Author: Ravi Shankar

• Record annual revenue of $28.8 million, up 108% year over year
• Net loss improved by $4.9 million, or 41% year over year
• Adjusted EBITDA¹ improved by $5.1 million or 59% year over year
• Cash balance of $17.3 million, with positive cash flow from operations in the fourth quarter
• Contractual backlog up 66% to $25.6 million year over year

TORONTO, Oct. 21, 2026 (GLOBE NEWSWIRE) — Xtract One Technologies Inc. (TSX: XTRA) (OTCQX: XTRAF) (FRA: 0PL) (“Xtract One” or the “Company”) a leading technology-driven threat detection and security solution that prioritizes the patron access experience by leveraging AI, today announced its fiscal fourth quarter and annual results for the three months and year ended July 31, 2026. All information is in Canadian dollars unless otherwise indicated.

“Fiscal 2026 was the year Xtract One proved it could scale,” said Peter Evans, Chief Executive Officer of Xtract One. “Revenue more than doubled to $28.8 million and we completed the first full year of Xtract One Gateway commercial deployments across schools, hospitals, workplaces and manufacturing sites. We did it while holding operating expense growth to 13%, which improved Adjusted EBITDA¹ by $5.1 million and allowed us to generate cash from operations in the fourth quarter. The second half of the year was very close to breakeven on Adjusted EBITDA¹ given a record breaking second half of the year with $18.5 million in revenue compared to $6.8 million in the prior year.

With our contractual backlog growing by 66%, we enter fiscal 2027 with a growing recurring revenue base, a balance sheet that funds our plan and two proven, complementary products backed by the installation capacity and customer references to turn an expanding pipeline, including Fortune 100 organizations, into continued momentum.”

Fiscal 2026 Financial Highlights

All comparisons below are to the year ended July 31, 2025, unless otherwise noted.

• Revenue of $28.8 million as compared to $13.9 million, an increase of 108%, driven by a record number of deployments of SmartGateway and the first full year of commercial deployment of Xtract One Gateway.
• Gross margin of 58% as compared to 66%, reflecting the higher initial production and installation costs of Xtract One Gateway in its first year of production and its larger share of installations.
• Total contract value of new bookings¹ of $32.2 million as compared to $38.5 million, which included a record $16.5 million in the fourth quarter of fiscal 2025.
• Contractual backlog of $25.6 million as compared to $15.5 million, an increase of 66%, of which $10.5 million is expected to be recognized as revenue within the next twelve months. This excludes an additional $18.4 million of agreements pending installation¹ as compared to $34.0 million, with the decrease reflecting the higher number of installations completed during the year.
• Operating expenses of $24.0 million as compared to $21.1 million, an increase of 13% against revenue growth of 108%, primarily reflecting higher selling and marketing expenses.
• Comprehensive loss of $6.8 million as compared to $11.5 million.
• Adjusted EBITDA¹ of negative $3.5 million as compared to negative $8.6 million, an improvement of $5.1 million or 59%.
• Cash used in operating activities of $3.5 million as compared to $6.5 million.
• The Company ended the year with cash and cash equivalents of $17.3 million as compared to $8.2 million, and no debt.

Fourth Quarter Financial Highlights

All comparisons below are to the three months ended July 31, 2025, unless otherwise noted.

• Revenue of $8.2 million as compared to $3.3 million, an increase of 144%, driven by deployments of Xtract One Gateway and continued growth in revenue from the contractual backlog.
• Gross margin of 57% as compared to 71% in the prior-year period, reflecting a higher proportion of Xtract One Gateway installations driving higher production and installation costs in the quarter.
• Total contract value of new bookings¹ of $6.0 million as compared to $16.5 million, a record quarter in fiscal 2025 that included the first set of orders for the new Xtract One Gateway.
• Operating expenses of $6.3 million as compared to $5.9 million, an increase of 6%.
• Comprehensive loss of $1.1 million as compared to $3.5 million, an improvement of 67%.
• Adjusted EBITDA¹ of negative $0.7 million as compared to negative $2.7 million, an improvement of $2.0 million.
• Cash generated from operating activities of $1.9 million as compared to cash used of $1.0 million.

This press release should be read in conjunction with the Company’s Audited Consolidated Financial Statements, prepared in accordance with International Financial Reporting Standards (“IFRS”) and the Company’s Management’s Discussion and Analysis for the years ended July 31, 2026, and 2025, which can be found on the Company’s website and under the Company’s profile on SEDAR+ at www.sedarplus.ca.

Conference Call Details

Xtract One will host a conference call to discuss its results tomorrow, October 22, 2026 at 10:00 am ET. Peter Evans, Xtract One CEO and Director, and Karen Hersh, CFO and Corporate Secretary, will provide an overview of the financial results along with management’s outlook for the business, followed by a question-and-answer period.

The webcast and presentation will be accessible on the Company’s website. The webcast can be accessed here and the telephone number for the conference call is 844-481-3016 (412-317-1881 for international callers).

About Xtract One Technologies

Xtract One Technologies is a leading technology-driven threat detection and security solution leveraging AI to provide seamless and secure patron access control experiences. The Company makes unobtrusive weapons and threat detection systems that are designed to assist facility operators in prioritizing and delivering improved “Walk-right-In” experiences while enhancing safety. Xtract One’s innovative portfolio of AI-powered Gateway solutions excels at allowing facilities to discreetly screen and identify weapons and other threats at points of entry and exit without disrupting the flow of traffic. With solutions built to serve the unique market needs for schools, hospitals, arenas, stadiums, manufacturing, distribution and other customers, Xtract One is recognized as a market leader delivering the highest security in combination with the best individual experience. For more information, visit www.xtractone.com or connect on Facebook, X, and LinkedIn.

About Threat Detection and Security Solutions

Xtract One solutions, when properly configured, deployed and utilized, are designed to help enhance safety and reduce threats. Given the wide range of potential threats in today’s world, no threat detection system is 100% effective. Xtract One solutions should be utilized as one element in a multilayered approach to physical security.

For further information, please contact:

Xtract One Inquiries: info@xtractone.com, http://www.xtractone.com
Media Contact: Kristen Aikey, JMG Public Relations, 212-206-1645, kristen@jmgpr.com
Investor Relations: Mark Kuindersma, LodeRock Advisors, 519-501-0545, mark.kuindersma@loderockadvisors.com

¹ Supplementary Financial Measures

The Company utilizes specific non-IFRS and supplementary financial measures in this earnings release to allow for a better evaluation of the operating performance of the Company’s business and facilitates meaningful comparison of results in the current period with those in prior periods and future periods. These financial measures do not have any standardized meaning prescribed under IFRS and therefore may not be comparable to measures presented by other companies. Supplementary financial measures presented in this earnings release include ‘Agreements pending installation’, ‘Total contract value of new bookings’. Agreements pending installation reflects total value of signed contracts awarded to the Company that has not been installed at the customer site. ‘Total contract value of new bookings’ is comprised of all new contracts signed and awarded to the Company, regardless of the performance obligations outstanding as of the end of the reporting period. Total contract value is the aggregate value of sales commitments from customers as at the end of the reporting period without consideration of the Company’s completion of the associated performance obligations outlined in each contract. Adjusted EBITDA is a non-IFRS financial measure and is net loss for the period, excluding interest and other income, and adding back depreciation, amortization, finance costs and share-based compensation.

The following table provides a reconciliation from net loss for the reporting periods to Adjusted EBITDA (in $000s):

	Quarter Ended						Year Ended
	Jul 31,			Jul 31,			Jul 31,			Jul 31,
		2026			2025			2026			2025
Net loss for the period	$	(1,485	)	$	(3,513	)	$	(6,989	)	$	(11,877	)
Adjusted for:
Interest and other income	$	(130	)	$	(10	)	$	(281	)	$	(180	)
Depreciation		483			408			1,585			1,492
Amortization		241			209			957			846
Finance costs		9			11			38			45
Share based compensation		220			192			1,177			1,051
Adjusted EBITDA	$	(662	)	$	(2,703	)	$	(3,513	)	$	(8,623	)

CAUTIONARY DISCLAIMER STATEMENT

This news release contains forward-looking statements within the meaning of applicable securities laws that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipates”, “expects”, “believes”, and similar expressions or the negative of these words or other comparable terminology. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include but are not limited to the risks detailed from time to time in the continuous disclosure filings made by the Company with securities regulations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements only as expressly required by applicable law.

No securities exchange or commission has reviewed or accepts responsibility for the adequacy or accuracy of this release.

Consolidated Statements of Loss and Comprehensive Loss for the Years Ended July 31, 2026 and 2025

The following table is extracted from the Company’s audited consolidated financial statements and presented in Canadian dollars to demonstrate the Statements of Loss and Comprehensive Loss for the years ended July 31, 2026 and 2025:

				2026				2025
Revenue			$	28,819,669			$	13,853,553
Cost of revenue				12,123,750				4,774,300
Gross profit			$	16,695,919			$	9,079,253
Operating expenses
	Selling and marketing		$	8,160,518			$	6,208,637
	General and administration			8,567,096				7,610,758
	Research and development			7,019,179				6,971,625
	Loss on inventory write-down			208,596				321,003
	Loss on retirement of assets			10,478				24,199
Total operating expenses			$	23,965,867			$	21,136,222
Loss from operations				(7,269,948	)			(12,056,969	)
	Interest and other income			281,137				179,873
Net loss for the year			$	(6,988,811	)		$	(11,877,096	)
Other comprehensive income for the year
	Currency translation differences for foreign operations			236,737				353,618
Comprehensive loss for the year			$	(6,752,074	)		$	(11,523,478	)
Weighted average number of shares				254,595,678				220,864,106
Basic and diluted loss per share			$	(0.03	)		$	(0.05	)

Consolidated Statements of Financial Position as at July 31, 2026 and 2025

			July 31, 2026				July 31, 2025
Assets
Current assets
	Cash and cash equivalents		$	17,288,920			$	8,220,089
	Receivables			4,359,671				1,600,176
	Prepaid expenses and deposits			2,799,605				2,328,455
	Current portion of deferred cost of revenue			354,059				434,284
	Inventory			4,308,652				2,829,437
				29,110,907				15,412,441
Property and equipment				3,004,996				2,351,765
Intangible assets				3,598,135				4,527,260
Non-current portion of deferred cost of revenue				335,913				167,850
Right of use assets				679,336				953,513
Total assets			$	36,729,287			$	23,412,829
Liabilities
Current liabilities
	Accounts payable and accrued liabilities		$	4,466,816			$	3,027,553
	Current portion of deferred revenue			7,366,017				6,142,469
	Current portion of lease liability			285,383				252,104
				12,118,216				9,422,126
Non-current liabilities
	Non-current portion of deferred revenue			5,792,627				2,426,834
	Non-current portion of lease liability			592,731				878,294
			$	18,503,574			$	12,727,254
Shareholders’ equity
	Share capital		$	163,067,680			$	150,239,300
	Contributed surplus			19,999,138				18,535,306
	Accumulated deficit			(165,431,460	)			(158,442,649	)
	Accumulated other comprehensive income			590,355				353,618
			$	18,225,713				10,685,575
Total liabilities and shareholders’ equity			$	36,729,287			$	23,412,829

The following table is extracted from the Company’s audited consolidated financial statements and presented in Canadian dollars to demonstrate the Company’s financial position as at July 31, 2026 and 2025:

Consolidated Statements of Cash Flows for the Years Ended July 31, 2026 and 2025

The following table is extracted from the Company’s audited consolidated financial statements and presented in Canadian dollars to demonstrate the Company’s cash flows for the years ended July 31, 2026 and 2025:

					2026				2025
Cash flow used in operating activities
	Loss for the year			$	(6,988,811	)		$	(11,877,096	)
	Adjustment for:
		Share-based compensation			1,176,728				1,050,518
		Depreciation			1,584,625				1,492,479
		Amortization			956,987				846,175
		Finance cost			38,353				45,181
		Loss on inventory			208,596				321,003
		Loss on retirement of assets			10,478				24,199
					(3,013,044	)			(8,097,541	)
	Changes in non-cash working capital
		Receivables			(2,684,911	)			2,313,323
		Prepaid expenses and deposits			(465,365	)			(1,374,687	)
		Inventory			(3,255,706	)			(674,107	)
		Deferred cost of revenue			(87,651	)			265,837
		Accounts payable and accrued liabilities			1,432,348				(977,276	)
		Deferred revenue			4,539,829				2,003,964
	Cash used in operating activities				(3,534,500	)			(6,540,487	)
Cash flow used in investing activities
	Purchase of property, plant and equipment				(392,679	)			(185,725	)
	Internally developed intangible assets				–				(729,730	)
	Acquisition of right of use asset				–				(4,518	)
	Proceeds from disposal of property, plant and equipment				–				163,259
	Cash used in investing activities				(392,679	)			(756,714	)
Cash flow generated from financing activities
	Proceeds on issue of share capital				13,115,484				7,187,687
	Lease payments				(290,637	)			(285,350	)
	Cash generated from financing activities				12,824,847				6,902,337
	Effect of exchange rate changes on cash and cash equivalents				171,163				(13,568	)
Net increase (decrease) in cash and cash equivalents for the year				$	9,068,831			$	(408,432	)
Cash and cash equivalents beginning of the year					8,220,089				8,628,521
Cash and cash equivalents end of the year				$	17,288,920			$	8,220,089

Source: Xtract One Technologies Inc.

