Companies: 11,222     total market cap: $152.362 T
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AptarGroup
ATR
#2256
Rank
$8.72 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$136.77
Share price
2.10%
Change (1 day)
-1.70%
Change (1 year)
๐Ÿญ Manufacturing
Categories
  1. AptarGroup
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2026 Q2

AptarGroup - 10-Q quarterly report FY2026 Q2


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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2026
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM     TO      
COMMISSION FILE NUMBER 1-11846
atr-20200630x10q002.jpg
AptarGroup, Inc.
Delaware36-3853103
(State of Incorporation)(I.R.S. Employer Identification No.)
265 EXCHANGE DRIVE, SUITE 301, CRYSTAL LAKE, IL 60014
815-477-0424
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common Stock, $.01 par valueATRNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No ◻
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No ◻
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☑
Accelerated filer

☐Non-accelerated
filer 		☐Smaller reporting
company 		☐Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No þ
The number of shares outstanding of common stock, as of July 27, 2026, was 63,581,129 shares.

AptarGroup, Inc.
Form 10-Q
Quarter Ended June 30, 2026
INDEX
1
2
3
5
7
9
32
50
51
52
52
52
53
54
i
PART I – FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)
AptarGroup, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
In thousands, except per share amounts
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Net Sales$1,026,508 $966,009 $2,009,376 $1,853,314 
Operating Expenses:
Cost of sales (exclusive of depreciation and amortization shown below)660,991 598,994 1,291,950 1,149,885 
Selling, research & development and administrative157,735 151,139 325,337 306,416 
Depreciation and amortization79,641 69,904 155,366 135,551 
Restructuring initiatives1,419 1,579 2,505 3,621 
Total Operating Expenses899,786 821,616 1,775,158 1,595,473 
Operating Income126,722 144,393 234,218 257,841 
Other (Expense) Income:
Interest expense(16,001)(10,850)(32,943)(22,201)
Interest income2,787 1,880 6,429 4,694 
Net investment gain (loss)937 2,102 (149)1,006 
Equity in results of affiliates1,404 2,309 2,118 4,395 
Miscellaneous expense, net(802)(120)(855)(6)
Total Other (Expense) Income
(11,675)(4,679)(25,400)(12,112)
Income before Income Taxes115,047 139,714 208,818 245,729 
Provision for Income Taxes27,037 27,982 48,041 55,334 
Net Income$88,010 $111,732 $160,777 $190,395 
Net (Income) Loss Attributable to Noncontrolling Interests(152)(12)(156)123 
Net Income Attributable to Redeemable Noncontrolling Interests(285)— (374)— 
Net Income Attributable to AptarGroup, Inc.$87,573 $111,720 $160,247 $190,518 
Net Income Attributable to AptarGroup, Inc. per Common Share:
Basic$1.38 $1.69 $2.51 $2.88 
Diluted$1.36 $1.67 $2.48 $2.83 
Average Number of Shares Outstanding:
Basic63,634 65,995 63,841 66,132 
Diluted64,208 67,048 64,504 67,262 
Dividends per Common Share$0.48 $0.45 $0.96 $0.90 

See accompanying unaudited Notes to Condensed Consolidated Financial Statements.
1
AptarGroup, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
In thousands
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Net Income Attributable to AptarGroup, Inc. and Noncontrolling Interests$87,725 $111,732 $160,403 $190,395 
Other Comprehensive (Loss) Income:
Foreign currency translation adjustments(10,516)162,756 (30,267)245,117 
Changes in derivative gains (losses), net of tax1,890 (14,138)5,956 (18,005)
Changes in defined benefit pension plan, net of tax
Actuarial (loss) gain, net of tax(82)46 3,409 114 
Amortization of prior service cost included in net income, net of tax(49)133 40 246 
Amortization of net loss included in net income, net of tax168 16 188 35 
Total defined benefit pension plan, net of tax37 195 3,637 395 
Total other comprehensive (loss) income(8,589)148,813 (20,674)227,507 
Comprehensive Income79,136 260,545 139,729 417,902 
Comprehensive Income Attributable to Noncontrolling Interests(368)(3,716)(545)(3,656)
Comprehensive Income Attributable to AptarGroup, Inc.$78,768 $256,829 $139,184 $414,246 
See accompanying unaudited Notes to Condensed Consolidated Financial Statements.
2
AptarGroup, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
In thousands
June 30, 2026December 31, 2025
Assets
Cash and equivalents$190,402 $402,424 
Short-term investments6,864 7,109 
Accounts and notes receivable, less current expected credit loss (“CECL”) of $16,995 in 2026 and $17,732 in 2025
897,660 803,830 
Inventories580,136 537,845 
Prepaid and other159,754 142,354 
Total Current Assets1,834,816 1,893,562 
Land30,810 31,503 
Buildings and improvements884,910 885,936 
Machinery and equipment3,699,708 3,658,289 
Property, Plant and Equipment, Gross4,615,428 4,575,728 
Less: Accumulated depreciation(2,969,447)(2,899,249)
Property, Plant and Equipment, Net1,645,981 1,676,479 
Investments in equity securities134,751 131,030 
Goodwill1,069,666 1,077,898 
Intangible assets, net233,739 255,339 
Operating lease right-of-use assets61,036 65,698 
Miscellaneous153,225 152,713 
Total Other Assets1,652,417 1,682,678 
Total Assets$5,133,214 $5,252,719 
See accompanying unaudited Notes to Condensed Consolidated Financial Statements.
3
AptarGroup, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
In thousands, except share and per share amounts
June 30, 2026December 31, 2025
Liabilities, Mezzanine Equity and Stockholders’ Equity
Current Liabilities:
Short-term obligations
$217,540 $183,947 
Current maturities of long-term obligations, net of unamortized debt issuance costs31,699 159,584 
Accounts payable, accrued and other liabilities887,308 822,913 
Total Current Liabilities1,136,547 1,166,444 
Long-Term Obligations, net of unamortized debt issuance costs1,118,415 1,139,433 
Deferred income taxes17,226 19,649 
Retirement and deferred compensation plans66,143 67,596 
Operating lease liabilities43,911 47,940 
Deferred and other non-current liabilities76,527 99,432 
Commitments and contingencies - (See Note 12)— — 
Total Deferred Liabilities and Other203,807 234,617 
Mezzanine Equity:
Redeemable Noncontrolling Interests27,722 26,244 
Total Mezzanine Equity
27,722 26,244 
AptarGroup, Inc. stockholders’ equity:
Common stock, $.01 par value, 199.0 million shares authorized, 73.2 million and 72.8 million shares issued as of June 30, 2026 and December 31, 2025, respectively
732 728 
Capital in excess of par value1,190,755 1,165,518 
Retained earnings2,741,148 2,642,552 
Accumulated other comprehensive loss(207,325)(186,382)
Less: Treasury stock at cost, 9.6 million and 8.6 million shares as of June 30, 2026 and December 31, 2025
(1,097,017)(954,320)
Total AptarGroup, Inc. Stockholders’ Equity2,628,293 2,668,096 
Noncontrolling interests in subsidiaries18,430 17,885 
Total Stockholders’ Equity2,646,723 2,685,981 
Total Liabilities, Mezzanine Equity and Stockholders’ Equity
$5,133,214 $5,252,719 
See accompanying unaudited Notes to Condensed Consolidated Financial Statements.
4
AptarGroup, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Unaudited)

In thousands
Three Months EndedAptarGroup, Inc. Stockholders’ Equity
June 30, 2026 and 2025Retained EarningsAccumulated
Other
Comprehensive (Loss) Income		Common
Stock
Par Value		Treasury
Stock		Capital in
Excess of
Par Value		Non-
Controlling
Interest		Total
Equity
Balance - March 31, 2025$2,419,414 $(350,858)$726 $(674,344)$1,142,620 $13,976 $2,551,534 
Net income111,720 — — — — 12 111,732 
Foreign currency translation adjustments(1)159,053 — — — 3,704 162,756 
Changes in unrecognized pension gains and related amortization, net of tax— 195 — — — — 195 
Changes in derivative losses, net of tax— (14,138)— — — — (14,138)
Stock awards and option exercises— — 1 4,534 1,107 — 5,642 
Cash dividends declared on common stock(29,718)— — — — — (29,718)
Treasury stock purchased— — — (70,000)— — (70,000)
Excise tax on treasury shares— — — (189)— — (189)
Balance - June 30, 2025$2,501,415 $(205,748)$727 $(739,999)$1,143,727 $17,692 $2,717,814 
Balance - March 31, 2026$2,684,382 $(198,716)$731 $(1,049,607)$1,192,705 $18,062 $2,647,557 
Net income87,573 — — — — 152 87,725 
Foreign currency translation adjustments(196)(10,536)— — — 216 (10,516)
Changes in unrecognized pension gains and related amortization, net of tax— 37 — — — — 37 
Changes in derivative gains, net of tax
— 1,890 — — — — 1,890 
Stock awards and option exercises— — 1 2,828 (1,950)— 879 
Cash dividends declared on common stock(30,611)— — — — — (30,611)
Treasury stock purchased— — — (50,000)— — (50,000)
Excise tax on treasury shares— — — (238)— — (238)
Balance - June 30, 2026$2,741,148 $(207,325)$732 $(1,097,017)$1,190,755 $18,430 $2,646,723 
5
6
In thousands
Six Months EndedAptarGroup, Inc. Stockholders’ Equity
June 30, 2026 and 2025Retained
Earnings		Accumulated
Other
Comprehensive
(Loss) Income		Common
Stock
Par Value		Treasury
Stock		Capital in
Excess of
Par Value		Non-
Controlling
Interest		Total
Equity
Balance - December 31, 2024
$2,370,537 $(429,475)$725 $(595,781)$1,125,882 $14,036 $2,485,924 
Net income (loss)190,518 — — — — (123)190,395 
Foreign currency translation adjustments1 241,337 — — — 3,779 245,117 
Changes in unrecognized pension gains and related amortization, net of tax
— 395 — — — — 395 
Changes in derivative losses, net of tax— (18,005)— — — — (18,005)
Stock awards and option exercises— — 2 6,554 17,845 — 24,401 
Cash dividends declared on common stock(59,641)— — — — — (59,641)
Treasury stock purchased— — — (150,000)— — (150,000)
Excise tax on treasury shares— — — (772)— — (772)
Balance - June 30, 2025$2,501,415 $(205,748)$727 $(739,999)$1,143,727 $17,692 $2,717,814 
Balance - December 31, 2025
$2,642,552 $(186,382)$728 $(954,320)$1,165,518 $17,885 $2,685,981 
Net income160,247 — — — — 156 160,403 
Foreign currency translation adjustments(120)(30,536)— — — 389 (30,267)
Changes in unrecognized pension gains and related amortization, net of tax
— 3,637 — — — — 3,637 
Changes in derivative gains, net of tax
— 5,956 — — — — 5,956 
Stock awards and option exercises— — 4 8,074 25,237 — 33,315 
Cash dividends declared on common stock(61,531)— — — — — (61,531)
Treasury stock purchased— — — (149,973)— — (149,973)
Excise tax on treasury shares— — — (798)— — (798)
Balance - June 30, 2026$2,741,148 $(207,325)$732 $(1,097,017)$1,190,755 $18,430 $2,646,723 
See accompanying unaudited Notes to Condensed Consolidated Financial Statements.
7
AptarGroup, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
In thousands, brackets denote cash outflows
Six Months Ended June 30,20262025
Cash Flows from Operating Activities:
Net income$160,777 $190,395 
Adjustments to reconcile net income to net cash provided by operations:
Depreciation132,792 113,720 
Amortization22,574 21,831 
Stock-based compensation24,072 27,208 
Provision for CECL491 769 
Loss (gain) on disposition of fixed assets
776 (366)
Net loss (gain) on remeasurement of equity securities149 (1,006)
Deferred income taxes(3,098)(21,322)
Defined benefit plan expense6,885 6,720 
Equity in results of affiliates(2,118)(4,395)
Impairment loss1,550 — 
Changes in balance sheet items, excluding effects from foreign currency adjustments:
Accounts and other receivables(99,336)(83,207)
Inventories(48,178)(15,951)
Prepaid and other current assets(18,940)(21,141)
Accounts payable, accrued and other liabilities67,020 21,653 
Income taxes payable(5,761)(908)
Retirement and deferred compensation plan liabilities64 (10,579)
Retirement and deferred compensation plan assets
(13,340)(7,537)
Other changes, net(4,199)(7,184)
Net Cash Provided by Operations222,180 208,700 
Cash Flows from Investing Activities:
Capital expenditures(122,959)(120,287)
Proceeds from government grants— 3,308 
Proceeds from sale of property, plant and equipment2,635 79 
(Purchases) and maturities of short-term investments, net(108)2,819 
Acquisition of businesses, net of cash acquired and release of escrow (156)(7,934)
Acquisition of intangible assets, net(893)(4,006)
Notes receivable, net(406)(49)
Net Cash Used by Investing Activities(121,887)(126,070)
Cash Flows from Financing Activities:
Proceeds from notes payable and overdrafts8,052 — 
Repayments of notes payable and overdrafts(8,820)— 
Proceeds of short-term revolving credit facility, net37,500 69,103 
Proceeds from long-term obligations6,063 885 
Repayments of long-term obligations(155,942)(32,950)
Payment of contingent consideration obligation(3,730)— 
Dividends paid(61,531)(59,641)
Proceeds from stock option exercises18,981 10,561 
Purchase of treasury stock(149,973)(150,000)
Redeemable noncontrolling interest1,112 — 
Net Cash Used by Financing Activities(308,288)(162,042)
Effect of Exchange Rate Changes on Cash(4,027)17,296 
Net Decrease in Cash and Equivalents and Restricted Cash(212,022)(62,116)
Cash and Equivalents and Restricted Cash at Beginning of Period404,849 223,844 
Cash and Equivalents and Restricted Cash at End of Period$192,827 $161,728 

