Slides
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February 6, 2026 Q4 and Full Year 2025 Results Stephan B. Tanda, Aptar President and CEO Vanessa Kanu, Executive Vice President and CFO
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Forward Looking Statements & Non-GAAP Financial Measures 2 This presentation includes forward-looking statements. Forward-looking statements are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are based on management’s beliefs and assumptions in light of information currently available to management. Accordingly, the Company’s actual results may differ materially from those expressed or implied in such forward-looking statements due to known or unknown risks and uncertainties that exist in the Company’s operations and business environment, including, among other factors, those described in documents filed by the Company with the Securities and Exchange Commission, specifically its Form 10-Ks and 10-Qs. The Company does not assume any obligation to update, amend or clarify such statements to reflect new events, information or circumstances after the date of this presentation. During the course of this presentation, certain non-GAAP financial information will be presented. Refer to the Appendix at the end of this presentation for additional information and a reconciliation to the most directly comparable GAAP measures. However, we are not able to reconcile forward-looking non-GAAP financial measures because certain reconciling items are dependent on future events that either cannot be controlled, such as exchange rates and changes in the fair value of equity investments, or reliably predicted without unreasonable effort because they are not part of the company's routine activities, such as restructuring and acquisition costs. The variability of these items could have a significant impact on our future GAAP financial results. We present earnings before net interest and taxes (“EBIT”), earnings before net interest, taxes, depreciation and amortization (“EBITDA”) and adjusted earnings per share. We also present our adjusted earnings before net interest and taxes (“Adjusted EBIT”), adjusted earnings before net interest, taxes, depreciation and amortization (“Adjusted EBITDA”) and adjusted earnings per share, all of which exclude restructuring initiatives, acquisition-related costs, purchase accounting adjustments related to acquisitions and investments, net unrealized investment gains and losses related to observable market price changes on equity securities and other special items. For the year ended December 31, 2025, “other special items” include costs incurred related to non-ordinary-course litigation, specifically: lawsuits between Aptar and ARS Pharmaceuticals, Inc. involving Aptar’s claims of trade-secret misappropriation and contractual breaches and ARS’s counterclaims under U.S. antitrust laws; and patent infringement actions filed by Nemera La Verpillière SAS in Germany and France relating to certain of Aptar’s ophthalmic products. These costs are excluded because they do not reflect our core operating performance. Please refer to "Legal Proceedings" within Note 12 - Commitments and Contingencies within Aptar’s Form 10-Q for the quarterly period ended September 30, 2025 for additional information. Our Operations Outlook is also provided on a non-U.S. GAAP basis because certain reconciling items are dependent on future events that either cannot be controlled, such as exchange rates and changes in the fair value of equity investments, or reliably predicted because they are not part of our routine activities, such as restructuring initiatives and acquisition-related costs. Core sales exclude acquisitions and changes in foreign currency sales. Core sales growth is calculated as current sales, less acquisitions, less constant currency prior year sales, divided by constant currency prior year sales. Free cash flow is calculated as cash provided by operating activities less capital expenditures plus proceeds from government grants related to capital expenditures. Return on Investment Capital (ROIC) is calculated as Adjusted Earnings before Net Interest and Taxes, less Tax Effect / Average Capital, whereas Average Capital is the average of beginning of year capital and Capital is Equity plus Debt less Cash. We use free cash flow to measure cash flow generated by operations that is available for dividends, share repurchases, acquisitions and debt repayment.