CONWAY, Ark., Oct. 21, 2026 (GLOBE NEWSWIRE) — Home BancShares, Inc. (NYSE: HOMB) (the “Company”), parent company of Centennial Bank (“Centennial”), announced today that its Board of Directors increased the number of shares authorized for repurchase under the Company’s stock repurchase program and declared its regular quarterly cash dividend.

On October 16, 2026, the Board of Directors of the Company increased the number of shares of the Company’s common stock authorized for repurchase under its stock repurchase program to 20,000,000 shares. The program was originally approved by the Board in January 2008 and was most recently amended in January 2025. As of October 16, 2026, approximately 13,450,123 shares remained available under the existing authorization; therefore, the Board’s action increased the number of shares available for repurchase by 6,549,877. Since the program’s inception, the Company has repurchased 33,057,384 shares of HOMB common stock for an aggregate purchase price of $701.8 million.

In addition, the Board of Directors declared a regular quarterly cash dividend of $0.23 per share, payable December 2, 2026, to shareholders of record as of November 11, 2026. The dividend is consistent with the quarterly dividend paid in the third quarter of 2026 and represents the Company’s 82^nd consecutive quarterly cash dividend since its initial public offering.

“Our strong earnings and capital position provide us the opportunity to continue to repurchase Home BancShares stock. We view share repurchases as a highly effective way to increase shareholder value. As shares are repurchased and retired, our shareholders benefit by increasing their personal ownership position in our company. Another benefit to our shareholders is a quarterly dividend. Our Board of Directors increased the dividend by $0.02, or 9.5% a share in the third quarter this year. We will review the amount again this time next year,” said John Allison, Chairman.

Home BancShares, Inc. is a bank holding company, headquartered in Conway, Arkansas. Its wholly-owned subsidiary, Centennial Bank, provides a broad range of commercial and retail banking plus related financial services to businesses, real estate developers, investors, individuals and municipalities. Centennial Bank has branch locations in Arkansas, Florida, Texas, Tennessee, South Alabama and New York City. The Company’s common stock is traded through the New York Stock Exchange under the symbol “HOMB.” The Company was founded in 1998. Visit www.homebancshares.com or www.my100bank.com for more information.

This release contains forward-looking statements regarding the Company’s plans, expectations, goals and outlook for the future, including future financial results, stock repurchases and cash dividend payments. Statements in this press release that are not historical facts should be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of future events, performance or results. Forward-looking statements of this type speak only as of the date of this news release. By nature, forward-looking statements involve inherent risks and uncertainties. Various factors could cause actual results to differ materially from those contemplated by the forward-looking statements. These factors include, but are not limited to, the following: economic conditions, credit quality, interest rates, loan demand, real estate values and unemployment, including the ongoing impacts of inflation; the ability to identify, complete and successfully integrate new acquisitions; the risk that expected cost savings and other benefits from acquisitions may not be fully realized or may take longer to realize than expected; diversion of management time on acquisition-related issues; the availability of and access to capital and liquidity on terms acceptable to us; legislative and regulatory changes and risks and expenses associated with current and future legislation and regulations; technological changes and cybersecurity risks and incidents; the effects of changes in accounting policies and practices; changes in governmental monetary and fiscal policies; political instability, military conflicts and other major domestic or international events; the impacts of recent or future adverse weather events, including hurricanes, and other natural disasters; disruptions, uncertainties and related effects on credit quality, liquidity and other aspects of our business and operations that may result from any future public health crises; competition from other financial institutions; potential claims, expenses and other adverse effects related to current or future litigation, regulatory examinations or other government actions; potential increases in deposit insurance assessments, increased regulatory scrutiny or market disruptions resulting from financial challenges in the banking industry; changes in the assumptions used in making the forward-looking statements; and other factors described in reports we file with the Securities and Exchange Commission (the “SEC”), including those factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 27, 2026.

FOR MORE INFORMATION CONTACT:
Donna Townsell
Director of Investor Relations
Home BancShares, Inc.
(501) 328-4625

Agreement intended to support an orderly market and improve liquidity in Kane Biotech’s common shares

WINNIPEG, Manitoba, Oct. 21, 2026 (GLOBE NEWSWIRE) — Kane Biotech Inc. (TSX-V:KNE) (the “Company”, “Kane” or “Kane Biotech”), a biotechnology company commercializing and developing technologies and products that address microbial biofilms, today announced that, subject to the approval of the TSX Venture Exchange (the “TSXV”), it has engaged Independent Trading Group (ITG), Inc. (“ITG”) to provide market-making services to the Company.

ITG will trade common shares of Kane Biotech on the TSXV and other trading venues in accordance with applicable TSXV policies and other applicable laws, with the objective of maintaining a reasonable market and improving the liquidity of the Company’s common shares.

Under the agreement, ITG will receive a fee of $5,000 per month, plus applicable taxes, payable on the first business day of each month. The agreement has an initial term of one month and will automatically renew for successive one-month terms unless terminated by either party in accordance with its terms. Either party may terminate the agreement by providing at least 30 days’ prior written notice.

The agreement does not contain any performance-based compensation, and ITG will not receive any shares or options of Kane Biotech as compensation. ITG and Kane Biotech are unrelated and unaffiliated entities. At the time of entering into the agreement, neither ITG nor its principals had any direct or indirect interest in the securities of Kane Biotech.

About Independent Trading Group
Independent Trading Group (ITG) Inc. is a Toronto-based CIRO dealer-member specializing in market making, liquidity provision, agency execution, ultra-low-latency connectivity and bespoke algorithmic trading solutions. Established in 1992, ITG uses proprietary technology to provide liquidity and execution services to public issuers and institutional investors.

About Kane Biotech Inc. (TSX-V:KNE)

Kane Biotech is commercializing and developing novel wound care treatments that disrupt biofilms and transform healing outcomes. Biofilms are one of the main contributors to antibiotic resistance in wounds, resulting in serious clinical outcomes and significant cost. revyve addresses both biofilms and wound bacteria. revyve Antimicrobial Wound Gel, revyve Antimicrobial Wound Gel Spray and revyve Antimicrobial Skin and Wound Cleanser are all U.S. FDA 510(k) cleared. revyve Antimicrobial Wound Gel and revyve Antimicrobial Wound Gel Spray are also Health Canada licensed. To learn more, visit https://kanebiotech.com/products.

Join Kane’s Distribution List & Social Media:

To stay informed on the latest developments, sign up for the Company’s email distribution list.

Kane Biotech on LinkedIn

Website & Corporate Presentation:

kanebiotech.com

Disrupting Biofilms to Save Limbs and Transform Wound Care

For more information:

Dr. Robert Huizinga	Ray Dupuis
Interim CEO	Chief Financial Officer
Kane Biotech Inc.	Kane Biotech Inc.
rhuizinga@kanebiotech.com	rdupuis@kanebiotech.com
(780) 970-1100	(204) 298-2200

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Caution Regarding Forward-Looking Information

This press release contains certain statements regarding Kane Biotech Inc. that constitute forward-looking information under applicable securities law. These statements reflect management’s current beliefs and are based on information currently available to management. Certain material factors or assumptions are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements. These risks and uncertainties include, but are not limited to, risks relating to the Company’s: (a) financial condition, including lack of significant revenues to date and reliance on equity and other financing; (b) business, including its early stage of development, government regulation, market acceptance for its products, rapid technological change and dependence on key personnel; (c) intellectual property including the ability of the Company to protect its intellectual property and dependence on its strategic partners; and (d) capital structure, including its lack of dividends on its common shares, volatility of the market price of its common shares and public company costs. Further information about these and other risks and uncertainties can be found in the disclosure documents filed by the Company with applicable securities regulatory authorities, available at www.sedarplus.ca. The Company cautions that the foregoing list of factors that may affect future results is not exhaustive.

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

VANCOUVER, British Columbia, Oct. 21, 2026 (GLOBE NEWSWIRE) — Birchtree Investments Ltd. (“Birchtree” or the “Company”) (CSE: BRCH), announces a proposed non-brokered private placement of subscription receipts, an amendment to its share exchange agreement with Digital Motion Corporation and a loan to Digital Motion Corporation.

For further details regarding the proposed acquisition of Digital Motion Corporation (“Digital Motion”) by the Company (the “Transaction”) pursuant to a share exchange agreement dated March 22, 2026 (the “Definitive Agreement”), please see the Company’s news releases dated April 1, 2026 and December 30, 2025.

Private Placement

The Company announces a proposed non-brokered private placement (the “Offering”) of a minimum of 2,500,000 and up to 5,500,000 subscription receipts (each, a “Subscription Receipt”) at a price of $0.20 per Subscription Receipt for gross proceeds of a minimum of $500,000 and up to $1,100,000. Closing of the Offering is expected to occur in one or more tranches.

Each Subscription Receipt will automatically convert, without payment of additional consideration or further action by the holder, into one common share of the Company (each, a “Common Share”) upon satisfaction of the following conditions (the “Escrow Release Conditions”): (i) receipt of the approval of the shareholders of the Company required to complete the Transaction; (ii) receipt of all required approvals of the Canadian Securities Exchange (the “CSE”) in connection with the Transaction; and (iii) completion of the Transaction, or satisfaction of all conditions precedent to completion of the Transaction other than the release of the escrowed funds.

The gross proceeds of the Offering will be held in escrow by the Company pending satisfaction of the Escrow Release Conditions. If the Escrow Release Conditions are not satisfied by 5:00 p.m. (Vancouver time) on December 31, 2026, or if the SEA (as defined below) is terminated, the Subscription Receipts will be cancelled and the subscription price will be returned to the holders.

The Subscription Receipts will be offered by way of private placement to investors in Canada and to purchasers outside of Canada and the United States pursuant to available exemptions from the prospectus requirements under applicable securities laws. The Subscription Receipts, and the Common Shares issuable upon conversion thereof, will be subject to a hold period of four months and a day from the applicable closing date of the Offering. No finders fees or commissions are payable in connection with the Offering.

Upon satisfaction of the Escrow Release Conditions, the Company intends to use the net proceeds from the Offering for transaction costs related to the Transaction, to pursue the business of Digital Motion, and for working capital and general corporate purposes. The Offering is subject to receipt of all necessary regulatory approvals, including the approval of the CSE.

The Subscription Receipts (and underlying securities) have not been, and will not be, registered under the U.S. Securities Act or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Amendment to Share Exchange Agreement

Further to the Company’s news release dated April 1, 2026, the Company, DMC AcquisitionCo Ltd, a wholly owned subsidiary of the Company, Digital Motion, and others, have entered into an amending agreement dated October 21, 2026 (the “Amending Agreement”) to the Definitive Agreement (the Definitive Agreement, as amended by the Amending Agreement, the “SEA”). Under the Amending Agreement, the following conditions to closing of the Transaction have been removed: (i) the condition that the Company have a net working capital position of not less than $200,000, and (ii) the condition in favour of the sellers of Digital Motion that the trading price of the Common Shares be at least $0.20 per Common Share. The Amending Agreement also extends the date by which the Transaction must be completed to December 31, 2026, or such later date as the parties may agree in writing. The Amending Agreement is conditional upon the Company advancing the Loan to Digital Motion, as described below.

Loan to Digital Motion

In connection with the Amending Agreement, the Company has advanced $150,000 to Digital Motion (the “Loan”), evidenced by a promissory note. The Loan bears interest at 10% per annum, payable on maturity, and matures on the earlier of (i) 12 months from the date of the advance, and (ii) 30 days following the termination of the SEA. If the SEA is terminated, Digital Motion may elect to repay the Loan, including accrued and unpaid interest, in shares of Digital Motion based on a valuation of US$20,000,000. Digital Motion will use the proceeds of the Loan for transaction costs related to the Transaction and for working capital and general corporate purposes.

