Slides
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Third Quarter 2026 Earnings Presentation October 29, 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 Q3 2026: Executing Our Plan and Building a Stronger TriMas Executing Performance Improvement Initiatives Cost-reduction initiatives on track and contributing to year-over-year profit improvement Packaging and Corporate initiatives progressing as planned, while targeted actions are underway to improve operational execution and throughput at Norris Cylinder Maintaining close customer and supplier engagement to support execution amid evolving market conditions Building a Stronger TriMas Signed an agreement to sell flexible bag-in-box product line, further streamlining the portfolio and enhancing focus on TriMas' core growth platforms Leveraging recent leadership additions to accelerate execution and strengthen customer focus Advancing operational excellence through safety, quality, on-time delivery, productivity and cost-efficiency initiatives Enhancing organizational effectiveness through commercial alignment, accountability and strategic planning Creating Long-Term Value Maintaining a balanced approach to capital allocation Focus remains on organic growth and disciplined evaluation of targeted, high-quality acquisitions that strengthen our current Packaging and Life Science platforms Continued returning capital through share repurchases, with more than 5.4 million shares repurchased since November 2025 Executing our plan to build a stronger TriMas positioned for 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, acquisition -related intangible amortization expense and non-cash compensation expense. Q3 Net Sales (in millions) Q3 2025 $166.0 Q3 2026 $178.7 Q3 Operating Profit (in millions) Q3 2025 $9.2 Q3 2026 Q3 2025 $0.17 Q3 2026 $0.50+7.7% +200 bps $13.6 5.6% 7.6% +47.9% Q3 2025 $490.2 Q3 2026 $521.6 Q3 2025 $30.4 Q3 2026 Q3 Earnings Per Share(1) Q3 2025 $0.51 Q3 2026 $1.25 +6.4% +145.1%$41.2 +35.8% Third Quarter 2026 Results – Continuing Operations +194.1% Cost actions are delivering meaningful benefits, while operational initiatives position TriMas for further performance improvement Q3 ResultsQ3 YTD Results Q3 YTD Earnings Per Share(1) Q3 YTD Net Sales (in millions) Q3 YTD Operating Profit (in millions) +170 bps6.2% 7.9% Organic: +4.7% Acquisitions: 0.0% Dispositions: -0.3% Currency: +2.0% Organic: +7.2% Currency: +0.5% Q3 2026 Results Sales increased 7.7%, supported by growth in all major end markets Operating profit margin expanded 200 bps, reflecting the benefits from recent cost- reduction and improvement actions EPS(1) increased to $0.50, driven by improved profitability, higher interest income and a lower share count Q3 2026 YTD Results Sales increased 6.4%, driven by organic growth in Packaging and Specialty Products, as well as favorable currency exchange Operating profit increased 35.8%, and margin expanded 170 bps, reflecting the disciplined execution of cost actions EPS(1) more than doubled year-over-year to $1.25, 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 September 30, 2026, the net leverage ratio as defined in the Company's credit agreement was 1.7x. (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 $761 million Cash currently invested in interest-bearing accounts, generating attractive interest income until redeployed Completed $183.8 million of share repurchases between the divestiture announcement and the end of Q3 Long-term, low-interest senior notes with no maturities until 2029 provide additional balance sheet stability Q3 Free Cash Flow(2) improved year-over-year, benefiting from improved working capital and interest income Financial flexibility supports disciplined capital allocation, including organic investment, targeted acquisitions and shareholder returns Net Cash Position Provides Future Financial Flexibility Key Credit Statistics September 30, 2026 December 31, 2025 September 30, 2025 Total Debt* $397.1 $469.2 $407.1 Less: Cash $1,158.5 $30.0 $33.6 Net Debt ($761.4) $439.2 $373.4 Net Leverage(1) n/m 2.6x 2.2x Quarterly Free Cash Flow(2) $20.9 $26.9 $4.0
