{"id":934325,"date":"2026-02-04T16:45:28","date_gmt":"2026-02-04T21:45:28","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/magnera-reports-first-quarter-results\/"},"modified":"2026-02-04T16:45:28","modified_gmt":"2026-02-04T21:45:28","slug":"magnera-reports-first-quarter-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/magnera-reports-first-quarter-results\/","title":{"rendered":"Magnera Reports First Quarter Results"},"content":{"rendered":"<div class=\"mw_release\">\n<p align=\"justify\">CHARLOTTE, N.C., Feb.  04, 2026  (GLOBE NEWSWIRE) &#8212; <\/p>\n<p>\n        <strong><br \/>\n          <u>First Quarter Highlights<\/u><br \/>\n        <\/strong>\n      <\/p>\n<ul type=\"disc\">\n<li>GAAP: Net sales of $792 million, Operating income of $14 million<\/li>\n<li>Non-GAAP: Adjusted EBITDA of $93 million<\/li>\n<li>Fiscal 2026 guidance: Reaffirmed adjusted EBITDA of $380 &#8211; $410 million and free cash flow of $90 &#8211; $110 million<\/li>\n<\/ul>\n<p>Curt Begle, Magnera\u2019s CEO, commented: <em>\u201cMagnera delivered a strong first quarter that met our expectations and reinforces our full-year 2026 Adjusted EBITDA and free cash flow guidance. These results reflect the continued focus and execution of our teams across the organization.<\/em><\/p>\n<p>\n        <em>Capital allocation remains disciplined and aligned with our commitment to debt reduction. During the quarter, we made $27 million in debt payments demonstrating our confidence in our cash flow generation.<\/em>\n      <\/p>\n<p>\n        <em>Looking ahead, our global teams remain focused on driving long-term shareholder value through decisive actions centered on our strategic pillars of cost optimization, portfolio differentiation, and commercial excellence. We believe these priorities position Magnera well to deliver sustainable performance and continued value creation.\u201d<\/em>\n      <\/p>\n<p>\n        <strong><br \/>\n          <u>Key Financials <\/u><br \/>\n        <\/strong>\n      <\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"border-right: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;border-right: solid black 1pt;vertical-align: bottom\">\n            <strong>December Quarter<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:74%;width:74%;min-width:74%;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:13%;width:13%;min-width:13%;border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2025<\/strong>\n          <\/td>\n<td style=\"max-width:13%;width:13%;min-width:13%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;border-right: solid black 1pt;vertical-align: bottom\">\n            <strong>2024<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;vertical-align: bottom\">Net sales<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">$792<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;border-right: solid black 1pt;vertical-align: bottom\">$702<\/td>\n<\/tr>\n<tr>\n<td style=\"border-right: solid black 1pt;vertical-align: bottom\">Operating income<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">14<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;border-right: solid black 1pt;vertical-align: bottom\">(22)<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/table>\n<p>\n        \n      <\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>December Quarter<\/strong>\n          <\/td>\n<td colspan=\"1\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Reported<\/strong>\n          <\/td>\n<td colspan=\"1\" style=\"text-align: center;vertical-align: middle;border-top: solid black 1pt;border-right: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\">\n            <strong>Comparable<\/strong><br \/>\n            <strong>(1)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:48%;width:48%;min-width:48%;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Adjusted non-GAAP results<\/strong>\n          <\/td>\n<td style=\"max-width:13%;width:13%;min-width:13%;border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2025<\/strong>\n          <\/td>\n<td style=\"max-width:13%;width:13%;min-width:13%;border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2024<\/strong>\n          <\/td>\n<td colspan=\"1\" style=\"max-width:13%;width:13%;min-width:13%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>\u0394%<\/strong>\n          <\/td>\n<td colspan=\"1\" style=\"max-width:13%;width:13%;min-width:13%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;border-right: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\">\n            <strong>\u0394%<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">Net sales<\/td>\n<td colspan=\"1\" style=\"border-top: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">$792<\/td>\n<td colspan=\"1\" style=\"border-top: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">$702<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">13%<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;border-right: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\">(7%)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Adjusted EBITDA<sup><strong>(1)<\/strong><\/sup><\/td>\n<td style=\"padding-left: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">93<\/td>\n<td style=\"padding-left: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">84<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">11%<\/td>\n<td style=\"padding-right: 0;text-align: center;vertical-align: middle;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\">0%<\/td>\n<\/tr>\n<\/table>\n<p>\n        \n      <\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:3%;width:3%;min-width:3%;text-align: justify;vertical-align: middle;vertical-align: top\">\n            <sup><br \/>\n              <strong>(1)<\/strong><br \/>\n            <\/sup>\n          <\/td>\n<td style=\"max-width:97%;width:97%;min-width:97%;text-align: justify;vertical-align: middle;vertical-align: top\">\n            <sup>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 Glatfelter. Further details related to non-GAAP measures and reconciliations can be found under \u201cReconciliation of Non-GAAP Financial Measures and Estimates\u201d section or in reconciliation tables in this release. Dollars in millions<\/sup>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p>\n        <strong><br \/>\n          <em>Consolidated Overview<\/em><br \/>\n        <\/strong>\n      <\/p>\n<p>The net sales increase of 13% included revenue from the merger of $112 million and favorable foreign currency changes of $36 million that were partially offset by a $52 million decrease in selling prices primarily due to the pass-through of lower raw material costs and a 1% organic volume decline which was attributed to strength in our consumer solutions product categories being more than offset by competitive pressures in South America and general market softness in Europe.