Winpak (WPK) investor relations material

Executive summary

• Q3 revenue reached a quarterly record of $312.5 million, up 10.4% YoY, with volume growth of 5.2%.

• Net income attributable to equity holders was $35.2 million, down 3.3% YoY; higher volume added $1.7 million to earnings, while lower gross profit reduced earnings by $2.0 million.

Financial highlights

• Q3 net income was $35.8 million versus $36.5 million YoY; basic and diluted EPS were 60 cents in both periods.

• Q3 EBITDA was $60.8 million versus $61.3 million YoY; EBITDA is a non-IFRS measure and may not be comparable across companies.

• 9M revenue was $887.0 million versus $840.6 million; net income was $101.0 million versus $100.9 million, and EPS was 170 cents versus 165 cents.

• 9M net income attributable to equity holders was $99.8 million, down 1.4% YoY; higher operating expenses reduced earnings by $2.2 million.

Outlook and guidance

• Q4 2026 volume growth is expected to be similar to Q3; gross margin is expected to be modestly higher QoQ, supported by anticipated production-waste improvements.

• 2026 capital expenditures are forecast at $50–$60 million, including converting equipment and possible adjacent-property acquisition.

• New dairy, poultry, retort pet food and other rigid-container business is expected to be onboarded; recently added extrusion and converting capacity is expected to support growth.