#1Investor Presentation November 2023 Graphic Packaging HOLDING COMPANY SUNBA CH CARAMEL SUNDA 35 ZZ CONE AD WISSOTA HAND MADE SERVES 4 AL DEER PERFICTION EXCELLENT FIBER N Valentina's PASTA Co. BRAN FLAKES RAISINS eau pétillante rrange NGRED EA OGURT Frui#2FORWARD LOOKING STATEMENTS CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS • • Any statements of the Company's expectations in these slides, including, but not limited to, statements regarding the new CRB mill in Waco, Texas and expected facility closures, value creation, capacity, capital expenditures and timing, guidance regarding 2023 Sales, Organic Sales, Adjusted EBITDA, Adjusted Cash Flow, Year-End Net Leverage, Year-End Liquidity, Adjusted EPS and Return on Invested Capital, paperboard integration rate, credit rating and progress with respect to Vision 2025 goals, constitute "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on currently available operating, financial and competitive information and are subject to various risks and uncertainties that could cause actual results to differ materially from the Company's historical experience and its present expectations. These risks and uncertainties include, but are not limited to, inflation of and volatility in raw material and energy costs, changes in consumer buying habits and product preferences, competition with other paperboard manufacturers and product substitution, the Company's ability to implement its business strategies, including strategic acquisitions, productivity initiatives, cost reduction plans and integration activities, as well as the Company's debt level, currency movements and other risks of conducting business internationally, the impact of regulatory and litigation matters, including the continued availability of the Company's U.S. federal income tax attributes to offset U.S. federal income taxes and the timing related to the Company's future U.S. federal income tax payments. Undue reliance should not be placed on such forward-looking statements, as such statements speak only as of the date on which they are made and the Company undertakes no obligation to update such statements, except as may be required by law. Additional information regarding these and other risks is contained in the Company's periodic filings with the Securities and Exchange Commission. NON-GAAP FINANCIAL MEASURES & RECONCILIATIONS This presentation includes certain historic financial measures that exclude or adjust for charges or income associated with business combinations, facility shutdowns, extended mill outages, sales of assets and other special charges or income ("Non-GAAP Financial Measures"). The Company's management believes that the presentation of these Non-GAAP Financial Measures provides useful information to investors because these measures are regularly used by management in assessing the Company's performance. These Non-GAAP Financial Measures are not calculated in accordance with generally accepted accounting principles in the United States ("GAAP") and should be considered in addition to results prepared in accordance with GAAP, but should not be considered substitutes for or superior to GAAP results. In addition, these Non-GAAP Financial Measures may not be comparable to similarly-titled measures utilized by other companies, since such other companies may not calculate such measures in the same manner as we do. A reconciliation of these Non-GAAP Financial