See accompanying unaudited Notes to Condensed Consolidated Financial Statements.
8
Restricted cash included in the line item prepaid and other on the Condensed Consolidated Balance Sheets as shown below represents amounts held in escrow related to the Sommaplast acquisition.
Six Months Ended June 30,20262025
Cash and equivalents$190,402 $161,728 
Restricted cash included in prepaid and other606 — 
Restricted cash included in miscellaneous1,819 — 
Total Cash and Equivalents and Restricted Cash shown in the Statement of Cash Flows$192,827 $161,728 
9
AptarGroup, Inc.
Notes to Condensed Consolidated Financial Statements
(Dollars in Thousands, Except per Share Amounts, or as Otherwise Indicated)
(Unaudited)
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PRESENTATION
The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of AptarGroup, Inc. and our subsidiaries. The terms “AptarGroup,” “Aptar,” “Company,” “we,” “us” or “our” as used herein refer to AptarGroup, Inc. and our subsidiaries. All significant intercompany accounts and transactions have been eliminated.
In the opinion of management, the unaudited Condensed Consolidated Financial Statements (the “Condensed Consolidated Financial Statements”) include all normal recurring adjustments necessary for a fair statement of consolidated financial position, results of operations, comprehensive income, changes in equity and cash flows for the interim periods presented. The accompanying Condensed Consolidated Financial Statements have been prepared by the Company, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations, although we believe that the disclosures made are adequate to make the information presented not misleading. Also, certain financial position data included herein was derived from the audited Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2025 but does not include all disclosures required by U.S. GAAP. Accordingly, these Condensed Consolidated Financial Statements and related notes should be read in conjunction with the audited Consolidated Financial Statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2025. The results of operations of any interim period are not necessarily indicative of the results that may be expected for the year.
Amounts reported in thousands within this Quarterly Report on Form 10‑Q are computed based on actual amounts. As a result, the sum of the components may not equal the total amount reported due to rounding. In addition, certain columns and rows within tables may not sum to the reported totals due to the use of rounded numbers. Percentages presented are calculated from the underlying unrounded amounts.
RECENT ACCOUNTING STANDARDS
Changes to U.S. GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of Accounting Standards Updates (“ASUs”) to the FASB’s Accounting Standards Codification.
In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses ("DISE"), which requires the disaggregation of certain expenses in the notes to the financial statements, to provide enhanced transparency into the expense captions presented on the face of the income statement. In January 2025, the FASB issued ASU 2025-01 clarifying the effective date. This standard will be effective for fiscal years beginning after December 15, 2026 and interim reporting periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The requirements will be applied prospectively with the option for retrospective adoption. We are evaluating the impact of the standard on our disclosures in the Condensed Consolidated Financial Statements.
In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Amendments to the Accounting for Software Costs. The update removes the "project stage" model for internal-use software and replaces it with a principles-based capitalization framework. Under the new guidance, capitalization begins when it is probable that the project will be completed and the software will perform as intended, and after management has authorized and committed to funding the project. The guidance is effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years, with early adoption permitted. We are evaluating the impact of this guidance on our disclosures in the Condensed Consolidated Financial Statements.
Other accounting standards that have been issued by the FASB or other standards-setting bodies did not have a material impact on our Condensed Consolidated Financial Statements.
INCOME TAXES
We compute taxes on income in accordance with the tax rules and regulations of the many taxing authorities where the income is earned. The income tax rates imposed by these taxing authorities may vary substantially. Taxable income may differ from pre-tax income for U.S. GAAP financial accounting purposes. To the extent that these differences create temporary differences between the tax basis of an asset or liability and our reported amount in the U.S. GAAP financial statements, an appropriate provision for deferred income taxes is made.
10
We maintain our assertion that the cash and distributable reserves at our non-U.S. affiliates are indefinitely reinvested with the following exceptions: 2025 and 2026 earnings for Aptar France, all earnings in Germany and the pre-2020 earnings in Italy, Switzerland and Colombia. Under currently enacted laws, we do not have a balance of foreign earnings that will be subject to U.S. taxation upon repatriation. We will provide for the necessary withholding and local income taxes when management decides that an affiliate should make a distribution. These decisions are made taking into consideration the financial requirements of the non-U.S. affiliates and our global cash management goals. See Note 5 – Income Taxes for more information.
We provide a liability for the amount of unrecognized tax benefits on uncertain tax positions. This liability is provided whenever we determine that a tax benefit will not meet a more-likely-than-not threshold for recognition.
We are subject to the examination of our returns and other tax matters by the U.S. Internal Revenue Service and other tax authorities and government bodies. We believe that we have adequately provided a tax reserve for any adjustments that may result from tax examinations or uncertain tax positions. However, the outcome of tax audits cannot be predicted with certainty. If any issues addressed in our tax audits are resolved in a manner inconsistent with our expectations, we could be required to adjust our provision for income taxes in the period such resolution occurs. The resolution of each of these audits is not expected to be material to our Condensed Consolidated Financial Statements.
SUPPLY CHAIN FINANCE PROGRAM
We regularly renegotiate our supplier contracts and as a result have been successful in securing extended payment terms with many of our suppliers to be in line with local and regional trends. We facilitate a supply chain finance program (“SCF”) across Europe and the U.S. that is administered by a third-party platform. Eligible suppliers can elect to receive early payment of invoices, less an interest deduction, and negotiate their receivable sales arrangements through the third-party platform on behalf of the respective SCF bank. We are not a party to those agreements, and the terms of our payment obligations are not impacted by a supplier's participation in the SCF. The Company's responsibility under the agreements is limited to making payment to the financial institutions for confirmed invoices based on the terms originally negotiated with its suppliers. Accordingly, we have concluded that this program continues to be a trade payable program and is not indicative of a borrowing arrangement. Under these agreements, the average payment terms range from 60 to 120 days and are based on industry standards and best practices within each of our regions.
All outstanding amounts related to suppliers participating in the SCF are recorded within accounts payable, accrued and other liabilities in our Condensed Consolidated Balance Sheets, and associated payments are included in operating activities within our Condensed Consolidated Statements of Cash Flows. As of June 30, 2026, the amounts due to suppliers participating in the SCF and included in accounts payable, accrued and other liabilities were approximately $36.5 million.
To the extent our financial position allows and we believe there is a clear financial benefit, we may benefit from early payment discounts with some suppliers. While we have offered third party alternatives for our suppliers to receive payments sooner, we generally do not utilize these offerings from our customers as current economic conditions do not make them beneficial for us.
NOTE 2 – REVENUE
Revenue by segment and geography based on shipped to locations for the three and six months ended June 30, 2026 and 2025 were as follows:
For the Three Months Ended June 30, 2026
SegmentEuropeDomesticLatin
America		AsiaTotal
Pharma$230,731 $143,711 $19,554 $64,171 $458,167 
Beauty221,178 60,339 42,187 43,750 367,454 
Closures69,126 87,951 23,320 20,490 200,887 
Total$521,035 $292,001 $85,061 $128,411 $1,026,508 
For the Three Months Ended June 30, 2025
SegmentEuropeDomesticLatin
America		AsiaTotal
Pharma$211,829 $161,162 $13,520 $56,078 $442,589 
Beauty205,236 56,832 42,907 29,874 334,849 
Closures58,930 91,755 19,715 18,171 188,571 
Total$475,995 $309,749 $76,142 $104,123 $966,009 
11
For the Six Months Ended June 30, 2026
SegmentEuropeDomesticLatin
America		AsiaTotal
Pharma$457,417 $285,165 $39,242 $114,903 $896,727 
Beauty444,054 117,108 88,466 81,461 731,089 
Closures130,414 169,534 43,320 38,292 381,560 
Total$1,031,885 $571,807 $171,028 $234,656 $2,009,376 
For the Six Months Ended June 30, 2025
SegmentEuropeDomesticLatin
America		AsiaTotal
Pharma$410,522 $302,823 $25,501 $113,210 $852,056 
Beauty393,145 115,029 82,493 49,889 640,556 
Closures110,974 174,354 40,662 34,712 360,702 
Total$914,641 $592,206 $148,656 $197,811 $1,853,314 
We perform our obligations under a contract with a customer by transferring goods and/or services in exchange for consideration from the customer. The timing of performance will sometimes differ from the timing of the invoicing for the associated consideration from the customer, thus resulting in the recognition of a contract asset or a contract liability. We recognize a contract asset when we transfer control of goods or services to a customer prior to invoicing for the related performance obligation. The contract asset is transferred to accounts receivable when the product is invoiced to the customer. We recognize a contract liability if the customer's payment of consideration precedes the entity's performance.
The opening and closing balances of our contract asset and contract liabilities were as follows:
Balance as of June 30, 2026Balance as of December 31, 2025Increase/
(Decrease)
Contract asset (current)$16,726 $11,600 $5,126 
Contract liability (current)79,525 74,827 4,698 
Contract liability (long-term)36,294 49,901 (13,607)
The differences in the opening and closing balances of our contract asset and contract liabilities are primarily the result of timing differences between our performance and the invoicing. The total amount of revenue recognized during the current period against contract liabilities is $82.6 million, including $47.6 million relating to contract liabilities at the beginning of the year. Current contract assets are included within Prepaid and other, while current contract liabilities and long-term contract liabilities are included within Accounts payable, accrued and other liabilities and Deferred and other non-current liabilities, respectively, within our Condensed Consolidated Balance Sheets.
Determining the Transaction Price
In most cases, the transaction price for each performance obligation is stated in the contract. In determining the variable amounts of consideration within the transaction price (such as volume-based customer rebates), we include an estimate of the expected amount of consideration as revenue. We apply the expected value method based on all of the information (historical, current, and forecast) that is reasonably available and identify reasonable estimates based on this information. We apply the method consistently throughout the contract when estimating the effect of an uncertainty on the amount of variable consideration to which we will be entitled.
Product Sales
We primarily manufacture and sell drug and consumer product dosing, dispensing and protection technologies. The amount of consideration is typically fixed for customers. At the time of shipment, the customer is invoiced at the agreed-upon price. Revenue from product sales is typically recognized upon manufacture or shipment, when control of the goods transfers to the customer.
12
To determine when the control transfers, we typically assess, among other things, the shipping terms of the contract, with shipping being one of the indicators of transfer of control. For a majority of product sales, control of the goods transfers to the customer at the time of shipment of the goods. Once the goods are shipped, we are precluded from redirecting the shipment to another customer. Therefore, our performance obligation is satisfied at the time of shipment. For sales in which control transfers upon delivery, shipping and/or handling costs that occur before the customer obtains control of the goods are deemed to be fulfillment activities and are accounted for as fulfillment costs and revenue is recorded upon final delivery to the customer location. We have elected to account for shipping and handling costs that occur after the customer has obtained control of a good as fulfillment costs rather than as a promised service. We do not have any material payment terms as payment is typically received shortly after the point of sale.
There also exist instances where we manufacture highly customized products that have no alternative use to us and for which we have an enforceable right to payment for performance completed to date. For these products, we transfer control and recognize revenue over time by measuring progress towards completion using the output method based on the number of products produced. As we normally make our products to a customer’s order, the time between production and shipment of our products is typically within a few weeks. We believe this measurement provides a faithful depiction of the transfer of goods as the costs incurred reflect the value of the products produced.
As a part of our customary business practice, we offer a standard warranty that the products will materially comply with the technical specifications and will be free from material defects. Because such warranties are not sold separately, do not provide for any service beyond a guarantee of a product’s initial specifications, and are not required by law, there is no revenue deferral for these types of warranties.
Tooling Sales
We also build or contract for molds and other tools (collectively defined as “tooling”) necessary to produce our products. As with product sales, we recognize revenue when control of the tool transfers to the customer. If the tooling is highly customized with no alternative use to us and we have an enforceable right to payment for performance completed to date, we transfer control and recognize revenue over time by measuring progress towards completion using the input method based on costs incurred relative to total estimated costs to completion. Otherwise, revenue for the tooling is recognized at the point in time when the customer approves the tool. We do not have any significant payment terms as payment is typically either received during the mold-build process or shortly after completion.
In certain instances, we offer extended warranties on our tools above and beyond the normal standard warranties. We normally receive payment at the inception of the contract and recognize revenue over the term of the contract. We do not have any material extended warranties as of June 30, 2026 or December 31, 2025.
Service Sales
We also provide services to our customers. As with product sales, we recognize revenue based on completion of each performance obligation of the service contract. Milestone deliverables and upfront payments are tied to specific performance obligations and recognized upon satisfaction of the individual performance obligation.
Royalty Revenue
We determine the amount and timing of royalty revenue based on our contractual agreements with customers. These contracts contain variable consideration which primarily relates to sales- or usage-based royalties related to the license of intellectual property and license contracts. For sales- and usage-based royalties, ASC 606 provides an exception to estimating variable consideration. Under this exception, we recognize revenues from sales- or usage-based royalty revenue at the later of when the sales or usage occurs or the satisfaction (or partial satisfaction) of the performance obligation to which the royalty has been allocated.
Contract Costs
We do not incur significant costs to obtain or fulfill revenue contracts.
Credit Risk
We are exposed to credit losses primarily through our product sales, tooling sales and services to our customers. We assess each customer’s ability to pay for the products we sell by conducting a credit review. The credit review considers our expected billing exposure and timing for payment and the customer’s established credit rating, or our assessment of the customer’s creditworthiness based on our analysis of their financial statements when a credit rating is not available. We also consider contract terms and conditions, country and political risks, and business strategy in our evaluation. A credit limit is established for each customer based on the outcome of this review.
We monitor our ongoing credit exposure through active review of customer balances against contract terms and due dates. Our activities include timely account reconciliation, dispute resolution and payment confirmation. We may employ collection agencies and legal counsel to pursue recovery of defaulted receivables.
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NOTE 3 - INVENTORIES
Inventories, by component, net of reserves, consisted of:
June 30,
2026		December 31,
2025
Raw materials$163,424 $152,574 
Work in process196,781 194,176 
Finished goods219,931 191,095 
Total$580,136 $537,845 

