n Other Non-Recurring Items((a)) 1 — 3 —\n Adjusted EBITDA $ 247 $ 336 $ 479 $ 701\n\n Adjusted EBITDA Margin (Adjusted EBITDA/Net Sales) 11.3 % 15.3 % 11.0 % 16.2 %\n\n Net Income (Loss) $ 24 $ 104 $ (19) $ 231\n Charges Associated with Business Combinations, Exit Activities and Other 6 13 77 25\n Special Items, Net((a))\n Other Non-Recurring Items((a)) 1 — 3 —\n Accelerated Depreciation Related to Exit Activities — 4 — 8\n Amortization Related to Purchased Intangible Assets 15 15 31 34\n Tax Impact of Adjustments (5) (8) (23) (16)\n Adjusted Net Income $ 41 $ 128 $ 69 $ 282\n\n Adjusted Earnings Per Share - Basic $ 0.14 $ 0.42 $ 0.23 $ 0.93\n Adjusted Earnings Per Share - Diluted $ 0.14 $ 0.42 $ 0.23 $ 0.93\n\n ((a)) Represents items management believes are not indicative of ongoing\n operating performance.\n\n \n Graphic Packaging Holding Company\n\nReconciliation of Non-GAAP Financial Measures\n\n(Continued)\n\n Twelve Months Ended\n In millions June 30, 2026 June 30, 2025 December 31, 2025\n Net Income $ 194 $ 534 $ 444\n Add (Subtract):\n Income Tax Expense 61 180 139\n Equity Income of Unconsolidated Entity (1) (1) (1)\n Interest Expense, Net 248 215 220\n Depreciation and Amortization 563 541 540\n EBITDA $ 1,065 $ 1,469 $ 1,342\n Charges Associated with Business Combinations, Exit Activities and Other 93 69 41\n Special Items, Net((a))\n Other Non-Recurring Items((a)) 15 — 12\n Adjusted EBITDA $ 1,173 $ 1,538 $ 1,395\n\n Calculation of Net Debt: June 30, 2026 June 30, 2025 December 31, 2025\n Short-Term Debt and Current Portion of Long-Term Debt $ 552 $ 443 $ 549\n Long-Term Debt ((b)) 5,136 5,416 5,043\n Less:\n Cash and Cash Equivalents (205) (120) (261)\n Net Debt $ 5,483 $ 5,739 $ 5,331\n\n Net Leverage Ratio (Net Debt/Adjusted EBITDA) 4.7 3.7 3.8\n\n ((a)) Represents items management believes are not indicative of ongoing\n operating performance.\n ((b) )Excludes unamortized deferred debt issue costs.\n\n Six Months Ended June 30,\n In millions 2026 2025\n Net Cash Provided by Operating Activities $ 45 $ 93\n Net Cash Receipts from Receivables Sold included in Investing Activities 76 56\n Cash Payments Associated with Business Combinations, Exit Activities and Other 57 33\n Special Items, Net\n  and Other Non-Recurring Items\n Adjusted Net Cash Provided by Operating Activities $ 178 $ 182\n Capital Spending (223) (541)\n Adjusted Cash Flow $ (45) $ (359)\n\n \n\nView original content to download\nmultimedia:https://www.prnewswire.com/news-releases/graphic-packaging-holding-company-reports-second-quarter-2026-financial-results-302841718.html\n(https://www.prnewswire.com/news-releases/graphic-packaging-holding-company-reports-second-quarter-2026-financial-results-302841718.html)\n\nSOURCE Graphic Packaging Holding Company\n\n\n\nPhoto: \nhttps://mmx.prnewswire.com/media/MS1840488/GPI-Logo-Tree-Logo.jpg?id=OA2822968\n\nCopyright (c) 2026 PR Newswire Association,LLC. All Rights Reserved.","article_body_html":"","raw_payload":{"data":{"id":"nPnqXc5za","title":"Graphic Packaging Holding Company Reports Second Quarter 2026 Financial Results","author":"PR Newswire","ticker":"GPK","created":"2026-08-04T10:30:00.502Z","tickers":["GPK"],"exchange":"NYSE","article_body":"Graphic Packaging Holding Company Reports Second Quarter 2026 Financial Results\n\nPR Newswire\n\nATLANTA, Aug. 4, 2026\n\n * Net Sales were $2,188 million; Innovation Sales Growth added $40 million.\n * Net Income of $24 million; Adjusted EBITDA of $247 million, strong execution\ndespite elevated inflation.