Graphic Packaging Holding Compa

Filing receipts

“25 Table of Contents Results of Operations Three Months Ended March 31, In millions 2026 2025 Net Sales $ 2,156 $ 2,120 Income from Operations 19 221 Interest Expense, Net (64) (51) (Loss) Income before Income Taxes (45) 170 Income Tax Benefit (Expense) 2 (43) Net (Loss) Income $ (43) $ 127 First Quarter 2026 Compared to First Quarter 2025 Net Sales The components of the change in Net Sales are as follows: Three Months Ended March 31, Variances In millions 2025 Price/ Volume/ Mix Exchange 2026 Increase Percent Change Consolidated $ 2,120 $ (14) $ 50 $ 2,156 $ 36 2 % The Company's Net Sales for the three months ended March 31, 2026 increased by $36 million, or 2%, to $2,156 million from $2,1...”

“Income from Operations decreased due to lower pricing, higher commodity cost and other inflation (primarily labor and benefits), partially offset by favorable foreign currency exchange and cost savings from continuous improvement and other programs, including benefits from capital projects, and productivity improvements.”

“Interest Expense, Net increased primarily due to a decrease in capitalized interest due to the completion of the Waco project.”