{"id":847836,"date":"2025-05-07T05:33:10","date_gmt":"2025-05-07T09:33:10","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/magnera-reports-second-quarter-results-provides-updated-outlook\/"},"modified":"2025-05-07T05:33:10","modified_gmt":"2025-05-07T09:33:10","slug":"magnera-reports-second-quarter-results-provides-updated-outlook","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/magnera-reports-second-quarter-results-provides-updated-outlook\/","title":{"rendered":"Magnera Reports Second Quarter Results \u2013 Provides Updated Outlook"},"content":{"rendered":"<div class=\"mw_release\">\n<p align=\"justify\">\n        <strong><br \/>\n          <u>Second Quarter Highlights<\/u><br \/>\n        <\/strong>\n      <\/p>\n<ul type=\"disc\">\n<li>GAAP: Net sales of $824 million, Operating income of $4 million<\/li>\n<li>Non-GAAP: Adjusted EBITDA of $89 million, Post-merger adjusted free cash flow $42 million<\/li>\n<li>Reaffirming post-merger adjusted free cash flow range &amp; lowering full year comparable Adjusted EBITDA range<\/li>\n<\/ul>\n<p>CHARLOTTE, N.C., May  07, 2025  (GLOBE NEWSWIRE) &#8212; \u00a0<strong>Magnera (<\/strong><strong>NYSE: MAGN)<\/strong>, a global leader in specialty materials for the consumer products and personal care markets, today reported financial results for its fiscal 2025 second quarter ended March 29, 2025. Curt Begle, Magnera\u2019s CEO, commented: <em>&#8220;This quarter underscores the resilience of our business as we navigate ongoing global economic uncertainty. Our team has transitioned from stabilizing the business through a disciplined integration plan to actively executing on identified optimization opportunities. As anticipated, our distinctive value proposition\u2014anchored by our global market presence, broad product portfolio, and innovation capabilities\u2014continues to drive organic growth in attractive end markets as we support our customers&#8217; evolving product requirements.<\/em><\/p>\n<p>\n        <em>In the face of uncertainties related to tariff driven demand concerns, we remain laser focused on executing our strategic priorities of integration, synergy realization, and profitable long-term growth. \u00a0Our portfolio is primarily made up of products that people use every day, however we are prepared to take the appropriate operational and cost measures that align with short-term market realities.\u00a0 Our commitment to earnings and free cash flow stability will ultimately increase long-term shareholder value.\u201d<\/em>\n      <\/p>\n<p>\n        <strong>Key Financials <\/strong>\n      <\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>March Quarter<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>March YTD<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:68%;width:68%;min-width:68%;border-bottom: solid black 1pt;border-right: solid black 1pt;vertical-align: bottom\">\n            <strong>GAAP results<\/strong>\n          <\/td>\n<td style=\"max-width:8%;width:8%;min-width:8%;border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>2025<\/strong>\n          <\/td>\n<td style=\"max-width:8%;width:8%;min-width:8%;border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>2024<\/strong>\n          <\/td>\n<td style=\"max-width:8%;width:8%;min-width:8%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>2025<\/strong>\n          <\/td>\n<td style=\"max-width:8%;width:8%;min-width:8%;border-right: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>2024<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: top\">Net sales<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">$824<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">$558<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">$1,526<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">$1,077<\/td>\n<\/tr>\n<tr>\n<td style=\"border-right: solid black 1pt;vertical-align: top\">Operating income<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: top\">4<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">21<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">(18)<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">9<\/td>\n<\/tr>\n<\/table>\n<p>\n        \n      <\/p>\n<table align=\"center\" style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"4\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>March Quarter<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>Reported<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>Comparable<\/strong><br \/>\n            <strong>(1)<\/strong>\n          <\/td>\n<td colspan=\"4\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>March YTD<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>Reported<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>Comparable<\/strong><br \/>\n            <strong>(1)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\n            <strong>Adjusted non-GAAP results<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>2025<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>2024<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>\u0394%<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>\u0394%<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>2025<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>2024<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>\u0394%<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>\u0394%<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:24%;min-width:24%;border-top: solid black 1pt;vertical-align: top\">Net sales<\/td>\n<td colspan=\"2\" style=\"max-width:1%;min-width:1%;border-top: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: top\">$824<\/td>\n<td colspan=\"2\" style=\"max-width:1%;min-width:1%;border-top: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: top\">$558<\/td>\n<td style=\"max-width:8%;min-width:8%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">48<\/td>\n<td style=\"max-width:1%;min-width:1%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">%<\/td>\n<td style=\"max-width:8%;min-width:8%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">(4<\/td>\n<td style=\"max-width:3%;min-width:3%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">%)<\/td>\n<td colspan=\"2\" style=\"max-width:1%;min-width:1%;border-top: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: top\">$1,526<\/td>\n<td colspan=\"2\" style=\"max-width:1%;min-width:1%;border-top: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: top\">$1,077<\/td>\n<td style=\"max-width:8%;min-width:8%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">42<\/td>\n<td style=\"max-width:1%;min-width:1%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">%<\/td>\n<td style=\"max-width:8%;min-width:8%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">(3<\/td>\n<td style=\"max-width:3%;min-width:3%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">%)<\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:23%;width:23%;min-width:23%;vertical-align: top\">Adjusted EBITDA<sup><strong>(1)<\/strong><\/sup><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"max-width:8%;width:8%;min-width:8%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: top\">89<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"max-width:8%;width:8%;min-width:8%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: top\">76<\/td>\n<td style=\"max-width:8%;width:8%;min-width:8%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">17<\/td>\n<td style=\"max-width:2%;width:2%;min-width:2%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">%<\/td>\n<td style=\"max-width:8%;width:8%;min-width:8%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">(8<\/td>\n<td style=\"max-width:3%;width:3%;min-width:3%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">%)<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"max-width:8%;width:8%;min-width:8%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: top\">173<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"max-width:6%;width:6%;min-width:6%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: top\">142<\/td>\n<td style=\"max-width:8%;width:8%;min-width:8%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">22<\/td>\n<td style=\"max-width:3%;width:3%;min-width:3%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">%<\/td>\n<td style=\"max-width:8%;width:8%;min-width:8%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">(2<\/td>\n<td