Graphic Packaging Holding Company (GPK)

Graphic Packaging reported third-quarter 2026 net sales of $2,192 million, against $2,190 million a year earlier, and net income of $22 million, down from $142 million 1.

Adjusted EBITDA, which is earnings before interest, taxes, depreciation and amortization with special items removed, was $289 million, down from $383 million 1.

The company said the $94 million fall came mainly from $83 million of higher commodity input and operating cost inflation 1.

Chief executive Robbert Rietbroek said the year's actions better position the company to capture benefits from price improvements in the fourth quarter and into 2027 1.

On 2 November the company signed a second amendment to its credit agreement that extends relief on its leverage limit through 30 September 2028 2. It said it requested the amendment as a risk mitigation measure 2.

Graphic Packaging makes cartons, trays, cups and other consumer packaging from paperboard, and it makes much of that paperboard itself 3.

Net sales fell from $9,428 million in 2023 to $8,807 million in 2024 and $8,617 million in 2025 3.

In 2023 the company bought Bell Incorporated for $262 million, adding three packaging plants 3. It also bought a paperboard mill in Tama, Iowa from Greif for about $100 million and closed it in the second quarter of 2023 3.

In November 2023 it sold its two packaging plants in Russia 3. In May 2024 it sold its Augusta, Georgia bleached paperboard mill to Clearwater Paper for $711 million 3.

The largest project of the period was a new recycled paperboard mill in Waco, Texas, which pushed capital spending to $1,203 million in 2024 and $922 million in 2025 3. The mill began operating in the fourth quarter of 2025 2.

To consolidate production around Waco, the company closed its Middletown, Ohio mill in May 2025 and its East Angus, Quebec mill in December 2025 2.

Income from operations fell 28 percent in 2025, to $804 million from $1,119 million 3. The company tied the drop to lower packaging prices and volumes, the Augusta sale and cost inflation 3.

On 8 December 2025 the company announced that Robbert Rietbroek, formerly chief executive of Primo Brands, would succeed Michael Doss as chief executive on 1 January 2026 4. Doss had held the role since 2016 4.

The same day, Packaging Gateway reported, the company expected $60m in staffing and other cost cuts in 2026 5.

Americas Paperboard Packaging

The larger segment sells paperboard packaging to food, beverage and consumer product companies, and cups, lids and food containers to restaurants 3.

Its net sales were $4,427 million in the first nine months of 2026, against $4,461 million a year earlier 2. Income from operations was $372 million, down from $637 million 2.

International Paperboard Packaging

This segment sells mainly to packaged goods makers in Europe 2. Nine-month net sales were $1,715 million, up from $1,665 million, while income from operations was $19 million, down from $99 million 2.

The company also took a $13 million loss on selling its Croatia business in June 2026 2.

Paperboard mills and plants

The annual report lists paperboard mills in Kalamazoo, Michigan and Waco, Texas (recycled), Macon, Georgia and West Monroe, Louisiana (unbleached), and Texarkana, Texas (bleached) 3.

The company says it makes packaging at approximately 100 locations in approximately 20 countries 2.

In 2026 it dropped a plan for automated roll warehouses at Kalamazoo and Texarkana, which brought $40 million of charges 2.

Customers and rivals

Beverage customers named in the annual report include Anheuser-Busch Inbev, PepsiCo and The Coca-Cola Company, and restaurant customers include McDonald's and Chick-fil-A 3.

No single customer was 10 percent or more of net sales in 2025, 2024 or 2023 3. Smurfit WestRock plc is named as the largest competitor in paperboard packaging 3.

People

Robbert Rietbroek has been president and chief executive since 1 January 2026 4. Aditya Gandhi joined as vice president and chief accounting officer on 28 September 2026 7.

The annual report counts more than 23,000 employees at the end of 2025, and about 59 percent were covered by union agreements or European works councils 3.

Debt and financing

Net debt was $5,183 million at the end of the third quarter of 2026, and the net leverage ratio was 4.8x, up from 3.8x at the end of 2025 1.

On 3 September 2026 the operating subsidiary entered a loan agreement for $115.2 million of tax-exempt green bonds due 2064 6. It said it will use the proceeds to pay down its higher cost senior secured revolving facility 6.

The umbrella, in words

The parent company has no independent assets or operations other than ownership of Graphic Packaging International, LLC, its primary operating subsidiary 2.

It owns 50 percent of Rengo Riverwood Packaging, Ltd., a Japanese joint venture covering unbleached paperboard supply and carton designs 3.

In 2023 it acquired Bell Incorporated, whose three plants in Sioux Falls and Groveport report in the Americas segment 3.

The company expects 2026 net sales of about $8.6 billion, adjusted EBITDA of about $1.05 billion and adjusted earnings per share of about $0.65 1.

It also expects adjusted cash flow of $600 million to $700 million and capital spending below $450 million 1.

Management said it expects price improvements in the fourth quarter and into 2027, and a return to EBITDA growth next year 1.

Under the 2 November amendment, the maximum leverage ratio is 5.25 to 1.00 for the period ending 31 March 2027 and steps down to 4.25 to 1.00 for 31 December 2028 and after 2.

The company says meeting its covenants in future periods requires planned performance improvement and debt reduction targets 2.

Under the first amendment, share repurchases are limited to $65 million a year during a period ending 30 September 2027 2.

The annual report lists Vision 2030 environmental targets, including 90 percent renewable fuel use in wood fiber paperboard mills and 50 percent purchased renewable electricity 3.