Financial Data and Key Metrics Changes - Third quarter net revenues were $931 million, an increase of more than 2% from $910 million in the year-ago period [16] - Adjusted EBITDA was $168 million compared to $171 million in the year-ago period, reflecting improved results in all operating segments [17] - Adjusted EPS was $0.42 versus $0.41 in the year-ago period, reflecting lower interest costs and tax initiatives [17] Business Line Data and Key Metrics Changes - Retail revenue of $864 million increased 1% compared to the third quarter of 2023, with retail volume growing 1% excluding foam products [16] - Reynolds Wrap retail sales were up 7%, with volumes outperforming the category [9] - Hefty brand, a nearly $2 billion brand, continues to lead in the scented waste bag segment, driving growth in the waste bag category [11][12] Market Data and Key Metrics Changes - The operating environment remains challenging, with low and middle-income consumers under pressure and retailers facing cost inflation [8] - The company noted that inflation remains above the Fed's target, impacting consumer sentiment negatively [34] Company Strategy and Development Direction - The company is focusing on innovation and revenue growth management to drive share gains and profitability [39] - New leadership, including a Chief Commercial Officer and Chief Operations Officer, is expected to enhance operational capabilities and drive growth [14][39] - The company is investing in high-return projects to support growth and improve margins [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the promotional environment and addressing consumer pressures [31][34] - The company anticipates a flat to down 1% revenue outlook for the full year compared to 2024, with adjusted EBITDA guidance of $655 million to $665 million [19] - Management highlighted the importance of maintaining cost discipline and leveraging U.S.-centric manufacturing advantages [8][19] Other Important Information - The company is making progress in managing manufacturing, supply chain, and SG&A costs while driving market share [7] - New product innovations, such as Reynolds Kitchens Air Fryer Liners, have been recognized for their growth potential [10] Q&A Session Summary Question: How do you see the setup for the important holiday season in terms of promotional intensity and consumer behavior? - Management noted increased promotional activity in waste and food bags but feels confident in navigating the environment, with Hefty Waste Bags outperforming the category [31][32][34] Question: Why did you flag the risk of retailers shifting store brands to other suppliers? - Management indicated that economic challenges and tariff uncertainties could lead retailers to seek value through private label business, but they expect to win more than they lose as a U.S.-centric manufacturer [35] Question: Can you discuss the long-term strategy related to operational capabilities and growth? - Management emphasized the focus on innovation, revenue growth management, and driving additional share at the customer level as key components of their strategy [39][40] Question: What is the outlook for the tableware business and foam headwinds? - Management stated that foam headwinds are expected to lessen next year, and they are pleased with how profitability is being managed despite volume declines [45] Question: Can you comment on the promotional impact in the Hefty Waste and Storage segment? - Management acknowledged increased promotional intensity but highlighted that their promotional activity aligns with overall company levels, contributing to strong performance [48] Question: What is the current state of consumer behavior and its impact on Reynolds Cooking and Baking? - Management noted modest tailwinds from increased cooking at home but also acknowledged the impact of rising prices in the marketplace [66]

Financial Data and Key Metrics Changes - Third quarter net revenues were $931 million, an increase of more than 2% from $910 million in the year-ago period [16] - Adjusted EPS was $0.42 compared to $0.41 in the year-ago period, reflecting lower interest costs and tax initiatives [17] - Consolidated adjusted EBITDA was $168 million compared to $171 million in the year-ago period [17] Business Line Data and Key Metrics Changes - Retail revenue of $864 million increased 1% compared to the third quarter of 2023, with retail volume growing 1% excluding foam products [16] - Reynolds Wrap retail sales were up 7%, with volumes outperforming the category [9] - Hefty Waste Bags saw retail takeaways increase by 9%, outperforming the category by 10 points [31] Market Data and Key Metrics Changes - The operating environment remains challenging, particularly for low and middle-income consumers facing cost inflation [8] - The company noted that inflation remains around 3%, above the Fed's target of 2% [33] - Consumer sentiment has declined, with double-digit decreases year to date heading into the holidays [33] Company Strategy and Development Direction - The company is focusing on innovation and revenue growth management to drive share gains and profitability [39] - A new Chief Commercial Officer is leading growth programs to enhance market share across major customers [9] - The company is investing in high-return projects to support growth and drive margin improvements [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in retail trends and the effectiveness of implemented programs to drive near and long-term results [19] - The company anticipates net revenues to be flat to down 1% for the full year compared to 2024 [19] - Management highlighted