Executive Summary

SEE delivered modest top-line growth and margin expansion: Net sales rose 0.5% to $1.351B, Adjusted EBITDA increased 4% to $287M (21.3% margin, +80 bps YoY), and Adjusted EPS grew 10% to $0.87 . Versus S&P Global consensus, SEE beat on revenue and EPS; consensus revenue $1.314B* and EPS $0.70* [values from S&P Global via GetEstimates].
Management raised FY25 outlook midpoints for Adjusted EBITDA to $1.120–$1.140B and Adjusted EPS to $3.25–$3.35, while holding the midpoints for Sales ($5.3B) and Free Cash Flow ($350–$450M) . CFO reiterated Q4 volume pressures, especially in North America Food, and guided to implied Q4 Adj. EBITDA of ~$274M on continued productivity offsetting softer volumes and net pricing .
Protective transformation advanced: protective materials grew YoY for the first time since 2021; Food margin improved despite mix/volume headwinds; net leverage fell to 3.5x with total debt down to $4.17B .
Stock-relevant narrative: raised profitability guidance amid macro caution, visible transformation proof points (Protective volumes inflection, cost takeout), and ongoing deleveraging; dividend maintained at $0.20 per share (payable Dec 19, 2025) .

What Went Well and What Went Wrong

What Went Well

Margin and EPS execution: Adjusted EBITDA rose to $287M with 21.3% margin (+80 bps YoY) and Adjusted EPS up 10% to $0.87, driven by productivity and lower interest expense . CFO: “We exceeded expectations across all metrics this quarter” .
Protective transformation traction: Protective Adjusted EBITDA increased 3% with margin +80 bps to 17.7%; materials grew +1% YoY, aided by industrial and fulfillment improvements. CEO: “Protective materials grew for the first time since 2021” .
Guidance midpoints raised: FY25 Adjusted EBITDA to $1.120–$1.140B and Adjusted EPS to $3.25–$3.35; deleveraging continued (net leverage 3.5x; total debt $4.17B) . CEO: “We are… maximizing shareholder value” .

What Went Wrong

Volume and price softness: Total volumes decreased ~$9M (<1%) and net price realization was -$3M (<1%) in Q3; Protective net sales fell 3% cc on lower equipment volumes and pricing .
Food NA macro headwinds: U.S. consumer trade-down pressured North American Food; beef harvest rates down ~10.5% YoY, with the downcycle expected to persist into 2026 before flattening in 2027 and improving in 2028 .
Cash flow lighter YTD: YTD CFO $334M vs $484M and FCF $201M vs $323M, impacted by higher incentive comp and tax payments; company signals Q4 volume down ~4% YoY with ~2.4 points lower vs prior outlook and incremental competitive pricing pressure .

Financial Results

Headline Results vs Prior Periods

Metric	Q3 2024	Q2 2025	Q3 2025
Net Sales ($USD Millions)	$1,345	$1,335	$1,351.3
Adjusted EBITDA ($USD Millions)	$276.0	$292.5	$287.5
Adjusted EBITDA Margin %	20.5%	21.9%	21.3%
Adjusted Diluted EPS ($)	$0.79	$0.89	$0.87
GAAP Diluted EPS ($)	$0.61	$0.64	$1.26

Notes: Q3 2025 GAAP EPS benefited from favorable tax special items; Adjusted Tax Rate was 23.9% (vs GAAP effective tax rate of -60.5%) .

Actuals vs S&P Global Consensus (Q3 2025)

Metric	Consensus*	Actual	Beat/(Miss)	Beat/(Miss) %
Revenue ($USD Millions)	1,314.1*	1,351.3	+37.2	+2.8%
Adjusted EPS ($)	0.70*	0.87	+0.17	+24.3%
EBITDA ($USD Millions)	270.8*	262.0*	(8.8)	(3.2)%

Company reports Adjusted EBITDA of $287.5M (21.3% margin) . S&P Global’s EBITDA consensus/actual reflect SPGI’s standard EBITDA definition, which may differ from company Adjusted EBITDA.
Values marked with * retrieved from S&P Global.