style=\"max-width:3%;width:3%;min-width:3%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">%)<\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:23%;width:23%;min-width:23%;vertical-align: top\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"max-width:8%;width:8%;min-width:8%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"max-width:8%;width:8%;min-width:8%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"max-width:8%;width:8%;min-width:8%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"max-width:2%;width:2%;min-width:2%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"max-width:8%;width:8%;min-width:8%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"max-width:3%;width:3%;min-width:3%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"max-width:8%;width:8%;min-width:8%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"max-width:6%;width:6%;min-width:6%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"max-width:8%;width:8%;min-width:8%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"max-width:3%;width:3%;min-width:3%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"max-width:8%;width:8%;min-width:8%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"max-width:3%;width:3%;min-width:3%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p>\n        <strong>(1)\u00a0\u00a0<\/strong>Adjusted non-GAAP results exclude items not considered to be ongoing operations. In addition, comparable change % normalizes the impacts of foreign currency and the recent merger with GLT. Further details related to non-GAAP measures and reconciliations can be found under our \u201cReconciliation of Non-GAAP Financial Measures and Estimates\u201d section or in reconciliation tables in this release. Dollars in millions<\/p>\n<p>\n        <strong><br \/>\n          <em>Consolidated Overview<\/em><br \/>\n        <\/strong>\n      <\/p>\n<p>The net sales increase of 48% included revenue from the Glatfelter merger of $311 million partially offset by a $26 million unfavorable impact from foreign currency changes, decreased selling prices of $14 million and a 1% decline in volume.<\/p>\n<p>The adjusted EBITDA increase of 17% included a contribution from the Glatfelter merger of $18 million partially offset by a $3 million unfavorable impact from foreign currency changes and unfavorable impact from price\/cost spread of $3 million. The contributed Glatfelter EBITDA represents a $6 million decline compared to prior year primarily as the result of higher energy costs in Europe.<\/p>\n<p>\n        <strong><br \/>\n          <em>Americas<\/em><br \/>\n        <\/strong>\n      <\/p>\n<p>The net sales increase in the Americas segment included revenue from the Glatfelter merger of $124 million partially offset by a $15 million unfavorable impact from foreign currency changes and decreased selling prices of $12 million.<\/p>\n<p>The adjusted EBITDA increase included a contribution from the Glatfelter merger of $10 million partially offset by unfavorable impact from price cost spread of $3 million and a $2 million unfavorable impact from foreign currency changes in our South America businesses.<\/p>\n<p>\n        <strong><br \/>\n          <em>Rest of World<\/em><br \/>\n        <\/strong>\n      <\/p>\n<p>The net sales increase in the Rest of World segment included revenue from the Glatfelter merger of $187 million partially offset by a $11 million unfavorable impact from foreign currency changes and a 3% volume decline.<\/p>\n<p>The adjusted EBITDA increase included a contribution from the Glatfelter merger of $8 million which was down $6 million compared to prior year primarily as the result of higher energy costs in Europe.<\/p>\n<p>\n        <strong><br \/>\n          <u>Free Cash Flow and Net Debt<\/u><br \/>\n        <\/strong>\n      <\/p>\n<p>Magnera is committed to strengthening our credit metrics by paying down debt in the near term.<\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: top\">\n            <em>(in millions)<\/em>\n          <\/td>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>March Quarter<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>March YTD<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: top\">Cash flow from operating activities<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">$65<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">$7<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:78%;width:78%;min-width:78%;vertical-align: top\">Pre-merger cash flow from operating activities<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"max-width:9%;width:9%;min-width:9%;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">&#8211;<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"max-width:9%;width:9%;min-width:9%;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">90<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: top\">Additions to property, plant and equipment, net<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">(23)<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">(39)<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: top\">\n            <strong>Post-merger adjusted free cash flow<\/strong>(1)<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>$<\/strong><br \/>\n            <strong>42<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>$<\/strong><br \/>\n            <strong>58<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" style=\"vertical-align: top\">(1)\u00a0\u00a0Further details related to non-GAAP measures and reconciliations can be found under our \u201cReconciliation of Non-GAAP Financial Measures and Estimates\u201d section or in reconciliation tables in this release.<\/td>\n<td colspan=\"3\" style=\"vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\n            <em>(in millions)<\/em>\n          <\/td>\n<td colspan=\"3\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>March 29, 2025<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: top\">Term Loan<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">$783<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">4.75% First Priority Senior Secured Notes<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">500<\/td>\n<td style=\"padding-left: 0;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">7.25% First Priority Senior Secured Notes<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">800<\/td>\n<td style=\"padding-left: 0;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: top\">Debt discount, deferred fees and other (net)<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">(85)<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">Total debt<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">$1,998<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">Cash and cash equivalents<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">282<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: top\">Total net debt<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">$1,716<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\n            <em>Leverage<\/em>\n          <\/td>\n<td colspan=\"3\" style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\n            <em>3.9x<\/em>\n          <\/td>\n<td colspan=\"3\" style=\"vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p>\n        <strong><br \/>\n          <u>Fiscal Year 2025 Guidance<\/u><br \/>\n        <\/strong>\n      <\/p>\n<ul type=\"disc\">\n<li>Full year comparable adjusted EBITDA of $360 &#8211; $380 million<\/li>\n<\/ul>\n<ul type=\"disc\">\n<li>Post-merger adjusted free cash flow of $75 &#8211; $95 million<\/li>\n<\/ul>\n<p>\n        <strong><br \/>\n          <u>Investor Conference Call<\/u><br \/>\n        <\/strong>\n      <\/p>\n<p>The Company will host a conference call today, May 7, 2025, at 10:00 a.m. U.S. Eastern Time to discuss our March 2025 quarter results. The webcast can be accessed <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=ZvvVv3ks0rU9w4-zF7nP4KB1mSfAdsxS3gD2Zmbzp6yEdZb3o8p28cMcZPvekKbtEKWi9r1pGamA0UnVhn2jP3UuKDSvofQ8cbg3em_Nzfo=\" rel=\"nofollow\" target=\"_blank\">here<\/a>. A replay of the webcast will be available via the same link on our website after the completion of the call.