Financial Analysis

"Acquisitions and Sale of Business Acquisitions On February 17, 2025, the Company acquired the aerospace business (""GMT Aerospace"") of GMT Gummi-Metall-Technik GmbH for a purchase price of $37.7 million. The fair value of assets acquired and liabilities assumed included $15.5 million of goodwill, $4.6 million of intangible assets, $0.2 million of property and equipment, and $17.4 million of net working capital. GMT Aerospace was part of the Aerospace segment, which has been presented as discontinued operations for all periods presented. Sale of Business On January 31, 2025, the Company completed the sale of its Arrow Engine business within the Specialty Products segment for net cash proceeds of $21.0 million. As a result, the Company recorded a pre-tax gain of $5.3 million for the six months ended June 30, 2025, and $0.1 million for the three months ended September 30, 2025."

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Commitments and Contingencies Asbestos As of June 30, 2026, the Company was a party to 655 pending cases involving an aggregate of 5,197 claimants primarily alleging personal injury from exposure to asbestos containing materials formerly used in gaskets (both encapsulated and otherwise) manufactured or distributed by its former Lamons division and certain other related subsidiaries for use primarily in the petrochemical, refining and exploration industries. The following chart summarizes the number of claims, number of claims filed, number of claims dismissed, number of claims settled, the average settlement amount per claim and the total defense costs, at the applicable date and for the applicable periods: Claims pending at beginning of period Claims filed during period Claims dismissed during period Claims settled during period Claims pending at end of period Average settlement amount per claim during period Total defense costs during period Six Months Ended June 30, 2026 5,080 201 59 25 5,197 $ 8,530 $ 1,090,000 Fiscal Year Ended December 31, 2025 4,968 302 157 33 5,080 $ 18,091 $ 1,580,000 In addition, the Company acquired various companies to distribute its products that had distributed gaskets of other manufacturers prior to acquisition. The Company believes that many of its pending cases relate to locations at which none of its gaskets were distributed or used. The Company may be subjected to significant additional asbestos-related claims in the future, and will aggres …

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"Long-term Debt The Company's long-term debt consists of the following (dollars in thousands): June 30, 2026 December 31, 2025 4.125% Senior Notes due April 2029 $ 400,000 $ 400,000 Credit Agreement 72,790 Debt issuance costs (3,110) (3,620) Long-term debt, net $ 396,890 $ 469,170 Senior Notes In March 2021, the Company issued $400.0 million aggregate principal amount of 4.125% senior notes due April 15, 2029, (""Senior Notes"") at par value in a private placement under Rule 144A of the Securities Act of 1933, as amended (""Securities Act""). The Senior Notes accrue interest at a rate of 4.125% per annum, payable semi-annually in arrears on April 15 and October 15. The payment of principal and interest is jointly and severally guaranteed, on a senior unsecured basis, by certain subsidiaries of the Company. The Senior Notes are pari passu in right of payment with all existing and future senior indebtedness and effectively subordinated to all existing and future secured indebtedness to the extent of the value of the assets securing such indebtedness. The Company may redeem all or part of the Senior Notes at par (100% of principal amount), plus accrued and unpaid interest, if any, to the redemption date. Credit Agreement In March 2025, the Company amended its existing credit agreement (""Credit Agreement"") to extend the maturity date. The Company incurred fees and expenses of $1.3 million during the six months ended June 30, 2025 related to the amendment, all of which was capit …

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The following table presents the Companys disaggregated net sales by primary market served (dollars in thousands): Three months ended June 30, Six months ended June 30, Customer Markets 2026 2025 2026 2025 Consumer Products $ 115,960 $ 117,650 $ 230,550 $ 220,500 Industrial 58,620 54,100 112,310 103,710 Total net sales $ 174,580 $ 171,750 $ 342,860 $ 324,210 …

