GPGI cuts FY26 pro forma adjusted EBITDA outlook about 8%
Husky-related cost delays reduced the 2026 EBITDA and free-cash-flow outlook, while the declared quarterly dividend is payable December 1.
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
GPGI, Inc. reported third-quarter 2026 pro forma adjusted net sales of $509.6 million, up 4.5% year over year, and pro forma adjusted EBITDA of $146.3 million, up 6.6%; pro forma adjusted EBITDA margin was 28.7%, up 60 basis points. GAAP net income was $76.0 million.
GPGI lowered FY26 pro forma adjusted EBITDA guidance by about 8% ($45 million at the midpoint) and pro forma adjusted free cash flow guidance by about 8% ($25 million), citing Husky-related headwinds including delayed cost actions. FY26 guidance is $2,034 million to $2,064 million in pro forma adjusted net sales, $520 million to $550 million in pro forma adjusted EBITDA, and $250 million to $300 million in pro forma adjusted free cash flow. Fourth-quarter guidance is $630 million to $660 million in pro forma adjusted net sales and $178 million to $208 million in pro forma adjusted EBITDA.
The board declared a quarterly cash dividend of $0.0025 per share, payable December 1, 2026, to holders of record November 18, 2026.
1 point · 0 major1 major · 2 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.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate point3Q26 Pro Forma Adjusted EBITDA rose 6.6% to $146.3 million year over year.
Negative
- Major point. Forward-looking: it has not happened yet and may not happen.FY26 adjusted EBITDA guidance midpoint fell about 8%, or $45 million. 1.2% of market cap
- Minor point. Forward-looking: it has not happened yet and may not happen.FY26 adjusted free cash flow guidance midpoint fell about 8%, or $25 million.
Filing Explained
At September 30, 2026, GPGI reported total liquidity alongside $2,097 million total debt; its operating results also include supplemental consolidated measures.
This Form 8-K furnishes GPGI’s third-quarter results and investor presentation; the presentation’s
GPGI says GAAP accounting presents its operating businesses as an equity-method investment following the 2025 corporate separation, while its adjusted non-GAAP statements consolidate GPGI Holdings; pro forma measures also treat Husky as if acquired on
The presentation reports no near-term maturities: the revolver matures in
8-K Event Classification
3 items: 2.02, 8.01, 9.01
3 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 8.01
Other Events
Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Pro Forma Adjusted Net Sales: $509.6 million; up 4.5% year over year
Pro Forma Adjusted EBITDA: $146.3 million; up 6.6% year over year
Pro Forma Adjusted EBITDA Margin: 28.7%; up 60 basis points year over year
+3 more
6 metrics
Pro Forma Adjusted Net Sales
$509.6 million; up 4.5% year over year
Three months ended September 30, 2026
Pro Forma Adjusted EBITDA
$146.3 million; up 6.6% year over year
Three months ended September 30, 2026
Pro Forma Adjusted EBITDA Margin
28.7%; up 60 basis points year over year
Three months ended September 30, 2026
FY26 Pro Forma Adjusted EBITDA Guidance
$520 million to $550 million
Full-year 2026 guidance; midpoint reduced about 8% from the prior range
FY26 Pro Forma Adjusted Free Cash Flow Guidance
$250 million to $300 million
Full-year 2026 guidance; midpoint reduced about 8% from the prior range
Quarterly Cash Dividend
$0.0025 per share
Payable December 1, 2026, to holders of record November 18, 2026
Key Terms
Pro Forma Adjusted EBITDA, equity method accounting, Aftermarket orders, Resolute Operating System
4 terms
Pro Forma Adjusted EBITDA financial
"Pro Forma Adjusted EBITDA of $146.3 million"
Pro forma adjusted EBITDA is a customized profit measure that starts with earnings before interest, taxes, depreciation and amortization and then removes one-off, unusual or noncash items (and sometimes shows results under assumed changes like an acquisition or cost-cutting). Investors use it as a “cleaned-up” view of a company’s core cash-generating ability to compare performance and value businesses without short-term noise, but the exclusions can be selective so details matter.
equity method accounting financial
"shift to equity method accounting under GAAP beginning February 28, 2025"
An accounting method used when a company has significant influence over another business but does not fully control it; the investor records its share of the investee’s profits or losses on its own income statement and adjusts the investment’s carrying value on the balance sheet. Think of it like owning part of a small shop: you don’t run the whole operation, but you report your portion of its gains or setbacks, which affects reported earnings, cash expectations, and how investors view exposure to that business.
Aftermarket orders financial
"Aftermarket orders exclude all system orders and include service business"
Resolute Operating System technical
"implementation of the Resolute Operating System"
Earnings Snapshot
Pro Forma Adjusted Net Sales: $509.6 million · Guidance included
Three months ended September 30, 2026
Pro Forma Adjusted Net Sales
$509.6 million
Up 4.5% year over year
Pro Forma Adjusted EBITDA
$146.3 million
Up 6.6% year over year
Pro Forma Adjusted EBITDA Margin
28.7%
Up 60 basis points year over year
Guidance
FY26 pro forma adjusted net sales of $2,034 million to $2,064 million, pro forma adjusted EBITDA of $520 million to $550 million, and pro forma adjusted free cash flow of $250 million to $300 million; the EBITDA and free-cash-flow guidance midpoints were each reduced about 8% from the prior ranges.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What is GPGI's 2026 financial guidance?
FY26 guidance is pro forma adjusted net sales of $2,034 million to $2,064 million, pro forma adjusted EBITDA of $520 million to $550 million, and pro forma adjusted free cash flow of $250 million to $300 million. The EBITDA and free-cash-flow guidance ranges were each reduced about 8% at the midpoint from the prior ranges.
When is GPGI's quarterly dividend payable?
GPGI declared a quarterly cash dividend of $0.0025 per share, payable December 1, 2026, to holders of record November 18, 2026.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 5, 2026
(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) | (Zip Code) | |||||||
(Registrant’s telephone number, including area code)
Not Applicable
(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 November 5, 2026, GPGI, Inc. (the “Company”) issued a press release announcing its financial results for the three and nine months ended September 30, 2026, and provided an investor presentation to accompany the press release. Copies of the press release and the investor presentation are furnished herewith as Exhibits 99.1 and 99.2, respectively.
The information in Item 2.02 of this Form 8-K, including the information set forth in Exhibits 99.1 and 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 8.01 Other Events
The Company’s board of directors has declared a quarterly cash dividend in the amount of $0.0025 per share of Class A common stock of the Company, payable on December 1, 2026 to all holders of record as of November 18, 2026.
Item 9.01 (d) Financial Statements and Exhibits
Exhibit No. | Exhibit Description | ||||
| 99.1 | Press Release of GPGI, Inc. dated November 5. 2026 | ||||
| 99.2 | Investor Presentation of GPGI, Inc. dated November 5, 2026 | ||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | ||||
SIGNATURE
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, hereunto duly authorized.