<\/p>\n<p>\n        <strong><br \/>\n          <em>By Telephone<\/em><br \/>\n        <\/strong><br \/>\n        <br \/>Participants may register for the call here <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=ImIF4Vd6q84ijyu3hrVNnX7G-lejMJLd-lS9VdgB_Yp5NHEKJnEOR9kY1hPpVuD4xx_FWfZHfyI_v9tQmoIAshvclw0mfINjH35da6hdSM6_6ZSKaaT4lEgFtLtjoMGtPnYnr1vC3FEdJycwIwzf0TteI5M1U01ViH8HibXu6w4=\" rel=\"nofollow\" target=\"_blank\">now<\/a> or any time up to and during the time of the call and will immediately receive the dial-in number and a unique pin to access the call. While you may register at any time up to and during the time of the call, you are encouraged to join the call 15 minutes prior to the start of the event.<\/p>\n<p>\n        <strong><br \/>\n          <u>About Magnera<\/u><br \/>\n        <\/strong>\n      <\/p>\n<p>Magnera Corporation (NYSE: MAGN) serves 1,000+ customers worldwide, offering a wide range of material solutions, including components for absorbent hygiene products, protective apparel, wipes, specialty building and construction products, and products serving the food and beverage industry. \u00a0Operating across 46 global facilities, Magnera is supported by over 9,000 employees.<\/p>\n<p>Magnera\u2019s purpose is to better the world with new possibilities made real. For more than 160 years, the company has delivered the material solutions their partners need to thrive. Through economic upheaval, global pandemics and changing end-user needs, we have consistently found ways to solve problems and exceed expectations. The distinct scale and comprehensive portfolio of products brings customers more materials and choices. Magnera builds personal partnerships that withstand an ever-changing world.<\/p>\n<p>Visit\u00a0<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=7alPGEnnniIWjC0fiw-ZgBEFcwrSm5FUIKWo_-nwnhdOXkhfD0JCLbxCEdyQ-8LiEVR_c1YtQuNuf5aYJMFWCg==\" rel=\"nofollow\" target=\"_blank\">magnera.com<\/a>\u00a0for more information and follow @MagneraCorporation on social platforms.<\/p>\n<p>\n        <strong><br \/>\n          <u>Non-GAAP Financial Measures and Estimates<\/u><br \/>\n        <\/strong><br \/>\n        <br \/>This press release includes non-GAAP financial measures including, but not limited to, Adjusted EBITDA, free cash flow, and comparable basis net sales and adjusted EBITDA. A reconciliation of these non-GAAP financial measures to comparable measures determined in accordance with accounting principles generally accepted in the United States of America (GAAP) is set forth at the end of this press release. Information reconciling forward-looking adjusted EBITDA and adjusted free cash flow are not provided because such information is not available without unreasonable effort due to high variability, complexity, and low visibility with respect to certain items, including debt refinancing activity or other non-comparable items.\u00a0\u00a0 These items are uncertain, depend on various factors, and could be material to our results computed in accordance with U.S. GAAP.<\/p>\n<p>\n        <strong><br \/>\n          <u>Forward Looking Statements<\/u><br \/>\n        <\/strong>\n      <\/p>\n<p align=\"justify\">Information included or incorporated by reference in Magnera Corporation\u2019s filings with the U.S. Securities and Exchange Commission (the \u201cSEC\u201d) and press releases or other public statements contains or may contain \u201cforward-looking\u201d statements within the meaning of the federal securities laws and are presented pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such \u201cforward-looking\u201d statements include, but are not limited to, statements with respect to our financial condition, results of operations and business, our expectations or beliefs concerning future events, statements about the benefits of the transaction between Glatfelter Corporation and Berry Global Group, Inc., including future financial and operating results, the combined company\u2019s plans, objectives, expectations and intentions, and other statements that are not historical facts. These statements contain words such as \u201cbelieves,\u201d \u201cexpects,\u201d \u201cmay,\u201d \u201cwill,\u201d \u201cshould,\u201d \u201cwould,\u201d \u201ccould,\u201d \u201cseeks,\u201d \u201capproximately,\u201d \u201cintends,\u201d \u201cplans,\u201d \u201cestimates,\u201d \u201cprojects,\u201d \u201coutlook,\u201d \u201canticipates\u201d or \u201clooking forward\u201d or similar expressions that relate to our strategy, plans, intentions, or expectations. All statements we make relating to our estimated and projected earnings, margins, costs, expenditures, cash flows, growth rates, and financial results or to our expectations regarding future industry trends are forward-looking statements. In addition, we, through our senior management, from time to time make forward-looking public statements concerning our expected future operations and performance and other developments. These forward-looking statements are based upon the current beliefs and expectations of the management of Magnera and are subject to risks and uncertainties that may change at any time, and, therefore, our actual results may differ materially from those that we expected. These risks and other risk factors are detailed from time to time in Magnera\u2019s reports filed with the Securities and Exchange Commission (the \u201cSEC\u201d), including annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, including our Form 8-K\/A filed on January 31, 2025, and other documents filed with the SEC. These risk factors may not contain all of the material factors that are important to you. New factors may emerge from time to time, and it is not possible to either predict new factors or assess the potential effect of any such new factors. Accordingly, readers should not place undue reliance on those statements. All forward-looking statements are based upon information available as of the date hereof. All forward-looking statements are made only as of the date hereof, and we undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.<\/p>\n<p align=\"justify\">\n        <strong>Consolidated and Combined Statements of Income <\/strong><br \/>\n        <strong>(Unaudited)<\/strong>\n      <\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"8\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>Quarterly Period Ended<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"6\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>Two Quarterly Periods Ended<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: middle\">\n            <em>(in millions, except per share amounts)<\/em>\n          <\/td>\n<td colspan=\"5\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>March 29, 2025<\/strong><br \/>\n            <strong><br \/>\n              <br \/>\n            <\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">March 30, 2024<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>March 29, 2025<\/strong><br \/>\n            <strong><br \/>\n              <br \/>\n            <\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">March 30, 2024<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"5\" style=\"border-top: solid black 1pt;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:57%;min-width:57%;vertical-align: top\">Net sales<\/td>\n<td colspan=\"4\" style=\"max-width:1%;min-width:1%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>$<\/strong><br \/>\n            <strong>824<\/strong>\n          <\/td>\n<td style=\"max-width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"3\" style=\"max-width:1%;min-width:1%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: top\">$558<\/td>\n<td colspan=\"2\" style=\"max-width:1%;min-width:1%;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"max-width:1%;min-width:1%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>$<\/strong><br \/>\n            <strong>1,526<\/strong>\n          <\/td>\n<td style=\"max-width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"max-width:1%;min-width:1%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">$1,077<\/td>\n<td style=\"max-width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"5\" style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:56%;width:56%;min-width:56%;vertical-align: top\">Cost of goods sold<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"3\" style=\"max-width:9%;width:9%;min-width:9%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>736<\/strong>\n          <\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"max-width:9%;width:9%;min-width:9%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: top\">488<\/td>\n<td colspan=\"2\" style=\"max-width:1%;width:1%;min-width:1%;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"max-width:9%;width:9%;min-width:9%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>1,367<\/strong>\n          <\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"max-width:9%;width:9%;min-width:9%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">965<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Selling, general and administrative<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"3\" style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>47<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: top\">28<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>91<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">56<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Amortization of intangibles<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"3\" style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>14<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: top\">12<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>28<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">24<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Transaction and other activities<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>23<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>55<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">14<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Corporate expense allocation<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>&#8211;<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">5<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>3<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">9<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: top\">Operating income (loss)<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>4<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: top\">21<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>(18)<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">9<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Other expense (income)<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"3\" style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>5<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: top\">1<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>26<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">(1)<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: top\">Interest expense<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>39<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2<\/td>\n<td colspan=\"2\" style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>65<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: top\">Income (loss) before income taxes<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>(40)<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: top\">18<\/td>\n<td colspan=\"2\" style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>(109)<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">8<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: top\">Income tax (benefit) expense<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>1<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: top\">4<\/td>\n<td colspan=\"2\" style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>(8)<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">2<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">Net income (loss)<\/td>\n<td colspan=\"4\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>$<\/strong><br \/>\n            <strong>(41<strong>)<\/strong><\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: top\">$14<\/td>\n<td colspan=\"2\" style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>$<\/strong><br \/>\n            <strong>(101)<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">$6<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"5\" style=\"border-top: solid black 1pt;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Basic and diluted net income per share<\/td>\n<td colspan=\"4\" style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>$<\/strong><br \/>\n            <strong>(1.15<strong>)<\/strong><\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"3\" style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: top\">$0.44<\/td>\n<td colspan=\"2\" style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>$<\/strong><br \/>\n            <strong>(2.85)<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">$0.19<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"5\" style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\n            <strong>Outstanding weighted average shares<\/strong>\n          <\/td>\n<td colspan=\"5\" style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Basic and diluted<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"3\" style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>35.6<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: top\">31.8<\/td>\n<td colspan=\"2\" style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>35.5<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">31.8<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"3\" style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p>\n        <strong>Condensed Consolidated and Combined Statements of Cash Flows <\/strong><br \/>\n        <strong>(Unaudited)<\/strong>\n      <\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"7\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>Two Quarterly Periods Ended<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: top\">\n            <em>(in millions)<\/em>\n          <\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>March 29, 2025<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">March 30, 2024<\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:73%;min-width:73%;border-top: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: top\">\n            <strong>Net cash from (used in) operating activities<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"max-width:1%;min-width:1%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>$<\/strong><br \/>\n            <strong>7<\/strong>\n          <\/td>\n<td style=\"max-width:1%;min-width:1%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"max-width:1%;min-width:1%;border-top: solid black 1pt;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"max-width:1%;min-width:1%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">$(7)<\/td>\n<td style=\"max-width:1%;min-width:1%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\n            <strong>Cash flows from investing activities:<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:77%;width:77%;min-width:77%;vertical-align: top\">Additions to property, plant, and equipment, net<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;vertical-align: top\">\u00a0<\/td>\n<td style=\"max-width:9%;width:9%;min-width:9%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>(39<\/strong><br \/>\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: top\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;vertical-align: top\">\u00a0<\/td>\n<td style=\"max-width:9%;width:9%;min-width:9%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">(41)<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Cash acquired from GLT acquisition<\/td>\n<td style=\"padding-right: 0;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>37<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">&#8211;<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Other investing activities<\/td>\n<td style=\"padding-right: 0;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>22<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">28<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: top\">\n            <strong>Net cash from (used in) investing activities<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>20<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">(13)<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\n            <strong>Cash flows from financing activities:<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Repayments on long-term borrowings<\/td>\n<td style=\"padding-right: 0;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>1,556<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">&#8211;<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Proceeds from long-term borrowings<\/td>\n<td style=\"padding-right: 0;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>(432<\/strong><br \/>\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">(1)<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Transfers from