Slides
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Second Quarter 2026 Earnings Presentation July 30, 2026
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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; our ability to recognize the benefits of and effectively deploy the net proceeds from the sale of TriMas Aerospace; 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; 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 detailed in the Annual Report on Form 10-K for the year ended December 31, 2025. The risks described 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 3 Q2 2026: Executing Our Plan and Driving Improved Performance Delivering Operational Improvement ▪ Previously announced cost-reduction initiatives on track and contributing to year-over-year profit improvement ▪ Advancing operational excellence and standardization efforts to improve safety, quality, on-time delivery and production cost ▪ Actively partnering with customers and suppliers to manage cost, supply chain and geopolitical challenges Strengthening Our Organization ▪ Strategic leadership additions focused on Customer Success and Operational Excellence are helping accelerate key transformation initiatives ▪ Realigned commercial resources and sales processes to improve customer engagement and growth ▪ Implemented a strategic planning framework to align priorities, strengthen accountability and drive execution across our three strategic pillars ▪ Advanced the “One TriMas” initiative through the integration of legacy Packaging brands under a unified TriMas Packaging brand, enhancing commercial alignment, operational efficiency and customer engagement Creating Long-Term Value ▪ Focus remains on organic growth and targeted, high-quality acquisitions that will elevate our current Packaging and Life Science platforms ▪ Repurchased more than five million shares between November 2025 and the end of Q2; ~35.9 million shares outstanding as of June 30, 2026 Strengthening the foundation for continued performance improvement and long-term value creation
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4 Note: All items are from continuing operations and adjusted for Special Items. Please see the Appendix for a detailed reconci liation to GAAP results. Unaudited, dollars in millions, except per share amounts. (1) Earnings Per Share is defined as diluted EPS from continuing operations plus or minus the after -tax impact of Special Items, acq uisition-related intangible amortization expense and non-cash compensation expense. Q2 Net Sales (in millions) Q2 2025 $171.8 Q2 2026 $174.6 Q2 Operating Profit (in millions) Q2 2025 $11.5 Q2 2026 Q2 2025 $0.20 Q2 2026 $0.52+1.6% +180 bps $14.9 6.7% 8.5% +29.1% Q2 2025 $324.2 Q2 2026 $342.9 Q2 2025 $21.1 Q2 2026 Q2 Earnings Per Share(1) Q2 2025 $0.34 Q2 2026 $0.75 +5.8% +120.6%$27.6 +30.5% Second Quarter 2026 Results – Continuing Operations +160.0% Actions to transform TriMas are delivering results, with additional benefits expected in the second half Q2 ResultsQ2 YTD Results Q2 YTD Earnings Per Share(1) Q2 YTD Net Sales (in millions) Q2 YTD Operating Profit (in millions) +150 bps6.5% 8.0% Organic: +3.4% Acquisitions: 0.0% Dispositions: -0.4% Currency: +2.8% Organic: 0.0% Acquisitions: 0.0% Dispositions: 0.0% Currency: +1.6% Q2 2026 Results ▪ Sales increased 1.6%, supported by favorable foreign currency translation ▪ Operating profit increased 29%, and margin expanded 180 bps, reflecting the benefits from recent cost-reduction actions ▪ EPS(1) increased to $0.52, driven by improved profitability, higher interest income and a lower share count, more than offsetting a higher tax rate Q2 2026 YTD Results ▪ Sales increased 5.8%, driven by organic growth in Packaging and Specialty Products, as well as favorable currency exchange ▪ Operating profit increased 30%, and margin expanded 150 bps, reflecting the disciplined execution of cost actions ▪ EPS(1) more than doubled year-over-year to $0.75, resulting from cost-out actions, higher interest income and a lower outstanding share count