Measures to the most relevant GAAP measure is provided in the Appendix hereto. Note that a reconciliation of Non-GAAP Financial Measures provided as future performance guidance to the most relevant GAAP measure is not provided, as the Company is unable to reasonably estimate the timing or financial impact of items such as charges associated with business combinations and other special charges. The inability to estimate these future items makes a detailed reconciliation of these forward-looking non- GAAP financial measures impracticable. Graphic Packaging HOLDING COMPANY#3GRAPHIC PACKAGING AT A GLANCE A ~10 Billion # & 2023 SALES FORECAST NYSE: GPK 2,700+ PATENTS 95% OF SALES FROM RECYCLABLE PRODUCTS #1 WORLD'S LARGEST FIBER-BASED CONSUMER PACKAGING COMPANY DIVERSIFIED PORTFOLIO SERVING 3,000+ CUSTOMERS FOOD SERVICE CONSUMER HEALTH & BEAUTY FOOD & BEVERAGE 100+ YEARS OPERATING HISTORY LEADER IN SAFETY PERFORMANCE² 24,000+ EMPLOYEES WORLDWIDE 27 WORLDWIDE OPERATIONS VERTICALLY 105 PACKAGING INTEGRATED PLANTS NETWORK 7 PAPERBOARD MILLS SUS CRB | SBS COUNTRIES Graphic Packaging HOLDING COMPANY 1 Includes products categorized as widely recyclable, regionally recyclable, and conditionally recyclable. 2 AF&PA#4RUNNING A DIFFERENT RACE - COMPELLING INVESTMENT CASE LEADING integrated global fiber-based consumer packaging company ADVANCED innovation capabilities, diversified market segments, and sustainable packaging offerings provide runway for organic growth COMPETITIVELY advantaged with lowest-cost operations, highest-quality fiber-based packaging solutions VERTICALLY integrated and scaled model drives operating efficiencies, optimization and responsive customer service POWERFUL cash flow engine supports continued investment for expansion and sustainably-achieved, profitable growth PROVEN track record of strategic and balanced capital allocation to strengthen business and deliver returns for stakeholders Graphic Packaging HOLDING COMPANY#5COMPANY OVERVIEW TRASH BAGS DRAWSTRING STRONG SUPER 30 20 Fabric чener ETS A HAND MADE SERVES 4 AL DENTE PERFECTION HIDER SOURCE Valentina's PASTA Co. BRAN FLAKES RAISINS eau pétillante blood orange SPARKLING NATURAL MINERAL WATER INGREDIENTS EAN OGURT Graphic Packaging HOLDING COMPANY 10-8.45 FL OZ (250ML) CANS Fruit & Nut Always ORGANIC O CleanCuisine Chewy Granola Bars Aberys CHICKEN TINGA Fruit & Nut Chewy CREANIC Granola Bars CARVER TO CLOUDS BIL ONLRY AND PUEBLA Y OW SIMMERED COCKES#6LEADING INTEGRATED, FIBER-BASED CONSUMER PACKAGING COMPANY 2022 Sales by Geography #1 Americas Market share in fiber-based #1 Producer of CRB and CUK consumer packaging #2 Producer of SBS 61 Converting locations Americas 7 Mills ~16K Employees Graphic Packaging HOLDING COMPANY 76% $9.4B Europe 22% Europe and Rest of World #1 Market share in European fiber-based consumer packaging 17 Countries 46 ~8K Converting locations Employees Other Intl. 2%#7SERVING THE WORLD'S BEST CUSTOMERS IN FIVE GROWING MARKET SEGMENTS Segment % of Portfolio FOOD 34% Kellogg's Mondelēz CONAGRA G General Mills KRAFT Nestle MARS BRANDS- Dogfish, Keurig BEVERAGE 22% MillerCoors DrPepper SIERRA NEVADA ABInBev Coca-Cola PEPSICO FOODSERVICE 20% Chick-fil-& M DQ BURGER KING DUNKIN' AW CONSUMER 20% 3M >FilterBuy CHURCH & DWIGHT Kruger Henkel Reynolds Consumer Products CO. INC HEALTHCARE 4% & BEAUTY Johnson & Johnson L'ORÉAL Mölnlycke PARIS D Abbott COTY BEAUTY, LIBERATED BAYER BAYER Graphic Packaging HOLDING