Core Viewpoint - Huhtamäki Oyj is planning to issue new euro-denominated fixed rate notes and has announced a voluntary tender offer for its outstanding notes maturing in 2026 and 2027 [2][3]. Group 1: New Notes Issuance - The company intends to issue new notes under a EUR 2 billion Euro Medium Term Note Programme, with an expected issue amount of EUR 300 million [2]. - BNP Paribas, J.P. Morgan, OP Corporate Bank, and SEB are acting as Joint Bookrunners for the transaction [2]. Group 2: Tender Offer Details - OP Corporate Bank plc is inviting holders of outstanding notes maturing in 2026 and 2027 to sell their notes for cash [3]. - The tender offer will expire on September 1, 2025, at 6:00 p.m. Finnish time, and is subject to specific terms and conditions outlined in the Tender Offer Memorandum [4]. - The Offeror will determine the purchase prices for the accepted notes on or around September 2, 2025 [5]. Group 3: Outstanding Notes Information - The outstanding notes include EUR 175 million of 1.125% senior unsecured notes due November 20, 2026, and EUR 500 million of 4.250% sustainability-linked senior unsecured notes due June 9, 2027 [6]. - The tender offer for the 2026 notes is for any and all amounts, while for the 2027 notes, it is up to EUR 100 million in nominal amount [6]. Group 4: Company Overview - Huhtamäki is a leading global provider of sustainable packaging solutions, with a focus on protecting food and beverages and preventing food waste [8]. - The company has over 100 years of history, operates in 36 countries, and reported net sales of EUR 4.1 billion in 2024 [9].

Core Insights - Greif, Inc. (GEF) is set to announce its third-quarter fiscal 2025 financial results on August 27, with total revenue expected to reach $1.47 billion, reflecting a 1.2% increase year-over-year [1][5] - The earnings per share (EPS) estimate stands at $1.40, indicating a significant 35.9% rise compared to the same quarter last year [1][5] Revenue and Earnings Estimates - The Zacks Consensus Estimate for Greif's total revenues is $1.47 billion, which is a 1.2% increase from the previous year's quarter [1] - The EPS estimate of $1.40 represents a 35.9% increase from the year-ago reported number [1][5] Earnings Surprise History - Greif's earnings have exceeded the Zacks Consensus Estimates in two of the last four quarters, with an average negative surprise of 10.7% [3][4] Segment Performance - The Customized Polymer Solutions segment is anticipated to drive growth, with projected revenues of $356 million for Q3, a 13% increase from $315 million in the prior-year quarter [10][11] - The Durable Metal Solutions segment is expected to see a 7.3% year-over-year decline in revenues to $393 million, attributed to a 3.9% drop in volumes and unfavorable pricing [12] - The Sustainable Fiber Solutions segment is projected to achieve revenues of $645 million for Q2, indicating a 3.2% year-over-year growth, driven by favorable pricing [14] - The Integrated Solutions segment's revenues are expected to decline by 16.9% to $75 million, impacted by unfavorable pricing and the Delta divestiture [15][16] Volume and Pricing Trends - Overall volume increased by 0.9% in Q1 but dipped by 1.4% in Q2, with pricing contributing positively by 2.2% and 1.1% in the respective quarters [7][8] - In the Customized Polymer Solutions segment, volume rose by 1.5% in Q2, supported by a favorable product mix and strong demand in key markets [9] Stock Performance - Greif's shares have increased by 10.2% over the past year, compared to the industry's growth of 21.2% [19]

Company Overview - Sealed Air (SEE) is a manufacturer specializing in food and protective packaging, as well as a supplier of packaging equipment. The company aims to automate and enhance the efficiency of its customers [1] Investment Focus - The investment strategy emphasizes companies that provide healthy dividends while also having potential for capital appreciation. The focus is on identifying undervalued businesses relative to their fundamentals, peers, and historical performance [2] Analyst Position - The analyst has a beneficial long position in Sealed Air shares, indicating a personal investment interest in the company [3]

Group 1 - Huhtamäki Oyj has established a EUR 2 billion Euro Medium Term Note (EMTN) programme, approved by the Central Bank of Ireland on August 21, 2025 [1][2] - The net proceeds from the notes issued under the EMTN programme will be utilized for general corporate purposes [2] - Huhtamäki is a leading global provider of sustainable packaging solutions, focusing on hygiene, safety, and preventing food waste [3] Group 2 - Huhtamäki has over 100 years of history, operates in 36 countries with around 18,000 professionals, and reported net sales of EUR 4.1 billion in 2024 [4]

Core Viewpoint - Graphic Packaging Holding Company is a leader in sustainable consumer packaging and is committed to reducing the environmental footprint of its products [2]. Group 1: Company Overview - Graphic Packaging Holding Company is headquartered in Atlanta, Georgia, and specializes in designing and producing consumer packaging primarily from renewable or recycled materials [2]. - The company operates a global network of design and manufacturing facilities that serve well-known brands in various sectors, including food, beverage, foodservice, household, and other consumer products [2]. Group 2: Upcoming Events - Michael P. Doss, President and CEO of Graphic Packaging, will present at the Jefferies Industrials Conference on September 3rd at 8:50 am ET [1]. - The presentation will be available live and can be accessed later via a webcast on the Graphic Packaging website [1].