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Balance Sheet & Capitalization 5 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 for prior periods is historically reported including TriMas Aerospace. Net Leverage is defined as Net Debt/LTM A djusted EBITDA. As of June 30, 2026, the net leverage ratio as defined in the Company's credit agreement was 1.8x. (2) Free Cash Flow is defined as Net Cash Provided by/(Used for) Operating Activities from continuing operations, excluding the c ash impact of Special Items, less capital expenditures. ▪ Strong balance sheet following the TriMas Aerospace divestiture, with a net cash position of $846 million ▪ Cash currently invested in interest-bearing accounts, generating attractive interest income until redeployed ▪ Completed $174.5 million of share repurchases between the divestiture announcement and the end of Q2 ▪ Long-term, low-interest senior notes with no maturities until 2029 provide additional balance sheet stability ▪ Q2 Free Cash Flow(2) declined year-over-year, primarily due to the timing of sales and collections within the quarter ▪ Financial flexibility supports disciplined capital allocation, including organic investment, targeted acquisitions and shareholder returns Net Cash Position Provides Future Financial Flexibility Key Credit Statistics June 30, 2026 December 31, 2025 June 30, 2025 Total Debt* $396.9 $469.2 $424.5 Less: Cash $1,242.5 $30.0 $30.3 Net Debt ($845.6) $439.2 $394.3 Net Leverage(1) n/m 2.6x 2.4x Quarterly Free Cash Flow(2) ($12.9) $26.9 $7.7
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Takeaways ▪ Sales were relatively flat year-over-year, as growth in industrial and life sciences applications, along with favorable foreign currency exchange, offset softer sales in beauty & personal care applications and food & beverage products ▪ Q2 operating profit increased both year-over-year and sequentially versus Q1 2026, reflecting the benefits of cost-reduction initiatives and operational improvement actions ▪ Q2 operating margin expanded 50 basis points year-over-year on essentially flat sales and raw material cost inflation, reflecting improved operating leverage Forward Perspective ▪ Positioned to deliver 3% to 6% full-year sales growth in 2026, with operating profit margins expected to expand to the 14% to 15% range ▪ Sequential margin expansion expected in Q3, reflecting ramp-up of previous cost actions, resin-related price recovery, and operational and commercial excellence programs ▪ Continuing to partner closely with customers and suppliers to navigate cost, supply chain and macroeconomic dynamics Segment Overview: Packaging 6 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 income (loss) plus expense (benefit) for interest, taxes, depreciation, amortization and non -cash stock compensation, all as adjusted for the impact of Special Items. Adjusted for Special Items Q2 2026 Q2 2025 Change Q2 YTD Net Sales $142.9 $143.0 -0.1% $282.1 Operating Profit $21.2 $20.4 3.7% $38.9 Operating Margin 14.8% 14.3% 50 bps 13.8% Adjusted EBITDA (1) $29.6 $30.0 -1.1% $55.1 Adjusted EBITDA Margin 20.7% 20.9% -20 bps 19.5%
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Segment Overview: Specialty Products 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) Adjusted EBITDA is defined as income (loss) plus expense (benefit) for interest, taxes, depreciation, amortization and non -cash stock compensation, all as adjusted for the impact of Special Items. Takeaways ▪ Sales increased 10.2% year-over-year, driven by stronger demand and continued market gains at Norris Cylinder ▪ Operating profit and margin declined year-over-year as higher sales volumes were offset by temporary manufacturing and labor inefficiencies associated with production ramp-up activities and machine downtime ▪ Results were also impacted by higher steel costs, with a timing lag between raw material inflation and customer price recovery Forward Perspective ▪ Now expect 6% to 9% YoY sales growth in 2026, with operating profit margins now ranging from 6% to 8% ▪ Continued strength in order activity, supported by the "Made in the USA" designation, positions Norris Cylinder for ongoing growth ▪ Pricing recovery and improved execution are expected to support stronger profitability in the second half of the year Adjusted for Special Items Q2 2026 Q2 2025 Change Q2 YTD Net Sales $31.7 $28.7 10.2% $60.8 Operating Profit $0.7 $1.3 n/m $3.6 Operating Margin 2.2% 4.4% -220 bps 5.8% Adjusted EBITDA (1) $1.5 $2.1 -27.8% $5.1 Adjusted EBITDA Margin 4.8% 7.3% -250 bps 8.4%
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SALES GROWTH 3% to 6% (FY 2025: $645.7M) ADJUSTED OPERATING PROFIT MARGIN IMPROVEMENT 300+ BPS (FY 2025: 5.3%) Raising full-year 2026 Adjusted EPS guidance ▪ Margin expansion driven primarily by the impact of cost-out initiatives and improved operating performance across both segments ▪ Expect YoY quarterly improvement in sales, earnings and EPS in each quarter of 2026 compared to 2025 ▪ Interest income expected to be $9 million to $10 million per quarter for Q3 and Q4 2026; assumes no significant change in interest rates or redeployment of the TriMas Aerospace sale cash proceeds ▪ Interest expense expected to be in the range of $18 million to $20 million ▪ Corporate cash expenses expected to decline by ~$10 million year-over-year reflecting