International Paper Company · NYSE:IP
International Paper — Investor Presentation (May 2026)
34 slides from International Paper's investor presentation, May 11, 2026
Slide 1: Investor Resource Deck Spring 2026
Investor Resource Deck Spring 2026 Posted 5/11/2026
Slide 2: What IP Does
Overview PS NA PS EMEA Add’l Mat’l What IP Does At International Paper, we serve a wide range of industries with sustainable corrugated packaging solutions, designed to protect products, enhance supply chains, and support sustainability goals. Shipping & Food and From retail shelves to production li
Slide 3: International Paper Mission and Values
International Paper Mission and Values A Great Place to Work Driving Customer Excellence and Profitable Growth Mission Together, we create sustainable packaging solutions that enable our customers, teammates, and shareowners to thrive in an ever-changing world. 3 Investor Resource Deck - Spring 2026
Slide 4: Executing Our Strategy to Drive Sustainable Value Creation
Overview PS NA PS EMEA Add’l Mat'l Executing Our Strategy to Drive Sustainable Value Creation WHERE TO PLAY RIGHT GEOGRAPHIES + RIGHT CUSTOMERS + RIGHT PRODUCTS HOW TO WIN 80/20 ADVANTAGED COST POSITION (ACP) ACP Expand margins while bolstering ability SIMPLIFY to win with customers SUPERIOR CUSTOME
Slide 5: Aligning Resources with 80/20 Performance System
Overview PS NA PS EMEA Add’l Mat'l Aligning Resources with 80/20 Performance System A Proven Enabler and Methodology for Success CUSTOMERS REVENUE RESOURCES 80/20 ZERO UP ▪ Aligning right resources with what matters most 20% 80% 20% ▪ Driving greater leadership accountability and empowerment through
Slide 6: International Paper Snapshot
Overview PS NA PS EMEA Add’l Mat'l International Paper Snapshot (NYSE: IP, LSE: IPC) MEMPHIS, TN $20.8B1 $23.6B1 GLOBAL HQ MARKET-CAP SALES Strengths & Advantages ~53,000 29 ~420+ CUSTOMERS1,2 MILLS1 PACKAGING FACILITIES1 Global Leader in Sustainable Packaging 80/20 Disciplined Approach and 36% Net
Slide 7: Enterprise: FY25 Results
Overview PS NA PS EMEA Add’l Mat'l Enterprise: FY25 Results1 Sales ($MM) Adj. EBIT2,3 ($MM) $23,634 $787 $786 $16,033 $15,835 $229 2023 2024 2025 2023 2024 2025 Adj. EBITDA2 ($MM) Adj. EBITDA Margin2 12.1% 12.6% $2,976 10.3% $1,933 $1,636 2023 2024 2025 2023 2024 2025 Adj. Operating EPS2,3 Free Cash
Slide 8: Packaging Solutions North America (PS NA) / Packaging Solutions EMEA (PS EMEA)
Packaging Solutions North America (PS NA) Packaging Solutions EMEA (PS EMEA) Operating as DS Smith, an International Paper company 8 Investor Resource Deck - Spring 2026
Slide 9: Packaging Solutions North America
Overview PS NA PS EMEA Add’l Mat'l Packaging Solutions North America Leading Sustainable Packaging Solutions Provider in North America $15.2B $2.3B 15.7% ~220+ Strong Relative Supply Position3 NET SALES1 ADJ. EBITDA1,2 ADJ. EBITDA MARGIN1,2 FACILITIES3 FOCUSED ON CUSTOMERS, ADVANTAGED COST POSITION,
Slide 10: PS NA: FY25 Results
Overview PS NA PS EMEA Add’l Mat'l PS NA: FY25 Results1 Sales ($MM) Adj. EBIT2 ($MM) $15,175 $839 $891 $572 $14,293 $14,293 2023 2024 2025 2023 2024 2025 Adj. EBITDA2,3 ($MM) Adj. EBITDA2,3 Margin $2,284 15.7% 14.1% $1,912 12.3% $1,666 2023 2024 2025 2023 2024 2025 (1) 2023 & 2024 do not include DSS
Slide 11: Solid Industry Fundamentals Supported by Positive Trends
Overview PS NA PS EMEA Add’l Mat'l Solid Industry Fundamentals Supported by Positive Trends U.S. Corrugated Packaging Shipments vs. North America End Use Demand Industry Price1,2,3 Price Shipments 1,000 800 Percentage of Overall NA Industry Demand1 800 600 Fresh Foods 31% 600 Processed Food & Bevera