NOTE 4 – GOODWILL AND OTHER INTANGIBLE ASSETS
The changes in the carrying amount of goodwill for the six months ended June 30, 2026 by reporting segment were as follows:
PharmaBeautyClosuresTotal
Balance as of December 31, 2025$538,703 $370,848 $168,347 $1,077,898 
Foreign currency exchange effects(7,167)(624)(441)(8,232)
Balance as of June 30, 2026$531,536 $370,224 $167,906 $1,069,666 
The table below shows a summary of intangible assets as of June 30, 2026 and December 31, 2025.
June 30, 2026December 31, 2025
Weighted Average Amortization Period (Years)Gross
Carrying
Amount		Accumulated
Amortization		Net
Value		Gross
Carrying
Amount		Accumulated
Amortization		Net
Value
Amortized intangible assets:
Patents12.5$18,869 $(4,687)$14,182 $19,032 $(4,016)$15,016 
Acquired technology11.0155,173 (104,338)50,835 157,350 (99,551)57,799 
Customer relationships11.7330,957 (187,760)143,197 332,088 (177,686)154,402 
Trademarks and trade names4.746,293 (42,873)3,420 46,885 (41,726)5,159 
License agreements and other20.533,853 (11,748)22,105 32,927 (9,964)22,963 
Total intangible assets11.5$585,145 $(351,406)$233,739 $588,282 $(332,943)$255,339 
Aggregate amortization expense for the intangible assets above for the quarters ended June 30, 2026 and 2025 was $11,159 and $11,087, respectively. Aggregate amortization expense for the intangible assets above for the six months ended June 30, 2026 and 2025 was $22,574 and $21,831, respectively.
As of June 30, 2026, future estimated amortization expense for the years ending December 31 is as follows:
2026$22,173 
(remaining estimated amortization for 2026)
202737,614 
202834,693 
202933,560 
203031,034 
Thereafter74,665 
Future amortization expense may fluctuate depending on changes in foreign currency rates. The estimates for amortization expense noted above are based upon foreign exchange rates as of June 30, 2026.
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NOTE 5 – INCOME TAXES
The tax provision for interim periods is determined using the estimated annual effective consolidated tax rate, based on the current estimate of full-year earnings and related estimated full-year taxes, adjusted for the impact of discrete quarterly items.
The Organisation for Economic Co-operation and Development’s Model Global Anti-Base Erosion rules under Pillar Two have been enacted by various countries beginning in 2024. These enacted laws relate to the Pillar Two safe harbors, Income Inclusion Rule, Qualified Domestic Minimum Top-up Tax and the Undertaxed Profits Rule for 2025 and onward. We have analyzed the provisions in the applicable jurisdictions and provided for the appropriate tax amounts. We do not expect a material impact from Pillar Two related taxes for 2026.
The effective tax rate for the three months ended June 30, 2026 and 2025, respectively, was 23.5% and 20.0%. The effective tax rate for the six months ended June 30, 2026 and 2025, respectively, was 23.0% and 22.5%. The effective tax rate for the three and six months ended June 30, 2026 did not include a deferred tax benefit from the release of a valuation allowance, and greater tax benefits from share-based compensation that existed in the prior-year period.
Given our current earnings and anticipated future earnings, we believe there is a reasonable possibility that within the next 12 months, sufficient positive evidence may become available to support the realization of $2.0 million to $5.0 million of deferred tax assets, for which there is currently a corresponding valuation allowance. Release of the valuation allowance would result in the recognition of certain deferred tax assets and a decrease to income tax expense for the period in which the release is recorded. However, the exact timing and amount of the valuation allowance release are subject to change pending the level of profitability that we are able to actually achieve.
NOTE 6 – DEBT
Short-Term Obligations
At June 30, 2026 and December 31, 2025, our short-term obligations, revolving credit facility and overdrafts consisted of the following:
June 30,
2026		December 31,
2025
Short-term obligations 2.57% (1)
$31,495 $31,314 
Revolving credit facility 3.54% (1)
186,045 152,633 
$217,540 $183,947 
________________________________________
(1)The rate represents the weighted-average interest rate as of June 30, 2026.
We have a revolving credit facility (the “revolving credit facility”) with a syndicate of banks that provides us with unsecured financing of up to $600.0 million, which may be increased by up to $300.0 million more, subject to the satisfaction of certain conditions. The revolving credit facility is available in the U.S. and to our wholly-owned UK subsidiary and could be drawn in various currencies including USD, EUR, GBP, and CHF. On July 2, 2024, we entered into a new amended and restated agreement (the “amended revolving credit facility”) that extended the maturity date to July 2029, subject to a maximum of two one-year extensions in certain circumstances. As of June 30, 2026, we had utilized $37.5 million and €130.0 million ($148.5 million) under the amended revolving credit facility in the U.S. and no balance was utilized by our wholly-owned UK subsidiary. As of December 31, 2025, €130.0 million ($152.6 million) was utilized under the amended revolving credit facility in the U.S. and no balance was utilized by our wholly-owned UK subsidiary.
There are no compensating balance requirements associated with our amended revolving credit facility. Each borrowing under the amended revolving credit facility will bear interest at rates based on SOFR (in the case of USD), EURIBOR (in the case of EUR), SONIA (in the case of GBP), SARON (in the case of CHF), prime rates or other similar rates, in each case plus an applicable margin. The amended revolving credit facility also provides mechanics relating to a transition away from designated benchmark rates for other available currencies and the replacement of any such applicable benchmark by a replacement alternative benchmark rate or mechanism for loans made in the applicable currency. A facility fee on the total amount of the amended revolving credit facility is also payable quarterly, regardless of usage. The applicable margins for borrowings under the amended revolving credit facility and the facility fee percentage may change from time to time depending on changes in our consolidated leverage ratio.
We also have an unsecured money market borrowing arrangement to provide short-term financing of up to $30.0 million that is available in the U.S. No borrowing on this facility is permitted over a quarter-end date. As such, no balance was outstanding under this arrangement as of June 30, 2026 or December 31, 2025.
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Long-Term Obligations
On July 2, 2024, we entered into a term loan with a syndicate of banks (the “Term Loan”). The Term Loan matures in July 2027. As of June 30, 2026 and December 31, 2025, $116.2 million and $141.1 million, respectively, was utilized under the Term Loan. On February 26, 2026, we repaid in full the $125.0 million of 3.60% Senior Notes that were due in February 2026.
At June 30, 2026 and December 31, 2025, our long-term obligations consisted of the following:
June 30, 2026December 31, 2025
Notes payable 3.65%, due in monthly and annual installments through 2035 (1)
$19,022 $17,051 
Senior unsecured notes 3.60%, due in 2026
— 125,000 
Term loan 4.97% floating, due in 2027
116,200 141,100 
Senior unsecured notes 4.75%, due in 2031, net of discount of $0.4 million
599,559 599,512 
Senior unsecured notes 3.60%, due in 2032, net of discount of $0.6 million
399,413 399,361 
Finance Lease Liabilities23,436 25,339 
Unamortized debt issuance costs(7,516)(8,346)
$1,150,114 $1,299,017 
Current maturities of long-term obligations(31,699)(159,584)
Total long-term obligations$1,118,415 $1,139,433 
________________________________________
(1)The rate represents the weighted-average interest rate as of June 30, 2026.
The aggregate long-term maturities, excluding finance lease liabilities, which are discussed in Note 7, and unamortized debt issuance costs due annually from the current balance sheet date for the next five years and thereafter are:
Year One$28,990 
Year Two93,222 
Year Three2,198 
Year Four1,603 
Year Five599,559 
Thereafter408,622 
Covenants
Our amended revolving credit facility and corporate long-term obligations require us to satisfy certain financial and other covenants including:
RequirementLevel at June 30, 2026
Consolidated Leverage Ratio (1)
Maximum of 3.50 to 1.00
1.49 to 1.00
Consolidated Interest Coverage Ratio (1)
Minimum of 3.00 to 1.00
12.48 to 1.00
________________________________________
(1)Definitions of ratios are included as part of the revolving credit facility agreement.
NOTE 7 – LEASES
We lease certain warehouse, plant and office facilities, as well as certain equipment, under non-cancelable operating and finance leases expiring at various dates through the year 2042. Most of the operating leases contain renewal options and certain leases include options to purchase the related asset during or at the end of the lease term.
Amortization expense related to finance leases is included in depreciation expense, while rent expense related to operating leases is included within cost of sales and selling, research & development and administrative expenses.
16
The components of lease expense for the three and six months ended June 30, 2026 and 2025 were as follows:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Operating lease cost$5,590 $5,637 $11,445 $10,877 
Finance lease cost:
Amortization of right-of-use assets$1,589 $1,923 $3,496 $3,781 
Interest on lease liabilities303 285 624 573 
Total finance lease cost$1,892 $2,208 $4,120 $4,354 
Short-term lease and variable lease costs$6,805 $5,402 $12,424 $10,250 
Supplemental cash flow information related to leases were as follows:
Six Months Ended June 30,20262025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$11,361 $10,730 
Operating cash flows from finance leases707 625 
Financing cash flows from finance leases1,905 1,720 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases$4,853 $6,814 
Finance leases177 360 
NOTE 8 – RETIREMENT AND DEFERRED COMPENSATION PLANS
We have various noncontributory retirement plans covering certain of our domestic and foreign employees. Benefits under our retirement plans are based on participants’ years of service and annual compensation as defined by each plan. Annual cash contributions to fund pension costs accrued under our domestic plans are generally at least equal to the minimum funding amounts required by the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). Certain pension commitments under our foreign plans are also funded according to local requirements or at our discretion.
Effective January 1, 2021, our domestic noncontributory retirement plans were closed to new employees and employees who were rehired after December 31, 2020. These employees are instead eligible for additional contributions to their defined contribution 401(k) employee savings plan. All domestic employees with hire/rehire dates prior to January 1, 2021 are still eligible for the domestic pension plans and continue to accrue plan benefits after this date.
Components of Net Periodic Benefit Cost:
Domestic PlansForeign Plans
Three Months Ended June 30,2026202520262025
Service cost$1,986 $1,983 $1,572 $1,682 
Interest cost2,495 2,391 1,087 971 
Expected return on plan assets(3,260)(3,186)(608)(613)
Amortization of net (gain) loss(3)(122)145 312 
Amortization of prior service cost— — 28 25 
Net periodic benefit cost$1,218 $1,066 $2,224 $2,377 
17
Domestic PlansForeign Plans
Six Months Ended June 30,2026202520262025
Service cost$3,973 $3,966 $3,154 $3,247 
Interest cost4,989 4,782 2,181 1,873 
Expected return on plan assets(6,520)(6,372)(1,221)(1,183)
Amortization of net (gain) loss
(7)(244)281 603 
Amortization of prior service cost— — 55 48 
Net periodic benefit cost$2,435 $2,132 $4,450 $4,588 
The components of net periodic benefit cost, other than the service cost component, are included in the line miscellaneous income (expense), net in the Condensed Consolidated Statements of Income.
Employer Contributions
Although we have no minimum funding requirement, discretionary cash contributions to fund pension costs accrued under our domestic plans are generally at least equal to the minimum funding amounts required by ERISA. There were no contributions to our domestic defined benefit plans during the six months ended June 30, 2026, and we do not expect that we will make significant additional contributions in the remainder of 2026. For the supplemental executive retirement plan (SERP), $0.3 million of company-paid benefits were distributed during the six months ended June 30, 2026, and approximately $0.5 million is expected to be paid during the rest of 2026. Contributions to fund pension costs accrued under our foreign plans are made in accordance with local laws or, if not otherwise stated, at our discretion. We contributed $0.9 million to our foreign defined benefit plans during the six months ended June 30, 2026 and do not expect to make any additional significant contributions during the rest of 2026.
NOTE 9 – ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME
Changes in Accumulated Other Comprehensive (Loss) Income by Component:
Foreign CurrencyDefined Benefit Pension PlansDerivativesTotal
Balance - December 31, 2024$(426,049)$5,522 $(8,948)$(429,475)
Other comprehensive income (loss) before reclassifications241,337 114 (18,005)223,446 
Amounts reclassified from accumulated other comprehensive income— 281 — 281 
Net current-period other comprehensive income (loss)241,337 395 (18,005)223,727 
Balance - June 30, 2025$(184,712)$5,917 $(26,953)$(205,748)
Balance - December 31, 2025$(179,891)$18,078 $(24,569)$(186,382)
Other comprehensive (loss) income before reclassifications(30,536)3,409 5,956 (21,171)
Amounts reclassified from accumulated other comprehensive income— 228 — 228 
Net current-period other comprehensive (loss) income(30,536)3,637 5,956 (20,943)
Balance - June 30, 2026$(210,427)$21,715 $(18,613)$(207,325)
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Reclassifications Out of Accumulated Other Comprehensive (Loss) Income:
Details about Accumulated Other
Comprehensive Income Components		Amount Reclassified from Accumulated Other Comprehensive IncomeAffected Line in the Statement
Where Net Income is Presented
Three Months Ended June 30,20262025
Defined Benefit Pension Plans
Amortization of net loss$142 $190 (1)
Amortization of prior service cost28 25 (1)
170 215 Total before tax
(51)(66)Tax impact
$119 $149 Net of tax
Total reclassifications for the period$119 $149 
Details about Accumulated Other
Comprehensive Income Components		Amount Reclassified from Accumulated Other Comprehensive IncomeAffected Line in the Statement
Where Net Income is Presented
Six Months Ended June 30,20262025
Defined Benefit Pension Plans
Amortization of net loss$274 $359 (1)
Amortization of prior service cost55 48 (1)
329 407 Total before tax
(101)(126)Tax impact
$228 $281 Net of tax
Total reclassifications for the period$228 $281 
______________________________________________
(1)These accumulated other comprehensive income components are included in the computation of total net periodic benefit costs, net of tax. See Note 8 – Retirement and Deferred Compensation Plans for additional details.
NOTE 10 – DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
We maintain a foreign exchange risk management policy designed to establish a framework to protect the value of our non-functional currency denominated transactions from adverse changes in exchange rates. Sales of our products can be denominated in a currency different from the currency in which the related costs to produce the product are denominated. Changes in exchange rates on such inter-country sales or intercompany loans can impact our results of operations. Our policy is not to engage in speculative foreign currency hedging activities, but to minimize our net foreign currency transaction exposure, defined as firm commitments and transactions recorded and denominated in currencies other than the functional currency. We may use foreign currency forward exchange contracts, options and cross-currency swaps to economically hedge these risks.
For derivative instruments designated as hedges, we formally document the nature and relationships between the hedging instruments and the hedged items, as well as the risk management objectives, strategies for undertaking the various hedge transactions, and the method of assessing hedge effectiveness at inception. Quarterly thereafter, we formally assess whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in the fair value or cash flows of the hedged item. Additionally, in order to designate any derivative instrument as a hedge of an anticipated transaction, the significant characteristics and expected terms of any anticipated transaction must be specifically identified, and it must be probable that the anticipated transaction will occur. All derivative financial instruments used as hedges are recorded at fair value in the Condensed Consolidated Balance Sheets (See Note 11 - Fair Value).
Net Investment Hedge
A significant number of our operations are located outside of the United States. Because of this, movements in exchange rates may have a significant impact on the translation of the financial condition and results of operations of our foreign subsidiaries. A weakening U.S. dollar relative to foreign currencies has an additive translation effect on our financial statements. Conversely, a strengthening U.S. dollar has a dilutive effect. In some cases we maintain debt in these subsidiaries to offset the net asset exposure. In the event we plan on a full or partial liquidation of any of our foreign subsidiaries where our net investment is likely to be monetized, we will consider hedging the currency exposure associated with such a transaction.
19
The Company enters into cross-currency swap contracts to hedge its net investment in euro-denominated assets against future volatility in the exchange rate between the U.S. dollar and the euro. As of June 30, 2026, Aptar had cross-currency swap contracts with an aggregate notional amount of €350 million ($379.7 million), including €150 million ($176.2 million) of swaps entered into during the second quarter of 2026. These instruments are designated as net investment hedges and we elected the spot method. Gains and losses arising from the fair value adjustments of the cross-currency swap agreements are recorded in accumulated other comprehensive (loss) income as the swaps are effective in hedging the designated risk. Our cross-currency swap contracts expire at various dates through September 2029. As of June 30, 2026, the fair value of the cross currency swap contracts was a $24.7 million liability.
As of June 30, 2026, we have recorded the fair value of foreign currency forward exchange contracts of $0.6 million in prepaid and other and $1.0 million in accounts payable, accrued and other liabilities on the Condensed Consolidated Balance Sheets. All forward exchange contracts outstanding as of June 30, 2026 had an aggregate notional contract amount of $141.4 million.
Fair Value of Derivative Instruments in the Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025
June 30, 2026December 31, 2025
Balance Sheet
Location
Derivatives Designated as Hedging InstrumentsDerivatives not Designated as Hedging InstrumentsDerivatives Designated as Hedging InstrumentsDerivatives not Designated as Hedging Instruments
Derivative Assets
Foreign Exchange ContractsPrepaid and other$— $625 $— $298 
$— $625 $— $298 
Derivative Liabilities
Foreign Exchange ContractsAccounts payable, accrued and other liabilities$— $1,045 $— $632 
Cross-Currency Swap Contract (1)
Deferred and other non-current liabilities
24,654 — 32,542 — 
$24,654 $1,045 $32,542 $632 
__________________________
(1)This cross-currency swap agreement has a foreign exchange component.
The Effect of Derivatives Designated as Hedging Instruments on Accumulated Other Comprehensive Income (Loss) for the Three Months Ended June 30, 2026 and 2025
Derivatives Designated as Hedging InstrumentsAmount of Gain (Loss)
Recognized in
Other Comprehensive
Income on Derivative		Location of (Loss)
Gain Recognized
in Income on
Derivatives		Amount of Gain (Loss)
Reclassified from
Accumulated
Other Comprehensive
Income on Derivative		Total Amount of Affected Income Statement Line Item
2026202520262025
Cross currency swap agreement:
Foreign exchange component$1,890 $(14,138)Miscellaneous, net$— $— $(802)
$1,890 $(14,138)$— $— 
20
The Effect of Derivatives Designated as Hedging Instruments on Accumulated Other Comprehensive Income (Loss) for the Six Months Ended June 30, 2026 and 2025
Derivatives Designated as Hedging Instruments
Amount of Gain (Loss)
Recognized in
Other Comprehensive
Income on Derivative
Location of Gain (Loss) 
Recognized
in Income on
Derivatives
Amount of Gain (Loss)
Reclassified from
Accumulated
Other Comprehensive
Income on Derivative
Total Amount of Affected Income Statement Line Item
2026202520262025
Cross-currency swap agreement:
Foreign exchange component$5,956 $(18,005)Miscellaneous, net$— $— $(855)
$5,956 $(18,005)$— $— 
The Effect of Derivatives Not Designated as Hedging Instruments on the Condensed Consolidated Statements of Income for the Three Months Ended June 30, 2026 and 2025
Derivatives Not Designated
as Hedging Instruments		Location of (Loss) Gain Recognized
in Income on Derivatives		Amount of (Loss) Gain
Recognized in Income
on Derivatives
20262025
Foreign Exchange ContractsOther (Expense) Income:
Miscellaneous, net		$122 $(496)
$122 $(496)
The Effect of Derivatives Not Designated as Hedging Instruments on the Condensed Consolidated Statements of Income for the Six Months Ended June 30, 2026 and 2025
Derivatives Not Designated
as Hedging Instruments
Location of (Loss) Gain Recognized
in Income on Derivatives
Amount of (Loss) Gain
Recognized in Income
on Derivatives
20262025
Foreign Exchange ContractsOther (Expense) Income:
Miscellaneous, net		$(131)$25 
$(131)$25 
21

Gross Amounts Offset in the Statement of Financial PositionNet Amounts Presented in the Statement of Financial PositionGross Amounts not Offset in the Statement of Financial Position
Gross AmountFinancial InstrumentsCash Collateral ReceivedNet Amount
June 30, 2026
Derivative Assets$625 — $625 — — $625 
Total Assets$625 — $625 — — $625 
Derivative Liabilities$25,699 — $25,699 — — $25,699 
Total Liabilities$25,699 — $25,699 — — $25,699 
December 31, 2025
Derivative Assets$298 — $298 — — $298 
Total Assets$298 — $298 — — $298 
Derivative Liabilities$33,174 — $33,174 — — $33,174 
Total Liabilities$33,174 — $33,174 — — $33,174 