cost-out savings; non-cash stock compensation expected to be ~$10 million ▪ Effective tax rate expected to be approximately 27% to 29% Forward Expectations – from Continuing Operations All of the figures on this slide are adjusted for any current and future Special Items. Sales growth and margin improvement as compared to full year 2025. (1) Adjusted Earnings Per Share is defined as diluted EPS from continuing operations plus or minus the after-tax impact of Special Items, acquisition-related intangible amortization expense and non-cash compensation expense.8 As of July 30, 2026 Full Year 2026 Outlook Full Year 2026 Assumptions ADJUSTED EPS(1) $1.60 to $1.70 (FY 2025: $0.55) (Raised from $1.50 to $1.70)
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TriMas has multiple levers available to continue to unlock shareholder value Levers for Long-term Value Creation • Accelerate customer-driven product innovation to address evolving needs • Expand sustainable solutions aligned with customer needs • Leverage portfolio-selling to deepen customer and market penetration • Expand technology and engineering capabilities to improve speed-to-market and strengthen competitive positioning • Embed Operational Excellence through Lean, Six Sigma and continuous improvement discipline across all plants • Standardize operating systems to deliver best-in-class safety, quality, cost and delivery • Optimize manufacturing footprint and cost structure to drive sustained margin improvement • Pursue strategic, high-quality acquisitions to complement, enhance or expand our platform in packaging and life sciences • Prioritize investment in organic growth to support innovation, productivity and customer initiatives • Return capital to shareholders through share repurchases and dividends, while maintaining balance sheet strength Examples • Focus on highest-value products and platforms with differentiation and above-market growth potential • Add acquisitions that enhance value propositions, capabilities and end market exposure • Fine-tune portfolio to reduce exposure to non-core, lower margin offerings to improve mix and returns • Elevate the existing business through innovation, commercial excellence and operational improvements 9 Continuous Improvement Portfolio Shaping Capital Allocation Innovation
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Q&A 10
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Appendix 11
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Level-Setting RemainCo (Continuing Operations) 12 Note: All items are adjusted for Special Items. Please see the Appendix for a detailed reconciliation to GAAP results. (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) Corporate Cash Expenses is defined as Corporate expenses included in operating profit less non -cash stock compensation, all as adjusted for the impact of Special Items. (3) 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. Full Year 2025 Basis ($ in millions, except per share amount) Executing improvement initiatives that are expected to create significant shareholder value Packaging $ % of Sales Net Sales $535.5 Adjusted Operating Profit $71.4 13.3% Adjusted EBITDA(1) $105.0 19.6% Specialty Products Net Sales $110.2 Adjusted Operating Profit $5.4 4.9% Adjusted EBITDA(1) $8.5 7.7% Corporate Expenses Adjusted Operating Profit ($42.5) -6.6% Cash Expenses(2) ($34.1) -5.3% Non-cash Stock Comp ($8.4) -1.3% Total Company Net Sales $645.7 Adjusted Operating Profit $34.4 5.3% Adjusted EBITDA(1) $79.1 12.3% Adjusted EPS(3) $0.55 Corporate 2026 Focus Areas • Consolidate corporate functionality with business units; costs decline over time post Aerospace sale • Eliminate duplicate costs given the more focused company • Longer-term corporate cash expense expected to be 2.5% - 3% of sales TriMas Longer-term Thoughts • Multi-year plan to improve commercial and operational performance • GDP+ growth prospects with significant organic margin expansion opportunities • Executing plan focused on increasing current business Adjusted EBITDA(1) margins to 18% - 20% Packaging 2026 Focus Areas • Streamline commercial and operational functions to reduce complexity and cost, unify brands, and further integrate prior acquisitions and ERP platforms • Optimize the manufacturing footprint and drive operational excellence • Enhance scalability and customer experience with aligned systems/processes Specialty Products 2026 Focus Areas • Drive operational excellence and continuous improvement across production and supply chain • Leverage prior cost-out and restructuring to expand margins and improve efficiency Note: 2025 figures include Arrow Engine as part of Specialty Products until its sale on January 31, 2025.