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"Equity Awards Stock Options Information related to stock options at June 30, 2026 is as follows: Number of Stock Options Weighted Average Option Price Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding at January 1, 2026 900,000 $ 41.11 Outstanding at June 30, 2026 900,000 $ 41.11 9.0 $ 4,520,000 As of June 30, 2026, there was $3.7 million of unrecognized compensation cost related to stock options that is expected to be recorded over a weighted average period of 1.4 years. The Company recognized approximately $0.7 million and $1.5 million of stock-based compensation expense related to stock options during the three and six months ended June 30, 2026, respectively, and $0.1 million of stock-based compensation expense related to stock options during the three and six months ended June 30, 2025. The stock-based compensation expense is included in selling, general and administrative expenses in the accompanying consolidated statement of income. Restricted Stock Units The Company awarded the following restricted stock units (""RSUs"") during the six months ended June 30, 2026: Granted 82,145 RSUs to certain employees, which are subject only to a service condition and vest ratably over two or three years so long as the employee remains with the Company; Granted 22,824 RSUs to its non-employee independent directors, which fully vest one year from date of grant so long as the director and/or Company does not terminate the director's service prior to the …

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Goodwill and Other Intangible Assets Goodwill Changes in the carrying amount of goodwill for the six months ended June 30, 2026 are summarized as follows (dollars in thousands): Packaging Specialty Products Total Balance, December 31, 2025 $ 293,720 $ 6,560 $ 300,280 Foreign currency translation and other (3,620) (3,620) Balance, June 30, 2026 $ 290,100 $ 6,560 $ 296,660 Accumulated impairment losses at June 30, 2026 $ 58,660 $ $ 58,660 Other Intangible Assets The Company amortizes its other intangible assets over periods ranging from one to 30 years. The gross carrying amounts and accumulated amortization of the Company's other intangibles are summarized below (dollars in thousands): As of June 30, 2026 As of December 31, 2025 Intangible Category by Useful Life Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Finite-lived intangible assets: Customer relationships, 5 12 years $ 98,020 $ (73,300) $ 99,270 $ (71,810) Customer relationships, 15 25 years 39,280 (39,280) 39,280 (39,280) Total customer relationships 137,300 (112,580) 138,550 (111,090) Technology and other, 1 15 years 13,540 (12,240) 13,630 (12,140) Technology and other, 17 30 years 41,600 (39,910) 41,600 (39,740) Total technology and other 55,140 (52,150) 55,230 (51,880) Indefinite-lived intangible assets: Trademark/Trade names 45,260 45,740 Total other intangible assets $ 237,700 $ (164,730) $ 239,520 $ (162,970) Amortization expense related to intangible assets as incl …

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Income Taxes The effective income tax rate for the three months ended June 30, 2026 and 2025 was (272.3)% and 22.5%, respectively. The Company recorded an income tax benefit of $49.2 million for the three months ended June 30, 2026, compared to income tax expense of $0.7 million for the same period in the prior year. The significantly lower effective tax rate in the second quarter of 2026 was primarily driven by the misapplication of income tax accounting guidance related to allocation of tax provision in the first quarter of 2026 that resulted in tax expense of $53.9 million being reported in the results of continuing operations. The $53.9 million of tax expense was subsequently reported as an out-of-period adjustment in the second quarter of 2026 in the results of discontinued operations. There was no change to the total Company tax expense in either period. The effective income tax rate for the six months ended June 30, 2026 and 2025 was 24.7% and 23.7%, respectively. The Company recorded income tax expense of $5.1 million and $1.4 million for the six months ended June 30, 2026 and 2025, respectively. The increase in the effective tax rate was primarily driven by the jurisdictional mix of earnings and the impact of certain permanent tax benefits recognized in the prior year period. Those benefits had a proportionately greater effect on the prior year effective tax rate due to the significantly lower level of pre-tax income in that period.

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"New Accounting Pronouncements Recently Adopted Accounting Pronouncements In September 2025, the Financial Accounting Standards Board (""FASB"") issued Accounting Standards Update (""ASU"") 2025-06, ""IntangiblesGoodwill and OtherInternal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software"" (""ASU 2025-06""), which modernizes the accounting for software costs by removing references to prescriptive and sequential software development stages. Under ASU 2025-06 an entity is required to start capitalizing software costs when management has authorized and committed to funding the software project, and it is probable that the project will be completed and the software will be used to perform the function intended. ASU 2025-06 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2027, with early adoption permitted. The Company adopted ASU 2025-06 in the first quarter of 2026 with no material impact on its consolidated financial statements. In July 2025, the FASB issued ASU 2025-05, ""Financial InstrumentsCredit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets"" (""ASU 2025-05""), which provides a practical expedient that assumes current conditions as of the balance sheet date remain unchanged when developing forecasts for estimating expected credit losses. Under ASU 2025-05, an entity is required to disclose that it has elected to use the practica …

