AptarGroup Q3 earnings take $60.4M after-tax Russia hit
A $0.94-per-share after-tax impact from the Russian subsidiary deconsolidation accompanied the Board's approval of a higher quarterly dividend.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
AptarGroup, Inc. (ATR) reported third-quarter 2026 sales of $1.02 billion, up 6% year over year, with core sales up 5%. Reported sales growth was 2% in Pharma, 9% in Beauty and 11% in Closures. Net income attributable to AptarGroup was $32.6 million and diluted EPS was $0.51, compared with $127.9 million and $1.92 a year earlier. Adjusted EPS was $1.52 versus $1.62, and adjusted EBITDA margin was 21.3% versus 23.2%.
Aptar deconsolidated its Russian subsidiary after a governmental decree placed it under external administration and Aptar lost control. The combined impact was $60.4 million after tax, or $0.94 per diluted share; Aptar recorded a $58.0 million loss on deconsolidation, including approximately $30.0 million of cash held by the subsidiary. Nine-month sales were $3.03 billion, up 8%, while adjusted EPS declined 10% to $4.13.
Aptar expects fourth-quarter adjusted EPS of $1.39 to $1.47, assuming a 17.5% to 19.5% effective tax rate and a 1.12 Euro to USD exchange rate. The Board approved increasing the quarterly dividend from $0.48 to $0.50 per share, payable December 3, 2026, to holders of record November 12, 2026. Aptar repurchased approximately 234,000 shares for $30 million during the quarter.
2 points · 0 major0 major · 3 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointThird-quarter reported sales rose 6% to $1.02 billion.
- Minor pointThe Board approved a quarterly dividend increase from $0.48 to $0.50 per share.
Negative
- Moderate pointNine-month adjusted EPS declined 10% to $4.13.
- Moderate pointRussian subsidiary deconsolidation had a $60.4 million after-tax impact.
- Minor pointNine-month reported diluted EPS fell 37% to $3.00.
Filing Explained
Third-quarter free cash flow was $98,592 thousand, compared with $114,293 thousand in the year-earlier quarter.
Aptar furnished its third-quarter results in this Form 8-K for the quarter ended
Aptar defines free cash flow as cash from operations less capital expenditures plus proceeds from government grants related to capital expenditures; its reconciliation reports
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Reported sales: $1.02 billion
Net income attributable to AptarGroup: $32.6 million
Reported diluted EPS: $0.51
+5 more
8 metrics
Reported sales
$1.02 billion
Third quarter 2026; up 6% year over year
Net income attributable to AptarGroup
$32.6 million
Third quarter 2026, compared with $127.9 million in the prior-year quarter
Reported diluted EPS
$0.51
Third quarter 2026, compared with $1.92 in the prior-year quarter
Adjusted EPS
$1.52
Third quarter 2026, compared with $1.62 in the prior-year period
Adjusted EBITDA margin
21.3%
Third quarter 2026, compared with 23.2% in the prior-year quarter
Russian subsidiary deconsolidation impact
$60.4 million after tax
Third quarter 2026; $0.94 per diluted share
Fourth-quarter adjusted EPS guidance
$1.39 to $1.47
Fourth quarter 2026
Quarterly cash dividend
$0.50 per share
Approved increase from $0.48 per share
Key Terms
Core sales, Adjusted EBITDA margin, deconsolidation, Adjusted earnings per share
4 terms
Core sales financial
"core sales increased 5% compared to the prior year period"
Core sales are the revenue generated by a company's main, ongoing business activities after removing one-time or unusual items such as proceeds from asset sales, discontinued operations, or temporary boosts. Investors care because core sales show the steady, repeatable demand for a company’s products or services—like judging a store by its regular weekly receipts rather than a single big clearance sale—to better assess growth trends and future earnings potential.
Adjusted EBITDA margin financial
"Adjusted EBITDA margin was 21.3%"
Adjusted EBITDA margin shows how much profit a company makes from its core operations, expressed as a percentage of its total revenue, after removing certain one-time or unusual expenses and income. It helps investors understand the company's true earning ability from regular business activities, making it easier to compare performance over time or with other companies. Think of it as measuring the efficiency of a business in turning sales into profits, excluding irregular adjustments.
deconsolidation financial
"loss on deconsolidation of our Russian subsidiary"
Deconsolidation occurs when a company stops combining another business’s financial results and balances with its own—usually because it no longer controls that business. For investors this matters because it can suddenly shrink reported revenue, assets, debt and profit, or create a one‑time gain or loss, changing how risky or profitable the remaining company appears; think of it like removing a roommate from a shared household budget and seeing your monthly totals change.
Earnings Snapshot
Reported sales: $1.02 billion · Guidance included
Third quarter 2026 ended September 30, 2026
Reported sales
$1.02 billion
Up 6% year over year
Reported diluted EPS
$0.51
Compared with $1.92 in the prior-year quarter
Adjusted EPS
$1.52
Compared with $1.62 in the prior-year period
Adjusted EBITDA margin
21.3%
Compared with 23.2% in the prior-year quarter
Guidance
Fourth-quarter 2026 adjusted EPS of $1.39 to $1.47; assumes an effective tax rate of 17.5% to 19.5% and a 1.12 Euro to USD exchange rate.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much did AptarGroup (ATR) report in third-quarter 2026 sales?
AptarGroup reported third-quarter 2026 sales of $1.02 billion, up 6% from $961 million in the prior-year quarter, while core sales increased 5%. Reported sales growth was 2% for Pharma, 9% for Beauty and 11% for Closures.
What was the impact of AptarGroup's Russian subsidiary deconsolidation?
The combined impact was $60.4 million after tax, or $0.94 per diluted share. Aptar recorded a $58.0 million loss on deconsolidation; the combined impact was $61.2 million before tax and included approximately $2.6 million of related receivable reserves and $0.5 million of related legal costs.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
(Address of principal executive offices)
Registrant’s telephone number, including area code: 815 -477-0424 .
| N/A | ||
| (Former name or former address, if changed since last report) | ||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On October 29, 2026, AptarGroup, Inc. announced certain information related to its results of operations for the quarter ended September 30, 2026. The press release regarding this announcement is furnished as Exhibit 99.1 hereto.
The information in Item 2.02 of this Form 8-K and the Exhibit attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
| (d) Exhibits | ||||||||
| 99.1 | Press release issued by AptarGroup, Inc. dated October 29, 2026. | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| AptarGroup, Inc. | |||||||||||
Date: October 29, 2026 | By: | /s/ Vanessa Kanu | |||||||||
| Vanessa Kanu | |||||||||||
| Executive Vice President and | |||||||||||
| Chief Financial Officer | |||||||||||
Exhibit 99.1
Aptar Reports Third Quarter 2026 Results
Crystal Lake, Illinois, October 29, 2026 -- AptarGroup, Inc. (NYSE:ATR), a global leader in drug delivery, dosing and protection technologies, and consumer product dispensing, today reported the following third quarter results for the period ended September 30, 2026, as compared to the corresponding period of the last fiscal year.
