GPGI Third Quarter 2026 Earnings Presentation November 5, 2026 TM
GPGI, Inc. (GPGI) filed an SEC Form 8-K — Results of Operations and Financial Condition. GPGI Third Quarter 2026 Earnings Presentation November 5, 2026 TM Disclaimer 2 Caution Concerning Forward-Looking Statements: This presentation, and other statements that GPGI, Inc. (“GPGI,” “we,” “us” or the “Company”) may make in connection therewith, contains forward-looking s
How this was made
The 30-second read
Why it matters
The filing updates investors on the company's strategic outlook but lacks concrete financial metrics, limiting immediate trading decisions.
Market read
The filing is a routine earnings disclosure with limited market impact.
What to watch
Potential impact of the Resolute Holdings spin‑off and management agreement on future earnings.
GPGI 3Q26: CompoSecure sets record sales and EBITDA, Husky returns to sales growth, FY26 Adjusted EBITDA and Adjusted FCF ranges lowered
CompoSecure grew Adjusted Net Sales 16.4% with Pro Forma Adjusted EBITDA up 22.9%, and Husky returned to sales growth (up 0.5%). Husky Pro Forma Adjusted EBITDA was down 0.9% year over year, and the company lowered the FY26 Pro Forma Adjusted EBITDA range by about 8% ($45mn at midpoint) and the Adjusted Free Cash Flow range by about 8% ($25mn at midpoint). Net debt to LTM Pro Forma Adjusted EBITDA was 3.7x against a targeted approximately 3.5x.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Pro Forma Adjusted Net Sales (consolidated), 3Q26non-GAAP | $509.6M | – | – |
| Pro Forma Adjusted EBITDA (consolidated), 3Q26non-GAAP | $146.3M | – | – |
| Pro Forma Adjusted EBITDA Margin (consolidated), 3Q26non-GAAP | 28.7% | – | – |
| Adjusted Cost of Sales (GPGI Holdings consolidated), 3Q26non-GAAP | $300.7M | – | – |
| Adjusted Gross Profit, 3Q26non-GAAP | $208.9M | – | – |
| Adjusted Selling, General and Administrative Expenses, 3Q26non-GAAP | $105.8M | – | – |
| Adjusted Income from Operations, 3Q26non-GAAP | $103.1M | – | – |
| Adjusted Interest Expense, 3Q26non-GAAP | −$32.4M | – | – |
| Adjusted Income (Loss) Before Income Taxes, 3Q26non-GAAP | $71M | – | – |
| Adjusted Income Tax (Expense) Benefit, 3Q26non-GAAP | $5M | – | – |
| Net Income (Loss), Adjusted Statement of Operations, 3Q26non-GAAP | $76M | – | – |
| Adjusted Net Income (per Adjusted EPS reconciliation), 3Q26non-GAAP | $76.2M | – | – |
| Adjusted Net Income per Share, Diluted, 3Q26non-GAAP | $0.26 | – | – |
| Adjusted Net Income Before Tax, 3Q26non-GAAP | $100.3M | – | – |
| Net Income (Loss), Required GAAP, 3Q26GAAP | $76M | – | – |
| Income (Loss) from Operations, Required GAAP, 3Q26GAAP | −$5.8M | – | – |
| Pro Forma Adjusted Free Cash Flow, 3Q26 quarternon-GAAP | $80.7M | – | – |
| Pro Forma Adjusted Free Cash Flow, nine months ended September 30, 2026non-GAAP | $172.8M | – | – |
| Pro Forma Non-GAAP Cash from Operations, nine months ended September 30, 2026non-GAAP | $15.3M | – | – |
| Capital Expenditures (including software), nine months ended September 30, 2026non-GAAP | −$40.9M | – | – |
| Cash and Cash Equivalents, September 30, 2026 (Adjusted balance sheet)non-GAAP | $175.8M | – | – |
| Total Debt Outstanding, September 30, 2026other | $2.10B | – | – |
| Net Debt, September 30, 2026other | $1.92B | – | – |
| Net Debt / LTM Pro Forma Adjusted EBITDA, September 30, 2026other | 3.7x | – | – |
| Total Liquidity, September 30, 2026other | $569M | – | – |
| Revolver Capacity, September 30, 2026other | $393M | – | – |
| Total Assets, September 30, 2026 (Required GAAP)GAAP | $3.54B | – | – |
| Stockholder's Equity, September 30, 2026 (Required GAAP)GAAP | $3.25B | – | – |
| Husky Pro Forma Adjusted Net Sales, 3Q26non-GAAP | $368.9M | – | up 0.5% |
| Husky Pro Forma Adjusted EBITDA, 3Q26non-GAAP | $88.8M | – | down 0.9% |
| Husky Pro Forma Adjusted EBITDA Margin, 3Q26non-GAAP | 24.1% | up ~500bps | down ~30bps |
| CompoSecure Adjusted Net Sales, 3Q26non-GAAP | $140.7M | – | up 16.4% |
| CompoSecure Pro Forma Adjusted EBITDA, 3Q26non-GAAP | $61.2M | – | up 22.9% |
| CompoSecure Pro Forma Adjusted EBITDA Margin, 3Q26non-GAAP | 43.5% | – | up ~230bps |
| Corporate Pro Forma Adjusted EBITDA, 3Q26non-GAAP | −$3.7M | – | – |
| Husky Total Orders growth, 3Q26 (company KPI)other | +7% y/y | – | – |
