Investor Presentation

Solid Revenue Growth Revenue (M$) $88.4 Variance Analysis 39.8% 24.0 (M$, except %) Envelope Packaging TOTAL $63.3 18.6 Q1-22 Revenue 44.6 18.6 $63.3 Volume 3.1% 64.5 Average 40.1% 44.6 selling price Q1-23 64.5 24.0 $88.4 Revenue Q1-22 Q1-23 Variation 44.4% 28.7% 39.8% ■ Envelope ■ Packaging Note: Totals may not add up due to rounding. Envelope: Highlights (+) Contribution from Royal Envelope (+) Higher average selling price from more favourable customer and product mix in U.S. (+) Price increases implemented in 2022 (+) Favourable FX conversion effect Packaging: (+) Contribution from Paragraph (+) Increased demand from e- commerce (-) Wind down of Durabox operations (-) Residual effect from interrupted and sub-optimal production following relocation of a folding carton plant 40

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