Third Quarter 2026 Highlights
(Compared to the prior year quarter; see Non-GAAP section for full definitions; see reconciliation for Non-GAAP measures)
•Reported sales increased 6% and core sales increased 5%
•Reported net income was $33 million and reported earnings per share were $0.51, impacted by deconsolidation of the Russian subsidiary
•Adjusted earnings per share were $1.52, at the higher end of the guidance range, compared to $1.62 in the prior year period at comparable exchange rates
•Adjusted EBITDA margin was 21.3%, compared to 23.2% in the prior year quarter
•Returned $61 million in the quarter and $272 million year-to-date to shareholders through share repurchases and dividends
•Subsequent to the quarter, the Board of Directors approved an increase in the quarterly cash dividend from $0.48 to $0.50
“We delivered broad-based revenue growth across all three segments. Pharma delivered impressive growth in central nervous system therapies, pulmonary, injectables and consumer healthcare, while maintaining profitability at the high end of our long-term target range. Our Pharma pipeline remains strong, with continued focus on building the pipeline and converting opportunities into future growth. New technologies and development programs are expanding the role we can play with customers across the drug development cycle. Beauty and Closures also delivered strong top-line growth, including double-digit core sales growth in Closures, where innovation in beverage dispensing continues to gain momentum. As I begin my tenure as CEO, our direction is clear: deepen our position with customers, accelerate innovation, execute with greater consistency and allocate capital thoughtfully. These priorities will guide how we drive profitable growth and create long-term value for Aptar and our shareholders,” said Gael Touya, Aptar President and CEO.
Third Quarter Results
For the quarter ended September 30, 2026, reported sales increased 6% to $1.02 billion compared to $961 million in the prior year and core sales increased 5% compared to the prior year period.
Third Quarter Segment Sales Analysis (Change Over Prior Year) | ||||||||||||||
| Pharma | Beauty | Closures | Total AptarGroup | |||||||||||
| Reported Sales Growth | 2% | 9% | 11% | 6% | ||||||||||
Currency Effects (1) | 1% | 0% | (1)% | 0% | ||||||||||
| Acquisitions / Deconsolidation | (2)% | (1)% | 1% | (1)% | ||||||||||
| Core Sales Growth | 1% | 8% | 11% | 5% | ||||||||||
(1) - Currency effects are approximated by translating last year's amounts at this year's foreign exchange rates.
1
Pharma’s reported sales increased 2% compared to the prior year period and core sales increased 1%. Adjusting for emergency medicine destocking, Pharma delivered 8% core sales growth in the quarter. Performance was supported by continued growth across a number of end markets, including central nervous system and pulmonary therapies, nasal decongestants, eye care and dermal drug delivery solutions, and demand related to biologics, vaccines and GLP-1 therapies. These growth drivers were partially offset by the anticipated reduction in emergency medicine sales. Pharma delivered adjusted EBITDA margin of 36.4% a decline of 80 basis points, remaining above our long-term target despite a short-term unfavorable product mix related to destocking. Royalties and productivity improvements continued to positively impact margins.
Beauty’s reported sales increased 9% when compared to the prior year period, with core sales growth of 8%. There was increased demand for prestige fragrance dispensing, color cosmetics, as well as hair care applications, and pass throughs of higher input costs also contributed positively. Adjusted EBITDA margin was 11.4%, a decline of 70 basis points, including unfavorable mix and ongoing challenges in North American operations.
Closures’ reported sales rose 11% from the prior year period, with core sales growth of 11%. Beverage and food sales grew significantly, led by strong demand for bottled water and concentrates, continued momentum from our latest beverage dispensing closure innovation, as well as strong condiment sales. Pass throughs of higher input costs contributed positively to core sales growth, however, the dilutive impact drove the decline of 60 basis points in Adjusted EBITDA margin to 15.5%.
During the third quarter, Aptar deconsolidated its Russian subsidiary following a governmental decree placing the subsidiary under external administration and the resulting loss of control. Aptar recorded a $58.0 million loss on deconsolidation which included approximately $30.0 million of cash held by the subsidiary. The combined impact was $61.2 million before tax, including approximately $2.6 million of related receivable reserves and $0.5 million of related legal costs; and $60.4 million after tax, or $0.94 per diluted share.
Reported third quarter earnings per share were $0.51 compared to $1.92 reported a year ago. Adjusted earnings per share were $1.52, compared to the prior year period’s adjusted earnings per share of $1.62, including comparable exchange rates. The third quarter reported effective tax rate was 45.6%, reflecting the non-deductible tax impact of the deconsolidation of the Russian subsidiary. The adjusted effective tax rate was 23.4%, compared to the prior year period’s reported effective tax rate of 17.1% and adjusted effective tax rate of 20.8%.
Nine Months Year-to-Date Results
For the nine months ended September 30, 2026, reported sales increased 8% to $3.03 billion compared to $2.81 billion in the prior year and core sales increased 2%.
Nine Months Year-To-Date Segment Sales Analysis (Change Over Prior Year) | ||||||||||||||
| Pharma | Beauty | Closures | Total AptarGroup | |||||||||||
| Total Reported Sales Growth | 4% | 12% | 7% | 8% | ||||||||||
Currency Effects (1) | (3)% | (4)% | (3)% | (4)% | ||||||||||
| Acquisitions / Deconsolidation | (1)% | (4)% | 1% | (2)% | ||||||||||
| Core Sales Growth | 0% | 4% | 5% | 2% | ||||||||||
(1) - Currency effects are approximated by translating last year's amounts at this year's foreign exchange rates.
For the nine months ended September 30, 2026, Aptar’s reported earnings per share were $3.00, a decrease of 37%, which was also impacted by the deconsolidation of the Russian subsidiary, compared to $4.75 reported a year ago. For the first nine months of 2026, adjusted earnings per share were $4.13 and decreased 10% from prior year adjusted earnings per share of $4.60, including comparable exchange rates. The current year had a reported effective tax rate of 28.1% and an adjusted effective tax rate of 23.2% compared to the prior year reported and adjusted effective tax rates of 20.4% and 21.9%, respectively.
2
Outlook
Regarding Aptar’s outlook, Touya stated, “We expect Aptar to finish the year strong, supported by continued Pharma growth, particularly in consumer healthcare and injectables and without the headwind from emergency medicine destocking. Our Pharma pipeline remains strong, with new technologies and development programs expanding our reach across therapeutic areas and advancing opportunities for future growth. Closures continues its great momentum, with innovation helping drive increased demand, particularly for our beverage technologies. In Beauty, we remain focused on improving our long-term North American trajectory, while we continue to see pockets of healthy demand in areas, such as prestige fragrance, globally.”
