Slides
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Third Quarter 2025 Earnings Presentation October 28, 2025
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Forward-Looking Statements Any "forward-looking" statements, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, contained herein, including those relating to TriMas’ business, financial condition or future results, involve risks and uncertainties with respect to, including, but not limited to: general economic and currency conditions; competitive factors; market demand; our ability to realize our business strategies; government and regulatory actions, including, without limitation, the impact of current and future tariffs and reciprocal tariffs, quotas and surcharges, as well as climate change legislation and other environmental regulations; our ability to identify attractive acquisition candidates, successfully integrate acquired operations or realize the intended benefits of such acquisitions; pressures on our supply chain, including availability of raw materials and inflationary pressures on raw material and energy costs, and customers; the performance of our subcontractors and suppliers; risks and uncertainties associated with intangible assets, including goodwill or other intangible asset impairment charges; risks associated with a concentrated customer base; information technology and other cyber-related risks; risks related to our international operations, including, but not limited to, risks relating to tensions between the United States and China; changes to fiscal and tax policies; intellectual property factors; uncertainties associated with our ability to meet customers’ and suppliers’ sustainability and environmental, social and governance ("ESG") goals and achieve our sustainability and ESG goals in alignment with our own announced targets; litigation; contingent liabilities relating to acquisition and disposition activities; interest rate volatility; our leverage; liabilities imposed by our debt instruments; labor disputes and shortages; the disruption of operations from catastrophic or extraordinary events, including, but not limited to, natural disasters, geopolitical conflicts and public health crises; the amount and timing of future dividends and/or share repurchases, which remain subject to Board approval and depend on market and other conditions; our future prospects; and other risks that are discussed in Part I, Item 1A, "Risk Factors," in our Annual Report on Form 10-K for the year ended December 31, 2024, and Part II, Item 1A, "Risk Factors," in our subsequent Quarterly Reports on Form 10-Q. The risks described in our Annual Report on Form 10-K and in our subsequent Quarterly Reports on Form 10-Q are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deemed to be immaterial also may materially adversely affect our business, financial position and results of operations or cash flows. These risks and uncertainties may cause actual results to differ materially from those indicated by the forward-looking statements. All forward-looking statements made herein are based on information currently available, and the Company assumes no obligation to update any forward-looking statements, except as required by law. Non-GAAP Financial Measures In this presentation, certain non-GAAP financial measures may be used. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measure may be found in the Appendix at the end of this presentation or in the earnings releases available on the Company’s website. Additional information is available at www.trimas.com under the “Investors” section. Please see the Appendix for details regarding certain costs, expenses and other amounts or charges, collectively described as “Special Items,” that are included in the determination of net income, earnings per share and/or cash flows from operating activities under GAAP, but that management believes should be separately considered when evaluating the quality of the Company’s core operating results, given they may not reflect the ongoing activities of the business. Management believes that presenting these non-GAAP financial measures, by adjusting for Special Items, provides useful information to investors by helping them identify underlying trends in the Company’s businesses and facilitating comparisons of performance with prior and future periods. These non-GAAP financial measures should be considered in addition to, and not as a replacement for or superior to, the comparable GAAP financial measures. Disclaimer 2