Segment Performance

Segment	Metric	Q3 2024	Q2 2025	Q3 2025
Food	Net Sales ($M)	897.9	896.1	909.6
	Adjusted EBITDA ($M)	205.9	209.9	214.5
	Adj. EBITDA Margin %	22.9%	23.4%	23.6%
Protective	Net Sales ($M)	447.2	438.9	441.7
	Adjusted EBITDA ($M)	75.5	78.0	78.0
	Adj. EBITDA Margin %	16.9%	17.8%	17.7%

Food: flat cc; EMEA strength offset NA softness; margin +70 bps YoY on productivity .
Protective: materials +1% YoY; equipment softer; margin +80 bps YoY on cost actions .

KPIs and Balance Sheet

KPI	Q3 2025
Volume impact (Total company)	(~$9M), less than 1%
Price impact (Total company)	(~$3M), less than 1%
Adjusted Tax Rate	23.9%
GAAP Effective Tax Rate	(60.5%) (tax accrual reversals)
Cash from Operations (YTD)	$334.4M
Free Cash Flow (YTD)	$200.8M
Capital Expenditures (YTD)	$133.6M
Total Debt	$4,173.6M
Net Debt	$3,891.1M
Net Leverage (Net Debt/LTM Adj. EBITDA)	3.5x
Dividend per share	$0.20 (payable Dec 19, 2025)

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Net Sales ($M)	FY 2025	$5,100–$5,500	$5,275–$5,325	Tightened range; midpoint maintained
Adjusted EBITDA ($M)	FY 2025	$1,075–$1,175	$1,120–$1,140	Raised midpoint
Adjusted EPS ($)	FY 2025	$2.90–$3.30	$3.25–$3.35	Raised range/midpoint
Free Cash Flow ($M)	FY 2025	$350–$450	$350–$450	Maintained
Full-year Tax Rate	FY 2025	—	~26% (company update)	New detail
CapEx ($M)	FY 2025	—	~$175 (lowered)	Lowered
Dividend	Ongoing	$0.20/qtr (prior)	$0.20 declared Oct 15, 2025	Maintained

Additional color: Q4 implied Adjusted EBITDA ~$274M (discipline/productivity offsets lower volumes and net price realization) .

Earnings Call Themes & Trends

Topic	Previous Mentions (Q1 & Q2 2025)	Current Period (Q3 2025)	Trend
Consumer trade-down/macro	Maintained FY25 guide; volumes modestly ahead; cautious on evolving trade policies and H2 demand .	Trade-down to value/private label and pre-packaged; NA Food softness; watching SNAP/government shutdown; degree of uncertainty rising .	Deteriorating macro; higher uncertainty
Beef cycle/supply	Not highlighted in PRs .	U.S. beef harvest ~-10.5% YoY; downcycle to persist into 2026, flattish 2027, growth 2028 .	Headwind through 1H26
Protective transformation	Volumes stabilizing; industrial inflecting to growth .	Materials +1% YoY; national account wins; margins +80 bps .	Improving
Pricing/tariffs	Global trade policies weighing on growth; pricing mixed .	Negative net price realization; tariff/resin outlook key 2026 variables .	Mixed to negative near term
Network optimization	Not emphasized earlier.	Holistic footprint/logistics/asset optimization underway; details in 2026 .	Ramping
Product innovation/automation	—	AUTOBAG 850HB hybrid bagger launch; substrate-agnostic portfolio buildout .	Positive innovation cadence
Regional performance	—	EMEA Food share gains and strong margins; cautiousness emerging .	EMEA outperformance

Management Commentary

Strategic focus: “We are focused on controlling the controllables… accelerating productivity initiatives… and reducing costs” while extending the Protective playbook into Food and rewiring R&D and supply chain around end markets .
Protective momentum: “Protective materials grew for the first time since 2021” with national account wins in fulfillment; equipment volumes softer near term .
Food dynamics: “Trade-downs to private label… away from fresh counter into pre-packaged,” with U.S. beef production steeper decline than anticipated; rotating toward retail and food service to smooth volatility .
Cost/ops discipline: SG&A reductions are structural with back-office optimization (e.g., Manila hub) and IT modernization driving improved outcomes and lower costs .

