Packaging Corporation Of America · NYSE:PKG
Packaging Corporation Of America — Bank of America Global Agriculture & Materials Conference 2026
20 slides from Packaging Corporation Of America's conference presentation, Feb 25, 2026
Slide 1: Packaging Corporation of America
Packaging Corporation of America Bank of America Global Agriculture & Materials Conference February 25, 2026 Mark W. Kowlzan Kent A. Pflederer Chairman & CEO Executive V. P. & CFO
Slide 2: Packaging Corporation of America ("PCA") forward-looking statements
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: 2025 Full Year Key Financial Results
2025 Full Year Key Financial Results Packaging Paper Revenue Revenue • Excluding special items(1), PCA ($M’s) $ 7,691 $ 8,294 ($M’s) $ 625 $ 615 reported 2025 EPS of $9.84 million compared to $9.04 in 2024 • Net sales were up 7.2% to $9.0 billion in 2025 compared to $8.4 2024 2025 2024 2025 billion
Slide 4: Highlights
Highlights 1. Top 3 producer of containerboard and corrugated packaging products and leading producer of uncoated freesheet paper in North America with track record of consistently executing profitable growth strategy 2. World-class customer experience with proven local expertise and robust national
Slide 5: Corrugated Products Volume Growth - Outperformance vs. the Industry Continues
Corrugated Products Volume Growth - Outperformance vs. the Industry Continues Cumulative Growth 38 39% % Cumulative Growth in Volume/Day PCA CAGR 3.7% 28 18 Industry CAGR - 0.2% 8 -2% -2 (1) 2017 2018 2019 2020 2021 2022 2023 2024 2025 Industry PCA 5 (1) PCA includes impact of Greif acquisition. Leg
Slide 6: Growing Integrated Containerboard Supply Supports Industry-Leading Margins
. . . . and Growing Integrated Containerboard Supply Supports Industry-Leading Margins 22.2% Avg Packaging Segment EBITDA Margin Over This Period (1) 000 Tons 5,800 5,600 5,400 Post Greif acquisition and Wallula reconfiguration: 5,200 Post-Covid 5.8 MM tons of capacity 5,000 Inventory De-Stocking an
Slide 7: Strong and Consistent Cash Generation
Strong and Consistent Cash Generation . . . ($M’s) Free Cash Flow $1,000 $900 $845 $808 $800 $729 $700 $671 $629 $612 $600 $513 $522 $489 $500 $400 $300 $200 $100 $0 2017 2018 2019 2020 2021 2022 2023 2024 2025 7 (1) See Appendix A for cashflow reconciliation
Slide 8: 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 9: 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 Dividend/Share Y/E Share Annualized 5 Y
Slide 10: Over $3 Billion of Value Creation
Consistently Strong ROIC > WACC Creates Significant Value % ROIC 7-Yr Avg: 15.9% $MM 20 $1,100 18 $1,000 (Pandemic) $900 16 $800 14 $700 Over $3 Billion of Value Creation 12 $600 10 WACC 7-Yr Avg: 8.1% $500 8 $400 6 2018 2019 2020 2021 2022 2023 2024 2025 10 (1) See Appendix C for ROIC calculations.
Slide 11: Impressive Total Return Track Record vs. Competitors and S&P 500
Impressive Total Return Track Record vs. Competitors and S&P 500 (based on 12/31 stock price) 140% 340% 120% 290% 100% 240% 80% 190% 60% 140% 40% 90% 20% 40% 0% -10% 3-Yr Cum 5-Yr Cum 10-Yr Cum Competitor A Competitor B (1) PCA S&P 500 11 (1) Estimated combined total return of pre- and post-merger c
Slide 12: Greif Containerboard Acquisition
Greif Containerboard Acquisition
Slide 13: Greif Containerboard Business Acquisition Summary
Greif Containerboard Business Acquisition Summary • Cash purchase price of $1.8 billion with full step-up of asset basis for tax purposes - Acquisition assets include two containerboard mills and eight sheet feeder and corrugated plants located across the United States • Completed effective August 3
Slide 14: Acquisition Rationale
Acquisition Rationale Enhanced Scale and Capacity: Expands low-cost containerboard production capacity and provides opportunities for further improvement, positioning PCA to meet customers’ growing demand. Capabilities allow PCA to shed some higher cost capacity in corrugated plant and mill system
Slide 15: Post-Acquisition U.S. Footprint
Post-Acquisition U.S. Footprint Pearl PCA Greif Full Line Sheet/Specialty Sheet Feeder Hexacomb Packaging Mill 15 Paper Mill
Slide 16: Slide 16
Slide 17: Appendix A
Appendix A 2017 2018 2019 2020 2021 2022 2023 2024 2025 Packaging segment income $ 950.3 $ 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 317.5 342.0 342.8 365.2 381.0 420.2 472.5 490.1 616.1 EBITDA 1,267.8 1,387.4 1,306.2 1,194.7 1
Slide 18: Appendix B – EPS Reconciliation
Appendix B – EPS Reconciliation 2017 2018 2019 2020 2021 2022 2023 2024 2025 Reported earnings per diluted share $ 7.07 $ 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 co
Slide 19: Appendix C – ROIC
Appendix C – ROIC Return on invested capital (ROIC) is calculated as follows: 2018 2019 2020 2021 2022 2023 2024 2025 Reported income from operations $ 1,068 $ 1,054 $ 724 $ 1,241 $ 1,421 $ 1,075 $ 1,101 $ 1,107 Special items and adjustments: Facilities closure and other costs (income) 2 - 28 (3) 1
Slide 20: Appendix D - Non-GAAP Segment EBITDA Reconciliation
Appendix D - Non-GAAP Segment EBITDA Reconciliation 2025 Packaging Segment EBITDA (excl. special items) Reconciliation 2024 2025 Segment revenue $7,690.9 $8,293.9 Segment operating income $1,101.5 $1,125.3 Depreciation, amortization, and depletion $490.1 $616.1 EBITDA $1,591.6 $1,741.4 EBITDA Margin