\n * Structural cost actions expected to generate approximately $85 million of\nin-year savings, partially offsetting full-year 2026 expected inflation of\n$150 million.\n * On track to achieve full-year 2026 Net Sales at the high end of guidance\nrange, while Adjusted EBITDA is expected at the low end of guidance range due\nto the heightened inflationary environment; Adjusted EPS range lowered to\nreflect higher interest expense and Adjusted Cash Flow guidance updated to\n$600 million to $700 million.\nATLANTA, Aug. 4, 2026 /PRNewswire/ -- Graphic Packaging Holding Company (NYSE:\nGPK) (\"Graphic Packaging\" or the \"Company\"), a global leader in sustainable\nconsumer packaging, today reported second quarter 2026 results.\n\nNet Sales in second quarter 2026 were $2,188 million, versus $2,204 million in\nsecond quarter 2025. Net Income in second quarter 2026 was $24 million, or\n$0.08 per diluted share, versus Net Income of $104 million, or $0.34 per\ndiluted share in second quarter 2025. Second quarter 2026 and 2025 Net Income\nwere impacted by a net charge from non-recurring and special items and\namortization of purchased intangibles of $17 million and $24 million,\nrespectively. Excluding non-recurring and special items and amortization of\npurchased intangibles, Adjusted Net Income for the second quarter of 2026 was\n$41 million, or $0.14 per diluted share, and $128 million, or $0.42 per\ndiluted share in second quarter 2025.\n\n\"We continued to execute against our near-term strategic priorities and\ndelivered solid second quarter performance, with Adjusted EBITDA at the top of\nour guidance range despite greater than anticipated inflation,\" said Robbert\nRietbroek, President and Chief Executive Officer. \"Our business demonstrated\nresilience, with both sales and volumes increasing in the first half of 2026\ncompared with the same period in 2025. We are beginning to realize the\nbenefits of our productivity initiatives, disciplined cost management, and\nimproving operational efficiencies, which helped mitigate higher than expected\ninflationary pressures in the quarter. As a result, we achieved 50 basis\npoints of sequential Adjusted EBITDA margin expansion in the second quarter\nrelative to the first quarter.\"\n\n\"In response to incremental inflation, we implemented additional productivity,\ncost reduction, and pricing initiatives. The combination of these recent\nactions and our disciplined execution against strategic priorities positions\nus to drive continued sequential profitability and margin improvement in the\nsecond half of 2026 and provides positive momentum into next year.\"\n\nFinancial and Operating Results\n\nNet Sales\n\nSecond quarter 2026 Net Sales decreased 1% to $2,188 million, versus $2,204\nmillion in the same quarter last year. The $16 million decline was driven by a\n1% decrease, or $27 million, in price, flat, or $2 million decrease, in\nvolume/mix, partially offset by a $13 million favorable foreign exchange/other\nimpact. Innovation Sales Growth in the second quarter was $40 million.\n\nEBITDA\n\nSecond quarter 2026 EBITDA decreased 26% to $240 million from $323 million in\nthe same quarter last year. Excluding the impact of business combinations and\nother non-recurring and special items, Adjusted EBITDA was $247 million versus\n$336 million in the same quarter last year. The $89 million decline in\nAdjusted EBITDA was driven by the impact of commodity input and operating cost\ninflation of $60 million, lower price of $27 million, lower volume/mix of $8\nmillion, as well as an unfavorable foreign exchange impact of $3 million,\npartially offset by positive Net Performance of $9 million. Second quarter\nAdjusted EBITDA Margin was 11.3% in 2026, and 15.3% in 2025.