<\/p>\n<p>The adjusted EBITDA increase of 11% was primarily due to the contribution from the merger of $8 million.<\/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 a 2% organic volume growth, revenue from the merger of $42 million and favorable foreign currency changes of $8 million that were partially offset by a $38 million decrease in selling prices primarily due to the pass-through of lower raw material costs and competitive pressures from imports in South America.<\/p>\n<p>The adjusted EBITDA increase included a contribution from the merger of $5 million and improved organic growth in North America partially offset by unfavorable impacts from price cost spread of $4 million.<\/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 merger of $70 million and a $28 million favorable impact from foreign currency changes partially offset by a 5% organic volume decline which was primarily attributed to general market softness in Europe and a $14 million decrease in selling prices primarily due to the pass-through of lower raw material costs.<\/p>\n<p>The adjusted EBITDA increase included a contribution from the merger of $3 million and favorable impacts from price cost spread of $4 million as the result of synergy realization and mix improvement.<\/p>\n<p>\n        <strong><br \/>\n          <u>Fiscal Year 2026 Guidance \u2013 Reaffirmed<\/u><br \/>\n        <\/strong>\n      <\/p>\n<ul type=\"disc\">\n<li>Adjusted EBITDA of $380 &#8211; $410 million<\/li>\n<\/ul>\n<ul type=\"disc\">\n<li>Free cash flow of $90 &#8211; $110 million; cash flow from operations of $170 &#8211; $190 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, February 5, 2026, at 10:00 AM U.S. Eastern Time to discuss the December 2025 quarter results. The webcast can be accessed <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=yWW2EADUJgpgFq9snzlLRhI7Kiz7VE-z4BFLiIdtqhnnjXWEyfOmHa-jT-glQVP-kZL5Pka8ghnzdhjJ9chdOiqFs_rsQPhpjkXKCniUinA=\" rel=\"nofollow\" target=\"_blank\">here<\/a>. A replay of the webcast will be available via the same link on the Company\u2019s 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 <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=yWW2EADUJgpgFq9snzlLRmHIDQf8ZBl9tl9GPjpNhXsNvqEmEk8fCtfJ6c5MHBPMwz9gg4fWG-ys03Fnfbtr6xPNcmLJTMx-W56AghIlhD4BF5KiGWGoLmq_QfFkhyTQWIM-x9huxnlGludFZH140XrZuC63HG3NWsaCDChEzOs=\" rel=\"nofollow\" target=\"_blank\">here<\/a> now 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. Operating across 45 global facilities, Magnera is supported by approximately 8,500 employees. 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 <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=am7mBT5HwLTYUqmBf6zHgBQel_jRbS8Ecj7vx33eVVev9lEDgb87_fx-JAbRYjOzuKJpLLphnnlf-YaeH83AKQ==\" rel=\"nofollow\" target=\"_blank\">Magnera.com<\/a> for 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\">This document contains certain statements that are \u201cforward-looking\u201d statements within the meaning of the federal securities laws and are presented pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such \u201cforward-looking\u201d statements include, but are not limited to, statements with respect to our future financial performance and condition, results of operations and business, our expectations or beliefs concerning future events, plans, objectives, expectations and intentions, and other statements that are not historical facts. These statements may 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 \u201cguidance,\u201d \u201canticipates\u201d or \u201clooking forward\u201d or similar expressions. 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. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Although it is not possible to identify all of these risks and uncertainties, they include, among others, the following: global economic conditions; inflation; the cost and availability of raw materials and energy; disruption of our supply chain; the adverse impact of weather events on our facilities, inventory and suppliers, as well as adverse effects on our customers, suppliers and other business partners; the effect of competition on our business; our inability to integrate future acquired companies or to realize expected operating synergies; synergies expected to be achieved in connection with our business combination with a subsidiary of Berry Global Group, Inc.; our inability to retain our officers and employees or the occurrence of labor disputes; disruption of our information technology systems, including as a result of a cyber breach; risks associated with operating internationally, including fluctuating exchange rates, tariffs, differing tax laws and regulation; litigation and regulatory investigations; and disputes related to intellectual property used in our business. Additional information regarding these risks and uncertainties and other risks applicable to our business are described in additional detail in our reports filed with the Securities and Exchange Commission (the \u201cSEC\u201d), including our Annual Report on Form 10-K for the fiscal year ended September 27, 2025, and other filings that we make 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 made 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 Operations <\/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: bottom\">\u00a0<\/td>\n<td colspan=\"6\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Quarterly Period Ended<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\n            <em>(in millions of dollars)<\/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: bottom\">\n            <strong>December 27, 2025<\/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: bottom\">December 28, 2024<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:74%;width:74%;min-width:74%;vertical-align: bottom\">Net sales<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"max-width:11%;width:11%;min-width:11%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>792<\/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: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:11%;width:11%;min-width:11%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">702<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Cost of goods sold<\/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>695<\/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\">631<\/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: bottom\">Selling, general and administrative<\/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>50<\/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\">47<\/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: bottom\">Amortization of intangibles<\/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>11<\/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: bottom\">Transaction and other