Sonoco Products Company · NYSE:SON
Sonoco Products — Raymond James 47th Annual Institutional Investors Conference 2026
28 slides from Sonoco Products's conference presentation, Mar 4, 2026
Slide 1: Raymond James 47th Annual Institutional Investors Conference
Raymond James 47th Annual Institutional Investors Conference | March 3-4, 2026
Slide 2: Sonoco Today
SONOCO TODAY Revenue Adj. EBITDA Employees Plants Countries $7.8 B* *Includes discontinued operations $1.3 B 22,000 265 37 Consumer Industrial End Market Americas Europe Other Geography 2
Slide 3: Strategic Alignment
STRATEGIC ALIGNMENT In Technology, Innovation, Customers, Market Presence and Sustainability *Excludes 2025 Divestitures **Uncoated Recycled Board #1 URB** and 3 #1 Paper Cans #1 Steel Cans Converted Products
Slide 4: Why We Transformed Sonoco
WHY WE TRANSFORMED SONOCO Aligned and Scaled Our Portfolio with Our Competitive Strengths Invest in Ourselves Exit Non-Core Businesses Acquire and Create Scaled, Through Technology/Innovation and Recycle Capital Market Leading Businesses 2020 2020 2020 Display and Packaging Project Ball Horizon Inte
Slide 5: Our Foundation Is Set
OUR FOUNDATION IS SET All Amounts Include Discontinued Operations Since 2020, Our Transformation Has … +50% +67% $8b $1.4b $7b $7.8b $1.2b • Added $2.6 Billion in Revenue $1,324m $6b $1.0b $5b $0.8b $4b $5.2b $0.6b $791m $3b $2b • Expanded Adj. EBITDA Margin by ~200 BPS $0.4b Adj. $1b Revenue $0.2b
Slide 6: Full Year Financial Results
FULL YEAR FINANCIAL RESULTS 2025 2025 2024 YOY Change % Net Sales 1 $7,519 $5,305 42% Net Sales 2 $321 $1,291 (75%) Adj. OP 3 $955 $573 67% Adj. EBITDA4 $1,324 $1,035 28% Adj. EBITDA Margin (% of Sales) 5 16.9% 15.7% 120bps Adj. EPS6 $5.71 $4.89 17% Operating Cash Flow7 $690 $834 (17%) (Dollars in M
Slide 7: Simplify Our Consumer Segment
SIMPLIFY OUR CONSUMER SEGMENT Under Two Geographies, All Cans Structural Transformation Enhances Go-to-Market Focuses Technology Structural Strategy and Expertise Simplification • Substrate agnostic while • Combines R&D and proprietary • Creates a simpler, more efficient providing what is best for o
Slide 8: Consumer Packaging, Americas
CONSUMER PACKAGING, AMERICAS Business Overview Revenue Customers Employees Plants Countries ~$2.1 B 865 3,250 34 5 “Earning the Right to Serve Our Customers Every Single Day” 8
Slide 9: Consumer Packaging, EMEA/APAC
CONSUMER PACKAGING, EMEA/APAC Business Overview Revenue Customers Employees Plants Countries ~$2.9 B 1,660 8,250 65 20 Future-proof Innovative and Sustainable Packaging 9
Slide 10: Industrial Paper Packaging
INDUSTRIAL PAPER PACKAGING Business Overview Revenue Customers Employees Plants Countries ~$2.4 B 7,400 9,000 158 25 North America EMEA APAC South America 4% 7% 2025 16% Revenue By Region 73% Consumer Consumer Industrial Other Staples Durable 15% 40% 2025 2025 Revenue Revenue By ByEnd End 20% Market
Slide 11: Financial Outlook
2 0 2 6 G U I DA N C E Net Revenue $7.25 - $7.75B 2026 Adjusted EBITDA $1.25B - $1.35B FINANCIAL OUTLOOK Adjusted EPS $5.80 - $6.20 * Includes ~$100M in capital gain taxes on divestitures in 2025 Operating Cash Flow* $700M - $800M 11
Slide 12: Profitability Performance Plan
PROFITABILITY PERFORMANCE PLAN Margin Improvement Initiatives • Consumer Packaging Structural Synergies $20 - Transformation • Support Function Simplification $30M • New Product and Customer Growth Commercial • Share Gain Excellence • Value-based Pricing $130 - $170M • Supply Chain Improvement • Foo
Slide 13: High Cash Flow Conversion
H IGH CAS H F LOW CON VERS ION UFCF Conversion** Adj. EBITDA UFCF* $1,400 100% 1,200 77% 74% 78% 80 1,000 68% 73% 64% 60 800 $1,324 600 $1,162 $1,068 40 $1,035 $1,027 400 $791 $843 $785 $771 $610 $658 $528 20 200 2020 2021 2022 2023 2024 2025 *Unlevered Free Cash Flow (UFCF) = (Adj. EBITDA –Capex, n
Slide 14: Managing Our Balance Sheet
MANAGING OUR BAL ANCE SHEET Demonstrated Ability To De-Lever Net Debt / EBITDA 7.0x ~$2.7B* *Net Debt repaid from divestitures 6.0 and Cash Flows 5.0 4.0 3.0 6.4x 3x 2.0 2x 3.4x 3.0x 2.6x 2.7x 1.0 1.4x 2020 Q1 2022 2022 2023 2024 2025 Ball Metalpack Eviosys Acquisition Acquisition 14 Net Debt Was Re