the importance of maintaining cost discipline in all areas, including SG&A [19] Other Important Information - The company is making progress in managing manufacturing, supply chain, and SG&A costs while driving market share [7] - New product innovations, such as Reynolds Kitchens Air Fryer liners, have been recognized for their growth potential [10] - The company is positioned well within its target leverage range of 2x-2.5x EBITDA, allowing for continued investment in growth opportunities [21] Q&A Session Summary Question: How do you see the setup for the important holiday season in terms of promotional intensity and consumer behavior? - Management noted increased promotional activity in waste and food bags but feels confident in navigating the promotional environment [31][32] - Consumer sentiment remains under pressure, with inflation and cooling labor markets impacting lower-income demographics [33][34] Question: Can you elaborate on the risk of retailers shifting store brands to other suppliers? - Management flagged this risk due to economic challenges and uncertainty in supply chains, but expects to win more than lose as a US-centric manufacturer [34] Question: What is the grand plan related to operational capabilities and long-term growth? - The company is focused on driving growth through innovation, revenue growth management, and share gains at the customer level [39] Question: What is the outlook for the tableware business and foam products? - The tableware business is down primarily due to foam headwinds, but profitability has increased despite volume declines [42][43] Question: How is the Hefty Waste and Storage segment performing in terms of profitability and distribution? - The segment continues to perform well, with significant volume growth and effective management of promotional activities [46][47] Question: What is the current state of consumer behavior regarding dining out versus cooking at home? - There are modest tailwinds from increased cooking at home, but rising prices in the marketplace are also a factor [64]

Financial Data and Key Metrics Changes - Third quarter net revenues were $931 million, an increase of more than 2% from $910 million in the year-ago period [15] - Adjusted EBITDA was $168 million compared to $171 million in the year-ago period, reflecting improved results in all operating segments [16] - Adjusted EPS was $0.42 versus $0.41 in the year-ago period, reflecting lower interest costs and tax initiatives [16] Business Line Data and Key Metrics Changes - Retail revenue of $864 million increased 1% compared to the third quarter of 2023, with retail volume growing 1% excluding foam products [15] - Hefty Waste Bags and Reynolds Wrap aluminum foil were highlighted as strong performers, with Hefty Waste Bags year-to-date retail takeaways up 9% [26][10] - The tableware business grew EBITDA despite sales volumes being down 13%, demonstrating increasing success in driving profitability [16][39] Market Data and Key Metrics Changes - The operating environment remains challenging, particularly for low and middle-income consumers facing cost inflation [6][28] - The company noted a shift in consumer behavior, with more affluent consumers tending to be brand loyalists while lower-income demographics are more value-oriented [28][45] Company Strategy and Development Direction - The company is focusing on innovation, revenue growth management, and driving additional share at the customer level [33] - New leadership, including a Chief Commercial Officer and Chief Operations Officer, is expected to enhance growth programs and operational efficiency [8][12] - The company is investing in high-return projects to support growth and drive margin improvements [20] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the continued pressure on consumers and the potential for increased promotional activity in certain categories [28][26] - The company remains confident in its ability to navigate the promotional environment and expects to leverage its U.S.-centric manufacturing footprint as a competitive advantage [6][29] - For the full year, the company expects net revenues to be flat to down 1% compared to 2024, with adjusted EBITDA guidance of $655 million to $665 million [18] Other Important Information - The company is making progress in managing manufacturing, supply chain, and SG&A costs while driving market share [5][12] - The company has implemented pricing actions to recover commodity and tariff impacts, with gross profit showing sequential improvement [16][17] Q&A Session Summary Question: How do you see the setup for the holiday season in terms of promotional intensity and consumer behavior? - Management noted increased promotional activity in waste bags and food bags but feels confident in navigating the promotional environment, with retail takeaways for Hefty Waste Bags up 9% year-to-date [26][28] Question: Why did you flag the risk of retailers shifting store brands to other suppliers? - Management indicated that in a challenging economic climate, retailers may seek to drive value for consumers by shifting to private label business, but expects to win more than lose as a U.S.-centric manufacturer [29] Question: Can you discuss the impact of operational changes on long-term growth? - Management highlighted the addition of key executives aimed at driving growth through innovation and revenue growth management tools, with a focus on optimizing promotional spending [33][60] Question: What is the outlook for the tableware business and foam products? - Management stated that 80% of the decline in tableware was due to foam headwinds, but they are managing profitability effectively despite volume declines [39] Question: How is the Hefty Waste and Storage segment performing in the current environment? - Management noted that innovation and being a performance brand are driving success in the Hefty Waste and Storage segment, with significant volume growth [58]

