Berry Global Q1 Report 2023

• Operating income of $210 million; Operating EBITDA of $443 million, up 3% on a comparable basis
• Earnings per share of $0.85; Adjusted earnings per share of $1.30, up 11% on a comparable basis
• Fiscal 2023 outlook: Reaffirmed adjusted EPS and free cash flow ranges
• Returned $211 million to shareholders in the quarter ($178 million via share repurchases and $33 million in dividends)
• Reduced long-term leverage target to 2.5x – 3.5x (net debt to adjusted EBITDA)

The net sales decline is primarily attributed to a 6% volume decline, decreased selling prices of 4% and a 3% unfavorable impact from foreign currency changes. The volume decline is primarily attributed to general market softness and customer destocking as supply chains normalize.

The operating income decrease of 8% is primarily attributed to impact from lower sales volumes and a $22 million unfavorable impact from foreign currency, partially offset by a $49 million favorable impact from price cost spread.