Overview

• US containerboard and paper maker's Q2 revenue rose but slightly missed analyst expectations

• Adjusted EPS for Q2 beat analyst expectations

• Company cites record corrugated shipments and Greif acquisition as key drivers, offset by higher costs

Outlook

• Packaging Corp expects Q3 2026 earnings of $2.91 per share, excluding special items

• Company expects continued strong demand and higher corrugated products volume in Q3 2026

• Freight and recycled fiber costs expected to remain elevated or increase in Q3 2026

Result Drivers

• RECORD CORRUGATED SHIPMENTS - Co said legacy corrugated operations achieved all-time quarterly record for shipments, driven by strong demand

• GREIF ACQUISITION - Acquired Greif business contributed to earnings with strong volumes at corrugated plants and improved mill performance

• HIGHER COSTS - Significantly higher freight and recycled fiber costs, as well as increased corporate and other expenses, weighed on legacy business earnings

Company press release: ID:nBwvgt8na

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q2 Sales	Slight Miss*	$2.49 bln	$2.50 bln (8 Analysts)
Q2 Adjusted EPS	Beat	$2.35	$2.31 (8 Analysts)
Q2 EPS		$2.15

*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Reuters Recommended Reads

• July 22 - Sonoco Q2 profit beats estimates driven by Industrial Paper Packaging

• July 20 - Crown Holdings beats Q2 revenue on beverage can growth, raises FY adjusted diluted EPS guidance

• July 22 - Sweden's SCA Q2 sales hit by lower prices but beat estimates

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