Q3 2025 Financial Performance - Net Revenues reached $931 million[16] - Adjusted EBITDA was $168 million[16] - Adjusted EBITDA margin was 18%[16] Segment Performance (Q3 2025) - Reynolds Cooking & Baking: Net Revenues of $308 million, Adjusted EBITDA of $53 million, with a 17% margin[16] - Hefty Waste & Storage: Net Revenues of $266 million, Adjusted EBITDA of $74 million, with a 28% margin[16] - Hefty Tableware: Net Revenues of $200 million, Adjusted EBITDA of $29 million, with a 15% margin[16] - Presto Products: Net Revenues of $163 million, Adjusted EBITDA of $35 million, with a 21% margin[16] Year-to-Date (YTD) 2025 Financials - Net Revenues totaled $2,687 million[18] - Adjusted EBITDA amounted to $447 million[18] - Adjusted EBITDA margin was 17%[18] Q4 2025 Outlook - Net Revenues are expected to decrease by 1% to 5%[21] - Net Income is projected to be between $110 million and $118 million[21] - Adjusted EBITDA is forecasted to be between $208 million and $218 million[21] Full Year 2025 Outlook - Net Revenues are expected to be flat to down 1%[22] - Net Income is projected to be between $294 million and $302 million[22] - Adjusted EBITDA is forecasted to be between $655 million and $665 million[22]

Financial Data and Key Metrics Changes - The company is focused on consistent organic volume growth and margin expansion as primary business aspirations [3][4] - The outlook for revenue growth is maintained at low single digits, with a shift from volume to pricing recovery due to cost headwinds [14][36] Business Line Data and Key Metrics Changes - The company operates through four segments: Reynolds Cooking and Baking, Hefty Waste and Storage, Hefty Tableware, and Presto products, with long-term growth expectations in low single digits [10][11] - The foam category is experiencing double-digit declines, impacting overall category growth, while other categories are expected to remain flat [13] Market Data and Key Metrics Changes - The U.S. consumer is under pressure due to declining consumer confidence and high levels of debt, affecting spending behavior [34] - There is a trend towards larger pack sizes and lower opening price points across most categories [35] Company Strategy and Development Direction - The company emphasizes innovation and marketing to drive category growth, focusing on evolving consumer needs and sustainability [15][54] - The dual strategy of being both a branded and private label producer allows the company to serve different consumer segments and manage categories effectively [30][31] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the current operating environment's challenges, including commodity volatility and tariffs, but expresses confidence in the team's ability to adapt [7][42] - The company is committed to investing in high-return opportunities and improving earnings stability through automation and other initiatives [63][64] Other Important Information - The company has made significant progress in sustainability, offering alternatives in all major categories by 2025 [53] - The company has a strong balance sheet and cash flow, enabling future investments in growth initiatives [5] Q&A Session Summary Question: Overview of categories and long-term growth expectations - The company operates in four segments with long-term growth expected in low single digits, driven by household formation and innovation [10][11] Question: Current consumer environment and category performance - The consumer is under pressure, with a stable share between branded and private label products, and a shift towards larger pack sizes [34][35] Question: Input costs and pricing power - Aluminum prices have increased, prompting the company to implement price increases, demonstrating pricing power and brand strength [36] Question: Benefits of being both a branded and private label producer - The dual strategy allows for consumer segmentation and supply chain synergies, contributing to overall profitability [30][31] Question: Capital allocation and M&A strategy - The company is focused on organic growth and has made progress in extending its brand into adjacent areas, with no direct M&A activity since the last investor meeting [55][56]

Financial Data and Key Metrics Changes - The company is focused on consistent organic volume growth and margin expansion as primary business aspirations [3][4] - The outlook for category growth this year was initially expected to decline in low single digits, but the company has outperformed the categories slightly [13][14] - Aluminum prices have increased from approximately $1.2 per pound to $1.9, prompting the company to implement a third price increase in the Reynolds Cooking and Baking business [40] Business Line Data and Key Metrics Changes - The company operates through four segments: Reynolds Cooking and Baking, Hefty Waste and Storage, Hefty Tableware, and Presto products [9][10][11] - The foam category is experiencing double-digit declines, impacting overall category expectations, while other categories are expected to remain flat [13] - The Hefty brand enjoys a 98% level of consumer awareness and has been a serial innovator, contributing to long-term share gains in the trash category [28] Market Data and Key Metrics Changes - The U.S. consumer is under pressure due to declining consumer confidence and rising debt levels, impacting overall market dynamics [38] - There is a trend towards larger pack sizes and lower opening price points across most categories [39] - The company has a U.S.