Slides
Page 1
Q2 2026 Earnings Call July 29, 2026
Page 2
Safe Harbor This presentation contains statements reflecting our views about our future performance that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which are based on information available to us on the date of this release. These forward-looking statements include, but are not limited to, our priorities to realize benefits from past initiatives and invest in future growth, and our expectations for sustainable earnings growth and long-term shareholder value, and our anticipated Net Revenue, Net Income, Adjusted Net Income, EPS, Adjusted EPS and Adjusted EBITDA for third quarter and fiscal year 2026 guidance. In some cases, you can identify these statements by forward-looking words such as “anticipate,” “believe,” “estimate,” “expect,” “will,” “should,” “may,” “might,” “intends,” “outlook,” “forecast”, “position,” “committed,” “plans,” “predicts,” “model,” “assumes,” “confident,” “look forward,” “potential,” “on track,” or “continue,” the negative of these terms and other comparable terminology. These forward-looking statements, which are subject to risks, uncertainties and assumptions about us, may include projections of our future financial performance, our anticipated growth and profitability, management of costs and other disruptions and other strategies, the impact of the imposition of tariffs, consumer demand trends, retailer inventory and promotional decisions, inflationary pressures, our ability to recover commodity cost increases through pricing actions, and anticipated trends in our business, including expected levels of commodity costs and volume. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements, including but not limited to the risk factors set forth in our most recent Annual Report on Form 10-K and in our Quarterly Reports on Form 10-Q. For additional information on these and other factors that could cause our actual results to materially differ from those set forth herein, please see our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K and subsequent filings. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. The Company undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.
Page 3
Confidential Our products simplify daily life so you can enjoy what matters most We make cooking, serving, clean-up and storage simpler and easier, providing people more time for the things that matter
Page 4
Q2 2026 Financial Results
Page 5
Organized To Win & Expand Alignment Of Our Portfolio Around Consumer Missions Reynolds Cooking & Kitchen Essentials Hefty Waste & Clean-Up Hefty Home & Tableware Hefty Storage & Organization • Increase Operational and Commercial Efficiencies • Sharpen Innovation Focus • Support Expansion Into Adjacent Categories
Page 6
Q2 2025 Segment Results Recast for Comparability Waste Bag business was transferred from Presto Products (old segment) to Hefty Waste & Clean-Up (new segment). Food Bag business was transferred from Hefty Waste & Storage (old segment) to Hefty Storage & Organization (New segment). Inter-segment revenue and EBITDA was updated accordingly, including eliminations that are recognized as “Unallocated”. There were no changes to the financial results of the other business segments or the REYN consolidated result. Reynolds Cooking & Baking Reynolds Cooking & Kitchen Essentials Revenue 295$ Revenue 295$ -$ EBITDA 49$ EBITDA 49$ -$ Hefty Waste & Storage Hefty Waste & Clean-Up Revenue 255$ Revenue 236$ (19)$ EBITDA 71$ EBITDA 72$ 1$ Hefty Tableware Hefty Home & Tableware Revenue 242$ Revenue 242$ -$ EBITDA 35$ EBITDA 35$ -$ Presto Products Hefty Storage & Organization Revenue 153$ Revenue 167$ 14$ EBITDA 33$ EBITDA 30$ (3)$ Unallocated Unallocated Revenue (7)$ Revenue (2)$ 5$ EBITDA (25)$ EBITDA (23)$ 2$ Total RCP Total RCP Revenue 938$ Revenue 938$ -$ EBITDA 163$ EBITDA 163$ -$ New Segments Q2 2025 (amounts in millions) (amounts in millions) Change Old Segments Q2 2025 (amounts in millions)
Page 7
“Our solid second quarter and year-to-date results reflect the consistency of our execution against our priorities. We held or gained share across the majority of our categories, delivered operational efficiencies, and invested behind our brands, innovation and strategic initiatives. Our trusted brands, compelling consumer value, and strong retail partnerships position us well to execute in a tough operating environment and against our longer-term strategic priorities to drive shareholder value.” - Scott Huckins, President and CEO
Page 8
Q2 2026 Financial Highlights $944m Net Revenues $171m Adj. EBITDA1 18% Adj. EBITDA margin1 Reynolds Cooking & Kitchen Essentials Second Quarter Ended 6/30/26 Performance Highlights Net Revenues $314M Adj. EBITDA1 $53M % margin1 17% Net Revenues increased $19 million to $314 million, reflecting increases in both Retail and Non-retail Revenues and includes 19 points of pricing to offset commodity cost increases. Retail volumes decreased 8%, in part from promotional timing differences in foil, while Reynolds parchment, oven bags and slow cooker liners drove share gains. Adjusted EBITDA increased $4 million to $53 million, primarily driven by manufacturing efficiency gains, partially offset by the impact of lower volumes. Hefty Waste & Clean-Up Hefty Home & Tableware Hefty Storage & Organization Net Revenues $233M Adj. EBITDA1 $69M % margin1 30% Net Revenues $217M Adj. EBITDA1 $43M % margin1 20% Net Revenues $176M Adj. EBITDA1 $27M % margin1 15% Net Revenues decreased $3 million to $233 million. Retail volumes remained flat and branded volume gains offset previously communicated private label distribution losses. Hefty® waste maintained share, despite a heightened promotional environment. Hefty® Ultra Strong trash bags were listed as a top 5 selling item on Amazon Prime Day 2026. Adjusted EBITDA decreased $3 million to $69 million due to the impact of lower revenues. Net Revenues decreased $25 million to $217 million, due to the impact of lower volumes driven primarily by foam declines, partially offset by reduced promotional activity. Retail volumes decreased 14%; excluding foam Retail volumes decreased 8%. Adjusted EBITDA increased $8 million to $43 million, driven by manufacturing efficiency gains. The impact of lower volumes was offset by decreased promotional activity. Net Revenues increased $9 million to a record second quarter of $176 million, reflecting stronger volumes. Retail volumes increased 8%, driven by strong performance of Hefty® and store brand food bags. Adjusted EBITDA decreased $3 million to $27 million, driven primarily by costs associated with the ramp up of new business and promoting behind new distribution. 1This is a non-GAAP financial measure. See the reconciliation tables at the end of this presentation for a reconciliation to the most directly comparable GAAP measure. Note: As of January 1, 2026, the Company realigned two business segments and renamed all segments to better align with strate gic objectives. All prior period segment disclosures have been recast to reflect this realignment. This realignment had no effect on our previously reported consolidated results of operations.