GPGI, Inc. | ||||||||
| Date: November 5, 2026 | By: | /s/ Kurt Schoen | ||||||
Name: | Kurt Schoen | |||||||
Title: | Principal Financial Officer | |||||||
GPGI Third Quarter 2026 Earnings Presentation November 5, 2026 TM
Disclaimer 2 Caution Concerning Forward-Looking Statements: This presentation, and other statements that GPGI, Inc. (“GPGI,” “we,” “us” or the “Company”) may make in connection therewith, contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and assumptions of management. Although GPGI believes that its plans, intentions, and expectations reflected in or suggested by these forward-looking statements are reasonable, GPGI cannot assure you that it will achieve or realize these plans, intentions, or expectations. Forward-looking statements are inherently subject to risks, uncertainties, and assumptions. Generally, statements that are not historical facts, including statements concerning GPGI’s possible or assumed future actions, business strategies, events, results of operations, geopolitical and macroeconomic conditions, demand, the implementation of the Resolute Operating System, guidance for 2026 and expectations for 2027, are forward-looking statements. In some instances, these statements may be preceded by, followed by, or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates,” “trend,” “sees,” “intends” or the negatives of these terms or variations of them or similar terminology. Forward-looking statements are not guarantees of performance. You should not put undue reliance on these statements which speak only as of the date hereof. You should understand that the following important factors, among others, could affect GPGI’s future results and could cause those results or other outcomes to differ materially from those expressed or implied in GPGI’s forward-looking statements: the ability of GPGI and its businesses to grow and manage growth profitably, implement their strategies, maintain relationships with customers, compete and retain key employees; adverse impacts of global economic, business, competitive and/or other factors, including tariffs, regional instability, including in the Middle East, and changes in the prices for inputs including oil and resin; unanticipated changes in demand for our business’ products and services; the outcome of any legal proceedings involving GPGI or others; future exchange and interest rates; changes in our accounting and/or financial presentation; and other risks and uncertainties, including those under “Risk Factors” in filings that have been made or will be made with the Securities and Exchange Commission. GPGI undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Industry & Market Information: Statements in this presentation concerning the industries and the markets in which we operate, including our general expectations and competitive position, business opportunity and market size, growth and share, are based on information from independent industry organizations and other third-party sources, data from our internal research and management estimates. Management estimates are derived from publicly available information and the information and data referred to above and are based on assumptions and calculations made by us based upon our interpretation of such information and data. The information and data referred to above are imprecise and may prove to be inaccurate because the information cannot always be verified with complete certainty due to the limitations on the availability and reliability of raw data, the voluntary nature of the data gathering process and other limitations and uncertainties. As a result, please be aware that the data and statistical information in this presentation may differ from information provided by our competitors or from information found in current or future studies conducted by market research institutes, consultancy firms or independent sources. GPGI CompoSecure Husky Non-GAAP Financial Measures: This presentation includes certain Non-GAAP financial measures that are not prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and that may be different from Non- GAAP financial measures used by other companies. Due to the spin-off of Resolute Holdings Management, Inc. (“Resolute Holdings”) and the resulting shift to equity method accounting under GAAP beginning February 28, 2025, GPGI is presenting a broader set of Non-GAAP measures, including an adjusted Statement of Operations (Unaudited), an adjusted Balance Sheet (Unaudited) and an adjusted Statement of Cash Flows (Unaudited) to provide investors with financial information that we believe allows for greater comparability with our historical financial presentation and better represents the underlying performance of the Company’s business across reporting periods. Measures labeled “Adjusted,” including Adjusted Net Sales, Adjusted Net Income, Adjusted Net Income per Share and Adjusted Net Debt, show GPGI’s financial results as if GPGI consolidated the financial results of its operating businesses, and exclude certain non-recurring and non-operational items, which we believe provides for greater comparability across periods. Additionally, measures labeled “Pro Forma,” including Pro Forma Net Sales, Pro Forma Adjusted EBITDA, Pro Forma Adjusted EBITDA Margin and Pro Forma Adjusted Free Cash Flow, also give effect to the Husky transaction as if it had occurred on January 1, 2025, for greater visibility of GPGI’s results following the completion of the transaction. GPGI uses these Non-GAAP measures internally to establish forecasts, budgets and operational goals to manage and monitor its business, as well as evaluate its underlying historical performance and/or measure incentive compensation. We believe that these Non-GAAP financial measures depict the performance of the business by encompassing only relevant and controllable events, adjusting for variable interest entity accounting requirements that render our results incomparable across periods, and show the effect of acquisitions as if they had occurred at the beginning of the relevant period, enabling GPGI to evaluate and plan more effectively for the future. These Non-GAAP measures should not be considered as measures of financial performance under U.S. GAAP, and the items excluded from these measures are significant components in understanding and assessing GPGI’s financial performance. Please refer to the tables below for the reconciliation of GAAP measures to these Non-GAAP measures. Due to the forward-looking nature of the financial guidance included herein, the charges excluded from the forward-looking Non-GAAP financial measures including Pro Forma Net Sales, Pro Forma Adjusted EBITDA, Pro Forma Adjusted Margin and Pro Forma Adjusted Free Cash Flow including with respect to depreciation, amortization, interest, and taxes that would be required to reconcile the Non-GAAP financial measures to GAAP measures are inherently uncertain or difficult to predict, so it is not feasible to provide accurate forecasted Non-GAAP reconciliations without unreasonable effort. Consequently, no disclosure of estimated comparable GAAP measures is included, and no reconciliation of the forward-looking Non-GAAP financial measures is included. Note on Accounting Treatment: As a result of the spin-off of Resolute Holdings and the execution of the management agreement with Resolute Holdings (the “CompoSecure Management Agreement”) on February 28, 2025, current GAAP interpretation requires GPGI to account for the operating results of its wholly owned operating subsidiary, GPGI Holdings, L.L.C. (“GPGI Holdings”), under the equity method in accordance with U.S. GAAP, effective February 28, 2025. Both the CompoSecure and Husky business units are under GPGI Holdings.
3Q26 Highlights Strength at CompoSecure & Improving Demand at Husky Adjusting FY26 guidance while still expecting sequentially strong 4Q ▪ 4Q26 – anticipate LSD organic revenue growth and HSD Adjusted EBITDA growth, at midpoint of range ▪ FY26 – anticipate achieving prior Adjusted Net Sales forecast; lowering range for Adjusted EBITDA by ~8% ($45mn) and Adjusted Free Cash Flow by ~8% ($25mn) due to Husky1 ▪ Continued strong performance at CompoSecure, offset by margin headwinds at Husky due primarily to delayed realization of identified cost actions, with mix, freight costs, and growth investments also headwinds Return to long-term growth algorithm in 2027 ▪ M-HSD organic revenue growth, 100bps+ margin rate expansion, and double digit plus EBITDA growth ▪ Continued strategic investments position CompoSecure for growth in active programs and new adjacencies ▪ Husky demand improving – pipeline +16% vs. 3Q25, total orders +7% vs. 3Q25, and aftermarket orders2 +13% vs. 3Q25; anticipate further acceleration in 4Q given strong near-term pipeline, particularly for systems ROS balancing current performance with positioning for future growth ▪ CompoSecure – continuing commercial momentum and operational efficiency gains ▪ Husky – cultural transformation is underway and market gradually improving ▪ Growth capital spending planned for both businesses GPGI CompoSecure Husky 3 3Q in-line with expectations ▪ CompoSecure delivered record sales, strong operating performance, and continued margin expansion ▪ Husky returned to growth in systems and had strong growth in service (including spare parts and contracts), partially offset by slower order conversion in aftermarket tooling and hot runners; faced high 3Q25 system comps Note: Non-GAAP measures are defined on page 2 and reconciled in the Appendix. 1. Percent and dollar reduction to guidance range represents change from midpoint of prior range to midpoint of updated range. 2. Aftermarket orders exclude all system orders and include service business.