NOTE 11 – FAIR VALUE
Authoritative guidelines require the categorization of assets and liabilities into three levels based upon the assumptions (inputs) used to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment. The three levels are defined as follows:
•Level 1: Unadjusted quoted prices in active markets for identical assets and liabilities.
•Level 2: Observable inputs other than those included in Level 1. For example, quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets.
•Level 3: Unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability.
As of June 30, 2026, the fair values of our financial assets and liabilities were categorized as follows:
TotalLevel 1Level 2Level 3
Assets
Investment in equity securities (1)
$2,215 $2,215 $— $— 
Foreign exchange contracts (2)
625 — 625 — 
Convertible notes (3)
5,000 — — 5,000 
Total assets at fair value$7,840 $2,215 $625 $5,000 
Liabilities
Foreign exchange contracts (2)
$1,045 $— $1,045 $— 
Cross-currency swap contract (2)
24,654 — 24,654 — 
Contingent consideration obligation253 — — 253 
Total liabilities at fair value$25,952 $— $25,699 $253 
22
As of December 31, 2025, the fair values of our financial assets and liabilities were categorized as follows:
TotalLevel 1Level 2Level 3
Assets
Investment in equity securities (1)
$2,503 $2,503 $— $— 
Foreign exchange contracts (2)
298 — 298 — 
Convertible notes (3)
5,650 — — 5,650 
Total assets at fair value$8,451 $2,503 $298 $5,650 
Liabilities
Foreign exchange contracts (2)
$632 $— $632 $— 
Cross-currency swap contract (2)
32,542 — 32,542 — 
Contingent consideration obligation3,983 — — 3,983 
Total liabilities at fair value$37,157 $— $33,174 $3,983 
________________________________________________
(1)Investment in PureCycle Technologies (“PCT” or “PureCycle”). See Note 17 – Investment in Equity Securities for discussion of this investment.
(2)Market approach valuation technique based on observable market transactions of spot and forward rates.
(3)Investment in convertible notes in Enable Injections, Inc. The investment is included within Miscellaneous assets in our Condensed Consolidated Balance Sheets.
The carrying amounts of our other current financial instruments such as cash and equivalents, accounts and notes receivable, notes payable and current maturities of long-term obligations approximate fair value due to the short-term maturity of the instruments. We consider our long-term debt obligations a Level 2 liability and utilize the market approach valuation technique based on interest rates that are currently available to us for issuance of debt with similar terms and maturities. The estimated fair value of our long-term obligations was $1.06 billion and $1.09 billion as of June 30, 2026 and December 31, 2025, respectively.
As part of the Sommaplast acquisition, we are also obligated to pay the shareholders of Sommaplast certain contingent consideration based on 2025 and 2026 cumulative financial performance metrics as defined in the purchase agreement. We consider these obligations a Level 3 liability. Based on a projection as of the acquisition date, we estimated the aggregate fair value for this contingent consideration arrangement upon acquisition to be $4.0 million utilizing a Monte Carlo valuation model. As of June 30, 2026, approximately $3.7 million of this contingent consideration has been paid out.
Changes in the fair value of these obligations are recorded within selling, research & development and administrative expenses in our Condensed Consolidated Statements of Income. Significant changes to the inputs can result in a significantly higher or lower fair value measurement. The following table provides a summary of changes in our Level 3 fair value measurements:
Balance, December 31, 2025$3,983 
Payments(3,730)
Balance, June 30, 2026$253 
NOTE 12 – COMMITMENTS AND CONTINGENCIES
We are subject to a number of lawsuits and claims both actual and potential in nature including those involving intellectual property and commercial disputes. For example, we are involved in legal proceedings in certain jurisdictions related to alleged infringement of intellectual property rights, alleged customer breach of confidentiality obligations, alleged customer misuse of proprietary information and alleged violations of competition and antitrust laws. We are actively litigating our interests in these matters and management believes the resolution of these claims and lawsuits will not have a material adverse effect on our financial position, results of operations or cash flows, claims and legal proceedings are subject to inherent uncertainties, and unfavorable outcomes could occur that could include amounts in excess of any accruals which management has established. Were such unfavorable final outcomes to occur, it is possible that they could have a material adverse effect on our financial position, results of operations and cash flows.
23
Legal Proceedings
On March 25, 2025, AptarGroup, Inc. and its subsidiary, Aptar France SAS, filed a lawsuit in the United States District Court for the Southern District of New York against ARS Pharmaceuticals, Inc. and ARS Pharmaceuticals Operations, Inc. (together, “ARS”). The complaint alleges that ARS misappropriated Aptar’s trade secrets and breached multiple contractual confidentiality obligations. Aptar seeks injunctive relief and damages. On June 12, 2025, ARS filed a motion to dismiss the complaint, which, on March 30, 2026, the court denied in substantial part and granted in part, specifically in regard to Aptar's state law trade secret misappropriation claim. On April 29, 2026, Aptar moved for leave to amend its complaint to reassert that claim, which the Court granted on June 17, 2026. ARS filed its answer to the amended complaint on July 6, 2026; it did not file any counterclaims against Aptar. This matter is pending and it is currently in the discovery stage. Relatedly, on September 29, 2025, ARS filed a lawsuit in the United States District Court for the Southern District of California against Aptar. The complaint alleges that Aptar violated Sections 1 and 2 of the Sherman Act and Section 3 of the Clayton Act by refusing to sell certain components. ARS seeks injunctive relief and damages. On December 16, 2025, Aptar filed a motion to dismiss the ARS complaint, or to transfer the complaint to the Southern District of New York. ARS opposed the motion on January 27, 2026, and Aptar filed its reply on February 27, 2026. On July 17, 2026, the Court transferred the matter to the Southern District of New York; it did not address the motion to dismiss. At this stage, this matter is too preliminary to form a judgment as to whether an adverse outcome is probable, and we are unable to estimate the possible loss or range of loss, if any.
In May 2025, Nemera La Verpillière SAS ("Nemera") filed parallel patent infringement actions in Mannheim Regional Court, Germany (the "Mannheim Court") and Paris Judicial Court, France against Aptar and certain subsidiaries alleging that Aptar's ophthalmic product infringes a Nemera patent, seeking an injunction and damages. Aptar is contesting the claims. Aptar filed oppositions before the European Patent Office ("EPO") challenging the validity of the European Patent (EP) asserted by Nemera. On October 2, 2025, an EPO hearing invalidated Nemera’s main patent claim while allowing an amended claim to continue. Following further EPO proceedings in February 2026, certain asserted claims were dismissed and an amended claim was allowed; both parties filed appeals of the decision, which are pending. The Mannheim Court held a hearing on the patent infringement action on June 23, 2026 and a decision is expected on August 11, 2026. The trial in the French proceeding is scheduled for January 2027. Aptar will continue to monitor developments related to this matter and evaluate the potential impact, if any, on its Condensed Consolidated Financial Statements.
Tariff-related Matters
On February 20, 2026, the United States Supreme Court ruled that the International Emergency Economic Powers Act (“IEEPA”) does not authorize the imposition of tariffs. thereby invalidating tariffs previously imposed by the US administration under that statute. Subsequent to the decision, a new tariff surcharge of at least 10% was imposed on most imports under Section 122 of the Trade Act of 1974, effective on February 24, 2026, for a period of up to 150 days.
Following the ruling, the U.S. Court of International Trade directed U.S. Customs and Border Protection to finalize or revise certain import transactions without applying IEEPA‑based tariffs and is overseeing the development of a refund process. Aptar has historically paid IEEPA-based duties and is evaluating the applicability of these decisions to its import entries, including procedural requirements under U.S. customs law. In accordance with ASC 450‑30, Contingencies—Gain Contingencies, Aptar will account for any potential recovery of previously paid IEEPA tariffs as a gain contingency. As of June 30, 2026, Aptar has received certain tariff refunds and continues to evaluate additional potential recoveries; however, such amounts were not material to our Condensed Consolidated Financial Statements.
Other Contingencies
Under our Certificate of Incorporation, we have agreed to indemnify our officers and directors for certain events or occurrences while the officer or director is, or was, serving at our request in such capacity. The maximum potential amount of future payments we could be required to make under these indemnification agreements is unlimited; however, we have a directors and officers liability insurance policy that covers a portion of our exposure. As a result of our insurance policy coverage, we believe the estimated fair value of these indemnification agreements is minimal. We have no liabilities recorded for these agreements as of June 30, 2026 and December 31, 2025.
We are periodically subject to loss contingencies resulting from customs duties assessments. We accrue for anticipated costs when an assessment has indicated that a loss is probable and can be reasonably estimated. We have received claims worth approximately $10.0 million to $11.0 million in principal, and $21.0 million to $22.0 million for interest and penalties. We are currently defending our position with respect to these claims in the respective administrative procedures. Due to uncertainty in the probability of settlement and the timing of our appeal, no liability is recorded as of June 30, 2026.
We will continue to evaluate these liabilities periodically based on available information, including the progress of remedial investigations, the status of discussions with regulatory authorities regarding the methods and extent of remediation and the apportionment of costs and penalties among potentially responsible parties.
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NOTE 13 – STOCK REPURCHASE PROGRAM
On February 3, 2026, we announced a share repurchase authorization of up to $600.0 million of common stock. This authorization replaces previous authorizations and has no expiration date. We may repurchase shares through the open market, privately negotiated transactions or other programs, subject to market conditions.
During the three and six months ended June 30, 2026, we repurchased approximately 403 thousand shares for $50.0 million and 1.1 million shares for $150.0 million, respectively. During the three and six months ended June 30, 2025, we repurchased approximately 452 thousand shares for $70.0 million and 1.0 million shares for $150.0 million, respectively. As of June 30, 2026, there was $450.0 million for authorized share repurchases remaining under the existing authorization.
NOTE 14 – STOCK-BASED COMPENSATION
We issue restricted stock units (“RSUs”), which consist of time-based and performance-based awards, to employees under stock award plans approved by stockholders. In addition, RSUs are issued to non-employee directors under a Restricted Stock Unit Award Agreement for Directors pursuant to the Company’s 2018 Equity Incentive Plan. RSUs granted to employees vest according to a specified performance period and/or vesting period. Time-based RSUs generally vest over three years. Performance-based RSUs vest at the end of the specified performance period, generally three years, assuming required performance or market vesting conditions are met.
For awards granted in the first quarter of 2023 and thereafter, our performance-based RSUs will vest based on our return on invested capital (“ROIC”). Award share payouts depend on the extent to which the ROIC performance goal has been achieved, but the final payout is adjusted by a total shareholder return (“TSR”) modifier.
At the time of vesting, the vested shares of common stock are issued in the employee’s name. In addition, RSU awards are generally net settled (shares are withheld to cover the employee tax obligation). RSUs granted to directors are only time-based and generally vest on or around the first anniversary of the date of grant.
The fair value of both time-based RSUs and performance-based RSUs pertaining to internal performance metrics is determined using the closing price of our common stock on the grant date. The fair value of performance-based RSUs pertaining to TSR is estimated using a Monte Carlo simulation. Inputs and assumptions used to calculate the fair value are shown in the table below. The fair value of these RSUs is expensed over the vesting period using the straight-line method or using the graded vesting method when an employee becomes eligible to retain the award at retirement.
Six Months Ended June 30,20262025
Fair value per stock award$123.35 $154.20 
Grant date stock price$123.97 $147.84 
Assumptions:
Aptar's stock price expected volatility19.50 %17.70 %
Expected average volatility of peer companies34.60 %34.10 %
Correlation assumption24.30 %31.00 %
Risk-free interest rate3.79 %4.03 %
Dividend yield assumption1.55 %1.22 %
A summary of RSU activity as of June 30, 2026 and changes during the six month period then ended is presented below:
Time-Based RSUsPerformance-Based RSUs
UnitsWeighted Average
Grant-Date Fair Value		UnitsWeighted Average
Grant-Date Fair Value
Nonvested at January 1, 2026215,433 $135.89 434,878 $135.31 
Granted136,403 119.93 221,051 120.85 
Vested(104,004)131.04 (198,125)116.17 
Forfeited(4,056)143.16 (43,303)110.19 
Nonvested at June 30, 2026243,776 $128.77 414,501 $139.37 
Included in the time-based RSU activity for the six months ended June 30, 2026 are 12,160 units granted to non-employee directors and 9,805 units that vested related to non-employee directors.
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Six Months Ended June 30,20262025
Compensation expense (included in SG&A)$16,596 $19,734 
Compensation expense (included in Cost of sales)1,624 1,847 
Compensation expense, Total$18,220 $21,581 
Fair value of units vested35,035 41,854 
Intrinsic value of units vested37,464 51,645 
The actual tax benefit realized for the tax deduction from RSUs was approximately $6.7 million and $9.3 million in the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026, there was $52.6 million of total unrecognized compensation cost relating to RSU awards which is expected to be recognized over a weighted-average period of 2.0 years.
Historically, we issued stock options to our employees and non-employee directors. We did not issue stock options between 2019 and 2022. Stock options were reinstituted for employees in 2023 and valued based on the Black-Scholes model and generally vest ratably over three years and expire 10 years after grant.
Aptar uses historical data to estimate expected life and volatility. The weighted-average fair value of stock options granted under the stock awards plans was $31.93 and $36.91 per share during the first six months of 2026 and 2025, respectively. These values were estimated on the respective dates of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions:
Stock Award Plans:
Six Months Ended June 30,20262025
Dividend Yield1.40 %1.17 %
Expected Stock Price Volatility19.72 %17.66 %
Risk-free Interest Rate4.06 %4.21 %
Expected Life of Option (years)7.07.0
 A summary of option activity under our stock plans during the six months ended June 30, 2026 is presented below:
Stock Awards Plans
OptionsWeighted Average
Exercise Price
Outstanding, January 1, 20261,608,498 $103.45 
Granted273,795 123.97 
Exercised(255,829)74.20 
Forfeited or expired(8,813)121.96 
Outstanding at June 30, 20261,617,651 $111.45 
Exercisable at June 30, 20261,124,692 $101.77 
Weighted-Average Remaining Contractual Term (Years):
Outstanding at June 30, 20265.4
Exercisable at June 30, 20263.7
Aggregate Intrinsic Value:
Outstanding at June 30, 2026$30,753 
Exercisable at June 30, 2026$30,417 
Intrinsic Value of Options Exercised During the Six Months Ended:
June 30, 2026$13,704 
June 30, 2025$10,628 
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Six Months Ended June 30,20262025
Compensation expense (included in SG&A)$5,392 $5,139 
Compensation expense (included in Cost of sales)460 487 
Compensation expense, Total$5,852 $5,626 
Compensation expense, net of tax4,982 4,656 
Grant date fair value of options vested7,502 5,200 
The increase in stock option expense is due to the newly issued options as discussed above. Cash received from option exercises for the six months ended June 30, 2026 and 2025 was approximately $19.0 million and $10.6 million, respectively. The actual tax benefit realized for the tax deduction from option exercises was approximately $3.2 million and $2.6 million in the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026, there was $7.2 million of total unrecognized compensation cost relating to stock option awards which is expected to be recognized over a weighted-average period of 2.1 years.
NOTE 15 – EARNINGS PER SHARE
Basic net income per share is calculated by dividing net income attributable to Aptar by the weighted-average number of common shares outstanding during the period. Diluted net income per share is calculated by dividing the net income attributable to Aptar by the weighted-average number of common and common equivalent shares outstanding during the applicable period. The difference between basic and diluted earnings per share is attributable to stock-based compensation awards. Stock-based compensation awards for which total employee proceeds exceed the average market price over the applicable period would have an antidilutive effect on earnings per share, and accordingly, are excluded from the calculation of diluted earnings per share. The reconciliation of basic and diluted earnings per share for the three and six months ended June 30, 2026 and 2025 were as follows:
Three Months Ended
June 30, 2026June 30, 2025
DilutedBasicDilutedBasic
Consolidated operations
Income available to common stockholders$87,573 $87,573 $111,720 $111,720 
Average equivalent shares
Shares of common stock63,634 63,634 65,995 65,995 
Effect of dilutive stock-based compensation
Stock options224 — 568 — 
Restricted stock350 — 485 — 
Total average equivalent shares64,208 63,634 67,048 65,995 
Net income per share$1.36 $1.38 $1.67 $1.69 
Six Months Ended
June 30, 2026June 30, 2025
DilutedBasicDilutedBasic
Consolidated operations
Income available to common stockholders$160,247 $160,247 $190,518 $190,518 
Average equivalent shares
Shares of common stock63,841 63,841 66,132 66,132 
Effect of dilutive stock-based compensation
Stock options262 —579 —
Restricted stock401 —551 —
Total average equivalent shares64,504 63,841 67,262 66,132 
Net income per share$2.48 $2.51 $2.83 $2.88 
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NOTE 16 – SEGMENT INFORMATION
We are organized into three reporting segments. Operations that sell proprietary dispensing systems, drug delivery systems, sealing solutions and services to the prescription drug, consumer healthcare, injectables, active material science solutions and digital health markets form our Pharma segment. Operations that sell dispensing systems and sealing solutions to the fragrance, facial skincare, color cosmetics, personal care and home care markets form our Beauty segment. Operations that sell dispensing closures, sealing solutions and food service trays to the food, beverage, personal care, home care, beauty and other markets form our Closures segment. The Pharma and Beauty segments are named for the markets they serve with multiple product platforms, while the Closures segment is named primarily for a single product platform that serves all available markets.
The accounting policies of the segments are the same as those described in Part II, Item 8, Note 1 - Summary of Significant Accounting Policies in our Annual Report on Form 10-K for the year ended December 31, 2025. Our chief operating decision maker ("CODM") is our President and Chief Executive Officer, Stephan Tanda. Our CODM is provided operating reports from each of our reportable segments which include or can be used to easily derive significant segment expenses identified as selling, research & development and administrative expenses and cost of sales by segment. Additionally, the other segment items primarily consist of foreign currency gains or losses from operations and other non-operating activity. Our CODM evaluates performance of our reporting segments and allocates resources based upon Adjusted EBITDA. Adjusted EBITDA is defined as earnings before net interest, taxes, depreciation, amortization, unallocated corporate expenses, restructuring initiatives, acquisition-related costs, gain on remeasurement of equity method investment, net unrealized investment gains and losses related to observable market price changes on equity securities and other special items if any. Adjusted EBITDA provides useful information regarding the performance of each segment as it reflects the profitability and performance of each segment on a consistent and comparable basis, and our CODM considers budget-to-actual variances on a monthly basis when making decisions supporting capital resource allocation, including in connection with development, acquisition and disposition activities in each segment.
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Financial information regarding our reporting segments is shown below:
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Total Sales:
Pharma$458,321 $442,817 $897,229 $852,514 
Beauty377,426 342,251 749,584 654,552 
Closures202,560 190,278 384,752 364,199 
Total Sales$1,038,307 $975,346 $2,031,565 $1,871,265 
Less: Intersegment Sales:
Pharma$154 $228 $502 $458 
Beauty9,972 7,402 18,495 13,996 
Closures1,673 1,707 3,192 3,497 
Total Intersegment Sales$11,799 $9,337 $22,189 $17,951 
Net Sales:
Pharma$458,167 $442,589 $896,727 $852,056 
Beauty367,454 334,849 731,089 640,556 
Closures200,887 188,571 381,560 360,702 
Net Sales$1,026,508 $966,009 $2,009,376 $1,853,314 
Less:
Cost of Sales (exclusive of depreciation and amortization):
Pharma243,537 224,879 472,073 430,016 
Beauty270,862 241,378 542,350 465,426 
Closures146,864 133,362 278,747 255,753 
Selling, Research & Development and Administrative:
Pharma65,145 60,703 133,261 123,186 
Beauty52,846 48,738 105,476 95,150 
Closures24,707 23,858 49,652 46,870 
Other Segment Items:
Pharma(4,420)176 (8,735)(427)
Beauty(996)(2,340)(1,961)(4,231)
Closures(533)(532)(345)(1,064)
Adjusted EBITDA (1):
Pharma$153,905 $156,831 $300,128 $299,281 
Beauty44,742 47,073 85,224 84,211 
Closures29,849 31,883 53,506 59,143 
Adjusted EBITDA for Reportable Segments$228,496 $235,787 $438,858 $442,635 
Corporate & Other, unallocated(15,909)(17,378)(37,386)(40,889)
Acquisition-related costs (2)(38)(344)(228)(344)
Restructuring Initiatives (3)(1,419)(1,579)(2,505)(3,621)
Net unrealized investment gain (loss) (4)849 2,102 (237)1,006 
Other special items (5)(4,077)— (7,804)— 
Depreciation and amortization(79,641)(69,904)(155,366)(135,551)
Interest Expense(16,001)(10,850)(32,943)(22,201)
Interest Income2,787 1,880 6,429 4,694 
Income before Income Taxes$115,047 $139,714 $208,818 $245,729 
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Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Depreciation and Amortization:
Pharma$39,260 $34,169 $74,903 $65,317 
Beauty24,750 21,475 49,473 41,537 
Closures14,527 13,447 28,751 27,022 
Depreciation and Amortization for Reportable Segments78,537 69,091 153,127 133,876 
Corporate & Other1,104 813 2,239 1,675 
Depreciation and Amortization$79,641 $69,904 $155,366 $135,551 
Capital Expenditures:
Pharma
$27,694 $30,124 $56,585 $59,575 
Beauty
18,774 15,448 38,973 31,590 
Closures
8,150 15,613 21,894 26,085 
Capital Expenditures for Reportable Segments54,618 61,185 117,452 117,250 
Corporate & Other3,427 3,135 6,132 6,068 
Transfer of Corporate Expenditures (6)(482)(895)(625)(3,031)
Capital Expenditures$57,563 $63,425 $122,959 $120,287 
________________________________________________
(1)We evaluate performance of our reporting segments and allocate resources based upon Adjusted EBITDA. Adjusted EBITDA is defined as earnings before net interest, taxes, depreciation, amortization, unallocated corporate expenses, restructuring initiatives, acquisition-related costs, gain on remeasurement of equity method investment, net unrealized investment gains and losses related to observable market price changes on equity securities and other special items.
(2)Acquisition-related costs include transaction costs (and purchase accounting adjustments related to acquisitions and investments).
(3)Restructuring Initiatives includes expense items for the three and six months ended June 30, 2026 and 2025 as follows (see Note 18 – Restructuring Initiatives for further details):
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Restructuring Initiatives by Segment:
Pharma$(66)$68 $(61)$258 
Beauty1,417 626 2,718 1,021 
Closures87 890 336 2,242 
Corporate & Other(19)(5)(488)100 
Total Restructuring Initiatives$1,419 $1,579 $2,505 $3,621 
(4)Net unrealized investment gain (loss) represents the change in fair value of our investment in PCT (see Note 17 – Investment in Equity Securities for further details).
(5)Other special items includes costs related to non-ordinary-course litigation regarding the matters disclosed under "Legal Proceedings" within Note 12 - Commitments and Contingencies, as these costs do not reflect our core operating performance.
(6)The transfer of corporate expenditures represents amounts of projects managed by corporate for the benefit of specific entities within each segment. Once the projects are complete, all related costs are allocated from corporate to, and paid by, the appropriate entity and the associated assets are then depreciated at the entity level.
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NOTE 17 – INVESTMENT IN EQUITY SECURITIES
Our investment in equity securities consisted of the following:
June 30,
2026		December 31,
2025
Equity Method Investments:
Goldrain$108,974 $104,112 
Sonmol5,287 5,044 
Others5,164 5,392 
Other Investments:
PureCycle2,215 2,503 
YAT5,600 5,433 
Others7,511 8,546 
$134,751 $131,030 
Equity Method Investments
Goldrain
On October 22, 2024, we acquired 40% of the equity interests in Ningbo Jinyu Technology Industry Co., Ltd., doing business as Goldrain, a leading manufacturer of dispensing technologies in China for an approximate purchase price of $99.0 million. Goldrain is a leading manufacturer specializing in developing and producing packages for skincare, cosmetic, household, cleaning, personal care and perfumery products. Additionally, we noted an initial basis difference between our investment in the business and the amount recorded in Goldrain's equity of $82.7 million including equity method goodwill that will not be amortized. The future amortizable basis difference of $14.7 million as of December 31, 2024 was comprised of intangible assets which are being amortized on a straight line basis over a weighted average useful life of 11.8 years.
Other Investments
In prior years, we also invested, through a series of transactions, $3.0 million in PureCycle and received $0.7 million of equity in exchange for our resource dedication for technological partnership and support. In March 2021, PureCycle became a publicly-traded company and listed its common stock on Nasdaq under the ticker symbol “PCT.” At that time, our investment in PureCycle was converted into shares of common stock of PCT resulting in less than a 1% ownership interest. This investment is now recorded at fair value based on observable market prices for identical assets and the change in fair value is recorded as a net investment gain or loss in the Condensed Consolidated Statements of Income.
We have sold the following PCT shares related to the PureCycle investment:
Shares SoldProceedsRealized Gain
Q2 202618,295$139 $88 
No shares were sold during 2025 related to PCT.
For the three and six months ended June 30, 2026 and 2025, we recorded the following net investment gain (loss) on our investment in PureCycle:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Net investment gain (loss)$937 $2,102 $(149)$1,006 
During the first half of 2026, we recorded a $0.9 million impairment to our investment in MIWA Technologies. There were no other indications of impairment noted in the six months ended June 30, 2026 and 2025.
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NOTE 18 – RESTRUCTURING INITIATIVES
For the three and six months ended June 30, 2026, we recognized $1.4 million and $2.5 million, respectively, of restructuring costs related to our initiatives to better leverage our fixed cost base through growth and cost reduction measures. For the three and six months ended June 30, 2025, we recognized $1.6 million and $3.6 million of restructuring costs related to these initiatives, respectively. The cumulative expense incurred as of June 30, 2026 was $77.0 million.
As of June 30, 2026, we have recorded the following activity associated with our optimization initiatives:
Beginning Reserve at December 31, 2025
Net Charges for the Six Months Ended June 30, 2026
Cash PaidInterest and
FX Impact		Ending Reserve at June 30, 2026
Employee severance$4,283 $44 $(2,121)$(33)$2,173 
Professional fees and other costs2,175 2,461 (4,033)29 632 
Totals$6,458 $2,505 $(6,154)$(4)$2,805 
As of June 30, 2025, we have recorded the following activity associated with our optimization initiatives:
Beginning Reserve at December 31,
2024
Net Charges for the Six Months Ended June 30, 2025
Cash PaidInterest and
FX Impact		Ending Reserve at June 30, 2025
Employee severance$9,161 $362 $(3,568)$691 $6,646 
Professional fees and other costs796 3,259 (3,451)5 609 
Totals$9,957 $3,621 $(7,019)$696 $7,255 