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Takeaways Delivered 8.2% organic sales growth, driven by higher broad-based demand across all major end markets, including beauty & personal care, food & beverage, industrial and life sciences applications; favorable foreign currency exchange provided an additional benefit Q3 operating profit increased 11.9% year-over-year, reflecting higher volumes, cost-reduction initiatives and operational improvement actions Q3 operating margin expanded 40 basis points to 13.8%, demonstrating continued execution of productivity and profitability improvement initiatives Forward Perspective Positioned to deliver 4% to 5% full-year sales growth in 2026 and operating profit margins of approximately 14%, including the expected impact of the sale of the Rapak flexible bag-in-box product line Focused on driving further profitability improvements through pricing discipline, operational excellence and productivity initiatives 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 Q3 2026 Q3 2025 Change Q3 YTD Net Sales $147.6 $135.7 8.8% $429.7 Operating Profit $20.4 $18.2 11.9% $59.2 Operating Margin 13.8% 13.4% 40 bps 13.8% Adjusted EBITDA(1) $28.3 $27.3 3.6% $83.4 Adjusted EBITDA Margin 19.2% 20.1% -90 bps 19.4%
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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 2.7% year-over-year, driven by stronger demand and continued market gains at Norris Cylinder, partially offset by ongoing production throughput constraints Q3 operating profit and margin declined year-over-year as temporary manufacturing inefficiencies continued, including machine downtime, lower labor productivity and throughput constraint, which more than offset the benefit of higher sales volumes Results were also impacted by higher steel costs, with a timing lag between raw material inflation and customer price recovery Forward Perspective Expect 7% to 10% year-over-year sales growth in 2026, with operating profit margins now ranging from 4% to 6% as the business works through temporary manufacturing and productivity challenges Leveraging strengthened operational leadership and executing targeted operational initiatives to improve throughput, increase machine and labor productivity, and enhance cost efficiency Demand fundamentals remain positive, supported by the "Made in the USA" designation and continued market share gains at Norris Cylinder Adjusted for Special Items Q3 2026 Q3 2025 Change Q3 YTD Net Sales $31.2 $30.3 2.7% $91.9 Operating Profit $0.1 $2.4 n/m $3.6 Operating Margin 0.3% 7.8% -750 bps 3.9% Adjusted EBITDA(1) $0.8 $3.1 -74.4% $5.9 Adjusted EBITDA Margin 2.5% 10.1% -760 bps 6.4%
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NET SALES GROWTH 4% to 6% (FY 2025: $645.7M) ADJUSTED OPERATING PROFIT MARGIN IMPROVEMENT ~250 BPS (FY 2025: 5.3%) Reaffirming full-year 2026 Adjusted EPS guidance Margin expansion driven primarily by cost-out initiatives and ongoing operational improvement actions; margin outlook moderated to reflect the extended throughput challenges at Norris Cylinder Expect year-over-year improvement in sales, earnings and EPS in Q4 2026 Interest income expected to be approximately $10 million in Q4 2026; assumes no significant change in interest rates or redeployment of the TriMas Aerospace sale cash proceeds; interest expense expected to be approximately $18 million for 2026 Full year corporate cash expenses expected to decline by $11 million to $12 million year-over-year, reflecting cost-out savings; 2026 non-cash stock compensation expected to be between $9 million and $10 million Effective 2026 tax rate expected to be between 24% and 25% 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 October 29, 2026 Full Year 2026 Outlook Full Year 2026 Assumptions ADJUSTED EPS(1) $1.60 to $1.70 (FY 2025: $0.55)