| Husky Total Pipeline growth, 3Q26 (company KPI)other | +16% y/y | – | – |
| Husky Aftermarket Orders growth, 3Q26 (company KPI, excludes system orders, includes service)other | +13% y/y | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| CompoSecureCompany attributes growth to robust demand across a broadening customer base, including new program wins, and Pro Forma Adjusted EBITDA growth to higher sales and operational productivity gains from ROS-led manufacturing and operational efficiencies. | $140.7 million (Adjusted Net Sales) | – | up 16.4% |
| HuskyCompany states revenue returned to growth in systems and had strong growth in service (spare parts and contracts), partially offset by slower order conversion in aftermarket tooling and hot runners and by high 3Q25 system comparisons. Company attributes margin decline year over year to elevated freight and duties and continued growth investments, partly offset by operating leverage and cost actions. | $368.9 million (Pro Forma Adjusted Net Sales) | – | up 0.5% |
4Q26 and FY26 (non-GAAP, pro forma) outlook
- RevenueFY26 Pro Forma Adjusted Net Sales $2,034 million to $2,064 million (FY25 $2,031 million); 4Q26 Pro Forma Adjusted Net Sales $630 million to $660 million (4Q25 $639 million)
- NoteFY26 Pro Forma Adjusted EBITDA $520 million to $550 million (FY25 $544 million); company states range lowered by ~8% ($45mn) at midpoint
- NoteFY26 Pro Forma Adjusted EBITDA Margin 25.0% to 27.0% (FY25 26.8%)
- NoteFY26 Pro Forma Adjusted Free Cash Flow $250 million to $300 million; company states range lowered by ~8% ($25mn) at midpoint
- Note4Q26 Pro Forma Adjusted EBITDA $178 million to $208 million (4Q25 $179 million)
- Note4Q26 Pro Forma Adjusted EBITDA Margin 27.0% to 29.0% (4Q25 28.0%)
- Note4Q26 Pro Forma Adjusted Free Cash Flow $77 million to $127 million
- Note4Q26 organic revenue growth: LSD at midpoint; CompoSecure to grow high teens; Husky +/- LSD growth
- NoteHusky Pro Forma Adjusted Net Sales updated range $1,492 million to $1,519 million (May 2026 forecast $1,450 million to $1,545 million)
- NoteHusky Pro Forma Adjusted EBITDA updated range $320 million to $345 million (May 2026 forecast $344 million to $383 million)
- NoteCompany anticipates achieving its prior Adjusted Net Sales forecast for FY26
- NoteFY26 Husky organic revenue expected to decline LSD; CompoSecure to grow high teens
- Note2027 expectations (company): mid-high single digit organic revenue growth, 100bps+ margin rate expansion, double digit plus EBITDA growth
Capital returns
- Dividends to Class A shareholders of $(2.2) million in the nine months ended September 30, 2026 (Required GAAP cash flow statement).
- Payment of tax receivable agreement liability of $(14.6) million in the nine months ended September 30, 2026.
- Company repaid the remaining $15 million of the revolver in 3Q26.
- Company states growth capital spending is planned for both CompoSecure and Husky; no amount is printed in the filing.
- Company states that all instruments have been redeemed or exercised and no mark to market adjustments are expected going forward.
What drove it
- CompoSecure: company attributes record Adjusted Net Sales and margin expansion to robust demand across a broadening customer base, new program wins, ROS-enabled manufacturing gains, improved product mix, strong yields and better labor optimization.
- CompoSecure: company states it is reinvesting for growth in engineering, R&D and sales, including strategic hires in high growth regions and enhanced sales enablement tools.
- Husky: company states the 3Q26 Pro Forma Adjusted EBITDA margin improved about 500bps sequentially, with ROS-led efficiencies and realized cost actions partly offset by growth investments in R&D and sales.
- Husky FY26 EBITDA miss versus May plan: company states Husky costs missed expectations by about $35mn, with incremental $8mn in sales creating about $4mn benefit; total cost miss about $(31) million, comprising direct labor about $(11) million, indirect expense reduction about $(14) million (delayed implementation) and unfavorable mix and material costs about $(6) million.
- Company states the FY26 EBITDA miss versus the May forecast is driven by cost, not sales, and does not expect carryover into 2027.