Market Overview - The overall market is considered expensive by historical metrics, with the S&P 500's forward price-to-earnings (P/E) ratio at 22.1, a level last seen during the COVID rebound and the dot-com bubble [3][4] Investment Opportunities Cheap Dividends - **AES Corp.**: Virginia-based electric utility with a 5.5% yield, trading at 5 times cash-flow estimates and a PEG of 0.6, indicating it is inexpensive compared to growth estimates [4][5] - **Edison International**: Offers a 5.9% yield, with shares down over 25% due to wildfire litigation, but expected to generate decent top-line growth and significant profit recovery in the coming years [6][8][9] - **Amcor**: A packaging specialist yielding 5.2%, acting defensively while being involved in various sectors, with a P/CF of roughly 6x [11][19] - **Kodiak Gas Services**: An energy services firm yielding 5.2%, well-positioned for growth with a young fleet and trading at 6 times cash flow estimates [12][14] - **Atlas Energy Solutions**: Yielding 8.4%, but shares have dropped 45% this year; however, it has sufficient free cash flow to cover dividends [15][17] - **United Parcel Service (UPS)**: A blue-chip stock yielding 7.5%, shares have lost nearly half their value in two years, trading at roughly 8 times cash-flow estimates [18][21][22] - **Western Union**: Yielding 11.3%, facing competition from payment apps, but has launched initiatives to improve operations and expand digital offerings [23][24]

Core Insights - Amcor Plc reported fourth-quarter fiscal 2025 adjusted earnings per share (EPS) of 20 cents, missing the Zacks Consensus Estimate of 21 cents, and down from 21 cents in the same quarter of the previous year [1] - Total revenues for the quarter were $5.08 billion, below the Zacks Consensus Estimate of $5.17 billion, but up 43.8% year over year [2] - The company experienced a gross margin contraction to 17.6% from 21.3% in the prior-year quarter due to a significant increase in the cost of sales [3] Financial Performance - Adjusted operating income for the quarter was $611 million, reflecting a 34.6% increase from $454 million in the prior-year quarter, with an adjusted operating margin of 12% compared to 12.8% previously [4] - Adjusted EBITDA for the quarter was $789 million, up from $550 million in the fourth quarter of fiscal 2024, with an adjusted EBITDA margin of 15.5% [5] - The cost of sales rose 50.6% year over year to $4.19 billion, while gross profit increased 18.7% to $895 million [3] Segment Performance - The Global Flexible Packaging Solutions segment reported net sales of $3.21 billion, a 19.3% increase year over year, with adjusted operating income rising 11.7% to $450 million [7] - The Global Rigid Packaging Solutions segment saw net sales skyrocket 121.1% to $1.88 billion, with adjusted operating income up 172% to $204 million, driven by acquired sales [8] Cash Flow and Balance Sheet - As of the end of fiscal 2025, Amcor had $827 million in cash and cash equivalents, an increase from $588 million at the end of fiscal 2024, and generated $1.39 billion in cash from operating activities [9] - The company reported an adjusted free cash outflow of $926 million for fiscal 2025, slightly improved from $952 million in the previous fiscal year [9] Fiscal Year Overview - For fiscal 2025, Amcor reported an adjusted EPS of 71 cents, missing the Zacks Consensus Estimate of 73 cents, but improved 1% year over year [11] - Total revenues for fiscal 2025 increased 9% year over year to $15.01 billion, exceeding the consensus estimate of $14.88 billion [12] Future Guidance - Amcor expects adjusted EPS for fiscal 2026 to be in the range of 80-83 cents and projects free cash flow of $1.8-1.9 billion [13] Stock Performance - Over the past year, Amcor shares have declined by 2%, compared to a 3.7% drop in the industry [14]

