Packaging Corporation Of America · NYSE:PKG
Packaging Corporation Of America — Investor Presentation (June 2026)
18 slides from Packaging Corporation Of America's investor presentation, June 2026
Slide 1: Packaging Corporation of America Investor Presentation
Packaging Corporation of America Investor Presentation June 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 • Q2 corrugated volumes up 24% per day YoY through May; legacy up YoY over 4.5% in April and over 3.5% in May. Bookings remain strong through first week of June • Price on forecast through May, with realization in corrugated of the first net $50 per ton containerboard price increase
Slide 4: Business Update – Cont’d
Business Update – Cont’d • Acquired Greif operations are on forecast through May and expected to be accretive in Q2 consistent with April commentary • Driven in large part by PCA’s demand and inventory situation, as well as higher freight, recycled and other input costs, PCA notified customers of a
Slide 5: Q1’26 Key Financial Results
Q1’26 Key Financial Results Packaging Paper • Excluding special items(1), PCA Revenue ($M's) Revenue ($M's) reported Q1’26 EPS of $2.40 per $2,189 share compared to $2.31 in Q1’25 $1,970 $154 $160 • Net sales were up 10.6% to $2.4 billion in Q1’26 compared to $2.1 billion in Q1’25 Q1'25 Q1'26 Q1'25
Slide 6: Highlights
Highlights 1. Top 3 producer of containerboard and corrugated packaging products and leading producer of uncoated freesheet paper in North America with track record of consistently executing profitable growth strategy 2. World-class customer experience with proven local expertise and robust national
Slide 7: Corrugated Products Volume Growth - Outperformance vs. the Industry Continues
Corrugated Products Volume Growth - Outperformance vs. the Industry Continues Cumulative Growth 39% 38 % Cumulative Growth in Volume/Day PCA CAGR 3.7% Legacy PCA 3.0% 30% Legacy PCA 28 18 Industry CAGR - 0.1% 8 -1% -2 2018 2019 2020 2021 2022 2023 2024 2025 7 Industry PCA
Slide 8: Growing Integrated Containerboard Supply Supports Industry-Leading Margins
. . . . and Growing Integrated Containerboard Supply Supports Industry-Leading Margins 22.5% Avg Packaging Segment EBITDA Margin Over This Period (1) 5,154 Post-Covid Inventory De-Stocking 5,046 4,900 Q1 2026 Packaging 4,566 4,529 Segment Margin: 22.0% Post Greif acquisition and Wallula reconfigurat
Slide 9: Strong and Consistent Cash Generation
Strong and Consistent Cash Generation . . . ($M’s) Free Cash Flow $1,000 $845 $808 $800 $729 $671 $629 $612 $600 $522 $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: While Returning Capital to Shareholders With Meaningful and Sustainable Approach to 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 3/31/26 stock price) 90% 350% 80% 300% 70% 250% 60% 50% 200% 40% 150% 30% 100% 20% 50% 10% 0% 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
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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 Q1'25 2025 Q1'26 Segment revenue 1,970.3 8,293.9 2,188.6 Segment operating income 278.1 1,125.3 260.3 Depreciation, amortization, and depletion 128.4 616.1 215.9 EBITDA 406.5 1,741.4 476
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