COMPANY#8FOOD SEGMENT EXPANDING CATEGORY AND CHANNEL PENETRATION DIGIORNO BIRDS EYE Cheddar Broccoli TRADITIONAL Full Store Coverage ~80% National Brands / ~20% Store Brands¹ Jiminy Dean BREAKFAST DOWL Meat Lovers Marie Callender's 22 Frozen M MAGNUM CARAMEL 40-LACAU 華社 **** Bakery RICH FROSTED Graphic Packaging HOLDING COMPANY ¹Management estimates CORN FLAKES Barilla AESTEN Fruits / Vegetables RITZ Center Store SuperMess BANANIA MOINS Lipton Sp Deli / Meat Multi-Channel 18 VARIETY PACK Snack Time Stack Time KEURIG GREEN HOUNTAIN 100 BREAKFAST BLEND ORANGES Pop. tarts Club / Mass Convenience ANC Variety Pa mentos PURE mentos PURE#9CLEAR LEADER IN GLOBAL FIBER-BASED BEVERAGE PACKAGING; INNOVATION DRIVEN GROWTH TRAJECTORY #1 Share in Large and Growing Global Fiber-Based Beverage Markets¹ Beverage Winning Formula Competitors ~40% GPK ~60% Baskets Graphic Packaging HOLDING COMPANY ¹Management estimates ING UUNG CARLING • • • Long-standing relationships with demonstrated ability to service the needs of global beverage companies High-speed machinery development and installation secure long-term customer relationships Patented innovations differentiated from competition Low-cost, global converting network World's largest CUK manufacturer Fully Enclosed Wraps Coorsoo AUD BUD BUD BUDLEDS POLAR SELTZER CRANBERRY LIME Coca-Cola Clips BU RIG BU#10FOODSERVICE SEGMENT FOCUSED ON GROWING QUICK SERVICE RESTAURANT SEGMENT; PRODUCE 30% OF ALL PAPER CUPS IN THE U.S. BURGER M KING Wendy's DUNKIN' Chick-fil;& DQ CHI MEXICA GRILL PANDA EXPRES CHINES c KITCHEN Quick Service Restaurants Retailers, Convenience Stores Business, Education, Industrial Travel, Leisure, Entertainment Hilton Full-Service BREAD® Restaurants Yum! Panera Graphic Packaging HOLDING COMPANY Source: Technomic, Management estimates US STH eztv Fiber-Based Industry Packaging Market Size Growth Rate % GPK Portfolio $3.5B 75% $0.2B 5% $0.2B 5% $0.2B 10% Yeports $0.2B 5%#11CONSUMER PACKAGING BUSINESS IS DIVERSE, GLOBAL AND GROWING RE525523 Fuel Filter Filtre à carburant Filtro de combustible Kraftstoffilter Filtro del combustibile Filter Frames & Automotive Filtrete Allergen Defense Filtrete ULTRA ALLERGEN Healthy Living 1550 L 3M FRAM CS7715A O BALDWIN FILTERS 3M PF7779 Graphic Packaging HOLDING COMPANY 1860 TERINARO Dental Chewz POES NET 502 470 Petcare PETGRO LONG LASTING FRESHNESS CLUMP &SEAL GUARANTEED COMPLETE ODOR SEALING LITTER EODOR BLASTERS ODOD FREE FRESH HOME 100% Dust Free PURINA ALPO VARIETY SNAPS little BITES PET FRESH CARPET ST OGOR LUMINATOR asw HEHRING Other Consumer Categories M&HAMM Pure Baking Soda America Trusted Baking Soda Brand Scratchless Coning NET WT (2) 30 Days of Freshness Depend L16 COUNT MAXIMUM ABSORBENCY 250 66ation Freshen-Soften Conbor Static Help Reduce Wirkk Snuggle Blue Sparkle 20 MULE TEAM BORAX DETERGENT BOOSTER Jean DOG TREATS NET WT 32 OZ (2 LB) 907 g Chloser Ziploc Mainh The Malt Grip'n Scal Technology 24 STORAGE QUART 10 C570 GORILLA GORILLA GLUE#12NEW HEALTHCARE & BEAUTY SEGMENT REPRESENTS A SIGNIFICANT GROWTH OPPORTUNITY IN A $7B FIBER-BASED PACKAGING MARKET Suite of Packaging Solutions • Healthcare: OTC¹, Medical Devices & Diagnostics, Animal Health Beauty: Perfume, Skincare, Haircare * Hollister AJORIIDE URODONT FLUX EURODONT FLUORIDE EURODONT FLUOR CURODONTFLUORIDE Colgate Total FRESH MINT STRIPE LANCÔME PARIS ABSOLUE L'OREAL PARIS NOVO REVITALIFT LASER X3 CUIDADO DES D Abbott Graphic Packaging