A $98 million hit from lower prices and higher costs

Which figures should a carton maker use to choose among sales negotiations, order-backed production and investment to expand capacity?

Graphic Packaging increased sales volume by about 1%, but adjusted EBITDA fell by about 24.5%. The combined headwind from raw-material and operating costs, and lower prices, was $98 million. More volume alone did not cover it.

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A $98 million hit from lower prices and higher costs

Graphic Packaging shipped more while losing earning power. Sales volume in Q3 2026 rose by about 1% year on year, and revenue increased from $2.190 billion to $2.192 billion. The revenue gain was only $2 million.

Adjusted EBITDA is a measure that adjusts earnings before interest, taxes, depreciation and amortisation. The company's figure fell from $383 million in the same quarter a year earlier to $289 million, a decline of about 24.5%. It was a quarter in which the mov…

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A $98 million hit from lower prices and higher costs

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