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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 priorities • Leverage portfolio-selling to deepen customer and market penetration • Invest in technology and engineering capabilities to improve speed-to-market and strengthen competitive positioning • Drive continuous improvement through Lean, Six Sigma and operational excellence initiatives across all plants • Standardize operating systems to deliver best-in-class safety, quality, cost and delivery • Improve productivity, throughput and cost efficiency across the manufacturing footprint • Optimize manufacturing operations and cost structure to support sustainable margin expansion • Pursue disciplined, strategically aligned acquisitions that strengthen our platforms and capabilities in packaging and life sciences • Invest in organic growth opportunities that support innovation, productivity and customer expansion • Maintain a strong balance sheet and financial flexibility • Return capital to shareholders through share repurchases and dividends Examples • Focus the portfolio on differentiated, higher-margin businesses with attractive growth characteristics • Add acquisitions that enhance value propositions, capabilities and end- market exposure • Fine-tune the portfolio to reduce exposure to non-core and lower- margin offerings, enhancing portfolio mix and returns • Drive long-term value through innovation, commercial execution and operational improvements 9 Operational Excellence Portfolio Shaping Capital Allocation Growth & Innovation
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Q&A
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Appendix
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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 non -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) $0.55 Corporate 2026 Focus Areas • Consolidate corporate functionality with business units; costs decline over time post Aerospace sale • Eliminate duplicate costs given the more focused company • Longer-term corporate cash expense expected to be 2.5% - 3% of sales TriMas Longer-term Thoughts • Multi-year plan to improve commercial and operational performance • GDP+ growth prospects with significant organic margin expansion opportunities • Executing plan focused on increasing current business Adjusted EBITDA(1) margins to 18% - 20% Packaging 2026 Focus Areas • Streamline commercial and operational functions to reduce complexity and cost, unify brands, and further integrate prior acquisitions and ERP platforms • Optimize the manufacturing footprint and drive operational excellence • Enhance scalability and customer experience with aligned systems/processes Specialty Products 2026 Focus Areas • Drive operational excellence and continuous improvement across production and supply chain • Leverage prior cost-out and restructuring to expand margins and improve efficiency Note: 2025 figures include Arrow Engine as part of Specialty Products until its sale on January 31, 2025.
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Condensed Consolidated Balance Sheet Unaudited, dollars in thousands.13 September 30, December 31, 2026 2025 Assets Current assets: Cash and cash equivalents 1,158,540$ 30,020$ Receivables, net 150,200 111,270 Inventories 117,900 108,720 Prepaid expenses and other current assets 31,880 36,380 Current assets, discontinued operations - 176,280 Total current assets 1,458,520 462,670 Property and equipment, net 238,690 247,510 Operating lease right-of-use assets 34,740 31,800 Goodwill 295,730 300,280 Other intangibles, net 71,460 76,550 Deferred income taxes 6,200 53,670 Other assets 43,720 45,430 Non-current assets, discontinued operations - 267,170 Total assets 2,149,060$ 1,485,080$ Liabilities and Shareholders' Equity Current liabilities: Accounts payable 115,410$ 72,280$ Accrued liabilities 58,020 59,640 Lease liabilities, current portion 8,060 4,100 Current liabilities, discontinued operations - 47,650 Total current liabilities 181,490 183,670 Long-term debt, net 397,140 469,170 Lease liabilities 31,150 31,810 Deferred income taxes 30,050 17,710 Other long-term liabilities 57,700 65,840 Non-current liabilities, discontinued operations - 11,290 Total liabilities 697,530 779,490 Total shareholders' equity 1,451,530 705,590 Total liabilities and shareholders' equity 2,149,060$ 1,485,080$