$49.8 $61.2 $89.6 $88.8 3Q25 3Q26 $120.9 $140.7 $367.0 $368.9 3Q25 3Q26 3Q26 Financial Performance In-Line with Expectations: Strength at CompoSecure & Demand Returning at Husky Note: Non-GAAP measures are defined on page 2 and reconciled in the Appendix. 1. GPGI Pro Forma Adjusted EBITDA includes Corporate Pro Forma Adjusted EBITDA of ($2.1m) and ($3.7m) for 3Q25 and 3Q26, respectively. Adjusted Net Sales ($mn) PF Adjusted EBITDA MarginPF Adjusted EBITDA ($mn) ▲ ~60bps ▲ 6.6% $487.9 $509.6 ↑ 0.5% ↑ 16.4% $137.31 $146.31 ↓ 0.9% ↑ 22.9% Husky / CompoSecure Husky / CompoSecure ▪ CompoSecure benefited from robust demand across broadening customer base ▪ Husky’s revenue inflected to growth in Q3; pipeline and order growth accelerating as demand returns ▪ CompoSecure delivered strong EBITDA growth from higher sales and operational productivity gains ▪ Husky delivered ~flat EBITDA growth driven by revenues returning to growth in Q3 and realized cost savings, partially offset by continued growth investments ▪ CompoSecure margin expansion from ROS- led manufacturing and operational efficiencies ▪ Husky’s margin rate improved sequentially but was down slightly year-over-year driven by improved operating leverage and cost actions, partially offset by continued growth investments and elevated freight and duties ▲ 4.5% GPGI CompoSecure Husky 4 28.1% 28.7% 3Q25 3Q26
4Q26 and FY26 Guidance Delivering Prior Sales Forecast – Slightly Lowering Adjusted EBITDA, Margins, and FCF Outlook Note: Non-GAAP measures are defined on page 2 and reconciled in the Appendix. 1. Represents cash flow from operations (excluding one-time Husky transaction and debt refinancing expenses) less capex. 4Q26 Expectations ▪ LSD organic revenue growth (at midpoint) – resilience despite geopolitical uncertainty and elevated resin prices for Husky ̶ CompoSecure to grow high teens ̶ Husky + / - LSD growth and deliver prior sales forecast ▪ Margin rate expansion led by CompoSecure, partially offset by Husky’s delayed realization of cost actions, elevated freight costs, and product mix ($ in millions) GPGI CompoSecure Husky 5 Guidance Metrics 4Q25 4Q26 Delta to PY (at midpoint of range) FY25 FY26 Delta to PY (at midpoint of range) Pro Forma Adjusted Net Sales $639 $630 – $660 ~1% $2,031 $2,034 – $2,064 ~1% Pro Forma Adjusted EBITDA $179 $178 – $208 ~8% $544 $520 – $550 ~(2%) Pro Forma Adjusted EBITDA Margin 28.0% 27.0% – 29.0% ~0bps 26.8% 25.0% – 27.0% ~(80bps) Pro Forma Adjusted Free Cash Flow1 N / A $77 – $127 N / A N / A $250 – $300 N / A FY26 Expectations ▪ LSD organic revenue growth (at midpoint) – resilience despite Husky market weakness in 1H26 ̶ CompoSecure to grow high teens ̶ Husky to decline LSD ▪ Margin rate contraction due primarily to delayed realization of cost actions at Husky, offsetting efficiency gains at CompoSecure ▪ Healthy free cash flow Strength at CompoSecure offset by delayed realization of cost actions at Husky – positioned for acceleration in 2027
CompoSecure 3Q26 Summary Record Adjusted Net Sales and Profitability Note: Non-GAAP measures are defined on page 2 and reconciled in the Appendix. Operating discipline delivered record sales and margins in the third quarter Record Adjusted Net Sales of $140.7 million up 16.4% year-over-year, driven by robust demand across a broadening customer base, including new program wins. Record Pro Forma Adjusted EBITDA of $61.2 million, up 22.9%, and margins up ~230bps to 43.5% year-over-year, due to organic revenue growth and continued operational efficiencies from ROS implementation. Investments aligned to our strategic and execution framework across engineering, R&D, and sales. GPGI CompoSecure Husky Numerous high-profile program wins for signature metal payment cards across global banks, fintechs, and co-brands – premium debit card for private wealth highlights adjacent win. Opened London Design Center to establish a customer-centric hub that demonstrates CompoSecure’s commitment to international expansion. 6
CompoSecure 3Q26 Financial Performance Significant Progress Against All Key Metrics Catalyzed by ROS Record results attributable to ROS-enabled gains ▪ Robust demand across diversified customer base, including new program wins ▪ Reinvigorated go-to-market with strategic hires in high growth regions and adoption of enhanced sales enablement tools ▪ Process innovation consistently improving manufacturing yields and output ▪ Increased volumes driving record income ▪ Reinvesting for growth and innovation ▪ Improved product mix, strong yields, and better labor optimization ▪ Investment in engineering and manufacturing capabilities enhancing margins Note: Non-GAAP measures are defined on page 2 and reconciled in the Appendix. Adjusted Net Sales ($mn) ▲ 16.4% PF Adjusted EBITDA ($mn) ▲ 22.9% PF Adjusted EBITDA Margin ▲ ~230bps GPGI CompoSecure Husky 7 $120.9 $140.7 3Q25 3Q26 $49.8 $61.2 3Q25 3Q26 41.2% 43.5% 3Q25 3Q26
CompoSecure is One-of-One Category Creator for Premium Metal Payment Cards Market leadership and tailwinds provide catalyst for continued commercial momentum in 2027 and beyond 1. Year indicates launch date for respective signature card programs. 2. As of 3Q26. GPGI CompoSecure Husky 8 Leading global manufacturer of metal payment cards The Industry Standard 200+ active metal payment card programs2 9 / 10 top U.S. card issuers engaged as customers 60+ patent families issued / 35+ patent families pending Trusted by Issuers on Signature Programs1 American Express Platinum Since 2016 Chase Sapphire Reserve Since 2016 Capital One Venture Rewards Since 2017 Amazon Prime Co-Brand Since 2018 Robinhood Gold Card Since 2024 Coinbase One Card Since 2025
Husky 3Q26 Summary Performance in Line with Expectations – Positioned to Accelerate in 2027 Note: Non-GAAP measures are defined on page 2 and reconciled in the Appendix. Focused on disciplined execution, ROS implementation, and ongoing investment Adjusted Net Sales of $368.9 million up 0.5% y/y, driven by return to growth in systems and strong growth in spare parts, offsetting difficult system comps and customer deferrals on aftermarket tooling and hot runners. Pro Forma Adjusted EBITDA of $88.8 million down 0.9%, with margins down ~30bps y/y, driven by ROS-led efficiencies and realized savings from ongoing cost actions, offset by growth investments. Pro Forma Adjusted EBITDA margin improved ~500bps sequentially. Market demonstrating demand recovery: pipeline (+16% vs. 3Q25) and order growth (+7% vs. 3Q25) provides visibility for acceleration into 2027. Strengthening near-term pipeline and systems backlog coverage provides support for revenue growth and improved profitability in 4Q, consistent with historical trends. GPGI CompoSecure Husky Launched HyCAP PRO and HyCAP 4.0 next-generation bottle closure platforms engineered to achieve ultra lightweight, tethered, and high-performance designs with improved precision, durability, and efficiency. Husky’s industry-leading efficiency makes value proposition even more compelling as resin prices stabilize at higher levels. 9
Husky 3Q26 Financial Performance 3Q Sequential Gains Expected to Continue in 4Q Adjusted Net Sales ($mn) ▪ Sales driven by return to growth in systems and strong performance in parts, offset by 1H customer demand deferrals in aftermarket ex service ▪ Good systems visibility plus growing pipeline and orders provide support for 4Q26 and 2027 PF Adjusted EBITDA ($mn) ▪ ROS-led operating efficiencies and ongoing realization of cost actions, partially offset by growth investments in R&D and sales capabilities PF Adjusted EBITDA Margin ▪ Margin rate improved ~500bps sequentially but down slightly year-over-year driven by elevated freight costs ▪ Anticipate continued sequential improvement in fourth quarter with improving operating leverage and ongoing cost actions; growth investments will continue to support 2027+ Note: Non-GAAP measures are defined on page 2 and reconciled in the Appendix. Results in-line: expect continued sequential improvement and ongoing growth investments GPGI CompoSecure Husky 10 ▼ 0.9% ▼ ~30bps ▲ 0.5% $367.0 $368.9 3Q25 3Q26 $89.6 $88.8 3Q25 3Q26 24.4% 24.1% 3Q25 3Q26