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Condensed Consolidated Balance Sheet Unaudited, dollars in thousands.13 June 30, December 31, 2026 2025 Assets Current assets: Cash and cash equivalents 1,242,480$ 30,020$ Receivables, net 153,640 111,270 Inventories 116,530 108,720 Prepaid expenses and other current assets 34,510 36,380 Current assets, discontinued operations - 176,280 Total current assets 1,547,160 462,670 Property and equipment, net 240,790 247,510 Operating lease right-of-use assets 36,470 31,800 Goodwill 296,660 300,280 Other intangibles, net 72,970 76,550 Deferred income taxes 6,880 53,670 Other assets 44,720 45,430 Non-current assets, discontinued operations - 267,170 Total assets 2,245,650$ 1,485,080$ Liabilities and Shareholders' Equity Current liabilities: Accounts payable 223,450$ 72,280$ Accrued liabilities 52,720 59,640 Lease liabilities, current portion 8,010 4,100 Current liabilities, discontinued operations - 47,650 Total current liabilities 284,180 183,670 Long-term debt, net 396,890 469,170 Lease liabilities 32,870 31,810 Deferred income taxes 28,440 17,710 Other long-term liabilities 60,660 65,840 Non-current liabilities, discontinued operations - 11,290 Total liabilities 803,040 779,490 Total shareholders' equity 1,442,610 705,590 Total liabilities and shareholders' equity 2,245,650$ 1,485,080$
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Consolidated Statement of Income 14 Unaudited, dollars in thousands, except for share and per share amounts. Note: TriMas had approximately 35.9 million shares outstanding as of June 30, 2026. Three months ended Six months ended 2026 2025 2026 2025 Net sales 174,580$ 171,750$ 342,860$ 324,210$ Cost of sales (139,240) (133,800) (270,650) (253,430) Gross profit 35,340 37,950 72,210 70,780 Selling, general and administrative expenses (24,500) (30,540) (54,490) (61,510) Net gain (loss) on dispositions of assets 20 (20) 30 5,270 Operating profit 10,860 7,390 17,750 14,540 Other expense, net: Interest expense (4,120) (4,550) (9,360) (9,070) Other income, net 11,330 270 12,220 230 Other income (expense), net 7,210 (4,280) 2,860 (8,840) Income before income tax expense 18,070 3,110 20,610 5,700 Income tax (expense) benefit 49,200 (700) (5,100) (1,350) Income from continuing operations 67,270 2,410 15,510 4,350 Income (loss) from discontinued operations, net of tax (53,900) 14,310 798,690 24,790 Net income 13,370$ 16,720$ 814,200$ 29,140$ Earnings (loss) per share - basic: Continuing operations 1.87$ 0.06$ 0.42$ 0.11$ Discontinued operations (1.50) 0.35 21.79 0.61 Net income per share 0.37$ 0.41$ 22.21$ 0.72$ Weighted average common shares - basic 35,877,517 40,647,361 36,651,820 40,626,325 Earnings (loss) per share - diluted: Continuing operations 1.86$ 0.06$ 0.42$ 0.11$ Discontinued operations (1.49) 0.35 21.54 0.60 Net income per share 0.37$ 0.41$ 21.96$ 0.71$ Weighted average common shares - diluted 36,211,032 40,929,861 37,075,408 40,939,798 June 30, June 30,