-centric business model, with 90% of revenues coming from the U.S., which insulates it from tariff impacts compared to competitors relying on international supply chains [50][51] Company Strategy and Development Direction - The company aims to build a world-class team and elevate the finance team to become business partners driving results [5][6] - Innovation and marketing are critical for driving category growth, with a focus on aligning products with evolving consumer needs [15][16] - The company sees the brand and store brand business as complementary, allowing for better consumer segmentation and price point management [34] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the current operating environment is challenging, with commodity volatility and consumer pressure being significant factors [7][38] - The company is optimistic about its ability to manage costs and drive earnings stability through a more agile team [7][8] - Future capital allocation will focus on high-return opportunities, including automation and innovation [68][69] Other Important Information - The company has made significant progress in offering sustainable alternatives across all major categories, addressing consumer demand for sustainability [58] - The company has not pursued M&A since its last investor day but has focused on organic growth and brand extension into adjacent areas [60][61] Q&A Session Summary Question: What are the long-term growth drivers for the trash category? - The Hefty brand's strong consumer awareness, innovation, and effective marketing have driven long-term share gains in the trash category [27][29] Question: How does the company view the competitive dynamics in the market? - The competitive landscape is rational, with promotional activities resembling pre-pandemic levels, and the company is focused on maintaining its brand strength [19][31] Question: What is the company's approach to managing input costs and tariffs? - The company has seen a decrease in direct tariff exposure and is focusing on onshoring production to mitigate costs [46][50]

Financial Data and Key Metrics Changes - In Q2 2025, net revenues were $938 million, an increase from $930 million in the same period last year [18] - Adjusted EBITDA for Q2 was $100 million, compared to $172 million in the prior year [20] - Adjusted earnings per share (EPS) was $0.39, down from $0.41 in the previous year [20] - The company expects net revenues to decline low single digits compared to 2024, with adjusted EBITDA projected between $650 million and $670 million for the year [21][22] Business Line Data and Key Metrics Changes - Retail revenue was flat at $887 million, with modest volume growth excluding a headwind from foam products [18][19] - Non-retail revenues increased to $51 million [18] - The company gained market share in hefty waste bags, private label food bags, and hefty party cups [6][7] Market Data and Key Metrics Changes - U.S. consumer confidence decreased by 15 points in 2025, impacting consumer behavior [8] - Approximately 15% of U.S. households utilize SNAP benefits, which are being reduced, affecting affordability and value perception [9] Company Strategy and Development Direction - The company is focusing on product innovation, including Hefty Fabuloso scented waste bags and Reynolds Kitchens air fryer cups, to drive volume and share gains [6][7] - Strategic initiatives are in place to enhance revenue growth management and supply chain efficiency, including onshoring production [14][15] - The company is investing in automation and high-return projects to support growth and margin expansion beyond 2025 [23] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a challenging operating environment but expressed confidence in executing pricing strategies to offset input cost increases [16][18] - The company is adapting to shifts in consumer behavior, including increased online shopping and demand for affordable products [10][52] - Management reiterated confidence in 2025 earnings expectations and the potential for long-term growth [24] Other Important Information - The company is adding key members to its team to enhance commercial and operational performance [15] - The gross profit decline is attributed to the timing of pricing actions relative to input cost increases, with expectations for recovery in the latter half of the year [20][40] Q&A Session Summary Question: Investment areas and capital deployment - Management highlighted automation capital pipeline and onshoring manufacturing as new investment opportunities [27] Question: Innovation and branding - Continued investment in Hefty scented waste bags and sustainable product offerings like Hefty EcoSafe cutlery was emphasized [28][29] Question: Gross margin and pricing strategy - Management discussed cost headwinds and pricing recovery, expecting a balance in the latter half of the year [34][36] Question: Consumer purchase patterns and pricing execution - Management noted stable promotional levels and consumer behavior, with confidence in executing price increases [48][52] Question: Retail inventory destocking impact - Management indicated that destocking had a neutral impact in Q2, with no significant changes observed [60][66] Question: Promotional environment in trash category - Management clarified that promotional levels remained consistent year-over-year, attributing share gains to distribution and innovation [70][72]