PACKAGING CORP OF AMERICA $PKG Q3’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $2.60B (Est. $2.61B) 🔴; vs $2.31B LY 🔹 Adj. EPS: $3.04 (Est. $2.92) 🟢; vs $2.73 LY 🔹 Adj. EBITDA: $577.2M (Est. $566M) 🟢 Q4 Guide: 🔹 Adj. EPS: $2.81 (Est. $2.78) 🟢 Segment Sales: 🔹 Packaging: $2.41B; vs $2.13B LY 🔹 Paper: $163.2M; vs $161.2M LY Segment Operating Income (ex. Special Items): 🔹 Packaging: $407.7M; vs $347.9M LY 🔹 Paper: $29.0M; vs $35.6M LY Other Q3 Metrics: 🔹 GAAP EPS: $2.93; vs $2.51 LY 🔹 GAAP Net Income: $262.3M; vs $226.9M LY 🔹 Total Corrugated Shipments: +10.6% per day 🔹 Legacy Corrugated Shipments: -0.5% per day 🔹 Paper Sales Volume: -2.5% YoY 🔹 Capital Spending: $247.3M Key Updates: 🔹 Facilities closure and other costs: $6.2M ($0.05/share) 🔹 Acquisition and integration-related costs: $3.0M ($0.03/share) 🔹 Corrugated products facility fire: $3.0M ($0.03/share) 🔹 Wallula mill restructuring: $0.3M (-/share) 🔹 Earnings were $.13 above third quarter guidance of $2.91 per share 🔹 Earnings from the acquired Greif operations: $.13 per share Comments: 🔸 “Our mills ran at full capacity during the quarter, and we are meaningfully realizing production benefits from projects at our Jackson mill as well as improved operating performance at the acquired Greif mills.”