Financial Data and Key Metrics Changes - The company expects adjusted EPS growth of 12% to 17% in fiscal 2026, with free cash flow anticipated to double to €1.8 to €1.9 billion [6][30] - Annual adjusted free cash flow for fiscal 2025 was $926 million, with capital expenditures of $580 million, up from the previous year [26][27] - Leverage was 3.5 times at the end of the quarter, expected to decrease to approximately 3.1 to 3.2 times over the next twelve months [27][28] Business Line Data and Key Metrics Changes - In the Global Flexible Packaging Solutions segment, combined volumes were down approximately 1.5%, with North America experiencing low single-digit declines [22] - The Global Rigid Packaging Solutions segment saw net sales increase by 121% on a constant currency basis, with overall volumes down approximately 2% [24] - Adjusted EBIT for Global Flexible Packaging was £450 million, up 11% on a constant currency basis, while adjusted EBIT for Global Rigid Packaging was £400 million, up 173% [23][25] Market Data and Key Metrics Changes - North American beverage business volumes were below expectations, with operating challenges leading to elevated costs [25][72] - Volume performance outside North America was broadly flat, with growth in Latin America and Asia offsetting modest declines in Europe [22][43] - The company identified several businesses with combined annual sales of approximately $2.5 billion that are less aligned with the core portfolio and will explore alternatives to maximize value [18][19] Company Strategy and Development Direction - The company is focused on integrating the Berry acquisition and capturing synergies, with a target of $650 million in total synergies through fiscal 2028 [10][31] - A strategic portfolio review has been conducted to define the core portfolio, with plans to explore alternatives for businesses less aligned with core operations [10][18] - The company aims to enhance focus on attractive nutrition and health markets, contributing to long-term shareholder value [31][19] Management's Comments on Operating Environment and Future Outlook - Management noted that the current macroeconomic environment is challenging, with no meaningful rebound in consumer demand anticipated [28][30] - The company is confident in delivering significant synergies from the Berry acquisition and expects to stabilize the North American beverage business before considering divestment [31][85] - Management emphasized the importance of customer support in any strategic decisions regarding non-core businesses [86] Other Important Information - The company has already taken steps to reduce headcount by more than 200 and has identified sites for closure to improve efficiency [15][66] - The integration of the Berry and Amcor businesses is progressing well, with positive feedback from customers and early business wins [14][16] Q&A Session All Questions and Answers Question: Impact of potential beverage strategic considerations on procurement synergies - Management believes that the potential divestment of the North American Beverage business will not materially impact procurement savings, which are expected to remain at $650 million [38] Question: Top line trends and volume performance - Management indicated that weakness in North America drove softer volume performance, with overall consumer sentiment affecting buying behaviors [44][45] Question: Details on the $1 billion under review - The review includes 10 businesses distributed between the legacy Amcor and Berry portfolios, assessed based on growth, margin profiles, and market structure [49][50] Question: Market share shifts and destocking - Management clarified that market share shifts are not the primary issue, and destocking has not been a significant factor in recent performance [56][57] Question: Context for the $260 million in synergies - Management reaffirmed the $260 million in synergies for fiscal 2026, with expectations for 40% of total synergies to be realized in the first year [64][66] Question: Operational issues within the North American beverage business - Management acknowledged dissatisfaction with the North American beverage business performance, attributing challenges to service issues and elevated costs [71][72] Question: Volume growth embedded in EPS forecast - Management anticipates flat volumes for fiscal 2026, with EPS guidance reflecting subdued demand conditions [78][80] Question: Process for divesting the North American beverage business - Management plans to stabilize the North American beverage business before assessing divestment options, emphasizing customer support in the process [85][86] Question: Timing of growth investments or share buybacks - Management is focused on reducing leverage to the target range of 2.5 to 3 times before considering share buybacks or growth investments [90][93] Question: Accretion from the Berry deal - Management indicated that the Berry combination contributed approximately half to 1 cent to EPS, with expectations for continued accretion from synergy delivery [95][97]