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Opening Remarks: Strengthening the Foundation for the Future 3 Identifying opportunities and implementing actions to drive improved performance Operational Excellence Launched a global “Operational Excellence” program aimed at driving continuous improvement, efficiency and best practice sharing across our operations Digital Transformation Rolled out our new ERP system to a second location, streamlining operations and improving data visibility Strategic Planning Strategically reviewing the businesses to establish specific objectives with aligned resources to accelerate profitable growth and value creation Brand Evolution Kicked off a “One TriMas” branding initiative in TriMas Packaging to unify and strengthen our brand and culture Manufacturing Footprint Optimization Evaluating global manufacturing capacity and footprint to support growth and efficiency
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Opening Remarks 4 Aerospace delivered record quarterly sales with 37%+ organic growth and expanded operating margins, while maintaining a strong backlog Packaging on pace to deliver GDP+ sales growth with a focus on continuous improvement actions to enhance 2026 Robust total TriMas organic sales growth of 16%+ with improvements in cash flow and earnings per share All Businesses Achieved YoY Q3 Sales Growth Specialty Products Packaging Aerospace
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Third Quarter 2025 Results 5 Q3 2025 Results ▪ Sales growth across all businesses more than offset the loss of sales related to the Arrow Engine divestiture ▪ Increased operating profit by $7.6 million, or ~34% ▪ YoY Adjusted EBITDA(1) and margin increased primarily due to higher sales and improved conversion within Aerospace ▪ Q3 Adjusted EPS(2) increased ~42% to $0.61, driven by higher operating profit Note: All items are adjusted for Special Items. Please see the Appendix for a detailed reconciliation to GAAP results. Unaudi ted, dollars in millions, except per share amounts. (1) Adjusted EBITDA is defined as net income (loss) plus expense (benefit) for interest, taxes, depreciation, amortization and no n-cash stock compensation, all as adjusted for the impact of Special Items. (2) Adjusted Earnings Per Share is defined as diluted EPS per GAAP plus or minus the after -tax impact of Special Items, acquisition -related intangible amortization expense and non-cash compensation expense. Net Sales (in millions) Q3 2024 $229.4 Q3 2025 $269.3 Adjusted EBITDA(1) (in millions) Q3 2024 $38.3 Q3 2025 Adj. Earnings Per Share(2) Q3 2024 $0.43 Q3 2025 $0.61+17.4% +110 bps +41.9%$48.1 16.7% 17.8% +25.4% Organic: +16.1% Acquisitions: +2.7% Dispositions: -2.3% Currency: +0.9% Adjusted for Special Items Q3 2025 Q3 2024 Change Net Sales $269.3 $229.4 17.4% Operating Profit $30.3 $22.7 33.9% Operating Profit Margin 11.3% 9.9% 140 bps Net Income $25.1 $17.7 42.2% Adjusted Earnings Per Share (2) $0.61 $0.43 41.9% Adjusted EBITDA(1) $48.1 $38.3 25.4% Adjusted EBITDA Margin 17.8% 16.7% 110 bps Segment Adjusted EBITDA(1) $56.4 $44.2 27.7% Segment Adjusted EBITDA Margin 21.0% 19.3% 170 bps
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Third Quarter YTD 2025 Results 6 Q3 YTD 2025 Results ▪ Sales growth in all businesses, led by Aerospace, more than offset the loss of sales related to the Arrow Engine divestiture ▪ Increased operating profit by $26.8 million, or ~45% ▪ YoY Adjusted EBITDA(1) and margin increased primarily due to higher sales and improved conversion within Aerospace ▪ Q3 YTD 2025 Adjusted EPS(2) increased ~38% to $1.68, driven by higher operating profit Note: All items are adjusted for Special Items. Please see the Appendix for a detailed reconciliation to GAAP results. Unaudi ted, dollars in millions, except per share amounts. (1) Adjusted EBITDA is defined as net income (loss) plus expense (benefit) for interest, taxes, depreciation, amortization and no n-cash stock compensation, all as adjusted