NOTE 19 – REDEEMABLE NONCONTROLLING INTERESTS
The BTY purchase agreement includes a call option and a put option. The put option, held by the noncontrolling shareholder of BTY, provides the right to sell its remaining 20% interest in BTY to Aptar. The call option, held by Aptar, provides us the right to acquire from the noncontrolling shareholder the remaining 20% interest in BTY based on a predetermined formula subject to future negotiations. The call option and put option become exercisable in the third quarter of 2028 and remain outstanding indefinitely.
The noncontrolling interest is considered redeemable due to the existence of the put option as (i) the noncontrolling shareholder can put the BTY shares to Aptar, (ii) the put is outside Aptar's control; and (iii) it is probable of becoming redeemable solely based on the passage of time. The put and call options cannot be separated from the noncontrolling interest and did not require bifurcation from the noncontrolling interest under the guidance in ASC 815. Due to the redemption features, the noncontrolling interest is classified as redeemable noncontrolling interest within mezzanine equity on the Condensed Consolidated Balance Sheets.
Redeemable noncontrolling interests are initially recorded at the issuance date fair value, as of the acquisition date of BTY. When redeemable noncontrolling interest becomes redeemable, or it is probable of becoming redeemable, its value is adjusted to the greater of current redemption value or carrying value. The redemption value is remeasured on a quarterly basis based on the predetermined formula set forth in the shareholder agreement. No adjustment was required to the redemption value as of June 30, 2026.
The following table presents a roll forward of the redeemable noncontrolling interests for the six months ended June 30, 2026:
2026
Balance at January 1$26,244 
Additional contributions738 
Net income attributable to redeemable noncontrolling interests374 
Foreign currency translation adjustments366 
Balance at June 30$27,722 
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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS, OR AS OTHERWISE INDICATED)
RESULTS OF OPERATIONS
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Net sales100.0 %100.0 %100.0 %100.0 %
Cost of sales (exclusive of depreciation and amortization shown below)64.4 62.0 64.3 62.1 
Selling, research & development and administrative15.4 15.6 16.2 16.5 
Depreciation and amortization7.8 7.2 7.7 7.3 
Restructuring initiatives0.1 0.2 0.1 0.2 
Operating income12.3 15.0 11.7 13.9 
Interest expense(1.5)(1.1)(1.6)(1.2)
Other expense0.4 0.6 0.3 0.6 
Income before income taxes11.2 14.5 10.4 13.3 
Net Income8.6 11.6 8.0 10.3 
Effective tax rate23.5 %20.0 %23.0 %22.5 %
Adjusted EBITDA margin (1)20.7 %22.6 %20.0 %21.7 %
________________________________________________
(1)Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by Reported Net Sales. See the reconciliation under “Non-U.S. GAAP Measures.”
NET SALES
We reported net sales of $1.03 billion for the quarter ended June 30, 2026, which represents a 6% increase compared to $966.0 million reported during the second quarter of 2025. The U.S. dollar weakened against most European currencies resulting in a positive 2% currency translation impact at the consolidated level. Acquisitions also positively impacted consolidated sales by 3%. Therefore, core sales, which excludes acquisitions and changes in foreign currency rates, increased 1% in the second quarter of 2026 compared to the same period in 2025. Strong product volume growth in our Closures segment and the pass through of higher input costs more than compensated for lower tooling sales.
Second Quarter 2026
Net Sales Change over Prior Year		PharmaBeautyClosuresTotal
Reported Net Sales Growth4 %10 %7 %6 %
Currency Effects (1)(2)%(3)%(3)%(2)%
Acquisitions(1)%(6)%— %(3)%
Core Sales Growth1 %1 %4 %1 %
Reported net sales for the first six months of 2026 increased 8% to $2.01 billion compared to $1.85 billion for the first six months of 2025. Foreign currency exchange rates and acquisitions each positively impacted our consolidated results by 4% and 3%, respectively, during the first six months of 2026. Therefore, core sales, which exclude acquisitions and changes in foreign currency exchange rates, for the first six months of 2026 increased 1% when compared with the same period in 2025. During the first half of 2026, we benefitted from strong sales of our higher value products within the Beauty and Closures segments, along with higher tooling sales. In Pharma, strong growth within our consumer healthcare and injectables markets were able to compensate for lower sales of emergency medicine products.
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Six Months Ended June 30, 2026
Net Sales Change over Prior Year		PharmaBeautyClosuresTotal
Reported Net Sales Growth5 %14 %6 %8 %
Currency Effects (1)(4)%(6)%(4)%(4)%
Acquisitions(1)%(6)%— %(3)%
Core Sales Growth— %2 %2 %1 %
________________________________________________
(1)Currency effects are calculated by translating last year’s amounts at this year’s foreign exchange rates.
The following table sets forth, for the periods indicated, net sales by geographic location based on shipped to locations:
Three Months Ended June 30,Six Months Ended June 30,
2026% of Total2025% of Total2026% of Total2025% of Total
Domestic$292,001 28 %$309,749 32 %$571,807 28 %$592,206 32 %
Europe521,035 51 %475,995 49 %1,031,885 51 %914,641 49 %
Latin America85,061 8 %76,142 8 %171,028 9 %148,656 8 %
Asia128,411 13 %104,123 11 %234,656 12 %197,811 11 %
For discussion regarding net sales by reporting segment, please refer to the analysis of segment net sales and segment Adjusted EBITDA on the following pages.
COST OF SALES (EXCLUSIVE OF DEPRECIATION AND AMORTIZATION SHOWN BELOW)
Cost of sales (“COS”) as a percentage of net sales increased to 64.4% in the second quarter of 2026 compared to 62.0% in the second quarter of 2025. Sales within our Pharma segment were negatively impacted by a mix of lower margin applications compared to the same period in 2025. We also were negatively impacted by higher operating costs and an increase in certain input costs.
For the first six months of 2026, COS as a percentage of net sales increased to 64.3% compared to 62.1% in the same period in 2025. As discussed above, this increase is mainly due to the lower sales of some higher margin Pharma products, along with higher input costs and lower productivity when compared to the first six months of 2025.
SELLING, RESEARCH & DEVELOPMENT AND ADMINISTRATIVE
Selling, research & development and administrative expenses (“SG&A”) increased by approximately $6.6 million to $157.7 million in the second quarter of 2026 compared to $151.1 million during the same period in 2025. Excluding changes in foreign currency rates, SG&A increased by approximately $3.2 million in the quarter, with $3.3 million coming from SG&A expenses from our acquisitions. SG&A as a percentage of net sales decreased to 15.4% in the second quarter of 2026 compared to 15.6% in the same period in 2025.
Our SG&A expenses increased by approximately $18.9 million to $325.3 million in the first six months of 2026 compared to $306.4 million during the same period in 2025. Excluding changes in foreign currency rates, SG&A increased by approximately $5.9 million in the first six months of 2026 compared to the first six months of 2025 with incremental SG&A costs from our acquisitions contributing the full amount of this increase. SG&A as a percentage of net sales decreased to 16.2% in the first six months of 2026 compared to 16.5% in the same period in 2025.
DEPRECIATION AND AMORTIZATION
Depreciation and amortization expenses increased by approximately $9.7 million to $79.6 million in the second quarter of 2026 compared to $69.9 million during the same period in 2025. Excluding changes in foreign currency rates, depreciation and amortization increased by approximately $8.0 million in the second quarter of 2026 compared to the same period a year ago. Approximately $3.9 million of this increase is due to recent acquisitions, while the remainder is related to higher capital investments in our legacy businesses made to support our growth strategy. Depreciation and amortization as a percentage of net sales increased to 7.8% in the second quarter of 2026 compared to 7.2% in the same period of the prior year.
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Depreciation and amortization expenses increased by approximately $19.8 million to $155.4 million in the first six months of 2026 compared to $135.6 million during the same period a year ago. Excluding changes in foreign currency rates, depreciation and amortization increased by approximately $13.3 million in the first six months of 2026 compared to the same period a year ago. Of this increase, $7.7 million relates to incremental depreciation and amortization costs in 2026 due to our acquisitions. The remaining net increase is due to higher capital investments made to support our growth strategy as discussed above. Depreciation and amortization as a percentage of net sales increased to 7.7% in the first six months of 2026 compared to 7.3% in the same period of the prior year.
RESTRUCTURING INITIATIVES
For the three and six months ended June 30, 2026, we recognized $1.4 million and $2.5 million, respectively, of restructuring costs related to initiatives to better leverage our fixed cost base through growth and cost reduction measures. For the three and six months ended June 30, 2025, we recognized $1.6 million and $3.6 million of restructuring costs related to these initiatives, respectively. The cumulative expense incurred as of June 30, 2026 was $77.0 million.
Restructuring costs for the three and six months ended June 30, 2026 and 2025 were as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Restructuring Initiatives by Segment:
Pharma$(66)$68 $(61)$258 
Beauty1,417 626 2,718 1,021 
Closures87 890 336 2,242 
Corporate & Other(19)(5)(488)100 
Total Restructuring Initiatives$1,419 $1,579 $2,505 $3,621 
OPERATING INCOME
Operating income decreased approximately $17.7 million to $126.7 million in the second quarter of 2026 compared to $144.4 million in the same period a year ago. Excluding changes in foreign currency rates, operating income decreased by approximately $20.2 million in the quarter compared to the same period a year ago. Cost management efforts were more than offset by higher cost of sales and depreciation and amortization as noted above. Operating income as a percentage of net sales decreased to 12.3% in the second quarter of 2026 compared to 15.0% in the prior year period.
For the first six months of 2026, operating income decreased by approximately $23.6 million to $234.2 million compared to $257.8 million in the same period of the prior year. Excluding changes in foreign currency rates, operating income decreased by approximately $35.9 million in the first six months of 2026 compared to the same period a year ago. This decrease was mainly driven by higher COS as a percentage of revenue, reflecting lower sales of certain higher-margin products within our Pharma segment and higher depreciation costs to support our growth initiatives. Operating income as a percentage of net sales decreased to 11.7% in the first six months of 2026 compared to 13.9% for the same period in the prior year.
INTEREST EXPENSE
Interest expense increased approximately $5.2 million to $16.0 million in the second quarter of 2026 compared to $10.9 million for the same period of the prior year.
Interest expense increased approximately $10.7 million to $32.9 million in the first six months of 2026 compared to $22.2 million during the same period in 2025. Since the beginning of 2025, we have repaid $250.0 million of private placement debt having an interest rate of 3.6% and issued a total of $600.0 million in new notes with a fixed interest rate of 4.75%, thus increasing both the amount and the average interest rate of our debt in the first six months of 2026 compared to the same period in the prior year. See Note 6 - Debt to the Condensed Consolidated Financial Statements for further details on our current debt structure.
NET OTHER INCOME (EXPENSE)
Net other income decreased $1.8 million to $4.3 million in the second quarter of 2026 from $6.2 million in the same period of the prior year.
Net other income decreased approximately $2.5 million to $7.5 million of income for the six months ended June 30, 2026 from $10.1 million of income in the same period of the prior year. Higher interest income of $1.7 million was offset by approximately $2.3 million in lower equity results from affiliates in part due to our investment in BTY now being fully consolidated.
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PROVISION FOR INCOME TAXES
The effective tax rate for the three months ended June 30, 2026 and 2025 was 23.5% and 20.0% respectively. The effective tax rate for the six months ended June 30, 2026 and 2025 was 23.0% and 22.5%, respectively. The effective tax rate for the three and six months ended June 30, 2026 did not include a deferred tax benefit from the release of a valuation allowance, and greater excess tax benefits from share-based compensation that existed in the prior-year period.
NET INCOME ATTRIBUTABLE TO APTARGROUP, INC.
We reported net income attributable to AptarGroup, Inc. of $87.6 million and $160.2 million in the three and six months ended June 30, 2026, respectively, compared to $111.7 million and $190.5 million for the same periods in the prior year.
PHARMA SEGMENT
Operations that sell proprietary dispensing systems, drug delivery systems, sealing solutions and services to the prescription drug, consumer healthcare, injectables, active material science solutions and digital health markets form our Pharma segment.
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Net Sales$458,167 $442,589 $896,727 $852,056 
Adjusted EBITDA (1)153,905 156,831 300,128 299,281 
Adjusted EBITDA margin (1)33.6 %35.4 %33.5 %35.1 %
________________________________________________
(1)Adjusted EBITDA is calculated as earnings before net interest, taxes, depreciation, amortization, restructuring initiatives, acquisition-related costs, net unrealized investment gains and losses related to observable market price changes on equity securities and other special items. Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by Reported Net Sales. See the reconciliation under “Non-U.S. GAAP Measures.”
Net sales for the Pharma segment increased 4% in the second quarter of 2026 to $458.2 million compared to $442.6 million in the second quarter of 2025. Changes in currencies and acquisitions positively affected net sales by 2% and 1%, respectively. Therefore, core sales increased by 1% in the second quarter of 2026 compared to the second quarter of 2025. Higher tooling sales and the positive impact from the pass through of higher input costs to our customers more than compensated for lower device sales in certain markets. Core sales of our products to the prescription drug market decreased 7% primarily due to the anticipated reduction in emergency medicine sales, partially offset by growth in central nervous system therapeutics and Asthma/COPD applications. The 15% core sales improvement in the consumer health care market was mainly driven by strong demand for our nasal decongestant and eye care technologies, along with higher tooling sales. Sales of our products and services to the injectables market increased 9% on strong demand for our elastomeric components, which are used in a number of end markets including GLP-1, biologics and vaccines. Active material science solutions decreased 2% mainly due to a challenging prior year comparison and lower sales for diabetes test strips.
Second Quarter 2026
Net Sales Change over Prior Year		Prescription
Drug (2)		Consumer
Health Care		InjectablesActive Material Science SolutionsTotal
Reported Net Sales Growth(6)%25 %11 %(1)%4 %
Currency Effects (1)(1)%(3)%(2)%(1)%(2)%
Acquisitions— %(7)%— %— %(1)%
Core Sales Growth(7)%15 %9 %(2)%1 %
Net sales for the first six months of 2026 increased by approximately 5% to $896.7 million compared to $852.1 million in the first six months of 2025. Changes in currency rates and acquisitions positively impacted net sales by 4% and 1%, respectively during the first six months of 2026. Therefore, core sales remained flat during the first six months of 2026 compared to the same period in the prior year. Strong sales in our consumer healthcare and Injectables divisions, along with higher tooling sales were offset by lower prescription drug sales. Core sales of products included in our prescription drug division decreased 9% as strong demand for our products used on asthma and central nervous system applications could not compensate for lower emergency medicine product sales. Core sales in the consumer healthcare market increased 10% on higher tooling sales and strong demand for our nasal decongestant and eye care products. Injectables core sales increased 14% with strong demand primarily for elastomeric components used for GLP-1 and other biologics applications. Core sales of our active material science solutions decreased 1% as increases in sales of our probiotic and oral solid dose technologies could not offset declines in diabetes product sales.
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Six Months Ended June 30, 2026
Net Sales Change over Prior Year		Prescription
Drug (2)		Consumer
Health Care		InjectablesActive Material Science SolutionsTotal
Reported Net Sales Growth(5)%23 %19 %1 %5 %
Currency Effects (1)(4)%(7)%(5)%(2)%(4)%
Acquisitions— %(6)%— %— %(1)%
Core Sales Growth(9)%10 %14 %(1)%— %
_______________________________________
(1)Currency effects are calculated by translating last year’s amounts at this year’s foreign exchange rates.
(2)Prescription drug includes prescription drug and digital health solutions.
Adjusted EBITDA in the second quarter of 2026 decreased 2% to $153.9 million compared to $156.8 million in the same period of the prior year, reflecting the less favorable product mix described above while royalties and strong operational performance continued to positively impact margins. As a result, our Adjusted EBITDA margin declined to 33.6% in the second quarter of 2026 from 35.4% in the second quarter of 2025.
Adjusted EBITDA in the first six months of 2026 remained relatively flat at $300.1 million compared to $299.3 million in the same period of the prior year. Strong operational performance in the first half of 2026, a favorable currency impact and the core sales growth in consumer healthcare and injectables discussed above were able to compensate for the lower sales of our higher-margin emergency medicine products. However, due to the disproportionate margin discrepancy on our emergency medicine products, our Adjusted EBITDA margin declined to 33.5% in the first six months of 2026 compared to 35.1% in the first six months of 2025.
BEAUTY SEGMENT
Operations that sell dispensing systems and sealing solutions to the beauty, personal care and home care markets form our Beauty segment.
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Net Sales$367,454 $334,849 $731,089 $640,556 
Adjusted EBITDA (1)44,742 47,073 85,224 84,211 
Adjusted EBITDA margin (1)12.2 %14.1 %11.7 %13.1 %
________________________________________________
(1)Adjusted EBITDA is calculated as earnings before net interest, taxes, depreciation, amortization, restructuring initiatives, acquisition-related costs, net unrealized investment gains and losses related to observable market price changes on equity securities and other special items. Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by Reported Net Sales. See the reconciliation under “Non-U.S. GAAP Measures.”
Reported net sales for the quarter ended June 30, 2026 increased 10% to $367.5 million compared to $334.8 million in the second quarter of the prior year. Changes in currency rates and acquisitions impacted net sales by 3% and 6%, respectively in the second quarter of 2026. Therefore, core sales increased 1% in the second quarter of 2026 compared to the same quarter of the prior year as the pass through of higher input costs more than compensated for lower tooling sales. Core sales to the F&F market increased 2% on strong demand for our color cosmetics and prestige fragrance dispensing technologies. Personal care sales were flat versus prior year as strong sales of our hair care applications offset lower tooling sales. Home care core sales decreased 8% on lower sales of our products to air care and automotive customers.
Second Quarter 2026
Net Sales Change over Prior Year		F&F (2)Personal
Care		Home
Care		Total
Reported Net Sales Growth17 %3 %(7)%10 %
Currency Effects (1)(4)%(3)%(1)%(3)%
Acquisitions(11)%— %— %(6)%
Core Sales Growth2 %— %(8)%1 %
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For the first six months of 2026, reported net sales of $731.1 million increased 14% compared to $640.6 million reported in the first six months of the prior year. Changes in currency rates and acquisitions positively impacted net sales by 6% and 6%, respectively, in the first six months of 2026. Therefore, core sales increased 2% during the first six months of 2026 compared to the same period in the prior year. Overall, improving product sales and the pass through of higher material costs more than compensated for lower tooling sales. Core sales of our products to the F&F market increased 2% during the first six months of 2026 due to strong demand for our color cosmetics and prestige fragrance technologies. Personal care core sales improved 3% over the prior year on higher sales of our hair care and body and skincare products. Core sales of our home care market products, which makes up a smaller percentage of our total sales, declined 10% on lower demand from our customers selling air care products.
Six Months Ended June 30, 2026
Net Sales Change over Prior Year		F&F (2)Personal
Care		Home
Care		Total
Reported Net Sales Growth20 %8 %2 %14 %
Currency Effects (1)(7)%(5)%(3)%(6)%
Acquisitions(11)%— %(9)%(6)%
Core Sales Growth2 %3 %(10)%2 %
________________________________________________
(1)Currency effects are calculated by translating last year’s amounts at this year’s foreign exchange rates.
(2)F&F includes fragrance, facial skincare and color cosmetics.
Adjusted EBITDA in the second quarter of 2026 decreased 5% to $44.7 million compared to $47.1 million in the same period in the prior year primarily due to lower product volumes, unfavorable mix and the timing of resin pass throughs. Adjusted EBITDA margin declined from 14.1% in the second quarter of 2025 to 12.2% during the second quarter of 2026 mainly due to the items mentioned above.
Adjusted EBITDA in the first six months of 2026 increased 1% to $85.2 million compared to $84.2 million reported in the same period in the prior year. This increase was mainly driven by improving fragrance and color cosmetic sales mentioned above along with a favorable currency impact. Adjusted EBITDA margin declined from 13.1% in the first six months of 2025 to 11.7% during the first six months of 2026.
CLOSURES SEGMENT
Operations that sell dispensing closures, sealing solutions and food service trays to the food, beverage, personal care, home care, beauty and other markets form our Closures segment. Our food protection business and elastomeric flow-control technology business continue to report through the Closures segment.
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Net Sales$200,887 $188,571 $381,560 $360,702 
Adjusted EBITDA (1)29,849 31,883 53,506 59,143 
Adjusted EBITDA margin (1)14.9 %16.9 %14.0 %16.4 %
________________________________________________
(1)Adjusted EBITDA is calculated as earnings before net interest, taxes, depreciation, amortization, restructuring initiatives, acquisition-related costs, net unrealized investment gains and losses related to observable market price changes on equity securities and other special items. Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by Reported Net Sales. See the reconciliation under “Non-U.S. GAAP Measures.”
Reported sales for the quarter ended June 30, 2026 increased approximately 7% to $200.9 million compared to $188.6 million in the second quarter of the prior year. Changes in currency rates positively impacted net sales by 3%. Therefore, core sales for the second quarter of 2026 increased approximately 4% from the same quarter of the prior year. During 2025, liquid coffee creamer product sales were reclassified from our food market to the beverage market to better align with how those products are currently managed. All prior period amounts have been revised to conform to the current year presentation. Strong product sales along with the pass through of higher input costs more than compensated for a decline in tooling sales. Sales to the food market decreased 1% on lower tooling sales. The 14% increase in beverage market sales was mainly due to higher sales of our closures for bottled water and functional drink products. Personal care sales declined 3% during the second quarter of 2026 mainly due to lower hair care sales, while other sales increased 11% on strong sales of our laundry and dish care applications.
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Second Quarter 2026
Net Sales Change over Prior Year		FoodBeveragePersonal CareOther (2)Total
Reported Net Sales Growth1 %18 %— %14 %7 %
Currency Effects (1)(2)%(4)%(3)%(3)%(3)%
Core Sales Growth(1)%14 %(3)%11 %4 %
Net sales for the first six months of 2026 increased approximately 6% to $381.6 million compared to $360.7 million in the first six months of 2025. Changes in currency rates positively impacted net sales by 4%. Therefore, core sales increased 2% in the first six months of 2026 compared to the same period in the prior year as strong product sales and the pass through of higher input costs more than compensated for a decline in tooling sales. Core sales to our food customers declined 2% mainly due to the lower tooling sales noted above. Increases in sales of our products to the food service and sauce and condiment markets were offset by lower Asian sauces and granular powder product sales. Core sales to our beverage customers increased 13% during the first six months of 2026 on strong bottled water and liquid coffee creamer application sales. Personal care core sales declined 8% on lower sales of our hair care solutions while the other markets improved by 12% on stronger sales of our laundry and dish care products.
Six Months Ended June 30, 2026
Net Sales Change over Prior Year		FoodBeveragePersonal CareOther (2)Total
Reported Net Sales Growth1 %18 %(3)%17 %6 %
Currency Effects (1)(3)%(5)%(5)%(5)%(4)%
Core Sales Growth(2)%13 %(8)%12 %2 %
______________________________________________________________
(1)Currency effects are calculated by translating last year’s amounts at this year’s foreign exchange rates.
(2)Other includes beauty, home care and other markets.
Adjusted EBITDA in the second quarter of 2026 decreased 6% to $29.8 million compared to $31.9 million reported in the same period of the prior year primarily due to higher operational costs associated with the ramp up of a new production line along with some previously reported maintenance costs, which lessened as the quarter progressed. Our Adjusted EBITDA margin declined from 16.9% in the second quarter of 2025 to 14.9% during the second quarter of 2026 due to the items discussed above along with higher input costs which are mostly passed through to customers with no margin.
Adjusted EBITDA in the first six months of 2026 decreased 10% to $53.5 million compared to $59.1 million reported in the same period of the prior year. The positive impact of higher product sales discussed above was offset by some operational issues discussed above along with a $0.9 million write-off of an equity investment. This led to our Adjusted EBITDA margin declining from 16.4% in the first six months of 2025 to 14.0% during the first six months of 2026.
CORPORATE & OTHER
In addition to our three reporting segments, we assign certain costs to “Corporate & Other” which is presented separately in Note 16 – Segment Information of the Notes to the Condensed Consolidated Financial Statements. For Corporate & Other, Adjusted EBITDA (which excludes net interest, taxes, depreciation, amortization, restructuring initiatives, acquisition-related costs, net unrealized investment gains and losses related to observable market price changes on equity securities and other special items) primarily includes certain professional fees, compensation and information system costs which are not allocated directly to our reporting segments.
For the quarter ended June 30, 2026, Corporate & Other costs decreased to $15.9 million from $17.4 million in the second quarter of 2025. Lower incentive compensation costs led to the current quarter improvement compared to the prior-year period.
For the first six months of 2026, Corporate & Other costs decreased to $37.4 million compared to $40.9 million reported in the same period of the prior year. This decrease is mainly due to lower incentive compensation costs.
NON-U.S. GAAP MEASURES
In addition to the information presented herein that conforms to U.S. GAAP, we also present financial information that does not conform to U.S. GAAP, which are referred to as non-U.S. GAAP financial measures. Management may assess our financial results both on a U.S. GAAP basis and on a non-U.S. GAAP basis. We believe it is useful to present these non-U.S. GAAP financial measures because they allow for a better period over period comparison of operating results by removing the impact of items that, in management’s view, do not reflect our core operating performance. These non-U.S. GAAP financial measures should not be considered in isolation or as a substitute for U.S. GAAP financial results, but should be read in conjunction with the unaudited Condensed Consolidated Statements of Income and other information presented herein. Investors are cautioned against placing undue reliance on these non-U.S. GAAP measures. Further, investors are urged to review and consider carefully the adjustments made by management to the most directly comparable U.S. GAAP financial measures to arrive at these non-U.S. GAAP financial measures.
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In our Management’s Discussion and Analysis, we exclude the impact of foreign currency translation when presenting net sales and other information, which we define as “constant currency.” Core sales, which excludes the impact of acquisitions and foreign currency translation is a non-U.S. GAAP financial measure. Core sales growth is calculated as current-period core sales less prior period core sales divided by prior period core sales multiplied by a hundred. As a worldwide business, it is important that we take into account the effects of foreign currency translation when we view our results and plan our strategies. Consequently, when our management looks at our financial results to measure the core performance of our business, we may exclude the impact of foreign currency translation by translating our prior period results at current period foreign currency exchange rates. As a result, management believes that these presentations are useful internally and may be useful to investors. We also exclude the impact of material acquisitions when comparing results to prior periods. Changes in operating results excluding the impact of acquisitions are non-U.S. GAAP financial measures. We believe it is important to exclude the impact of acquisitions on period over period results in order to evaluate performance on a more comparable basis.
We present earnings before net interest and taxes (“EBIT”), earnings before net interest, taxes, depreciation and amortization (“EBITDA”) and adjusted earnings per share. We also present our adjusted earnings before net interest and taxes (“Adjusted EBIT”), adjusted earnings before net interest, taxes, depreciation and amortization (“Adjusted EBITDA”) and adjusted earnings per share, all of which exclude restructuring initiatives, acquisition-related costs, purchase accounting adjustments related to acquisitions and investments, net unrealized investment gains and losses related to observable market price changes on equity securities, and other special items. For the three and six months ended June 30, 2026, "Other special items" include costs incurred related to non-ordinary-course litigation regarding matters under "Legal Proceedings" within Note 12 - Commitments and Contingencies as these costs do not reflect our core operating performance. Our Outlook is also provided on a non-U.S. GAAP basis because certain reconciling items are dependent on future events that either cannot be controlled, such as exchange rates and changes in the fair value of equity investments, or reliably predicted because they are not part of our routine activities, such as restructuring initiatives, acquisition-related costs and other special items.
We provide a reconciliation of Net Debt to Net Capital as a non-U.S. GAAP measure. “Net Debt” is calculated as interest-bearing debt less cash and equivalents and short-term investments while “Net Capital” is calculated as stockholders’ equity plus Net Debt. Net Debt to Net Capital measures a company’s financial leverage, which gives users an idea of a company's financial structure, or how it is financing its operations, along with insight into its financial strength. We believe that it is meaningful to take into consideration the balance of our cash, cash equivalents and short-term investments when evaluating our leverage. If needed, such assets could be used to reduce our gross debt position.
Finally, we provide a reconciliation of free cash flow as a non-U.S. GAAP measure. Free cash flow is calculated as cash provided by operating activities less capital expenditures plus proceeds from government grants related to capital expenditures. We use free cash flow to measure cash flow generated by operations that is available for dividends, share repurchases, acquisitions and debt repayment. We believe that it is meaningful to investors in evaluating our financial performance and measuring our ability to generate cash internally to fund our initiatives.
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Three Months Ended
June 30, 2026
ConsolidatedPharmaBeautyClosuresCorporate & OtherNet Interest
Net Sales$1,026,508 $458,167 $367,454 $200,887 $— $— 
Reported net income$88,010 
Reported income taxes27,037 
Reported income before income taxes115,047 110,596 18,575 15,235 (16,145)(13,214)
Adjustments:
Restructuring initiatives1,419 (66)1,417 87 (19)
Net investment (gain)(937)(937)
Realized gain on investments included in net investment gain above88 88 
Transaction costs related to acquisitions38 38 — — — 
Other special items
4,077 4,077 — — — 
Adjusted earnings before income taxes119,732 114,645 19,992 15,322 (17,013)(13,214)
Interest expense16,001 16,001 
Interest income(2,787)(2,787)
Adjusted earnings before net interest and taxes (Adjusted EBIT)132,946 114,645 19,992 15,322 (17,013)— 
Depreciation and amortization79,641 39,260 24,750 14,527 1,104 
Adjusted earnings before net interest, taxes, depreciation and amortization (Adjusted EBITDA)$212,587 $153,905 $44,742 $29,849 $(15,909)$— 
Reported net income margin (Reported net income / Reported Net Sales)8.6 %
Adjusted EBITDA margins (Adjusted EBITDA / Reported Net Sales)20.7 %33.6 %12.2 %14.9 %
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Three Months Ended
June 30, 2025
ConsolidatedPharmaBeautyClosuresCorporate & OtherNet Interest
Net Sales$966,009 $442,589 $334,849 $188,571 $— $— 
Reported net income$111,732 
Reported income taxes27,982 
Reported income before income taxes139,714 122,594 24,628 17,546 (16,084)(8,970)
Adjustments:
Restructuring initiatives1,579 68 626 890 (5)
Net investment (gain)(2,102)(2,102)
Transaction costs related to acquisitions344 — 344 — — 
Adjusted earnings before income taxes139,535 122,662 25,598 18,436 (18,191)(8,970)
Interest expense10,850 10,850 
Interest income(1,880)(1,880)
Adjusted earnings before net interest and taxes (Adjusted EBIT)148,505 122,662 25,598 18,436 (18,191)— 
Depreciation and amortization69,904 34,169 21,475 13,447 813 
Adjusted earnings before net interest, taxes, depreciation and amortization (Adjusted EBITDA)$218,409 $156,831 $47,073 $31,883 $(17,378)$— 
Reported net income margin (Reported net income / Reported Net Sales)11.6 %
Adjusted EBITDA margins (Adjusted EBITDA / Reported Net Sales)22.6 %35.4 %14.1 %16.9 %
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Six Months Ended
June 30, 2026
ConsolidatedPharmaBeautyClosuresCorporate & OtherNet Interest
Net Sales$2,009,376 $896,727 $731,089 $381,560 $— $— 
Reported net income$160,777 
Reported income taxes48,041 
Reported income before income taxes208,818 217,254 33,033 24,419 (39,374)(26,514)
Adjustments:
Restructuring initiatives2,505 (61)2,718 336 (488)
Net investment loss149 149 
Realized gain on investments included in net investment loss above88 88 
Transaction costs related to acquisitions83 83 — — — 
Purchase accounting adjustments related to acquisitions and investments145 145 — — — 
Other special items
7,804 7,804 — — — 
Adjusted earnings before income taxes219,592 225,225 35,751 24,755 (39,625)(26,514)
Interest expense32,943 32,943 
Interest income(6,429)(6,429)
Adjusted earnings before net interest and taxes (Adjusted EBIT)246,106 225,225 35,751 24,755 (39,625)— 
Depreciation and amortization155,366 74,903 49,473 28,751 2,239 
Adjusted earnings before net interest, taxes, depreciation and amortization (Adjusted EBITDA)$401,472 $300,128 $85,224 $53,506 $(37,386)$— 
Reported net income margin (Reported net income / Reported Net Sales)8.0 %
Adjusted EBITDA margins (Adjusted EBITDA / Reported Net Sales)20.0 %33.5 %11.7 %14.0 %
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Six Months Ended
June 30, 2025
ConsolidatedPharmaBeautyClosuresCorporate & OtherNet Interest
Net Sales$1,853,314 $852,056 $640,556 $360,702 $— $— 
Reported net income$190,395 
Reported income taxes55,334 
Reported income before income taxes245,729 233,706 41,309 29,879 (41,658)(17,507)
Adjustments:
Restructuring initiatives3,621 258 1,021 2,242 100 
Net investment (gain)(1,006)(1,006)
Transaction costs related to acquisitions344 — 344 — — 
Adjusted earnings before income taxes248,688 233,964 42,674 32,121 (42,564)(17,507)
Interest expense22,201 22,201 
Interest income(4,694)(4,694)
Adjusted earnings before net interest and taxes (Adjusted EBIT)266,195 233,964 42,674 32,121 (42,564)— 
Depreciation and amortization135,551 65,317 41,537 27,022 1,675 
Adjusted earnings before net interest, taxes, depreciation and amortization (Adjusted EBITDA)$401,746 $299,281 $84,211 $59,143 $(40,889)$— 
Reported net income margin (Reported net income / Reported Net Sales)10.3 %
Adjusted EBITDA margins (Adjusted EBITDA / Reported Net Sales)21.7 %35.1 %13.1 %16.4 %