The Common Shares will remain halted on the CSE until the Listing Statement (as defined in the Company’s news release dated April 1, 2026) is made publicly available under the Company’s SEDAR+ profile at www.sedarplus.com.

About Birchtree

Birchtree is an investment company with the long-term goal of divesting its investment assets at a profit. For more information, please see Birchtree’s continuous disclosure documents available under the Company’s SEDAR+ profile at www.sedarplus.com.

For more information, please contact:

Vitali Savitski
Chief Executive Officer
Birchtree Investments Ltd.
Tel: (416) 300-0625
Email: birchtreeinvestmentsltd@gmail.com

Neither the Canadian Securities Exchange nor its regulation services provider accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

Unless otherwise specified, all dollar amounts in this press release are expressed in Canadian dollars.

The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This press release does not constitute an offer for sale of securities, nor a solicitation for offers to buy any securities in the United States, nor in any other jurisdiction in which such offer, solicitation or sale would be unlawful. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.

This news release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking information relates to future events or future performance and reflects the expectations or beliefs of management of the Company regarding future events.

There can be no assurance that the Offering will be completed, that the Escrow Release Conditions will be satisfied, that the Subscription Receipts will convert into Common Shares, or that the Transaction will be completed, or as to the timing of any such event. There can also be no assurance that the Loan will be repaid when due or that any repayment in shares of Digital Motion will occur. Completion of any transaction, including the Offering and the Transaction, will be subject to applicable director, shareholder, and regulatory approvals.

Unless otherwise specified, all dollar amounts in this press release are expressed in ‎Canadian ‎dollars.

Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends”, “expects” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would” or will “potentially” or “likely” occur. This information and these statements, referred to herein as “forward-looking statements”, are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management’s expectations and intentions with respect to, among other things: the terms of, and closing of, the Offering; the use of proceeds of the Offering; satisfaction of the Escrow Release Conditions and conversion of the Subscription Receipts; the amendment to, and completion of, the Transaction; the terms, use and repayment of the Loan; and the timing of any of the foregoing.

These forward-looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things, risks related to the failure of the Company to receive the required corporate, shareholder and regulatory approvals, the failure to satisfy the Escrow Release Conditions, the failure to complete the Offering or the Transaction, the termination of the SEA, the Company’s ability to return the escrowed funds, the failure of Digital Motion to repay the Loan, and those risk factors discussed or referred to in the Company’s disclosure documents filed with the securities regulatory authorities in certain provinces of Canada and available at www.sedarplus.com.

Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Any such forward-looking statements are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this news release are made as of the date of this news release. The Company does not undertake to update any forward-looking statement referred to herein, except in accordance with applicable securities laws.

DAYTONA BEACH, Fla., Oct. 21, 2026 (GLOBE NEWSWIRE) — Brown & Brown, Inc. (NYSE: BRO) today announced that the board of directors has declared a regular quarterly cash dividend of $0.18 per share. The dividend is payable on November 11, 2026, to shareholders of record on November 4, 2026. The dividend represents a 9% increase from the previous regular quarterly cash dividend of $0.165 per share and is Brown & Brown’s 33rd consecutive annual dividend increase.

About Brown & Brown, Inc.

Brown & Brown, Inc. (NYSE: BRO) is a leading insurance brokerage firm delivering comprehensive and customized insurance solutions and specialization since 1939. With a global presence spanning 700+ locations and a team of approximately 23,000 professionals, we are dedicated to delivering scalable, innovative strategies for our customers at every step of their growth journey. Learn more at BBrown.com.

For more information:

R. Andrew Watts
Chief Financial Officer
(386) 239-5770

TORONTO, Oct. 21, 2026 (GLOBE NEWSWIRE) —

STORAGEVAULT CANADA INC. (“StorageVault” or the “Corporation”) (SVI-TSX) reports the Corporation’s Q3 2026 results. Iqbal Khan, Chief Financial Officer, commented:

“StorageVault delivered positive third quarter results, with year to date revenue up 9.0%, NOI up 8.7%, and AFFO per share up 7.8%. Customer demand remained strong, and our disciplined revenue management drove growth despite a more challenging economic and competitive environment. Supported by strong lead volumes and a healthy acquisition pipeline, we remain focused on driving performance through the balance of the year.”

2026 Third Quarter Results
For the third quarter of 2026, revenue increased to $94.2 million from $88.5 million in Q3 2025 and NOI, a non-IFRS measure, grew to $64.5 million from $60.2 million. Our cash flow from operations increased year over year and when combined with our financing and investing activities resulted in a cash balance of $19.0 million at the end of the quarter. The Q3 2026 net loss of $6.4 million (net income of $20.5 million for Q3 2025) is impacted by the following non-cash and non-recurring items – $30.9 million of depreciation and amortization, $2.0 million of interest accretion and amortization of financing costs, $1.8 million of realized and unrealized loss on derivative financial instruments, and deferred tax recovery of $1.2 million.

Revenue and NOI from Existing Self Storage stores increased by 2.1% and 3.1%, compared to the same period last year. Funds from operations (“FFO”), a non-IFRS measure, were $27.2 million for Q3 2026 compared to $25.3 million in Q3 2025, a 7.7% increase year over year. Adjusted funds from operations (“AFFO”), a non-IFRS measure, were $28.9 million for Q3 2026 compared to $27.2 million in Q3 2025, a 6.3% increase. On a per basic common share basis, FFO increased by 7.4% and AFFO increased by 6.1%.

For a reconciliation of the above NOI, FFO, and AFFO amounts to IFRS, please see “Non-IFRS Financial Measures” and the reconciliation tables below, and the Corporation’s Management’s Discussion & Analysis for the three and nine months ended September 30, 2026 filed on SEDAR+ at www.sedarplus.ca.

2026 Nine Months Year to Date Results
Revenue for the nine months ended September 30, 2026 increased to $270.5 million from $248.3 million, for the comparative period, a 9.0% increase, and NOI, a non-IFRS measure, grew to $177.3 million from $163.1 million, for the comparative period, an 8.7% increase. For the nine months ended September 30, 2026, cash flow from operations was $83.8 million and when combined with our financing and investing activities resulted in a cash balance of $19.0 million. The net loss of $26.5 million for the nine months ended September 30, 2026 is impacted by the following non-cash and non-recurring items – $88.8 million in depreciation and amortization, $5.7 million of interest accretion and amortization of financing costs, $3.2 million of realized and unrealized loss on derivative financial instruments and deferred tax recovery of $3.7 million.

Our Revenue and NOI from Existing Self Storage, a non-IFRS measure, increased by 4.1% and 4.4%, compared to the same period last year. FFO, a non-IFRS measure, were $67.9 million compared to $62.2 million for the same period in 2025, a 9.1% increase year over year. AFFO, a non-IFRS measure, were $73.7 million compared to $68.4 million for the same period in 2025, a 7.8% increase year over year. On a per basic common share basis, FFO and AFFO increased by 9.0% and 7.8%.

For a reconciliation of the above NOI, FFO, and AFFO amounts to IFRS, please see “Non-IFRS Financial Measures” and the reconciliation tables below, and the Corporation’s Management’s Discussion & Analysis for the three and nine months ended September 30, 2026 filed on SEDAR+ at www.sedarplus.ca.

Increased Dividend
StorageVault is increasing its Q4 2026 dividend by 0.5% to $0.003051 per common share.

Our Strategy
StorageVault is focused on owning and operating storage in the top markets in Canada. Our goal is to have multiple stores in each market, with complementary portable storage units, integrated storage and logistics, and records management storage services. This multi-platform approach enables us to leverage scale, brand recognition and operational efficiencies to maximize the value potential of our spaces. Growth is driven by acquisitions, organic performance improvements, targeted expansions to meet pent up demand and continued development of portable storage, records management and FlexSpace Logistics.

Further Information
For comprehensive disclosure of StorageVault’s performance for the three and nine months ended September 30, 2026 and its financial position as at such date, please see StorageVault’s Unaudited Interim Consolidated Financial Statements and Management’s Discussion and Analysis for the three and nine months ended September 30, 2026 filed on SEDAR+ at www.sedarplus.ca.

Non-IFRS Financial Measures
Management uses both IFRS and non-IFRS Measures to assess the financial and operating performance of the Corporation’s operations. These non-IFRS Measures are not recognized measures under IFRS, do not have a standardized meaning under IFRS and are unlikely to be comparable to similar measures presented by other companies. The non-IFRS Measures referenced in this news release include the following:

1. Net Operating Income (“NOI”) – NOI is defined as storage and related services revenue less operating costs. NOI does not include interest expense or income, depreciation and amortization, selling, general and administrative costs, acquisition and integration costs, stock based compensation costs, realized and unrealized gains or losses on real estate, realized and unrealized gains or losses on derivative financial instruments or taxes. NOI assists management in assessing profitability and valuation from principal business activities.
2. Funds from Operations (“FFO”) – FFO is defined as net income or loss plus depreciation and amortization, realized gains or losses on real estate, realized and unrealized gains or losses on interest rate swaps, interest accretion and amortization of financing costs, realized and unrealized gains or losses on derivative financial instruments, stock based compensation expenses, and deferred income taxes; and after adjustments for equity accounted entities and non-controlling interests. FFO should not be viewed as an alternative to cash from operating activities, net income, or other measures calculated in accordance with IFRS. The Corporation believes that FFO can be a beneficial measure, when combined with primary IFRS measures, to assist in the evaluation of the Corporation’s ability to generate cash and evaluate its return on investments as it excludes the effects of real estate amortization and gains and losses from the sale of real estate, all of which are based on historical cost accounting and which may be of limited significance in evaluating current performance.
3. Adjusted Funds from Operations (“AFFO”) – AFFO is defined as FFO plus acquisition and integration costs. Acquisition and integration costs are one time in nature to the specific assets purchased in the current period or pending and are expensed under IFRS.
4. Existing Self Storage – means stabilized, both physically and economically, stores that StorageVault has owned or leased at least since the beginning of the previous fiscal year.   Existing Self Storage is also referred to as “same store”, and commencing in fiscal 2026, Existing Self Storage represents 11,545,239 square feet or 210 stores.

NOI, FFO, AFFO and Existing Self Storage should not be viewed as an alternative to, in isolation from, or superior to, net income or cash flow from operations, or results from StorageVault’s comprehensive operations, respectively, or other measures calculated in accordance with IFRS. NOI, FFO and AFFO should not be interpreted as an indicator of cash generated from operating activities and are not indicative of cash available to fund operating expenditures, or for the payment of cash distributions. Existing Self Storage should not be considered a measure of StorageVault’s comprehensive operations. NOI, FFO, AFFO and Existing Self Storage are simply additional measures of operating performance which highlight trends in StorageVault’s core business that may not otherwise be apparent when relying solely on IFRS financial measures. StorageVault’s management also uses these non-IFRS measures in order to facilitate operating performance comparisons from period to period and to prepare operating budgets. In addition, the Corporation’s definitions of NOI, FFO, AFFO and Existing Self Storage may differ from that of other issuers.

