The results of operations of GPGI Holdings on a combined basis for the three and six months ended June 30, 2026 and the period from the Spin-Off through June 30, 2025 are summarized in the following table: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | February 28 - June 30, | | 2026 | | 2025 | | 2026 | | 2025 | Net sales | $ | 473.2 | | | $ | 119.6 | | | $ | 881.0 | | | $ | 163.7 | | Cost of sales | 308.2 | | | 50.8 | | | 560.4 | | | 69.1 | | Gross profit | 165.0 | | | 68.8 | | | 320.6 | | | 94.6 | | Operating expenses: | | | | | | | | Selling, general and administrative expenses | 139.0 | | | 27.8 | | | 309.0 | | | 37.9 | | Income from operations | 26.0 | | | 41.0 | | | 11.6 | | | 56.7 | | | | | | | | | | Other income (expense): | | | | | | | | Interest expense | (33.1) | | | (3.5) | | | (63.0) | | | (5.3) | | Interest income | 0.1 | | | 1.4 | | | 0.3 | | | 2.3 | | Gain (loss) on debt extinguishment | 96.2 | | | — | | | (10.6) | | | — | | | | | | | | | | | | | | | | | | Total other income (expense), net | 63.2 | | | (2.1) | | | (73.3) | | | (3.0) | | Income (loss) before income taxes | 89.2 | | | 38.9 | | | (61.7) | | | 53.7 | | Income tax expense | (22.1) | | | — | | | (25.3) | | | — | | Net income (loss) | $ | 67.1 | | | $ | 38.9 | | | $ | (87.0) | | | $ | 53.7 | |
The following table is a reconciliation of the Company’s equity method investment in GPGI Holdings: | | | | | | | | | | | | Balance as of December 31, 2025 | | $ | 125.5 | | Stock-based compensation granted to GPGI Holdings' employees | | 4.8 | | Earnings (losses) in equity method investment of GPGI Holdings | | (87.0) | | Investment in GPGI Holdings in relation to Husky Transaction-Cash | | 1,962.0 | | Investment in GPGI Holdings in relation to Husky Transaction-Equity | | 1,143.0 | | Investments in GPGI Holdings | | 158.4 | | Distributions to GPGI, Inc. | | (134.6) | | Balance as of June 30, 2026 | | $ | 3,172.1 | |
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