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Consolidated Statement of Cash Flows 15 Unaudited, dollars in thousands. 2026 2025 Cash Flows from Operating Activities: Income from continuing operations 15,510 4,350 Income from discontinued operations 798,690 24,790 Net income 814,200 29,140 Adjustments to reconcile net income to net cash provided by (used for) operating activities, net of acquisition impact: Net gain on dispositions of assets (1,040,040) (5,270) Depreciation 19,160 19,650 Amortization of intangible assets 5,300 8,540 Amortization of debt issue costs 480 480 Deferred income taxes 2,770 3,250 Non-cash compensation expense 5,410 5,000 Provision for losses on accounts receivable (50) (1,140) Increase in receivables (48,740) (29,700) (Increase) decrease in inventories (15,520) 1,300 (Increase) decrease in prepaid expenses and other assets 7,430 (1,430) Increase in accounts payable and accrued liabilities 191,190 14,520 Other operating activities 510 (4,900) Net cash provided by (used for) operating activities, net of acquisition impact (57,900) 39,440 Cash Flows from Investing Activities: Capital expenditures (13,130) (29,980) Acquisition of business, net of cash acquired - (37,160) Net proceeds from disposition of business, property and equipment 1,436,930 21,180 Net cash provided by (used for) investing activities 1,423,800 (45,960) Cash Flows from Financing Activities: Proceeds from borrowings on revolving credit facilities 233,000 140,950 Repayments of borrowings on revolving credit facilities (305,730) (118,780) Debt financing fees - (1,260) Payments to purchase common stock (73,460) (2,260) Shares surrendered upon exercise and vesting of equity awards to cover taxes (4,430) (1,800) Dividends paid (2,950) (3,280) Other financing activities 130 160 Net cash provided by (used for) financing activities (153,440) 13,730 Cash and Cash Equivalents: Increase for the period 1,212,460 7,210 At beginning of period 30,020 23,070 At end of period 1,242,480$ 30,280$ Supplemental disclosure of cash flow information: Cash paid for interest 9,960$ 9,490$ Cash paid for taxes 33,940$ 9,210$ Non-cash property additions 1,840$ -$ Six months ended June 30,
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Company and Segment Financial Information 16 Unaudited, dollars in thousands. Continuing Operations Organic Acquisitions Divestitures Fx Total Q2 2026 vs. Q2 2025 Consolidated TriMas 0.0% 0.0% 0.0% 1.6% 1.6% Packaging -2.1% 0.0% 0.0% 2.0% -0.1% Specialty Products 10.2% 0.0% 0.0% 0.0% 10.2% Organic Acquisitions Divestitures Fx Total FY 2026 vs. FY 2025 Consolidated TriMas 3.4% 0.0% -0.4% 2.8% 5.8% Packaging 1.0% 0.0% 0.0% 3.3% 4.3% Specialty Products 16.0% 0.0% -2.7% 0.0% 13.3% YOY Growth % YOY Growth % Three months ended 2026 2025 2026 2025 Packaging Net sales 142,920$ 143,010$ 282,090$ 270,580$ Operating profit 18,720$ 19,990$ 33,270$ 37,230$ Special Items to consider in evaluating operating profit: Business restructuring and severance costs 2,470 440 5,590 1,020 Adjusted operating profit 21,190$ 20,430$ 38,860$ 38,250$ Specialty Products Net sales 31,660$ 28,740$ 60,770$ 53,630$ Operating profit 690$ 1,260$ 3,550$ 110$ Special Items to consider in evaluating operating profit: Business restructuring and severance costs - - - 1,240 Adjusted operating profit 690$ 1,260$ 3,550$ 1,350$ Corporate Expenses Operating loss (8,550)$ (13,860)$ (19,070)$ (22,800)$ Special Items to consider in evaluating operating loss: M&A diligence and transaction costs 930 30 930 330 System implementation costs 660 1,440 1,880 2,360 Business restructuring and severance costs (30) 2,230 1,440 6,950 Gain on sale of Arrow Engine - - - (5,300) Adjusted operating loss (6,990)$ (10,160)$ (14,820)$ (18,460)$ TriMas Continuing Operations