Graphic Packaging : New Investor Overview Presentation

For New Investors

April 2024

© 2024 Graphic Packaging Holding Company

FORWARD LOOKING STATEMENTS

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

• Any statements of the Company's expectations in these slides, including, but not limited to, statements regarding the new recycled paperboard manufacturing facility in Waco, Texas and expected facility closures, value creation, capacity, timing of capital expenditures and expected returns, guidance regarding Sales, Adjusted EBITDA, Adjusted Earnings per Share, and Cash Flow growth, as well as normalized capital expenditures, constitute "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on currently available operating, financial and competitive information and are subject to various risks and uncertainties that could cause actual results to differ materially from the Company's historical experience and its present expectations. These risks and uncertainties include, but are not limited to, inflation of and volatility in raw material and energy costs, changes in consumer buying habits and product preferences, competition with other paperboard manufacturers and product substitution, the Company's ability to implement its business strategies, including strategic acquisitions, productivity initiatives, cost reduction plans and integration activities, as well as the Company's debt level, currency movements and other risks of conducting business internationally, the impact of regulatory and litigation matters, including the continued availability of the Company's U.S. federal income tax attributes to offset U.S. federal income taxes and the timing related to the Company's future U.S. federal income tax payments. Undue reliance should not be placed on such forward-looking statements, as such statements speak only as of the date on which they are made and the Company undertakes no obligation to update such statements, except as may be required by law. Additional information regarding these and other risks is contained in the Company's periodic filings with the Securities and Exchange Commission.

NON-GAAP FINANCIAL MEASURES & RECONCILIATIONS

• This presentation includes certain historic financial measures that exclude or adjust for charges or income associated with business combinations, facility shutdowns, extended paperboard manufacturing facility outages, sales of assets and other special charges or income ("Non-GAAP Financial Measures"). The Company's management believes that the presentation of these Non-GAAP Financial Measures provides useful information to investors because these measures are regularly used by management in assessing the Company's performance. These Non-GAAP Financial Measures are not calculated in accordance with generally accepted accounting principles in the United States ("GAAP") and should be considered in addition to results prepared in accordance with GAAP, but should not be considered substitutes for or superior to GAAP results. In addition, these Non-GAAP Financial Measures may not be comparable to similarly-titled measures utilized by other companies, since such other companies may not calculate such measures in the same manner as we do. A reconciliation of these Non-GAAP Financial Measures to the most relevant GAAP measure can be found in the Company's earnings press releases. Note that a reconciliation of Non-GAAP Financial Measures provided as future performance guidance to the most relevant GAAP measure is not provided, as the Company is unable to reasonably estimate the timing or financial impact of items such as charges associated with business combinations and other special charges. The inability to estimate these future items makes a detailed reconciliation of these forward-lookingnon-GAAP financial measures impracticable.

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We package life's everyday moments for a renewable future

• Innovative packaging solutions for consumer staples
• • Food
  • Beverage
  • Foodservice
  • Household Products
  • Health & Beauty
• Packaging that is safe and easy-to-use
• Quality and design that enhances brand appeal
• Made primarily with renewable or recycled materials
• "More circular, more functional, and more convenient"

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Invest With a Global Innovation Leader

• Innovation platforms with over $15 billion of identified market opportunity
• Diversified portfolio that "moves with the consumer" to deliver consistency and growth
• Unmatched capabilities in design and execution, delivered globally at scale
• Sustainable consumer packaging solutions to help customers achieve their sustainability goals
• Growing cash flow as business transformation nears completion
• Capital allocation prioritizes consumer packaging leadership and return of capital

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Graphic Packaging's products are in the hands of millions of consumers multiple times a day across a wide range of everyday occasions

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Expansion of capabilities with diversified portfolio of consumer markets and products

10%

13%

10%

30%

22%

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1. 2023 Net Sales mix

Key Acquisitions Expanded Design and Execution Capabilities

Opportunistic acquisitions to create a balanced portfolio that moves with the consumer,

capable of delivering results on a global scale

From European Supplier to 'Partner of Choice'

AR Packaging acquisition, 2021

Legacy Graphic Packaging

Legacy AR Packaging

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