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Consolidated Statement of Income 14 Unaudited, dollars in thousands, except for share and per share amounts. Three months ended Nine months ended 2026 2025 2026 2025 Net sales 178,740$ 166,020$ 521,600$ 490,230$ Cost of sales (142,310) (131,550) (412,960) (384,980) Gross profit 36,430 34,470 108,640 105,250 Selling, general and administrative expenses (24,820) (29,640) (79,310) (91,150) Asbestos-related costs - (8,030) - (8,030) Net gain (loss) on dispositions of assets (100) 20 (70) 5,290 Operating profit (loss) 11,510 (3,180) 29,260 11,360 Other expense, net: Interest expense (4,140) (4,360) (13,500) (13,430) Other income, net 9,920 1,080 22,140 1,310 Other income (expense), net 5,780 (3,280) 8,640 (12,120) Income (loss) before income tax expense 17,290 (6,460) 37,900 (760) Income tax (expense) benefit (3,830) 1,570 (8,930) 220 Income (loss) from continuing operations 13,460 (4,890) 28,970 (540) Income from discontinued operations, net of tax 5,900 14,190 804,590 38,980 Net income 19,360$ 9,300$ 833,560$ 38,440$ Earnings (loss) per share - basic: Continuing operations 0.38$ (0.12)$ 0.80$ (0.01)$ Discontinued operations 0.16 0.35 22.13 0.96 Net income per share 0.54$ 0.23$ 22.93$ 0.95$ Weighted average common shares - basic 35,759,542 40,650,933 36,354,394 40,634,527 Earnings (loss) per share - diluted: Continuing operations 0.37$ (0.12)$ 0.79$ (0.01)$ Discontinued operations 0.16 0.35 21.90 0.96 Net income per share 0.53$ 0.23$ 22.69$ 0.95$ Weighted average common shares - diluted 36,063,656 40,650,933 36,738,157 40,634,527 September 30, September 30,
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Consolidated Statement of Cash Flows 15 Unaudited, dollars in thousands. 2026 2025 Cash Flows from Operating Activities: Income (loss) from continuing operations 28,970 (540) Income from discontinued operations 804,590 38,980 Net income 833,560 38,440 Adjustments to reconcile net income to net cash provided by (used for) operating activities, net of acquisition impact: Net gain on dispositions of assets (1,040,140) (5,120) Depreciation 27,160 29,770 Amortization of intangible assets 6,570 12,940 Amortization of debt issue costs 720 710 Deferred income taxes 4,840 4,140 Non-cash compensation expense 6,960 8,300 Provision for losses on accounts receivable 350 (930) Change in asbestos liability estimate - 8,030 Increase in receivables (46,320) (18,280) Increase in inventories (17,510) (8,390) Decrease in prepaid expenses and other assets 12,520 8,250 Increase in accounts payable and accrued liabilities 85,920 3,340 Other operating activities 740 (5,270) Net cash provided by (used for) operating activities, net of acquisition impact (124,630) 75,930 Cash Flows from Investing Activities: Capital expenditures (20,160) (43,650) Acquisition of business, net of cash acquired - (37,730) Net proceeds from disposition of business, property and equipment 1,437,660 21,780 Net cash provided by (used for) investing activities 1,417,500 (59,600) Cash Flows from Financing Activities: Proceeds from borrowings on revolving credit facilities 233,000 169,300 Repayments of borrowings on revolving credit facilities (305,730) (164,770) Debt financing fees - (1,260) Payments to purchase common stock (82,730) (2,260) Shares surrendered upon exercise and vesting of equity awards to cover taxes (4,490) (1,850) Dividends paid (4,400) (4,950) Other financing activities - 30 Net cash used for financing activities (164,350) (5,760) Cash and Cash Equivalents: Increase for the period 1,128,520 10,570 At beginning of period 30,020 23,070 At end of period 1,158,540$ 33,640$ Supplemental disclosure of cash flow information: Cash paid for interest 10,180$ 9,920$ Cash paid for taxes 132,470$ 11,290$ Non-cash property additions 1,900$ -$ Nine months ended September 30,