- Husky order and demand: company reports pipeline up 16% year over year, total orders up 7% year over year and aftermarket orders up 13% year over year in 3Q26, and anticipates further acceleration in 4Q26.
Concerns
- FY26 Pro Forma Adjusted EBITDA range lowered by about 8% ($45mn) at midpoint and Adjusted Free Cash Flow range lowered by about 8% ($25mn) at midpoint, per company.
- Husky Pro Forma Adjusted EBITDA of $88.8 million was down 0.9% year over year, with margin down ~30bps year over year.
- Company cites delayed realization of identified Husky cost actions as the primary margin headwind, with mix, freight costs and growth investments also cited as headwinds.
- Company states Husky aftermarket tooling and hot runner order conversion was slower and that customers deferred aftermarket tooling and hot runner purchases.
- Company lists risks including elevated interest rates potentially affecting new card issuance at CompoSecure, potential purchase deferrals with recent reacceleration in resin prices, interest rates and logistics costs, and higher R&D and growth capex.
- Net debt to LTM Pro Forma Adjusted EBITDA of 3.7x compared with a company target of approximately 3.5x.
- Adjusted Net Income per Share, Diluted of $0.26 compared with $0.29 in 3Q25 on the adjusted basis printed in the filing.
What to watch
- Husky 4Q26 delivery against the updated Pro Forma Adjusted Net Sales range ($1,492 million to $1,519 million) and Pro Forma Adjusted EBITDA range ($320 million to $345 million).
- Implementation timing of Husky indirect expense reduction, which company states is planned by year-end 2026.
- CompoSecure 4Q26 growth, which company guides to high teens.
- Husky backlog, which company expects to end 2026 up approximately double digit plus versus 4Q25.
- Conversion of the Husky pipeline (up 16% year over year) and total orders (up 7% year over year) into systems revenue.
- Progress toward net debt to LTM Pro Forma Adjusted EBITDA of approximately 3.5x from 3.7x.
- Achievement of company 2027 expectations: mid-high single digit organic revenue growth, 100bps+ margin rate expansion and double digit plus EBITDA growth.
- Resin, freight and duty cost trends that the company cites as headwinds.
Balance sheet and cash flow
- Cash and cash equivalents at September 30, 2026: $175.8 million non-GAAP consolidated and $5.5 million Required GAAP; at December 31, 2025: $271.6 million non-GAAP and $114.6 million Required GAAP.
- Total debt outstanding $2,097 million at September 30, 2026 (term loan, senior secured notes and drawn revolver); net debt $1,921 million; net debt to LTM Pro Forma Adjusted EBITDA 3.7x; company targets approximately 3.5x year-end net LTM leverage.
- Maturities per company: $400 million revolver matures in 2031; $1.2 billion term loan and $900 million senior secured notes both mature in 2033. Term loan annual amortization of $12 million with bullet payment at maturity in 2033. Company states all debt instruments are covenant lite.
- Total assets at September 30, 2026: $3,543.5 million Required GAAP and $6,419.9 million non-GAAP (December 31, 2025: $517.3 million and $715.4 million).
- Stockholder's equity at September 30, 2026: $3,254.2 million Required GAAP and $3,165.7 million non-GAAP (December 31, 2025: $243.2 million and $189.0 million).
- Non-GAAP goodwill $2,919.7 million and intangible assets, net $1,698.9 million at September 30, 2026.
- Nine-month 2026 Required GAAP net cash used in operating activities $(45.5) million; Non-GAAP net cash provided by operating activities $15.3 million; Non-GAAP net cash used in investing activities $(761.7) million Husky-related figures are shown in the filing for the nine-month period.
Analysis
GPGI reported 3Q26 results on a pro forma adjusted basis that combine CompoSecure and Husky as if the Husky transaction closed on January 1, 2025. Consolidated Pro Forma Adjusted Net Sales were $509.6 million and Pro Forma Adjusted EBITDA was $146.3 million, against $487.9 million and $137.3 million in 3Q25, with a Pro Forma Adjusted EBITDA margin of 28.7% against 28.1%. The company's own segment table shows the consolidated figures moving sequentially from $473.2 million of Adjusted Net Sales and $113.9 million of Pro Forma Adjusted EBITDA in 2Q26. The filing does not print a consolidated year-over-year percentage change for these lines.
The two segments diverged. CompoSecure's Adjusted Net Sales rose 16.4% to $140.7 million and its Pro Forma Adjusted EBITDA rose 22.9% to $61.2 million, with margin at 43.5%, up about 230bps. The company attributes this to robust demand across a broadening customer base, new program wins and ROS-enabled productivity. Husky's Pro Forma Adjusted Net Sales were $368.9 million, up 0.5%, with the company stating that systems returned to growth and service grew strongly, offset by slower conversion in aftermarket tooling and hot runners and high 3Q25 system comparisons. Husky Pro Forma Adjusted EBITDA was $88.8 million, down 0.9%, and margin was 24.1%, down about 30bps year over year but up about 500bps sequentially from 19.1% in 2Q26.