activities<\/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>22<\/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\">32<\/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: bottom\">Operating income (loss)<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>14<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(22<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Other expense (income)<\/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\">21<\/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-bottom: solid black 1pt;vertical-align: bottom\">Interest net 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 style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>40<\/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\">26<\/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: bottom\">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: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(29<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(69<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">Income tax (benefit) 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 style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>5<\/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\">(9<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">Net income (loss)<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/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: bottom\">\n            <strong>(34<\/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: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/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: bottom\">(60<\/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: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/table>\n<p>\n        <strong>Condensed Consolidated and Combined Statements of Cash Flows (unaudited)<\/strong>\n      <\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"7\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Quarterly Period Ended<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">\n            <em>(in millions of dollars)<\/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: bottom\">\n            <strong>December 27, 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: bottom\">\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: bottom\">December 28, 2024<\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:73%;width:73%;min-width:73%;border-top: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">\n            <strong>Net cash from (used in) operating activities<\/strong>\n          <\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: middle;text-align: left;padding-left: 10.0px;border-top: solid black 1pt;padding-right: 0;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:11%;width:11%;min-width:11%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>2<\/strong>\n          <\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: middle;text-align: left;padding-left: 10.0px;border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: middle;text-align: left;padding-left: 10.0px;border-top: solid black 1pt;padding-right: 0;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:11%;width:11%;min-width:11%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(58<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Cash flows from investing activities:<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Additions to property, plant, and equipment, net<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;padding-right: 0;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>(15<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;padding-right: 0;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(16<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Cash acquired from GLT acquisition<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;padding-right: 0;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>&#8211;<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;padding-right: 0;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">37<\/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: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">\n            <strong>Net cash from (used in) investing activities<\/strong>\n          <\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;border-top: solid black 1pt;padding-right: 0;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(15<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;border-top: solid black 1pt;padding-right: 0;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">21<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Cash flows from financing activities:<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Proceeds from long-term borrowings<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;padding-right: 0;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>&#8211;<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;padding-right: 0;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,556<\/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: bottom\">Repayments on long-term borrowings<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;padding-right: 0;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>(27<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;padding-right: 0;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(430<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Transfers from (to) Berry, net<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;padding-right: 0;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>&#8211;<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;padding-right: 0;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">34<\/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: bottom\">Cash distribution to Berry<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;padding-right: 0;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>&#8211;<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;padding-right: 0;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(1,111<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">Debt fees and other, net<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;padding-right: 0;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>&#8211;<\/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=\"vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;padding-right: 0;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\">(16<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 30.0px;vertical-align: bottom\">\n            <strong>Net cash from financing activities<\/strong>\n          <\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;border-top: solid black 1pt;padding-right: 0;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(27<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;border-top: solid black 