Aptar currently expects adjusted earnings per share for the fourth quarter of 2026 to be in the range of $1.39 to $1.47. This guidance assumes an effective tax rate range of 17.5% to 19.5%. The earnings per share guidance range is assuming a 1.12 Euro to USD exchange rate.
Cash Dividends and Share Repurchases
During the third quarter, Aptar repurchased approximately 234 thousand shares for $30 million. Aptar may repurchase shares through the open market, privately negotiated transactions or other programs, subject to market conditions. As previously announced, Aptar’s Board of Directors approved a quarterly cash dividend of $0.50 per share. The payment date is December 3, 2026, to stockholders of record as of November 12, 2026.
Open Conference Call
There will be a conference call held on Friday, October 30, 2026 at 8:00 a.m. Central Time to discuss the company’s third quarter results for 2026. The call will last approximately one hour. Interested parties are invited to listen to a live webcast by visiting the Investor Relations website at investors.aptar.com. Replay of the conference call can also be accessed for a limited time on the Investor Relations page of the website.
About Aptar
Aptar is a global leader in drug delivery, dosing and protection technologies, and consumer product dispensing. Aptar partners with the world’s top healthcare and consumer brands to deliver medicines and create exceptional user experiences. Serving diverse markets, from pharmaceutical to beauty to food and beverage, Aptar combines market expertise with proprietary design, engineering and science to develop innovative solutions that help improve lives worldwide. Headquartered in Crystal Lake, Illinois, Aptar employs 14,000 dedicated people across 20 countries. Learn more at http://www.aptar.com.
3
Presentation of Non-GAAP Information
This press release refers to certain non-GAAP financial measures, including current year adjusted earnings per share and adjusted EBITDA, which exclude the impact of restructuring initiatives, acquisition-related costs, certain purchase accounting adjustments related to acquisitions and investments, gains from remeasurement of equity method investments and net unrealized investment gains and losses related to observable market price changes on equity securities, Russia deconsolidation impacts, and other special items. Core sales and adjusted earnings per share also neutralize the impact of foreign currency translation effects when comparing current results to the prior year. Core sales also exclude material acquisitions and, for the three and nine months ended September 30, 2026, the Russian subsidiary’s net sales from both periods. Adjusted EBITDA is defined as earnings before net interest, taxes, depreciation, amortization, restructuring initiatives, acquisition-related costs, purchase accounting adjustments related to acquisitions and investments, gains from remeasurement of equity method investments, net unrealized investment gains and losses related to observable market price changes on equity securities, Russia deconsolidation impacts, and other special items. Russia deconsolidation impacts comprise the loss on deconsolidation of our Russian subsidiary and related receivable reserves and legal costs described above, which we exclude because they resulted from a government action rather than from the operations of our businesses and therefore do not reflect the underlying performance of our remaining operations. For the three and nine months ended September 30, 2026 and 2025, “Other special items” include costs incurred related to non-ordinary-course litigation, specifically: lawsuits between Aptar and ARS Pharmaceuticals, Inc., involving Aptar’s claims of trade-secret misappropriation and contractual breaches and ARS’s lawsuit against Aptar under U.S. antitrust laws; and patent infringement actions filed by Nemera La Verpillière SAS in Germany and France relating to certain of Aptar’s ophthalmic products. These costs are excluded because they do not reflect our core operating performance. Please refer to “Legal Proceedings” within Note 13 - Commitments and Contingencies within Aptar’s Form 10-K for the year ended December 31, 2025 and subsequent SEC filings for more information. Adjusted EBITDA margin is adjusted EBITDA divided by reported net sales. Non-GAAP financial measures may not be comparable to similarly titled non-GAAP financial measures provided by other companies. Aptar’s management believes these non-GAAP financial measures provide useful information to our investors because they allow for a better period over period comparison of operating results by removing the impact of items that, in management’s view, do not reflect Aptar’s core operating performance. These non-GAAP financial measures also provide investors with certain information used by Aptar’s management when making financial and operational decisions. Free cash flow is calculated as cash provided by operating activities less capital expenditures plus proceeds from government grants related to capital expenditures. We use free cash flow to measure cash flow generated by operations that is available for dividends, share repurchases, acquisitions and debt repayment. We believe that it is meaningful to investors in evaluating our financial performance and measuring our ability to generate cash internally to fund our initiatives. These non-GAAP financial measures should not be considered in isolation or as a substitute for GAAP financial results but should be read in conjunction with the unaudited condensed consolidated statements of income and other information presented herein. A reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures is included in the accompanying tables. Our outlook is provided on a non-GAAP basis because certain reconciling items are dependent on future events that either cannot be controlled, such as exchange rates and changes in the fair value of equity investments, or reliably predicted because they are not part of our routine activities, such as restructuring initiatives, acquisition-related costs and other special items.
