International Paper Co.

Progress + operational execution (good/surprising): - Management emphasized “improved execution” in a complex quarter with a particularly heavy outage schedule and completed key strategic investments. - Mill performance improved ~500 bps YoY, and they reported consistent improvement in capacity utilization as benefits compound. - In North America, box volumes grew +1.7% YoY on a daily basis, with expectation to outpace the industry by ~2% for full-year 2026.

Guidance/outlook—North America step-up supported by Riverdale ramp + price flow (forecast/good): - Q2 free cash flow was negative $7M, but better than expected; $533M of cash was used for transformation/capex. - Packaging Solutions North America Q3 adjusted EBITDA outlook: ~$555M to $585M (includes an ~$85M Pine Hill impact before expected insurance recovery). - Full-year Packaging Solutions North America adjusted EBITDA outlook: $2.35B to $2.45B (reduced top end by ~$50M due to macro + prolonged Middle East impacts). - Drivers for the H2 improvement: pricing realization through June publications, Riverdale ramp, and maturation of cost-out initiatives; offsets include macro and higher certain input costs.

Guidance/outlook—EMEA recovery + cost-out footprint actions (forecast/good with caveats): - Packaging Solutions EMEA delivered Q2 adjusted EBITDA: $182M (ahead of expectations). - Q3 adjusted EBITDA outlook for EMEA: ~$230M to $250M. - EMEA full-year adjusted EBITDA outlook: $900M to $1B. - Expected step-up from H1 to H2 driven by margin recovery + commercial uplift, plus ~$40M cost-out benefits and ~$20M input cost tailwind (assuming geopolitical volatility doesn’t worsen materially).