Berry, net<\/td>\n<td style=\"padding-right: 0;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>34<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">8<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Cash distribution to Berry<\/td>\n<td style=\"padding-right: 0;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>(1,111<\/strong><br \/>\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">&#8211;<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: top\">Debt fees and other, net<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>(15<\/strong><br \/>\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">&#8211;<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: top\">\n            <strong>Net cash from financing activities<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>32<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">7<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">Effect of currency translation on cash<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>(7<\/strong><br \/>\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: top\">2<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: top\">Net change in cash and cash equivalents<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>52<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">(11)<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: top\">Cash and cash equivalents at beginning of period<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>230<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">185<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>Cash and cash equivalents at end of period<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">\n            <strong>$<\/strong><br \/>\n            <strong>282<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: middle\">$174<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p>\n        <strong><br \/>\n          <br \/>Condensed Consolidated Balance Sheets <\/strong><br \/>\n        <strong>(Unaudited)<\/strong>\n      <\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\n            <em>(in millions of USD)<\/em><\/p>\n<\/td>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>March 29, 2025<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">September 28, 2024<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"max-width:75%;min-width:75%;vertical-align: top\">Cash and cash equivalents<\/td>\n<td colspan=\"2\" style=\"max-width:1%;min-width:1%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>$<\/strong><br \/>\n            <strong> 282<\/strong>\n          <\/td>\n<td style=\"max-width:1%;min-width:1%;padding-right: 0;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"max-width:1%;min-width:1%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: top\">$\u00a0\u00a0 230<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"max-width:77%;width:77%;min-width:77%;vertical-align: top\">Accounts receivable<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;vertical-align: top\">\u00a0<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>492<\/strong>\n          <\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;vertical-align: top\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;vertical-align: top\">\u00a0<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: top\">359<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: top\">Inventories<\/td>\n<td style=\"padding-right: 0;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>508<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: top\">259<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: top\">Other current assets<\/td>\n<td style=\"padding-right: 0;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>146<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: top\">38<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: top\">Property, plant, and equipment<\/td>\n<td style=\"padding-right: 0;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>1,519<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: top\">949<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;vertical-align: top\">Goodwill, intangible assets, and other long-term assets<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>1,114<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: top\">972<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">Total assets<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>$<\/strong><br \/>\n            <strong> 4,061<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: top\">$2,807<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;vertical-align: top\">Current liabilities, excluding current debt<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>588<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0\u00a0\u00a0\u00a0\u00a0 457<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: top\">Current and long-term debt<\/td>\n<td style=\"padding-right: 0;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>1,998<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: top\">&#8211;<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: top\">Other long-term liabilities<\/td>\n<td style=\"padding-right: 0;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>382<\/strong>\n          <\/td>\n<td style=\"padding-right: 0;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-right: 0;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: top\">211<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;vertical-align: top\">Stockholders\u2019 equity<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0<strong> 1,093<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: top\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0 2,139<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">Total liabilities and stockholders&#8217; equity<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: top\">\n            <strong>$<\/strong>\u00a0\u00a0<strong> 4,061<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: top\">$2,807<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p>\n        <strong>Reconciliation of Non-GAAP Measures and Estimates<\/strong><br \/>\n        <br \/>\n        <em>(in millions of dollars)<\/em>\n      <\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"12\" style=\"vertical-align: top\">\n            <strong>Reconciliation of Net sales and Adjusted EBITDA on a supplemental comparable basis by segment<\/strong><br \/>\n            \n          <\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"5\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong> Quarterly Period ended March 29, 2025<\/strong><br \/>\n            <strong><br \/>\n              <br \/>\n            <\/strong>\n          <\/td>\n<td colspan=\"5\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>Quarterly Period ended March 30, 2024<\/strong><br \/>\n            <strong><br \/>\n              <br \/>\n            <\/strong>\n          <\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"max-width:40%;width:40%;min-width:40%;border-bottom: solid black 1pt;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"max-width:9%;width:9%;min-width:9%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>Americas<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"max-width:9%;width:9%;min-width:9%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>Rest of World<\/strong>\n          <\/td>\n<td style=\"max-width:9%;width:9%;min-width:9%;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>Total<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"max-width:9%;width:9%;min-width:9%;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>Americas<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"max-width:9%;width:9%;min-width:9%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>Rest of World<\/strong>\n          <\/td>\n<td style=\"max-width:9%;width:9%;min-width:9%;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>Total<\/strong>\n          <\/td>\n<td style=\"max-width:6%;width:6%;min-width:6%;border-left: solid black 1pt;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;vertical-align: top\">\n            <strong>Net sales<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>$<\/strong><br \/>\n            <strong> 473<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>$<\/strong><br \/>\n            <strong> 351<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>$<\/strong><br \/>\n            <strong> 