HOLDING COMPANY 1. OTC Over-the-counter 2. Source: Smithers; "The Future of Folding Cartons to 2026" 3M Micropore™ Surgical Tape din Kristap pchurgical de Kirurgisk Tapo Medizinische Plaster Nestro Chirurgico Exparatropa Cata Croische Hochester Kurgisk lejp do Kurpinen teippi en Adesive cirurgico хородуктоме マイクロボア サージカルテープ COVID-19 HYPOALLERGENIC 1530-2 2 TAST BinaxNOW ANTIGEN SELF TEST EASY FAST COVID COVID.1 A CARD CAND • Key Figures $7B Healthcare & Beauty fiber- based packaging market in North America and EMEA² Mid-single digit annual sector growth rates2 #4 player in Europe > $250M in sales 13 manufacturing plants across nine countries serving Healthcare & Beauty customers Customers: Bayer, J&J, Novartis, Mölnlycke, L'Oreal, P&G, Coty, Colgate, Abbott Labs, Hollister#13INTEGRATED OPERATING MODEL DRIVES LONG-TERM VALUE CREATION Invest in New Product Innovation to create competitive advantage and capture growth opportunities Grow Converting Volume to deliver top-line growth and increase integration rates Enhance Business Capabilities to better serve customers, increase organizational efficiency and effectiveness and be an employer of choice Graphic Packaging HOLDING COMPANY Integrated Model to Drive EBITDA & Cash Flow Fill the Mills to maintain high operating rates and provide security of supply Upgrade Mills and Converting Assets to maintain safety, increase capacity, improve quality, reduce costs and achieve sustainability objectives#14INNOVATION TRASH BAGS DRAWSTRING STRONG SUPER 30 20 Fabric чener ETS A HAND MADE SERVES 4 AL DENTE PERFECTION HIDER SOURCE Valentina's PASTA Co. BRAN FLAKES RAISINS eau pétillante blood orange SPARKLING NATURAL MINERAL WATER INGREDIENTS EAN OGURT Graphic Packaging HOLDING COMPANY 10-8.45 FL OZ (250ML) CANS Fruit & Nut Always ORGANIC O CleanCuisine Chewy Granola Bars Aberys CHICKEN TINGA Fruit & Nut Chewy CREANIC Granola Bars CARVER TO CLOUDS BIL ONLRY AND PUEBLA Y OW SIMMERED COCKES#15INNOVATION DELIVERING SIGNIFICANT OPPORTUNITIES TO CAPTURE ORGANIC GROWTH; $12.5B ADDRESSABLE MARKET DRIVEN BY PLASTIC SUBSTITUTION Plastic Substitution $11B Cups and Cartons Multi-Packs $12.5B Addressable Market Strength Packaging $1B Club Stores, Mass Retailers, E- Commerce (SIOC) Cooking Solutions $0.5B Marie Call SHEPHERD'S PIL Food Trays (non-cooking) Keel Clip Gra Graph Pack Packag Grad Pack Canisters KEURIG GREEN MOUNTAIN BREAKFAST BLEND OREO 100 OREO CLUMP &SEAL DRY FOOD DRY FO RY FOOD 12 SAMPLER SAGE THE SAMPLER 48 VARIETY PACK POP. tarts DO 7DAY CEKACANⓇ, SEALIO®, BOARDIO® Platform Enablers: Design & Premiumization Graphic Packaging HOLDING COMPANY EXTRA CREATIONS CREATIONS EXTRA CREATIONS ute C PRETZELS Chocolate Budweise PRETZELS Budweiser ABBEY TRIPPEL Marie Callender's HONEY SOUR SAISON ORANGE TRIP PERONI SIDE UP THIS SIDE UP 1 FLATBREAD Cooking Containers#16CONFIDENCE IN ABILITY TO DRIVE 100 TO 200 BASIS POINTS OF ANNUAL NET ORGANIC SALES GROWTH OVER TIME DRIVERS ✓ Consumer preference for plastic packaging alternatives ✓ Expanding market and category participation ✓ Focus on plastic substitution and greater composition of recycled paperboard in packaging ✓ Successful commercial execution of key innovation projects IN THE MARKET TODAY New Insulated sinove SWEET CORN GREENLEAF GREENLEAF EN LEAR EN LEAF NEW PRODUCT DEVELOPMENT Boardid Cold&Go™ Multipacks Non-Beverage BoardioⓇ Expansion SHORT-TERM DEVELOPMENT WINDOW Market Cold&Go Fiber Lids Produce Pack™ Trays