Net sales 174,580$ 171,750$ 342,860$ 324,210$ Operating profit 10,860$ 7,390$ 17,750$ 14,540$ Total Special Items to consider in evaluating operating profit 4,030 4,140 9,840 6,600 Adjusted operating profit 14,890$ 11,530$ 27,590$ 21,140$ Six months ended June 30, June 30, 2026 2025 2026 2025 Adjusted operating profit, continuing operations 14,890$ 11,530$ 27,590$ 21,140$ Corporate operating expenses (adjusted) 4,480 8,500 9,600 15,620 Non-cash stock compensation (adjusted) 2,390 1,610 5,020 2,660 Legacy expenses 120 50 200 180 Corporate expenses 6,990 10,160 14,820 18,460 Adjusted segment operating profit, continuing operations 21,880$ 21,690$ 42,410$ 39,600$ Adjusted segment operating profit margin, continuing operations 12.5% 12.6% 12.4% 12.2% June 30, June 30, Three months ended Six months ended
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Additional Information on Non-GAAP Measures Unaudited, dollars in thousands, except for share and per share amounts. Note: TriMas had approximately 35.9 million shares outstanding as of June 30, 2026.17 Continuing Operations Three months ended Six months ended June 30, June 30, 2026 2025 2026 2025 Income from continuing operations, as reported 67,270$ 2,410$ 15,510$ 4,350$ Special Items to consider in evaluating quality of net income from continuing operations: Business restructuring and severance costs 2,440 2,670 7,030 9,210 M&A diligence and transaction costs 930 30 930 330 System implementation costs 660 1,440 1,880 2,360 Write-off of deferred financing fees - - - 100 Non-cash deferred tax impact related to Aerospace divestiture (53,900) - - - Gain on sale of Arrow Engine - - - (5,300) Amortization of acquisition-related intangible assets 1,180 1,680 2,620 3,270 Non-cash compensation expense 2,390 1,610 5,020 2,660 Income tax effect of net income adjustments (1) (1,980) (1,790) (5,040) (2,990) Adjusted income from continuing operations 18,990$ 8,050$ 27,950$ 13,990$ Three months ended Six months ended June 30, June 30, 2026 2025 2026 2025 Diluted earnings per share from continuing operations, as reported 1.86$ 0.06$ 0.42$ 0.11$ Special Items to consider in evaluating quality of diluted EPS from continuing operations: Business restructuring and severance costs 0.07 0.06 0.19 0.22 M&A diligence and transaction costs 0.02 0.00 0.02 0.01 System implementation costs 0.02 0.04 0.05 0.06 Write-off of deferred financing fees - - - 0.00 Non-cash deferred tax impact related to Aerospace divestiture (1.49) - - - Gain on sale of Arrow Engine - - - (0.13) Amortization of acquisition-related intangible assets 0.03 0.04 0.07 0.08 Non-cash compensation expense 0.07 0.04 0.14 0.06 Income tax effect of net income adjustments (1) (0.06) (0.04) (0.14) (0.07) Adjusted diluted EPS from continuing operations 0.52$ 0.20$ 0.75$ 0.34$ Weighted-average shares outstanding 36,211,032 40,929,861 37,075,408 40,939,798 (1) Income tax effect of net income adjustments is calculated on an item-by-item basis, utilizing the statutory income tax rate in the jurisdiction where the adjustments occured. For the three and six month periods ended June 30, 2026 and 2025, the income tax effect on the cumulative net income adjustments varied from the tax rate inherent in the Company's reported GAAP results, primarily as a result of certain discrete items that occurred during the period for GAAP reporting purposes.