4
This press release contains forward-looking statements, including certain statements set forth under the “Outlook” section of this press release. Words such as “expects,” “anticipates,” “believes,” “estimates,” “future,” “potential,” “continues” and other similar expressions or future or conditional verbs such as “will,” “should,” “would” and “could” are intended to identify such forward-looking statements. Forward-looking statements are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are based on our beliefs as well as assumptions made by and information currently available to us. Accordingly, our actual results or other events may differ materially from those expressed or implied in such forward-looking statements due to known or unknown risks and uncertainties that exist in our operations and business environment including, but not limited to: geopolitical conflicts worldwide and the resulting indirect impact on demand from our customers selling their products into these countries and certain supply chain disruptions; as well as governmental actions affecting our foreign operations and assets, including the loss of control over, and our ability to recover value from, our Russian operations; cybersecurity threats against our systems and/or service providers that could impact our networks and reporting systems; the availability of raw materials and components (particularly from sole sourced suppliers for some of our Pharma solutions) as well as the financial viability of these suppliers; our ability to protect and defend our intellectual property rights, as well as litigation involving intellectual property rights; the outcome of any legal proceeding that has been or may be instituted against us and others; our ability to keep pace with competition and technological advances, including in connection with the shifting of Pharma origination to less regulated markets; lower demand and asset utilization due to an economic recession either globally or in key markets we operate within; economic conditions worldwide, including inflationary conditions and potential deflationary conditions in other regions we rely on for growth; significant tariffs and other restrictions on foreign imports imposed by the U.S. and related countermeasures taken by impacted foreign countries; our ability to successfully implement facility expansions and new facility projects; fluctuations in the cost of materials, components, transportation cost as a result of supply chain disruptions and labor shortages, and other input costs; significant fluctuations in foreign currency exchange rates or our effective tax rate and cash flow; the impact of tax reform legislation, changes in tax rates and other tax-related events or transactions that could impact our effective tax rate; financial conditions of customers and suppliers; consolidations within our customer or supplier bases; changes in customer and/or consumer spending levels; loss of one or more key products or accounts; our ability to offset inflationary impacts with cost containment, productivity initiatives and price increases; changes in capital availability or cost, interest rate volatility; loss of royalty revenue due to contract expirations; volatility of global credit markets; our ability to identify potential new acquisitions and to successfully acquire and integrate such operations, including the successful integration of the businesses we have acquired; our ability to build out acquired businesses and integrate the product/service offerings of the acquired entities into our existing product/service portfolio; direct or indirect consequences of acts of war, terrorism or social unrest; the impact of natural disasters and other weather-related occurrences; fiscal and monetary policies and other regulations; changes, difficulties or failures in complying with government regulation, including FDA or similar foreign governmental authorities; changing regulations or market conditions regarding environmental sustainability; our ability to retain key members of management and manage labor costs; work stoppages due to labor disputes; our ability to meet future cash flow estimates to support our goodwill impairment testing; the demand for existing and new products; the success of our customers’ products, particularly in the pharmaceutical industry; our ability to manage worldwide customer launches of complex technical products, particularly in developing markets; difficulties in product development and uncertainties related to the timing or outcome of product development; significant product liability claims; and other risks associated with our operations. For additional information on these and other risks and uncertainties, please see our filings with the Securities and Exchange Commission, including the discussion under “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Form 10-K and Form 10-Qs. Readers are cautioned not to place undue reliance on forward-looking statements. We undertake no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Contacts
Investor Relations Contact:
Mary Skafidas
mary.skafidas@aptar.com
815-479-5530
Media Contact:
Katie Reardon
katie.reardon@aptar.com
815-479-5671
5
AptarGroup, Inc.
Condensed Consolidated Financial Statements (Unaudited)
(In Thousands, Except Per Share Data)
Consolidated Statements of Income
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net Sales | $ | 1,019,119 | $ | 961,131 | $ | 3,028,495 | $ | 2,814,445 | |||||||||||||||
| Cost of Sales (exclusive of depreciation and amortization shown below) | 646,196 | 598,046 | 1,938,146 | 1,747,931 | |||||||||||||||||||
| Selling, Research & Development and Administrative | 160,164 | 148,760 | 485,501 | 455,176 | |||||||||||||||||||
| Depreciation and Amortization | 75,544 | 75,234 | 230,910 | 210,785 | |||||||||||||||||||
| Restructuring Initiatives | 2,208 | 2,168 | 4,713 | 5,789 | |||||||||||||||||||
| Operating Income | 135,007 | 136,923 | 369,225 | 394,764 | |||||||||||||||||||
| Other Income (Expense): | |||||||||||||||||||||||
| Interest Expense | (15,790) | (13,532) | (48,733) | (35,733) | |||||||||||||||||||
| Interest Income | 1,930 | 2,400 | 8,359 | 7,094 | |||||||||||||||||||
| Net Investment (Loss) Gain | (1,011) | (161) | (1,160) | 845 | |||||||||||||||||||
| Loss on Russia Deconsolidation | (58,020) | — | (58,020) | — | |||||||||||||||||||
| Equity in Results of Affiliates | 1,106 | 1,747 | 3,224 | 6,142 | |||||||||||||||||||
| Gain from Remeasurement of Equity Method Investment | — | 26,518 | — | 26,518 | |||||||||||||||||||
| Miscellaneous Expense, net | (2,889) | 232 | (3,744) | 226 | |||||||||||||||||||
| Income before Income Taxes | 60,333 | 154,127 | 269,151 | 399,856 | |||||||||||||||||||
| Provision for Income Taxes | 27,511 | 26,295 | 75,552 | 81,629 | |||||||||||||||||||
| Net Income | $ | 32,822 | $ | 127,832 | $ | 193,599 | $ | 318,227 | |||||||||||||||
| Net (Income) Loss Attributable to Noncontrolling Interests | (226) | (47) | (382) | 76 | |||||||||||||||||||
| Net Loss (Income) Attributable to Redeemable Noncontrolling Interests | 6 | 142 | (368) | 142 | |||||||||||||||||||
| Net Income Attributable to AptarGroup, Inc. | $ | 32,602 | $ | 127,927 | $ | 192,849 | $ | 318,445 | |||||||||||||||
| Net Income Attributable to AptarGroup, Inc. per Common Share: | |||||||||||||||||||||||
| Basic | $ | 0.51 | $ | 1.95 | $ | 3.03 | $ | 4.83 | |||||||||||||||
| Diluted | $ | 0.51 | $ | 1.92 | $ | 3.00 | $ | 4.75 | |||||||||||||||
| Average Numbers of Shares Outstanding: | |||||||||||||||||||||||
| Basic | 63,523 | 65,709 | 63,733 | 65,989 | |||||||||||||||||||
| Diluted | 64,147 | 66,630 | 64,373 | 67,043 | |||||||||||||||||||
6
AptarGroup, Inc.
Condensed Consolidated Financial Statements (Unaudited)
(continued)
($ In Thousands)
Consolidated Balance Sheets
| September 30, 2026 | December 31, 2025 | ||||||||||
| ASSETS | |||||||||||
| Cash and Equivalents | $ | 204,176 | $ | 402,424 | |||||||
| Short-term Investments | 8,121 | 7,109 | |||||||||
| Accounts and Notes Receivable, Net | 883,939 | 803,830 | |||||||||
| Inventories | 582,605 | 537,845 | |||||||||
| Prepaid and Other | 157,950 | 142,354 | |||||||||
| Total Current Assets | 1,836,791 | 1,893,562 | |||||||||
| Property, Plant and Equipment, Net | 1,635,530 | 1,676,479 | |||||||||
| Goodwill | 1,067,152 | 1,077,898 | |||||||||
| Other Assets | 572,153 | 604,780 | |||||||||
| Total Assets | $ | 5,111,626 | $ | 5,252,719 | |||||||
| LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY | |||||||||||
| Short-Term Obligations | $ | 350,681 | $ | 343,531 | |||||||
| Accounts Payable, Accrued and Other Liabilities | 872,133 | 822,913 | |||||||||
| Total Current Liabilities | 1,222,814 | 1,166,444 | |||||||||
| Long-Term Obligations | 1,024,735 | 1,139,433 | |||||||||
| Deferred Liabilities and Other | 202,894 | 234,617 | |||||||||
| Total Liabilities | 2,450,443 | 2,540,494 | |||||||||
| Redeemable Noncontrolling Interests | 28,048 | 26,244 | |||||||||
| Total Mezzanine Equity | 28,048 | 26,244 | |||||||||
| AptarGroup, Inc. Stockholders' Equity | 2,614,324 | 2,668,096 | |||||||||
| Noncontrolling Interests in Subsidiaries | 18,811 | 17,885 | |||||||||
| Total Stockholders' Equity | 2,633,135 | 2,685,981 | |||||||||
| Total Liabilities, Mezzanine Equity and Stockholders' Equity | $ | 5,111,626 | $ | 5,252,719 | |||||||
7
AptarGroup, Inc.
