Berry Global Group (BERY) investor relations material

Executive summary

• Operations reorganized into three segments after the HHNF spin-off: Consumer Packaging International, Consumer Packaging North America, and Flexibles.

• Net sales for Q2 2025 were $2.52 billion, flat year-over-year, with 2% organic volume growth across all segments.

• Operating income rose to $391 million, up 115%, driven by a $175 million gain from the Tapes business divestiture and lower integration expenses.

• Net income for the quarter was $193 million, up from $116 million in the prior year quarter.

• The merger with Amcor is expected to close on April 30, 2025, pending final regulatory approval.

Financial highlights

• Quarterly net sales: $2.52 billion, flat year-over-year.

• Operating income: $391 million, up from $182 million year-over-year.

• Net income from continuing operations: $196 million, up from $95 million a year ago.

• Diluted EPS: $1.62, compared to $0.98 in the prior year quarter; adjusted EPS: $1.55.

• Free cash flow for the two quarters ended March 29, 2025: $(469) million, mainly due to higher working capital.

Outlook and guidance

• Management expects continued macroeconomic challenges in the short term due to inflation and market softness but remains confident in long-term fundamentals.

• Forward-looking statements highlight expectations for the Amcor merger to create a global packaging leader, but note significant risks and uncertainties.

• Liquidity is considered adequate, with $483 million in cash and no outstanding balance on the $800 million revolving credit facility.