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Company and Segment Financial Information 16 Unaudited, dollars in thousands. Continuing Operations Three months ended 2026 2025 2026 2025 Packaging Net sales 147,590$ 135,700$ 429,680$ 406,280$ Operating profit 18,860$ 16,290$ 52,130$ 53,520$ Special Items to consider in evaluating operating profit: Business restructuring and severance costs 1,500 1,900 7,090 2,920 Adjusted operating profit 20,360$ 18,190$ 59,220$ 56,440$ Specialty Products Net sales 31,150$ 30,320$ 91,920$ 83,950$ Operating profit 80$ 2,370$ 3,630$ 2,480$ Special Items to consider in evaluating operating profit: Business restructuring and severance costs - - - 1,240 Adjusted operating profit 80$ 2,370$ 3,630$ 3,720$ Corporate Expenses Operating loss (7,430)$ (21,840)$ (26,500)$ (44,640)$ Special Items to consider in evaluating operating loss: Asbestos-related costs - 8,030 - 8,030 M&A diligence and transaction costs 150 60 1,080 390 System implementation costs 820 1,940 2,700 4,300 Business restructuring and severance costs (340) 550 1,100 7,500 Gain on sale of Arrow Engine - (80) - (5,380) Adjusted operating loss (6,800)$ (11,340)$ (21,620)$ (29,800)$ TriMas Continuing Operations Net sales 178,740$ 166,020$ 521,600$ 490,230$ Operating profit (loss) 11,510$ (3,180)$ 29,260$ 11,360$ Total Special Items to consider in evaluating operating profit 2,130 12,400 11,970 19,000 Adjusted operating profit 13,640$ 9,220$ 41,230$ 30,360$ Nine months ended September 30, September 30, 2026 2025 2026 2025 Adjusted operating profit, continuing operations 13,640$ 9,220$ 41,230$ 30,360$ Corporate operating expenses (adjusted) 4,760 8,180 14,360 23,800 Non-cash stock compensation (adjusted) 1,890 2,880 6,910 5,540 Legacy expenses (adjusted) 150 280 350 460 Corporate expenses 6,800 11,340 21,620 29,800 Adjusted segment operating profit, continuing operations 20,440$ 20,560$ 62,850$ 60,160$ Adjusted segment operating profit margin, continuing operations 11.4% 12.4% 12.0% 12.3% September 30, September 30, Three months ended Nine months ended Organic Acquisitions Divestitures Fx Total Q3 2026 vs. Q3 2025 Consolidated TriMas 7.2% 0.0% 0.0% 0.5% 7.7% Packaging 8.2% 0.0% 0.0% 0.6% 8.8% Specialty Products 2.7% 0.0% 0.0% 0.0% 2.7% Organic Acquisitions Divestitures Fx Total Q3 YTD 2026 vs. Q3 YTD 2025 Consolidated TriMas 4.7% 0.0% -0.3% 2.0% 6.4% Packaging 3.4% 0.0% 0.0% 2.4% 5.8% Specialty Products 11.2% 0.0% -1.7% 0.0% 9.5% YOY Growth % YOY Growth %
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Additional Information on Non-GAAP Measures Unaudited, dollars in thousands, except for share and per share amounts.17 Continuing Operations Three months ended Nine months ended September 30, September 30, 2026 2025 2026 2025 Income (loss) from continuing operations, as reported 13,460$ (4,890)$ 28,970$ (540)$ Special Items to consider in evaluating quality of income (loss) from continuing operations: Asbestos-related costs, net - 8,030 - 8,030 Business restructuring and severance costs 1,160 2,450 8,190 11,660 M&A diligence and transaction costs 150 (960) 1,080 (630) System implementation costs 820 1,940 2,700 4,300 Write-off of deferred financing fees - - - 100 Gain on sale of Arrow Engine - (80) - (5,380) Amortization of acquisition-related intangible assets 1,260 1,710 3,880 4,980 Non-cash compensation expense 1,890 2,880 6,910 5,540 Income tax effect of net income adjustments(1) (630) (4,270) (5,670) (7,260) Adjusted income from continuing operations 18,110$ 6,810$ 46,060$ 20,800$ Three months ended Nine months ended September 30, September 30, 2026 2025 2026 2025 Diluted earnings (loss) per share