Slide 12: PS NA: Distribution Channels
Overview PS NA PS EMEA Add’l Mat'l PS NA: Distribution Channels U.S. ~7.8MM Tons IP Box Plants ~8.3MM Tons IP Mills ~10.7MM Tons Non – US ~0.5MM Tons ~90% Integration Level CB Specialty ~0.2MM Tons including commercial strategic relationships Domestic ~1.4MM Tons EMEA ~0.3MM Tons Open Market ~2.4MM
Slide 13: PS NA Containerboard Mill System
Overview PS NA PS EMEA Add’l Mat'l PS NA Containerboard Mill System ~10.7 Million Short Tons Capacity 1,800 Kraft Linerboard Mill Recycled Containerboard Mill 1,600 (#) Paper Machines (25) 1,400 Thousand Short Tons 1,200 1,000 800 600 400 200 0 Henderson (1) Rome (2) Valliant (3) Newport (1) Reading
Slide 14: Linerboard Global Cost Curve
Overview PS NA PS EMEA Add’l Mat'l Linerboard Global Cost Curve PS NA Capacity Well Positioned Cash Costs + Delivery to Chicago $1,000 Kraft Linerboard Mill Recycled Containerboard Mill $800 Vicksburg Newport Maysville Rome $600 Henderson Pensacola $400 Springfield Bogalusa Prattville $200 Valliant
Slide 15: PS NA Total 2025 Cash Components
Overview PS NA PS EMEA Add’l Mat'l PS NA Total 2025 Cash Components Energy Fiber 12% 34% Chemicals 5% Overhead 14% Materials Labor 22% 13% North America mills only 15 Investor Resource Deck - Spring 2026
Slide 16: PS NA Total Estimated Fiber Mix
Overview PS NA PS EMEA Add’l Mat'l PS NA Total Estimated Fiber Mix Virgin vs Recycled Recycled Virgin 35% 65% 16 Investor Resource Deck - Spring 2026
Slide 17: Packaging Solutions EMEA
Overview PS NA PS EMEA Add’l Mat'l Packaging Solutions EMEA Leading Provider of Innovative, Sustainable Packaging Solutions $8.5B $0.8B 9.3% ~230+ Strong Relative Supply Position3 NET SALES1 ADJ. EBITDA1,2 ADJ. EBITDA MARGIN1,2 FACILITIES3 STRONG CUSTOMER RELATIONSHIPS, HIGH-PERFORMANCE OPERATIONS,
Slide 18: PS EMEA: FY25 Results
Overview PS NA PS EMEA Add’l Mat'l PS EMEA: FY25 Results1 Sales ($MM) Adj. EBIT2,3 ($MM) $80 $60 $8,451 $1,398 $1,355 $(236) 2023 2024 2025 2023 2024 2025 Adj. EBITDA2 ($MM) Adj. EBITDA2 Margin $784 10.3% 9.2% 9.3% $144 $124 2023 2024 2025 2023 2024 2025 (1) 2023 & 2024 do not include DSS results. 2
Slide 19: Resilient Industry Fundamentals
Overview PS NA PS EMEA Add’l Mat'l Resilient Industry Fundamentals EMEA Industry Shipments vs. EMEA End Use Demand3 Price Corrugated Box Price1,2 Shipments 800 80,000 Percentage of Overall EMEA Industry Supply 70,000 600 Food & Beverage ~35% - 40% 60,000 Industrials ~25% - 30% 400 Non-durables ~10%
Slide 20: PS EMEA Testliner Distribution Channels
Overview PS NA PS EMEA Add’l Mat'l PS EMEA Testliner Distribution Channels (Million Metric Tonnes ‘MMT’) Internal Supply ~2.3 MMT IP Mills ~3.5 MMT IP Packaging Demand ~3.9 MMT External Supply ~1.6 MMT SWAP ~0.4 MMT SWAP Contracts ~0.4 MMT ~0.2 MMT External Sales External Customers1 External Supply
Slide 21: PS EMEA Kraftliner Distribution Channels
Overview PS NA PS EMEA Add’l Mat'l PS EMEA Kraftliner Distribution Channels (Million Metric Tonnes ‘MMT’) Internal Supply ~0.3 MMT IP Mills1 ~0.6 MMT IP Packaging Demand ~1.0 MMT SWAP ~0.1 MMT External Supply ~0.7 MMT Contracts ~0.3 MMT SWAP ~0.1 MMT External Supply ~0.3 MMT External Sales External
Slide 22: PS EMEA Containerboard Mill System
Overview PS NA PS EMEA Add’l Mat'l PS EMEA Containerboard Mill System ~3.8 Million Metric Tonnes Capacity 900 Kraft Linerboard Mill Recycled Containerboard Mill 800 (#) Paper Machines (16) Thousand Metric Tonnes 700 600 500 400 300 200 100 0 Coullons (FRA) (1) Dueñas (ESP) (2) Zarnesti (ROM) (1) Rou
Slide 23: PS EMEA Total Estimated Fiber Mix