Bakery & Confectionary Trays INTERMEDIATE-TERM DEVELOPMENT WINDOW ORGANIC KLING ECIDER KLING LECIDER Next Gen PaperSeal™ Pressed Clip Technology CHOW MEIN CHOW MEIN Retail Cups Clips for PET Bottles PaperSeal™ Shape Graphic Packaging HOLDING COMPANY POSEIDON GREEK YOGURT NATURAL Yogurt Cups PaperSeal™ Reseal Pollo Picante FLAME CORTED CHICKEN Plastic-Free Grease Barrier Cartons Coca-Cola CocaCo Next Gen Cap-It™ Plastic-Free Pressed Dual Purpose Cup Bowls and Trays (Hot and Cold)#17DELIVERING PACKAGING SOLUTIONS PREFERRED BY CONSUMERS Strategic initiatives driving category expansion, sustained organic growth opportunities and market share CONSUMERS DEMAND RECYCLED PACKAGING OPTIONS SOLUTION: HIGHEST QUALITY PACESETTER RAINIERT CRB CONSUMERS DEMAND CONVENIENT, SUSTAINABLE OPTIONS SOLUTION: COLD&GOTM POTENTIAL BEVERAGE PROGRAM REPLACEMENT Cold&Go Mama's Pot Pre Dally CREAM CHEESE Dalby CREAM CHEESE Melle Meats CHOCOLATE CHIP Graphic Packaging HOLDING COMPANY TruCLEAR * Built-in insulated sleeve INSULATED COLD CUP TM 10 CARLETS Interested Controls condensation New insulated sleeve More CRB in More Non-Drowsy 24 Hour Relief Consumer Experiences OptiWhite + Increased rigidity Contains 10% post-consumer recycled fiber SUSTAINABLE FORESTRY INITIATIVE Made of sustainably sourced material Uniquely Chick-fil-A Improved lid fit and performance Premium look & feel Improved delivery experience Source: www.chick-fil-a.com/cup#18INNOVATIVE, NEW CRB GRADES EXPAND MARKET OPPORTUNITIES PACESETTER™ Rainier grade is expected to compete directly with FBB/SBS with superior economics DAIRY Mellie's Dalby CREAM CHEESE Rich & Oweny Dalby CREAM CHEESE COUNT PREMAM Treats QUALITY CHOCOLATE CHIP Dada Dia Pedia Ma TW 1302 TruCLEAR LORATADINE SMG/ ANTISTAMINE Non-Drowsy 24 Hour Relief Sneezing Itchy, watery eyes Itchy throat or nose Indoor & Outdoor Allagas 10 CAPLETS OptiWhite HEALTHCARE & BEAUTY Pijl Pi Pie WIT WIT 78 BLACK SINKED COCKTAILS BLACK COCKTAILS CTAILS MOSCOW MULE GINGER BEER, LIME JUICE GANE CONFECTIONARY GALAXY CUM SPEARMINT 4 LIGHTERS ARANTEED GUNVOKE GFYR BLISTER CARDS Graphic Packaging HOLDING COMPANY Cloudifocket, More CRB in More Consumer Experiences FOOD SERVICE FROZEN ENTREES Pot Pie Mama's Vegetable Chowder Bake House BAKERY BEVERAGE CARRIERS & WRAPS PACESETTER Rainier end-use targets#19FIRST TO MARKET PROPRIETARY CUP INNOVATION DRIVING FOODSERVICE GROWTH INNOVATION CUSTOMER LAUNCH Proprietary, highly-insulated double-wall cup Chick-fil-& Stays Hot! Stays Cold! Graphic Packaging HOLDING COMPANY 1. Management estimate 2. Can be recycled in select communities New Insulated sleeve ADDRESSABLE MARKET $2B¹ (~600K tons) + Foam - 20 billion cup U.S. market + - Plastic 25 billion cup U.S. market VALUE PROPOSITION Enhanced Consumer Experience ✓ Less condensation Higher rigidity Superior insulation / beverage integrity Streamlined Customer Operations ✓ One dual-purpose (hot/cold) cup Reduced complexity in restaurant Improved Sustainability Features ✓ ✓ Made from renewable resources Contains 10% post-consumer fiber Recyclable²#20EUROPEAN FIBER-BASED NEW PRODUCT DEVELOPMENT INITIATIVES EXPANDING GLOBAL MARKET GROWTH OPPORTUNITIES N Beverage M NESPRESSO F LOCKSON Healthcare LOCKOON PERFETTI van Melle HERE Foodservice Food SALAD Graphic Packaging HOLDING COMPANY Venus Gillette® Beauty Ventis Beiersdorf Gum mentos PURERE 80 PIECES LE sum entos RE Healthcare Boardio® 164 CURITAS GREEN & PROTECT 20 Elastoplast eco