for the impact of Special Items. (2) Adjusted Earnings Per Share is defined as diluted EPS per GAAP plus or minus the after -tax impact of Special Items, acquisition -related intangible amortization expense and non-cash compensation expense. Net Sales (in millions) Q3 YTD 2024 $697.0 Q3 YTD 2025 $785.7 Adjusted EBITDA (1) (in millions) $109.9 Adj. Earnings Per Share(2) $1.22 $1.68+12.7% +150 bps +37.7%$135.7 15.8% 17.3% +23.5% Organic: +12.6% Acquisitions: +2.3% Dispositions: -2.0% Currency: -0.2% Adjusted for Special Items Q3 YTD 2025 Q3 YTD 2024 Change Net Sales $785.7 $697.0 12.7% Operating Profit $86.5 $59.7 45.0% Operating Profit Margin 11.0% 8.6% 240 bps Net Income $69.0 $50.2 37.4% Adjusted Earnings Per Share (2) $1.68 $1.22 37.7% Adjusted EBITDA(1) $135.7 $109.9 23.5% Adjusted EBITDA Margin 17.3% 15.8% 150 bps Segment Adjusted EBITDA(1) $160.2 $129.2 24.1% Segment Adjusted EBITDA Margin 20.4% 18.5% 190 bps Q3 YTD 2024 Q3 YTD 2025 Q3 YTD 2024 Q3 YTD 2025
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Balance Sheet & Capitalization 7 Note: All items are adjusted for Special Items. Please see the Appendix for a detailed reconciliation to GAAP results. Unaudi ted, dollars in millions. (1) Net Leverage is defined as Net Debt/LTM Adjusted EBITDA. (2) Free Cash Flow is defined as Net Cash Provided by/(Used for) Operating Activities, excluding the cash impact of Special Items , less capital expenditures. ▪ Solid balance sheet, backed by low-interest, long-term debt with no maturities until 2029 ▪ Net debt lower than previous periods, as continued to reduce higher debt levels resulting from the funding of the Q1 2025 GMT Aerospace acquisition ▪ Q3 Free Cash Flow increased to $26.4 million, up ~71% YoY , driven by enhanced performance and disciplined working capital management Low-Interest Rate Senior Notes Do Not Mature Until 2029 Key Credit Statistics September 30, 2025 December 31, 2024 September 30, 2024 Total Debt $407.1 $398.1 $410.0 Less: Cash $33.6 $23.1 $26.9 Net Debt $373.4 $375.1 $383.0 Net Leverage(1) 2.2x 2.6x 2.7x Quarterly Free Cash Flow(2) $26.4 $16.8 $15.4 YTD Free Cash Flow(2) $43.9 $12.6
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Quarterly Takeaways ▪ Q3 organic sales, adjusted for currency, up 2.6%, due to growth in beauty and personal care dispensers, partially offset by lower demand for flexibles and closure products used in the food & beverage industry ▪ Margins declined primarily due to a challenging year-over-year comparison related to gains on the sale of non-core properties of $1.1 million in Q3 2024 that did not repeat Forward Perspective ▪ Expect 2025 full-year sales growth of GDP+ with relatively stable margins compared to 2024 ▪ Managing through an evolving tariff environment, taking near-term procurement and commercial actions while monitoring impacts on customer buying patterns and consumer demand ▪ Enhanced focus on operational and commercial excellence, acquisition integration and facility optimization Q3 2025 Segment Overview: Packaging 8 Note: All items are adjusted for Special Items. Please see the Appendix for a detailed reconciliation to GAAP results. Unaudi ted, dollars in millions. (1) Adjusted EBITDA is defined as net income (loss) plus expense (benefit) for interest, taxes, depreciation, amortization and n on-cash stock compensation, all as adjusted for the impact of Special Items. Adjusted for Special Items Q3 2025 Q3 2024 Change LTM Q3 2025 Net Sales $135.7 $130.2 4.2% $529.4 Operating Profit $18.2 $19.0 -4.3% $72.2 Operating Margin 13.4% 14.6% -120 bps 13.6% Adjusted EBITDA (1) $27.3 $27.6 -1.2% $108.5 Adjusted EBITDA Margin 20.1% 21.2% -110 bps 20.5%