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3 2025 Financial Highlights Fourth Quarter 2025 Highlights: • Reported sales increased 14% and core sales increased 5%—all three segments delivered core sales growth • Reported net income decreased 26% to $74 million and reported earnings per share decreased 24% to $1.13 • Adjusted earnings per share were $1.25 • Adjusted EBITDA margin was 19.8% compared to 23.0% in the prior year • Returned $206 million to shareholders through share repurchases and dividends • Subsequent to the quarter, the Board of Directors has approved a new authorization for the repurchase of up to $600 million of the Company’s common stock Full Year 2025 Highlights: • Reported sales increased 5% and core sales increased 2% • Reported net income increased 5% to $393 million and reported earnings per share increased 7% to $5.89 • Returned $486 million to shareholders through share repurchases and dividends • Capital expenditures decreased year over year, ending the year at about 7% of sales • 2025 was our 32nd consecutive year of paying an annually increasing dividend * See accompanying slide titled “Forward-Looking Statements and Non-GAAP Financial Measures” for definition and Appendix for reconciliation to the most directly comparable GAAP measure. Pharma 46% Beauty 35% Closures 19% Proprietary Drug Delivery Systems 33% Injectables 8% Active Material Science Solutions 5% Beauty 20% Personal Care 16% Home Care 3% Food 10% Beverage 5% 2025 % of Total Reported Sales $3.8B 1
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Recent Product and Technology Highlights Pharma Beauty Closures Refillable Packaging High-Dosage, All Plastic Pump Fragrance Pump and Custom Metallized Overcaps Custom Premium Airless Pump Airless Pump and Reloadable Technology with Shipping Durability Disc Top Closure for Hair Care Closure with SimpliSqueeze® Valve for Inverted Mayo Flip Top Pour Spout Closure Tamper Evident Sports Closure Beat the Blink Eyecare Technology to Improve Dosing Precision LuerVax® and Spray Divider for Nasal Vaccine Delivery Bidose Nasal System with Dual Container System Migraine Buddy® App Connects to Oura Ring Unidose Nasal System for neffy® TGA approval in Australia Gentle Actuation Fragrance Pump Scentouch Paper Sampling Solution Stopper for Blood Derivative Medication PCR Dosing Closure Closure for Travel- Sized Hair Care 4
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Recent Recognitions Barron’s* In the Top 100 Most Sustainable Companies from 2019-2025 Forbes One of the World’s Top Companies For Women from 2021-2025 Newsweek In the Top 100 America’s Most Responsible Companies 2020-2025 CDP Recognized as a Supplier Engagement Leader 2020-2024 EcoVadis Sustainability Rating Platinum Top 1% since 2021 CDP Climate A List 2024-2025 ISS ESG Achieved Prime Status from 2020-2024 USA Today One of America’s Climate Leaders 2023-2025 Le Point One of the Most Responsible Companies in France 2020-2023 TIME One of the World’s Most Sustainable Companies 2024-2025 Our award-winning commitment to sustainability is a competitive advantage that drives impact for our customers *Used with permission. ©2025 Dow Jones & Company, Inc. 5
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Fourth Quarter 2025 Reported Results 6 * See accompanying slide titled “Forward-Looking Statements & Non-GAAP Financial Measures” for definition and Appendix for reconciliation to the most directly comparable GAAP measure. $848 $963 $- $200 $400 $600 $800 $1,000 $1,200 Q4 2024 Q4 2025 Q4 Reported Sales (in millions $) 14% +6% Currency Effects +3% Acquisitions +5% Core Sales Growth* $1.49 $1.13 $- $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 $1.40 $1.60 Q4 2024 Q4 2025 Q4 Reported EPS -24% 13.1% Reported Effective Tax Rate Q4 2024 18.9% Reported Effective Tax Rate Q4 2025
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$195 $191 $- $40 $80 $120 $160 $200 $240 $280 Q4 2024 Q4 2025 Q4 Adjusted EBITDA (in millions $) -2% $1.62 $1.25 $- $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 $1.40 $1.60 $1.80 $2.00 Q4 2024 Q4 2025 Q4 Adjusted EPS -23% Fourth Quarter 2025 Adj. EPS and Adj. EBITDA 7 The prior year’s adjusted earnings included an adjusted effective tax rate of 13.5% (approximately $-0.07 cents per share impact compared to current period adjusted effective tax rate of 19.4%) * See accompanying slide titled “Forward-Looking Statements & Non-GAAP Financial Measures” for definition and Appendix for reconciliation to the most directly comparable GAAP measure. * * 13.5% Effective Tax Rate Adjusted Earnings* Q4 2024 19.4% Effective Tax Rate Adjusted Earnings* Q4 2025
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Pharma Fourth Quarter 2025 Results 8 Q4 2025 Core Sales* by Market • Prescription core sales increased 1% • Consumer Healthcare core sales increased 3% • Injectables core sales increased 24% • Active Material Science core sales decreased 10% Aptar Pharma’s Adj. EBITDA Margin represented a 330 basis point decline over the prior year * See accompanying slide titled “Forward-Looking Statements & Non-GAAP Financial Measures” for definition and Appendix for reconciliation to the most directly comparable GAAP measure. $401 $440 $- $50 $100 $150 $200 $250 $300 $350 $400 $450 $500 Q4 2024 Q4 2025 Q4 Sales Reported Core Acquisitions Currency Effects 10% 4% 0% 6% (in millions $) 35.7% 32.4% 0% 10% 20% 30% 40% Q4 2024 Q4 2025 Adjusted EBITDA Margin % FY 2025 Percentage of Sales by Market 71% 19% 10% Proprietary Drug Delivery Systems* Injectables Active Material Science Solutions *Proprietary Drug Delivery Devices includes Prescription = 50%, Consumer Health Care = 20%, and Digital Health = 1%