Selected quotes:

CEO: “We are… maximizing shareholder value” .
CFO: “We exceeded expectations across all metrics this quarter… raising the mid-point of both Adjusted EBITDA and Adjusted EPS for the full year” .
CFO: “We have lowered our full-year capital expenditure projection to $175 million… reaffirming free cash flow of approximately $400 million” .

Q&A Highlights

Food outlook and beef cycle: Management expects the U.S. beef downcycle to persist into 2026, flatten in 2027, and turn positive in 2028; Q4 volumes embed ~-4% YoY with ~2.4 points lower vs prior outlook, concentrated in NA Food .
Pricing and inflation: Net price realization headwind (~~$75M FY) is mostly labor (~~$60M); productivity typically offsets inflation; watching tariffs (post-August capitalization) and resin markets for 2026 pricing setup .
SG&A and restructuring: SG&A declines reflect ongoing transformation; CTO2Grow program formally closing, with continued restructuring initiatives into 2026; shared services scaling (Manila) and IT modernization producing sustainable savings .
Network optimization: Holistic footprint/logistics/asset review across both segments underway; details to come in 2026 .
Protective wins: Multiple seven-figure national account wins largely in fulfillment; ramp and mix will dictate 2026 EBITDA impact .

Estimates Context

Q3 2025 vs consensus: Revenue $1.351B vs $1.314B*; Adjusted EPS $0.87 vs $0.70*; EBITDA (SPGI definition) $262M* vs $271M* (miss), while company-reported Adjusted EBITDA was $287.5M .
Estimate base: EPS (15 estimates*), revenue (13 estimates*) [values from S&P Global via GetEstimates].
Implications: Street likely raises FY25 EPS/EBITDA trajectories modestly given Q3 beat and raised guidance, but may trim Q4 volume assumptions in Food on macro headwinds cited by management .

Values marked with * retrieved from S&P Global.

Guidance Changes – Detail and Drivers

Raised Adj. EBITDA/EPS midpoints reflect continued productivity savings, cost control, and lower interest expense; Sales/FCF midpoints maintained amid macro caution .
Q4 setup: management embeds weaker NA Food volumes and competitive pricing, partially offset by FX tailwinds and ~$<30M productivity benefit in Q4 .
Tax and CapEx: Full-year tax rate ~26% and CapEx reduced to ~$175M sharpen FCF conversion in Q4 seasonally (inventory drawdown helps) .

Other Relevant Q3 Press Releases

AUTOBAG 850HB Hybrid Bagging Machine: new automated system runs both poly and curbside recyclable paper mailers, supporting substrate flexibility and sustainability in fulfillment .
CRYOVAC 4,000th rotary vacuum chamber installation (Cargill): underscores equipment durability and service capabilities in Food .
Dividend: $0.20 per share declared, payable Dec 19, 2025 .

Key Takeaways for Investors

Quality beat and raised profitability guidance: Revenue and EPS beats alongside raised FY25 Adj. EBITDA/EPS midpoints signal execution resiliency despite a more challenging macro .
Transformation traction: Protective materials inflected positive and margins expanded; Food margin improved despite NA volume/mix pressure—cost actions are sticking .
Near-term caution in Food: Management embeds softer NA volumes (beef downcycle, consumer trade-down) into Q4; watch SNAP/government shutdown sensitivity .
Valuation/estimates: Street likely lifts FY25 EPS; model Q4 Adj. EBITDA around ~$274M and a ~26% tax rate; ensure EBITDA definition alignment (SPGI vs company Adjusted) when benchmarking .
Deleveraging ongoing: Net leverage 3.5x with path toward ~3x by year-end 2026; lower CapEx supports FCF consistency .
Product pipeline: Hybrid bagging (paper/poly) and liquids solutions support Protective and Food service growth vectors; consider structural share gains in EMEA Food .
Watch 2026 setup: Pricing (resin/tariffs), beef cycle trajectory, and network optimization disclosures in early 2026 are the next catalysts for medium-term margin narrative .

SEALED AIR CORP/DE (SEE)·Q3 2025 Earnings Summary