GREEN & PROTECT 20#21MULTI-PACK TECHNOLOGIES PROVIDE SOLUTIONS TO ELIMINATE SHRINK WRAP AND PLASTIC RINGS IN BEVERAGE PACKAGING OLD WAY Graphic Packaging HOLDING COMPANY Shrink Film Plastic Rings NEW WAY Grachic Packaging Packag INTERNATION Euba STELLA ARTOIS Keel Clip Graph Packa Pack INTERN Keel Clip PREMIUM CAP-IT Packaging CAP-IT KeelClip™ and Cap-It™ GripClip Graphic Packag Graph Graph Packe Keel Clip EnviroClip BOTTLES ECO Wraps and Fully Enclosed Gusseted Wrap CT Wrap CT WRAP STELLA ARTOIS Packaging EnviroClip™ EnviroClip DIAMOND ESTRELLA Rounded Corner Fully Enclosed#22PRODUCEPACKTM AND PAPERSEALT PROVIDE SOLUTIONS FOR SUSTAINABLE PACKAGING AT THE PERIMETER OF THE STORE NEW WAY OLD WAY Plastic Trays and Punnets Angel Sweet PLRINGEVILLE, ON 23-US&ROWN.COM Foam Trays Chicken Chicken Mail All Natural Fresh BONELESS SKINLESS CHICKEN BREASTS Graphic Packaging HOLDING COMPANY PRODUCT OF USA Cal Honeycrisp LESSPLASTO TOON SHE NO>>> NO ADDED ANTIBIOTICS HORMONES OR EVER! STEROIDS PaperSeal™ VSP A PaperSeal™ Slice ProducePack™ PaperSeal® ProducePack™ WENSLEYDADE PaperSeal™ Wedge BEEF LASAGNE PaperSeal™ Cook PRISCILS SE INGER PaperSeal™ MAP PAPER SEAL THE GREEN SMART GENERATION#23BARRIER AND INSULATION TECHNOLOGIES PROVIDE SUSTAINABLE SOLUTIONS FOR PLASTIC AND FOAM CUPS AND CARTONS OLD WAY NEW WAY Clear Plastic Containers and Cups Foam Cups and Clamshells 16 Graphic Packaging HOLDING COMPANY OptiCycle™ OptiCycle Cups Portfolio Cartons Portfolio Graphic Packaging Double-Wall Insulated Cup Dual Purpose (Hot and Cold) Fiber-based Clamshells ECONOPAX™#24COOKING SOLUTIONS TECHNOLOGIES SUPPORT THE FAST-GROWING MICROWAVE FROZEN FOODS CATEGORY Frozen Food Category is Strong and Growing +4% Unit Sales Growth in 20211 Graphic Packaging HOLDING COMPANY ¹Nielsen 52 Weeks, XAOC week ending 1.1.22 FLATBREAD W Microwave Frozen Technologies Marie Callender's SHEPHERD'S PIE SCOP RED RARON PIZZA MELT MicroRite™ Qwik Crisp™ RED RARON PIZZA MELT CleanCuisine Skillet Meals VEGGIE BOLOGNESE GROUND ANCIENT GRAINS SHERED IN PLUN TOMATO SAUCE S#25PERFORMANCE AND CAPITAL INVESTMENT TRASH BAGS DRAWSTRING STRONG SUPER 30 20 Fabric чener ETS A HAND MADE SERVES 4 AL DENTE PERFECTION FIDER SOURCE W 526 Valentina's PASTA Co. BRAN FLAKES RAISINS eau pétillante blood orange SPARKLING NATURAL MINERAL WATER INGREDIENTS EAN OGURT Graphic Packaging HOLDING COMPANY 10-8.45 FL OZ (250ML) CANS Fruit & Nut Always ORGANIC O CleanCuisine Chewy Granola Bars Aberys CHICKEN TINGA Fruit & Nut Chewy CREANIC Granola Bars CARVER TO CLOUDS BIL ONLRY AND PUEBLA Y OW SIMMERED COCKES#26PAPERBOARD PLATFORM OPTIMIZATION UPDATES Extending packaging leadership in North America; industry-leading cost base, superior paperboard quality offering Recycled Paperboard CURRENT MILL NETWORK East Angus • Kalamazoo Texarkana West Monroe ~4.2MT Virgin Paperboard Total Paperboard Capacity Graphic Packaging HOLDING COMPANY Macon • WACO CRB UPDATE Project progressing and on track Key mill management roles filled • Middletown 85% of equipment ordered Augusta • Finished goods warehouse foundation and floor pads completed • Concrete poured for recycled fiber warehouse floor#27NEW CRB MILL IN WACO, TEXAS Graphic Packaging HOLDING COMPANY Austin LOCATION BENEFITS • Dallas Waco Houston San Antonio • 80% of Texas population within 200 miles • • • • • One of the fastest growing economic centers in the U.S. Strong, existing secondary fiber basket Advantaged rail and