824<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">$375<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">$183<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">$558<\/td>\n<td style=\"border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: top\">Constant FX rates<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0\u00a0 (15)<\/td>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">(11)<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0\u00a0 (26)<\/td>\n<td style=\"border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: top\">GLT prior year<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">126<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">201<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0\u00a0 327<\/td>\n<td style=\"border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;vertical-align: top\">\n            <strong>Comparable net sales <\/strong>(1)(6)<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>$<\/strong><br \/>\n            <strong> 473<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>$<\/strong><br \/>\n            <strong> 351<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>$<\/strong><br \/>\n            <strong> 824<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">$486<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">$373<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">$859<\/td>\n<td style=\"border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: top\">\n            <strong>Operating Income<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>$<\/strong><br \/>\n            <strong> 8<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>$<\/strong><br \/>\n            <strong> (4<\/strong><br \/>\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>$<\/strong><br \/>\n            <strong> 4<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">$20<\/td>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">$1<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">$21<\/td>\n<td style=\"border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: top\">Depreciation and amortization<\/td>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong> 39<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0\u00a0<strong> 19<\/strong><\/td>\n<td style=\"padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0\u00a0<strong> 58<\/strong><\/td>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0\u00a0 31<\/td>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">13<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">44<\/td>\n<td style=\"border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: top\">Transaction, business consolidation and other activities (2)<\/td>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0\u00a0<strong> 14<\/strong><\/td>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0\u00a0<strong> 5<\/strong><\/td>\n<td style=\"padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0\u00a0<strong> 19<\/strong><\/td>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">3<\/td>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">1<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">4<\/td>\n<td style=\"border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: top\">GAAP carve-out allocation (3)<\/td>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0\u00a0 &#8211;<\/td>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0\u00a0 &#8211;<\/td>\n<td style=\"padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0\u00a0 &#8211;<\/td>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0\u00a0 5<\/td>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0\u00a0 &#8211;<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">5<\/td>\n<td style=\"border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;vertical-align: top\">Other non-cash charges (5)<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong> 3<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0\u00a0<strong> 5<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0\u00a0<strong> 8<\/strong><\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0\u00a0 &#8211;<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">2<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0\u00a0 2<\/td>\n<td style=\"border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;vertical-align: top\">\n            <strong>Adjusted EBITDA <\/strong>(1)<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>$<\/strong><br \/>\n            <strong> 64<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>$<\/strong><br \/>\n            <strong> 25<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>$<\/strong><br \/>\n            <strong> 89<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">$59<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">$17<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">$76<\/td>\n<td style=\"border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;vertical-align: top\">Constant FX rates<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0\u00a0 (2)<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">(1)<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0\u00a0 (3)<\/td>\n<td style=\"border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;vertical-align: top\">GLT prior year<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-right: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0\u00a0 10<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0\u00a0 14<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0\u00a0 24<\/td>\n<td style=\"border-left: solid black 1pt;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>Comparable Adjusted EBITDA <\/strong>(1)(6)<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>$<\/strong><br \/>\n            <strong> 64<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>$<\/strong><br \/>\n            <strong> 25<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>$<\/strong><br \/>\n            <strong> 89<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">$67<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">$30<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">$97<\/td>\n<td style=\"border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;vertical-align: top\">% vs. prior year comparable<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0\u00a0<strong> (4<\/strong><strong>%)<\/strong><\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0\u00a0<strong> (17<\/strong><strong>%)<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0\u00a0<strong> (8<\/strong><strong>%)<\/strong><\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-left: solid black 1pt;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"5\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong> Two Quarterly Periods ended March 29, 2025<\/strong><br \/>\n            <strong><br \/>\n              <br \/>\n            <\/strong>\n          <\/td>\n<td colspan=\"5\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>Two Quarterly Periods ended March 30, 2024<\/strong><br \/>\n            <strong><br \/>\n              <br \/>\n            <\/strong>\n          <\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>Americas<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>Rest of World<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong> Total<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>Americas<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>Rest of World<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>Total<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>LTM<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;vertical-align: top\">\n            <strong>Net sales<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>$<\/strong><br \/>\n            <strong> 893<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>$<\/strong><br \/>\n            <strong> 633<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>$<\/strong><br \/>\n            <strong> 1,526<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">$723<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">$354<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">$1,077<\/td>\n<td style=\"border-top: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: top\">Constant FX rates<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">(28)<\/td>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">(12)<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">(40)<\/td>\n<td style=\"border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: top\">GLT prior year<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0\u00a0 202<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0\u00a0 336<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0\u00a0 538<\/td>\n<td style=\"border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;vertical-align: top\">\n            <strong>Comparable net sales <\/strong>(1)(6)<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>$<\/strong><br \/>\n            <strong> 893<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>$<\/strong><br \/>\n            <strong> 633<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>$<\/strong><br \/>\n            <strong> 1,526<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">$897<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">$678<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">$1,575<\/td>\n<td style=\"border-top: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: top\">\n            <strong>Operating Income<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>$<\/strong><br \/>\n            <strong> 1<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>$<\/strong><br \/>\n            <strong> (19<\/strong><br \/>\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>$<\/strong><br \/>\n            <strong> (18<\/strong><br \/>\n            <strong>)<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">$17<\/td>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">$(8)<\/td>\n<td style=\"padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">$9<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">$(168)<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"max-width:33%;min-width:33%;vertical-align: top\">Depreciation and amortization<\/td>\n<td colspan=\"2\" style=\"max-width:8%;min-width:8%;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0\u00a0<strong> 72<\/strong><\/td>\n<td colspan=\"2\" style=\"max-width:8%;min-width:8%;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0\u00a0<strong> 39<\/strong><\/td>\n<td style=\"max-width:8%;min-width:8%;padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0\u00a0<strong> 111<\/strong><\/td>\n<td colspan=\"2\" style=\"max-width:8%;min-width:8%;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0\u00a0 61<\/td>\n<td colspan=\"2\" style=\"max-width:8%;min-width:8%;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0\u00a0 27<\/td>\n<td style=\"max-width:8%;min-width:8%;padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0\u00a0 88<\/td>\n<td style=\"max-width:5%;min-width:5%;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">197<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: top\">Transaction, business consolidation and other activities (2)<\/td>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0\u00a0<strong> 34<\/strong><\/td>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0\u00a0<strong> 17<\/strong><\/td>\n<td style=\"padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0\u00a0<strong> 51<\/strong><\/td>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0\u00a0 6<\/td>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">8<\/td>\n<td style=\"padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0\u00a0 14<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">68<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: top\">Impact from hyperinflation<\/td>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong> &#8211;<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong> &#8211;<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong> &#8211;<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">15<\/td>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0&#8211;<\/td>\n<td style=\"padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">15<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">&#8211;<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: top\">Goodwill impairment<\/td>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong> &#8211;<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong> &#8211;<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong> &#8211;<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">&#8211;<\/td>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">&#8211;<\/td>\n<td style=\"padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">&#8211;<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">172<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: top\">GAAP carve-out allocation (3)<\/td>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong> 2<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong> 1<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong> 3<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0\u00a0 8<\/td>\n<td colspan=\"2\" style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">1<\/td>\n<td style=\"padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0\u00a0 9<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0\u00a0 15<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;vertical-align: top\">Other non-cash charges (4)(5)<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0\u00a0<strong> 11<\/strong><\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0\u00a0<strong> 15<\/strong><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0\u00a0<strong> 26<\/strong><\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0\u00a0 3<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">4<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">7<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0\u00a0 30<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;vertical-align: top\">\n            <strong>Adjusted EBITDA <\/strong>(1)<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>$<\/strong><br \/>\n            <strong> 120<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>$<\/strong><br \/>\n            <strong> 53<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>$<\/strong><br \/>\n            <strong> 173<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">$110<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">$32<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">$142<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">$312<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;vertical-align: top\">Constant FX rates<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">(6)<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0\u00a0 (1)<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">(7)<\/td>\n<td style=\"border-top: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;vertical-align: top\">GLT prior year<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-right: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0\u00a0 15<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">27<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0\u00a0 41<\/td>\n<td style=\"border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>Comparable Adjusted EBITDA <\/strong>(1)(6)<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>$<\/strong><br \/>\n            <strong> 120<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>$<\/strong><br \/>\n            <strong> 53<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>$<\/strong><br \/>\n            <strong> 173<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">$119<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">$58<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">$177<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;vertical-align: top\">% vs. prior year comparable<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0\u00a0<strong> 0<\/strong><strong>%<\/strong><\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0\u00a0<strong> (9<\/strong><strong>%)<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0\u00a0<strong> (2<\/strong><strong>%)<\/strong><\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: top\">PF GLT Adjusted EBITDA<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">8<\/td>\n<td colspan=\"2\" style=\"border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">8<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">59<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: top\">Synergies and cost reductions<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-right: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">65<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;vertical-align: top\">\n            <strong>PF Adjusted