International Paper Company

North America: execution improved; earnings beat, but inflation + volume softness persist - Q3 performance: North America delivered higher adjusted EBITDA (company cited +56% sequentially), helped by price realization, lower planned outage activity, and no spending tied to the completed Riverdale conversion. - Main negatives in Q3: inflation higher than expected (notably diesel, OCC, energy), and temporary Pine Hill shutdown (net of insurance partly offset). - Demand/shipments: Box shipments -2% YoY in Q3, described as ~1 point better than industry demand; headwinds included West Coast fresh fruit/vegetable disruption and protein softness tied to smaller herds + strained consumer spending.

North America outlook: continue to outperform industry (but no “easy” environment) - Company expects to outpace industry demand by ~>1% in Q4 and ~2% for full year (based on Q4 seasonal uptick + modest agriculture recovery). - Q4 packaging (North America) adjusted EBITDA outlook: ~$700M to $740M. - Full-year North America adjusted EBITDA outlook revised: $2.27B to $2.31B (midpoint down vs prior due to new incremental headwinds ~+$145M, largely higher diesel/distribution costs and volume pressure, including ~$20M net impact from Pine Hill event; partially offset by faster June price realization).

EMEA: sequential improvement but still below expectations; guidance framework effectively discontinued - Q3 EMEA: improved sequentially (price/mix +$27M; operations/costs + $76M from cost-out), but still below expectations due to soft demand and input cost inflation (energy costs -$39M). - EMEA adjusted EBITDA: ~$210M in Q3. - Important negative/surprise: due to the planned EMEA separation and UK regulatory requirements, the company said it is no longer providing Packaging Solutions EMEA US GAAP financial guidance and does not anticipate providing it in the future.