Non-IFRS Financial Measures Reconciliation

The following table reconciles Net Income (Loss) and Net Operating Income:

		(unaudited)												(unaudited)
		Three Months Ended September 30												Nine Months Ended September 30
								Change												Change
			2026			2025		$			%				2026			2025		$			%
Storage revenue and related services		$	93,664,818		$	88,007,701		$	5,657,117		6.4	%		$	268,831,000		$	246,807,867		$	22,023,133		8.9	%
Management fees			570,670			512,685			57,985		11.3	%			1,715,513			1,504,770			210,743		14.0	%
			94,235,488			88,520,386			5,715,102		6.5	%			270,546,513			248,312,637			22,233,876		9.0	%
Operating costs			29,768,816			28,343,102			1,425,714		5.0	%			93,251,132			85,257,833			7,993,299		9.4	%
Net operating income 1			64,466,672			60,177,284			4,289,388		7.1	%			177,295,381			163,054,804			14,240,577		8.7	%
Less:
	Acquisition and integration costs		1,687,362			1,907,051			(219,689	)	-11.5	%			5,821,474			6,121,351			(299,877	)	-4.9	%
	Selling, general and administrative		7,586,705			6,655,722			930,983		14.0	%			21,891,600			19,091,699			2,799,901		14.7	%
	Interest		27,948,535			26,306,668			1,641,867		6.2	%			81,708,846			75,601,624			6,107,222		8.1	%
	Stock based compensation		174,711			83,959			90,752		108.1	%			532,422			251,877			280,545		111.4	%
	Realized (gain) loss on real estate		(12,042	)		(15,705,784	)		15,693,742		-99.9	%			(79,983	)		(15,696,568	)		15,616,585		-99.5	%
	Realized and unrealized (gain) loss on derivative financial instruments		1,770,639			(8,902,167	)		10,672,806		-119.9	%			3,158,405			(7,924,664	)		11,083,069		-139.9	%
	Interest accretion and amortization of financing costs		1,978,592			1,808,077			170,515		9.4	%			5,723,965			5,315,003			408,962		7.7	%
	Depreciation and amortization		30,877,997			29,517,048			1,360,949		4.6	%			88,820,403			83,452,242			5,368,161		6.4	%
			72,012,499			41,670,574			30,341,925		72.8	%			207,577,132			166,212,564			41,364,568		24.9	%
Net income (loss) before tax			(7,545,827	)		18,506,710			(26,052,537	)	-140.8	%			(30,281,751	)		(3,157,760	)		(27,123,991	)	859.0	%
	Deferred tax (expense) recovery		1,163,892			1,985,682			(821,790	)	-41.4	%			3,737,688			6,115,519			(2,377,831	)	-38.9	%
Net income (loss) after tax		$	(6,381,935	)	$	20,492,392		$	(26,874,327	)	-131.1	%		$	(26,544,063	)	$	2,957,759		$	(29,501,822	)	-997.4	%
1	Non-IFRS Measure.

The following table reconciles Net Income (Loss), and Funds from Operations and Adjusted Funds from Operations:

		(unaudited)												(unaudited)
		Three Months Ended September 30												Nine Months Ended September 30
			2026			2025		Change							2026			2025		Change
								$			%									$			%
Net income (loss)		$	(6,381,935	)	$	20,492,392		$	(26,874,327	)	-131.1	%		$	(26,544,063	)	$	2,957,759		$	(29,501,822	)	-997.4	%
Adjustments:
	Stock based compensation		174,711			83,959			90,752		108.1	%			532,422			251,877			280,545		111.4	%
	Interest accretion and amortization of financing costs 1		1,978,592			1,808,077			170,515		9.4	%			5,723,965			5,315,003			408,962		7.7	%
	Realized (gain) loss on real estate		(12,042	)		(15,705,784	)		15,693,742		-99.9	%			(79,983	)		(15,696,568	)		15,616,585		-99.5	%
	Realized and unrealized (gain) loss on derivative financial instruments		1,770,639			(8,902,167	)		10,672,806		-119.9	%			3,158,405			(7,924,664	)		11,083,069		-139.9	%
	Deferred tax expense (recovery)		(1,163,892	)		(1,985,682	)		821,790		-41.4	%			(3,737,688	)		(6,115,519	)		2,377,831		-38.9	%
	Depreciation and amortization		30,877,997			29,517,048			1,360,949		4.6	%			88,820,403			83,452,242			5,368,161		6.4	%
			33,626,005			4,815,451			28,810,554		598.3	%			94,417,524			59,282,371			35,135,153		59.3	%
FFO 2		$	27,244,070		$	25,307,843		$	1,936,227		7.7	%		$	67,873,461		$	62,240,130		$	5,633,331		9.1	%
Adjustments:
	Acquisition and integration costs		1,687,362			1,907,051			(219,689	)	-11.5	%			5,821,474			6,121,351			(299,877	)	-4.9	%
AFFO 2		$	28,931,432		$	27,214,894		$	1,716,538		6.3	%		$	73,694,935		$	68,361,481		$	5,333,454		7.8	%
	1 Commencing in the third quarter of fiscal 2026, FFO and AFFO have been revised to add back the amortization of financing costs, with comparative figures restated accordingly.
	2 Non-IFRS Measure.
	FFO and AFFO Per Basic Common Share Outstanding
	FFO	$	0.074		$	0.069		$	0.005		7.4	%		$	0.186		$	0.170		$	0.015		9.0	%
	AFFO	$	0.079		$	0.075		$	0.005		6.1	%		$	0.202		$	0.187		$	0.015		7.8	%

The following table reconciles Existing Self Storage Revenue, Operating Costs and Net Operating Income:

		(unaudited)										(unaudited)
		Three Months Ended September 30										Nine Months Ended September 30
			2026		2025	Change							2026		2025	Change
						$			%							$			%
Revenue
Existing Self Storage 1		$	76,809,937	$	75,217,241	$	1,592,696		2.1	%		$	222,867,303	$	214,003,849	$	8,863,454		4.1	%
New Self Storage 1			13,837,780		9,886,705		3,951,075		40.0	%			38,513,342		25,363,947		13,149,395		51.8	%
Total Self Storage			90,647,717		85,103,946		5,543,771		6.5	%			261,380,645		239,367,796		22,012,849		9.2	%
Portable Storage			3,017,101		2,903,755		113,346		3.9	%			7,450,355		7,440,071		10,284		0.1	%
Management Fees			570,670		512,685		57,985		11.3	%			1,715,513		1,504,770		210,743		14.0	%
Combined			94,235,488		88,520,386		5,715,102		6.5	%			270,546,513		248,312,637		22,233,876		9.0	%
Operating Costs
Existing Self Storage			21,271,900		21,326,437		(54,537	)	-0.3	%			69,185,464		66,851,086		2,334,378		3.5	%
New Self Storage			6,577,601		5,200,595		1,377,006		26.5	%			19,131,632		13,616,565		5,515,067		40.5	%
Total Self Storage			27,849,501		26,527,032		1,322,469		5.0	%			88,317,096		80,467,651		7,849,445		9.8	%
Portable Storage			1,919,315		1,816,070		103,245		5.7	%			4,934,036		4,790,182		143,854		3.0	%
Combined			29,768,816		28,343,102		1,425,714		5.0	%			93,251,132		85,257,833		7,993,299		9.4	%
Net Operating Income 1
Existing Self Storage			55,538,037		53,890,804		1,647,233		3.1	%			153,681,839		147,152,763		6,529,076		4.4	%
New Self Storage			7,260,179		4,686,110		2,574,069		54.9	%			19,381,710		11,747,382		7,634,328		65.0	%
Total Self Storage			62,798,216		58,576,914		4,221,302		7.2	%			173,063,549		158,900,145		14,163,404		8.9	%
Portable Storage			1,097,786		1,087,685		10,101		0.9	%			2,516,319		2,649,889		(133,570	)	-5.0	%
Management Fees			570,670		512,685		57,985		11.3	%			1,715,513		1,504,770		210,743		14.0	%
Combined		$	64,466,672	$	60,177,284	$	4,289,388		7.1	%		$	177,295,381	$	163,054,804	$	14,240,577		8.7	%
1 Non -IFRS Measure.

About StorageVault Canada Inc.
StorageVault currently owns and operates 275 storage locations across Canada. StorageVault owns 243 of these locations plus over 5,000 portable storage units representing over 13.8 million rentable square feet on 802 acres of land. StorageVault also provides last mile storage and logistics solutions and professional records management services, ‎such as document and media storage, imaging and shredding services‎‎‎.

For further information, contact Mr. Steven Scott or Mr. Iqbal Khan:

Tel: 1-877-622-0205
ir@storagevaultcanada.com 

Follow us:
Instagram: @accessstorageca @depotiumminientrepot @sentinelstorageca @cubeitportablestorage
Facebook: /AccessStorageCA /Depotium /SentinelStorageCanada /Cubeit /FlexSpaceLogistics

Forward-Looking Information: This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. In particular, this news release contains forward-looking information regarding: StorageVault remaining focused on driving performance through the balance of the year as supported by strong lead volumes and a healthy acquisition pipeline; StorageVault’s acquisition pipeline; the increase in StorageVault’s Q4 2026 dividend; StorageVault’s strategy including StorageVault’s focus on owning and operating storage in the top markets in Canada, StorageVault’s goal to have multiple stores in each market, with complementary portable storage units, integrated storage and logistics, and records management storage services, StorageVault’s multi-platform approach with the goal to leverage scale, brand recognition and operational efficiencies to maximize the value potential of its spaces; and StorageVault’s anticipated growth being driven by acquisitions, organic performance improvements, targeted expansions to meet pent up demand and continued development of portable storage, records management and FlexSpace Logistics. There can be no assurance that such forward-looking information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such forward-looking information. This forward-looking information reflects StorageVault’s current beliefs and is based on information currently available to StorageVault and on assumptions StorageVault believes are reasonable. These assumptions include, but are not limited to: the level of activity in the storage business and the economy generally; consumer interest in the Corporation’s services and products; competition and StorageVault’s competitive advantages; trends in the storage industry, including, increased growth and growth in the portable storage business; the availability of attractive and financially competitive asset acquisitions in the future; the closing of previously announced acquisitions; the revenue and costs from acquisitions and operations conducted in fiscal 2025 being extrapolated to the entire period for 2026 and being consistent with, and reproducible as, costs and revenue in future periods; and anticipated and unanticipated costs. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of StorageVault to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; general capital market conditions and market prices for securities; delay or failure to receive board of directors, third party or regulatory approvals; the actual results of StorageVault’s future operations; competition; changes in legislation, including environmental legislation, affecting StorageVault; the timing and availability of external financing on acceptable terms; conclusions of economic evaluations and appraisals; lack of qualified, skilled labour or loss of key individuals; and the impact that the imposition of trade tariffs, particularly from the United States, may have on the global economy, and the economy in Canada in particular. A description of additional risk factors that may cause actual results to differ materially from forward-looking information can be found in StorageVault’s disclosure documents on the SEDAR+ website at www.sedarplus.ca. Although StorageVault has attempted to identify important risks and factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned that the foregoing list of factors is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of StorageVault as of the date of this news release and, accordingly, is subject to change after such date. However, StorageVault expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.

HARTSVILLE, S.C., Oct. 21, 2026 (GLOBE NEWSWIRE) — Sonoco Products Company (“Sonoco” or the “Company”) (NYSE: SON), a Mid-cap Value global packaging company, today reported financial results for the third quarter ended September 27, 2026.

Summary:

• Net sales in the third quarter were $2.0 billion. Excluding divestitures, net sales were essentially flat
• Reported GAAP net loss of $(732) million, or $(7.36) diluted earnings per share, reflecting a non-cash goodwill impairment charge of $(829) million attributable to the Consumer EMEA/APAC and Industrial APAC businesses, compared to GAAP net income of $123 million, or $1.23 diluted earnings per share, in the same period in 2025
• Third quarter adjusted net income was $167 million or $1.67 per adjusted diluted share, compared to $191 million or $1.92 per adjusted diluted share in the same period in 2025
• Generated operating cash flow of $285 million in the third quarter, and provided $218 million of operating cash flow year-to-date, which was net of approximately $103 million in one-time taxes paid in 2026 on gains from the sales of the divested TFP and ThermoSafe businesses in 2025

Third Quarter 2026 Consolidated Results
(Dollars in millions except per share data)
		Three Months Ended							Nine Months Ended
	GAAP Results	September 27, 2026			September 28, 2025		Change		September 27, 2026			September 28, 2025		Change
	Net sales1	$	2,042		$	2,131	(4.2)%		$	5,604		$	5,751	(2.6)%
	Net sales related to discontinued operations		—			—				—			321
	Operating (loss)/profit1		(638	)		195	(427.2)%			(318	)		497	(163.9)%
	Operating profit related to discontinued operations		—			—				—			664
	Net (loss)/income attributable to Sonoco		(732	)		123	(695.6)%			(560	)		671	(183.4)%
	EPS (diluted)		(7.36	)		1.23	(698.4)%			(5.63	)		6.74	(183.5)%

		Three Months Ended						Nine Months Ended
	Non-GAAP Results2	September 27, 2026		September 28, 2025		Change		September 27, 2026		September 28, 2025		Change
	Adjusted operating profit1	$	268	$	308	(13.1)%		$	711	$	768	(7.4)%
	Adjusted EBITDA		352		386	(9.0)%			952		1,052	(9.5)%
	Adjusted net income attributable to Sonoco		167		191	(12.5)%			437		464	(5.8)%
	Adjusted EPS (diluted)		1.67		1.92	(13.0)%			4.38		4.66	(6.0)%
	1Excludes results of discontinued operations.
	2See the Company’s definitions of non-GAAP financial measures, explanations as to why they are used, and reconciliations to the most directly comparable GAAP financial measures later in this release.

