Pactiv Evergreen Inc. (NASDAQ:PTVE) Q2 2023 Earnings Conference Call August 3, 2023 8:30 AM ET Company Participants Curt Worthington - VP, IR & Strategy Mike King - CEO Jon Baksht - CFO Conference Call Participants Matthew Krueger - Robert W. Baird Adam Samuelson - Goldman Sachs Unidentified Analyst - Bank of America Arun Viswanathan - RBC Capital Markets Operator Good day and thank you for standing by. Welcome to the Pactiv Evergreen’s Second Quarter 2023 Earnings Conference Call. At this time, all partici ...

| --- | --- | |-------------------------------------------------------------|----------------| | | | | | | | 2Q 2023 Earnings Presentation Results through June 30, 2023 | August 3, 2023 | This presentation contains forward-looking statements. All statements contained in this presentation other than statements of historical fact are forward-looking statements, including statements regarding our guidance as to our future financial and operational results. In some cases, you can identify forward-looking statem ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________to __________ Commission File Number: 001-39528 PACTIV EVERGREEN INC. (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdiction of Incorp ...

Pactiv Evergreen Inc. (NASDAQ:PTVE) Q1 2023 Earnings Conference Call May 14, 2023 8:30 AM ET Company Participants Curt Worthington - Investor Relations & Strategy Michael King - Chief Executive Officer Jon Baksht - Chief Financial Officer Conference Call Participants Ghansham Panjabi - Baird Kieran Brun - Mizuho Arun Vishwanathan - RBC Capital Markets Anthony Pettinari - Citi Kyle White - Deutsche Bank Cashen Keeler - Bank of America Operator Good day, and welcome to the Pactiv Evergreen First Quarter 2023 ...

Jon Baksht Chief Financial Officer Pactiv Evergreen Investor Presentation 3 Agenda 1 | --- | --- | |----------------------------------|-------------| | | | | | | | | | | | | | | | | | | | 1Q 2023 Investor Presentation | | | Results Through March 31, 2023 | May 9, 2023 | Important Information Forward-Looking Statements and Other Information This presentation contains forward-looking statements. All statements contained in this presentation other than statements of historical fact are forward-looking statemen ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________to __________ Commission File Number: 001-39528 PACTIV EVERGREEN INC. (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdiction of Incor ...

Financial Data and Key Metrics Changes - The company reported full year net revenues of $6.2 billion, a 14% increase over the prior year, driven by strong pricing and cost pass-throughs, along with the acquisition of Fabri-Kal [28][30] - Full year adjusted EBITDA was $785 million, exceeding guidance, reflecting resilience amid challenging market conditions [30][48] - The net leverage ratio improved to 4.6 times, down from 7.6 times at the end of 2021, indicating a stronger balance sheet [64][79] Business Line Data and Key Metrics Changes - In the fourth quarter, net revenues were $1.5 billion, down 3% year-over-year, with a 10% decline in volume attributed to market softening and inflationary pressures [34][39] - The food service segment saw a year-over-year revenue decline of 7%, while the beverage merchandising segment experienced a 7% revenue drop, primarily due to the sale of the Beverage Merchandising Asia business [96][77] - Adjusted EBITDA for the fourth quarter was $167 million, a decline of 53% year-over-year, primarily due to higher manufacturing costs and lower sales volume [45][72] Market Data and Key Metrics Changes - The company noted a moderation in consumer demand, particularly in the food service segment, with customers destocking due to reduced foot traffic in quick-service restaurants [38][92] - Inflationary pressures remained elevated, particularly in the food sector, impacting sales volumes [36][68] - Resin prices have plateaued and begun to decline modestly, which may positively affect input costs moving forward [37][70] Company Strategy and Development Direction - The company is focused on North America for profitable growth opportunities and has executed multiple divestitures of non-core businesses to streamline operations [7][9] - A significant restructuring plan for the beverage merchandising segment aims to enhance competitiveness and optimize manufacturing footprint, with a workforce reduction of approximately 1,300 positions [19][24] - The company is committed to sustainability, targeting 100% of net revenues to come from recycled, recyclable, or renewable materials by 2030 [65][88] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the macroeconomic environment, noting that inflation and interest rates remain elevated, which could pressure consumer spending [106] - The company expects to deliver first quarter adjusted EBITDA of approximately $160 million, with a goal of achieving full year adjusted EBITDA in the range of $755 million to $780 million [84][86] - Management anticipates modest improvement in the second half of the year as restructuring benefits begin to materialize [87][109] Other Important Information - The company plans to incur cash charges related to restructuring in the range of $130 million to $185 million during 2023 and 2024 [26][111] - Full year free cash flow was strong at $156 million, despite significant investments to rebuild inventory [82][79] - The Legacy Pactiv Evergreen pension plan is fully funded, with no material funding obligations for the foreseeable future [103] Q&A Session Summary Question: Thoughts on balance sheet ratings and conversations with rating agencies - Management acknowledged that ratings may be lagging behind improvements in the balance sheet and expressed commitment to achieving a higher rating [1] Question: Guidance for Q1 and full year performance - Management indicated that Q1 would show year-over-year growth had it not been for the impact of Winter Storm Elliot, and they expect to see improvements in the second half of the year [120][121] Question: Volume trends and destocking effects - Management noted that destocking is largely complete and expects consumer confidence to stabilize, leading to improved volumes in the latter half of the year [127][129] Question: Input costs and pricing strategies - Management discussed the iterative process of managing pricing in relation to input costs, emphasizing the importance of contractual pass-throughs [131][134] Question: Interest expense and working capital expectations - Management provided guidance on cash interest and taxes, indicating a focus on improving financial position while managing working capital effectively [137] Question: Future leverage expectations - Management reaffirmed the commitment to reducing the net leverage ratio below four times by the end of the year [140][141] Question: Restructuring and divestment plans - Management clarified that the restructuring will lead to a more integrated food and beverage merchandising business, with no plans to change the substrate portfolio [150]

Forward-Looking Statements and Other Information In addition to U.S. GAAP financial measures, this presentation includes references to Adjusted EBITDA, Free Cash Flow, Net Debt and the Net Leverage Ratio, which are nonGAAP financial measures. All references in this presentation to Adjusted EBITDA and net income (loss) are to Adjusted EBITDA and net income (loss) from continuing operations, respectively. Today's Presenters 1 ESG Update and 2023 Outlook pactiv 鲁 evergreen" Food and Beverage Packaging ▪ Operat ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM __________ TO __________ Commission File Number 001-39528 PACTIV EVERGREEN INC. (Exact name of Registrant as specified in its Charter) (State or other jurisdiction ...

Pactiv Evergreen Inc. (NASDAQ:PTVE) Q3 2022 Earnings Conference Call November 8, 2022 8:30 AM ET Company Participants Dhaval Patel - Head-Investor Relations & Strategy Michael King - Chief Executive Officer Jonathan Baksht - Chief Financial Officer Conference Call Participants Thomas Digenan - Baird Arun Viswanathan - RBC Capital Markets Kieran De Brun - Mizuho Adam Samuelson - Goldman Sachs Mark Wilde - Bank of Montreal Kyle White - Deutsche Bank Bryan Burgmeier - Citi Operator Good morning, and welcome to ...