\n\nOther Results\n\nTotal Debt (Long-Term, Short-Term and Current Portion) was $5,688 million in\nsecond quarter 2026 compared to $5,592 million in fourth quarter 2025 and\n$5,772 million in the first quarter 2026. Net Debt (Total Debt less Cash and\nCash Equivalents) was $5,483 million in second quarter 2026 compared to $5,331\nmillion in fourth quarter 2025 and $5,583 million in the first quarter 2026.\nThe Company's second quarter 2026 Net Leverage Ratio was 4.7x compared to 3.8x\nin fourth quarter 2025.\n\nCapital expenditures in second quarter 2026 were $83 million, versus $228\nmillion in the same quarter last year.\n\nThe Company returned approximately $65 million to stockholders during the\nfirst six months of 2026 through regular dividends.\n\n2026 Annual Guidance\n\nThe Company now expects 2026 Net Sales at the high-end of the range of $8.4\nbillion to $8.6 billion, Adjusted EBITDA at the low-end of the range of $1.05\nbillion to $1.25 billion, and Adjusted EPS in the range of $0.65 to $0.90.\n\nThe Company now expects 2026 Adjusted Cash Flow in the range of $600 million\nto $700 million, and 2026 capital spending below $450 million.\n\nOptimizing Operations\n\nFurthering our footprint optimization initiative, we completed the divestiture\nof our Croatia facility and announced plans to close our facility in Lebanon,\nTennessee, to consolidate volumes across fewer facilities. Additionally, we\nnotified employees of our intention to evaluate the potential closure of our\nsite in Winsford, UK.\n\nInnovation Sales Growth, Net Performance, and Non-GAAP Reconciliations\n\nWe define Innovation Sales Growth as incremental sales of a product that\ndelivers a significant change in materials used, package functionality or\ndesign to a new or existing customer. We define Net Performance as the impact\nof cost and productivity initiatives, production efficiencies and/or\ndisruptions and other operating impacts. A tabular reconciliation of EBITDA,\nAdjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income, Adjusted EPS,\nAdjusted Net Cash Used in Operating Activities, Adjusted Cash Flow, Net Debt\nand Net Leverage is attached to this release.\n\nEarnings Call\n\nThe Company will host a conference call at 10:00 a.m. ET today (August 4,\n2026) to discuss the results of second quarter 2026. The conference call will\nbe webcast and can be accessed from the Investors website at\nhttps://investors.graphicpkg.com (https://investors.graphicpkg.com) .\nParticipants may also listen via telephone by using the following dial-in\nnumbers:\n\nToll-Free: 888-506-0062\nInternational: 973-528-0011\nParticipant Access Code: 266400\n\nInvestors: Investor.Relations@graphicpkg.com\n(mailto:Investor.Relations@graphicpkg.com)\nMedia: Comms@graphicpkg.com (mailto:Comms@graphicpkg.com)\n\nForward Looking Statements\n\nAny statements of the Company's expectations in this press release, including\nbut not limited to savings resulting from structural cost actions in 2026,\n2026 Net Sales, Adjusted EBITDA and Adjusted Earnings per Diluted Share,\nAdjusted Cash Flow guidance, and profitability and margin improvement in the\nsecond half of 2026 constitute \"forward-looking statements\" as defined in the\nPrivate