Condensed Consolidated Financial Statements (Unaudited)
(continued)
($ In Thousands)
Consolidated Statement of Cash Flows
| Nine Months Ended September 30, | 2026 | 2025 | |||||||||
| Cash Flows from Operating Activities: | |||||||||||
| Net income | $ | 193,599 | $ | 318,227 | |||||||
| Adjustments to reconcile net income to net cash provided by operations: | |||||||||||
| Depreciation | 198,044 | 177,412 | |||||||||
| Amortization | 32,866 | 33,373 | |||||||||
| Stock-based compensation | 33,043 | 36,772 | |||||||||
| Provision for CECL | 4,374 | 516 | |||||||||
| Loss (gain) on disposition of fixed assets | 484 | 77 | |||||||||
| Loss on Russia deconsolidation | 58,020 | — | |||||||||
| Net loss (gain) on remeasurement of equity securities | 1,160 | (845) | |||||||||
| Deferred income taxes | (5,257) | (31,851) | |||||||||
| Defined benefit plan expense | 6,898 | 10,232 | |||||||||
| Equity in results of affiliates | (3,224) | (6,142) | |||||||||
| Gain on remeasurement of equity method investment | — | (26,518) | |||||||||
| Impairment loss | 5,007 | — | |||||||||
| Changes in balance sheet items, excluding effects from foreign currency adjustments: | |||||||||||
| Accounts and other receivables | (101,728) | (66,812) | |||||||||
| Inventories | (56,698) | (22,782) | |||||||||
| Prepaid and other current assets | (17,906) | (28,064) | |||||||||
| Accounts payable, accrued and other liabilities | 60,132 | 6,950 | |||||||||
| Income taxes payable | (5,250) | (1,281) | |||||||||
| Retirement and deferred compensation plan liabilities | (6,183) | (5,891) | |||||||||
| Retirement and deferred compensation plan assets | 420 | (7,314) | |||||||||
| Other changes, net | (8,023) | 247 | |||||||||
| Net Cash Provided by Operations | 389,778 | 386,306 | |||||||||
| Cash Flows from Investing Activities: | |||||||||||
| Capital expenditures | (191,965) | (183,600) | |||||||||
| Proceeds from government grants | — | 3,308 | |||||||||
| Proceeds from sale of property, plant and equipment | 1,544 | 2,103 | |||||||||
| (Purchases) and maturities of short-term investments | (1,462) | 2,813 | |||||||||
| Acquisition of business, net of cash acquired and release of escrow | (156) | (28,221) | |||||||||
| Acquisition of intangible assets, net | (1,933) | (4,301) | |||||||||
| Investment in equity securities | — | (7,258) | |||||||||
| Cash balance of deconsolidated subsidiary | (29,977) | — | |||||||||
| Notes receivable, net | 1,355 | 37 | |||||||||
| Net Cash Used by Investing Activities | (222,594) | (215,119) | |||||||||
| Cash Flows from Financing Activities: | |||||||||||
| Proceeds from notes payable and overdrafts | 20,826 | 2,105 | |||||||||
| Repayments of notes payable and overdrafts | (21,281) | (1,946) | |||||||||
| Proceeds of short term revolving credit facility, net | 50,000 | 144,620 | |||||||||
| Proceeds from long-term obligations | 6,112 | 1,204 | |||||||||
| Repayments of long-term obligations | (160,897) | (36,490) | |||||||||
| Payment of contingent consideration obligation | (3,730) | — | |||||||||
| Dividends paid | (92,054) | (89,287) | |||||||||
| Proceeds from stock option exercises | 22,420 | 14,869 | |||||||||
| Purchase of treasury stock | (179,973) | (190,005) | |||||||||
| Redeemable noncontrolling interest | 1,106 | 703 | |||||||||
| Net Cash Used by Financing Activities | (357,471) | (154,227) | |||||||||
| Effect of Exchange Rate Changes on Cash | (7,961) | 16,253 | |||||||||
| Net Decrease in Cash and Equivalents and Restricted Cash | (198,248) | 33,213 | |||||||||
| Cash and Equivalents and Restricted Cash at Beginning of Period | 404,849 | 223,844 | |||||||||
| Cash and Equivalents and Restricted Cash at End of Period | $ | 206,601 | $ | 257,057 | |||||||
8
AptarGroup, Inc.