Financial Data and Key Metrics Changes - The acquisition of Berry Global has significantly impacted financial metrics, with adjusted EPS growth expected to be between 12% to 17% in fiscal 2026 and free cash flow anticipated to double to €1.8 to €1.9 billion [5][28] - Annual adjusted free cash flow for fiscal 2025 was reported at $926 million, with capital expenditures for the year at $580 million, expected to rise to $850 million to $900 million in fiscal 2026 [26][27] - Leverage was reported at 3.5 times at the end of the quarter, with expectations to decrease to approximately 3.1 to 3.2 times over the next twelve months [27][28] Business Line Data and Key Metrics Changes - In the Global Flexible Packaging Solutions segment, combined volumes were down approximately 1.5%, with North America experiencing low single-digit declines due to softer demand [21][22] - The Global Rigid Packaging Solutions segment saw net sales increase by 121% on a constant currency basis, but volumes were down approximately 2% overall, reflecting ongoing soft consumer demand [23][24] - The North American Beverage business faced operational challenges leading to elevated costs, with a decline in performance contributing to a $20 million drop compared to the previous year [25][70] Market Data and Key Metrics Changes - Volume performance in North America was a major source of weakness, with overall consumer sentiment affecting buying behaviors [42][43] - Emerging markets, particularly in Latin America and Asia, showed growth that offset modest declines in Europe [21][22] - The company noted that while they are gaining market share in certain categories, overall volume trends remain subdued due to macroeconomic factors [44][55] Company Strategy and Development Direction - The company is focused on integrating the Berry acquisition and optimizing its portfolio, with a strategic review identifying businesses less aligned with core operations [8][17] - A commitment to delivering $650 million in total synergies through fiscal 2028, with $260 million expected in fiscal 2026, reflects the company's integration strategy [15][31] - The company aims to enhance focus on attractive nutrition and health markets while exploring alternatives for non-core businesses [18][31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving strong earnings and cash flow growth in fiscal 2026, despite not anticipating a meaningful rebound in consumer demand [28][29] - The operational performance of the North American Beverage business is being closely monitored, with plans to stabilize the business before considering divestment [80][82] - Management acknowledged challenges in the North American Beverage segment but remains optimistic about the overall integration and synergy realization [68][102] Other Important Information - The company reported a total recordable incident rate (TRIR) of 0.27 for fiscal 2025, with 68% of sites injury-free [6] - The integration efforts have already led to the closure of one site and the approval of four additional closures to improve operational efficiency [14][15] Q&A Session Summary Question: Impact of potential beverage strategic considerations on procurement synergies - Management indicated that the potential divestment of the North American Beverage business would not materially impact procurement savings, expecting to maintain the estimated $650 million in synergies [38] Question: Top line trends and volume performance - Management noted that the volume performance was weaker than expected, primarily due to North America, while emerging markets showed growth [42][43] Question: Details on the $1 billion under review - Management clarified that the $1 billion comprises ten businesses across both legacy companies, with criteria based on growth potential, industry structure, and market leadership [47][48] Question: Operational issues within the Rigid Beverages business - Management acknowledged dissatisfaction with the North American beverage business performance, attributing challenges to service issues and elevated costs [68][70] Question: EPS forecast and volume growth expectations - Management expects flat volumes for fiscal 2026, with EPS guidance of $0.80 to $0.83, reflecting subdued demand [76][77] Question: Timing of potential growth investments or share buybacks - Management emphasized the focus on reducing leverage to the target range of 2.5 to 3 times before considering share buybacks or growth investments [88][90]

Financial Performance - For the fourth quarter of fiscal year 2025, net sales reached $5082 million, a 43% increase, while adjusted EBIT was $611 million, up by 34%[12] - Fiscal year 2025 net sales amounted to $15009 million, an 11% increase, and adjusted EBIT reached $1723 million, a 12% increase[12] - Adjusted EPS for the fourth quarter decreased by 5% to 200 cents per share, while for the full fiscal year 2025, it increased by 3% to 712 cents per share[12] - The company anticipates adjusted EPS for fiscal year 2026 to be approximately 80 to 83 cents per share, representing a constant currency growth of 12% to 17% compared to fiscal year 2025[47] - The company expects free cash flow of approximately $18 to $19 billion for fiscal year 2026[47] Acquisition and Integration - The transformational acquisition of Berry Global was completed on April 30, 2025, strengthening the business and offering more complete solutions for customers[10, 5] - Integration and synergy realization are tracking in line with expectations[10] - Synergy expectations are reaffirmed, with $650 million expected by year 3 and $260 million in fiscal year 2026[19, 51] Portfolio Optimization - The company has identified a core portfolio of approximately $20 billion, focusing on consumer packaging and dispensing solutions for nutrition and health[20, 21] - Portfolio optimization actions are being explored for businesses with combined sales of approximately $25 billion, including the North America Beverage business with approximately $15 billion in sales[29, 30] Segment Performance - Global Flexible Packaging Solutions saw an 18% increase in net sales, including 16% growth from approximately $420 million in acquired sales, and an 11% increase in adjusted EBIT, including 12% growth from approximately $50 million in acquired EBIT for the fourth quarter of fiscal year 2025[35] - Global Rigid Packaging Solutions experienced a 121% increase in net sales, including 129% growth from approximately $11 billion in acquired sales, and a 173% increase in adjusted EBIT, driven by 203% growth from approximately $150 million in acquired EBIT for the fourth quarter of fiscal year 2025[40]