Pactiv Evergreen Investor Presentation — July 2024

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July 31, 20242Q 2024 Earnings Presentation

Results through June 30, 2024Pactiv Evergreen Earnings Presentation 2

Important Information

Forward -Looking Statements and Other Information

This presentation contains forward -looking statements .Allstatements contained inthispresentation other than statements ofhistorical factareforward -looking statements, including butnot

limited tostatements regarding ourguidance astoourfuture financial andoperational results, thetiming andmagnitude ofrestructuring charges, and thetiming oftheclosing ofour

recently announced divestiture ofourPine Bluff andWaynesville facilities andtheeffect ofthatdivestiture onourbusiness .Insome cases, youcanidentify forward -looking statements

because they contain words such as“anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,”

“will” or“would” orthenegative ofthese words orother similar terms orexpressions .Forward -looking statements aresubject tovarious risks anduncertainties .Accordingly, there are

important factors thatcould cause actual outcomes orresults todiffer materially from those indicated inthese statements .Moreover, new risks anduncertainties emerge from time totime,

anditisnotpossible forustopredict allrisks anduncertainties that could have animpact ontheforward -looking statements contained inthispresentation .The results, events and

circumstances reflected intheforward -looking statements made herein may notbeachieved oroccur, and actual results, events orcircumstances could differ materially from those

described intheforward -looking statements .Given these risks and uncertainties, youarecautioned nottoplace undue reliance onany forward -looking statements .Foradditional

information onthese andother factors thatcould cause ouractual results todiffer materially from those setforth inthispresentation, please seeourAnnual Report onForm 10-Kforthe

year ended December 31,2023 andourQuarterly Reports onForm 10-Qforthequarters ended March 31,2024 andJune 30,2024 filed withtheSecurities andExchange Commission .

Allinformation contained herein speaks only asofthedate ofthispresentation, except where otherwise stated .Except asrequired bylaw, weundertake noduty toupdate orrevise the

information contained herein, publicly orotherwise, including anyforward -looking statements .

Non-GAAP Financial Measures

Inaddition toU.S.GAAP financial measures, thispresentation includes references toAdjusted EBITDA, Adjusted EPS, Free Cash Flow, NetDebt andtheNetLeverage Ratio, which are

non-GAAP financial measures .Allreferences toAdjusted EBITDA refer toAdjusted EBITDA from continuing operations .Allreferences toAdjusted EPS refer toAdjusted EPS from