Husky Commercial Momentum Accelerating Pipeline and Order Growth Provide Visibility for 2027 Demand is improving at Husky GPGI CompoSecure Husky 11 3Q26 vs. 2Q26 (Sequential) October Highlights 3Q26 vs. 3Q25 (Y/Y) Aftermarket Orders1 +11% q/q +8% y/y ▪ Growing system installed base, lightweighting, and form factor diversification support durable, recurring, aftermarket demand+13% y/y Total Pipeline +6% q/q +9% y/y ▪ Pipeline building sequentially, but timing of conversion to orders still extended as customers navigated market volatility ▪ Strengthening near-term pipeline, especially for systems in 4Q +16% y/y Total Orders +4% q/q +21% y/y ▪ Strengthening order growth demonstrates how customers need Husky’s mission critical equipment to fulfill demand ▪ Longer system lead times can extend revenue recognition +7% y/y Total Backlog +5% q/q +3% y/y ▪ Expect to end 2026 up approximately double digit plus vs. 4Q25 ▪ Backlog expanding through the year, consistent with orders +5% y/y 1. Aftermarket orders exclude all system orders and include service business.
Historical 2H Seasonality 12 Husky Adj. Net Sales – Historical Seasonality1 Husky Adj. EBITDA – Historical Seasonality1 ($ in millions, % of full year revenues) Note: Non-GAAP measures are defined on page 2 and reconciled in the Appendix. 1. 1H26 and 2H26E (Updated Guide) bars represent implied low end to high end of updated guidance range for Husky Adjusted Net Sales and Husky Adjusted EBITDA, respectively. 1H24 2H24 1H25 2H25 1H26 2H26E (May 2026) 1H26 2H26E (Updated Guide) 1H24 2H24 1H25 2H25 1H26 2H26E (May 2026) 1H26 2H26E (Updated Guide) 44% 56% 43% 57% 42% 58% 41- 42% 58 - 59% 41% 59% 40% 60% 28% 72% 30 - 32% 68 - 70% GPGI CompoSecure Husky Updated FY26 guidance consistent with historical second half seasonality for Husky
Husky Forecast Evolution Demand Improving, Cost Realization Initiatives Underway 13 Husky Metrics May 2026 Nov. 2026 Delta (at midpoint) Commentary Pro Forma Adj. Net Sales $1,450 - $1,545 $1,492 - $1,519 ~$8 ▪ 2H sales increase materializing as forecasted ▪ Husky system sales have returned to growth with systems sales mix ~130bps higher than the May forecast ▪ Pipeline up 16% y/y and total orders up 7% y/y in 3Q26 Pro Forma Adj. EBITDA $344 - $383 $320 - $345 ~($31) ▪ Husky costs missed expectations by ~$35mn with incremental $8mn in sales creating ~$4mn1 benefit, as detailed below Husky Cost Drivers $ Details Plan to Address Direct labor too high ~($11) ▪ Carried excess labor geared towards higher sales outlook – stopped furloughs as demand recovered ▪ More rigorous SIOP process implemented Indirect expense reduction ~($14) ▪ Delayed implementation ▪ Implementation planned by year-end 2026 Unfavorable mix from lower- margin products and elevated material costs, net of incremental sales benefit ~($6)1 ▪ Greater mix of lower margin machines and third- party revenues vs. aftermarket tooling ▪ System sales portend higher aftermarket over time ▪ Procurement savings initiatives underway Total cost miss vs. May plan ~($31) GPGI CompoSecure Husky 2026 EBITDA miss vs. May forecast driven by cost not sales – do not expect carryover in 2027 ($ in millions) Note: Non-GAAP measures are defined on page 2 and reconciled in the Appendix. 1. Implied 50% margin on ~$8mn of incremental sales. E x e c u ti o n v s . M a y p la n M a rk e t v s . M a y p la n
Looking Ahead to 2027 Anticipate Return to GPGI’s Long-Term Growth Algorithm GPGI CompoSecure Husky 14 CompoSecure Husky ˗ Elevated interest rates may impact new card issuance ˗ Potential mix impacts from increasingly complex programs ˗ Higher R&D investment and higher growth capex + Accelerating adoption of metal cards globally across end markets – ultra low penetration of large TAM + Issuers ramping spend on marketing and rewards to support signature metal program launches + New product adjacencies and international expansion + ROS-led growth and margin expansion through commercial excellence, operating leverage, and productivity gains + Ongoing R&D to drive customer-centric innovation T a il w in d s > > < < H e a d w in d s ˗ Potential for incremental deferral of purchases with recent reacceleration in resin prices, interest rates, and logistics costs ˗ Higher R&D investment and higher growth capex + Addressed 2026 cost issues, partially offset by furloughs and bonus impact + Cultural transformation underway: urgency and accountability + Market shows signs of improvement + End market demand remains durable – healthy PET non- alcoholic beverage bottle consumption driving demand + Spare parts and service scaling with growing installed base + Sales growth with flat fixed costs excluding R&D + ROS-led growth and margin expansion through commercial excellence, operating leverage, and productivity gains GPGI is positioned to deliver accelerating growth, margin expansion, and deleveraging in 2027 CompoSecure is operating from a position of strength Husky well positioned to capitalize on improving demand
Illustrative Valuation Undervalued Based on Return to Long-Term Growth Algorithm in 2027 GPGI CompoSecure Husky 15 Note: Non-GAAP measures are defined on page 2 and reconciled in the Appendix. Source: Bloomberg, FactSet (as of November 2, 2026). 1. Assumes illustrative 10% EBITDA growth (not forward guidance) from the midpoint of FY26 guidance range for GPGI in 2027. 2. GPGI management ownership exclusively represents stake held by The David Cote Family and does not include stake held by Platinum Equity Advisors LLC or other members of management. Industrial Compounders reflect total insider ownership. 3. Comparison reflects representative sample of industrial compounders including AMETEK, Graco, IDEX, Illinois Tool Works, Ingersoll Rand, Lincoln Electric, and Nordson. Price / 2027 Earnings1 EV / 2027 Adjusted EBITDA1 GPGI is undervalued – with significant insider ownership Free Cash Flow Yield (2027)1 Management Ownership2,3 17.8% 0.4% GPGI (The David Cote Family) Industrial Compounders 25.9x 20.7x 11.1x S&P 500 Industrials S&P 500 GPGI 17.0x 15.1x 9.1x S&P 500 Industrials S&P 500 GPGI 7.2% 3.8% 3.2% GPGI S&P 500 Industrials S&P 500
GPGI Key Takeaways Focused on Executing in 2026 and Accelerating Into 2027 Decentralized businesses + proven operating system + disciplined capital allocation unlock durable compounding GPGI CompoSecure Husky 3Q Performance In- Line with Expectations ROS Implementation Accelerating Long-Term Platform Strategy On Track Progress across the platform – continued strength at CompoSecure while demand recovery underway at Husky Aggressive pursuit of cultural transformation and deployment of ROS underway to enable sustained inflection in financial performance Combination of high ROIC businesses + ROS deployment catalyzes GPGI’s compounding flywheel through organic and bolt-on investments with optionality for new platform M&A 16
Appendix – Financial Supplement
Capital Structure Update Key Financial Metrics ($ in millions) As of September 30, 2026 Cash Balance $176 Total Debt Outstanding1 $2,097 Net Debt $1,921 Net Debt / LTM Pro Forma Adjusted EBITDA 3.7x Revolver Capacity2 $393 Total Liquidity $569 1. Total debt outstanding includes term loan, senior secured notes, and drawn revolver. 2. Revolver capacity reflects undrawn revolver balance net of outstanding letters of credit. GPGI has ample liquidity and manageable leverage, with a continued focus on debt paydown Credit Highlights ▪ GPGI has no near-term maturities ̶ $400mn revolver matures in 2031 (~5 years) ̶ $1.2bn term loan and $900mn of senior secured notes both mature in 2033 (~7 years) ▪ Term loan has annual amortization of $12mn – with bullet payment at maturity (2033) ▪ Debt instruments are all covenant lite ▪ Targeting Non-GAAP year-end net LTM leverage of approximately 3.5x GPGI CompoSecure Husky 18
Statement of Operations – 3Q26 Unaudited Required GAAP to Non-GAAP Operating Results ($ in millions) Note: The Non-GAAP column represents a consolidation of the Company’s results with those of GPGI Holdings L.L.C. (“GPGI Holdings”). See page 2. 1. GAAP currently requires GPGI to present the results of its operating businesses as equity method investments. See "Note on Accounting Treatment" on page 2. 2. Includes amortization of deferred financing costs for the three months ended September 30, 2026. + = GPGI CompoSecure Husky 19 Unaudited Required GAAP to Non-GAAP Operating Results Required GAAP (1) Elimination of Equity Method Investment Addition of GPGI Holdings Adjusted Non-GAAP GPGI, Inc. Net sales - - $509.6 $509.6 Cost of sales - - 300.7 300.7 Gross profit - - 208.9 208.9 Operating expenses: Selling, general, and administrative expenses 5.8 - 100.0 105.8 Income (loss) from operations (5.8) - 108.9 103.1 Other income (expense): Interest expense - - (32.4) (32.4) Interest income - - 0.3 0.3 Total other income (expense), net - - (32.1) (32.1) Income (loss) before income taxes (5.8) - 76.8 71.0 Income tax (expense) benefit 7.0 - (2.0) 5.0 Earnings in GPGI Holdings L.L.C equity method investment 74.8 (74.8) - - Net income (loss) $76.0 ($74.8) $74.8 $76.0 Add: Depreciation and amortization 32.6 Income tax expense (5.0) Interest expense, net (2) 32.1 Stock-based compensation 6.6 Husky transaction costs 1.0 Loss (gain) on sale of assets 0.2 FX (gain) loss 0.3 Severance costs 2.5 Pro Forma Adjusted EBITDA $146.3 Three Months Ended September 30, 2026