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Additional Information on Non-GAAP Measures 18 Unaudited, dollars in thousands. Continuing Operations As reported Special Items As adjusted As reported Special Items As adjusted Net cash provided by (used for) operating activities (38,520)$ 33,580$ (4,940)$ 16,450$ 3,410$ 19,860$ Less: Capital expenditures (7,910) - (7,910) (12,120) - (12,120) Free Cash Flow (46,430)$ 33,580$ (12,850)$ 4,330$ 3,410$ 7,740$ Total Company As reported Special Items As adjusted As reported Special Items As adjusted Net cash provided by (used for) operating activities (57,570)$ 38,920$ (18,650)$ 23,440$ 7,800$ 31,240$ Less: Capital expenditures (10,310) - (10,310) (22,570) - (22,570) Free Cash Flow (67,880)$ 38,920$ (28,960)$ 870$ 7,800$ 8,670$ Six months ended June 30, 2026 2025 Three months ended June 30, 2026 2025 June 30, December 31, June 30, 2026 2025 2025 Long-term debt, net(1) 396,890$ 469,170$ 424,540$ Less: Cash and cash equivalents 1,242,480 30,020 30,280 Net Debt (845,590)$ 439,150$ 394,260$
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Additional Information on Non-GAAP Measures 19 Unaudited, dollars in thousands. (1) Adjusted EBITDA is defined as income from continuing operations plus expense (benefit) for interest, taxes, depreciation, amo rtization and non-cash stock compensation, all as adjusted for the impact of Special Items. Continuing Operations Three months ended June 30, From Continuing Operations 2026 2025 2026 2025 2026 2025 67,270$ 2,410$ 83,470$ (1,160)$ 15,510$ 4,350$ Depreciation expense 8,760 7,950 32,890 39,820 16,950 15,590 Amortization expense 1,180 1,680 6,030 6,500 2,620 3,270 Interest expense 4,120 4,550 18,320 18,480 9,360 9,070 Interest income on invested cash from sale of Aerospace (10,950) - (12,900) - (12,900) - (49,200) 700 (44,300) (560) 5,100 1,350 Non-cash compensation expense 2,350 1,610 11,260 4,120 5,510 4,160 Adjusted EBITDA, before Special Items 23,530$ 18,900$ 94,770$ 67,200$ 42,150$ 37,790$ Adjusted EBITDA impact of Special Items 3,590 4,130 (7,620) 22,240 8,870 5,190 Adjusted EBITDA(1) 27,120$ 23,030$ 87,150$ 89,440$ 51,020$ 42,980$ Adjusted EBITDA as a percentage of net sales 15.5% 13.4% 13.1% 14.1% 14.9% 13.3% Packaging 29,630$ 29,950$ 103,950$ 108,800$ 55,130$ 56,150$ Specialty Products 1,510 2,090 10,550 8,150 5,110 3,010 Segment Adjusted EBITDA(1) 31,140$ 32,040$ 114,500$ 116,950$ 60,240$ 59,160$ Segment Adjusted EBITDA as a percentage of net sales 17.8% 18.7% 17.2% 18.5% 17.6% 18.2% Other Corporate expenses (4,020) (9,010) (27,350) (27,510) (9,220) (16,180) Adjusted EBITDA(1) 27,120$ 23,030$ 87,150$ 89,440$ 51,020$ 42,980$ Twelve months ended Six months ended June 30, June 30, Income from continuing operations, as reported Income tax expense (benefit)
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Additional Information on Non-GAAP Measures 20 (1) These amounts relate to acquisitions completed as of July 30, 2026. 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 items may be recognized. For the same reasons, the Company is unable to address the probable significance of the unavail able information, which could be material to future results. As of July 30, 2026 Full Year 2026 GAAP to Non-GAAP EPS Outlook Reconciliation Twelve months ended Continuing Operations Low High Diluted earnings per share (GAAP) 1.08$ 1.18$ Pre-tax amortization of acquisition-related intangible assets (1) 0.15 0.15 Income tax benefit on amortization of acquisition-related intangible assets (0.04) (0.04) Pre-tax non-cash compensation expense 0.28 0.28 Income tax benefit on non-cash compensation expense (0.07) (0.07) Impact of Special Items (2) 0.20 0.20 Adjusted diluted earnings per share 1.60$ 1.70$ December 31, 2026