The guidance change is the main point for a reader. The company states it expects to achieve its prior FY26 Adjusted Net Sales forecast, with the FY26 Pro Forma Adjusted Net Sales range printed at $2,034 million to $2,064 million. It lowered the FY26 Pro Forma Adjusted EBITDA range to $520 million to $550 million and the FY26 Pro Forma Adjusted Free Cash Flow range to $250 million to $300 million, and it states these reductions are about 8% at midpoint. The Husky range was printed as $320 million to $345 million for EBITDA, against $344 million to $383 million in the May 2026 forecast shown in the deck. The company attributes the Husky EBITDA shortfall to cost rather than sales, citing about $35mn of cost overrun versus plan, with direct labor, delayed indirect expense reduction and mix as the named components.
On cash and capital structure, the nine-month Pro Forma Adjusted Free Cash Flow was $172.8 million, with 3Q26 at $80.7 million and 2Q26 at $63.1 million. Non-GAAP cash at September 30, 2026 was $175.8 million after the company repaid the remaining $15 million of its revolver. Total debt was $2,097 million and net debt $1,921 million, a 3.7x ratio to LTM Pro Forma Adjusted EBITDA against a target of approximately 3.5x. The company reports no near-term maturities, with the revolver due 2031 and the term loan and senior secured notes due 2033. Required GAAP net income was $76.0 million, driven by an equity method presentation under the spin-off accounting, compared with a $(174.7) million net loss in 3Q25 that included mark-to-market items the filing describes separately.
The read is that CompoSecure is driving growth and margin, Husky has returned to top-line growth but has not yet converted it into EBITDA growth, and the FY26 EBITDA and FCF ranges were lowered. The company states that 4Q26 should show LSD organic growth at the midpoint with HSD Adjusted EBITDA growth, and it reaffirms 2027 expectations of mid-high single digit organic growth, 100bps+ margin expansion and double digit plus EBITDA growth. The printed Husky KPIs (pipeline up 16%, total orders up 7%, aftermarket orders up 13%) support the company's demand narrative, while the 3Q26 Husky EBITDA and margin remain below the prior year.
Not in the filing
stated, not guessed- vs_prior_guidance is empty because the OUTLOOK section of the company's previous release was not provided. The filing contains a May 2026 Husky forecast, which is not treated as the previous release outlook here.
- GAAP earnings per share is not printed in the filing.
- Year-over-year and sequential percentage changes for consolidated Pro Forma Adjusted Net Sales and consolidated Pro Forma Adjusted EBITDA are not printed for those lines. The slide that shows the 0.5% and 0.9% percentages is laid out ambiguously and these percentages are attributed to Husky elsewhere in the filing.
- Consolidated and segment prior-year and prior-quarter figures for Pro Forma Adjusted Free Cash Flow, cash from operations and capital expenditures for the quarter are not printed.
- Nine-month prior-year comparisons for Adjusted Net Sales, Pro Forma Adjusted EBITDA and income statement lines are not printed.
- Segment revenue and EBITDA changes for CompoSecure and Husky in basis points or percent for the quarter-over-quarter comparison are not printed except where shown in the margin text.
- The Husky KPI slide (October Highlights) has a layout that does not clearly map each percentage to its KPI. Only the KPI percentages stated in the Husky text (pipeline up 16%, total orders up 7%, aftermarket orders up 13%) are reported, each with no prior-year value.
- Corporate is not reported as a revenue segment and is reported only for Pro Forma Adjusted EBITDA, so it is not listed in segments.
- Balance sheet and cash flow lines for the prior year-end (December 31, 2025) are not stored in prior-year fields because they are not a same-period comparison; they appear in balance_sheet_cash_flow.
- Guidance tax rate, gross margin and operating expense ranges are not printed.
- No executive quotes are included in the filing text.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
GPGI filed a Form 8‑K to disclose its third‑quarter 2026 earnings presentation, including forward‑looking statements and non‑GAAP measures.
Ticker impact
SEC 8‑K filing presents GPGI's Q3 2026 earnings presentation and forward‑looking guidance.
neutral impact as the guidance lacks concrete figures.
No quantitative results are disclosed; investors receive only qualitative outlook, so price movement is unlikely.
Market effects
Minimal, as the filing pertains to GPGI's own operations without broader sector data.
None identified.
Low; the filing is company‑specific and does not affect global markets.
Counterpoint
If investors anticipate a surprise in the upcoming detailed earnings release, they might position ahead of the numbers.
Key entities
- companyGPGI, Inc.
Issuer of the 8‑K filing.
