Packaging Corporation Of America · NYSE:PKG
Packaging Corporation Of America — 2026 Jefferies Global Industrials Conference
18 slides from Packaging Corporation Of America's conference presentation, Sep 10, 2026
Slide 1: Packaging Corporation of America 2026 Jefferies Global Industrials Conference
Packaging Corporation of America 2026 Jefferies Global Industrials Conference September 10, 2026 Mark W. Kowlzan Kent A. Pflederer Chairman & CEO Executive V. P. & CFO
Slide 2: Packaging Corporation of America (“PCA”)
Packaging Corporation of America (“PCA”) Some of the statements contained in this presentation that are not historical in nature may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are often identified by the words “w
Slide 3: Business Update
Business Update • Containerboard markets remain tight, PCA has significantly reduced export sales • Through August, 3Q on track to achieve or exceed EPS guidance provided in July driven by price/mix and operating cost favorability partially offset by volume unfavorability: - Strong execution on real
Slide 4: Business Update – Cont’d
Business Update – Cont’d • Considerations for remainder of year: - Seasonal improvement in corrugated volume and seasonal decline in mix, driven largely by e-commerce - Scheduled maintenance outages at four containerboard mills and one white paper mill (Riverville and International Falls in Septembe
Slide 5: Q2’26 Key Financial Results
Q2’26 Key Financial Results Packaging Paper Revenue ($M's) Revenue ($M's) • Excluding special items(1), PCA $2,311 reported Q2’26 EPS of $2.35 per $2,006 $157 $146 share compared to $2.48 in Q2’25 • Net sales were up 14.7% to $2.5 billion in Q2’26 compared to $2.2 Q2'25 Q2'26 Q2'25 Q2'26 billion in
Slide 6: Highlights
Highlights 1. Top 3 producer of containerboard and corrugated packaging products and leading producer of uncoated freesheet paper in North America with track record of consistently executing profitable growth strategy 2. World-class customer experience with proven local expertise and robust national
Slide 7: Corrugated Products Volume Growth - Outperformance vs. the Industry Continues
Corrugated Products Volume Growth - Outperformance vs. the Industry Continues Cumulative Growth 39% 38 % Cumulative Growth in Volume/Day PCA CAGR 3.7% Legacy PCA 3.0% 30% Legacy PCA 28 18 Industry CAGR - 0.1% 8 -1% -2 2018 2019 2020 2021 2022 2023 2024 2025 7 Industry PCA
Slide 8: Growing Integrated Containerboard Supply Supports Industry-Leading Margins
. . . . and Growing Integrated Containerboard Supply Supports Industry-Leading Margins 22.5% Avg Packaging Segment EBITDA Margin Over This Period (1) 5,154 Post-Covid Inventory De-Stocking 5,046 4,900 4,566 4,529 Q2 2026 Packaging Segment Margin: 21.1% Post Greif acquisition and Wallula reconfigurat
Slide 9: Strong and Consistent Cash Generation
Strong and Consistent Cash Generation . . . ($M’s) Free Cash Flow $1,000 $845 $808 $800 $729 $671 $629 $612 $600 $521 $489 $400 $200 $- 2018 2019 2020 2021 2022 2023 2024 2025 (1) See Appendix A for cashflow reconciliation 9
Slide 10: Allows Investment in the Business and Strategic Growth Opportunities
Allows Investment in the Business and Strategic Growth Opportunities . . . $1,800 $1,600 $1,400 $1,200 $1,000 $800 $600 $400 $200 $- 2017 2018 2019 2020 2021 2022 2023 2024 2025 $(200) Acquisitions Capex 2017 2018 2019 2020 2021 2022 2023 2024 2025 Total CapEx $ 343 $ 551 $ 399 $ 421 $ 605 $ 824 $ 4
Slide 11: Returning Capital to Shareholders With Meaningful and Sustainable Dividends
While Returning Capital to Shareholders With Meaningful and Sustainable Approach to Dividends Dividend/Share Annualized 5 Year Average Dividend Payout Ratio 50% EPS (1) $12.00 $10.00 $8.00 $6.00 $4.00 $2.00 Dividend Per Share EPS $0.00 2021 2022 2023 2024 2025 2026E Dividend/Share Share Annualized P
Slide 12: $3 Billion of Value Creation
Consistently Strong ROIC > WACC Creates Significant Value % ROIC 7-Yr Avg: 15.9% $MM 25 $800 20 $600 (Pandemic) 15 $3 Billion of Value Creation $400 10 WACC 7-Yr Avg: 8.1% $200 5 2018 2019 2020 2021 2022 2023 2024 2025 WACC% ROIC% 12 (1) See Appendix C for ROIC calculations.
Slide 13: Impressive Total Return Track Record vs. Competitors and S&P 500
Impressive Total Return Track Record vs. Competitors and S&P 500 (based on 6/30/26 stock price) 110% 350% 90% 300% 250% 70% 200% 50% 150% 30% 100% 50% 10% 0% 3-Yr. Cum 5-Yr. Cum 10-Yr Cum -10% Competitor A Competitor B (1) PCA S&P 500 13 (1) Estimated combined total return of pre- and post-merger co
Slide 14: Slide 14
Slide 15: Appendix A
Appendix A 2018 2019 2020 2021 2022 2023 2024 2025 Packaging segment income $ 1,045.4 $ 963.4 $ 829.5 $ 1,306.0 $ 1,423.7 $ 1,074.3 $ 1,101.5 $ 1,125.3 Depreciation, amortization and depletion 342.0 342.8 365.2 381.0 420.2 472.5 490.1 616.1 EBITDA 1,387.4 1,306.2 1,194.7 1,687.0 1,843.9 1,546.8 1,59
Slide 16: Appendix B – EPS Reconciliation
Appendix B – EPS Reconciliation 2018 2019 2020 2021 2022 2023 2024 2025 Reported earnings per diluted share $ 7.80 $ 7.34 $ 4.84 $ 8.83 $ 11.03 $ 8.48 $ 8.93 $ 8.58 Special items (1) Jackson mill conversion-related activities - - - 0.11 0.11 0.09 0.08 - Facilities closure and other costs 0.01 - 0.23
Slide 17: Appendix C - ROIC
Appendix C - ROIC Return on invested capital (ROIC) is calculated as follows: 2018 2019 2020 2021 2022 2023 2024 2025 Income from operations $ 1,068 $ 1,054 $ 724 $ 1,241 $ 1,421 $ 1,075 $ 1,101 $ 1,107 Special items and adjustments: - Facilities closure costs (income) 2 - 28 (3) 1 14 3 (10) - Jacks
Slide 18: Appendix D – Non-GAAP Segment EBITDA Reconciliation
Appendix D – Non-GAAP Segment EBITDA Reconciliation Packaging Segment EBITDA (excl. special items) Reconciliation Q2'25 2025 Q2'26 Segment revenue 2,005.9 8,293.9 2,311.3 Segment operating income 346.3 1,125.3 313.2 Depreciation, amortization, and depletion 131.7 616.1 166.3 EBITDA 478.1 1,741.4 479
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