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Q3 2026 Earnings Call November 4, 2026
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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 fourth 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, our ability to successfully integrate acquired businesses and realize anticipated benefits from acquisitions, environmental liabilities and remediation obligations, 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.
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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
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Q3 2026 Financial Results
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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
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Q3 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.
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“We delivered a solid third quarter in a volatile operating environment, acting decisively to address significant commodity inflation and delivering earnings in-line with our guidance. We made further progress on our productivity initiatives, allowing us to continue investing behind our brands, innovation and other strategic initiatives. Disciplined execution remains critical as we navigate the balance of the year, and we remain focused on delivering against our full-year 2026 outlook and establishing a strong foundation for future growth.” - Scott Huckins, President and CEO
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Q3 2026 Financial Highlights $944m Net Revenues $163m Adj. EBITDA1 17% Adj. EBITDA margin1 Reynolds Cooking & Kitchen Essentials Third Quarter Ended 9/30/26 Performance Highlights Net Revenues $337M Adj. EBITDA1 $49M % margin1 15% Net Revenues increased $29 million, or 9%, to $337 million, reflecting increases in both Retail and Non-retail Revenues, and included an 18% price increase to recover input cost increases. Adjusted EBITDA decreased $4 million to $49 million, as pricing actions fully offset higher input costs, but lower volumes resulted in the year-over-year decline. Hefty Waste & Clean-Up Hefty Home & Tableware Hefty Storage & Organization Net Revenues $248M Adj. EBITDA1 $76M % margin1 31% Net Revenues $186M Adj. EBITDA1 $25M % margin1 13% Net Revenues $172M Adj. EBITDA1 $30M % margin1 17% Net Revenues increased $4 million to $248 million and included a 5% price increase to recover input cost increases. Adjusted EBITDA increased $4 million to $76 million, due to productivity gains across the supply chain. Net Revenues decreased $14 million to $186 million, due to the impact of lower volumes driven by elasticities and continued foam declines. Adjusted EBITDA decreased $4 million to $25 million, primarily due to the impact of lower volumes. Net Revenues decreased $8 million to $172 million, reflecting volume timing after strong Q2 promotions. Adjusted EBITDA decreased $6 million to $30 million, driven primarily by the impact of lower volumes. 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 strategic 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.
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YTD 2026 Financial Highlights $2,765m Net Revenues $464m Adj. EBITDA1 17% Adj. EBITDA margin1 $862 $966 $705 $705 $622 $583 $500 $506 YTD 2025 YTD 2026 Millions Net Revenues by Segment2 Hefty Storage & Organization Hefty Home & Tableware Hefty Waste & Clean-Up Reynolds Cooking & Kitchen Essentials $140 $147 $206 $206 $81 $96 $86 $84 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
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Q3 and Full Year 2026 Financial Outlook
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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%Net Revenues $1.45 - $1.51 $1.57 - $1.63 Adj EBITDA1 $660 - $675 million Net Income Adj Net Income1 $307 million to $320 million $332 million to $345 million
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Q4 2026 Outlook EPS / Adj EPS1 -3% to 3%Net Revenues $0.48 - $0.54 Adj EBITDA1 $196 million - $211 million Net Income / Adj Net Income1 $101 million to $114 million 1Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings per Share are non-GAAP financial measures.
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Non-GAAP Financial Measures
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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 , adjusted for certain items described in the reconciliation tables such as income tax expense, net interest expense, depreciation and amortization and certain unusual items that we do not consider representative of our ongoing operating performance. 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, adjusted for certain unusual items that we do not consider representative of our ongoing operating performance. 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 fourth 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.
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Reconciliation of Net Income to Adjusted EBITDA
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Reconciliation of Net Income and EPS to Adjusted Net Income and Adjusted EPS
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Reconciliation of Q4 2026 and FY2026 Net Income Guidance to Adjusted EBITDA Guidance (amounts in millions)
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Reconciliation of FY 2026 Net Income and EPS Guidance to Adjusted Net Income and Adjusted EPS Guidance (amounts in millions)