1pt;padding-right: 0;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">33<\/td>\n<td style=\"border-top: 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-bottom: solid black 1pt;vertical-align: bottom\">Effect of currency translation on cash<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;padding-right: 0;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>(1<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;padding-right: 0;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\">(11<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">Net change in cash and cash equivalents<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;border-top: solid black 1pt;padding-right: 0;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(41<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;border-top: solid black 1pt;padding-right: 0;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(15<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">Cash and cash equivalents at beginning of period<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;padding-right: 0;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>305<\/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=\"vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;padding-right: 0;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\">230<\/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;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Cash and cash equivalents at end of period<\/strong>\n          <\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/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: bottom\">\n            <strong>264<\/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: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;vertical-align: bottom\">$<\/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: bottom\">215<\/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: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\n            <strong>Non-U.S. GAAP Free Cash Flow:<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Net cash from (used in) operating activities<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;padding-right: 0;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>2<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">Additions to property, plant, and equipment, net<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;padding-right: 0;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>(15<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Free Cash Flow<\/strong>\n          <\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;vertical-align: bottom\">\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: bottom\">\n            <strong>(13<\/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: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"3\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p>\n        <strong>Condensed Consolidated and Combined Balance Sheets (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 dollars<\/em><br \/>\n            <strong>)<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>December 27, 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: bottom\">September 27, 2025<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" style=\"max-width:74%;width:74%;min-width:74%;vertical-align: bottom\">Cash and cash equivalents<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"max-width:11%;width:11%;min-width:11%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>264<\/strong>\n          <\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:11%;width:11%;min-width:11%;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">305<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" style=\"vertical-align: bottom\">Accounts receivable<\/td>\n<td style=\"padding-right: 0;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>553<\/strong>\n          <\/td>\n<td>\u00a0<\/td>\n<td style=\"padding-right: 0;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">522<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" style=\"vertical-align: bottom\">Inventories<\/td>\n<td style=\"padding-right: 0;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>476<\/strong>\n          <\/td>\n<td>\u00a0<\/td>\n<td style=\"padding-right: 0;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">474<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" style=\"vertical-align: bottom\">Other current assets<\/td>\n<td style=\"padding-right: 0;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>72<\/strong>\n          <\/td>\n<td>\u00a0<\/td>\n<td style=\"padding-right: 0;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">122<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" style=\"vertical-align: bottom\">Property, plant, and equipment<\/td>\n<td style=\"padding-right: 0;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>1,453<\/strong>\n          <\/td>\n<td>\u00a0<\/td>\n<td style=\"padding-right: 0;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,476<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" style=\"border-bottom: solid black 1pt;vertical-align: bottom\">Goodwill, intangible assets, and other long-term assets<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>1,075<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,090<\/td>\n<td style=\"border-bottom: solid black 1pt\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">Total assets<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>3,893<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,989<\/td>\n<td style=\"border-bottom: solid black 1pt\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" style=\"border-top: solid black 1pt;vertical-align: bottom\">Current liabilities, excluding current debt<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>556<\/strong>\n          <\/td>\n<td>\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">601<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" style=\"vertical-align: bottom\">Current and long-term debt<\/td>\n<td style=\"padding-right: 0;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>1,931<\/strong>\n          <\/td>\n<td>\u00a0<\/td>\n<td style=\"padding-right: 0;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,952<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" style=\"vertical-align: bottom\">Other long-term liabilities<\/td>\n<td style=\"padding-right: 0;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>368<\/strong>\n          <\/td>\n<td>\u00a0<\/td>\n<td style=\"padding-right: 0;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">372<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" style=\"border-bottom: solid black 1pt;vertical-align: bottom\">Stockholders\u2019 equity<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>1,038<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,064<\/td>\n<td