Reconciliation of Adjusted Earnings Per Diluted ShareThree Months Ended June 30,Six Months Ended June 30,
2026202520262025
Income before Income Taxes$115,047 $139,714 $208,818 $245,729 
Adjustments:
Restructuring initiatives1,419 1,579 2,505 3,621 
Net investment (gain) loss(937)(2,102)149 (1,006)
Realized gain on investments included in net investment (gain) loss above88 — 88 — 
Transaction costs related to acquisitions38 344 83 344 
Purchase accounting adjustments related to acquisitions and investments— — 145 — 
Other special items4,077 — 7,804 — 
Foreign currency effects (1)1,245 10,237 
Adjusted Earnings before Income Taxes$119,732 $140,780 $219,592 $258,925 
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Reconciliation of Adjusted Earnings Per Diluted ShareThree Months Ended June 30,Six Months Ended June 30,
2026202520262025
Provision for Income Taxes$27,037 $27,982 $48,041 $55,334 
Adjustments:
Restructuring initiatives404 421 683 927 
Net investment (gain) loss(229)(515)37 (246)
Realized gain on investments included in net investment (gain) loss above22 — 22 — 
Transaction costs related to acquisitions9 86 20 86 
Purchase accounting adjustments related to acquisitions and investments— — 49 — 
Other special items1,074 — 2,027 — 
Foreign currency effects (1)249 2,305 
Adjusted Provision for Income Taxes$28,317 $28,223 $50,879 $58,406 
Net (Income) Loss Attributable to Noncontrolling Interests$(152)$(12)$(156)$123 
Net Income Attributable to Redeemable Noncontrolling Interests$(285)$— $(374)$— 
Net Income Attributable to AptarGroup, Inc.$87,573 $111,720 $160,247 $190,518 
Adjustments:
Restructuring initiatives1,015 1,158 1,822 2,694 
Net investment (gain) loss(708)(1,587)112 (760)
Realized gain on investments included in net investment (gain) loss above66 — 66 — 
Transaction costs related to acquisitions29 258 63 258 
Purchase accounting adjustments related to acquisitions and investments— — 96 — 
Other special items3,003 — 5,777 — 
Foreign currency effects (1)996 7,932 
Adjusted Net Income Attributable to AptarGroup, Inc.$90,978 $112,545 $168,183 $200,642 
Average Number of Diluted Shares Outstanding64,208 67,048 64,504 67,262 
Net Income Attributable to AptarGroup, Inc. Per Diluted Share$1.36 $1.67 $2.48 $2.83 
Adjustments:
Restructuring initiatives0.02 0.02 0.03 0.04 
Net investment (gain) loss(0.01)(0.03)— (0.01)
Realized gain on investments included in net investment (gain) loss above— — — — 
Transaction costs related to acquisitions— — — — 
Purchase accounting adjustments related to acquisitions and investments— — — — 
Other special items0.05 — 0.10 — 
Foreign currency effects (1)— 0.02 0.12 
Adjusted Net Income Attributable to AptarGroup, Inc. Per Diluted Share$1.42 $1.68 $2.61 $2.98 
______________________________________________________________
(1)Foreign currency effects are approximations of the adjustment necessary to state the prior year earnings and earnings per share using current period foreign currency exchange rates.
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Net Debt to Net Capital ReconciliationJune 30,December 31,
20262025
Revolving credit facility and overdrafts
$217,540 $183,947 
Current maturities of long-term obligations, net of unamortized debt issuance costs31,699 159,584 
Long-Term Obligations, net of unamortized debt issuance costs1,118,415 1,139,433 
Total Debt1,367,654 1,482,964 
Less:
Cash and equivalents190,402 402,424 
Short-term investments6,864 7,109 
Net Debt$1,170,388 $1,073,431 
Total Stockholders' Equity$2,646,723 $2,685,981 
Net Debt1,170,388 1,073,431 
Net Capital$3,817,111 $3,759,412 
Net Debt to Net Capital30.7 %28.6 %
Free Cash Flow Reconciliation
Six Months Ended June 30,20262025
Net Cash Provided by Operations$222,180 $208,700 
Capital Expenditures(122,959)(120,287)
Proceeds from Government Grants— 3,308 
Free Cash Flow$99,221 $91,721 
FOREIGN CURRENCY
Because of our international presence, movements in exchange rates can have a significant impact on the translation of the financial statements of our foreign subsidiaries. Our primary foreign exchange exposure is to the European euro, but we also have foreign exchange exposure to the Chinese yuan, Brazilian real, Argentine peso, Mexican peso, Swiss franc and other Asian, European and Latin American currencies. A weakening U.S. dollar relative to foreign currencies has an additive translation effect on our financial statements. Conversely, a strengthening U.S. dollar has a dilutive effect. We manage our exposures to foreign exchange principally with forward exchange contracts to economically hedge recorded transactions and firm purchase and sales commitments denominated in foreign currencies.
During the six months ended June 30, 2026, the U.S. dollar was weaker compared to all European currencies, most Latin American currencies, Chinese yuan and the Thai baht. This resulted in an additive impact on our translated results during the second quarter of 2026 when compared to the second quarter of 2025.
QUARTERLY TRENDS
Our results of operations in the fourth quarter of the year are typically negatively impacted by customer plant shutdowns in December. Several of the markets we serve are impacted by the seasonality of underlying consumer products. This, in turn, may have an impact on our net sales and results of operations for those markets. The diversification of our product portfolio minimizes fluctuations in our overall quarterly financial statements and results in an immaterial seasonality impact on our Condensed Consolidated Financial Statements when viewed quarter over quarter.
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Generally, we have incurred higher stock-based compensation expense in the first quarter compared with the rest of the fiscal year due to the timing and recognition of stock-based expense from substantive vesting for retirement eligible employees. As of June 30, 2026, our estimated stock-based compensation expense on a pre-tax basis for the year 2026 compared to 2025 is as follows:
20262025
First Quarter$16,764 $19,193 
Second Quarter7,308 8,813 
Third Quarter (estimated for 2026)9,343 8,766 
Fourth Quarter (estimated for 2026)9,336 7,169 
$42,751 $43,941 
LIQUIDITY AND CAPITAL RESOURCES
Given our current level of leverage and our ability to generate cash flow from operations, we believe we are in a strong financial position to meet our business requirements in the foreseeable future. We have historically used cash flow from operations, our revolving and other credit facilities, as needed, as our primary sources of liquidity. Our primary uses of cash are to invest in equipment, capacity expansions and working capital for the continued growth of our business to achieve our strategic objectives, as well as paying quarterly dividends to stockholders, and investing in new businesses. Due to uncertain macroeconomic conditions, including rising interest rates and inflation, if there was a prolonged decrease in customer demand that would adversely impact our cash flows from operations, we would have the ability to restrict and significantly reduce capital expenditure levels and discretionary share repurchases, as well as reevaluate our acquisition strategy. A prolonged and significant reduction in capital expenditure levels could increase future repairs and maintenance costs as well as have a negative impact on operating margins if we were unable to invest in new innovative products.
Cash and equivalents and restricted cash decreased to $192.8 million at June 30, 2026 from $404.8 million at December 31, 2025. Total short- and long-term interest-bearing debt decreased from $1.48 billion at December 31, 2025 to $1.37 billion at June 30, 2026. The ratio of our Net Debt (interest-bearing debt less cash and cash equivalents and short-term investments) to Net Capital (stockholders’ equity plus Net Debt) increased to 30.7% at June 30, 2026 from 28.6% at December 31, 2025. See the reconciliation under “Non-U.S. GAAP Measures.”
In the first six months of 2026, our operations provided approximately $222.2 million in net cash flow compared to $208.7 million for the same period a year ago. In both periods, cash flow from operations was primarily derived from earnings before depreciation and amortization.
We used $121.9 million in cash for investing activities during the first six months of 2026 compared to $126.1 million during the same period a year ago. Our primary use of such cash was on capital expenditures in the amount of $123.0 million during the first six months of 2026.
Financing activities used $308.3 million in cash during the first six months of 2026 compared to $162.0 million in cash used by financing activities during the same period a year ago. During the first six months of 2026, we paid $61.5 million in dividends, purchased $150.0 million of our common stock which we placed into treasury stock, repaid in full the $125.0 million of long-term debt being the 3.60% Senior Notes that were due in February 2026 and received proceeds of $19.0 million on stock option exercises.
As part of our liquidity management strategy, we maintain several sources of committed and uncommitted financing that may be used to meet working capital requirements, fund investments, and provide financial flexibility. These arrangements include the following:
In October 2020, we entered into an unsecured money market borrowing arrangement to provide short-term financing of up to $30.0 million that is available in the U.S. No balance was outstanding under this arrangement as of June 30, 2026.
We have a revolving credit facility (the “revolving credit facility”) with a syndicate of banks which provides us with unsecured financing of up to $600.0 million, which may be increased by up to $300.0 million subject to certain conditions. The revolving credit facility is available in the U.S. and to our wholly-owned UK subsidiary and can be drawn in various currencies including USD, EUR, GBP, and CHF. The revolving credit facility was set to mature in June 2026, but on July 2, 2024, we entered into a new amended and restated agreement (the “amended revolving credit facility”) that extended the maturity date to July 2029, subject to a maximum of two one-year extensions in certain circumstances. As of June 30, 2026, we had utilized $37.5 million and €130.0 million ($148.5 million) under the amended revolving credit facility in the U.S. and no balance was utilized by our wholly-owned UK subsidiary. As of December 31, 2025, €130.0 million ($152.6 million) was utilized under the revolving credit facility in the U.S. and no balance was utilized by our wholly-owned UK subsidiary.
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There are no compensating balance requirements associated with our amended revolving credit facility. Each borrowing under the revolving credit facility will bear interest at rates based on SOFR (in the case of USD), EURIBOR (in the case of EUR), SONIA (in the case of GBP), SARON (in the case of CHF), prime rates or other similar rates, in each case plus an applicable margin. The amended revolving credit facility also provides mechanics relating to a transition away from designated benchmark rates for other available currencies and the replacement of any such applicable benchmark by a replacement alternative benchmark rate or mechanism for loans made in the applicable currency. A facility fee on the total amount of the amended revolving credit facility is also payable quarterly, regardless of usage. The applicable margins for borrowings under the amended revolving credit facility and the facility fee percentage may change from time to time depending on changes in our consolidated leverage ratio. Credit facility balances are included in revolving credit facility and overdrafts on the Condensed Consolidated Balance Sheets.
On July 2, 2024, we entered into a term loan with a syndicate of banks (the “Term Loan”). The Term Loan matures in July 2027. As of June 30, 2026, $116.2 million was utilized under the Term Loan.
Our amended revolving credit facility and corporate long-term obligations require us to satisfy certain financial and other covenants including:
RequirementLevel at June 30, 2026
Consolidated Leverage Ratio (1)Maximum of 3.50 to 1.001.49 to 1.00
Consolidated Interest Coverage Ratio (1)Minimum of 3.00 to 1.0012.48 to 1.00
__________________________________________________________
(1)Definitions of ratios are included as part of the amended revolving credit facility agreement.
Based upon the above consolidated leverage ratio covenant, we would have the ability to borrow approximately an additional $1.60 billion before the 3.50 to 1.00 maximum ratio requirement would be exceeded.
On July 16, 2026, the Board of Directors declared a quarterly cash dividend of $0.48 per share payable on August 20, 2026 to stockholders of record as of July 30, 2026.
Our foreign operations have historically met cash requirements with the use of internally generated cash or uncommitted short-term borrowings. We also have committed financing arrangements in both the U.S. and the UK as detailed above. We manage our global cash requirements considering (i) available funds among the many subsidiaries through which we conduct business, (ii) the geographic location of our liquidity needs, and (iii) the cost to access international cash balances.
CONTINGENCIES
The Company is subject to a number of lawsuits and claims both actual and potential in nature. Please refer to Note 12 - Commitments and Contingencies of the Notes to Condensed Consolidated Financial Statements for a discussion of contingencies affecting our business.
RECENTLY ISSUED ACCOUNTING STANDARDS
We have reviewed the recently issued ASUs to the FASB’s Accounting Standards Codification that have future effective dates. There were no standards adopted during the first half of 2026, see Note 1 – Summary of Significant Accounting Policies of the Notes to Condensed Consolidated Financial Statements.
Other accounting standards that have been issued by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on our Condensed Consolidated Financial Statements upon adoption.
OUTLOOK
We expect adjusted earnings per share for the third quarter of 2026 to be in the range of $1.45 to $1.53. This guidance assumes an effective tax rate range of 22.5% to 24.5%. The earnings per share guidance range is assuming a 1.14 euro to USD exchange rate. Our total 2026 estimated cash outlays for capital expenditures net of government grant proceeds are expected to be approximately $260.0 million to $280.0 million.
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FORWARD-LOOKING STATEMENTS
Certain statements in Management’s Discussion and Analysis and other sections of this Form 10-Q are forward-looking and involve a number of risks and uncertainties, including certain statements set forth in the Restructuring Initiatives, Quarterly Trends, Liquidity and Capital Resources, Contingencies and Outlook sections of this Form 10-Q. Words such as “expects,” “anticipates,” “believes,” “estimates,” “future,” “potential”, "continues", “are optimistic” and other similar expressions or future or conditional verbs such as “will,” “should,” “would” and “could” are intended to identify such forward-looking statements. Forward-looking statements are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act") and are based on our beliefs as well as assumptions made by and information currently available to us. Accordingly, our actual results or other events may differ materially from those expressed or implied in such forward-looking statements due to known or unknown risks and uncertainties that exist in our operations and business environment including, but not limited to:
•our ability to protect and defend our intellectual property rights, as well as litigation involving intellectual property rights;
•our ability to keep pace with competition and technological advances, including in connection with the shifting of Pharma origination to less regulated markets;
•the outcome of any legal proceeding that has been or may be instituted against us and others;
•geopolitical conflicts worldwide and the resulting indirect impact on demand from our customers selling their products into these countries, and certain supply chain disruptions;
•cybersecurity threats against our systems and/or service providers that could impact our networks and reporting systems;
•loss of one or more key products or accounts;
•loss of royalty revenue due to contract expirations;
•the availability of raw materials and components (particularly from sole-sourced suppliers for some of our Pharma solutions) as well as the financial viability of these suppliers;
•lower demand and asset utilization due to an economic recession either globally or in key markets we operate within;
•economic conditions worldwide, including inflationary conditions and potential deflationary conditions in other regions we rely on for growth;
•significant tariffs and other restrictions on foreign imports imposed by the U.S. and related countermeasures are taken by impacted foreign countries;
•the demand for existing and new products;
•our ability to successfully implement facility expansions and new facility projects;
•fluctuations in the cost of materials, components, transportation cost as a result of supply chain disruptions and labor shortages, and other input costs;
•significant fluctuations in foreign currency exchange rates or our effective tax rate;
•the impact of tax reform legislation, changes in tax rates and other tax-related events or transactions that could impact our effective tax rate and cash flow;
•financial conditions of customers and suppliers;
•consolidations within our customer or supplier bases;
•changes in customer and/or consumer spending levels;
•our ability to offset inflationary impacts with cost containment, productivity initiatives and price increases;
•changes in capital availability or cost, including rising interest rates;
•volatility of global credit markets;
•our ability to identify potential new acquisitions and to successfully acquire and integrate such operations, including the successful integration of the businesses we have acquired;
•our ability to build out acquired businesses and integrate the product/service offerings of the acquired entities into our existing product/service portfolio;
•direct or indirect consequences of acts of war, terrorism or social unrest;
•the impact of natural disasters and other weather-related occurrences;
•fiscal and monetary policies and other regulations;
•changes, difficulties or failures in complying with government regulation, including FDA or similar foreign governmental authorities;
•changing regulations or market conditions regarding environmental sustainability;
•our ability to retain key members of management and manage labor costs;
•work stoppages due to labor disputes;
•our ability to meet future cash flow estimates to support our goodwill impairment testing;
•the success of our customers’ products, particularly in the pharmaceutical industry;
•our ability to manage worldwide customer launches of complex technical products, particularly in developing markets;
•difficulties in product development and uncertainties related to the timing or outcome of product development;
•significant product liability claims; and
•other risks associated with our operations.
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Although we believe that our forward-looking statements are based on reasonable assumptions, there can be no assurance that actual results, performance or achievements will not differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements. We undertake no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Please refer to Item 1A (Risk Factors) of Part I included in our Annual Report on Form 10-K for the year ended December 31, 2025 for additional risks and uncertainties that may cause our actual results or other events to differ materially from those expressed or implied in such forward-looking statements.
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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
A significant number of our operations are located outside of the United States. Because of this, movements in exchange rates may have a significant impact on the translation of the financial condition and results of operations of our subsidiaries. Our primary foreign exchange exposure is to the euro, but we have foreign exchange exposure to the Chinese yuan, Brazilian real, Argentine peso, Mexican peso, Swiss franc and other Asian, European and Latin American currencies. A weakening U.S. dollar relative to foreign currencies has an additive translation effect on our financial statements. Conversely, a strengthening U.S. dollar has a dilutive translation effect. Additionally, in some cases, we sell products denominated in a currency different from the currency in which the related costs are incurred. Any changes in exchange rates on such inter-country sales may impact our results of operations.
The table below provides information as of June 30, 2026 about our forward currency exchange contracts. The increase in USD/MXN and MXN/USD notional amounts reflect forward-starting foreign currency swaps entered into during the quarter. The tabular presentation includes both the near and far legs of these contracts in accordance with the Company's market risk disclosure methodology. The majority of the contracts expire before the end of the third quarter of 2026.
Buy/SellContract Amount
(in thousands)		Average
Contractual
Exchange Rate		Min / Max
Notional
Volumes
 USD / MXN $44,000 17.7222 31,000 - 49,000
 EUR / USD 27,486 1.1642 27,486 - 33,688
 MXN / USD 14,700 0.0573 0 - 22,200
 EUR / BRL 9,666 6.0998 9,666 - 9,997
 CZK / EUR 9,158 0.0411 6,843 - 9,158
 CHF / EUR 7,469 1.0904 636 - 7,469
 EUR / CHF 5,260 0.9188 4,291 - 5,260
 INR / EUR 5,142 0.0090 0 - 5,142
 USD / EUR 4,285 0.8611 4,285 - 6,108
 EUR / INR 4,225 113.0352 0 - 4,225
 EUR / MXN 2,857 20.9366 2,857 - 3,503
 EUR / THB 2,724 37.8925 2,593 - 2,724
 GBP / EUR 1,039 1.1511 898 - 1,374
 EUR / GBP 848 0.8674 438 - 1,824
 CHF / USD 844 1.2756 702 - 1,049
 USD / INR 716 97.1439 0 - 716
 CZK / USD 320 0.0479 120 - 320
 EUR / CZK 255 24.3573 255 - 633
 USD / GBP 231 0.7470 231 - 330
 USD / CHF 100 0.7902 100 - 338
 GBP / USD 58 1.3458 0 - 182
Total$141,383 
As of June 30, 2026, we have recorded the fair value of foreign currency forward exchange contracts of $0.6 million in prepaid and other and $1.0 million in accounts payable, accrued and other liabilities on the Condensed Consolidated Balance Sheets.
The Company enters into cross-currency swap contracts to hedge its net investment in euro-denominated assets against future volatility in the exchange rate between the U.S. dollar and the euro. These instruments are designated as net investment hedges and we elected the spot method. Gains and losses resulting from the settlement of the excluded components are recorded in interest expense in the Condensed Consolidated Statements of Income. Gains and losses resulting from the fair value adjustments to the cross-currency swap agreements are recorded in accumulated other comprehensive (loss) income as the swaps are effective in hedging the designated risk. Our derivative contracts expire at various dates through September 2029. As of June 30, 2026, the fair value of the cross currency swap contracts was a $24.7 million liability.

