This report does not constitute a rating action. We expect leverage to improve to around 4.0x in 2026 and below 4.0x in 2027 , supported by volume growth and modest EBITDA margin improvement in 2026. TriMas reported 8.2% organic sales growth within the packaging segment in the third quarter of 2026. We expect this growth to continue, specifically in the life science end market, over the next 12 months. In addition, ongoing cost savings actions should result in modest EBITDA margin expansion for the full-year 2026 and further margin improvement in 2027. The specialty products segment faced margin pressure in the second and third quarters of 2026 due to temporary manufacturing inefficiencies. This included machine downtime, increased labor costs, and