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Q3 2025 Segment Overview: Aerospace 9 Note: All items are adjusted for Special Items. Please see the Appendix for a detailed reconciliation to GAAP results. Unaudi ted, dollars in millions. (1) Adjusted EBITDA is defined as net income (loss) plus expense (benefit) for interest, taxes, depreciation, amortization a nd non-cash stock compensation, all as adjusted for the impact of Special Items. Quarterly Takeaways ▪ YoY sales increased 45.8%, driven by improved output and commercial actions, as well as acquisition sales growth of 8.7% ▪ YoY increases also reflect the absence of a work stoppage at a manufacturing facility that impacted results in Q3 2024 ▪ Operating profit margin improved by 860 basis points, driven primarily by sales leverage, operational excellence and commercial actions, with LTM EBITDA margin at 23% Forward Perspective ▪ Expect 20%+ organic sales growth for 2025 with an improvement in operating profit margin of 500+ bps compared to 2024 ▪ Prioritizing incremental capital investments to accommodate growth in certain product lines and accelerate further operational improvements; preparing for ramp-up of expanded Airbus contract beginning in 2026 Adjusted for Special Items Q3 2025 Q3 2024 Change LTM Q3 2025 Net Sales $103.2 $70.8 45.8% $373.8 Operating Profit $21.6 $8.7 148.3% $68.4 Operating Margin 20.9% 12.3% 860 bps 18.3% Adjusted EBITDA (1) $26.1 $13.1 98.6% $86.1 Adjusted EBITDA Margin 25.2% 18.5% 670 bps 23.0%
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Q3 2025 Segment Overview: Specialty Products 10 Note: All items are adjusted for Special Items. Please see the Appendix for a detailed reconciliation to GAAP results. Unaudi ted, dollars in millions. (1) Adjusted EBITDA is defined as net income (loss) plus expense (benefit) for interest, taxes, depreciation, amortization and non-cash stock compensation, all as adjusted for the impact of Special Items. Quarterly Takeaways ▪ YoY sales growth of 31% for the Norris Cylinder business more than offset by lower sales related to the divestiture of Arrow Engine in January 2025 (~$5.2 million impact) ▪ YoY operating profit was flat as Norris Cylinder’s higher profit contribution was offset by the loss of profit related to the divestiture Forward Perspective ▪ Expect mid- to high-single-digit sales growth for Norris Cylinder in 2025 with margins slightly up ▪ Improved order intake, including benefits related to “Made in the USA” designation, and previous cost restructuring actions have accelerated Norris Cylinder’s recovery and performance Adjusted for Special Items Q3 2025 Q3 2024 Change LTM Q3 2025 Net Sales $30.3 $28.3 7.2% $110.6 Operating Profit $2.4 $2.4 -1.7% $4.5 Operating Margin 7.8% 8.5% -70 bps 4.1% Adjusted EBITDA (1) $3.1 $3.4 -10.8% $7.8 Adjusted EBITDA Margin 10.1% 12.1% -200 bps 7.0%
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Raising Total Company Sales and EPS Outlook 11 Outlook as of October 28, 2025 ▪ Strong year-to-date performance in Aerospace ▪ Packaging and Norris Cylinder on track to meet expectations ▪ Continuing to closely monitor the ever-changing tariff impacts, while assessing potential secondary demand effects that may impact end markets FY 2025 Outlook Note: All of the figures on this slide are adjusted for any current and future Special Items. See Appendix for reconciliation between GAAP and Adjusted Diluted EPS outlook. (1) Sales growth as compared to FY 2024. (2) Adjusted Earnings Per Share is defined as diluted EPS per GAAP plus or minus the after-tax impact of Special Items, acquisition-related intangible amortization expense and non-cash stock compensation expense. Total Company As of 2/27/25 As of 7/29/25 As of 10/28/25 Sales Growth(1) 4% to 6% 8% to 10% ~10% Adjusted EPS(2) $1.70 to $1.85 $1.95 to $2.10 $2.02 to $2.12
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Q & A
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Appendix
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Condensed Consolidated Balance Sheet Unaudited, dollars in thousands.14 September 30, December 31, 2025 2024 Assets Current assets: Cash and cash equivalents 33,640$ 23,070$ Receivables, net 192,060 164,820 Inventories 227,210 209,190 Prepaid expenses and other current assets 30,260 29,560 Total current assets 483,170 426,640 Property and equipment, net 340,540 318,650 Operating lease right-of-use assets 43,340 40,480 Goodwill 387,030 356,360 Other intangibles, net 158,330 161,080 Deferred income taxes 9,300 10,760 Other assets 12,170 10,210 Total assets 1,433,880$ 1,324,180$ Liabilities and Shareholders' Equity Current liabilities: Accounts payable 90,350$ 91,050$ Accrued liabilities 80,100 60,340 Lease liabilities, current portion 9,640 8,040 Total current liabilities 180,090 159,430 Long-term debt, net 407,070 398,120 Lease liabilities 38,220 36,680 Deferred income taxes 21,200 20,110 Other long-term liabilities 62,260 42,540 Total liabilities 708,840 656,880 Total shareholders' equity 725,040 667,300 Total liabilities and shareholders' equity 1,433,880$ 1,324,180$