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ITEM 4. CONTROLS AND PROCEDURES
DISCLOSURE CONTROLS AND PROCEDURES
Management has evaluated, with the participation of the Chief Executive Officer and Chief Financial Officer of the Company, the effectiveness of our disclosure controls and procedures (as that term is defined in Rule 13a-15(e) under the Exchange Act) as of June 30, 2026. Based on that evaluation, the chief executive officer and chief financial officer have concluded that these controls and procedures were effective as of such date.
CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING
During the fiscal quarter ended June 30, 2026, we implemented ERP systems at one operating site. Consequently, the control environment has been modified at this location to incorporate the controls contained within the new ERP systems. Except for the foregoing, no changes in our internal control over financial reporting (as such term is defined in Rule 13a-15(f) under the Securities Exchange Act of 1934) occurred during our fiscal quarter ended June 30, 2026 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
We are subject to a number of lawsuits and claims both actual and potential in nature. While management believes the resolution of these claims and lawsuits will not have a material adverse effect on our financial position or results of operations or cash flows, claims and legal proceedings are subject to inherent uncertainties, and unfavorable outcomes could occur that could include amounts in excess of any accruals which management has established. Were such unfavorable final outcomes to occur, it is possible that they could have a material adverse effect on our financial position, results of operations and cash flows. For information regarding these and other contingencies, please refer to Note 12 – Commitments and Contingencies of the Notes to the Condensed Consolidated Financial Statements.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
RECENT SALES OF UNREGISTERED SECURITIES
Certain French employees are eligible to participate in the FCP Aptar Savings Plan (the “Plan”). An independent agent purchases shares of common stock available under the Plan for cash on the open market and we do not issue shares. We do not receive any proceeds from the purchase of common stock under the Plan. The agent under the Plan is BNP Paribas Fund Services. No underwriters are used under the Plan. All shares are sold in reliance upon the exemption from registration under the Securities Act of 1933 provided by Regulation S promulgated under that Act. During the quarter ended June 30, 2026, the Plan purchased 10,251 shares of our common stock on behalf of the participants at an average price of $118.80, for an aggregate amount of $1.2 million, and sold 8,970 shares of our common stock on behalf of the participants at an average price of $122.34, for an aggregate amount of $1.1 million. At June 30, 2026, the Plan owned 124,395 shares of our common stock.
ISSUER PURCHASES OF EQUITY SECURITIES
On February 3, 2026, a new share repurchase authorization of up to $600.0 million of common stock was authorized. This authorization replaces previous authorizations and has no expiration date. We may repurchase shares through the open market, privately negotiated transactions or other programs, subject to market conditions.
During the three and six months ended June 30, 2026, we repurchased approximately 403 thousand shares for $50.0 million and 1.1 million shares for $150.0 million, respectively.
The following table summarizes our purchases of our securities for the quarter ended June 30, 2026:
PeriodTotal Number Of Shares PurchasedAverage Price Paid Per ShareTotal Number Of Shares Purchased As Part Of Publicly Announced Plans Or ProgramsDollar Value Of Shares That May Yet Be Purchased Under The Plans Or Programs
(in millions)
4/1/26 - 4/30/26—$— —$500.0 
5/1/26 - 5/31/26403,344123.96 403,344450.0 
6/1/26 - 6/30/26—— —450.0 
Total403,344$123.96 403,344$450.0 

