Packaging Corporation Of America · NYSE:PKG
Packaging Corporation Of America — Conference Presentation (December 2025)
21 slides from Packaging Corporation Of America's conference presentation, December 2025
Slide 1: Packaging Corporation of America Investor Presentations
Packaging Corporation of America Investor Presentations December 10 - 11, 2025 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: Q4 2025 Update
Q4 2025 Update • Based on operations through the end of November, PCA continues to forecast earnings of $2.40 per share, excluding special items, for 4Q 2025(1): - Performance has been consistent with forecast and commentary provided in Q3 earnings release and conference call. - Legacy PCA corrugate
Slide 4: Q3’25 Key Financial Results
Q3’25 Key Financial Results Packaging Paper Revenue Revenue • Excluding special items(1), PCA $ 2,128.1 $ 159.3 $ 161.2 reported Q3’25 EPS of $2.73 ($M’s) $ 2,008.7 ($M’s) million compared to $2.65 in Q3’24 • Net sales were up 6.0% to $2.3 Q3’24 Q3’25 Q3’24 Q3’25 billion in Q3’25 compared to $2.2 bi
Slide 5: Highlights
Highlights 1. Top 3 producer of containerboard and corrugated packaging products and leading producer of uncoated freesheet paper in North America with track record of consistently executing profitable growth strategy 2. World-class customer experience with proven local expertise and robust national
Slide 6: Corrugated Products Volume Growth - Outperformance vs. the Industry Continues
Corrugated Products Volume Growth - Outperformance vs. the Industry Continues 38 % Cumulative Growth in Volume/Day PCA CAGR 2.8% Cumulative Growth 28 29%(1) 18 Industry CAGR - 0.2% 8 -2% -2 2017 2018 2019 2020 2021 2022 2023 2024 2025 6 (1) As of 9/30/25, excluding Greif Industry PCA
Slide 7: Growing Integrated Containerboard Supply Supports Industry-Leading Margins
. . . . and Growing Integrated Containerboard Supply Supports Industry-Leading Margins 22.6% Avg Packaging Segment EBITDA Margin Over This Period (1) 000 Tons 5,000 Post-Covid Inventory De-Stocking 4,750 Wallula & Jackson Mills YTD Q3 2025 Packaging Segment Margin: 22.2% 4,500 Post Greif acquisition
Slide 8: Strong and Consistent Cash Generation
Strong and Consistent Cash Generation . . . ($M’s) Free Cash Flow $1,000 $845 $808 $800 $671 $629 $612 $601 $600 $513 $522 $489 $400 $200 $- 2017 2018 2019 2020 2021 2022 2023 2024 3Q '25 YTD (1) See Appendix A for cashflow reconciliation 8
Slide 9: 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 2025E $(200) Acquisitions Capex 2017 2018 2019 2020 2021 2022 2023 2024 2025E Total CapEx $ 343 $ 551 $ 399 $ 421 $ 605 $ 824 $
Slide 10: 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 2025E Dividend/Share Y/E Share Annualized 5
Slide 11: Over $3 Billion of Value Creation
Consistently Strong ROIC > WACC Creates Significant Value % ROIC 7-Yr Avg: 16.5% $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: 8.0% $500 8 $400 6 2017 2018 2019 2020 2021 2022 2023 2024 11 (1) See Appendix C for ROIC calculations.
Slide 12: Impressive Total Return Track Record vs. Competitors and S&P 500
Impressive Total Return Track Record vs. Competitors and S&P 500 (based on 9/30 stock price) 160% 350% 140% 300% 120% 100% 250% 80% 200% 60% 150% 40% 100% 20% 50% 0% 0% 3-Yr Cum 5-Yr Cum 10-Yr Cum Competitor A Competitor B (1) PCA S&P 500 12 (1) Estimated combined total return of pre- and post-merge
Slide 13: Greif Containerboard Acquisition
Greif Containerboard Acquisition 13
Slide 14: 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 15: 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 16: Post-Acquisition U.S. Footprint
Post-Acquisition U.S. Footprint Pearl PCA Greif Full Line Sheet/Specialty Sheet Feeder Hexacomb Packaging Mill 16 Paper Mill
Slide 17: Slide 17
Slide 18: Appendix A
Appendix A 2017 2018 2019 2020 2021 2022 2023 2024 3Q'25 YTD Packaging segment income $ 950.3 $ 1,045.4 $ 963.4 $ 829.5 $ 1,306.0 $ 1,423.7 $ 1,074.3 $ 1,101.5 $ 952.0 Depreciation, amortization and depletion 317.5 342.0 342.8 365.2 381.0 420.2 472.5 490.1 403.9 EBITDA 1,267.8 1,387.4 1,306.2 1,194.
Slide 19: Appendix B – EPS Reconciliation
Appendix B – EPS Reconciliation 2017 2018 2019 2020 2021 2022 2023 2024 Q3'24 Q3'25 Reported earnings per diluted share $ 7.07 $ 7.80 $ 7.34 $ 4.84 $ 8.83 $ 11.03 $ 8.48 $ 8.93 $ 2.64 $ 2.51 Special items (1) Jackson mill conversion-related activities - - - - 0.11 0.11 0.09 0.08 - - Facilities closu
Slide 20: Appendix C – ROIC
Appendix C – ROIC Return on invested capital (ROIC) is calculated as follows: 2017 2018 2019 2020 2021 2022 2023 2024 Income from operations $ 932 $ 1,068 $ 1,054 $ 724 $ 1,241 $ 1,421 $ 1,075 $ 1,101 Special items and adjustments: - Facilities closure costs (income) (6) 2 - 28 (3) 1 14 3 - Jackson
Slide 21: Appendix D - Non-GAAP Segment EBITDA Reconciliation
Appendix D - Non-GAAP Segment EBITDA Reconciliation Packaging Segment EBITDA (excl. special items) Reconcilation Q3'24 2024 Q3'25 Segment revenue $2,008.7 $7,690.9 $2,128.1 Segment operating income $320.7 $1,101.5 $327.5 Depreciation, amortization, and depletion $124.1 $490.1 $143.9 EBITDA $444.8 $1
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