Reconciliation of Adjusted EBIT and Adjusted EBITDA to Net Income (Unaudited)
($ In Thousands)
| Three Months Ended September 30, 2026 | ||||||||||||||||||||||||||||||||||||||
| Consolidated | Pharma | Beauty | Closures | Corporate & Other | Net Interest | |||||||||||||||||||||||||||||||||
| Net Sales | $ | 1,019,119 | $ | 453,970 | $ | 357,372 | $ | 207,777 | $ | — | $ | — | ||||||||||||||||||||||||||
| Reported net income | $ | 32,822 | ||||||||||||||||||||||||||||||||||||
| Reported income taxes | 27,511 | |||||||||||||||||||||||||||||||||||||
| Reported income before income taxes | 60,333 | 122,589 | 5,363 | (22,985) | (30,774) | (13,860) | ||||||||||||||||||||||||||||||||
| Adjustments: | ||||||||||||||||||||||||||||||||||||||
| Restructuring initiatives | 2,208 | 406 | 1,827 | (25) | — | |||||||||||||||||||||||||||||||||
| Net investment loss | 1,011 | — | — | — | 1,011 | |||||||||||||||||||||||||||||||||
| Russia deconsolidation impact | 61,161 | 3,137 | 9,555 | 40,626 | 7,843 | |||||||||||||||||||||||||||||||||
| Other special items | 3,095 | 3,095 | — | — | — | |||||||||||||||||||||||||||||||||
| Adjusted earnings before income taxes | 127,808 | 129,227 | 16,745 | 17,616 | (21,920) | (13,860) | ||||||||||||||||||||||||||||||||
| Interest expense | 15,790 | 15,790 | ||||||||||||||||||||||||||||||||||||
| Interest income | (1,930) | (1,930) | ||||||||||||||||||||||||||||||||||||
| Adjusted earnings before net interest and taxes (Adjusted EBIT) | 141,668 | 129,227 | 16,745 | 17,616 | (21,920) | — | ||||||||||||||||||||||||||||||||
| Depreciation and amortization | 75,544 | 35,911 | 23,965 | 14,561 | 1,107 | |||||||||||||||||||||||||||||||||
| Adjusted earnings before net interest, taxes, depreciation and amortization (Adjusted EBITDA) | $ | 217,212 | $ | 165,138 | $ | 40,710 | $ | 32,177 | $ | (20,813) | $ | — | ||||||||||||||||||||||||||
| Reported net income margins (Reported net income / Reported Net Sales) | 3.2 | % | ||||||||||||||||||||||||||||||||||||
| Adjusted EBITDA margins (Adjusted EBITDA / Reported Net Sales) | 21.3 | % | 36.4 | % | 11.4 | % | 15.5 | % | ||||||||||||||||||||||||||||||
| Three Months Ended September 30, 2025 | ||||||||||||||||||||||||||||||||||||||
| Consolidated | Pharma | Beauty | Closures | Corporate & Other | Net Interest | |||||||||||||||||||||||||||||||||
| Net Sales | $ | 961,131 | $ | 445,410 | $ | 327,768 | $ | 187,953 | $ | — | $ | — | ||||||||||||||||||||||||||
| Reported net income | $ | 127,832 | ||||||||||||||||||||||||||||||||||||
| Reported income taxes | 26,295 | |||||||||||||||||||||||||||||||||||||
| Reported income before income taxes | 154,127 | 124,759 | 40,073 | 14,714 | (14,287) | (11,132) | ||||||||||||||||||||||||||||||||
| Adjustments: | ||||||||||||||||||||||||||||||||||||||
| Restructuring initiatives | 2,168 | 919 | 550 | 702 | (3) | |||||||||||||||||||||||||||||||||
| Net investment loss | 161 | — | — | — | 161 | |||||||||||||||||||||||||||||||||
| Gain from remeasurement of equity method investment | (26,518) | — | (26,518) | — | — | |||||||||||||||||||||||||||||||||
| Transaction costs related to acquisitions | 748 | 584 | 164 | — | — | |||||||||||||||||||||||||||||||||
| Purchase accounting adjustments related to acquisitions and investments | 1,148 | — | 1,148 | — | — | |||||||||||||||||||||||||||||||||
| Other special items | 4,400 | 4,400 | — | — | — | |||||||||||||||||||||||||||||||||
| Adjusted earnings before income taxes | 136,234 | 130,662 | 15,417 | 15,416 | (14,129) | (11,132) | ||||||||||||||||||||||||||||||||
| Interest expense | 13,532 | 13,532 | ||||||||||||||||||||||||||||||||||||
| Interest income | (2,400) | (2,400) | ||||||||||||||||||||||||||||||||||||
| Adjusted earnings before net interest and taxes (Adjusted EBIT) | 147,366 | 130,662 | 15,417 | 15,416 | (14,129) | — | ||||||||||||||||||||||||||||||||
| Depreciation and amortization | 75,234 | 35,107 | 24,332 | 14,921 | 874 | |||||||||||||||||||||||||||||||||
| Adjusted earnings before net interest, taxes, depreciation and amortization (Adjusted EBITDA) | $ | 222,600 | $ | 165,769 | $ | 39,749 | $ | 30,337 | $ | (13,255) | $ | — | ||||||||||||||||||||||||||
| Reported net income margins (Reported net income / Reported Net Sales) | 13.3 | % | ||||||||||||||||||||||||||||||||||||
| Adjusted EBITDA margins (Adjusted EBITDA / Reported Net Sales) | 23.2 | % | 37.2 | % | 12.1 | % | 16.1 | % | ||||||||||||||||||||||||||||||
9
AptarGroup, Inc.
Reconciliation of Adjusted EBIT and Adjusted EBITDA to Net Income (Unaudited)
($ In Thousands)
| Nine Months Ended September 30, 2026 | ||||||||||||||||||||||||||||||||||||||
| Consolidated | Pharma | Beauty | Closures | Corporate & Other | Net Interest | |||||||||||||||||||||||||||||||||
| Net Sales | $ | 3,028,495 | $ | 1,350,697 | $ | 1,088,461 | $ | 589,337 | $ | — | $ | — | ||||||||||||||||||||||||||
| Reported net income | $ | 193,599 | ||||||||||||||||||||||||||||||||||||
| Reported income taxes | 75,552 | |||||||||||||||||||||||||||||||||||||
| Reported income before income taxes | 269,151 | 339,843 | 38,396 | 1,434 | (70,148) | (40,374) | ||||||||||||||||||||||||||||||||
| Adjustments: | ||||||||||||||||||||||||||||||||||||||
| Restructuring initiatives | 4,713 | 345 | 4,545 | 311 | (488) | |||||||||||||||||||||||||||||||||
| Net investment loss | 1,160 | — | — | — | 1,160 | |||||||||||||||||||||||||||||||||
| Realized gain on investments included in net investment loss above | 88 | — | — | — | 88 | |||||||||||||||||||||||||||||||||
| Russia deconsolidation impact | 61,161 | 3,137 | 9,555 | 40,626 | 7,843 | |||||||||||||||||||||||||||||||||
| Transaction costs related to acquisitions | 83 | 83 | — | — | — | |||||||||||||||||||||||||||||||||
| Purchase accounting adjustments related to acquisitions and investments | 145 | 145 | — | — | — | |||||||||||||||||||||||||||||||||
| Other special items | 10,899 | 10,899 | — | — | — | |||||||||||||||||||||||||||||||||
| Adjusted earnings before income taxes | 347,400 | 354,452 | 52,496 | 42,371 | (61,545) | (40,374) | ||||||||||||||||||||||||||||||||
| Interest expense | 48,733 | 48,733 | ||||||||||||||||||||||||||||||||||||
| Interest income | (8,359) | (8,359) | ||||||||||||||||||||||||||||||||||||
| Adjusted earnings before net interest and taxes (Adjusted EBIT) | 387,774 | 354,452 | 52,496 | 42,371 | (61,545) | — | ||||||||||||||||||||||||||||||||
| Depreciation and amortization | 230,910 | 110,814 | 73,438 | 43,312 | 3,346 | |||||||||||||||||||||||||||||||||
| Adjusted earnings before net interest, taxes, depreciation and amortization (Adjusted EBITDA) | $ | 618,684 | $ | 465,266 | $ | 125,934 | $ | 85,683 | $ | (58,199) | $ | — | ||||||||||||||||||||||||||
| Reported net income margins (Reported net income / Reported Net Sales) | 6.4 | % | ||||||||||||||||||||||||||||||||||||
| Adjusted EBITDA margins (Adjusted EBITDA / Reported Net Sales) | 20.4 | % | 34.4 | % | 11.6 | % | 14.5 | % | ||||||||||||||||||||||||||||||
10
AptarGroup, Inc.