• Third quarter 2026 net sales of $2.0 billion were down (4.2)% compared to the corresponding prior-year quarter, driven primarily by the November 3, 2025 divestiture of the ThermoSafe business. Net sales benefited from higher selling prices implemented to offset the effects of inflation and tariffs, which was partially offset by lower volume/mix.
• GAAP operating loss for the third quarter was $(638) million, which includes non-cash goodwill impairment charges of $(802) million and $(27) million, attributable to the Consumer Packaging segment’s EMEA/APAC businesses and the Industrial Paper Packaging segment’s APAC business, respectively, for a total non-cash goodwill impairment charge of $(829) million. In addition to this charge, solid productivity savings stemming from fixed cost reduction initiatives and procurement savings were more than offset by significant price/cost headwinds and lower volume/mix.
• Effective tax rates on GAAP income from continuing operations before income taxes and adjusted income from continuing operations before income taxes, were (6.4)% and 24.6%, respectively, in the third quarter, compared to 6.0% and 22.9%, respectively, in the same period in 2025.

“During the third quarter, our businesses faced a combination of external challenges. Drought conditions across parts of Europe and the U.S. impacted crop yields and pressured food can demand, while the impact of inflation on raw materials, freight, energy, and other operating costs exceeded our expectations. Through strong productivity initiatives and rigorous cost control, our teams were able to mitigate a significant portion of this impact and deliver resilient operating results,” said Howard Coker, President and Chief Executive Officer.

“Our Industrial Paper Packaging segment delivered another strong quarter, with results essentially in line with the second quarter despite a challenging operating environment. Productivity improvements remained a key driver of performance, while North America URB trade ton sales increased 10% year over year and mill utilization remained strong at 94%. Segment volume/mix was modestly positive, and additional URB pricing realized in September positions us to further offset inflationary pressures.”

“Results in Consumer Packaging fell short of expectations, as volume/mix declined 3% year over year due primarily to adverse weather conditions and unfavorable price/cost dynamics. Encouragingly, international paper can operations performed well, with double-digit volume growth year over year driven by sustained demand for snack products across emerging markets.”

Paul Joachimczyk, Sonoco’s Chief Financial Officer, added, “Our businesses once again generated strong operating cash flow in the third quarter, delivering $285 million despite seasonal working capital headwinds. Year-to-date operating cash flow includes $103 million of one-time tax payments related to gains on our 2025 divestitures. We continued to strengthen our balance sheet during the quarter, reducing total debt and net debt by $162 million and $176 million, respectively, while successfully refinancing an $800 million term loan. The refinancing extends our maturity profile and enhances our financial flexibility, positioning us well to continue executing our capital allocation priorities while maintaining our investment grade credit ratings.”

Third Quarter 2026 Segment Results
(Dollars in millions except per share data)

Sonoco reports its financial results in two reportable segments: Consumer Packaging (“Consumer”) and Industrial Paper Packaging (“Industrial”).

As previously announced, effective January 1, 2026, results of the Company’s industrial and specialty plastics business (“Industrial Plastics”), the only business remaining in the All Other group of businesses following the November 2025 divestiture of ThermoSafe, are now included in the Industrial segment. Therefore, the Company no longer provides results of the All Other group of businesses.

		Three Months Ended									Nine Months Ended
	Consumer	September 27, 2026				September 28, 2025			Change		September 27, 2026				September 28, 2025			Change
	Net sales1	$	1,396			$	1,438		(2.9)%		$	3,735			$	3,732		0.1	%
	Segment operating profit1	$	179			$	209		(14.6)%		$	456			$	510		(10.6)%
	Segment operating profit margin1		12.8	%			14.5	%				12.2	%			13.7	%
	Segment Adjusted EBITDA1, 2	$	237			$	260		(8.8)%		$	620			$	663		(6.4)%
	Segment Adjusted EBITDA margin1, 2		17.0	%			18.0	%				16.6	%			17.8	%

• Consumer segment net sales were down (2.9)%, as adverse weather conditions impacted seasonal vegetable harvests in EMEA and Americas reducing metal cans volumes. This headwind more than offset pricing actions implemented to recover inflation and tariff-related costs, along with the negative impact of foreign exchange.
• Segment operating profit and adjusted EBITDA declined as strong productivity savings and cost containment actions were more than offset by inflation-driven price/cost headwinds and the previously described negative volume/mix.

		Three Months Ended										Nine Months Ended
	Industrial	September 27, 2026				September 28, 2025			Change			September 27, 2026				September 28, 2025			Change
	Net sales3	$	646			$	614		5.2	%		$	1,869			$	1,819		2.7	%
	Segment operating profit3	$	88			$	94		(6.2)%			$	247			$	256		(3.7)%
	Segment operating profit margin		13.6	%			15.3	%					13.2	%			14.1	%
	Segment Adjusted EBITDA2, 3	$	122			$	127		(4.6)%			$	344			$	354		(2.9)%
	Segment Adjusted EBITDA margin2		18.8	%			20.8	%					18.4	%			19.4	%

• Industrial segment net sales increased 5.2% to $646 million, primarily due to successful pricing actions implemented to help offset rising costs.
• Segment operating profit and adjusted EBITDA declined as pricing actions and productivity initiatives were more than offset by rising raw material, freight and energy costs. Operating margin remained resilient at 13.6%, compared with the second quarter but down from a record 2025 third quarter, while adjusted EBITDA margin was 18.8%.

¹ Excludes results of discontinued operations.
² Segment adjusted EBITDA and adjusted EBITDA margin are non-GAAP financial measures. See the Company’s reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures later in this release.
³ Net sales, segment operating profit, and segment adjusted EBITDA for the three months ended September 28, 2025 include results from Industrial Plastics of $29 million, $4 million, and $5 million, respectively, previously included in All Other, to provide clearer year-over-year comparisons.

Balance Sheet and Cash Flow Highlights

• The Company maintained strong liquidity of $1.3 billion at September 27, 2026, consisting of $1.1 billion of available borrowing capacity under its revolving credit facility and cash on hand.
• Cash and cash equivalents were $183 million as of September 27, 2026, compared to $378 million, as of December 31, 2025.
• Total debt and net debt were $4.3 billion and $4.1 billion, respectively, as of September 27, 2026, primarily reflecting seasonal working capital requirements within the Company’s metal packaging business.
• Year-to-date cash flow from operating activities for the period ended September 27, 2026 provided $218 million, compared to $277 million in the same period of 2025. The main drivers of the year-over-year change in operating cash flow were a one-time payment of taxes in 2026 on the gains from the 2025 divestitures of the TFP and ThermoSafe businesses and the seasonal need for working capital for the Company’s metal packaging business.
• Capital expenditures, net of proceeds from sales of fixed assets, for 2026 were $175 million, compared to $248 million last year.
• Free Cash Flow for the period ended September 27, 2026 improved to $43 million compared to $29 million in the same period in 2025, reflecting the factors impacting operating cash flow discussed above.
• The Company returned $159 million to shareholders through dividends during the first nine months of 2026, compared to $156 million in the prior year period.
• On September 25, 2026, Sonoco amended a credit agreement, resulting in the addition of $800 million in new term loan facilities. The Company drew $500 million from the new facilities to refinance an existing $500 million term loan which was to mature in 2028. The Company retained $300 million in delayed-draw term loan capacity, which it can use within 12 months.

Guidance⁽¹⁾         

Revised Full-Year 2026

• Net Sales: $7.20 billion to $7.40 billion
• Adjusted EPS⁽²⁾: Targeting diluted earnings per share between $5.30 to $5.50
• Adjusted EBITDA⁽²⁾: Targeting $1.20 billion to $1.25 billion
• Cash flow from operating activities: Guidance adjusted to $600 million to $650 million, including the effect of payments of prior year taxes on gains from divestitures and restructuring costs

Commenting on Sonoco’s outlook, Howard Coker said, “While our third-quarter performance fell short of our expectations, we are taking targeted actions through our Profitability Performance Plan to further reduce costs, improve productivity and address the impact of inflationary pressures. We believe these efforts will better position the Company when market conditions improve. We remain confident in our value-added packaging strategy, our market-leading portfolio of industrial and consumer assets, and the ability of our customer- and quality-focused employees to execute through economic cycles.”

Joachimczyk added, “In the fourth quarter of 2026, we expect continued strong performance from our Industrial segment, supported by continued robust URB demand in North America. We also anticipate more stable performance from our Consumer segment, driven by continued growth in international paper cans and a more balanced performance in aerosol and food can volumes. Finally, recovering raw material, freight, energy, and other operating costs remains a key priority as we close out 2026 and head into 2027.”

⁽¹⁾Although the Company believes the assumptions reflected in the range of guidance are reasonable, given the uncertainty regarding the future performance of the overall economy, the effects of tariffs, trade policy and inflation, the challenges in global supply chains, potential changes in raw material prices, other costs, and the Company’s effective tax rate, as well as other risks and uncertainties, including those related to the integration of Eviosys and those described below, actual results could vary substantially. Further information can be found in the section entitled “Forward-looking Statements” in this release.

⁽²⁾ Full year 2026 GAAP guidance is not provided in this release due to the likely occurrence of one or more of the following, the timing and magnitude of which we are unable to reliably forecast without unreasonable efforts: restructuring costs and restructuring-related impairment charges, acquisition/divestiture-related costs, gains or losses from the sale of businesses and the income tax effects of these items and/or other income tax-related events. These items could have a significant impact on the Company’s future GAAP financial results. Accordingly, quantitative reconciliations of Adjusted EPS and Adjusted EBITDA guidance to the nearest comparable GAAP measures have been omitted in reliance on the exception provided by Item 10 of Regulation S-K.        

About Sonoco
Sonoco (NYSE: SON) is a Mid-cap Value global packaging company. With sales of $7.5 billion from continuing operations in 2025, the Company has approximately 22,000 employees working in 265 operations in 37 countries, serving some of the world’s best-known brands. Guided by our purpose of Better Packaging. Better Life., we strive to foster a culture of innovation, collaboration and excellence to provide solutions that better serve all our stakeholders and support a more sustainable future. A Fortune 500 company, Sonoco was proudly named one of the World’s Most Admired Companies by Fortune in 2026 as well as one of America’s Most Trustworthy and Responsible Companies by Newsweek and USA Today’s Climate Leaders in 2025. For more information on the Company, visit our website at www.sonoco.com. 

Forward-looking Statements

Statements included herein that are not historical in nature, are intended to be, and are hereby identified as “forward- looking statements” for purposes of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended. In addition, the Company and its representatives may from time to time make other oral or written statements that are also “forward-looking statements.” Words such as “achieve,” “anticipate,” “believe,” “can,” “continue,” “continuing,” “could,” “deliver,” “enhance,” “expect,” “forecast,” “focus,” “future,” “goal,” “guidance,” “improvement,” “likely,” “may,” “might,” “ongoing,” “outlook,” “plan,” “position,” “projected,” “remain,” “seek,” “should,” “strategy,” “target,” “will,” “would,” “working,” or the negative thereof, and similar expressions identify forward-looking statements.

Forward-looking statements in this communication include statements regarding, but not limited to: the Company’s future operating and financial performance, including full year 2026 outlook and the anticipated drivers thereof and cash flow in 2026; the expected benefits of refinancing debt, including the Company’s ability to continue executing on its capital allocation priorities while maintaining its investment grade credit ratings; the Company’s ability to reduce costs, improve productivity and address the impact of inflationary pressures, including through its profitability performance plan, and the expected benefits thereof; the Company’s ability to execute through economic cycles, including as a result of its packaging strategy, its portfolio of industrial and consumer assets, and the ability of its customer- and quality-focused employees; the continued strong performance of the Company’s Industrial segment in the fourth quarter of 2026 and the anticipated drivers thereof; the performance of the Company’s Consumer segment and the anticipated drivers thereof; the continued focus on recovering raw material, freight, energy and other operating costs; and the effects of the changing macroeconomic and geopolitical environment, including trade policies and tariffs, market conditions, inflation and interest costs on the Company, its supply chain and its customers, and the Company’s ability to manage risks related thereto.

Such forward-looking statements are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management. Such information includes, without limitation, discussions as to guidance and other estimates, perceived opportunities, expectations, beliefs, plans, strategies, goals and objectives concerning our future financial and operating performance. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict.

Therefore, actual results may differ materially from those expressed or forecasted in such forward-looking statements.