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Beauty Fourth Quarter 2025 Results 9* See accompanying slide titled “Forward-Looking Statements & Non-GAAP Financial Measures” for definition and Appendix for reconciliation to the most directly comparable GAAP measure. Q4 2025 Core Sales* by Market • Fragrance, Facial Skincare and Color Cosmetics (F&F) core sales increased 7% • Personal Care core sales increased 17% Aptar Beauty’s Adj. EBITDA Margin represented a 220 basis point decline over the prior year $274 $341 $- $40 $80 $120 $160 $200 $240 $280 $320 $360 Q4 2024 Q4 2025 Q4 Sales Reported Core Acquisitions Currency Effects 24% 10% 7% 7% (in millions $) 12.4% 10.2% 0% 2% 4% 6% 8% 10% 12% 14% 16% Q4 2024 Q4 2025 Adjusted EBITDA Margin % 58% 37% 5% Beauty Personal Care Home Care FY 2025 Percentage of Sales by Market F&F* *F&F includes Fragrance, Facial SkinCare and Color Cosmetics
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Closures Fourth Quarter 2025 Results 10 Q4 2025 Core Sales* by Market • Food core sales decreased 1% • Beverage core sales increased 7% • Personal Care core sales decreased 8% Aptar Closures’ Adj. EBITDA Margin represented a 120 basis point decline over the prior year * See accompanying slide titled “Forward-Looking Statements & Non-GAAP Financial Measures” for definition and Appendix for reconciliation to the most directly comparable GAAP measure. $173 $182 $- $20 $40 $60 $80 $100 $120 $140 $160 $180 $200 Q4 2024 Q4 2025 Q4 Sales Reported Core Acquisitions Currency Effects 5% 1% 0% 4% (in millions $) 16.1% 14.9% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% Q4 2024 Q4 2025 Adjusted EBITDA Margin % 49% 26% 17% 8% Food Beverage Personal Care Other *Other includes Beauty and Home Care markets FY 2025 Percentage of Sales by Market
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Full Year 2025 Reported Results 11 * See accompanying slide titled “Forward-Looking Statements & Non-GAAP Financial Measures” for definition and Appendix for reconciliation to the most directly comparable GAAP measure. $3,583 $3,777 $- $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 $4,500 FY 2024 FY 2025 FY Reported Sales (in millions $) 5% +2% Currency Effects +1% Acquisitions +2% Core Sales Growth* $5.53 $5.89 $- $1.00 $2.00 $3.00 $4.00 $5.00 $6.00 $7.00 FY 2024 FY 2025 FY Reported EPS 7% 20.3% Reported Effective Tax Rate FY 2024 20.1% Reported Effective Tax Rate FY 2025
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$775 $815 $- $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000 FY 2024 FY 2025 FY Adjusted EBIDTA (in millions $) 5%$5.81 $5.74 $- $1.00 $2.00 $3.00 $4.00 $5.00 $6.00 $7.00 FY 2024 FY 2025 FY Adjusted EPS -1% Full Year 2025 Adj. EPS, Adj. EBITDA and Free Cash Flow 12 Free Cash Flow* • Free cash flow was $303 million comprising cash from operations of $570 million, less capital expenditures, net of government grants, of $267 million • The year-over-year decline in free cash flow was largely due to the timing of tax payments, higher pension contributions and higher working capital in 2025 • These were partially offset by lower capital expenditures * See accompanying slide titled “Forward-Looking Statements & Non-GAAP Financial Measures” for definition and Appendix for reconciliation to the most directly comparable GAAP measure. * 20.5% Effective Tax Rate Adjusted Earnings* FY 2024 21.4% Effective Tax Rate Adjusted Earnings* FY 2025 FY Adjusted EBITDA
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Outlook 13 Outlook Highlights • Looking ahead to the first quarter and 2026, we expect strong growth within Pharma outside of emergency medicine, which is going through a period of destocking • Injectables, systemic nasal drug delivery and our consumer healthcare solutions are expected to deliver continued growth • In Beauty, we are seeing early signs of strengthening demand in prestige fragrance, and Closures is expected to deliver steady performance as innovation and category conversion continue to lead the way • We believe that our determination to drive further productivity gains, combined with a strong balance sheet, provides the ability to return capital to shareholders while retaining strategic flexibility and continuing to invest in the business for long-term value creation $1.17 $1.30 $1.13 – $1.21 $0.00 $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 $1.40 $1.60 $1.80 Q1 2025 Reported Q1 2025 Adjusted* Q1 2026 Adjusted* Earnings Per Share * See accompanying slide titled “Forward-Looking Statements & Non-GAAP Financial Measures” for definition and Appendix for reconciliation, as applicable, to the most directly comparable GAAP measure.