Reconciliation of Adjusted EBIT and Adjusted EBITDA to Net Income (Unaudited)
($ In Thousands)
| Nine Months Ended September 30, 2025 | ||||||||||||||||||||||||||||||||||||||
| Consolidated | Pharma | Beauty | Closures | Corporate & Other | Net Interest | |||||||||||||||||||||||||||||||||
| Net Sales | $ | 2,814,445 | $ | 1,297,466 | $ | 968,324 | $ | 548,655 | $ | — | $ | — | ||||||||||||||||||||||||||
| Reported net income | $ | 318,227 | ||||||||||||||||||||||||||||||||||||
| Reported income taxes | 81,629 | |||||||||||||||||||||||||||||||||||||
| Reported income before income taxes | 399,856 | 358,465 | 81,382 | 44,593 | (55,945) | (28,639) | ||||||||||||||||||||||||||||||||
| Adjustments: | ||||||||||||||||||||||||||||||||||||||
| Restructuring initiatives | 5,789 | 1,177 | 1,571 | 2,944 | 97 | |||||||||||||||||||||||||||||||||
| Net investment gain | (845) | — | — | — | (845) | |||||||||||||||||||||||||||||||||
| Gain from remeasurement of equity method investment | (26,518) | — | (26,518) | — | — | |||||||||||||||||||||||||||||||||
| Transaction costs related to acquisitions | 1,092 | 584 | 508 | — | — | |||||||||||||||||||||||||||||||||
| Purchase accounting adjustments related to acquisitions and investments | 1,148 | — | 1,148 | — | — | |||||||||||||||||||||||||||||||||
| Other special items | 4,400 | 4,400 | — | — | — | |||||||||||||||||||||||||||||||||
| Adjusted earnings before income taxes | 384,922 | 364,626 | 58,091 | 47,537 | (56,693) | (28,639) | ||||||||||||||||||||||||||||||||
| Interest expense | 35,733 | 35,733 | ||||||||||||||||||||||||||||||||||||
| Interest income | (7,094) | (7,094) | ||||||||||||||||||||||||||||||||||||
| Adjusted earnings before net interest and taxes (Adjusted EBIT) | 413,561 | 364,626 | 58,091 | 47,537 | (56,693) | — | ||||||||||||||||||||||||||||||||
| Depreciation and amortization | 210,785 | 100,424 | 65,869 | 41,943 | 2,549 | — | ||||||||||||||||||||||||||||||||
| Adjusted earnings before net interest, taxes, depreciation and amortization (Adjusted EBITDA) | $ | 624,346 | $ | 465,050 | $ | 123,960 | $ | 89,480 | $ | (54,144) | $ | — | ||||||||||||||||||||||||||
| Reported net income margins (Reported net income / Reported Net Sales) | 11.3 | % | ||||||||||||||||||||||||||||||||||||
| Adjusted EBITDA margins (Adjusted EBITDA / Reported Net Sales) | 22.2 | % | 35.8 | % | 12.8 | % | 16.3 | % | ||||||||||||||||||||||||||||||
11
AptarGroup, Inc.
Reconciliation of Adjusted Earnings Per Diluted Share (Unaudited)
(In Thousands, Except Per Share Data)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Income before Income Taxes | $ | 60,333 | $ | 154,127 | $ | 269,151 | $ | 399,856 | |||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| Restructuring initiatives | 2,208 | 2,168 | 4,713 | 5,789 | |||||||||||||||||||
| Net investment loss (gain) | 1,011 | 161 | 1,160 | (845) | |||||||||||||||||||
| Realized gain on investments included in net investment loss (gain) above | — | — | 88 | — | |||||||||||||||||||
| Russia deconsolidation impact | 61,161 | — | 61,161 | — | |||||||||||||||||||
| Gain from remeasurement of equity method investment | — | (26,518) | — | (26,518) | |||||||||||||||||||
| Transaction costs related to acquisitions | — | 748 | 83 | 1,092 | |||||||||||||||||||
| Purchase accounting adjustments related to acquisitions and investments | — | 1,148 | 145 | 1,148 | |||||||||||||||||||
| Other special items | 3,095 | 4,400 | 10,899 | 4,400 | |||||||||||||||||||
| Foreign currency effects (1) | (371) | 9,866 | |||||||||||||||||||||
| Adjusted Earnings before Income Taxes | $ | 127,808 | $ | 135,863 | $ | 347,400 | $ | 394,788 | |||||||||||||||
| Provision for Income Taxes | $ | 27,511 | $ | 26,295 | $ | 75,552 | $ | 81,629 | |||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| Restructuring initiatives | 557 | 561 | 1,240 | 1,488 | |||||||||||||||||||
| Net investment loss (gain) | 247 | 39 | 284 | (207) | |||||||||||||||||||
| Realized gain on investments included in net investment loss (gain) above | — | — | 22 | — | |||||||||||||||||||
| Russia deconsolidation impact | 785 | — | 785 | — | |||||||||||||||||||
| Gain from remeasurement of equity method investment | — | — | — | — | |||||||||||||||||||
| Transaction costs related to acquisitions | — | 182 | 20 | 268 | |||||||||||||||||||
| Purchase accounting adjustments related to acquisitions and investments | — | 172 | 49 | 172 | |||||||||||||||||||
| Other special items | 788 | 1,078 | 2,815 | 1,078 | |||||||||||||||||||
| Foreign currency effects (1) | (63) | 2,014 | |||||||||||||||||||||
| Adjusted Provision for Income Taxes | $ | 29,888 | $ | 28,264 | $ | 80,767 | $ | 86,442 | |||||||||||||||
| Net (Income) Loss Attributable to Noncontrolling Interests | $ | (226) | $ | (47) | $ | (382) | $ | 76 | |||||||||||||||
| Net (Income) Loss Attributable to Redeemable Noncontrolling Interests | $ | 6 | $ | 142 | $ | (368) | $ | 142 | |||||||||||||||
| Net Income Attributable to AptarGroup, Inc. | $ | 32,602 | $ | 127,927 | $ | 192,849 | $ | 318,445 | |||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| Restructuring initiatives | 1,651 | 1,607 | 3,473 | 4,301 | |||||||||||||||||||
| Net investment loss (gain) | 764 | 122 | 876 | (638) | |||||||||||||||||||
| Realized gain on investments included in net investment loss (gain) above | — | — | 66 | — | |||||||||||||||||||
| Russia deconsolidation | 60,376 | — | 60,376 | — | |||||||||||||||||||
| Gain from remeasurement of equity method investment | — | (26,518) | — | (26,518) | |||||||||||||||||||
| Transaction costs related to acquisitions | — | 566 | 63 | 824 | |||||||||||||||||||
| Purchase accounting adjustments related to acquisitions and investments | — | 976 | 96 | 976 | |||||||||||||||||||