Such risks, uncertainties and assumptions include, without limitation, those related to: the Company’s ability to execute on its strategy, including with respect to the integration of the Eviosys operations, divestitures, cost management, productivity improvements, restructuring and capital expenditures, and achieve the benefits it expects therefrom; conditions in the credit markets; the ability to retain key employees and successfully integrate Eviosys; the ability to realize estimated cost savings, synergies or other anticipated benefits of the Eviosys acquisition, or that such benefits may take longer to realize than expected; diversion of management’s attention; the potential impact of the consummation of the Eviosys acquisition on relationships with clients and other third parties; lower-than-projected financial performance of the Company’s European business, including as a result of loss or reduction in business from key customers, changes in our pricing model, or adverse changes in the macroeconomic or competitive environment in European markets; risks related to the impairment of goodwill and other intangibles; the operation of new manufacturing capabilities; the Company’s ability to achieve anticipated cost and energy savings; the availability, transportation and pricing of raw materials, energy and transportation, including the impact of changes in tariff or other trade policies or sanctions and escalating trade wars, and the impact of war, general regional instability and other geopolitical tensions (such as the ongoing conflicts between Russia and Ukraine and in the Middle East, the potential escalation of tensions between China and Taiwan and recent events in Venezuela), and the Company’s ability to continue to pass raw material, energy and transportation price increases and surcharges through to customers or otherwise manage these commodity pricing risks; the costs of labor; the effects of inflation, changes related to tariffs or other trade policies and global regulations, as well as the overall uncertainty surrounding international trade relations; fluctuations in consumer demand, volume softness, and other macroeconomic factors on the Company and the industries in which it operates and that it serves; the impact of changing laws and regulations, in the United States, on the Company; the Company’s ability to meet its environmental, sustainability and similar goals and other social and governance goals, including challenges in implementation thereof; natural disasters, severe weather events, and other unexpected disruptions to facility operations; and the other risks, uncertainties and assumptions discussed in the Company’s filings with the Securities and Exchange Commission, including its most recent reports on Forms 10-K and 10-Q, particularly under the heading “Risk Factors.” The Company undertakes no obligation to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events discussed herein might not occur.

References to our Website Address

References to our website address and domain names throughout this release are for informational purposes only, or to fulfill specific disclosure requirements of the Securities and Exchange Commission’s rules or the New York Stock Exchange Listing Standards. These references are not intended to, and do not, incorporate the contents of our website by reference into this release.

Earnings Conference Call Webcast
Sonoco’s management will host a conference call to discuss its third quarter 2026 results on Thursday, October 22, 2026, at 8:00 a.m. Eastern Time. The Company will provide prepared remarks, a presentation and host a question-and-answer session during the call. A live audio webcast of the call along with supporting materials will be available on the Sonoco Investor Relations website at https://investor.sonoco.com/. A webcast replay will be available on the Company’s website for at least 30 days following the call.

Time:	Thursday, October 22, 2026, at 8:00 a.m. Eastern Time
Audience	To listen via telephone, please register in advance at:
Dial-In:	https://events.q4inc.com/analyst/818434126?pwd=xd1mxKQr
	After registration, all telephone participants will receive the dial-in number along with a unique PIN number that can be used to access the call.
Webcast Link:	https://events.q4inc.com/attendee/616781198

Contact Information: 
Roger Schrum
Head of Investor Relations and Communications
roger.schrum@sonoco.com 
843-339-6018

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(Dollars and shares in thousands except per share data)
		Three Months Ended								Nine Months Ended
		September 27, 2026				September 28, 2025				September 27, 2026				September 28, 2025
Net sales		$	2,041,575			$	2,131,108			$	5,603,502			$	5,750,777
Cost of sales			1,636,255				1,663,757				4,460,177				4,523,462
Gross profit			405,320				467,351				1,143,325				1,227,315
Selling, general and administrative expenses			186,841				220,966				588,626				648,804
Restructuring/Asset impairment charges, net			856,435				48,388				873,501				71,721
(Loss)/Gain on divestiture of business			—				(3,031	)			775				(9,297	)
Operating (loss)/profit			(637,956	)			194,966				(318,027	)			497,493
Non-operating pension costs			2,749				3,054				8,165				9,157
Interest expense			46,665				61,243				136,637				181,637
Interest income			5,223				4,634				17,938				16,104
Other expense, net			(8,271	)			(7,541	)			(26,770	)			(20,617	)
(Loss)/Income from continuing operations before income taxes			(690,418	)			127,762				(471,661	)			302,186
Provision for income taxes			44,138				7,717				93,199				68,364
(Loss)/Income before equity in earnings of affiliates			(734,556	)			120,045				(564,860	)			233,822
Equity in earnings of affiliates, net of tax			2,689				3,020				5,642				7,211
Net (loss)/income from continuing operations			(731,867	)			123,065				(559,218	)			241,033
Net income from discontinued operations			—				—				—				429,720
Net (loss)/income			(731,867	)			123,065				(559,218	)			670,753
Net (income)/loss from continuing operations attributable to noncontrolling interests			(235	)			(147	)			(389	)			17
Net (loss)/income attributable to Sonoco		$	(732,102	)		$	122,918			$	(559,607	)		$	670,770
Weighted average common shares outstanding – diluted			99,502				99,648				99,432				99,519
Diluted (loss)/earnings from continuing operations per common share		$	(7.36	)		$	1.23			$	(5.63	)		$	2.42
Diluted earnings from discontinued operations per common share			—				—				—				4.32
Diluted (loss)/earnings attributable to Sonoco per common share		$	(7.36	)		$	1.23			$	(5.63	)		$	6.74
Dividends per common share		$	0.54			$	0.53			$	1.61			$	1.58

CONDENSED STATEMENTS OF INCOME FOR DISCONTINUED OPERATIONS (Unaudited)
(Dollars and shares in thousands except per share data)
		Three Months Ended			Nine Months Ended
		September 28, 2025			September 28, 2025
Net sales		$	—		$	320,678
Cost of sales			—			250,854
Gross profit			—			69,824
Selling, general, and administrative expenses			—			31,607
Restructuring/Asset impairment charges, net			—			426
Gain on divestiture of business			—			625,773
Operating profit			—			663,564
Other expense, net			—			182
Interest expense			—			24,911
Interest income			—			281
Income from discontinued operations before income taxes			—			638,752
Provision for income taxes			—			209,032
Net income from discontinued operations			—			429,720
Net income from discontinued operations attributable to noncontrolling interests			—			—
Net income attributable to discontinued operations		$	—		$	429,720
Weighted average common shares outstanding – diluted			99,648			99,519
Diluted earnings from discontinued operations per common share		$	—		$	4.32

FINANCIAL SEGMENT INFORMATION (Unaudited)
(Dollars in thousands)
			Three Months Ended								Nine Months Ended
			September 27, 2026				September 28, 2025				September 27, 2026				September 28, 2025
Net sales:
	Consumer Packaging		$	1,396,012			$	1,438,246			$	3,734,926			$	3,731,872
	Industrial Paper Packaging			645,563				613,611				1,868,576				1,818,804
	Total reportable segments			2,041,575				2,051,857				5,603,502				5,550,676
	All Other			—				79,251				—				200,101
	Net sales		$	2,041,575			$	2,131,108			$	5,603,502			$	5,750,777
Operating profit:
	Consumer Packaging		$	178,563			$	208,985			$	455,917			$	510,109
	Industrial Paper Packaging			87,973				93,773				246,598				256,038
	Segment operating profit			266,536				302,758				702,515				766,147
	All Other			—				14,386				—				29,511
	Corporate
	Restructuring/Asset impairment charges, net			(856,435	)			(48,388	)			(873,501	)			(71,721	)
	Amortization of acquisition intangibles			(45,633	)			(49,034	)			(135,523	)			(135,188	)
	Gain/(Loss) on divestiture of business			—				(3,031	)			775				(9,297	)
	Acquisition, integration, and divestiture-related costs			(2,161	)			(9,318	)			(10,582	)			(47,745	)
	Other operating charges, net			(263	)			(12,407	)			(1,711	)			(34,214	)
	Operating (loss)/profit		$	(637,956	)		$	194,966			$	(318,027	)		$	497,493

2025 consolidated “net sales,” “operating profit,” and Consumer Packaging “segment operating profit” do not include results of the Company’s Thermoformed and Flexibles Packaging business and global Trident business (collectively, “TFP”), which was sold in April 2025 and is accounted for as discontinued operations in periods prior to the sale.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(Dollars in thousands)
			Nine Months Ended
			September 27, 2026				September 28, 2025
Net (loss)/income			$	(559,218	)		$	670,753
Net loss/(gain) on divestiture of business, disposition of assets, and asset impairments				842,991				(601,304	)
Depreciation and amortization				390,982				382,623
Pension and postretirement plan contributions, net of non-cash expense				(5,309	)			(3,589	)
Changes in working capital				(304,721	)			(299,650	)
Changes in tax accounts				(93,987	)			127,412
Other operating activity				(53,190	)			651
Net cash provided by operating activities				217,548				276,896
Purchases of property, plant and equipment, net				(174,905	)			(248,251	)
Proceeds from the sale of business, net1				(13,076	)			1,814,899
Cost of acquisitions, net of cash acquired2				—				16,528
Net debt repayments				(50,598	)			(1,938,409	)
Cash dividends				(159,182	)			(155,767	)
Payments for share repurchases				(7,192	)			(10,580	)
Other (outflow)/inflow, including effects of exchange rates on cash				(7,892	)			47,490
Net decrease in cash and cash equivalents				(195,297	)			(197,194	)
Cash and cash equivalents at beginning of period				378,398				443,060
Cash and cash equivalents at end of period			$	183,101			$	245,866
12026 includes payments of $15,211 and $1,865 to the buyers of TFP and ThermoSafe, respectively, for final net working capital settlements on these 2025 divestitures.
22025 includes a cash receipt of $16,528 for the final net working capital settlement related to the 2024 acquisition of Eviosys.

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(Dollars in thousands)
			September 27, 2026			December 31, 2025
Assets
Current Assets:
	Cash and cash equivalents		$	183,101		$	378,398
	Trade accounts receivable, net of allowances			1,117,958			842,810
	Other receivables			152,736			178,755
	Inventories, net			1,204,570			1,121,009
	Prepaid expenses			149,661			125,352
		Total Current Assets		2,808,026			2,646,324
Property, plant and equipment, net				2,658,234			2,797,800
Goodwill				1,646,258			2,511,611
Other intangible assets, net				2,485,874			2,683,474
Right of use asset-operating leases				307,740			307,450
Deferred income taxes and other assets				228,809			215,675
		Total Assets	$	10,134,941		$	11,162,334
Liabilities and Equity
Current Liabilities:
	Payable to suppliers, accrued expenses and other payables		$	1,803,816		$	1,861,904
	Notes payable and current portion of long-term debt			510,041			537,952
	Accrued taxes			69,218			128,821
		Total Current Liabilities		2,383,075			2,528,677
Long-term debt, net of current portion				3,781,625			3,788,973
Noncurrent operating lease liabilities				263,779			263,192
Pension and other postretirement benefits				166,115			177,976
Deferred income taxes and other liabilities				721,084			771,684
		Total Liabilities		7,315,678			7,530,502
		Total Equity		2,819,263			3,631,832
		Total Liabilities and Equity	$	10,134,941		$	11,162,334

NON-GAAP FINANCIAL MEASURES

The Company’s results, determined in accordance with U.S. generally accepted accounting principles, are referred to as “as reported” or “GAAP” results. The Company uses certain financial performance measures, both internally and externally, that are not in conformity with GAAP (referred to as “non-GAAP financial measures”) to assess and communicate the financial performance of the Company. These non-GAAP financial measures, which are identified using the term “Adjusted” (for example, “Adjusted Operating Profit,” “Adjusted Net Income Attributable to Sonoco,” and “Adjusted Diluted EPS”), reflect adjustments to the Company’s GAAP operating results to exclude amounts, including the associated tax effects where applicable, relating to:

• restructuring/asset impairment charges¹;
• acquisition, integration and divestiture-related costs;
• gains or losses from the divestiture of businesses;
• losses from the early extinguishment of debt;
• non-operating pension costs;
• amortization expense on acquisition intangibles;
• changes in last-in, first-out (“LIFO”) inventory reserves;
• certain income tax events and adjustments;
• derivative gains/losses;
• other non-operating income and losses; and
• certain other items, if any.

