Here are 1-3 brief analogies for Graphic Packaging (GPK):

• They are like the 'Intel Inside' for the paperboard packaging that holds many of your favorite food and beverage items.
• Think of them as the 'Foxconn' for paperboard cartons and cups, manufacturing the packaging for major global food and beverage brands.
• Imagine them as a 'Corning' (famous for Gorilla Glass in phones) but for sustainable paperboard packaging used in countless everyday products.

• Folding Cartons: Paperboard boxes designed for packaging a wide range of consumer goods, including food, beverages, and household products.
• Cups and Foodservice Containers: Sustainable paper-based cups, bowls, and other containers primarily used in the quick-service restaurant and food service industries.
• Coated Recycled Paperboard (CRB) & Coated Unbleached Kraft (CUK): High-performance paperboard materials manufactured for internal conversion into packaging and for sale to third-party packaging converters.

Graphic Packaging (GPK) sells primarily to other companies, operating on a B2B (Business-to-Business) model. They provide sustainable fiber-based packaging solutions for food, beverage, foodservice, and other consumer product companies.

While Graphic Packaging does not publicly disclose the names of its specific major customers (and states in its SEC filings that no single customer accounts for more than 10% of its net sales), their client base consists of leading global and regional Consumer Packaged Goods (CPG) companies and quick-service restaurant chains. Based on their product offerings and target markets, the following public companies are representative of the types of major customers that GPK would supply:

• The Coca-Cola Company (Symbol: KO) - A global beverage giant that requires extensive packaging for multi-packs and various products.
• PepsiCo, Inc. (Symbol: PEP) - Another leading global food and beverage company with diverse packaging needs.
• McDonald's Corporation (Symbol: MCD) - A prominent global quick-service restaurant chain that relies heavily on foodservice packaging.
• General Mills, Inc. (Symbol: GIS) - A major manufacturer and marketer of branded consumer foods, utilizing packaging for cereals, snacks, and convenience foods.
• The Kraft Heinz Company (Symbol: KHC) - A large food and beverage company with a wide range of products requiring various packaging solutions.

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Michael P. Doss President and Chief Executive Officer

Michael P. Doss has served as President and Chief Executive Officer of Graphic Packaging Holding Company since January 1, 2016. He joined Graphic Packaging International Corporation in 1990 as a management trainee and has held positions of increasing management responsibility throughout his career with the company. Prior to his current role, he served as President and Chief Operating Officer, Chief Operating Officer, Executive Vice President, Commercial Operations, and Senior Vice President, Consumer Packaging Division. Mr. Doss holds a Bachelor of Science in industrial marketing and a Master of Business Administration in finance from Western Michigan University. He is also a graduate of Harvard University's General Manager Program.

Charles D. Lischer Senior Vice President and interim Chief Financial Officer

Charles D. Lischer is the Senior Vice President and interim Chief Financial Officer of Graphic Packaging. He has served as the company's Senior Vice President and Chief Accounting Officer since November 2019. Before joining Graphic Packaging, Mr. Lischer served as the Senior Vice President, Finance and Chief Accounting Officer for Teradata, and also held various finance and accounting positions at The Coca-Cola Company and its affiliated companies.

Lauren S. Tashma Executive Vice President, General Counsel and Secretary

Lauren S. Tashma has been the Executive Vice President, General Counsel and Secretary of Graphic Packaging Holding Company since February 2014. Prior to this, Ms. Tashma served as Senior Vice President, General Counsel and Secretary of Fortune Brands Home & Security, Inc., and held various roles with Fortune Brands, Inc.

Joseph P. Yost Executive Vice President and President, Americas

Joseph P. Yost is the Executive Vice President and President, Americas, of Graphic Packaging Holding Company. Before May 2025, Mr. Yost was Executive Vice President and President, International since January 2022, following his role as Executive Vice President and President, Americas from January 2017 to January 2022. He has held numerous other management positions with the Company and its subsidiaries and predecessors from 1997 through August 2015.

Elizabeth Spence Executive Vice President, Human Resources

Elizabeth Spence joined Graphic Packaging as Executive Vice President, Human Resources in April 2022. Previously, she was Chief Human Resources Officer at Gypsum Management and Supply, and Vice President of Human Resources at Assurant. Ms. Spence also spent time at The Coca-Cola Company and AT&T.

Key Risks to Graphic Packaging (GPK)

1. Inflation and Volatility in Raw Material and Energy Costs: Graphic Packaging faces a significant risk from inflation and volatility in raw material and energy costs, which can negatively impact profitability. The company has already anticipated a substantial impact from inflation and faces challenges in fully offsetting these costs through timely pricing adjustments to customers. Elevated costs for materials, equipment, and labor could also reduce the expected returns on key investments, such as the Waco facility startup.
2. Weakening Demand and Volume Declines: Graphic Packaging is experiencing weakening demand from major Consumer Packaged Goods (CPG) customers and broader consumer pullback in spending, leading to reduced sales volumes and lower financial performance. This trend has resulted in declining net sales, net income, and adjusted EBITDA, raising concerns about the company's long-term growth trajectory and operational efficiency due to potential underutilization of production capacity.
3. High Debt Burden and Financial Health: The company operates with a significant debt burden, with its debt-to-equity ratio at 1.8. Graphic Packaging's Altman Z-Score, a measure of financial distress, indicates a potential risk of bankruptcy, and the company has been issuing new debt. This rising leverage could limit the company's flexibility to fund new initiatives, manage operational challenges, or sustain dividend payments if earnings further decline.

