Restructuring and related expenses, net were $215 million, $64 million, and $97 million, for the fiscal years ended June 30, 2026, 2025, and 2024, respectively. The net expenses related to restructuring activities have been presented on the consolidated statements of income as part of restructuring, transaction and integration expenses, net. The Company's restructuring activities for the fiscal year ended June 30, 2026 were primarily comprised of restructuring activities related to the Berry Plan (as defined below). In the fiscal years ended June 30, 2025, and 2024, the Company's

Restructuring related expenses are directly attributable to restructuring activities; however, they do not qualify for special accounting treatment as exit or disposal activities. The Company believes the disclosure of restructuring related costs provides more complete information on its restructuring activities.

In connection with the Merger with Berry, the Company initiated restructuring and integration activities in the fourth quarter of fiscal year 2025 ("Berry Plan") aimed at integrating the combined organization. The total Berry Plan pre-tax cash cost is estimated at $280 million, including restructuring activities and general integration expenses. As of June 30, 2026, the Company has initiated restructuring projects with an expected net cost of approximately $280 million, of which $126 million relates to employee related expenses, $46 million to fixed asset related expenses (net of expected gains on asset disposals), $47 to other restructuring expenses, and $61 million to restructuring related expenses. In addition, the Company expects to spend approximately $100 million on general integration costs. The Company estimates that restructuring and general integration activities initiated to date will result in net cash expenditures of approximately $245 million. The Berry Plan relates to both reportable segments and Corporate, and is expected to be completed by June 30, 2028.

From the initiation of the Berry Plan through June 30, 2026, the Company has incurred $118 million in employee related expenses, $19 million on fixed asset related items (net of gains on asset disposals), $26 million in other restructuring and $45 million in restructuring related expenses, with $78 million incurred in the Global Flexible Packaging Solutions reportable segment, $114 million incurred in the Global Rigid Packaging Solutions reportable segment, and $16 million incurred in Corporate. To date, the Berry Plan has resulted in approximately $107 million of restructuring net cash outflows. The Company has also incurred $84 million in general integration expenses to date, in both reportable segments and Corporate. Restructuring related expenses for fiscal year 2026, include inventory discrepancies of $15 million, including errors from prior periods, tied to manufacturing inefficiencies and other management issues which supported the decision to close two facilities in Asia and other costs, including start-up costs after relocation of equipment.

During fiscal year 2026, the Company recorded $21 million in restructuring and related expenses classified within Other Restructuring Plans of which $2 million related to employee related expenses, $2 million to fixed asset related expenses, $5 million related to other restructuring expenses, and $12 million related to restructuring related expenses. During fiscal year 2025, the Company recorded $6 million in restructuring and related expenses classified within Other Restructuring Plans of which $2 million related to employee related expenses, $1 million to other restructuring expenses, and $3 million to restructuring related expenses. During fiscal year 2024, the Company recorded $10 million in restructuring and related expenses classified within Other Restructuring Plans of which $1 million related to employee related expenses, $2 million to fixed asset related expenses, $3 million to other restructuring expenses, and $4 million to restructuring related expenses.


($ in millions)	Berry Plan (1)		2023 Restructuring Plan (2)		Other Restructuring Plans (3)		Total Restructuring and Related Expenses

Fiscal year 2024	$	—	$	87	$	10	$	97
Fiscal year 2025	14		44		6		64
Fiscal year 2026	194		—		21		215

(2)The 2023 Restructuring Plan was announced on February 7, 2023, and relates to the Company’s various cost saving initiatives to partly offset divested earnings from the three manufacturing facilities in Russia that were sold in fiscal year 2023. This plan was completed at the end of calendar year 2025 and included restructuring related expenses of $10 million and $15 million for fiscal years 2025 and 2024 respectively. In fiscal years 2025, and 2024, respectively, $43 million and $69 million of restructuring and related expenses, net, were incurred in the Global Flexible Packaging Solutions reportable segment and $1 million, and $18 million in the Global Rigid Packaging Solutions reportable segment.


($ in millions)	Employee Costs		Fixed Asset Related Costs		Other Costs		Total Restructuring Costs













Liability balance at June 30, 2025	$	97	$	—	$	8	$	105
Net charges to earnings	106		43		31		180
Additions through business acquisition	6		—		—		6
Cash paid	(102)		(3)		(26)		(131)
Non-cash and other	(1)		(40)		(2)		(43)
Foreign currency translation	(1)		—		—		(1)
Liability balance at June 30, 2026	$	105	$	—	$	11	$	116

The table above includes liabilities arising from the above restructuring plans. The majority of the liabilities related to restructuring activities have been recorded on the consolidated balance sheets under other current liabilities.