¹Restructuring and restructuring-related asset impairment charges are a recurring item as the Company’s restructuring programs usually require several years to fully implement, and the Company is continually seeking to take actions that could enhance its efficiency. Although recurring, these charges are subject to significant fluctuations from period to period due to the varying levels of restructuring activity, the inherent imprecision in the estimates used to recognize the impairment of assets, and the wide variety of costs and taxes associated with severance and termination benefits in the countries in which the restructuring actions occur.

The Company’s management believes the exclusion of the amounts related to the above-listed items improves the period-to-period comparability and analysis of the underlying financial performance of the business.

In addition to the “Adjusted” results described above, the Company also uses Adjusted EBITDA, Segment Adjusted EBITDA, Segment Adjusted EBITDA Margin, and Net Debt. Adjusted EBITDA is defined as net income excluding the following: interest expense; interest income; provision for income taxes; depreciation and amortization expense; non-operating pension costs; net income/loss attributable to noncontrolling interests; restructuring/asset impairment charges; changes in LIFO inventory reserves; gains/losses from the divestiture of businesses; acquisition, integration and divestiture-related costs; other income; derivative gains/losses; and other non-GAAP adjustments, if any, that may arise from time to time. Segment Adjusted EBITDA is defined as segment operating profit plus depreciation and amortization expense and equity in earnings of affiliates, net of tax. Segment Adjusted EBITDA Margin is defined as Segment Adjusted EBITDA divided by segment net sales. Net Debt is defined as the total of the Company’s short and long-term debt less cash and cash equivalents.

Segment Adjusted EBITDA is reconciled to the closest GAAP measure of segment profitability, segment operating profit as the Company does not calculate net income by segment. Segment operating profit is the measure of segment profit or loss reported to the chief operating decision maker for purposes of making decisions about allocating resources to the segments and assessing their performance in accordance with Accounting Standards Codification 280 – “Segment Reporting,” as prescribed by the Financial Accounting Standards Board.

Segment results, which are reviewed by the Company’s management to evaluate segment performance, do not include the following: restructuring/asset impairment charges; amortization of acquisition intangibles; acquisition, integration and divestiture-related costs; changes in LIFO inventory reserves; gains/losses from the sale of businesses; gains/losses from derivatives; or certain other items, if any, the exclusion of which the Company believes improves the comparability and analysis of the ongoing operating performance of the business. Accordingly, the term “segment operating profit” is defined as the segment’s portion of “operating profit” excluding those items. All other general corporate expenses have been allocated as operating costs to each of the Company’s reportable segments, except for costs related to discontinued operations.

The Company’s non-GAAP financial measures are not calculated in accordance with, nor are they an alternative for, measures conforming to GAAP, and they may be different from non-GAAP financial measures used by other companies. In addition, these non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles.

The Company presents these non-GAAP financial measures to provide investors with information to evaluate Sonoco’s operating results in a manner similar to how management evaluates business performance. The Company consistently applies its non-GAAP financial measures presented herein and uses them for internal planning and forecasting purposes, to evaluate its ongoing operations, and to evaluate the ultimate performance of management and each business unit against plans/forecasts. In addition, these same non-GAAP financial measures are used in determining incentive compensation for the entire management team and in providing earnings guidance to the investing community.

Material limitations associated with the use of such measures include that they do not reflect all period costs included in operating expenses and may not be comparable with similarly named financial measures of other companies. Furthermore, the calculations of these non-GAAP financial measures are based on subjective determinations of management regarding the nature and classification of events and circumstances that the investor may find material and view differently.

To compensate for any limitations in such non-GAAP financial measures, management believes that it is useful in evaluating the Company’s results to review both GAAP information, which includes all of the items impacting financial results, and the related non-GAAP financial measures that exclude certain elements, as described above. Further, Sonoco management does not, nor does it suggest that investors should, consider any non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Whenever reviewing a non-GAAP financial measure, investors are encouraged to review and consider the related reconciliation to understand how it differs from the most directly comparable GAAP measure.

References to 2025 consolidated “adjusted operating profit” and “segment adjusted EBITDA” in the following tables do not include results of TFP, which was sold in April 2025 and is accounted for as discontinued operations in periods prior to the sale.

QUARTERLY RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES

The following tables reconcile the Company’s non-GAAP financial measures to their most directly comparable GAAP financial measures in the Company’s Condensed Consolidated Statements of Income for the three-month periods ended September 27, 2026 and September 28, 2025.

Adjusted Operating Profit, Adjusted Income from Continuing Operations Before Income Taxes, Adjusted Provision for Income Taxes, Adjusted Net Income Attributable to Sonoco, and Adjusted Diluted EPS

	For the three-month period ended September 27, 2026
Dollars in thousands, except per share data	Operating (Loss)/Profit			(Loss)/Income from Continuing Operations Before Income Taxes			Provision for Income Taxes			Net (Loss)/Income Attributable to Sonoco			Diluted EPS
As Reported (GAAP)	$	(637,956	)	$	(690,418	)	$	44,138		$	(732,102	)	$	(7.36	)
Acquisition, integration and divestiture-related costs1		2,161			2,161			318			1,843			0.01
Amortization of acquisition intangibles		45,633			45,633			9,938			35,695			0.36
Restructuring/Asset impairment charges, net2		856,435			856,435			6,839			849,694			8.54
Non-operating pension costs		—			2,749			712			2,037			0.02
Net gains from derivatives		(106	)		(106	)		(26	)		(80	)		—
Other adjustments3		1,874			1,874			(8,237	)		10,111			0.10
Total adjustments		905,997			908,746			9,544			899,300			9.03
Adjusted	$	268,041		$	218,328		$	53,682		$	167,198		$	1.67
Due to rounding, individual items may not sum appropriately.

¹ Acquisition, integration and divestiture-related costs relate primarily to the Company’s December 2024 acquisition of Eviosys.
² Restructuring/Asset impairment charges, net, primarily reflect total goodwill impairment charges of $828,875 recognized during the third quarter of 2026, including $802,000 and $26,875 for the Consumer Packaging EMEA/APAC and Global Paper Products APAC reporting units, respectively.
³ Other adjustments include discrete tax items primarily related to provision-to-return adjustments for the TFP and ThermoSafe divestitures and a retroactive U.S. tax election.

	For the three-month period ended September 28, 2025
Dollars in thousands, except per share data	Operating Profit		Income from Continuing Operations Before Income Taxes		Provision for Income Taxes			Net Income Attributable to Sonoco			Diluted EPS
As Reported (GAAP)	$	194,966	$	127,762	$	7,717		$	122,918		$	1.23
Acquisition, integration and divestiture-related costs1		9,318		9,318		2,377			6,941			0.07
Amortization of acquisition intangibles		49,034		49,034		10,581			38,453			0.39
Restructuring/Asset impairment charges, net		48,388		48,388		11,117			37,221			0.37
Loss/(Gain) on divestiture of business2		3,031		3,031		27,569			(24,538	)		(0.25	)
Non-operating pension costs		—		3,054		631			2,423			0.02
Net losses from derivatives		2,035		2,035		502			1,533			0.02
Other adjustments3		1,568		1,568		(4,652	)		6,220			0.07
Total adjustments		113,374		116,428		48,125			68,253			0.69
Adjusted	$	308,340	$	244,190	$	55,842		$	191,171		$	1.92
Due to rounding, individual items may not sum appropriately.

¹ Acquisition, integration and divestiture-related costs relate primarily to the Company’s December 2024 acquisition of Eviosys and the April 2025 divestiture of TFP.
² Loss/(Gain) on divestiture of business includes the recognition of a deferred tax benefit on the outside basis difference related to the ThermoSafe business being classified as held for sale.
³ Other adjustments include an adjustment to deferred taxes from the post-acquisition restructuring of the partitions business, provision-to-return adjustments related to the divested TFP business, and an increase in the valuation allowance on foreign tax credits.

Adjusted EBITDA1
	Three Months Ended
Dollars in thousands	September 27, 2026			September 28, 2025
Net (loss)/income attributable to Sonoco	$	(732,102	)	$	122,918
Adjustments:
Interest expense		46,665			61,243
Interest income		(5,223	)		(4,634	)
Provision for income taxes		44,138			7,717
Depreciation and amortization		134,857			131,656
Non-operating pension costs		2,749			3,054
Net income attributable to noncontrolling interests		235			147
Restructuring/Asset impairment charges, net		856,435			48,388
Loss on divestiture of business		—			3,031
Acquisition, integration and divestiture-related costs		2,161			9,318
Net (gain)/loss from derivatives		(106	)		2,035
Other non-GAAP adjustments		1,874			1,568
Adjusted EBITDA	$	351,683		$	386,441

¹ For the three-month period ended September 28, 2025, adjusted EBITDA is calculated on a total Company basis, including both continuing and discontinued operations.

Segment Adjusted EBITDA and Adjusted EBITDA Margin Reconciliation
For the Three Months Ended September 27, 2026
Dollars in thousands	Consumer			Industrial			Corporate			Total
Segment and Total Operating Profit/(Loss)1	$	178,563		$	87,973		$	(904,492	)	$	(637,956	)
Adjustments:
Depreciation and amortization2		58,048			31,176			45,633			134,857
Other expense, net3		—			—			(8,271	)		(8,271	)
Equity in earnings of affiliates, net of tax		217			2,472			—			2,689
Restructuring/Asset impairment charges, net4		—			—			856,435			856,435
Acquisition, integration and divestiture-related costs5		—			—			2,161			2,161
Net gain from derivatives6		—			—			(106	)		(106	)
Other non-GAAP adjustments		—			—			1,874			1,874
Segment Adjusted EBITDA	$	236,828		$	121,621		$	(6,766	)	$	351,683
Net Sales	$	1,396,012		$	645,563
Segment Operating Profit Margin		12.8	%		13.6	%
Segment Adjusted EBITDA Margin		17.0	%		18.8	%

¹As previously announced, effective January 1, 2026, results for Industrial Plastics, previously included in the All Other group of businesses, are included in the Industrial segment. The Company no longer reports the results of any of its businesses in All Other.
²Included in Corporate is the amortization of acquisition intangibles associated with the Consumer segment of $40,576 and the Industrial segment of $5,057.
³These expenses relate to charges from third-party financial institutions related to our centralized treasury program under which the Company sells certain trade accounts receivables in order to accelerate its cash collection cycle, primarily within the Consumer segment.
⁴Included in Corporate are restructuring/asset impairment charges associated with the Consumer segment of $835,670 and the Industrial segment of $20,196.
⁵Included in Corporate are acquisition, integration and divestiture-related costs associated with the Consumer segment of $433 and the Industrial segment of $7.
⁶Included in Corporate are net gains from derivatives associated with the Consumer segment of $3 and the Industrial segment of $(109).

Segment and All Other Adjusted EBITDA and Adjusted EBITDA Margin Reconciliation
For the Three Months Ended September 28, 2025
Excludes results of discontinued operations
Dollars in thousands	Consumer			Industrial			All Other			Corporate			Total
Segment and Total Operating Profit	$	208,985		$	93,773		$	14,386		$	(122,178	)	$	194,966
Adjustments:
Depreciation and amortization1		50,419			30,896			1,307			49,034			131,656
Other expense, net2		—			—			—			(7,541	)		(7,541	)
Equity in earnings of affiliates, net of tax		190			2,830			—			—			3,020
Restructuring/Asset impairment charges, net3		—			—			—			48,388			48,388
Acquisition, integration and divestiture-related costs4		—			—			—			9,318			9,318
Loss on divestiture of business5		—			—			—			3,031			3,031
Net loss from derivatives6		—			—			—			2,035			2,035
Other non-GAAP adjustments		—			—			—			1,568			1,568
Segment Adjusted EBITDA	$	259,594		$	127,499		$	15,693		$	(16,345	)	$	386,441
Net Sales	$	1,438,246		$	613,611		$	79,251
Segment Operating Profit Margin		14.5	%		15.3	%		18.2	%
Segment Adjusted EBITDA Margin		18.0	%		20.8	%		19.8	%

¹Included in Corporate is the amortization of acquisition intangibles associated with the Consumer segment of $43,397, the Industrial segment of $5,485, and the All Other group of businesses of $152.
²These expenses relate to charges from third-party financial institutions related to our centralized treasury program under which the Company sells certain trade accounts receivables in order to accelerate its cash collection cycle, primarily within the Consumer segment.
³Included in Corporate are restructuring/asset impairment charges associated with the Consumer segment of $35,027 and the Industrial segment of $11,181.
⁴Included in Corporate are acquisition, integration and divestiture-related costs associated with the Consumer segment of $1,293 and the Industrial segment of $97.
⁵Included in Corporate is a loss on divestiture of business of $31 associated with the Industrial segment related to the sale of a recycling operation in Asheville, North Carolina, and a $3,000 charge related to the divestiture of ThermoSafe, previously part of the All Other group of businesses.
⁶Included in Corporate are net losses from derivatives associated with the Consumer segment of $196, the Industrial segment of $1,760, and the All Other group of businesses of $79.