The clear emerging threat for Graphic Packaging is the growing global trend toward reusable and refillable packaging models.

• Major consumer packaged goods (CPG) companies, which are GPK's primary customers, are increasingly committing to and investing in reusable and refillable packaging systems. Examples include initiatives like Loop by TerraCycle and commitments from brands like Coca-Cola and PepsiCo to significantly increase their reusable packaging footprint by 2030.
• This trend is driven by evolving consumer preferences for waste reduction beyond recycling, as well as increasing regulatory pressure in various jurisdictions (e.g., EU Packaging and Packaging Waste Regulation proposals, national laws promoting bulk sales and reuse).
• While GPK specializes in sustainable, recyclable, and renewable fiber-based packaging, these are still primarily single-use solutions. A significant shift by brands and consumers to reusable models would directly reduce the overall demand for single-use packaging, thereby impacting GPK's core business model, similar to how Netflix disrupted Blockbuster's single-use rental model.

Graphic Packaging Holding Company (GPK) operates in several key addressable markets for its main products and services. These markets are global unless otherwise specified:

• Folding Cartons: The global folding carton packaging market was valued at approximately USD 177.73 billion in 2024 and is projected to surpass USD 276.01 billion by 2034, exhibiting a compound annual growth rate (CAGR) of 4.5% from 2024 to 2034. Both Europe and Asia Pacific held significant market shares in this sector in 2023.
• Coated Unbleached Kraft Paperboard (CUK): The coated unbleached kraft paperboard market was valued at USD 10.5 billion in 2024 and is projected to reach USD 15.8 billion by 2033, growing at a CAGR of 4.5% during the forecast period of 2025-2033. North America and Europe are significant regions in this market.
• Coated Recycled Paperboard (CRB): The global coated recycled paperboard market is estimated to be valued at USD 8.3 billion in 2025 and is projected to reach USD 13.2 billion by 2035, registering a CAGR of 4.7% over the forecast period. North America accounted for approximately 19.4% of the global market share in 2024.
• Foodservice Packaging: The global foodservice packaging market size was valued at USD 129.28 billion in 2024 and is estimated to reach USD 189.49 billion by 2033, growing at a CAGR of 4.34% during the forecast period of 2025–2033. The Asia Pacific region commands the global foodservice packaging market, boasting 45% of the total market share.
• Beverage Packaging: The Global Beverage Packaging Market size was valued at USD 154.30 billion in 2024 and is expected to reach USD 243.50 billion by 2032, at a CAGR of 5.2% during the forecast period. Asia-Pacific dominated the Beverage Packaging Market with the largest revenue share of 38.67% in 2024.

Graphic Packaging (GPK) is anticipated to drive future revenue growth over the next 2-3 years through several key initiatives:

1. Waco Facility Ramp-up: The new Waco recycled paperboard facility is expected to be a significant contributor to future earnings. Management projects an $80 million EBITDA contribution from the Waco plant in 2026, with an additional $80 million targeted for 2027 as it reaches full production. This increased capacity and efficiency are poised to bolster revenue.
2. Innovation in Sustainable Packaging: Graphic Packaging is committed to innovation, particularly in sustainable packaging solutions. This focus is opening new markets for paperboard packaging and driving new sales, with innovation contributing to growth and outperforming broader market trends. The increasing global demand for sustainable alternatives, partly due to bans on single-use plastics and consumer preferences, is a key driver for this segment.
3. Volume Growth and Market Share Gains: The company anticipates low single-digit volume growth in the coming years. While recent market conditions have presented challenges, Graphic Packaging has experienced modest volume increases in specific areas, such as beverage promotions and targeted food and foodservice activities. Innovation is also expected to contribute to market share gains.
4. Strategic Mergers and Acquisitions: Strategic mergers and acquisitions are a stated priority for Graphic Packaging, particularly in the European paperboard packaging segment. Such acquisitions could lead to significant revenue increases as the company expands its market presence and capabilities.

Share Repurchases

• Graphic Packaging's Board of Directors approved a new $1.5 billion share repurchase authorization on May 1, 2025. This, combined with $365 million remaining from a July 2023 authorization, brought the total available authorization to $1.865 billion as of April 30, 2025.
• Year-to-date through the third quarter of 2025, the company repurchased approximately 6.8 million shares of its common stock for $150 million.
• Since 2018, Graphic Packaging has repurchased approximately 24% of its outstanding shares.

Outbound Investments

• In April 2020, Graphic Packaging completed the acquisition of the Consumer Packaging Group Business from Greif, Inc.
• In August 2020, the company acquired approximately 17.4 million partnership units of Graphic Packaging International Partners, LLC from International Paper for $250 million, increasing Graphic Packaging's ownership interest to 85.5%.
• Graphic Packaging acquired AR Packaging in May 2021, a "transformative acquisition" that broadened its market exposure and product portfolio, as part of a strategy that also included acquisitions of Americraft (2021) and Bell (2023) to strengthen its European presence.

Capital Expenditures

• Capital expenditures for 2025 are projected to be approximately $850 million.
• A primary focus of recent capital expenditures is the $1.5 billion investment in a new recycled paperboard manufacturing facility in Waco, Texas, which began commercial production in October 2025 and is expected to be the world's most efficient facility of its kind.
• Capital spending is anticipated to decline significantly in 2026 to approximately $450 million, representing about 5% of sales, which is expected to release $400 million in cash flow.