EBITDA<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">$436<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p>\n        <strong>Guidance<\/strong>\n      <\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:30%;width:30%;min-width:30%;border-bottom: solid black 1pt;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"3\" style=\"max-width:19%;width:19%;min-width:19%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>Fiscal 2025<\/strong>\n          <\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"3\" style=\"max-width:30%;width:30%;min-width:30%;border-bottom: solid black 1pt;vertical-align: top\">\n            <strong>Adjusted EBITDA<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"max-width:19%;width:19%;min-width:19%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>Fiscal 2025 Midpoint<\/strong>\n          <\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: top\">Cash flow from operating activities<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">$60-$80<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: top\">Adjusted EBITDA<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: top\">$362<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: top\">Pre-merger cash flow from operating activities (7)<\/td>\n<td colspan=\"3\" style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">90<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;vertical-align: top\">GLT Pro forma<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: top\">8<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: top\">Additions to PPE (net)<\/td>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: top\">(75)<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: top\">\n            <strong>Full Year Comparable Adjusted EBITDA<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>$<\/strong><br \/>\n            <strong>370<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: top\">\n            <strong>Post-merger adjusted free cash flow<\/strong>(1)<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>$75 &#8211; $95<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: top\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"11\" style=\"vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p>\n        <strong>(1)\u00a0<\/strong>Supplemental financial measures that are not required by, or presented in accordance with, accounting principles generally accepted in the United States (\u201cGAAP\u201d). These non-GAAP financial measures should not be considered as alternatives to operating or net income or cash flows from operating activities, in each case determined in accordance with GAAP. Comparable basis measures exclude the impact of currency translation effects and acquisitions. These non-GAAP financial measures may be calculated differently by other companies, including other companies in our industry, limiting their usefulness as comparative measures. Management believes that Adjusted EBITDA and other non-GAAP financial measures are useful to our investors because they allow for a better period-over-period comparison of operating results by removing the impact of items that, in management\u2019s view, do not reflect our core operating performance. We define \u201cPost-merger free cash flow\u201d as cash flow from operating activities, less pre-merger free cash flow, less net additions to property, plant, and equipment. We believe free cash flow is useful to an investor in evaluating our liquidity because free cash flow and similar measures are widely used by investors, securities analysts, and other interested parties in our industry to measure a company\u2019s liquidity. We believe post-merger free cash flow is also useful to an investor in evaluating our liquidity as it can assist in assessing a company\u2019s ability to fund its growth through its generation of cash and as pre-merger cash flow is not indicative of our current structure and operations.<\/p>\n<p>We also use Adjusted EBITDA and comparable basis measures, among other measures, to evaluate management performance and in determining performance-based compensation. Adjusted EBITDA is a measure widely used by investors, securities analysts, and other interested parties in our industry to measure a company\u2019s performance. We also believe these measures are useful to an investor in evaluating our performance without regard to revenue and expense recognition, which can vary depending upon accounting methods.<\/p>\n<p>\n        <strong>(2)\u00a0<\/strong>Includes restructuring, business optimization and other charges and YTD balance also includes $19 million of transaction compensation<br \/><strong>(3)\u00a0<\/strong>Consists of estimated parent-allocated charges for the period prior to merger which is required by GAAP as part of the carve-out financial statement process.<br \/><strong>(4)\u00a0<\/strong>Includes a $12 million inventory step-up charge related to GLT merger YTD and other non-cash charges.<br \/><strong>(5)\u00a0<\/strong>Includes stock compensation expense and equipment disposals<br \/><strong>(6)\u00a0<\/strong>The prior year comparable basis change excludes the impacts of foreign currency and acquisition\/mergers.<br \/><strong>(7)\u00a0<\/strong>Pre-merger cash flow includes cash from operations prior to the merger and cash payments burdened by the transaction.<\/p>\n<p>\n        <strong>IR Contact Information<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<br \/>Robert Weilminster<br \/>EVP, Investor Relations\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=oqZlCZ1b-dzGfiU_LrzELdzpCbQaUlzo_iEKxVn3O3FTIHm5Azap24v4UBX6mTs8yvFpXa0I0gREtVvc8tIXSw==\" rel=\"nofollow\" target=\"_blank\">IR@magnera.com<\/a> \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n<p>      <img decoding=\"async\" alt=\"\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=OTQ0NjAwMiM2OTI1MDA2IzIwMDcwMDk=\" \/><br \/>\n      <br \/>\n      <img decoding=\"async\" alt=\"\" src=\"https:\/\/ml.globenewswire.com\/media\/MDNiMWY0M2QtMmU5My00ZjQ5LWFhYTgtNGIzZGM5ZjE2NThkLTEwMTg1ODItMjAyNS0wNS0wNy1lbg==\/tiny\/Magnera-Corporation.png\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Second Quarter Highlights GAAP: Net sales of $824 million, Operating income of $4 million Non-GAAP: Adjusted EBITDA of $89 million, Post-merger adjusted free cash flow $42 million Reaffirming post-merger adjusted free cash flow range &amp; lowering full year comparable Adjusted EBITDA range CHARLOTTE, N.C., May 07, 2025 (GLOBE NEWSWIRE) &#8212; \u00a0Magnera (NYSE: MAGN), a global leader in specialty materials for the consumer products and personal care markets, today reported financial results for its fiscal 2025 second quarter ended March 29, 2025. Curt Begle, Magnera\u2019s CEO, commented: &#8220;This quarter underscores the resilience of our business as we navigate ongoing global economic uncertainty. Our team has transitioned from stabilizing the business through a disciplined integration plan to actively executing on identified optimization &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/magnera-reports-second-quarter-results-provides-updated-outlook\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Magnera Reports Second Quarter Results \u2013 Provides Updated Outlook&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-847836","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Magnera Reports Second Quarter Results \u2013 Provides Updated Outlook - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/magnera-reports-second-quarter-results-provides-updated-outlook\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Magnera Reports Second Quarter Results \u2013 Provides Updated Outlook - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Second Quarter Highlights GAAP: Net sales of $824 million, Operating income of $4 million Non-GAAP: Adjusted EBITDA of $89 million, Post-merger adjusted free cash flow $42 million Reaffirming post-merger adjusted free cash flow range &amp; lowering full year comparable Adjusted EBITDA range CHARLOTTE, N.C., May 07, 2025 (GLOBE NEWSWIRE) &#8212; \u00a0Magnera (NYSE: MAGN), a global leader in specialty materials for the consumer products and personal care markets, today reported financial results for its fiscal 2025 second quarter ended March 29, 2025. Curt Begle, Magnera\u2019s CEO, commented: &#8220;This quarter underscores the resilience of our business as we navigate ongoing global economic uncertainty. 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