Statement of Operations – 3Q25 Unaudited Required GAAP to Non-GAAP Operating Results ($ in millions) Note: The Non-GAAP columns represent a consolidation of the Company’s results with those of GPGI Holdings, and the addition of Husky results as if the Husky transaction had closed on January 1, 2025. See page 2. 1. GAAP currently requires GPGI to present the results of its operating businesses as equity method investments. See "Note on Accounting Treatment" on page 2. 2. Includes amortization of deferred financing costs for the three months ended September 30, 2025. 3. Includes the changes in fair value of warrant liability, derivative liabilities, and earnout consideration liability for the three months ended September 30, 2025. + = GPGI CompoSecure Husky 20 Unaudited Required GAAP to Non-GAAP Operating Results Required GAAP (1) Elimination of Equity Method Investment Addition of GPGI Holdings Adjusted Non-GAAP GPGI, Inc. Addition of Husky Holdings PF Adjusted Non- GAAP GPGI, Inc. Net sales - - $120.9 $120.9 $367.0 $487.9 Cost of sales - - 49.6 49.6 239.4 289.0 Gross profit - - 71.3 71.3 127.6 198.9 Operating expenses: Selling, general and administrative expenses 9.9 - 29.6 39.5 77.7 117.2 Income (loss) from operations (9.9) - 41.7 31.8 49.9 81.7 Other income (expense): Revaluation of warrant liability (117.3) - - (117.3) - (117.3) Revaluation of earnout consideration liability (57.6) - - (57.6) - (57.6) Interest expense - - (3.6) (3.6) (64.6) (68.2) Interest income 0.3 - 1.5 1.8 - 1.8 Change in fair value of derivative liability - - - - (5.0) (5.0) Total other income (expense), net (174.6) - (2.1) (176.7) (69.6) (246.3) Income (loss) before income taxes (184.5) - 39.6 (144.9) (19.7) (164.6) Income tax (expense) benefit (29.8) - - (29.8) (92.2) (122.0) Earnings in GPGI Holdings, L.L.C equity method investment 39.6 (39.6) - - - - Net income (loss) ($174.7) ($39.6) $39.6 ($174.7) ($111.9) ($286.6) Add: Depreciation and amortization 2.3 38.0 40.3 Income tax expense 29.8 92.2 122.0 Interest expense, net (2) 1.8 64.6 66.4 Stock-based compensation 5.8 0.4 6.2 Mark-to-market adjustments, net (3) 174.9 5.0 179.9 Business transformation and other - 10.5 10.5 Platinum management fee - 1.3 1.3 Incremental pro forma management fee - (10.5) (10.5) Additional earnout cost 5.0 - 5.0 Husky transaction costs 2.8 - 2.8 Pro Forma Adjusted EBITDA $47.7 $89.6 $137.3 Three Months Ended September 30, 2025
Statement of Cash Flows Unaudited (Required GAAP and Non-GAAP) Note: The Non-GAAP columns represent a consolidation of the Company’s results with those of GPGI Holdings, and the addition of Husky results as if the Husky transaction had closed on January 1, 2025. See page 2. Note: All instruments have been redeemed / exercised and no mark to market adjustments are expected going forward. 1. GAAP currently requires GPGI to present the results of its operating businesses as equity method investments. See "Note on Accounting Treatment" on page 2. ($ in millions) GPGI CompoSecure Husky 21 Required GAAP (1) Non-GAAP CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) ($108.7) ($126.7) Adjustments to reconcile net loss to net cash (used in) provided by operating activities Depreciation and amortization - 160.7 Stock-based compensation expense 8.8 18.0 (Earnings) losses in equity method investment 12.2 - Distributions from GPGI Holdings 21.6 - Amortization of deferred financing costs - 2.8 Non-cash operating lease expense - 12.8 Fair value inventory step-up - 23.6 Unrealized foreign exchange loss (gain) - (3.9) Deferred tax expense (benefit) (3.9) (3.7) Gain on debt extinguishment - (29.9) Loss on remeasurement of tax receivable agreement liability 28.1 28.1 Other - 2.3 Changes in assets and liabilities (3.6) (68.8) Net cash (used in) provided by operating activities ($45.5) $15.3 CASH FLOWS FROM INVESTING ACTIVITIES: Investment in GPGI Holdings (2,120.4) - Distributions from GPGI Holdings 111.6 - Cash used for acquisition - (762.2) Purchase of property and equipment - (29.8) Proceeds from sale of property and equipment and intangible assets - 0.3 Maturities of short-term investments - 41.1 Capitalized software expenditures - (11.1) Net cash (used in) provided by investing activities ($2,008.8) ($761.7) CASH FLOWS FROM FINANCING ACTIVITIES: Repayment of preference share capital - (457.4) Payments for taxes related to net share settlement of equity awards - (26.8) Debt issuance costs - (37.1) Proceeds from revolving credit facility - 50.0 Proceeds from issuance of Class A common stock in relation to Husky Transaction 1,962.0 1,962.0 Payment of debt, net of associated fees - (3,387.3) Proceeds from issuance of long-term debt - net of discounts - 2,523.5 Payment of tax receivable agreement liability (14.6) (14.6) Dividends to Class A shareholders (2.2) (2.2) Net cash (used in) provided by financing activities $1,945.2 $610.1 Effect of exchange rate changes on cash and cash equivalents - 4.4 Net increase (decrease) in cash and cash equivalents (109.1) (131.9) Cash and cash equivalents, beginning of period 114.6 307.7 Cash and cash equivalents, end of period $5.5 $175.8 Nine Months Ended September 30, 2026
Balance Sheet Unaudited (Required GAAP and Non-GAAP) Finished 3Q26 with ~$176 million in cash after repaying remaining $15 million of the revolver Note: The Non-GAAP columns represent a consolidation of the Company’s results with those of GPGI Holdings. See page 2. 1. GAAP currently requires GPGI to present the results of its operating businesses as equity method investments. See "Note on Accounting Treatment" on page 2. ($ in millions) GPGI CompoSecure Husky 22 Required GAAP (1) Non-GAAP Required GAAP (1) Non-GAAP September 30, 2026 September 30, 2026 December 31, 2025 December 31, 2025 ASSETS CURRENT ASSETS Cash and cash equivalents $5.5 $175.8 $114.6 $271.6 Short-term investments - - - 41.1 Accounts receivable - 285.4 - 44.2 Inventories, net - 338.4 - 44.2 Prepaid expenses and other current assets 3.5 38.2 5.5 8.6 Income taxes receivable 12.6 19.6 - - Total Current Assets $21.6 $857.4 $120.1 $409.7 Property and equipment, net - $563.2 - $21.6 Deferred tax asset 275.8 299.1 271.7 271.7 Intangible assets, net - 1,698.9 - 1.9 Right of use assets, net - 67.6 - 8.9 Goodwill - 2,919.7 - - Other assets - 14.0 - 1.6 Equity method investment 3,246.1 - 125.5 - Total Assets $3,543.5 $6,419.9 $517.3 $715.4 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) CURRENT LIABILITIES Accounts payable $2.4 $67.6 $0.9 $12.7 Accrued expenses 2.0 257.2 1.8 50.8 Deferred revenues - 201.1 - - Current portion of tax receivable agreement liability 18.5 18.5 16.2 16.2 Current portion of long-term debt - 12.0 - 15.0 Other current liabilities - 66.1 - 0.1 Total Current Liabilities $22.9 $622.5 $18.9 $94.8 Long-term debt, net of deferred finance costs - 2,059.5 - 169.1 Deferred tax liability - 209.4 - - Tax receivable agreement liability 266.4 266.4 255.2 255.2 Other liabilities - 96.4 - 7.3 Total Liabilities $289.3 $3,254.2 $274.1 $526.4 Stockholder's equity (deficit) 3,254.2 3,165.7 243.2 189.0 Total Liabilities and Stockholder's Equity (Deficit) $3,543.5 $6,419.9 $517.3 $715.4
3Q26 Adjusted Earnings Per Share and Adjusted Free Cash Flow Non-GAAP Reconciliation ($ in millions, except per share amounts) 1. Includes the changes in fair value of warrant liability, make-whole provision of the previously outstanding exchangeable notes of GPGI Holdings (f/k/a CompoSecure Holdings, L.L.C.) (the “Exchangeable Notes”) and earnout consideration liability. 2. For the three months ended September 30, 2026, it was calculated by applying the Company's assumed effective tax rate. 3. Applies treasury stock method with assumed exercise at average market price. No warrants were outstanding as of the three months ended September 30, 2026. 4. 3Q26 Pro Forma Non-GAAP cash from operations is calculated as the difference between nine months ended September 30, 2026 Pro Forma Non-GAAP cash from operations and the corresponding metrics from 1Q26 and 2Q26. 5. Reference 3Q26 Statement of Cash Flows on page 21 for corresponding metrics. GPGI CompoSecure Husky 23 Adjusted Earnings Per Share Adjusted Free Cash Flow 1Q26 2Q26 3Q26 YTD Pro Forma Non-GAAP cash from operations (4,5) ($153.8) $77.1 $92.0 $15.3 Capital expenditures (including software) (5) (13.2) (15.4) (12.3) (40.9) Transaction and debt refinancing expenses paid 196.0 1.4 1.0 198.4 Pro Forma Adjusted Free Cash Flow $29.0 $63.1 $80.7 $172.8 2026 2025 Net income (loss) $76.0 ($174.7) Add: Provision (benefit) for income taxes (5.0) 29.8 Mark-to-market adjustments (1) - 174.9 Stock-based compensation 6.6 5.8 Husky transactions costs 1.0 2.8 Foreign exchange (gain) loss 0.3 - Severance costs 2.5 - Loss (gain) on sale of assets 0.2 - Additional earnout cost - 5.0 Purchase accounting amortization and depreciation 18.7 - Adjusted net income before tax $100.3 $43.6 Income tax expense (2) 24.1 9.6 Adjusted net income $76.2 $34.0 Common shares outstanding used in computing earnings per share - diluted: 289.9 110.3 Warrants (3) - 1.7 Equity awards 2.5 5.1 Total shares outstanding used in computing adjusted earnings per share - diluted 292.4 117.1 Adjusted net income per share - diluted $0.26 $0.29 Three Months Ended September 30,