Securities Litigation Reform Act of 1995. Such statements are based on\ncurrently available information and are subject to various risks and\nuncertainties that could cause actual results to differ materially from the\nCompany's present expectations. These risks and uncertainties include, but are\nnot limited to, inflation of and volatility in raw material and energy costs,\ncontinuing pressure for lower cost products, the Company's ability to\nimplement its business strategies, including productivity initiatives, cost\nreduction plans, as well as the Company's debt level, currency movements and\nother risks of conducting business internationally, the impact of regulatory\nand litigation matters, including the continued availability of the Company's\nU.S. federal income tax attributes to offset U.S. federal income taxes and the\ntiming related to the Company's future U.S. federal income tax payments. Undue\nreliance should not be placed on such forward-looking statements, as such\nstatements speak only as of the date on which they are made and the Company\nundertakes no obligation to update such statements, except as may be required\nby law. Additional information regarding these and other risks is contained in\nthe Company's periodic filings with the Securities and Exchange Commission.\n\nAbout Graphic Packaging Holding Company\n\nGraphic Packaging Holding Company (NYSE: GPK), headquartered in Atlanta,\nGeorgia, designs and produces consumer packaging made primarily from renewable\nor recycled materials. An industry leader in innovation, the Company is\ncommitted to reducing the environmental footprint of consumer packaging.\nGraphic Packaging operates a global network of design and manufacturing\nfacilities serving the world's most widely recognized brands in food,\nbeverage, foodservice, household, and other consumer products. Learn more at\nwww.graphicpkg.com\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4744913-1&h=4278389650&u=https%3A%2F%2Fwww.graphicpkg.com&a=www.graphicpkg.com)\n.\n Graphic Packaging Holding Company\n\nConsolidated Statements of Operations\n\n(Unaudited)\n\n Three Months Ended June 30, Six Months Ended June 30,\n In millions, except per share amounts 2026 2025 2026 2025\n Net Sales $ 2,188 $ 2,204 $ 4,344 $ 4,324\n Cost of Sales 1,896 1,784 3,746 3,459\n Selling, General and Administrative 180 204 382 400\n Other Expense, Net 11 10 25 26\n Business Combinations, Exit Activities and Other Special Items, Net 6 13 77 25\n Income from Operations 95 193 114 414\n Nonoperating Pension and Postretirement Benefit Expense (1) (1) (1) (1)\n Interest Expense, Net (68) (53) (132) (104)\n Income (Loss) before Income Taxes 26 139 (19) 309\n Income Tax Expense (2) (35) — (78)\n Net Income (Loss) $ 24 $ 104 $ (19) $ 231\n\n Net Income (Loss) Per Share - Basic $ 0.08 $ 0.35 $ (0.06) $ 0.77\n Net Income (Loss) Per Share - Diluted $ 0.08 $ 0.34 $ (0.06) $ 0.76\n\n Weighted Average Number of Shares Outstanding - Basic 296.6 301.2 296.6 301.7\n Weighted Average Number of Shares Outstanding - Diluted 296.7 301.6 296.6 302.4\n\n \n Graphic Packaging Holding Company\n\nCondensed Consolidated Balance Sheets\n\n(Unaudited)\n\n \n\n In millions, except share and per share amounts June 30, 2026 December 31, 2025\n Assets\n Current Assets:\n Cash and Cash Equivalents $ 205 $ 261\n Receivables, Net 888 760\n Inventories, Net 1,691 1,766\n Assets Held for Sale 8 10\n Other Current Assets 220 126\n Total Current Assets 3,012 2,923\n Property, Plant