ITEM 5. OTHER INFORMATION
Rule 10b5-1 Plan Elections
During the three months ended June 30, 2026, no director or officer of the Company adopted, modified or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408 of Regulation S-K.
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Table of Contents
ITEM 6. EXHIBITS
Exhibit 31.1*
Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
Exhibit 31.2*
Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
Exhibit 32.1*
Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
Exhibit 32.2*
Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
Exhibit 101
The following information from our Quarterly Report on Form 10-Q for the second quarter of fiscal 2026, filed with the SEC on July 31, 2026, formatted in Inline Extensible Business Reporting Language (XBRL): (i) the Cover Page, (ii) the Condensed Consolidated Statements of Income – Three and Six Months Ended June 30, 2026 and 2025, (iii) the Condensed Consolidated Statements of Comprehensive Income – Three and Six Months Ended June 30, 2026 and 2025, (iv) the Condensed Consolidated Balance Sheets – June 30, 2026 and December 31, 2025, (v) the Condensed Consolidated Statements of Changes in Equity – Three and Six Months Ended June 30, 2026 and 2025, (vi) the Condensed Consolidated Statements of Cash Flows - Six Months Ended June 30, 2026 and 2025 and (vii) the Notes to Condensed Consolidated Financial Statements.
Exhibit 104Cover Page Interactive Data File (embedded within the Inline XBRL document).
*Filed or furnished herewith.
**Management contract or compensatory plan or arrangement.

54
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
AptarGroup, Inc.
(Registrant)
By
/s/ VANESSA KANU
Vanessa Kanu
Executive Vice President and Chief Financial Officer
(Duly Authorized Officer and Principal Financial Officer)

Date: July 31, 2026

What is the market capitalization of a company?

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