Historical Pro Forma Non-GAAP Results 1. Reflects pro forma Management Fees as if the Management Agreements were in effect since January 1, 2024. 2. Represents unallocable administrative expenses at the GPGI, Inc. and GPGI Holdings corporate entities. CompoSecure, Husky, and Corporate Segments ($ in millions) GPGI CompoSecure Husky 24 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 CompoSecure 1 Adjusted Net Sales $104.0 $108.6 $107.1 $100.9 $103.9 $119.6 $120.9 $117.7 $130.4 $133.6 $140.7 Pro Forma Adjusted EBITDA $35.6 $37.7 $38.1 $32.6 $34.8 $48.6 $49.8 $45.6 $47.6 $55.2 $61.2 Pro Forma Adjusted EBITDA Margin 34.2% 34.7% 35.6% 32.3% 33.5% 40.6% 41.2% 38.8% 36.5% 41.3% 43.5% Husky 1 Pro Forma Adjusted Net Sales $314.7 $345.9 $343.1 $490.8 $306.8 $374.1 $367.0 $520.8 $290.8 $339.6 $368.9 Pro Forma Adjusted EBITDA $69.7 $86.4 $85.1 $143.8 $63.9 $83.9 $89.6 $136.1 $38.2 $64.9 $88.8 Pro Forma Adjusted EBITDA Margin 22.1% 25.0% 24.8% 29.3% 20.8% 22.4% 24.4% 26.1% 13.2% 19.1% 24.1% Corporate 2 Pro Forma Adjusted EBITDA ($1.1) ($1.0) ($1.5) ($2.2) ($1.0) ($2.3) ($2.1) ($2.7) ($3.7) ($6.2) ($3.7) GPGI, Inc Pro Forma Adjusted Net Sales $418.7 $454.5 $450.2 $591.7 $410.7 $493.7 $487.9 $638.5 $421.2 $473.2 $509.6 Pro Forma Adjusted EBITDA $104.2 $123.1 $121.7 $174.2 $97.7 $130.2 $137.3 $179.0 $82.1 $113.9 $146.3 Pro Forma Adjusted EBITDA Margin 24.9% 27.1% 27.0% 29.4% 23.8% 26.4% 28.1% 28.0% 19.5% 24.1% 28.7%
Historical Pro Forma Non-GAAP Reconciliations CompoSecure, Husky, and Corporate Segments ($ in millions) 1 1 2 1. Reflects pro forma Management Fees as if the Management Agreements were in effect since January 1, 2025. 2. Represents unallocable administrative expenses at the GPGI, Inc. and GPGI Holdings corporate entities. GPGI CompoSecure Husky 25 Non-GAAP Reconciliation for CompoSecure 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Net Income $26.4 $27.9 $27.8 $28.1 $24.2 $38.9 $39.6 $35.4 $27.5 $54.6 $63.2 Depreciation and amortization 2.2 2.4 2.3 2.2 2.4 2.5 2.5 2.6 2.5 2.6 2.7 Net interest expense (income) 5.8 5.7 5.6 (0.1) 2.3 1.9 1.9 1.8 1.3 (0.1) (3.0) Income tax expense (benefit) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Stock based compensation 4.2 5.0 5.4 5.3 5.6 5.0 5.6 5.7 1.4 2.7 2.7 Mark-to-market adjustments 0.3 (0.2) (0.5) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Transaction and refinance costs 0.0 0.2 0.9 0.3 1.4 0.2 0.2 0.0 14.4 0.0 0.0 Incremental pro-forma management fee (3.2) (3.3) (3.4) (3.3) (2.0) 0.0 0.0 0.0 0.0 0.0 0.0 Expenses incurred on behalf of Resolute Holdings prior to spin-off 0.0 0.0 0.0 0.0 1.0 0.0 0.0 0.0 0.0 0.0 0.0 Severance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.6 0.2 0.8 Management fees recorded in Corporate net income 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 (4.7) (5.1) Other (0.1) 0.0 0.0 0.1 (0.1) 0.1 0.0 0.1 (0.1) (0.1) (0.1) CompoSecure Pro Forma Adjusted EBITDA $35.6 $37.7 $38.1 $32.6 $34.8 $48.6 $49.8 $45.6 $47.6 $55.2 $61.2 Non-GAAP Reconciliation for Husky 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Net Income ($32.5) ($65.2) ($21.2) $46.7 $27.9 $3.4 ($111.9) ($32.6) ($201.0) $19.8 $27.9 Depreciation and amortization 38.6 38.1 36.9 37.3 36.8 37.5 38.0 38.4 61.3 61.7 30.0 Net interest expense (income) 85.4 82.1 72.3 70.5 64.1 64.7 64.6 62.7 35.7 31.6 24.8 Income tax expense (benefit) (10.7) 17.4 0.2 0.1 (63.9) (38.4) 92.2 4.9 4.4 22.0 2.1 Stock based compensation 0.3 0.2 0.4 0.4 0.3 0.4 0.4 0.2 1.9 0.2 0.4 Mark-to-market adjustments 0.0 0.0 (8.0) 8.0 (5.0) 0.0 5.0 35.5 0.0 0.0 0.0 Transaction costs 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20.9 46.8 0.4 1.3 Impairment 0.0 1.8 0.0 0.9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Loss on debt extinguishment 0.0 21.7 0.0 0.0 0.0 0.0 0.0 0.0 93.7 (96.2) 0.0 Business transformation and other (3.0) (1.3) 13.0 (11.1) 12.7 25.4 10.5 15.0 (3.6) (1.7) 0.5 Platinum management fee 1.5 1.3 1.3 1.6 1.5 1.3 1.3 1.4 0.0 0.0 0.0 Severance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3.4 1.8 Fair value inventory step-up 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23.6 0.0 Incremental pro-forma management fee (9.9) (9.7) (9.8) (10.6) (10.5) (10.4) (10.5) (10.3) (1.2) 0.0 0.0 Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.2 0.1 0.0 Husky Pro Forma Adjusted EBITDA $69.7 $86.4 $85.1 $143.8 $63.9 $83.9 $89.6 $136.1 $38.2 $64.9 $88.8 Non-GAAP Reconciliation for Corporate 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Net Income ($9.3) $5.7 ($113.3) ($76.5) ($2.7) ($65.0) ($214.3) $7.9 ($57.9) ($24.1) ($15.1) Net interest expense (income) 0.0 0.0 0.0 0.0 0.0 0.0 (0.3) (0.7) (0.2) 1.5 10.1 Income tax expense (benefit) (0.8) 0.3 0.6 2.1 27.0 (1.8) 29.8 (16.0) (19.4) 1.2 (7.1) Stock based compensation 0.2 0.2 0.2 0.7 0.1 0.1 0.2 0.2 2.0 3.3 3.5 Mark-to-market adjustments 8.9 (7.5) 108.9 62.0 (29.2) 64.2 179.8 (1.8) 1.4 0.0 0.0 Loss on measurement of TRA liability 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3.5 21.9 6.2 0.0 Transaction and refinance costs 0.0 0.4 2.0 5.8 3.6 0.2 2.6 4.3 48.4 1.0 (0.3) Additional earnout costs 0.0 0.0 0.0 3.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 CompoSecure management fees 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4.7 5.1 Other (0.1) (0.1) 0.1 0.0 0.2 0.0 0.1 (0.1) 0.1 0.0 0.1 Corporate Pro Forma Adjusted EBITDA ($1.1) ($1.0) ($1.5) ($2.2) ($1.0) ($2.3) ($2.1) ($2.7) ($3.7) ($6.2) ($3.7) GPGI Pro Forma Adjusted EBITDA $104.2 $123.1 $121.7 $174.2 $97.7 $130.2 $137.3 $179.0 $82.1 $113.9 $146.3
Investor Relations Contact ir@gpgi.com
1 News Release GPGI Reports Third Quarter 2026 Results ▪ 3Q26 results in-line with expectations reflecting strength at CompoSecure and improving demand at Husky ▪ Expect sequentially strong 4Q26 with y/y LSD organic revenue growth and HSD Adjusted EBITDA growth, at midpoint ▪ Adjusting FY26 guidance to reflect margin headwinds at Husky, partially offset by continued strength at CompoSecure ▪ Anticipate return to growth algorithm in 2027 given acceleration in pipeline, orders, and recurring aftermarket at Husky Third Quarter 2026 Results Results compared to prior year period unless otherwise noted; pro forma metrics inclusive of Husky. ▪ Pro Forma Adjusted Net Sales of $509.6 million, up 4.5% y/y ▪ Net Income of $76.0 million ▪ Pro Forma Adj. EBITDA of $146.3 million, up 6.6% y/y, and Pro Forma Adj. EBITDA margin of 28.7%, up 60 bps y/y Fourth Quarter 2026 Guidance ▪ Pro Forma Adjusted Net Sales of $630 to $660 million, up 1% y/y at midpoint of range ▪ Pro Forma Adjusted EBITDA of $178 to $208 million, up 8% y/y at midpoint of range ▪ Pro Forma Adjusted EBITDA Margin of 27.0% to 29.0%, flat y/y at midpoint of range Full Year 2026 Guidance ▪ Pro Forma Adjusted Net Sales of $2,034 to $2,064 million, up 1% y/y at midpoint of range ▪ Pro Forma Adjusted EBITDA of $520 to $550 million, down 2% y/y at midpoint of range ▪ Pro Forma Adjusted Free Cash Flow of $250 to $300 million NEW YORK, NY, November 5, 2026 – GPGI, Inc. (NYSE: GPGI), a diversified multi-industry platform for companies with great positions in good industries, today announced its financial and operating results for the third quarter ended September 30, 2026. Dave Cote, GPGI’s Executive Chairman, noted: “GPGI delivered third quarter results in line with our expectations, reflecting record strength at CompoSecure and improving demand at Husky. We continue to see ROS driving commercial momentum, operational efficiency gains, and cultural transformation at both businesses. GPGI remains focused on execution to close out 2026 and is well positioned to return to our long-term growth algorithm in 2027.” Financial Results – Third Quarter 2026 (1) Current GAAP interpretation requires GPGI to present the results of its operating businesses as equity method investments. See "Note on Accounting Treatment" below. Adjusted measures show GPGI results as if consolidating the results of its operating businesses, together with certain other adjustments as described below under "Use of Non-GAAP Measures." (2) Pro forma measures also reflect financial results as if the business combination with Husky had occurred on January 1, 2025. (3) As of September 30, 2026, $170.3mn of cash was held at GPGI Holdings, and not included in the GAAP results. Required GAAP (1) Pro Forma Non-GAAP (1) (2) Required GAAP (1) Pro Forma Non-GAAP (1) (2) Adjusted Net Sales ($ in millions) - $509.6 - $487.9 Adjusted EBITDA ($ in millions) - $146.3 - $137.3 Required GAAP (1) Adjusted Non-GAAP (2) Required GAAP (1) Adjusted Non-GAAP (2) Net Income (Loss) ($ in millions) $76.0 $76.2 ($174.7) $34.0 EPS - Diluted $0.26 $0.26 ($1.58) $0.29 Cash & Short-Term Investments ($ in millions) (3) $5.5 $175.8 $127.4 $265.3 Total Debt ($ in millions) - $2,097.0 - $190.0 3Q 2026 3Q 2025
