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 ...

pactiv ື evergreen" 3Q22 Investor Presentation Results Through September 30, 2022 November 8, 2022 UTULU UNIT 0 0 0 VU U U o 2 Important Information Forward-Looking Statements and Other Information This presentation contains forward-looking statements. All statements contained in this press release other than statements of historical fact are forward-looking statements, including statements regarding our guidance as to our future financial results and our expectations regarding our operational performance a ...

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 September 30, 2022 ☐ 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) Delaware 98-1538656 (State or Oth ...

Pactiv Evergreen Inc. (NASDAQ:PTVE) Q2 2022 Earnings Conference Call August 4, 2022 8:00 AM ET Company Participants Dhaval Patel - Head-Investor Relations & Strategy Michael King - Chief Executive Officer Jon Baksht - Chief Financial Officer Conference Call Participants Arun Viswanathan - RBC Capital Markets Adam Samuelson - Goldman Sachs Kieran De Brun - Mizuho Securities Ghansham Panjabi - Robert W. Baird Kyle White - Deutsche Bank Bryan Burgmeier - Citigroup Inc. Andrew Scheffer - Onex Credit Partners ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Delaware 98-1538656 (State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification Number) 1900 W. Field Court Lake Forest, Illinois 60045 (Address of principal executive offices) (Zip Code) 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, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EX ...

pactiv ື evergreen" 1Q22 Investor Presentation Results Through March 31, 2022 May 5, 2022 U UNUMUMUMU 0 0 0 VU U U U 2 Important Information Forward-Looking Statements and Other Information This presentation contains forward-looking statements. All statements other than statements of historical fact contained in this presentation, including statements regarding our future results of operations or financial condition, business strategy and plans and objectives of management for future operations, are forward ...

Financial Data and Key Metrics Changes - Revenues increased to $1.495 billion, up 28% year-over-year, primarily due to strong pricing and the acquisition of Fabri-Kal [13][14] - Net income was $43 million with diluted EPS of $0.24, and adjusted EBITDA rose to $182 million, up 136% year-over-year [13][14] - The LTM net debt to adjusted EBITDA ratio improved from 7.6 times at the end of 2021 to 6.2 times at the end of Q1 2022 [12] Business Line Data and Key Metrics Changes - Foodservice segment net revenues increased by 54%, driven by higher pricing and the impact of the Fabri-Kal acquisition, with adjusted EBITDA up 90% [18] - Food Merchandising segment saw net revenues up 18%, with adjusted EBITDA increasing by 9%, primarily due to favorable pricing despite lower sales volume [19] - Beverage Merchandising segment net revenues rose by 13%, with adjusted EBITDA improving from negative $32 million in 2021 to $24 million [20][21] Market Data and Key Metrics Changes - Volume was down 5% overall, attributed to labor challenges and the exit from the coated groundwood paper business [15] - The company is experiencing improved stability in mill and converting operations, contributing to better profitability [11] Company Strategy and Development Direction - The company is focused on improving production capabilities and service levels while managing inflationary pressures and labor challenges [25][27] - The integration of the Fabri-Kal acquisition is ahead of plan, with expected EBIT contribution for the year between $60 million to $70 million [45] - The company is maintaining its adjusted EBITDA guidance of $705 million for the year, citing uncertainty in resin markets and inflationary pressures [24][26] Management's Comments on Operating Environment and Future Outlook - Management noted that labor market conditions are improving, with a vacancy rate reduced to around 5% from over 10% [102] - Global energy prices are volatile due to geopolitical conflicts, impacting raw material and logistics costs [26] - The company is optimistic about the second half of 2022 but remains cautious due to ongoing market uncertainties [25][26] Other Important Information - The company has updated its definition of free cash flow to better align with industry peers, now defined as net cash flow from operating activities less CapEx [16] - The company is actively participating in ESG initiatives, including the launch of sustainable products in collaboration with McDonald's [22][23] Q&A Session Summary Question: Impact on Foodservice segment performance - Management clarified that the decline in the Foodservice segment was due to inventory reestablishment strategies and a slow start to Q1 caused by Omicron [31] Question: Resin price assumptions - Management indicated that they expect continued increases in resin prices and have not raised guidance due to uncertainty in the resin markets [32][35] Question: Update on operational improvements - Management reported double-digit improvements in throughput rates across operations, contributing to better service levels and inventory management [40] Question: Fabri-Kal acquisition performance - Management expressed satisfaction with the integration of Fabri-Kal, expecting synergies to be realized faster than initially planned [43][45] Question: Guidance conservatism - Management acknowledged the potential for better-than-expected performance but emphasized the need for caution due to uncertainties in raw material costs and demand [49][50] Question: Labor levels and training costs - Management reported a current vacancy rate of around 5% and highlighted increased training costs due to ongoing labor challenges [102][103] Question: Strategic review of Beverage Merchandising segment - Management confirmed that the strategic review process is ongoing, with a focus on improving mill performance and overall portfolio enhancement [105] Question: Use of proceeds from carton packaging machinery sale - Management indicated that proceeds would primarily be used to pay down debt [110] Question: Inflation concerns and pricing power - Management clarified that timing issues, rather than customer pushback, are the primary concern regarding passing through inflationary costs [116]

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, 2022 ☐ 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) Telephone: (847) 482-2000 (Registrant's telephone number, ...