Slide 15: Strong Liquidity, Balance Sheet
STRONG LIQUIDITY, BAL ANCE SHEET ($ in millions) Strong Access to Capital and Liquidity Debt Maturity Profile 700 Investment grade credit rating 600 600 ~3.6% Cost of Debt* 500 500 500 537 BBB- S&P 300 Baa3 Moody’s BBB Fitch ~$1.6B in liquidity while substantially reducing debt 2025 2026 2027 2028 2
Slide 16: Dividend Is Foundational
DIVIDEND IS FOUNDATIONAL Drives Discipline and Shareholder Value Dividend in $s 7% CAGR $2.12 $1.72 $1.37 $1.11 $0.91 $0.79 $0.52 $0.39 $0.12 $0.16 1983 1985 1990 1995 2000 2005 2010 2015 2020 2025 42 Years of Consecutive Annual Increases Annual dividends grew from $0.12 to $2.12 from 1983 to 2025 1
Slide 17: What's Next
WHAT’S NEXT ~$1.5B EBITDA Adj. EBITDA Margin % Adj. EBITDA High Teens Adj. EBITDA Margin Targeting $1,500 20% Cumulative 1,400 17% Operating 1,300 1,200 16% Cash Flow of 1,100 15 1,000 900 800 ~$1,500 10 ~$2.5B 700 $1,324 600 Through 2028 500 $1,035 400 5 300 200 % calculated on Sales including Disc
Slide 18: Our 2026-2028 KPI Targets
Our 2026-2028 KPI Targets Sustainable Achieve Margin Efficient Capital Growth Expansion Allocation GDP ~200 BPS Improvement Cumulative 3Yr. OCF ~$2.5B Industrial Paper LSD Operational $130 - CapEx ~4% Packaging Growth Improvement $170m of Sales Consumer Packaging LSD+ Structural $20 - Long-Term <2.5
Slide 19: Appendix
APPENDIX Quarter-ending: December 31, 2025 19
Slide 20: Sales Bridge 2025-2026
SALES BRIDGE 2025 -2026 $7,839* ~$40 $7,250 - $7,750 ~$100 ~$80 $7,283 $(557) 2025 Sales Divestitures 2025 Proforma Volume / Mix Price FX / Other 2026 Sales *2025 Sales Includes Discontinued Operations 20
Slide 21: Adj. EPS Bridge 2025-2026
ADJ. EPS BRIDGE 2025 -2026 Targeting a 20% Improvement vs Proforma $0.20 - $0.40 $5.80 - $6.20 $0.60 - $0.80 $5.71 $4.97 $(0.74) FY 2025 Actual Divestitures FY 2025 Proforma Operational Non-Operational Adj. EPS 2026 21
Slide 22: EPS Summary
EPS SUMMARY Fourth Quarter: 2025 vs. 2024 Fourth Quarter Year To Date 2025 2024 2025 2024 GAAP EPS $ 3.33 $ (0.44) $ 10.07 1.65 Addback for: Acquisition and Divestiture Related Costs, Net 0.06 0.52 0.52 1.16 LIFO Reserve Change (0.02) (0.05) - (0.05) Acquisition intangibles amortization expense 0.37
Slide 23: P&L Summary (Adjusted)
P&L SUMMARY (ADJUSTED) Fourth Quarter: 2025 vs. 2024 QTD Better / (Worse) *Millions USD 2025 2024 $ % Net Sales 1,768 1,363 405 29.7 % Gross Profit 344 283 61 21.7 % SG&A Expenses, Net of Other Income 157 156 1 1.0 % Operating Profit 187 127 60 47.1 % Other non-Operating expense (7) - (7) - Net Inte
Slide 24: Sales & Adj. EBITDA Bridge
SALES & ADJ. EBITDA BRIDGE Fourth Quarter: 2025 vs. 2024 *Millions USD Sales Consumer Industrial All Other Corporate Total Q4 2024 Sales $705 $571 $88 - $1,363 Volume / Mix (22) (13) 4 - (32) Price 39 7 0 - 46 Acq / Divestitures 371 (8) (35) - 328 FX / Other 50 11 0 - 62 Q4 2025 Sales $1,142 $568 $5
Slide 25: Segment Analysis
SEGMENT ANALYSIS Fourth Quarter: 2025 vs. 2024 *Millions USD NET SALES (1) SEGMENT OPERATING PROFIT (1) 2025 2024 % Chg 2025 2024 % Chg Consumer Packaging 1,142 705 62.1% 117 66 77.0% Industrial Paper Packaging 568 571 (0.4)% 70 69 2.3% All Other 57 88 (34.9)% 7 5 47.6% Segment Total (excl. Corp) 1,
Slide 26: Condensed Balance Sheet
CONDENSED BALANCE SHEET Fourth Quarter: 2025 vs. 2024 December 31, 2025 December 31, 2024 Change $ *Millions USD Cash and cash equivalents 378 431 (53) Trade accounts receivable, net of allowances 843 908 (65) Other receivables 179 176 3 Inventories, net 1,121 1,016 105 Prepaid expenses 125 197 (72)
Slide 27: Supplemental Guidance Information
SUPPLEMENTAL GUIDANCE INFORMATION $ in millions EUR FX Rate ~1.17 Effective Tax Rate ~26% FD Shares Count 99,581 Net Interest Expense ~$150M Capital Spending ~$310M Depreciation and Amortization1 ~$360M Year-End Net Leverage <3.0X Expected Cash Taxes ~$355M 1 Excludes amortization related to purchas
Slide 28: Roger Schrum
RO G E R S C H R U M Head of Investor Relations and Communications Email: roger.schrum@sonoco.com Office Phone: 843-339-6018 Cell Phone: 843-615-8650
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