Our Future is in
2026
ANNUAL GENERAL MEETING OF SHAREHOLDERS
1
BOARD OF DIRECTORS
Steven L. Boyd Scott A. Clark R. Howard Coker
Pamela L. Davies Theresa J. Drew Philippe Guillemont
2
BOARD OF DIRECTORS
John R. Haley Robert R. Hill, Jr. Eleni Istavridis
Richard G. Kyle Craig L. Nix
3
APPRECIATION FOR DECADES OF SERVICE
Blythe
McGarvie
Tom
Whiddon
4
202C Annual Meeting
ITEMS OF BUSINESS
Proposal 1 Election of Directors
Proposal 2 Ratification of Independent Registered Public Accounting Firm Proposal 3 Advisory (Non-binding) Vote on Executive Compensation Proposal 4 Approval of Amendment No. 1 to 2024 Omnibus Incentive Plan
Proposal 5 Advisory (Non-binding) Shareholder Proposal - Avoid Brand Damage from Political Spending
5
6
STATE OF SONOCO
R. Howard Coker
President and Chief Executive Officer
FORWARD-LOOKING STATEMENTS
Non-GAAP Financial Measures
Statements included herein that are not historical in nature, are intended to be, and are hereby identified as "forward-looking statements" for purposes of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended. In addition, the Company and its representatives may from time to time make other oral or written statements that are also "forward-looking statements." Words such as "aim," "anticipate," "assume," "believe," "can," "consider," "continue," "estimate," "expect," "forecast," "future," "goal," "guidance," "improve," "is designed to," "is positioned to," "likely," "maintain," "may," "might," "ongoing," "opportunity," "outlook," "plan," "potential," "progress," "project," "strategy," "target," "will," or the negative thereof, and similar expressions identify forward-looking statements.
Forward-looking statements in this communication include statements regarding, but not limited to: the Company's future operating and financial performance, including the full-year 2026 outlook, and the anticipated drivers thereof; the Company's ability to support and collaborate with its customers and manage costs; opportunities for productivity and other operational improvements; price/cost, customer demand and volume outlook; the Company's expectations with respect to the VPPA and its
sustainability goals; the effectiveness of the Company's strategy and strategic initiatives, including with respect to capital expenditures, portfolio simplification and capital allocation priorities; the effects of the macroeconomic environment and inflation on the Company and its customers; and the Company's ability to generate continued value and return capital to shareholders, including its expectations with respect to a competitive and growing dividend and share repurchases. Such forward-looking statements are based on current expectations, estimates and projections about our industry, management's beliefs and certain assumptions made by management. Such information includes, without limitation, discussions as to guidance and other estimates, perceived opportunities, expectations, beliefs, plans, strategies, goals and objectives concerning our future financial and operating performance. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual results may differ materially from those expressed or forecasted in such forward-looking statements.
The risks, uncertainties and assumptions include, without limitation, those related to: the Company's ability to execute on its strategy, including with respect to acquisitions (and integrations thereof), divestitures, cost management, productivity improvements, restructuring and capital expenditures, and achieve the benefits it expects therefrom; the operation of new manufacturing capabilities; the Company's ability to achieve anticipated cost and energy savings; the availability, transportation and pricing of raw materials, energy and transportation, including the impact of changes in tariffs or sanctions and escalating trade wars, and the impact of war, general regional instability and other geopolitical tensions (such as the ongoing conflict between Russia and Ukraine as well as the economic sanctions related thereto, and the Company's ability to pass raw material, energy and transportation price increases and surcharges through to customers or otherwise manage these commodity pricing risks; the costs of labor; the effects of inflation, fluctuations in consumer demand, volume softness, and other macroeconomic factors on the Company and the industries in which it operates and that it serves; the Company's ability to meet environmental, sustainability and other similar goals; and the other risks, uncertainties and assumptions discussed in the Company's filings with the Securities and Exchange Commission, including its most recent reports on Forms 10-K and 10-Q, particularly under the heading "Risk Factors." The Company undertakes no obligation to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events discussed herein might not occur.
Information about the Company's use of non-GAAP financial measures, why management believes presentation of non-GAAP financial measures provides useful information to investors about the Company's financial condition and results of operations, and the purposes for which management uses non-GAAP financial measures is included in the Company's Annual Report and on the Company's website at investor.sonoco.com under Webcasts C Presentations, and Non-GAAP Reconciliations for the Q4 2025 Earnings Presentation. Pursuant to the requirements of Regulation G, the Company has provided definitions of the non-GAAP measures discussed during this presentation as well as reconciliations of those measures to the most closely related GAAP measure on its website at investor.sonoco.com.
This presentation does not constitute the solicitation of the purchase or sale of any securities.