| Other special items | 2,307 | 3,322 | 8,084 | 3,322 | |||||||||||||||||||
| Foreign currency effects (1) | (308) | 7,852 | |||||||||||||||||||||
| Adjusted Net Income Attributable to AptarGroup, Inc. | $ | 97,700 | $ | 107,694 | $ | 265,883 | $ | 308,564 | |||||||||||||||
| Average Number of Diluted Shares Outstanding | 64,147 | 66,630 | 64,373 | 67,043 | |||||||||||||||||||
12
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net Income Attributable to AptarGroup, Inc. Per Diluted Share | $ | 0.51 | $ | 1.92 | $ | 3.00 | $ | 4.75 | |||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| Restructuring initiatives | 0.02 | 0.02 | 0.05 | 0.06 | |||||||||||||||||||
| Net investment loss (gain) | 0.01 | — | 0.01 | (0.01) | |||||||||||||||||||
| Realized gain on investments included in net investment loss (gain) above | — | — | — | — | |||||||||||||||||||
| Russia deconsolidation | 0.94 | — | 0.94 | — | |||||||||||||||||||
| Gain from remeasurement of equity method investment | — | (0.40) | — | (0.40) | |||||||||||||||||||
| Transaction costs related to acquisitions | — | 0.01 | — | 0.01 | |||||||||||||||||||
| Purchase accounting adjustments related to acquisitions and investments | — | 0.02 | — | 0.02 | |||||||||||||||||||
| Other special items | 0.04 | 0.05 | 0.13 | 0.05 | |||||||||||||||||||
| Foreign currency effects (1) | — | 0.12 | |||||||||||||||||||||
| Adjusted Net Income Attributable to AptarGroup, Inc. Per Diluted Share | $ | 1.52 | $ | 1.62 | $ | 4.13 | $ | 4.60 | |||||||||||||||
(1) Foreign currency effects are approximations of the adjustment necessary to state the prior year earnings and earnings per share using current period foreign currency exchange rates.
13
AptarGroup, Inc.
Reconciliation of Free Cash Flow to Net Cash Provided by Operations (Unaudited)
(In Thousands)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net Cash Provided by Operations | $ | 167,598 | $ | 177,606 | $ | 389,778 | $ | 386,306 | |||||||||||||||
| Capital Expenditures | (69,006) | (63,313) | (191,965) | (183,600) | |||||||||||||||||||
| Proceeds from Government Grants | — | — | — | 3,308 | |||||||||||||||||||
| Free Cash Flow | $ | 98,592 | $ | 114,293 | $ | 197,813 | $ | 206,014 | |||||||||||||||
14
AptarGroup, Inc.
Reconciliation of Adjusted Earnings Per Diluted Share (Unaudited)
(In Thousands, Except Per Share Data)
| Three Months Ending December 31, | |||||||||||
Expected 2026 | 2025 | ||||||||||
| Income before Income Taxes | $ | 91,522 | |||||||||
| Adjustments: | |||||||||||
| Restructuring initiatives | 4,048 | ||||||||||
| Curtailment gain related to restructuring initiatives | (115) | ||||||||||
| Net investment loss | 1,328 | ||||||||||
| Transaction costs related to acquisitions | 368 | ||||||||||
| Purchase accounting adjustments related to acquisitions and investments | 645 | ||||||||||
| Other special items | 3,960 | ||||||||||
| Foreign currency effects (1) | (2,485) | ||||||||||
| Adjusted Earnings before Income Taxes | $ | 99,271 | |||||||||
| Provision for Income Taxes | $ | 17,252 | |||||||||
| Adjustments: | |||||||||||
| Restructuring initiatives | 1,015 | ||||||||||
| Curtailment gain related to restructuring initiatives | (30) | ||||||||||
| Net investment loss | 325 | ||||||||||
| Transaction costs related to acquisitions | 125 | ||||||||||
| Purchase accounting adjustments related to acquisitions and investments | 110 | ||||||||||
| Other special items | 970 | ||||||||||
| Foreign currency effects (1) | (468) | ||||||||||
| Adjusted Provision for Income Taxes | $ | 19,299 | |||||||||
| Net Loss Attributable to Noncontrolling Interests | $ | 130 | |||||||||
| Net Income Attributable to Redeemable Noncontrolling Interests | $ | (56) | |||||||||
| Net Income Attributable to AptarGroup, Inc. | $ | 74,344 | |||||||||
| Adjustments: | |||||||||||
| Restructuring initiatives | 3,033 | ||||||||||
| Curtailment gain related to restructuring initiatives | (85) | ||||||||||
| Net investment loss | 1,003 | ||||||||||
| Transaction costs related to acquisitions | 243 | ||||||||||
| Purchase accounting adjustments related to acquisitions and investments | 535 | ||||||||||
| Other special items | 2,990 | ||||||||||
| Foreign currency effects (1) | (2,017) | ||||||||||
| Adjusted Net Income Attributable to AptarGroup, Inc. | $ | 80,046 | |||||||||
| Average Number of Diluted Shares Outstanding | 65,796 | ||||||||||
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| Three Months Ending December 31, | |||||||||||
Expected 2026 | 2025 | ||||||||||
| Net Income Attributable to AptarGroup, Inc. Per Diluted Share | $ | 1.13 | |||||||||
| Adjustments: | |||||||||||
| Restructuring initiatives | 0.05 | ||||||||||
| Curtailment gain related to restructuring initiatives | — | ||||||||||
| Net investment loss | 0.01 | ||||||||||
| Transaction costs related to acquisitions | — | ||||||||||
| Purchase accounting adjustments related to acquisitions and investments | 0.01 | ||||||||||
| Other special items | 0.05 | ||||||||||
| Foreign currency effects (1) | (0.03) | ||||||||||
| Adjusted Net Income Attributable to AptarGroup, Inc. Per Diluted Share (2) | $1.39 - $1.47 | $ | 1.22 | ||||||||
(1) Foreign currency effects are approximations of the adjustment necessary to state the prior year earnings and earnings per share using current spot rates for all applicable foreign currency exchange rates.
(2) AptarGroup’s expected adjusted earnings per share range for the fourth quarter of 2026, see non-GAAP section for full definition, is based on an effective tax rate range of 17.5% to 19.5%. This tax rate range compares to our fourth quarter of 2025 effective tax rate of 18.9% on reported earnings per share and 19.4% on adjusted earnings per share.
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