Financial Performance - Q4 2021 - Net revenue reached $1,527 million, a 30% increase compared to Q4 2020[6, 13, 21] - Price/mix increased by 23% year-over-year due to material costs passed to customers and pricing actions[13, 25] - Adjusted EBITDA was $205 million, up 21% from $170 million in Q4 2020 and up 72% vs 3Q21[6, 13] - Free cash flow increased by 28% year-over-year[24] Financial Performance - FY 2021 - Net revenue reached $5,437 million, a 16% increase compared to FY20[7, 15, 28] - Price/Mix increased 10% year-over-year due to higher material costs passed through to customers[31] - Adjusted EBITDA was $531 million, a 14% decrease compared to FY20[7, 15, 28] - Free cash flow was $249 million, a 25% decrease compared to FY20[7, 15, 30] Segment Performance - Q4 2021 - Foodservice net revenue increased by 57% to $722 million[40, 41] and Adjusted EBITDA increased by 46% to $104 million[40, 41] - Food Merchandising net revenue increased by 17% to $410 million[40, 41] and Adjusted EBITDA increased by 5% to $69 million[40, 42] - Beverage Merchandising net revenue increased by 13% to $412 million[40, 42] and Adjusted EBITDA increased by 25% to $45 million[40, 42] Segment Performance - FY 2021 - Foodservice net revenue increased by 29% to $2,341 million[55, 56] and Adjusted EBITDA increased by 21% to $291 million[55, 56] - Food Merchandising net revenue increased by 10% to $1,531 million[55, 56] and Adjusted EBITDA decreased by 8% to $232 million[55, 56] - Beverage Merchandising net revenue increased by 6% to $1,559 million[55, 57] and Adjusted EBITDA decreased by 70% to $44 million[55, 57] 2022 Outlook - The company projects FY 2022 Adjusted EBITDA to be $705 million[49]

Financial Data and Key Metrics Changes - The company achieved a net revenue of $1.527 billion in Q4 2021, representing a 30% increase year-over-year [10] - Net income for Q4 2021 was $34 million, up 89% from the previous year [10] - Adjusted EBITDA for Q4 2021 reached $205 million, a 21% increase year-over-year and the highest level since going public [10][8] - For the full year 2021, net revenue was $5.437 billion, up 16% from 2020, while adjusted EBITDA was $531 million, down 14% year-over-year [12][13] Business Segment Performance - The Foodservice segment saw net revenues increase by 57%, driven by higher pricing and the acquisition of Fabri-Kal, with volumes up 19% [15] - The Food Merchandising segment's net revenues increased by 17%, primarily due to favorable pricing, although volumes were down 7% compared to 2020 [17] - The Beverage Merchandising segment experienced a 13% increase in net revenues, supported by favorable pricing and higher sales volume, although volumes were down 7% compared to 2019 [18] Market Data and Key Metrics Changes - The company noted that inflationary pressures impacted material, logistics, and manufacturing costs, which were partially offset by price increases passed through to customers [11][20] - The acquisition of Fabri-Kal contributed $106 million to sales for the full year 2021, enhancing the company's market position [12] Company Strategy and Industry Competition - The company is focusing on strengthening its innovation pipeline, increasing productivity, and enhancing customer service [8] - A strategic review of the Beverage Merchandising segment is ongoing, with divestitures announced to focus on growth in North America [21][85] - The company aims to improve its ESG goals, with 32% of fiber sourced from certified sources in 2021, up from 30% in 2020 [22] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing labor constraints and inflationary pressures but expressed confidence in the company's strategic direction and operational improvements [8][20] - The company provided adjusted EBITDA guidance of $705 million for fiscal year 2022, factoring in continued pricing actions and expected labor challenges [25] Other Important Information - The company plans to build inventory levels to improve service reliability, targeting a healthy inventory status by late Q3 2022 [86] - The company expects to see a year-over-year benefit from pricing increases in the Beverage Merchandising segment, estimating over $100 million in pricing benefits [61] Q&A Session Summary Question: How would management grade their efforts given recent changes? - Management feels they have made steady progress despite industry challenges and are pleased with the team's performance [30] Question: What are the expectations for inflationary pressures throughout the year? - Management indicated they are taking aggressive pricing actions to stay ahead of inflationary pressures [32] Question: What are the expected EBITDA contributions from segments in 2022? - Management expects substantial growth in Foodservice due to the Fabri-Kal acquisition and moderate growth in Food Merchandising [38] Question: What is the expected impact of labor issues on productivity? - Labor challenges have affected productivity, but management is focused on retention and improving processes to mitigate these issues [66] Question: What is the expected cash flow and leverage by the end of 2022? - Management anticipates leverage between 5x and 5.5x and cash flow will depend on working capital management [57]