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Defined Benefit Plans Net periodic pension benefit costs for the Company's defined benefit pension plans cover certain foreign employees, union hourly employees and salaried employees. The components of net periodic benefit cost are as follows (dollars in thousands): Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Service costs $ 70 $ 140 $ 190 $ 270 Interest costs 190 320 490 640 Expected return on plan assets (210) (260) (540) (510) Settlement and curtailment losses 1,680 Amortization of net loss 60 20 130 50 Net periodic benefit cost $ 110 $ 220 $ 1,950 $ 450 The service cost component of net periodic benefit cost is recorded in cost of goods sold and selling, general and administrative expenses, while non-service cost components are recorded in other income (expense), net in the accompanying consolidated statement of income. The service cost related to discontinued operations included in the table above was $0.1 million for the six months ended June 30, 2026, and $0.1 million for the t hree and six months ended June 30, 2025. During the six months ended June 30, 2026, the Company recognized a non-cash, pre-tax settlement charge of $1.7 million which was recorded within the results of discontinued operations. The Company contributed $0.3 million to its continuing operations defined benefit pension plans during the six months ended June 30, 2026. The Company expects to contribute $0.5 million to its continuing operations defined benefit pension pla …

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Revenue The following table presents the Companys disaggregated net sales by primary market served (dollars in thousands): Three months ended June 30, Six months ended June 30, Customer Markets 2026 2025 2026 2025 Consumer Products $ 115,960 $ 117,650 $ 230,550 $ 220,500 Industrial 58,620 54,100 112,310 103,710 Total net sales $ 174,580 $ 171,750 $ 342,860 $ 324,210 The Companys Packaging segment earns revenues from the consumer products (comprised of the beauty and personal care, food and beverage, home care, pharmaceutical, nutraceutical and medical submarkets) and industrial markets. The Specialty Products segment earns revenues from a variety of submarkets within the industrial market. Contract Assets and Contract Liabilities The Company has contract assets and contract liabilities primarily related to in-process tooling projects for long-term supply arrangements with a contractual guarantee for reimbursement by the customer. Contract assets primarily consist of capitalized costs related to customer-owned tooling contracts, wherein the Company has not yet met performance obligations. Contract liabilities include deferred tooling revenue, where the performance obligation was not met. The performance obligation is satisfied and cost of goods sold is recognized and released from the balance sheet when control of the tooling is transferred to the customer. The opening and closing balances of the Companys contract assets and contract liabilities are as follows (dollars in thou …

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Segment Information The Company defines its segments consistent with how internally reported financial information is regularly reviewed by TriMas' President and Chief Executive Officer (chief operating decision maker) to analyze financial performance, make decisions, and allocate resources. TriMas reports its operations in two segments: Packaging and Specialty Products. Each of these segments has discrete financial information that is regularly evaluated by the chief operating decision maker. The chief operating decision maker uses segment operating profit when assessing segment performance, determining resource and capital allocation and developing overall strategic direction of the Company. The chief operating decision maker analyzes segment operating profit on a monthly basis by comparing actual results to forecasted and budgeted expectations to assess performance. See below for more information regarding the types of products and services provided within each reportable segment: Packaging TriMas' Packaging business develops and manufactures a broad array of dispensing products (such as foaming pumps, lotion, hand soap and sanitizer pumps, beverage dispensers, perfume sprayers, nasal sprayers and trigger sprayers), polymeric and steel caps and closures (such as food lids, flip-top closures, child resistant caps, beverage closures, fragrance and cosmetic caps, drum and pail closures, and flexible spouts), polymeric jar products, fully integrated dispensers for fill-ready b …

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Subsequent Events On July 23, 2026, the Company announced that its Board of Directors had declared a cash dividend of $0.04 per share of TriMas Corporation common stock, which will be payable on August 13, 2026, to shareholders of record as of the close of business on August 6, 2026.

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