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Consolidated Statement of Income 15 Unaudited, dollars in thousands, except for share and per share amounts. Three months ended Nine months ended 2025 2024 2025 2024 Net sales 269,260$ 229,360$ 785,690$ 696,960$ Cost of sales (203,350) (177,660) (593,030) (538,540) Gross profit 65,910 51,700 192,660 158,420 Selling, general and administrative expenses (41,140) (38,950) (124,250) (115,380) Asbestos-related costs (8,030) (5,510) (8,030) (5,510) Net gain (loss) on dispositions of assets (150) 1,040 5,120 1,040 Operating profit 16,590 8,280 65,500 38,570 Other expense, net: Interest expense (4,370) (4,860) (13,440) (15,010) Other income (expense), net (100) (30) (430) (310) Other expense, net (4,470) (4,890) (13,870) (15,320) Income before income tax expense 12,120 3,390 51,630 23,250 Income tax expense (2,820) (860) (13,190) (4,640) Net income 9,300$ 2,530$ 38,440$ 18,610$ Earnings per share - basic: Net income per share 0.23$ 0.06$ 0.95$ 0.46$ Weighted average common shares - basic 40,650,933 40,612,413 40,634,527 40,776,583 Earnings per share - diluted: Net income per share 0.23$ 0.06$ 0.94$ 0.45$ Weighted average common shares - diluted 41,113,322 40,946,571 41,004,160 41,089,208 September 30, September 30,
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Consolidated Statement of Cash Flows 16 Unaudited, dollars in thousands. 2025 2024 Cash Flows from Operating Activities: Net income 38,440$ 18,610$ Adjustments to reconcile net income to net cash provided by operating activities, net of acquisition impact: Gain on dispositions of assets (5,120) (1,040) Depreciation 29,770 29,940 Amortization of intangible assets 12,940 12,640 Amortization of debt issue costs 710 720 Deferred income taxes 4,140 3,540 Non-cash compensation expense 8,300 8,050 Provision for losses on accounts receivable (930) 290 Change in asbestos liability 8,030 5,510 Change in environmental liability estimate - 2,490 Increase in receivables (18,280) (15,910) Increase in inventories (8,390) (23,050) (Increase) decrease in prepaid expenses and other assets 8,250 (4,570) Increase (decrease) in accounts payable and accrued liabilities 3,340 (7,020) Other operating activities (5,270) 6,500 Net cash provided by operating activities, net of acquisition impact 75,930 36,700 Cash Flows from Investing Activities: Capital expenditures (43,650) (35,980) Acquisition of business, net of cash acquired (37,730) - Cross-currency swap terminations - (3,760) Settlement of foreign currency exchange forward contract - 3,760 Net proceeds from disposition of business, property and equipment 21,780 4,100 Net cash used for investing activities (59,600) (31,880) Cash Flows from Financing Activities: Proceeds from borrowings on revolving credit facilities 169,300 248,730 Repayments of borrowings on revolving credit facilities (164,770) (235,380) Debt financing fees (1,260) - Payments to purchase common stock (2,260) (19,270) Shares surrendered upon exercise and vesting of equity awards to cover taxes (1,850) (1,620) Dividends paid (4,950) (4,980) Other financing activities 30 (280) Net cash used for financing activities (5,760) (12,800) Cash and Cash Equivalents: Increase (decrease) for the period 10,570 (7,980) At beginning of period 23,070 34,890 At end of period 33,640$ 26,910$ Supplemental disclosure of cash flow information: Cash paid for interest 9,920$ 9,860$ Cash paid for taxes 11,290$ 9,080$ Nine months ended September 30,