and Equipment, Net 5,532 5,669\n Goodwill 2,048 2,065\n Intangible Assets, Net 626 670\n Other Assets 442 448\n Total Assets $ 11,660 $ 11,775\n\n Liabilities\n Current Liabilities:\n Short-Term Debt and Current Portion of Long-Term Debt $ 552 $ 549\n Accounts Payable 955 1,027\n Liabilities Held for Sale 2 —\n Other Accrued Liabilities 675 668\n Total Current Liabilities 2,184 2,244\n Long-Term Debt 5,115 5,022\n Deferred Income Tax Liabilities 681 688\n Other Noncurrent Liabilities 443 484\n\n Shareholders' Equity\n Preferred Stock, par value $0.01 per share; 100,000,000 shares authorized; no — —\n shares issued or\n  outstanding\n Common Stock, par value $0.01 per share; 1,000,000,000 shares authorized; 3 3\n 296,054,676 and\n  295,128,049 shares issued and outstanding at June 30, 2026 and December 31,\n 2025, respectively\n Capital in Excess of Par Value 1,994 1,981\n Retained Earnings 1,530 1,614\n Accumulated Other Comprehensive Loss (291) (262)\n Total Graphic Packaging Holding Company Shareholders' Equity 3,236 3,336\n Noncontrolling Interest 1 1\n Total Equity 3,237 3,337\n Total Liabilities and Shareholders' Equity $ 11,660 $ 11,775\n\n \n Graphic Packaging Holding Company\n\nCondensed Consolidated Statements of Cash Flows\n\n(Unaudited)\n\n Six Months Ended June 30,\n In millions 2026 2025\n Cash Flows from Operating Activities:\n Net (Loss) Income $ (19) $ 231\n Adjustments to Reconcile Net (Loss) Income to Net Cash Provided by Operating\n Activities:\n Depreciation and Amortization 284 261\n Amortization of Deferred Debt Issuance Costs 3 3\n Deferred Income Taxes (7) 16\n Amount of Postretirement Expense Less Than Funding (1) —\n Share-Based Compensation Expense, Net 18 (1)\n Asset Impairment Charges 53 —\n Other, Net (2) (13)\n Changes in Operating Assets and Liabilities (284) (404)\n Net Cash Provided by Operating Activities 45 93\n Cash Flows from Investing Activities:\n Capital Spending (223) (541)\n Acquisition of Businesses — (29)\n Proceeds from the Sale of Business and Properties, Net of Cash and Cash 8 12\n Equivalents Sold\n Beneficial Interest on Sold Receivables 240 110\n Beneficial Interest Obtained in Exchange for Proceeds (164) (54)\n Other, Net 6 (3)\n Net Cash Used in Investing Activities (133) (505)\n Cash Flows from Financing Activities:\n Repurchase of Common Stock — (110)\n Retirement of Long-Term Debt (400) —\n Payments on Debt (9) (6)\n Proceeds from Issuance of Debt 544 99\n Borrowings under Revolving Credit Facilities 1,829 2,077\n Payments on Revolving Credit Facilities (1,847) (1,599)\n Repurchase of Common Stock related to Share-Based Payments (4) (32)\n Debt Issuance Costs (4) (1)\n Dividends Paid (65) (63)\n Other, Net (12) (3)\n Net Cash Provided by Financing Activities 32 362\n Decrease in Cash and Cash Equivalents (56) (50)\n Effect of Exchange Rate Changes on Cash — 13\n Net Decrease in Cash and Cash Equivalents (56) (37)\n Cash and Cash Equivalents at Beginning of Period 261 157\n Cash and Cash Equivalents at End of Period $ 205 $ 120\n\nGraphic Packaging Holding Company\nReconciliation of Non-GAAP Financial Measures\n\nThe tables below set forth the calculation of the Company's earnings before\ninterest expense, income tax expense, depreciation and amortization, including\npension amortization (\"EBITDA\"), Adjusted EBITDA, Adjusted EBITDA Margin,\nAdjusted Net Income, Adjusted Earnings Per Share, Adjusted Net Cash Provided\nby Operating Activities, Adjusted Cash Flow, Net Leverage Ratio, and Total