2 Note on Accounting Treatment As a result of the spin-off of Resolute Holdings Management, Inc. (“Resolute Holdings”) and the execution of the management agreement with Resolute Holdings (the “CompoSecure Management Agreement”) on February 28, 2025, GPGI is currently required to account for the operating results of its wholly owned operating subsidiary, GPGI Holdings, L.L.C. (“GPGI Holdings”), under the equity method in accordance with U.S. GAAP, effective February 28, 2025. Both the CompoSecure and Husky business units are under GPGI Holdings. Accordingly, GPGI also provides supplemental non- GAAP information that management believes is useful to investors in an evaluation of the performance of each of GPGI’s operating businesses. See “Use of Non-GAAP Financial Measures” for more information. Third Quarter 2026 Earnings Conference Call GPGI’s leadership team will discuss the Company’s results during a conference call on Thursday, November 5, 2026, starting at 8:00 a.m. EST. The call and accompanying presentation will contain forward-looking statements and other material information regarding GPGI’s financial and operating results. A live webcast and replay of the call will be available on the Events & Presentations section of GPGI’s website at https://gpgi.com/events-presentations/. Date: Thursday, November 5, 2026 Time: 8:00 a.m. EST Live webcast registration link: Here About GPGI GPGI, Inc. (NYSE: GPGI) is a diversified, multi-industry platform for companies with great positions in good industries. The platform is managed by Resolute Holdings Management, Inc. (NYSE: RHLD) and is purpose-built to acquire, own, and scale high-quality businesses led by great operators, benefiting from a permanent capital base and the systematic deployment of the Resolute Operating System. GPGI currently consists of CompoSecure and Husky – two market leaders with best-in-class financials and durable opportunities for growth. For more information, please visit GPGI.com. About CompoSecure, a GPGI Company Founded in 2000, CompoSecure is a technology partner to market leaders, fintechs, and consumers enabling trust for millions of people around the globe. CompoSecure is a leader in metal payment cards, security, and authentication solutions. CompoSecure combines elegance, simplicity, and security to deliver exceptional experiences and peace of mind in the physical and digital world. CompoSecure’s innovative payment card technology and metal cards with Arculus security and authentication capabilities deliver unique, premium branded experiences, enable people to access and use their financial and digital assets, and ensure trust at the point of a transaction. For more information, please visit CompoSecure.com and GetArculus.com. About Husky Technologies, a GPGI Company Founded in 1953, Husky is a technology pioneer that enables the delivery of essential needs to the global community with industry-leading expertise and service. Husky is a leader in highly engineered equipment and aftermarket services. Husky’s products are used to manufacture a wide range of plastic products, including beverage and food containers, medical devices, and consumer electronic parts. Husky provides comprehensive and integrated systems solutions that are comprised of injection molding machines, molds, hot runners, controllers, and auxiliaries. For more information, please visit Husky.co. Forward-Looking Statements This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and assumptions of management. Although GPGI believes that its plans, intentions, and expectations reflected in or suggested by these forward-looking statements are reasonable, GPGI cannot assure you that it will achieve or realize these plans, intentions, or expectations. Forward-looking statements are inherently subject to risks, uncertainties, and assumptions. Generally, statements that are not historical facts, including but not limited to statements concerning GPGI’s possible or assumed future actions, business strategies, plans including with respect to cost actions, events, results of operations, demand, the implementation and anticipated impacts of the Resolute Operating System, macroeconomic factors, trade policy including tariff uncertainty, customer demand, the Company’s anticipated responses to the foregoing, strategic investments and anticipated M&A activity, guidance for 2026 and expectations for 2027, are forward-looking statements. In some instances, these statements may be preceded by, followed by, or include the words “believes,” “estimates,” “expects,” “projects,” “outlook” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,”
3 “scheduled,” “anticipates” or “intends” or the negatives of these terms or variations of them or similar terminology. Forward- looking statements are not guarantees of performance. You should not put undue reliance on these statements which speak only as of the date hereof. You should understand that the following important factors, among others, could affect GPGI’s future results and could cause those results or other outcomes to differ materially from those expressed or implied in GPGI’s forward-looking statements: the ability of GPGI to grow and manage growth profitably, implement the Resolute Operating System successfully, maintain relationships with customers, implement their strategies, compete and retain key employees; adverse impacts of global economic, business, competitive and/or other factors, including tariffs, regional instability, including in the Middle East, and changes in the prices for inputs including oil and resin; risks associated with our plans and strategies including cost actions and capital expenditures; the outcome of any legal proceedings involving GPGI or others; future exchange and interest rates; changes in our accounting and/or financial presentation; anticipated levels and timing of demand for the products and services of GPGI’s businesses; the successful implementation of GPGI’s strategies; and other risks and uncertainties, including those under “Risk Factors” in filings that have been made or will be made with the Securities and Exchange Commission. GPGI undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Use of Non-GAAP Financial Measures This press release includes certain Non-GAAP financial measures that are not prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and that may be different from Non-GAAP financial measures used by other companies. Due to the spin-off of Resolute Holdings and the resulting shift to equity method accounting under GAAP beginning February 28, 2025, GPGI is presenting a broader set of Non-GAAP measures, including an adjusted Statement of Operations (Unaudited), an adjusted Balance Sheet (Unaudited) and an adjusted Statement of Cash Flows (Unaudited) to provide investors with financial information that we believe allows for greater comparability with our historical financial presentation and better represents the underlying performance of the Company’s business across reporting periods. Measures labeled “Adjusted,” including Adjusted Net Sales, Adjusted Net Income, Adjusted Net Income per Share and Adjusted Net Debt, show GPGI’s financial results as if GPGI consolidated the financial results of its operating businesses consistently across periods, and exclude certain non-recurring and non-operational items, which we believe provides for greater comparability across periods. Additionally, measures labeled “Pro Forma,” including Pro Forma Net Sales, Pro Forma Adjusted EBITDA, Pro Forma Adjusted EBITDA Margin and Pro Forma Adjusted Free Cash Flow, also give effect to the Husky transaction as if it had occurred on January 1, 2025, for greater visibility of GPGI’s results following the completion of the transaction. GPGI uses these Non-GAAP measures internally to establish forecasts, budgets and operational goals to manage and monitor its business, as well as evaluate its underlying historical performance and/or measure incentive compensation. We believe that these Non-GAAP financial measures depict the performance of the business by encompassing only relevant and controllable events, adjusting for variable interest entity accounting requirements that render our results incomparable across periods, and show the effect of acquisitions as if they had occurred at the beginning of the relevant period, enabling GPGI to evaluate and plan more effectively for the future. These Non- GAAP measures should not be considered as measures of financial performance under U.S. GAAP, and the items excluded from these measures are significant components in understanding and assessing GPGI’s financial performance. Please refer to the tables below for the reconciliation of GAAP measures to these Non-GAAP measures. Due to the forward-looking nature of the financial guidance included herein, the charges excluded from the forward-looking Non-GAAP financial measures including Pro Forma Net Sales, Pro Forma Adjusted EBITDA, Pro Forma Adjusted Free Cash Flow, and Non- GAAP year-end Net LTM Leverage, including with respect to depreciation, amortization, interest, and taxes that would be required to reconcile the Non-GAAP financial measures to GAAP measures, are inherently uncertain or difficult to predict, so it is not feasible to provide accurate forecasted Non-GAAP reconciliations without unreasonable effort. Consequently, no disclosure of estimated comparable GAAP measures is included, and no reconciliation of the forward-looking Non-GAAP financial measures is included. GPGI Contact ir@gpgi.com
