The results of operations of GPGI Holdings on a combined basis for the three and nine months ended September 30, 2026 and the period from the Spin-Off through September 30, 2025 are summarized in the following table: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | February 28 - September 30, | | 2026 | | 2025 | | 2026 | | 2025 | Net sales | $ | 509.6 | | | $ | 120.9 | | | $ | 1,390.6 | | | $ | 284.6 | | Cost of sales | 300.7 | | | 49.6 | | | 861.1 | | | 118.7 | | Gross profit | 208.9 | | | 71.3 | | | 529.5 | | | 165.9 | | Operating expenses: | | | | | | | | Selling, general and administrative expenses | 100.0 | | | 29.6 | | | 409.0 | | | 67.4 | | Income from operations | 108.9 | | | 41.7 | | | 120.5 | | | 98.5 | | | | | | | | | | Other income (expense): | | | | | | | | Interest expense | (32.4) | | | (3.6) | | | (95.4) | | | (8.9) | | Interest income | 0.3 | | | 1.5 | | | 0.6 | | | 3.8 | | Gain (loss) on debt extinguishment | — | | | — | | | (10.6) | | | — | | | | | | | | | | | | | | | | | | Total other income (expense), net | (32.1) | | | (2.1) | | | (105.4) | | | (5.1) | | Income (loss) before income taxes | 76.8 | | | 39.6 | | | 15.1 | | | 93.4 | | Income tax (expense) benefit | (2.0) | | | — | | | (27.3) | | | — | | Net income (loss) | $ | 74.8 | | | $ | 39.6 | | | $ | (12.2) | | | $ | 93.4 | |
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 | | 7.9 | | Earnings (losses) in equity method investment of GPGI Holdings | | (12.2) | | 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. | | (138.5) | | Balance as of September 30, 2026 | | $ | 3,246.1 | |
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