style=\"border-bottom: solid black 1pt\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">Total liabilities and stockholders&#8217; equity<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;vertical-align: bottom\">\n            <strong>$<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>3,893<\/strong>\n          <\/td>\n<td style=\"border-bottom: solid black 1pt\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,989<\/td>\n<td style=\"border-bottom: solid black 1pt\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/table>\n<p>\n        <strong>Reconciliation of Non-GAAP Measures <\/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=\"7\" style=\"width:90.216%;vertical-align: bottom\">\n            <strong>Reconciliation of Net sales and Adjusted EBITDA on a supplemental comparable basis by segment<\/strong><\/p>\n<\/td>\n<td style=\"width:10.0381%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:29.9873%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"3\" style=\"width:30.1144%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Quarterly Period ended December 27, 2025<\/strong>\n          <\/td>\n<td colspan=\"3\" style=\"width:30.1144%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Quarterly Period ended December 28, 2024<\/strong>\n          <\/td>\n<td style=\"width:10.0381%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:30%;width:29.9873%;min-width:30%;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:10%;width:10.0381%;min-width:10%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Americas<\/strong>\n          <\/td>\n<td style=\"max-width:10%;width:10.0381%;min-width:10%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Rest of World<\/strong>\n          <\/td>\n<td style=\"max-width:10%;width:10.0381%;min-width:10%;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Total<\/strong>\n          <\/td>\n<td style=\"max-width:10%;width:10.0381%;min-width:10%;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Americas<\/strong>\n          <\/td>\n<td style=\"max-width:10%;width:10.0381%;min-width:10%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Rest of World<\/strong>\n          <\/td>\n<td style=\"max-width:10%;width:10.0381%;min-width:10%;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Total<\/strong>\n          <\/td>\n<td style=\"max-width:10%;width:10.0381%;min-width:10%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>LTM<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:29.9873%;border-top: solid black 1pt;vertical-align: bottom\">\n            <strong>Net sales<\/strong>\n          <\/td>\n<td style=\"width:10.0381%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong><br \/>\n            <strong>440<\/strong>\n          <\/td>\n<td style=\"width:10.0381%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong><br \/>\n            <strong>352<\/strong>\n          <\/td>\n<td style=\"width:10.0381%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;border-right: solid black 1pt;vertical-align: bottom\">\n            <strong>$<\/strong><br \/>\n            <strong>792<\/strong>\n          <\/td>\n<td style=\"width:10.0381%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">$420<\/td>\n<td style=\"width:10.0381%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">$282<\/td>\n<td style=\"width:10.0381%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;border-right: solid black 1pt;vertical-align: bottom\">$702<\/td>\n<td style=\"width:10.0381%;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:29.9873%;vertical-align: bottom\">Constant FX rates<\/td>\n<td style=\"width:10.0381%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.0381%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.0381%;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.0381%;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">8<\/td>\n<td style=\"width:10.0381%;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">28<\/td>\n<td style=\"width:10.0381%;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;border-right: solid black 1pt;vertical-align: bottom\">36<\/td>\n<td style=\"width:10.0381%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:29.9873%;vertical-align: bottom\">GLT prior year<\/td>\n<td style=\"width:10.0381%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.0381%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.0381%;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.0381%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">42<\/td>\n<td style=\"width:10.0381%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">70<\/td>\n<td style=\"width:10.0381%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;border-right: solid black 1pt;vertical-align: bottom\">112<\/td>\n<td style=\"width:10.0381%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:29.9873%;border-top: solid black 1pt;vertical-align: bottom\">\n            <strong>Comparable net sales <\/strong>(1)(6)<\/td>\n<td style=\"width:10.0381%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong><br \/>\n            <strong>440<\/strong>\n          <\/td>\n<td style=\"width:10.0381%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong><br \/>\n            <strong>352<\/strong>\n          <\/td>\n<td style=\"width:10.0381%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;border-right: solid black 1pt;vertical-align: bottom\">\n            <strong>$<\/strong><br \/>\n            <strong>792<\/strong>\n          <\/td>\n<td style=\"width:10.0381%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">$470<\/td>\n<td style=\"width:10.0381%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">$380<\/td>\n<td style=\"width:10.0381%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;border-right: solid black 1pt;vertical-align: bottom\">$850<\/td>\n<td style=\"width:10.0381%;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:29.9873%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.0381%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.0381%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.0381%;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.0381%;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.0381%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.0381%;text-align: center;vertical-align: middle;border-right: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.0381%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:29.9873%;vertical-align: bottom\">\n            <strong>Operating Income<\/strong>\n          <\/td>\n<td style=\"width:10.0381%;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong><br \/>\n            <strong>10<\/strong>\n          <\/td>\n<td style=\"width:10.0381%;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong><br \/>\n            <strong>4<\/strong>\n          <\/td>\n<td style=\"width:10.0381%;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;border-right: solid black 1pt;vertical-align: bottom\">\n            <strong>$<\/strong><br \/>\n            <strong>14<\/strong>\n          <\/td>\n<td style=\"width:10.0381%;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">$(7)<\/td>\n<td style=\"width:10.0381%;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">$(15)<\/td>\n<td style=\"width:10.0381%;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;border-right: solid black 1pt;vertical-align: bottom\">$(22)<\/td>\n<td style=\"width:10.0381%;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">$41<\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:43%;width:29.9873%;min-width:43%;vertical-align: bottom\">Depreciation and amortization<\/td>\n<td style=\"max-width:10%;width:10.0381%;min-width:10%;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>29<\/strong>\n          <\/td>\n<td style=\"max-width:12%;width:10.0381%;min-width:12%;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>20<\/strong>\n          <\/td>\n<td style=\"max-width:4%;width:10.0381%;min-width:4%;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;border-right: solid black 1pt;vertical-align: bottom\">\n            <strong>49<\/strong>\n          <\/td>\n<td style=\"max-width:10%;width:10.0381%;min-width:10%;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">33<\/td>\n<td style=\"max-width:12%;width:10.0381%;min-width:12%;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">20<\/td>\n<td style=\"max-width:4%;width:10.0381%;min-width:4%;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;border-right: solid black 1pt;vertical-align: bottom\">53<\/td>\n<td style=\"max-width:3%;width:10.0381%;min-width:3%;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">202<\/td>\n<\/tr>\n<tr>\n<td style=\"width:29.9873%;vertical-align: bottom\">Integration, business consolidation and other activities (2)<\/td>\n<td style=\"width:10.0381%;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>13<\/strong>\n          <\/td>\n<td style=\"width:10.0381%;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>6<\/strong>\n          <\/td>\n<td style=\"width:10.0381%;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;border-right: solid black 1pt;vertical-align: bottom\">\n            <strong>19<\/strong>\n          <\/td>\n<td style=\"width:10.0381%;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">20<\/td>\n<td style=\"width:10.0381%;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">12<\/td>\n<td style=\"width:10.0381%;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;border-right: solid black 1pt;vertical-align: bottom\">32<\/td>\n<td style=\"width:10.0381%;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">81<\/td>\n<\/tr>\n<tr>\n<td style=\"width:29.9873%;vertical-align: bottom\">Argentina hyperinflation<\/td>\n<td style=\"width:10.0381%;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>3<\/strong>\n          <\/td>\n<td style=\"width:10.0381%;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>&#8211;<\/strong>\n          <\/td>\n<td style=\"width:10.0381%;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;border-right: solid black 1pt;vertical-align: bottom\">\n            <strong>3<\/strong>\n          <\/td>\n<td style=\"width:10.0381%;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"width:10.0381%;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"width:10.0381%;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;border-right: solid black 1pt;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"width:10.0381%;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">7<\/td>\n<\/tr>\n<tr>\n<td style=\"width:29.9873%;vertical-align: bottom\">GAAP carve-out allocation (3)<\/td>\n<td style=\"width:10.0381%;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>&#8211;<\/strong>\n          <\/td>\n<td style=\"width:10.0381%;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>&#8211;<\/strong>\n          <\/td>\n<td style=\"width:10.0381%;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;border-right: solid black 1pt;vertical-align: bottom\">\n            <strong>&#8211;<\/strong>\n          <\/td>\n<td style=\"width:10.0381%;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">2<\/td>\n<td style=\"width:10.0381%;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">1<\/td>\n<td style=\"width:10.0381%;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;border-right: solid black 1pt;vertical-align: bottom\">3<\/td>\n<td style=\"width:10.0381%;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<\/tr>\n<tr>\n<td style=\"width:29.9873%;border-bottom: solid black 1pt;vertical-align: bottom\">Other non-cash charges (4) (5)<\/td>\n<td style=\"width:10.0381%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>3<\/strong>\n          <\/td>\n<td style=\"width:10.0381%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>5<\/strong>\n          <\/td>\n<td style=\"width:10.0381%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;border-right: solid black 1pt;vertical-align: bottom\">\n            <strong>8<\/strong>\n          <\/td>\n<td style=\"width:10.0381%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">8<\/td>\n<td style=\"width:10.0381%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">10<\/td>\n<td style=\"width:10.0381%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;border-right: solid black 1pt;vertical-align: bottom\">18<\/td>\n<td style=\"width:10.0381%;border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">32<\/td>\n<\/tr>\n<tr>\n<td style=\"width:29.9873%;border-top: solid black 1pt;vertical-align: bottom\">\n            <strong>Adjusted EBITDA <\/strong>(1)<\/td>\n<td style=\"width:10.0381%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong><br \/>\n            <strong>58<\/strong>\n          <\/td>\n<td style=\"width:10.0381%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong><br \/>\n            <strong>35<\/strong>\n          <\/td>\n<td style=\"width:10.0381%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;border-right: solid black 1pt;vertical-align: bottom\">\n            <strong>$<\/strong><br \/>\n            <strong>93<\/strong>\n          <\/td>\n<td style=\"width:10.0381%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">$56<\/td>\n<td style=\"width:10.0381%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">$28<\/td>\n<td style=\"width:10.0381%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;border-right: solid black 1pt;vertical-align: bottom\">$84<\/td>\n<td style=\"width:10.0381%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">$363<\/td>\n<\/tr>\n<tr>\n<td style=\"width:29.9873%;border-top: solid black 1pt;vertical-align: bottom\">Constant FX rates<\/td>\n<td style=\"width:10.0381%;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.0381%;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.0381%;border-top: solid black 1pt;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.0381%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"width:10.0381%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">1<\/td>\n<td style=\"width:10.0381%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;border-right: solid black 1pt;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"width:10.0381%;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:29.9873%;border-bottom: solid black 1pt;vertical-align: bottom\">GLT prior year<\/td>\n<td style=\"width:10.0381%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.0381%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.0381%;border-right: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.0381%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">5<\/td>\n<td style=\"width:10.0381%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">3<\/td>\n<td style=\"width:10.0381%;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;border-right: solid black 1pt;vertical-align: bottom\">8<\/td>\n<td style=\"width:10.0381%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:29.9873%;border-top: solid black 1pt;border-bottom: solid black 1pt;vertical-align: bottom\">\n            <strong>Comparable Adjusted EBITDA <\/strong>(1)(6)<\/td>\n<td style=\"width:10.0381%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong><br \/>\n            <strong>58<\/strong>\n          <\/td>\n<td style=\"width:10.0381%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>$<\/strong><br \/>\n            <strong>35<\/strong>\n          <\/td>\n<td style=\"width:10.0381%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;border-right: solid black 1pt;vertical-align: bottom\">\n            <strong>$<\/strong><br \/>\n            <strong>93<\/strong>\n          <\/td>\n<td style=\"width:10.0381%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">$61<\/td>\n<td style=\"width:10.0381%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">$32<\/td>\n<td style=\"width:10.0381%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;border-right: solid black 1pt;vertical-align: bottom\">$93<\/td>\n<td style=\"width:10.0381%;border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:29.9873%;border-top: solid black 1pt;vertical-align: bottom\">% vs. prior year comparable<\/td>\n<td style=\"width:10.0381%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>(5<\/strong><br \/>\n            <strong>%)<\/strong>\n          <\/td>\n<td style=\"width:10.0381%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>9<\/strong><br \/>\n            <strong>%<\/strong>\n          <\/td>\n<td style=\"width:10.0381%;border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;border-right: solid black 1pt;vertical-align: bottom\">\n            <strong>0<\/strong><br \/>\n            <strong>%<\/strong>\n          <\/td>\n<td style=\"width:10.0381%;border-top: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.0381%;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.0381%;border-top: solid black 1pt;text-align: center;vertical-align: middle;border-right: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.0381%;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:29.9873%;border-bottom: solid black 1pt;vertical-align: bottom\">Synergies and cost reductions<\/td>\n<td style=\"width:10.0381%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.0381%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.0381%;border-right: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.0381%;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.0381%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.0381%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;border-right: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.0381%;border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">60<\/td>\n<\/tr>\n<tr>\n<td style=\"width:29.9873%;border-top: solid black 1pt;vertical-align: bottom\">\n            <strong>Comparable Adjusted EBITDA <\/strong>(1)(6)<\/td>\n<td style=\"width:10.0381%;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.0381%;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.0381%;border-top: solid black 1pt;border-right: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.0381%;border-top: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.0381%;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.0381%;border-top: solid black 1pt;text-align: center;vertical-align: middle;border-right: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.0381%;border-top: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">$423<\/td>\n<\/tr>\n<tr>\n<td style=\"width:29.9873%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.0381%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.0381%\">\u00a0<\/td>\n<td style=\"width:10.0381%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.0381%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.0381%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.0381%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:10.0381%;text-align: center;vertical-align: middle;vertical-align: bottom\">\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: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"max-width:15%;width:15%;min-width:15%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Fiscal 2026<\/strong>\n          <\/td>\n<td style=\"max-width:5%;width:5%;min-width:5%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:20%;width:20%;min-width:20%;border-bottom: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">\n            <strong>Adjusted EBITDA<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"max-width:15%;width:15%;min-width:15%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Fiscal 2026 Midpoint<\/strong>\n          <\/td>\n<td colspan=\"1\" style=\"max-width:15%;width:15%;min-width:15%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Fiscal 2025 Actual<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;vertical-align: bottom\">Cash flow from operating activities<\/td>\n<td colspan=\"1\" style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">$170 &#8211; $190<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Adjusted EBITDA<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">$395<\/td>\n<td colspan=\"1\" style=\"border-top: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">$354<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: solid black 1pt;vertical-align: bottom\">Additions to PPE (net)<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">(80)<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">GLT Pro forma<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-left: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">8<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Free cash Flow<\/td>\n<td