Overview PS NA PS EMEA Add’l Mat'l PS EMEA Total Estimated Fiber Mix Virgin vs Recycled Recycled Virgin 80% 20% 23 Investor Resource Deck - Spring 2026
Slide 24: Additional Reference Materials
Additional Reference Materials
Slide 25: Sales Volume by Product
Overview PS NA PS EMEA Add’l Mat’l Sales Volume by Product1 Unaudited Twelve Months Ended December 31, 2025 2024 PS NA (In thousands of short tons) Corrugated Packaging2 8,887 8,811 Containerboard 3,000 3,017 Recycling 2,003 2,163 Saturated Kraft 89 191 Gypsum / Release Kraft 215 235 PS NA 14,194 14
Slide 26: Global Consumption
Overview PS NA PS EMEA Add’l Mat’l Global Consumption 2025 Annual Purchases for Key Inputs Commodity North America EMEA Natural Gas (MMBTUs) 62,000,000 28,000,000 Energy Fuel Oil (Barrels) 38,000 112,000 Wood (Tons)1 27,000,000 421,000 Fiber Old Corrugated Containers / DLK (Tons)1 5,100,000 4,115,00
Slide 27: Debt Maturity Profile
Overview PS NA PS EMEA Add’l Mat’l Debt Maturity Profile Maturities as of December 31, 2025 $3,000 $2,500 $2,000 Millions $1,500 $1,000 $500 $0 2041 2042 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2043 2044 2045 2046 2047 2048 Debt Maturities Credit Revolver 27 Invest
Slide 28: Pension Plan Update
Overview PS NA PS EMEA Add’l Mat’l Pension Plan Update1 as of December 31, 2025 Key Variables 2023 2024 2025 Annual Pension Expense2 Assumed Rate of Return 6.50% 7.00% 7.00% 809 717 Discount Rate 5.10% 5.68% 5.53% 632 Average Annualized Return 2025 11.8% $ Millions Past Five Years 0.2% Past Ten Year
Slide 29: Cash Returned to Shareowners
Overview PS NA PS EMEA Add’l Mat’l Cash Returned to Shareowners $1.26 $0.70 $0.81 $0.49 $0.01 Billions $0.10 $0.20 $0.73 $0.77 $0.79 $0.80 $0.81 $0.78 $0.67 $0.64 $0.64 $0.64 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Dividend Share Repurchase 29 Investor Resource Deck - Spring 2026
Slide 30: Adjusted Return on Invested Capital
Overview PS NA PS EMEA Add’l Mat’l Adjusted Return on Invested Capital1 13.2% 3-Year 10.0% 9.9% Average 9.4% 9.2% 3.0% 8.3% 7.4% 4.4% 3.9% 0.8% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 (1) Years 2016-2017 restated to reflect N.A. Consumer Packaging and xpedx as discontinued operations. Year
Slide 31: Free Cash Flow
Overview PS NA PS EMEA Add’l Mat’l Free Cash Flow1 $2.3 $2.3 $2.0 $1.9 $1.7 $1.5 $1.2 Billion $0.8 $0.7 ~$0.3 - $0.5 2025 Impacted by Transformation Spending $(0.2) 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026E (1) See the Appendix for the non-U.S. GAAP financial measures 31 Investor Resou
Slide 32: Capital Spending
Overview PS NA PS EMEA Add’l Mat’l Capital Spending % of Sales $2,000 12.0% $1,600 9.0% ~$1,950 - $2,050 $1,200 Million 6.0% $800 3.0% $400 $0 0.0% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026E Capital Spending % of Sales (Note) Reflects continuing operations 32 Investor Resource Deck - Sp
Slide 33: U.S. Corrugated Packaging Shipments
Overview PS NA PS EMEA Add’l Mat’l U.S. Corrugated Packaging Shipments RISI Forecast1 416 407 401 392 394 386 381 381 384 376 374 378 Shipments (BSF) (Source) Fibre Box Association, RISI North American Paper Packaging 5-Year Forecast (Note) Historical data from 2016 – 2025 represents U.S. Box Shipme
Slide 34: Non-GAAP Financial Measures
Non-GAAP Financial Measures Management presents forward-looking guidance based on Adjusted EBITDA. This reflects investor feedback and our view that Adjusted EBITDA provides a more meaningful measure of operating performance and cash flow generation, particularly in evaluating the Company’s ongoing
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