Net\nDebt. Adjusted EBITDA and Adjusted Net Income exclude charges associated with:\nthe Company's business combinations, facility shutdowns, certain extended mill\noutages, sales of assets, non-recurring and other special items. The Company's\nmanagement believes that the presentation of EBITDA, Adjusted EBITDA, Adjusted\nNet Income, Adjusted Earnings Per Share, Adjusted Net Cash Provided by\nOperating Activities, Adjusted Cash Flow, and Net Leverage Ratio provides\nuseful information to investors because these measures are regularly used by\nmanagement in assessing the Company's performance. EBITDA, Adjusted EBITDA,\nAdjusted Net Income, Adjusted Earnings Per Share, Adjusted Net Cash Provided\nby Operating Activities, Adjusted Cash Flow, and Net Leverage Ratio are\nfinancial measures not calculated in accordance with generally accepted\naccounting principles in the United States (\"GAAP\"), and are not measures of\nnet income, operating income, operating performance, liquidity or net sales\npresented in accordance with GAAP. The Company's guidance for 2026 Adjusted\nEBITDA, Adjusted Earnings per Share, and Adjusted Cash Flow are non-GAAP\nfinancial measures. The Company is unable to present a quantitative\nreconciliation of these forward-looking non-GAAP financial measures to their\nmost directly comparable GAAP financial measures (Net Income, Net Income per\nShare, and Net Cash Provided by Operating Activities, respectively) because\nthe information necessary to prepare such a reconciliation is not available\nwithout unreasonable efforts.\n\nEBITDA, Adjusted EBITDA, Adjusted Net Income, Adjusted Earnings Per Share,\nAdjusted Net Cash Provided by Operating Activities, Adjusted Cash Flow, and\nNet Leverage Ratio should be considered in addition to results prepared in\naccordance with GAAP, but should not be considered substitutes for or superior\nto GAAP results. In addition, our EBITDA, Adjusted EBITDA, Adjusted Net\nIncome, Adjusted Earnings Per Share, Adjusted Net Cash Provided by Operating\nActivities, Adjusted Cash Flow, and Net Leverage Ratio may not be comparable\nto Adjusted EBITDA or similarly titled measures utilized by other companies\nsince such other companies may not calculate such measures in the same manner\nas we do.\n Three Months Ended June 30, Six Months Ended June 30,\n In millions, except per share amounts 2026 2025 2026 2025\n Net Income (Loss) $ 24 $ 104 $ (19) $ 231\n Add (Subtract):\n Income Tax Expense 2 35 — 78\n Interest Expense, Net 68 53 132 104\n Depreciation and Amortization 146 131 286 263\n EBITDA 240 323 399 676\n Charges Associated with Business Combinations, Exit Activities and Other 6 13 77 25\n Special Items, Net((a))\n Other Non-Recurring Items((a)) 1 — 3 —\n Adjusted EBITDA $ 247 $ 336 $ 479 $ 701\n\n Adjusted EBITDA Margin (Adjusted EBITDA/Net Sales) 11.3 % 15.3 % 11.0 % 16.2 %\n\n Net Income (Loss) $ 24 $ 104 $ (19) $ 231\n Charges Associated with Business Combinations, Exit Activities and Other 6 13 77 25\n Special Items, Net((a))\n Other Non-Recurring Items((a)) 1 — 3 —\n Accelerated Depreciation Related to Exit Activities — 4 — 8\n Amortization Related to Purchased Intangible Assets 15 15 31 34\n Tax Impact of Adjustments (5) (8) (23) (16)\n Adjusted Net Income $ 41 $ 128 $ 69 $ 282\n\n Adjusted Earnings Per Share - Basic $ 0.14 $ 0.42 $ 0.23 $ 0.93\n Adjusted Earnings Per Share - Diluted $ 0.14 $ 0.42 $ 0.23 $ 0.93\n\n ((a)) Represents items management believes are not indicative of ongoing\n operating performance.