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Company and Segment Financial Information 17 Unaudited, dollars in thousands. Organic Acquisitions Divestitures Fx Total Q3 2025 vs. Q3 2024 Consolidated TriMas 16.1% 2.7% -2.3% 0.9% 17.4% Packaging 2.6% 0.0% 0.0% 1.6% 4.2% Aerospace 37.1% 8.7% 0.0% 0.0% 45.8% Specialty Products 25.6% 0.0% -18.4% 0.0% 7.2% Organic Acquisitions Divestitures Fx Total Q3 YTD 2025 vs. Q3 YTD 2024 Consolidated TriMas 12.6% 2.3% -2.0% -0.2% 12.7% Packaging 4.6% 0.0% 0.0% -0.2% 4.4% Aerospace 29.4% 7.5% 0.0% 0.0% 36.9% Specialty Products 6.8% 0.0% -15.4% 0.0% -8.6% YOY Growth % YOY Growth % Three months ended 2025 2024 2025 2024 Packaging Net sales 135,700$ 130,240$ 406,280$ 389,190$ Operating profit 16,290$ 17,930$ 53,520$ 53,060$ Special Items to consider in evaluating operating profit: Business restructuring and severance costs 1,900 1,070 2,920 2,420 Adjusted operating profit 18,190$ 19,000$ 56,440$ 55,480$ Aerospace Net sales 103,240$ 70,830$ 295,460$ 215,890$ Operating profit 20,200$ 6,310$ 55,410$ 23,870$ Special Items to consider in evaluating operating profit: Third-party and other costs incurred related to strike - 2,340 - 2,340 M&A diligence and transaction costs - 30 - 60 Purchase accounting charges 530 - 1,200 - Business restructuring and severance costs 820 - 820 - Adjusted operating profit 21,550$ 8,680$ 57,430$ 26,270$ Specialty Products Net sales 30,320$ 28,290$ 83,950$ 91,880$ Operating profit 2,370$ 2,290$ 2,480$ 5,480$ Special Items to consider in evaluating operating profit: Business restructuring and severance costs - 120 1,240 120 Adjusted operating profit 2,370$ 2,410$ 3,720$ 5,600$ Corporate Expenses Operating loss (22,270)$ (18,250)$ (45,910)$ (43,840)$ Special Items to consider in evaluating operating loss: Asbestos-related costs 8,030 5,510 8,030 5,510 M&A diligence and transaction costs 60 820 390 3,020 Change in environmental liability estimate - 1,830 - 2,490 System implementation costs 1,940 1,830 4,300 3,620 Business restructuring and severance costs 550 830 7,500 1,510 Gain on sale of Arrow Engine (80) - (5,380) - Adjusted operating loss (11,770)$ (7,430)$ (31,070)$ (27,690)$ Total Company Net sales 269,260$ 229,360$ 785,690$ 696,960$ Operating profit 16,590$ 8,280$ 65,500$ 38,570$ Total Special Items to consider in evaluating operating profit 13,750 14,380 21,020 21,090 Adjusted operating profit 30,340$ 22,660$ 86,520$ 59,660$ Nine months ended September 30, September 30, 2025 2024 2025 2024 Adjusted operating profit 30,340$ 22,660$ 86,520$ 59,660$ Corporate operating expenses (adjusted) 8,190 5,660 23,810 19,210 Non-cash stock compensation (adjusted) 3,300 1,630 6,800 8,050 Legacy expenses (adjusted) 280 140 460 430 Corporate expenses 11,770 7,430 31,070 27,690 Adjusted segment operating profit 42,110$ 30,090$ 117,590$ 87,350$ Adjusted segment operating profit margin 15.6% 13.1% 15.0% 12.5% September 30, September 30, Three months ended Nine months ended
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Additional Information on Non-GAAP Measures 18 Unaudited, dollars in thousands, except for share and per share amounts. Three months ended Nine months ended September 30, September 30, 2025 2024 2025 2024 Net income, as reported 9,300$ 2,530$ 38,440$ 18,610$ Special Items to consider in evaluating quality of net income: Asbestos-related costs 8,030 5,510 8,030 5,510 Business restructuring and severance costs 3,270 2,020 12,480 4,050 Purchase accounting charges 530 - 1,200 - M&A diligence and transaction costs 60 850 390 3,080 System implementation costs 1,940 1,830 4,300 3,620 Third-party and other costs incurred related to strike - 2,340 - 2,340 Derivative de-designation and settlement (gain) loss - - - 10 Change in environmental liability estimate - 1,830 - 2,490 Write-off of deferred financing fees - - 100 - Gain on sale of Arrow Engine (80) - (5,380) - Amortization of acquisition-related intangible assets 4,400 4,210 12,940 12,640 Non-cash compensation expense 3,300 1,630 6,800 8,050 Income tax effect of net income adjustments (1) (5,660) (5,100) (10,300) (10,190) Adjusted net income 25,090$ 17,650$ 69,000$ 50,210$ Three months ended Nine months ended September 30, September 30, 2025 2024 2025 2024 Diluted earnings per share, as reported 0.23$ 0.06$ 0.94$ 0.45$ Special Items to consider in evaluating quality of diluted EPS: Asbestos-related costs 0.19 0.14 0.19 0.13$ Business restructuring and severance costs 0.08 0.05 0.30 0.10 Purchase accounting charges 0.01 - 0.03 - M&A diligence and transaction costs - 0.02 0.01 0.07 System implementation costs 0.05 0.04 0.10 0.09 Third-party and other costs incurred related to strike - 0.06 - 0.06 Derivative de-designation and settlement (gain) loss - - - - Change in environmental liability estimate - 0.04 - 0.06 Write-off of deferred financing fees - - - - Gain on sale of Arrow Engine - - (0.13) - Amortization of acquisition-related intangible assets 0.11 0.10 0.32 0.31 Non-cash compensation expense 0.08 0.04 0.17 0.20 Income tax effect of net income adjustments (1) (0.14) (0.12) (0.25) (0.25) Adjusted diluted EPS 0.61$ 0.43$ 1.68$ 1.22$ Weighted-average shares outstanding 41,113,322 40,946,571 41,004,160 41,089,208