4 GPGI, Inc. Adjusted Consolidated Statements of Operations (Non-GAAP Reconciliation) ($ in millions) (unaudited) Note: The Non-GAAP columns represent a consolidation of the Company’s results with those of GPGI Holdings. (1) Includes amortization of deferred financing costs for the three months ended September 30, 2026. GAAP to Non-GAAP Operating Results GAAP Elimination of Equity Method Investment Addition of GPGI Holdings Adjusted Non-GAAP GPGI, Inc. Net sales $ — — 509.6 509.6 Cost of sales — — 300.7 300.7 Gross profit — — 208.9 208.9 Operating expenses: Selling, general and administrative expenses 5.8 — 100.0 105.8 Income (loss) from operations (5.8) — 108.9 103.1 Other income (expense): Interest expense — — (32.4) (32.4) Interest income — — 0.3 0.3 Total other income (expense), net — — (32.1) (32.1) Income (loss) before income taxes (5.8) — 76.8 71.0 Income tax (expense) benefit 7.0 — (2.0) 5.0 Earnings in GPGI Holdings, L.L.C. equity method investment 74.8 (74.8) — — Net income (loss) $ 76.0 (74.8) 74.8 $ 76.0 Add: Depreciation and amortization 32.6 Income tax expense (5.0) Interest expense, net (1) 32.1 Stock-based compensation 6.6 Husky Transaction costs 1.0 Loss (gain) on sale of assets 0.2 FX (gain) loss 0.3 Severance cost 2.5 Pro Forma Adjusted EBITDA $ 146.3 Three Months Ended September 30, 2026
5 GPGI, Inc. Adjusted Consolidated Statements of Operations (Non-GAAP Reconciliation) ($ in millions) (unaudited) Note: The Non-GAAP columns represent a consolidation of the Company’s results with those of GPGI Holdings and the addition of Husky results as if the Husky transaction had closed on January 1, 2025. (1) Includes amortization of deferred financing cost for the three months ended September 30, 2025. (2) Includes the changes in fair value of warrant liability and earnout consideration liability for the three months ended September 30, 2025. GAAP to Non-GAAP Operating Results GAAP Elimination of Equity Method Investment Addition of GPGI Holdings Adjusted Non- GAAP GPGI, Inc. Addition of Husky Holdings Pro Forma Non- GAAP GPGI, Inc. Net sales $ — — 120.9 120.9 367.0 487.9 Cost of sales — — 49.6 49.6 239.4 289.0 Gross profit — — 71.3 71.3 127.6 198.9 Operating expenses: Selling, general and administrative expenses 9.9 — 29.6 39.5 77.7 117.2 Income (loss) from operations (9.9) — 41.7 31.8 49.9 81.7 Other income (expense): Revaluation of w arrant liability (117.3) — — (117.3) — (117.3) Revaluation of earnout consideration liability (57.6) — — (57.6) — (57.6) Interest expense — — (3.6) (3.6) (64.6) (68.2) Interest income 0.3 — 1.5 1.8 — 1.8 Change in fair value of derivative liability — — — — (5.0) (5.0) Total other income (expense), net (174.6) — (2.1) (176.7) (69.6) (246.3) Income (loss) before income taxes (184.5) — 39.6 (144.9) (19.7) (164.6) Income tax (expense) benefit (29.8) — — (29.8) (92.2) (122.0) Earnings in GPGI Holdings, L.L.C. equity method investment 39.6 (39.6) — — — — Net income (loss) $ (174.7) (39.6) 39.6 (174.7) (111.9) $ (286.6) Add: Depreciation and amortization 2.3 38.0 40.3 Income tax expense 29.8 92.2 122.0 Interest expense, net (1) 1.8 64.6 66.4 Stock-based compensation 5.8 0.4 6.2 Mark to market adjustments, net (2) 174.9 5.0 179.9 Business transformation and other — 10.5 10.5 Platinum management fee — 1.3 1.3 Incremental pro forma management fee — (10.5) (10.5) Additional earnout cost 5.0 — 5.0 Husky transaction costs 2.8 — 2.8 Pro Forma Adjusted EBITDA 47.7 89.6 $ 137.3 Three Months Ended September 30, 2025
6 GPGI, Inc. Adjusted Consolidated Balance Sheets (Non-GAAP Reconciliation) ($ in millions) (unaudited) Note: The non-GAAP columns represent a consolidation of the Company’s results with those of GPGI Holdings. GAAP Non-GAAP GAAP Non-GAAP September 30, September 30, December 31, December 31, 2026 2026 2025 2025 ASSETS CURRENT ASSETS Cash and cash equivalents $ 5.5 $ 175.8 $ 114.6 $ 271.6 Short-term investments — — — 41.1 Accounts receivable — 285.4 — 44.2 Inventories, net — 338.4 — 44.2 Prepaid expenses and other current assets 3.5 38.2 5.5 8.6 Income taxes receivable 12.6 19.6 — — Total current assets 21.6 857.4 120.1 409.7 Property and equipment, net — 563.2 — 21.6 Deferred tax asset 275.8 299.1 271.7 271.7 Intangibles assets, net — 1,698.9 — 1.9 Right of use assets, net — 67.6 — 8.9 Goodw ill — 2,919.7 — — Other assets — 14.0 — 1.6 Equity method investment 3,246.1 — 125.5 — Total assets $ 3,543.5 $ 6,419.9 $ 517.3 $ 715.4 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) CURRENT LIABILITIES Accounts payable $ 2.4 $ 67.6 $ 0.9 $ 12.7 Accrued expenses 2.0 257.2 1.8 50.8 Deferred revenues — 201.1 — — Current portion of tax receivable agreement liability 18.5 18.5 16.2 16.2 Current portion of long-term debt — 12.0 — 15.0 Other current liabilities — 66.1 — 0.1 Total current liabilities 22.9 622.5 18.9 94.8 Long-term debt, net of deferred f inancing costs — 2,059.5 — 169.1 Deferred tax liability — 209.4 — — Tax receivable agreement liability 266.4 266.4 255.2 255.2 Other liabilities — 96.4 — 7.3 Total liabilities 289.3 3,254.2 274.1 526.4 Shareholders' equity (deficit) 3,254.2 3,165.7 243.2 189.0 Total liabilities and shareholders' equity (deficit) $ 3,543.5 $ 6,419.9 $ 517.3 $ 715.4
7 GPGI, Inc. Adjusted Consolidated Statements of Cash Flows (Non-GAAP Reconciliation) ($ in millions) (unaudited) Note: The Non-GAAP column represents a consolidation of the Company’s results with those of GPGI Holdings and the addition of Husky results as if the Husky transaction had closed on January 1, 2025. GAAP Non-GAAP CASH FLOW FROM OPERATING ACTIVITIES Net income (loss) $ (108.7) $ (126.7) Adjustments to reconcile net loss to net cash (used in) provided by operating activities Depreciation and amortization — 160.7 Stock-based compensation expense 8.8 18.0 (Earnings) losses in equity method investment 12.2 — Distributions from GPGI Holdings 21.6 — Amortization of deferred f inancing costs — 2.8 Non-cash operating lease expense — 12.8 Fair value inventory step-up — 23.6 Unrealized foreign exchange loss (gain) — (3.9) Deferred tax benefit (3.9) (3.7) Gain on debt extinguishment — (29.9) Loss on remeasurement of tax receivable agreement liability 28.1 28.1 Other — 2.3 Changes in assets and liabilities (3.6) (68.8) Net cash (used in) provided by operating activities (45.5) 15.3 CASH FLOWS FROM INVESTING ACTIVITIES: Investment in GPGI Holdings (2,120.4) — Distributions from GPGI Holdings 111.6 — Cash used for acquisition — (762.2) Purchase of property and equipment — (29.8) Proceeds from sale of property and equipment and intangible assets — 0.3 Maturities of short-term investments — 41.1 Capitalized softw are expenditures — (11.1) Net cash used in investing activities (2,008.8) (761.7) CASH FLOWS FROM FINANCING ACTIVITIES: Repayment of preference share capital — (457.4) Payments for taxes related to net share settlement of equity aw ards — (26.8) Debt issuance costs — (37.1) Proceeds from revolving credit facility — 50.0 Proceeds from issuance of Class A common stock in relation to Husky Transaction 1,962.0 1,962.0 Payment of debt, net of associated fees — (3,387.3) Proceeds from issuance of long-term debt - net of discounts — 2,523.5 Payment of tax receivable agreement liability (14.6) (14.6) Dividends to Class A shareholders (2.2) (2.2) Net cash provided by (used in) f inancing activities 1,945.2 610.1 Effect of exchange rate changes on cash and cash equivalents — 4.4 Net increase (decrease) in cash and cash equivalents (109.1) (131.9) Cash and cash equivalents, beginning of period 114.6 307.7 Cash and cash equivalents, end of period $ 5.5 $ 175.8 Nine Months Ended September 30, 2026
8 GPGI, Inc. Consolidated Earnings Per Share (Non-GAAP Reconciliation) ($ in millions, except share amounts) (unaudited) Note: Non-GAAP EPS does not pro forma for periods preceding the acquisition of Husky. (1) Includes the changes in fair value of warrant liability and earnout consideration liability. (2) For the three months ended September 30, 2026, calculated by applying the Company's assumed effective tax rate. (3) Applies treasury stock method with assumed exercise at average market price. No warrants were outstanding as of the three months ended September 30, 2026. Net income (loss) $ 76.0 $ (174.7) Add: Provision (benefit) for income taxes (5.0) 29.8 Mark-to-market adjustments (1) — 174.9 Stock-based compensation 6.6 5.8 Husky Transaction costs 1.0 2.8 FX (gain) loss 0.3 — Severance cost 2.5 — Loss (gain) on sale of assets 0.2 — Additional earnout cost — 5.0 Purchase accounting amortization and depreciation 18.7 — Adjusted net income before tax 100.3 43.6 Income tax expense (2) 24.1 9.6 Adjusted net income $ 76.2 $ 34.0 Common shares outstanding used in computing net income per share - basic: Class A common shares 289.9 110.3 Adjusted net income per share – basic $ 0.26 $ 0.31 Adjusted net income 76.2 34.0 Common shares outstanding used in computing earnings per share, basic: 289.9 110.3 Warrants (3) — 1.7 Equity aw ards 2.5 5.1 Total shares outstanding used in computing adjusted earnings per share – diluted 292.4 117.1 Adjusted net income per share – diluted $ 0.26 $ 0.29 Diluted Three Months Ended September 30, 2026 2025 Basic Three Months Ended September 30, 2026 2025