\n\n \n Graphic Packaging Holding Company\n\nReconciliation of Non-GAAP Financial Measures\n\n(Continued)\n\n Twelve Months Ended\n In millions June 30, 2026 June 30, 2025 December 31, 2025\n Net Income $ 194 $ 534 $ 444\n Add (Subtract):\n Income Tax Expense 61 180 139\n Equity Income of Unconsolidated Entity (1) (1) (1)\n Interest Expense, Net 248 215 220\n Depreciation and Amortization 563 541 540\n EBITDA $ 1,065 $ 1,469 $ 1,342\n Charges Associated with Business Combinations, Exit Activities and Other 93 69 41\n Special Items, Net((a))\n Other Non-Recurring Items((a)) 15 — 12\n Adjusted EBITDA $ 1,173 $ 1,538 $ 1,395\n\n Calculation of Net Debt: June 30, 2026 June 30, 2025 December 31, 2025\n Short-Term Debt and Current Portion of Long-Term Debt $ 552 $ 443 $ 549\n Long-Term Debt ((b)) 5,136 5,416 5,043\n Less:\n Cash and Cash Equivalents (205) (120) (261)\n Net Debt $ 5,483 $ 5,739 $ 5,331\n\n Net Leverage Ratio (Net Debt/Adjusted EBITDA) 4.7 3.7 3.8\n\n ((a)) Represents items management believes are not indicative of ongoing\n operating performance.\n ((b) )Excludes unamortized deferred debt issue costs.\n\n Six Months Ended June 30,\n In millions 2026 2025\n Net Cash Provided by Operating Activities $ 45 $ 93\n Net Cash Receipts from Receivables Sold included in Investing Activities 76 56\n Cash Payments Associated with Business Combinations, Exit Activities and Other 57 33\n Special Items, Net\n  and Other Non-Recurring Items\n Adjusted Net Cash Provided by Operating Activities $ 178 $ 182\n Capital Spending (223) (541)\n Adjusted Cash Flow $ (45) $ (359)\n\n \n\nView original content to download\nmultimedia:https://www.prnewswire.com/news-releases/graphic-packaging-holding-company-reports-second-quarter-2026-financial-results-302841718.html\n(https://www.prnewswire.com/news-releases/graphic-packaging-holding-company-reports-second-quarter-2026-financial-results-302841718.html)\n\nSOURCE Graphic Packaging Holding Company\n\n\n\nPhoto: \nhttps://mmx.prnewswire.com/media/MS1840488/GPI-Logo-Tree-Logo.jpg?id=OA2822968\n\nCopyright (c) 2026 PR Newswire Association,LLC. All Rights Reserved."},"type":"article","timestamp":"2026-08-04T10:30:00.608234477Z","server_sent_at_ms":1785839400608},"received_at":"2026-08-04T10:30:00.776Z","source_url":"https://www.prnewswire.com/news-releases/graphic-packaging-holding-company-reports-second-quarter-2026-financial-results-302841718.html"},"analysis":{"id":"96381","press_release_id":"107375","analysis_json":{"industry":{"label":"Containers & Packaging","sector":"Materials"},"redFlags":["Adjusted EBITDA declined 26% YoY","Net leverage ratio increased to 4.7x from 3.8x","Full-year Adjusted EPS guidance lowered due to higher interest expense"],"eventType":"earnings","narrative":"Graphic Packaging reported Q2 revenue of $2.188 billion, down 1% year-over-year, with GAAP EPS falling to $0.08 from $0.34 in the prior year.\n\nAdjusted EBITDA declined 26% to $247 million, pressured by $60 million in commodity and operating cost inflation, leading to margin compression of 400 basis points and a net leverage ratio increase to 4.7x.\n\nManagement affirmed full-year sales guidance at the high end but lowered the Adjusted EPS range to $0.65-$0.90 due to higher interest expenses, while establishing Adjusted Cash Flow guidance of $600-$700 million.","sentiment":"bearish","agentHooks":{"shouldPost":true,"suggestedAngle":"Earnings miss and guidance cut as inflation pressures mount and leverage spikes."