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SONOCO IS THE INVESTMENT OF CHOICE
In Packaging
Strength of Assets
#1 Market Position Globally in
Paper C Steel Cans and URB*
Simplified Operating Model Drives Margin Expansion
Operational Improvement
Plans Accelerate Profitability
Significant Recent Investments in Asset Base
9 *Uncoated Recycled Paperboard
Defensive Markets with
Growth Opportunities
Packaging Stable, Affordable
Food Products
Serving Large Growing Customers
Packaging Name Brands
and Private Labels
Demonstrated Ability to Win Customer Share
Focused on Long-term
Value Creation
Strong Cash Flow
Generator
Investing In Growth and Productivity Savings
Further Deleveraging and
Capital Return
100-Year History of Dividends to Shareholders
SONOCO TODAY
Revenue
$7.8 B**Includes discontinued operations
Adj. EBITDA
$1.3 B
Employees
22,000
Plants
265
Countries
37
Consumer Industrial
End
Market
10
Americas Europe Other
Geography
STRATEGIC ALIGNMENT
In Technology, Innovation, Customers, Market Presence and Sustainability
*Excludes 2025 Divestitures
**Uncoated Recycled Board
11 #1 Paper Cans #1 Steel Cans
#1 URB** and Converted Products
WHY WE TRANSFORMED SONOCO
Aligned and Scaled Our Portfolio with Our Competitive Strengths
Invest in Ourselves Through Technology/Innovation
Exit Non-Core Businesses and Recycle Capital
Acquire and Create Scaled, Market Leading Businesses
2020
2020
2020
Project Horizon
Renewable Energy Projects
2025
International Paper Can and Bottoms
Automation
Initiative
BulkSak
Sonoco Protective Solutions
Thermosafe
2025
Display and Packaging
Timber Assets
Thermoformed and Flexible Packaging
Ball Metalpack
RTS/
Chattanooga
Mill
Skjern
Mill
2025
Can Packaging (GreenCan)
Eviosys
12
Positions Sonoco for Long-Term Success Over the Next 125 Years
$8b
$7b
$6b
$5b
$4b
$3b
$2b
$1b
18%
14%
10%
6%
2%
+50%
$7.8b
$5.2b
Revenue
~200bps
17%
15%
EBITDA
Margin
OUR FOUNDATION IS SET
All Amounts Include Discontinued Operations
Since 2020, Our Transformation Has …
Added $2.C Billion in Revenue
Expanded Adj. EBITDA Margin by ~200 BPS
Generated Over $3.0 Billion of Normalized
Operating Cash Flow
Returned Over $1.2 Billion to Shareholders
Increased Adj. EPS by 50%
$1.4b
$1.2b
$1.0b
$0.8b
$0.6b
$0.4b
$0.2b
$6.00
$5.00
$4.00
$3.00
$2.00
$1.00
+C7%
$1,324m
$7C1m
Adj.
EBITDA
+50%
$3.81
$5.71
Adj.
EPS
13 All periods are from 2020 - 2025 All periods are from 2020 - 2025
THE STATE OF SONOCO IS STRONG
2025 Results (Compared to 2024)
REVENUE From Continuing Operations
$7.5B
UP 42%
ADJUSTED EBITDA
$1,324M
UP 28%
Margin 16.9%,
Up 120 bps
ADJUSTED OPERATING PROFIT ADJUSTED EARNINGS
$G55M
UP 67%
Margin 12.8%,
Up 150 bps
$5.71
UP 17%
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14
Our Strategic Priorities
Sustainable Growth
Increase market share and enter new markets
Invest in RCD for
innovation
Enhance customer acquisition and retention
Achieve Margin Expansion
Drive commercial excellence strategy
Align structure and support
functions more efficiently
Invest in operational efficiency and scalable processes
Efficient Capital Allocation
Allocate capital towards highest return opportunities
Maintain strong balance
sheet
Return capital to shareholders
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O U R M I S S I O N
Be the global leader in value-added, sustainable metal and fiber consumer and industrial packaging
PROFITABILITY PERFORMANCE PLAN
Margin Improvement Initiatives
Structural Transformation
Consumer Packaging Synergies
Support Function
Simplification
$20 -
$30M
Commercial
Excellence
New Product and Customer Growth
Share Gain
Value-based Pricing
$130 -
$170M
Operational Improvement
Supply Chain Improvement
Productivity Initiatives
Synergy Realization
Foot-Print Optimization
Process Standardization
Stranded Cost Takeout
TOTAL
16
Targeting ~200bps Improvement by End of 2028
$150-$200M
INDUSTRIAL PAPER PACKAGING
INDUSTRIAL PAPER PACKAGING
Business Overview
Revenue
~$2.4 B
Customers
7,400
Employees
G,000
Plants
158
Countries
25
North America EMEA APAC South America
4%
Other
7%
1C%
2025
Revenue By Region
73%
Consumer Staples
Consumer Durable
Industrial
20%
15%
2025
Revenue By End Market
40%
2025
Revenue By End Market
25%
18
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I N D U S T R I A L P A P E R P A C K A G I N G
Transforming Operations
DRIVES FOCUS, PROFITABILITY
+10%
EBITDA %
Adj. EBITDAEBITDA CAGR
$450
400
13.8%
12.G%
16.1%
18.2%
16.G%
1G.2%
20%
15
350
300
250
$275
$31G
$434 $432
$3G7
$441 10
5
0
2020
2021 2022
2023
2024
2025
Growth
Skjern, RTS/Chattanooga Mill
Tapping new products and markets
19
EBITDA and Margin Expansion
Grew Adj. EBITDA 71%,
expanded margins 615 bps
Consolidated paper and converting operations
Capital Allocation
Investing in automation and digitization to drive productivity and decision making
I N D U S T R I A L P A P E R P A C K A G I N G
VERTICALLY INTEGRATED VALUE CHAIN
18 Recycling Plants
Uncoated Recycled Paperboard (URB)
52%
URB Paper Sales* to
Sonoco Internal
(Consumer s Industrial Products)
1.7M
Tons of Fiber
1C Paper Mills
26 Machines
48%
URB Paper Sales* to
External Customers
Recovered
20
2.0M Tons/Year Note: All data for Recycling and URB as of 2025
* Based on 2025 Industrial Segment Sales