Page 9
YTD 2026 Financial Highlights $1,821m Net Revenues $302m Adj. EBITDA1 17% Adj. EBITDA margin1 $554 $629 $462 $457 $421 $397 $320 $335 YTD 2025 YTD 2026 Millions Net Revenues by Segment2 Hefty Storage & Organization Hefty Home & Tableware Hefty Waste & Clean-Up Reynolds Cooking & Kitchen Essentials $87 $97 $134 $131 $52 $72 $51 $54 YTD 2025 YTD 2026 Millions Adj EBITDA by Segment1,2 Hefty Storage & Organization Hefty Home & Tableware Hefty Waste & Clean-Up Reynolds Cooking & Kitchen Essentials 1This is a non-GAAP financial measure. See the reconciliation tables at the end of this presentation for a reconciliation to the most directly comparable GAAP measure. 2 Excludes Corporate/Unallocated Revenue and Adjusted EBITDA
Page 10
Q3 and Full Year 2026 Financial Outlook
Page 11
Full Year 2026 Outlook 1Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings per Share are non-GAAP financial measures. EPS / Adj EPS1 +1% to +3% Non-Retail Revenues expected to be flat Net Revenues $1.57 - $1.63 Adj EBITDA1 $660 - $675 million Net Income / Adj Net Income1 $331 million to $343 million
Page 12
Q3 2026 Outlook EPS / Adj EPS1 Approximately flat Non-Retail Revenues expected to be flat Net Revenues $0.37 - $0.39 Adj EBITDA1 $160 million - $165 million Net Income / Adj Net Income1 $79 million to $83 million 1Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings per Share are non-GAAP financial measures.
Page 13
Non-GAAP Financial Measures
Page 14
Non-GAAP Financial Measures We use non-GAAP financial measures “Adjusted EBITDA,” “Adjusted Net Income,” “Adjusted Earnings Per Share,” “Net Debt,” and “Net Debt to Trailing Twelve Months Adjusted EBITDA” in evaluating our past results and future prospects. We define Adjusted EBITDA as net income calculated in accordance with GAAP, plus the sum of income tax expense, net interest expense, debt refinancing expense, depreciation and amortization, costs to execute strategic initiatives and CEO transition costs. We define Adjusted Net Income and Adjusted Earnings Per Share (“Adjusted EPS”) as Net Income and Earnings Per Share (“EPS”) calculated in accordance with GAAP, plus the after- tax impact of debt refinancing expense, costs to execute strategic initiatives and CEO transition costs. We define Net Debt as the current portion of long-term debt plus long-term debt less cash and cash equivalents. We define Net Debt to Trailing Twelve Months Adjusted EBITDA as Net Debt (as defined above) as of the end of the period to Adjusted EBITDA (as defined above) for the period. We present Adjusted EBITDA because it is a key measure used by our management team to evaluate our operating performance, generate future operating plans and make strategic decisions. In addition, our chief operating decision maker uses Adjusted EBITDA of each reportable segment to evaluate the operating performance of such segments. We use Adjusted Net Income and Adjusted EPS as supplemental measures to evaluate our business’ performance in a way that also considers our ability to generate profit without the impact of certain items. We use Net Debt as we believe it is a more representative measure of our liquidity. We use Net Debt to Trailing Twelve Months Adjusted EBITDA because it reflects our ability to service our debt obligations. Accordingly, we believe presenting these measures provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management team and board of directors. Non-GAAP information should be considered as supplemental in nature and is not meant to be considered in isolation or as a substitute for the related financial information prepared in accordance with GAAP. In addition, our non-GAAP financial measures may not be the same as or comparable to similar non-GAAP financial measures presented by other companies. Guidance for fiscal year and third quarter 2026, where adjusted, is provided on a non-GAAP basis. Please see reconciliations of non-GAAP measures used in this release to the most directly comparable GAAP measures, beginning on the following page.
Page 15
Reconciliation of Net Income to Adjusted EBITDA
Page 16
Reconciliation of Net Income and EPS to Adjusted Net Income and Adjusted EPS
Page 17
Reconciliation of Trailing 12-Months Net Income to Trailing 12-Months Adjusted EBITDA (amounts in millions)
Page 18
Reconciliation of Total Debt to Net Debt and Calculation of Net Debt to Trailing 12-Months Adjusted EBITDA (amounts in millions, except for Net Debt to Trailing Twelve Months Adjusted EBITDA)
Page 19
Reconciliation of Q3 2026 and FY2026 Net Income Guidance to Adjusted EBITDA Guidance (amounts in millions)