},"keyFigures":{"eps":0.08,"revenue":2188000000,"guidance":"FY26 Net Sales $8.4B-$8.6B (high end); Adjusted EBITDA $1.05B-$1.25B (low end); Adjusted EPS $0.65-$0.90 (lowered); Adjusted Cash Flow $600M-$700M","customDimensions":{"net_leverage":4.7,"adjusted_ebitda":247000000,"adjusted_ebitda_margin":"11.3%","innovation_sales_growth":40000000}},"quotedText":"We continued to execute against our near-term strategic priorities and delivered solid second quarter performance, with Adjusted EBITDA at the top of our guidance range despite greater than anticipated inflation","namedEntities":{"people":[{"name":"Robbert Rietbroek","role":"President and CEO"}],"products":[],"companies":[{"name":"Graphic Packaging Holding Company","ticker":"GPK"}],"dollarAmounts":[{"amount":"$2,188 million","context":"Q2 2026 Net Sales"},{"amount":"$24 million","context":"Q2 2026 Net Income"},{"amount":"$247 million","context":"Q2 2026 Adjusted EBITDA"},{"amount":"$5,483 million","context":"Q2 2026 Net Debt"},{"amount":"$600 million to $700 million","context":"2026 Adjusted Cash Flow guidance"}]},"materialImpact":{"score":4,"reasoning":"Significant deterioration in profitability with Adjusted EBITDA down 26% year-over-year and net leverage spiking to 4.7x. The company lowered full-year Adjusted EPS guidance due to higher interest expenses, signaling financial stress from inflation."},"tickerRelevance":{"others":[],"primary":"GPK"},"globalImportance":30,"audienceRelevance":25,"eventTypeSecondary":["guidance_update","operations_update"],"importanceComponents":{"tickerTier":"mid-cap","eventGravity":"earnings_miss_and_guidance_cut","sectorWeight":"Materials"}},"event_type":"earnings","event_type_secondary":["guidance_update","operations_update"],"sentiment":"bearish","material_impact_score":4,"narrative":"Graphic Packaging reported Q2 revenue of $2.188 billion, down 1% year-over-year, with GAAP EPS falling to $0.08 from $0.34 in the prior year.\n\nAdjusted EBITDA declined 26% to $247 million, pressured by $60 million in commodity and operating cost inflation, leading to margin compression of 400 basis points and a net leverage ratio increase to 4.7x.\n\nManagement affirmed full-year sales guidance at the high end but lowered the Adjusted EPS range to $0.65-$0.90 due to higher interest expenses, while establishing Adjusted Cash Flow guidance of $600-$700 million.","key_figures":{"eps":0.08,"revenue":2188000000,"guidance":"FY26 Net Sales $8.4B-$8.6B (high end); Adjusted EBITDA $1.05B-$1.25B (low end); Adjusted EPS $0.65-$0.90 (lowered); Adjusted Cash Flow $600M-$700M","customDimensions":{"net_leverage":4.7,"adjusted_ebitda":247000000,"adjusted_ebitda_margin":"11.3%","innovation_sales_growth":40000000}},"named_entities":{"people":[{"name":"Robbert Rietbroek","role":"President and CEO"}],"products":[],"companies":[{"name":"Graphic Packaging Holding Company","ticker":"GPK"}],"dollarAmounts":[{"amount":"$2,188 million","context":"Q2 2026 Net Sales"},{"amount":"$24 million","context":"Q2 2026 Net Income"},{"amount":"$247 million","context":"Q2 2026 Adjusted EBITDA"},{"amount":"$5,483 million","context":"Q2 2026 Net Debt"},{"amount":"$600 million to $700 million","context":"2026 Adjusted Cash Flow guidance"}]},"model_name":"glm-4.7","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-08-04T11:05:26.626Z","global_importance":30,"audience_relevance":25,"importance_components":{"tickerTier":"mid-cap","eventGravity":"earnings_miss_and_guidance_cut","sectorWeight":"Materials"}},"durationMs":406231,"modelName":"glm-4.7"}}