YEAR-TO-DATE RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES

The following tables reconcile the Company’s non-GAAP financial measures to their most directly comparable GAAP financial measures in the Company’s Condensed Consolidated Statements of Income for the nine-month periods ended September 27, 2026 and September 28, 2025.

Adjusted Operating Profit, Adjusted Income from Continuing Operations Before Income Taxes, Adjusted Provision for Income Taxes, Adjusted Net Income Attributable to Sonoco, and Adjusted Diluted EPS

	For the nine-month period ended September 27, 2026
Dollars in thousands, except per share data	Operating (Loss)/Profit			(Loss)/Income from Continuing Operations Before Income Taxes			Provision for Income Taxes			Net (Loss)/Income Attributable to Sonoco			Diluted EPS
As Reported (GAAP)	$	(318,027	)	$	(471,661	)	$	93,199		$	(559,607	)	$	(5.63	)
Acquisition, integration and divestiture-related costs1		10,582			10,582			1,665			8,917			0.09
Changes in LIFO inventory reserves		5,521			5,521			1,367			4,154			0.04
Amortization of acquisition intangibles		135,523			135,523			29,738			105,785			1.06
Restructuring/Asset impairment charges, net2		873,501			873,501			10,344			863,267			8.68
Gain on divestiture of business, net3		(775	)		(775	)		(188	)		(587	)		(0.01	)
Other expense, net4		—			6,592			—			6,592			0.07
Non-operating pension costs		—			8,165			2,106			6,059			0.06
Net losses from derivatives		61			61			15			46			—
Other adjustments		4,901			4,901			2,450			2,451			0.02
Total adjustments		1,029,314			1,044,071			47,497			996,684			10.01
Adjusted	$	711,287		$	572,410		$	140,696		$	437,077		$	4.38
Due to rounding, individual items may not sum appropriately.

¹ Acquisition, integration and divestiture-related costs relate primarily to the Company’s December 2024 acquisition of Eviosys and the November 2025 divestiture of ThermoSafe.
² Restructuring/Asset impairment charges, net, primarily reflect total goodwill impairment charges of $828,875 recognized during the third quarter of 2026, including $802,000 and $26,875 for the Consumer Packaging EMEA/APAC and Global Paper Products APAC reporting units, respectively.
³ Gain on divestiture of business, net reflects the gain of $2,640 from the sale of a recycling operation in Savannah, Georgia, partially offset by a charge of $1,865 from the final net working capital settlement related to the November 2025 divestiture of ThermoSafe.
⁴ Amount relates to certain pre-acquisition liabilities related to the Sonoco Metal Packaging EMEA business.

	For the nine-month period ended September 28, 2025
Dollars in thousands, except per share data	Operating Profit		Income from Continuing Operations Before Income Taxes		Provision for Income Taxes			Net Income Attributable to Sonoco			Diluted EPS
As Reported (GAAP)1	$	497,493	$	302,186	$	68,364		$	670,770		$	6.74
Acquisition, integration and divestiture-related costs2		47,745		47,745		11,134			46,277			0.47
Changes in LIFO inventory reserves		1,755		1,755		433			1,322			0.01
Amortization of acquisition intangibles		135,188		135,188		29,586			105,389			1.06
Restructuring/Asset impairment charges, net		71,721		71,721		16,514			55,109			0.55
Loss/(Gain) on divestiture of business3		9,297		9,297		28,455			(443,706	)		(4.46	)
Non-operating pension costs		—		9,157		2,190			6,967			0.07
Net losses from derivatives		1,240		1,240		306			934			0.01
Other adjustments4		3,562		3,562		(14,456	)		21,064			0.21
Total adjustments		270,508		279,665		74,162			(206,644	)		(2.08	)
Adjusted	$	768,001	$	581,851	$	142,526		$	464,126		$	4.66
Due to rounding, individual items may not sum appropriately.

¹ Operating profit, income from continuing operations before income taxes, and provision for income taxes exclude results related to discontinued operations of $663,564, $638,752, and $209,032, respectively.
² Acquisition, integration and divestiture-related costs relate primarily to the Company’s December 2024 acquisition of Eviosys and the April 2025 divestiture of TFP.
³ Loss/(Gain) on divestiture of business primarily consists of the gain on the sale of TFP, included in “Net income from discontinued operations” in the Company’s Condensed Consolidated Statements of Income, and the recognition of a deferred tax benefit on the outside basis difference related to the ThermoSafe business being classified as held for sale.
⁴ Other adjustments include discrete tax items primarily related to tax rate changes, an adjustment to deferred taxes from post-acquisition restructuring of the partitions business, provision-to-return adjustments related to the divested TFP business, and an increase in the valuation allowance on foreign tax credits.

Adjusted EBITDA1
	Nine Months Ended
Dollars in thousands	September 27, 2026			September 28, 2025
Net (loss)/income attributable to Sonoco	$	(559,607	)	$	670,770
Adjustments:
Interest expense		136,637			206,548
Interest income		(17,938	)		(16,385	)
Provision for income taxes		93,199			277,396
Depreciation and amortization		390,982			382,623
Non-operating pension costs		8,165			9,157
Non-operating other expense		6,592			—
Net income/(loss) attributable to noncontrolling interests		389			(17	)
Restructuring/Asset impairment charges, net		873,501			72,147
Changes in LIFO inventory reserves		5,521			1,755
Gain on divestiture of business		(775	)		(616,476	)
Acquisition, integration and divestiture-related costs		10,582			60,421
Net loss from derivatives		61			1,240
Other non-GAAP adjustments		4,901			2,949
Adjusted EBITDA	$	952,210		$	1,052,128
Net Sales	$	5,603,502		$	5,750,777
Net sales related to discontinued operations	$	—		$	320,678

¹For the nine-month period ended September 28, 2025, Adjusted EBITDA is calculated on a total Company basis, including both continuing and discontinued operations.

The following tables reconcile segment operating profit, the closest GAAP measure of profitability, to segment adjusted EBITDA.

Segment and All Other Adjusted EBITDA and Adjusted EBITDA Margin Reconciliation
For the Nine Months Ended September 27, 2026
Excludes results of discontinued operations
Dollars in thousands	Consumer			Industrial			Corporate			Total
Segment and Total Operating Profit/(Loss)1	$	455,917		$	246,598		$	(1,020,542	)	$	(318,027	)
Adjustments:
Depreciation and amortization2		163,673			91,786			135,523			390,982
Other expense, net3		—			—			(20,178	)		(20,178	)
Equity in earnings of affiliates, net of tax		491			5,151			—			5,642
Restructuring/Asset impairment charges, net4		—			—			873,501			873,501
Changes in LIFO inventory reserves5		—			—			5,521			5,521
Acquisition, integration and divestiture-related costs6		—			—			10,582			10,582
Gain on divestiture of business7		—			—			(775	)		(775	)
Net loss from derivatives8		—			—			61			61
Other non-GAAP adjustments		—			—			4,901			4,901
Segment Adjusted EBITDA	$	620,081		$	343,535		$	(11,406	)	$	952,210
Net Sales	$	3,734,926		$	1,868,576
Segment Operating Profit Margin		12.2	%		13.2	%
Segment Adjusted EBITDA Margin		16.6	%		18.4	%

¹ As previously announced, effective January 1, 2026, results for Industrial Plastics, previously included in the All Other group of businesses, are included in the Industrial segment. The Company no longer reports the results of any of its businesses in All Other.
² Included in Corporate is the amortization of acquisition intangibles associated with the Consumer segment of $120,451 and the Industrial segment of $15,072.
³ These expenses relate to charges from third-party financial institutions related to our centralized treasury program under which the Company sells certain trade accounts receivable in order to accelerate its cash collection cycle primarily within the Consumer segment.
⁴ Included in Corporate are restructuring/asset impairment charges associated with the Consumer segment of $844,607 and the Industrial segment of $27,392.
⁵ Included in Corporate are changes in LIFO inventory reserves associated with the Consumer segment of $4,996 and the Industrial segment of $525.
⁶ Included in Corporate are acquisition, integration and divestiture-related costs associated with the Consumer segment of $3,707 and the Industrial segment of $159.
⁷ Included in Corporate is a gain of $2,640 from the sale of a recycling facility in Savannah, Georgia, part of the Industrial segment, partially offset by a charge of $1,865 from the final net working capital settlement related to the divestiture of ThermoSafe, previously part of the All Other group of businesses.
⁸ Included in Corporate are net losses from derivatives associated with the Consumer segment of $7 and the Industrial segment of $54.

Segment and All Other Adjusted EBITDA and Adjusted EBITDA Margin Reconciliation
For the Nine Months Ended September 28, 2025
Excludes results of discontinued operations
Dollars in thousands	Consumer			Industrial			All Other			Corporate			Total
Segment and Total Operating Profit	$	510,109		$	256,038		$	29,511		$	(298,165	)	$	497,493
Adjustments:
Depreciation and amortization1		152,175			90,764			4,807			135,188			382,934
Other expense, net2		—			—			—			(20,617	)		(20,617	)
Equity in earnings of affiliates, net of tax		309			6,902			—			—			7,211
Restructuring/Asset impairment charges, net3		—			—			—			71,721			71,721
Changes in LIFO inventory reserves4		—			—			—			1,755			1,755
Acquisition, integration and divestiture-related costs5		—			—			—			47,745			47,745
Loss on divestiture of business6		—			—			—			9,297			9,297
Net loss from derivatives7		—			—			—			1,240			1,240
Other non-GAAP adjustments		—			—			—			3,562			3,562
Segment Adjusted EBITDA	$	662,593		$	353,704		$	34,318		$	(48,274	)	$	1,002,341
Net Sales	$	3,731,872		$	1,818,804		$	200,101
Segment Operating Profit Margin		13.7	%		14.1	%		14.7	%
Segment Adjusted EBITDA Margin		17.8	%		19.4	%		17.2	%

¹Included in Corporate is the amortization of acquisition intangibles associated with the Consumer segment of $118,232, the Industrial segment of $16,405, and All Other of $551.
²These expenses relate to charges from third-party financial institutions related to our centralized treasury program under which the Company sells certain trade accounts receivables in order to accelerate its cash collection cycle primarily within the Consumer segment.
³Included in Corporate are restructuring/asset impairment charges associated with the Consumer segment of $37,736, the Industrial segment of $31,907, and All Other of $10.
⁴Included in Corporate are changes in LIFO inventory reserves associated with the Consumer segment of $1,755.
⁵Included in Corporate are acquisition, integration and divestiture-related costs associated with the Consumer segment of $22,502 and the Industrial segment of $528.
⁶Included in Corporate are net losses from the divestiture of businesses within the Industrial segment of $6,297, including a loss of $2,114 from the sale of a recycling facility in Asheville, N.C. and losses totaling $4,183 related to the sale of a production facility in France and the entirety of our business in Venezuela.
⁷Included in Corporate are net gains from derivatives associated with the Consumer segment of $120, the Industrial segment of $1,072, and All Other of $48.

FREE CASH FLOW

The Company uses the non-GAAP financial measure of “Free Cash Flow,” which it defines as cash flow from operations minus net capital expenditures. Net capital expenditures are defined as capital expenditures minus proceeds from the disposition of capital assets. Free Cash Flow may not represent the amount of cash flow available for general discretionary use because it excludes non-discretionary expenditures, such as mandatory debt repayments and required settlements of recorded and/or contingent liabilities not reflected in cash flow from operations.

The reconciliation of the GAAP measure “Net cash provided by operating activities” to the non-GAAP measure “Free Cash Flow” is set forth in the table below:

	Nine Months Ended
	September 27, 2026				September 28, 2025
Net cash provided by operating activities	$	217,548			$	276,896
Purchases of property, plant and equipment		(188,664	)			(253,411	)
Proceeds from the sale of assets, net		13,759				5,160
Net capital expenditures		(174,905	)			(248,251	)
Free cash flow	$	42,643			$	28,645

NET DEBT

The reconciliation of the GAAP measure “Total Debt” to the non-GAAP measure of “Net Debt” is set forth in the table below:

	September 27, 2026
Total Debt	$	4,291,666
Less: Cash and cash equivalents		183,101
Net Debt	$	4,108,565

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