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Key Highlights for Q1/FY2026 14 Effective Tax Rate 21 to 23% for Q1 2026 Prior year Q1 comparable adjusted effective tax rate = 13.5% Currency Guidance (Euro) 1.18 for Q1 2026 Assuming a Euro to USD Exchange Rate CapEx Range for Full Year 2026 $260 to $280 million Net of any government grants, with the majority of capital allocated toward our pharma segment Depreciation and Amortization Range for Full Year 2026 $320 to $330 million Including recently closed acquisitions, timing of capitalization of assets and FX Full Year Quarterly
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Appendix
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16 Reconciliation of Adjusted EBIT and Adjusted EBITDA to Net Income (Unaudited) ($ In Thousands)
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17 Reconciliation of Adjusted EBIT and Adjusted EBITDA to Net Income (Unaudited) ($ In Thousands)
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18 Reconciliation of Adjusted Earnings Per Diluted Share (Unaudited) ($ In Thousands Except Per Share Data)
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19 Reconciliation of Adjusted Earnings Per Diluted Share (Unaudited) ($ In Thousands Except Per Share Data)
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20 Reconciliation of Reported to Core Sales Growth by Market (Rounded to the nearest whole percent) Fourth Quarter 2025 Reconciliation of Reported to Core Sales Growth (rounded to the nearest whole percent) Active Material Fourth Quarter Segment Sales Analysis Prescription Consumer Science Total (Change over Prior Year) Drug (2) Health Care Injectables Solutions Pharma Total Reported Sales Growth 6% 11% 32% (7%) 10% Currency Effects(1) (5%) (7%) (8%) (3%) (6%) Acquisitions 0% (1%) 0% 0% 0% Core Sales Growth 1% 3% 24% (10%) 4% Fourth Quarter Segment Sales Analysis Personal Home Total (Change over Prior Year) F&F (3) Care Care Beauty Total Reported Sales Growth 26% 23% 28% 24% Currency Effects(1) (8%) (7%) (5%) (7%) Acquisitions (11%) 1% (16%) (7%) Core Sales Growth 7% 17% 7% 10% Fourth Quarter Segment Sales Analysis Personal Total (Change over Prior Year) Food Beverage Care Other (4) Closures Total Reported Sales Growth 2% 12% (4%) 21% 5% Currency Effects(1) (3%) (5%) (4%) (7%) (4%) Acquisitions 0% 0% 0% 0% 0% Core Sales Growth (1%) 7% (8%) 14% 1% (1) - Currency effects are approximated by translating last year's amounts at this year's foreign exchange rates. (2) - Prescription drug includes prescription drug and digital health solutions. (3) - F&F includes fragrance, facial skincare, and color cosmetics. (4) - Other includes beauty, home care, and other markets.
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21 Reconciliation of Adjusted EBIT and Adjusted EBITDA to Net Income (Unaudited) ($ In Thousands)
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22 Reconciliation of Adjusted EBIT and Adjusted EBITDA to Net Income (Unaudited) ($ In Thousands)
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23 Reconciliation of Adjusted Earnings Per Diluted Share (Unaudited) ($ In Thousands, Except Per Share Data)
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24 Reconciliation of Adjusted EBIT After Taxes to Net Income (Unaudited) ($ In Thousands)
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25 Reconciliation of Capital to Stockholders’ Equity (Unaudited) ($ In Thousands)
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26 Reconciliation of Free Cash Flow to Net Cash Provided by Operations (Unaudited) ($ In Thousands)
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27 Reconciliation of Free Cash Flow to Net Cash Provided by Operations (Unaudited) ($ In Thousands) Fourth Quarter Full Year 2025 2024 2025 2024 Net Cash Provided by Operations 183,693 178,239 569,999 643,413 Capital Expenditures (86,819) (66,065) (270,419) (276,481) Proceeds from Government Grants - - 3,308 - Free Cash Flow 96,874 112,174 302,888 366,932
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28 Supplemental Information
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