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Additional Information on Non-GAAP Measures 19 Unaudited, dollars in thousands. September 30, December 31, September 30, 2025 2024 2024 Short-term borrowings -$ -$ 80$ Long-term debt, net 407,070 398,120 409,870 Total Debt 407,070 398,120 409,950 Less: Cash and cash equivalents 33,640 23,070 26,910 Net Debt 373,430$ 375,050$ 383,040$ As reported Special Items As adjusted As reported Special Items As adjusted Net cash provided by operating activities 36,490$ 3,570$ 40,060$ 22,030$ 5,210$ 27,240$ Less: Capital expenditures (13,670) - (13,670) (11,870) - (11,870) Free Cash Flow 22,820$ 3,570$ 26,390$ 10,160$ 5,210$ 15,370$ As reported Special Items As adjusted As reported Special Items As adjusted Net cash provided by operating activities 75,930$ 11,610$ 87,540$ 36,700$ 11,840$ 48,540$ Less: Capital expenditures (43,650) - (43,650) (35,980) - (35,980) Free Cash Flow 32,280$ 11,610$ 43,890$ 720$ 11,840$ 12,560$ Nine months ended September 30, 2025 2024 Three months ended September 30, 2025 2024
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Additional Information on Non-GAAP Measures 20 Unaudited, dollars in thousands. (1) Adjusted EBITDA is defined as net income plus expense (benefit) for interest, taxes, depreciation, amortization and non -cash stock compensation, all as adjusted for the impact of Special Items. Three months ended September 30, 2025 2024 2025 2024 2025 2024 9,300$ 2,530$ 44,080$ 26,550$ 38,440$ 18,610$ Depreciation expense 10,120 9,940 47,950 39,520 29,770 29,940 Amortization expense 4,400 4,210 17,100 17,010 12,940 12,640 Interest expense 4,370 4,860 17,990 19,310 13,440 15,010 2,820 860 14,340 5,130 13,190 4,640 Non-cash compensation expense 3,300 1,630 7,210 8,400 8,300 8,050 Adjusted EBITDA, before Special Items 34,310$ 24,030$ 148,670$ 115,920$ 116,080$ 88,890$ Adjusted EBITDA impact of Special Items 13,750 14,310 23,680 27,950 19,620 21,030 Adjusted EBITDA(1) 48,060$ 38,340$ 172,350$ 143,870$ 135,700$ 109,920$ Adjusted EBITDA as a percentage of net sales 17.8% 16.7% 17.0% 15.9% 17.3% 15.8% Packaging 27,310$ 27,630$ 108,480$ 105,980$ 83,460$ 80,560$ Aerospace 26,050 13,120 86,120 50,710 70,710 39,910 Specialty Products 3,050 3,420 7,780 13,740 6,060 8,680 Segment Adjusted EBITDA(1) 56,410$ 44,170$ 202,380$ 170,430$ 160,230$ 129,150$ Segment Adjusted EBITDA as a percentage of net sales 21.0% 19.3% 20.0% 18.8% 20.4% 18.5% Other Corporate expenses (8,350) (5,830) (30,030) (26,560) (24,530) (19,230) Adjusted EBITDA(1) 48,060$ 38,340$ 172,350$ 143,870$ 135,700$ 109,920$ Twelve months ended Nine months ended September 30, September 30, Net income, as reported Income tax expense
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Additional Information on Non-GAAP Measures 21 (1) These amounts relate to acquisitions completed as of October 28, 2025. The Company is unable to provide forward -looking estimates of future acquisitions, if any, that have not yet been consummated. (2) The Company is unable to provide forward-looking estimates of Special Items without unreasonable effort, due to the uncertainty and inherent difficulty of predicting the occurrence and the financial impact of such items and the periods in which such ite ms may be recognized. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could be material to future results. As of October 28, 2025 Full Year 2025 GAAP to Non-GAAP EPS Outlook Reconciliation Twelve months ended Low High Diluted earnings per share (GAAP) 1.14$ 1.24$ Pre-tax amortization of acquisition-related intangible assets (1) 0.42 0.42 Income tax benefit on amortization of acquisition-related intangible assets (0.11) (0.11) Pre-tax non-cash compensation expense 0.25 0.25 Income tax benefit on non-cash compensation expense (0.06) (0.06) Impact of Special Items (2) 0.38 0.38 Adjusted diluted earnings per share 2.02$ 2.12$ December 31, 2025