colspan=\"1\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">$90 &#8211; $110<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Full Year Comparable Adjusted EBITDA<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">$395<\/td>\n<td colspan=\"1\" style=\"border-top: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">$362<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"1\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">% vs. prior year comparable<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">~9%<\/td>\n<td colspan=\"1\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p>\n        \n      <\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"max-width:3%;width:3%;min-width:3%;text-align: left;vertical-align: middle;vertical-align: top\">\n            <sup><br \/>\n              <strong>(1)<\/strong><br \/>\n            <\/sup>\n          <\/td>\n<td style=\"max-width:97%;width:97%;min-width:97%;text-align: left;vertical-align: middle;vertical-align: top\">\n            <sup>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 \u201cfree cash flow\u201d as cash flow from operating activities 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 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.<\/sup><\/p>\n<p>            <sup>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><\/sup>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: top\">\n            <sup><br \/>\n              <strong>(2)<\/strong><br \/>\n            <\/sup>\n          <\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: top\">\n            <sup>Includes restructuring, business optimization and other charges, which includes $17 million of transaction compensation expense in the prior year<\/sup>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: top\">\n            <sup><br \/>\n              <strong>(3)<\/strong><br \/>\n            <\/sup>\n          <\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: top\">\n            <sup>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<\/sup>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: top\">\n            <sup><br \/>\n              <strong>(4)<\/strong><br \/>\n            <\/sup>\n          <\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: top\">\n            <sup>Prior year includes $12 million inventory step-up charge related to the merger and other non-cash charges<\/sup>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: top\">\n            <sup><br \/>\n              <strong>(5)<\/strong><br \/>\n            <\/sup>\n          <\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: top\">\n            <sup>Includes stock compensation expense and equipment disposals<\/sup>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: top\">\n            <sup><br \/>\n              <strong>(6)<\/strong><br \/>\n            <\/sup>\n          <\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: top\">\n            <sup>The prior year comparable basis change excludes the impacts of foreign currency and acquisition\/mergers<\/sup>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<\/tr>\n<\/table>\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=xvYWlYmJbC5f9cfgI2sJE0K87RY7DZn-eNtsJqFEvPNwg9GRmMIr7WEQ3nCFp4Fvaosk1ZwUVPLW2pdjNL8Syw==\" 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=OTY0OTE2MyM3NDEwMTU2IzIwMDcwMDk=\" \/><br \/>\n      <br \/>\n      <img decoding=\"async\" alt=\"\" src=\"https:\/\/ml.globenewswire.com\/media\/YzZlMWY3M2ItZTNhMS00YTE1LTgzYmItY2JmNWZmMmNkODc4LTEwMTg1ODItMjAyNi0wMi0wNC1lbg==\/tiny\/Magnera-Corporation.png\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>CHARLOTTE, N.C., Feb. 04, 2026 (GLOBE NEWSWIRE) &#8212; First Quarter Highlights GAAP: Net sales of $792 million, Operating income of $14 million Non-GAAP: Adjusted EBITDA of $93 million Fiscal 2026 guidance: Reaffirmed adjusted EBITDA of $380 &#8211; $410 million and free cash flow of $90 &#8211; $110 million Curt Begle, Magnera\u2019s CEO, commented: \u201cMagnera delivered a strong first quarter that met our expectations and reinforces our full-year 2026 Adjusted EBITDA and free cash flow guidance. These results reflect the continued focus and execution of our teams across the organization. Capital allocation remains disciplined and aligned with our commitment to debt reduction. During the quarter, we made $27 million in debt payments demonstrating our confidence in our cash flow generation. Looking &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/magnera-reports-first-quarter-results\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Magnera Reports First Quarter Results&#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-934325","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Magnera Reports First Quarter Results - 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-first-quarter-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Magnera Reports First Quarter Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"CHARLOTTE, N.C., Feb. 04, 2026 (GLOBE NEWSWIRE) &#8212; First Quarter Highlights GAAP: Net sales of $792 million, Operating income of $14 million Non-GAAP: Adjusted EBITDA of $93 million Fiscal 2026 guidance: Reaffirmed adjusted EBITDA of $380 &#8211; $410 million and free cash flow of $90 &#8211; $110 million Curt Begle, Magnera\u2019s CEO, commented: \u201cMagnera delivered a strong first quarter that met our expectations and reinforces our full-year 2026 Adjusted EBITDA and free cash flow guidance. These results reflect the continued focus and execution of our teams across the organization. Capital allocation remains disciplined and aligned with our commitment to debt reduction. During the quarter, we made $27 million in debt payments demonstrating our confidence in our cash flow generation. 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/magnera-reports-first-quarter-results\/","og_locale":"en_US","og_type":"article","og_title":"Magnera Reports First Quarter Results - Market Newsdesk","og_description":"CHARLOTTE, N.C., Feb. 04, 2026 (GLOBE NEWSWIRE) &#8212; First Quarter Highlights GAAP: Net sales of $792 million, Operating income of $14 million Non-GAAP: Adjusted EBITDA of $93 million Fiscal 2026 guidance: Reaffirmed adjusted EBITDA of $380 &#8211; $410 million and free cash flow of $90 &#8211; $110 million Curt Begle, Magnera\u2019s CEO, commented: \u201cMagnera delivered a strong first quarter that met our expectations and reinforces our full-year 2026 Adjusted EBITDA and free cash flow guidance. These results reflect the continued focus and execution of our teams across the organization. Capital allocation remains disciplined and aligned with our commitment to debt reduction. During the quarter, we made $27 million in debt payments demonstrating our confidence in our cash flow generation. 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