from continuing operations, as reported 0.37$ (0.12)$ 0.79$ (0.01)$ Special Items to consider in evaluating quality of diluted EPS from continuing operations: Asbestos-related costs, net - 0.20 - 0.20 Business restructuring and severance costs 0.03 0.06 0.22 0.28 M&A diligence and transaction costs 0.01 (0.02) 0.03 (0.02) System implementation costs 0.02 0.05 0.07 0.11 Write-off of deferred financing fees - - - 0.00 Gain on sale of Arrow Engine - (0.00) - (0.13) Amortization of acquisition-related intangible assets 0.04 0.04 0.10 0.12 Non-cash compensation expense 0.05 0.07 0.19 0.14 Income tax effect of net income adjustments(1) (0.02) (0.11) (0.15) (0.18) Adjusted diluted EPS from continuing operations 0.50$ 0.17$ 1.25$ 0.51$ Weighted-average shares outstanding 36,063,656 41,113,322 36,738,157 41,004,160 (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 nine month periods ended September 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 (66,730)$ 94,630$ 27,900$ 9,310$ 3,560$ 12,870$ Less: Capital expenditures (7,040) - (7,040) (8,920) - (8,920) Free Cash Flow (73,770)$ 94,630$ 20,860$ 390$ 3,560$ 3,950$ Total Company As reported Special Items As adjusted As reported Special Items As adjusted Net cash provided by (used for) operating activities (124,300)$ 133,550$ 9,250$ 32,750$ 11,360$ 44,110$ Less: Capital expenditures (17,350) - (17,350) (31,490) - (31,490) Free Cash Flow (141,650)$ 133,550$ (8,100)$ 1,260$ 11,360$ 12,620$ Nine months ended September 30, 2026 2025 Three months ended September 30, 2026 2025 September 30, December 31, September 30, 2026 2025 2025 Long-term debt, net(1) 397,140$ 469,170$ 407,070$ Less: Cash and cash equivalents 1,158,540 30,020 33,640 Net Debt (761,400)$ 439,150$ 373,430$
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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, amorti zation and non-cash stock compensation, all as adjusted for the impact of Special Items. Continuing Operations Three months ended Septem ber 30, From Continuing Operations 2026 2025 2026 2025 2026 2025 13,460$ (4,890)$ 101,820$ (4,060)$ 28,970$ (540)$ Depreciation expense 8,010 8,140 32,760 39,910 24,960 23,730 Amortization expense 1,260 1,710 5,580 6,570 3,880 4,980 Interest expense 4,140 4,360 18,090 17,980 13,500 13,430 Interest income on invested cash from sale of Aerospace (10,990) - (23,890) - (23,890) - 3,830 (1,570) (38,890) (1,510) 8,930 (220) Non-cash compensation expense 1,540 2,880 9,920 5,650 7,050 7,040 Adjusted EBITDA, before Special Items 21,250$ 10,630$ 105,390$ 64,540$ 63,400$ 48,420$ Adjusted EBITDA impact of Special Items 2,490 11,380 (16,510) 21,690 11,360 16,570 Adjusted EBITDA(1) 23,740$ 22,010$ 88,880$ 86,230$ 74,760$ 64,990$ Adjusted EBITDA as a percentage of net sales 13.3% 13.3% 13.1% 13.5% 14.3% 13.3% Packaging 28,290$ 27,310$ 104,930$ 108,480$ 83,420$ 83,460$ Specialty Products 780 3,050 8,280 7,780 5,890 6,060 Segment Adjusted EBITDA(1) 29,070$ 30,360$ 113,210$ 116,260$ 89,310$ 89,520$ Segment Adjusted EBITDA as a percentage of net sales 16.3% 18.3% 16.7% 18.2% 17.1% 18.3% Other Corporate expenses (5,330) (8,350) (24,330) (30,030) (14,550) (24,530) Adjusted EBITDA(1) 23,740$ 22,010$ 88,880$ 86,230$ 74,760$ 64,990$ Twelve months ended Nine months ended Septem ber 30, Septem ber 30, Income (loss) 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 October 29, 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 October 29, 2026 Full Year 2026 GAAP to Non-GAAP EPS Outlook Reconciliation Twelve months ended Continuing Operations Low High Diluted earnings per share (GAAP) 1.06$ 1.13$ Pre-tax amortization of acquisition-related intangible assets(1) 0.14 0.14 Income tax benefit on amortization of acquisition-related intangible assets (0.04) (0.04) Pre-tax non-cash compensation expense 0.25 0.28 Income tax benefit on non-cash compensation expense (0.06) (0.06) Impact of Special Items(2) 0.25 0.25 Adjusted diluted earnings per share 1.60$ 1.70$ December 31, 2026