Sealed Air : Q1 2024 Sealed Air Earnings Conference Call Presentation

Q1 2024 Earnings

and 2024 Outlook

Emile Chammas

Interim Co-CEO, COO

Dustin Semach

Interim Co-CEO, CFO

Brian Sullivan

Executive Director Assistant Treasurer & Investor Relations

May 2, 2024 - Conference Call Supplement (Unaudited Results)

1

Safe Harbor and Regulation G Statement

Forward-looking Statements

This presentation contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securiti es Litigation Reform Act of 1995. All statements other than statements of historical facts included in this presentation regarding our strategies, prospects, financial condition, operat ions, costs, plans and objectives are forward-looking statements. Examples of forward-looking statements include, among others, statements we make regarding expected future operating results, expectations regarding the results of restructuring and other programs, expectations regarding future impacts of acquisitions, anticipated levels of capital expenditures and expectations of the effect on our financial condition of claims, litigation, environmental costs, contingent liabilities and governmental and regulatory investigations and proceedings. Forward-looking statements are subject to risks and uncertainties, many of which are outside our control, which could cause actual results to differ materially from these statements. For information about some of those risks and uncertainties, see the "Risk Factors" section appearing in our most recent Annual Report on Form 10-K, as filed with the Securities Exchange Commission, and as revised and updated by our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligatio n to publicly update such statement.

Non-U.S. GAAP Financial Measures

Our management uses non-U.S. GAAP financial measures to evaluate the Company's performance, which exclude items we consider unus ual or special items. We believe that the use of non- U.S. GAAP measures helps investors to gain a better understanding of core operating results and future prospects, consistent with how management measures and forecasts the Company's performance, especially when comparing such results to previous periods or forecasts. Please see Sealed Air's May 2, 2024 ear nings press release and the appendix of this presentation for important information about the use of non-U.S. GAAP financial measures relevant to this presentation, including applicable reconciliations to U.S. GAAP financial measures. Information reconciling forward-looking U.S. GAAP measures to non-U.S. GAAP measures is not available without unreasonable effort. Values in this presentation are approximate due to rounding. Additionally, the individual components of bridges or the individual quarterly components presented in the current or prior q uarter earnings presentation may not sum to the full year amount due to rounding.

Website Information - Please visit our website Sealedair.com

We routinely post important information for investors on our website, www.sealedair.com, in the "Investors" section. We use t his website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investors se ction of our website, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.

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SEE business and market update

Emile Chammas	Dustin Semach
Interim Co-CEO, COO	Interim Co-CEO, CFO

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Q1 2024 results

Revenue	Earnings	Earnings/Share
Net Sales	Adj. EBITDA	Adj. EPS

$1.3B $278M $0.78

Down 1% as reported

Up 4% as reported

Up 5% as reported

Down 1% constant currency

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	(1%) Net Sales
$1,349M		2% $1,330M
(3%)	0%

Constant Dollar (1%)

4% Adj. EBITDA

$267M 0% 2% 1% $278M

SEE Q1 2024 performance

SEE Q1 sales down 1% as reported. Organic decline of 3% due to lower pricing in both segments. Volume flat with growth in Food offset by continued market softness in Protective

Q1 Adj. EBITDA of $278M, up 4% as reported

Net Price Realization1, unfavorable $19M

Adj. EBITDA margin of 20.9%, up 110 bps primarily driven by lower operating costs, including benefits from CTO2Grow actions

1Net Price Realization defined as YoY Price less inflation on	© 2024 SEE | 5
Direct Material, Freight, Non-Material and Labor costs

Q1 2024 segment performance

Food

Q1 organic sales down 1% driven by unfavorable pricing partially offset by volume growth in all regions

Q1 Adj. EBITDA of $190M, down 3% as reported

Adj. EBITDA margin of 21.8%, down 100 bps

Net Price Realization1, unfavorable ~$10M

2% Net Sales

$853M	3%	$868M
(1%)	0%

Protective

Q1 organic sales down 7% driven by unfavorable pricing and continued market softness

Q1 Adj. EBITDA of $90M, up 11% as reported Adj. EBITDA margin of 19.4%, up 320 bps Net Price Realization1, unfavorable ~$10M

(7%) Net Sales

$496M

0% $461M

(7%) 0%

Constant Dollar 2%

Constant Dollar (7%)

1Net Price Realization defined as YoY Price less inflation on Direct Material, Freight, Non -Material and Labor costs

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Q1 2024 sales performance

($M)	SEE
Q1 Sales	$1,330
As Reported Change	(1%)
Constant Dollar Change	(1%)
Organic Change	(3%)
% of Sales	100%

Segments

Food Protective

$868 $461

2% (7%)

2% (7%)

(1%) (7%)

65%35%

Regions

Americas	EMEA	Asia Pacific
$881	$274	$175
0%	(6%)	(3%)
0%	(6%)	1%
(2%)	(7%)	0%
66%	21%	13%

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Free cash flow

$78M

($13M)

Q1'23Q1'24

Net Debt / Adj. EBITDA

De-lever

~3.9x	<3.5x
Q1'24	Target

Free cash flow

Higher earnings, lower incentive compensation payments and better working capital management

Continue to monetize working capital throughout 2024

Capital allocation

Disciplined capital allocation focused on debt paydown

Target net debt / adj. EBITDA to below 3.5x by end 2025

Total Debt reduction of ~$28M in Q1'24

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2024 outlook reaffirmed

Net Sales

Adj. EBITDA

Adj. EPS

Free Cash Flow

$5.20 to $5.60B

$1.050 to $1.150B

$2.65 to $3.05

$325 to $425M

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Vision:

To become a world-class sustainable automated packaging solutions provider, partnering with our customers to solve their most critical food and protective packaging needs.

Purpose:

We are in business to protect,

to solve critical packaging challenges,

and to make our world better than we find it.

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