roadway logistics Established water, wastewater and energy infrastructure with long-term viability Robust talent pipeline for both hourly and salary personnel Strong community and city management support TIMING Leveraging internal and external partner learnings from K2 machine construction and start up Construction commenced Q1 2023 Machine commissioning Q4 2025 Start up expected Q1 2026#28SIGNIFICANT EBITDA IMPROVEMENT, INTERNALLY FUNDED FROM OPERATING CASH FLOW MILL INVESTMENT OF ~$1B 3-year investment (2023-2025) Internally funded from operating cash flow Return on cash ~12%1 ROIC ~11%2 EXPECT ~$160M INCREMENTAL, ANNUAL EBITDA AT FULL RUN RATE Expect to achieve ~$80M improvement in 2026 and an incremental ~$80M improvement in 2027 EBITDA improvement driven by cost reduction and optimized mill capacity Cost Reduction - Fixed cost reductions (mill closures) Reduced variable input consumption Energy, Chemicals, Fiber, Coatings, Water, Freight Optimized Mill Capacity - Organic sales growth (100 - 200 bps) - Substrate optimization - Internalization of external board purchase ~$100M ~$60M Graphic Packaging 1. $160M benefit taxed at 25% 2. Assumes incremental D&A of $10M and tax rate of 25% HOLDING COMPANY#29APPENDIX TRASH BAGS DRAWSTRING STRONG SUPER 30 20 Fabric чener ETS A HAND MADE SERVES 4 AL DENTE PERFECTION HIDER SOURCE Valentina's PASTA Co. BRAN FLAKES RAISINS eau pétillante blood orange SPARKLING NATURAL MINERAL WATER INGREDIENTS EAN OGURT Graphic Packaging HOLDING COMPANY 10-8.45 FL OZ (250ML) CANS Fruit & Nut Always ORGANIC O CleanCuisine Chewy Granola Bars Aberys CHICKEN TINGA Fruit & Nut Chewy CREANIC Granola Bars CARVER TO CLOUDS BIL ONLRY AND PUEBLA Y OW SIMMERED COCKES#30EXECUTING GROWTH INITIATIVES AND DELIVERING ON OUR VISION; POSITIONING BUSINESS IN 2026 AND BEYOND TO ACHIEVE SIGNIFICANT ANNUAL CASH FLOW AND MARGIN STABILITY IN A HIGHER, MORE NARROW EBITDA MARGIN RANGE 2019 2022 Actual Actual 2023 Guidance Enhanced Vision 2025 Sales $6.2B $9.4B ~$10B $10B $12B Adjusted EBITDA ($M) $1,030 $1,600 $1,800 - $2,000 $2,000 - $2,400 Adjusted EBITDA Margins 16.7% 16.9% 18% - 20% ~20% Adjusted EPS $1.03 $2.33 - $2.70 $3.10 $3.25+ CapEx (as a % of sales) 6% 6% ~8%1 7% - 8%1 ROIC 8% 9% 10% 11% - 10% -12% Paperboard Integration Rate 68% 73% 75-80% Credit Rating BB+/Ba1 90%+ Investment Grade Graphic Packaging HOLDING COMPANY Note: Adjusted historical figures represent Non-GAAP Financial Measures. Please refer to fourth quarter 2019 and 2022 earnings press releases for reconciliations to GAAP measures Note: Excludes pending acquisition of Bell Incorporated 1. Increased to support strategic capital investments primarily the new Waco CRB mill; capital expenditures as a % of sales will decline#31BALANCED APPROACH TO CAPITAL ALLOCATION FOCUSED ON GROWTH AND CAPITAL RETURN Growth Leverage Reduction Target net leverage <2.5x at year-end 20231 Strategic M&A Bell Incorporated acquisition BELL INCORPORATED • Graphic Packaging HOLDING COMPANY 1. Excludes pending acquisition of Bell Incorporated Capital Investments Waco CRB Mill investment Innovation in consumer preferred, fiber- based packaging • • Return to shareholders Share Repurchases New $500M share repurchase authorization $590M total authorization available Dividend $0.10 dividend paid quarterly#32FEE SHOP GX TEA EARL GRAY CONCEER SUBBUT TO A UN SERVICE NO APPLICABLE TAXES Graphic Packaging HOLDING COMPANY Fres Delicious Muffi Pies Fresh Baked