International Paper Company · NYSE:IP
International Paper — Q3 2026 Earnings Presentation
23 slides from International Paper's earnings presentation, Oct 28, 2026
Slide 1: Third Quarter 2026 Earnings
Third Quarter 2026 Earnings October 28, 2026
Slide 2: Forward-looking Statements
Forward-looking Statements Certain statements in this presentation that are not historical in nature may be considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements can be identified by the use of forwa
Slide 3: 3Q26 Highlights
3Q26 Highlights PACKAGING SOLUTIONS NORTH AMERICA (PS NA) • Strong financial performance despite elevated inflation Advantaged • Box volume expected to outpace estimated industry demand Cost Position by approx. 2% for the full year1 • Price realization2 and operational performance mitigated inflatio
Slide 4: PS NA Demand Trend
PS NA Demand Trend 3Q26 ▪ PS NA box volume down approx. 2% YoY on a daily basis ▪ Impacted by West Coast agriculture and customer facility closures ▪ IP analysis estimates industry demand down approx. 3%1 4Q26 ▪ IP expects to outpace industry1 ▪ Ramp of known customer wins ▪ Improvement in West Coas
Slide 5: Enterprise: 3Q26 Results
Enterprise: 3Q26 Results Sales ($MM) Adj. EBIT1,2 ($MM) $6,222 $6,004 $6,197 $317 $99 3 $(240) 3Q25 2Q26 3Q26 3Q25 2Q26 3Q26 Adj. EBITDA1 ($MM) Adj. EBITDA Margin1 13.8% 13.6% $859 $843 9.8% $587 3Q25 2Q26 3Q26 3Q25 2Q26 3Q26 Adj. Operating EPS1,2 Free Cash Flow1 ($MM) $150 $0.37 $0.04 $(7) $(0.43)
Slide 6: PS NA: 3Q26 Results
PS NA: 3Q26 Results 2Q26 to 3Q26 ($MM) COMMENTARY 2Q26 Adj. EBITDA1 425 Price & Mix 141 Faster price realization One more shipping day Volume (46) Softer demand environment including West Coast agriculture | Seasonally lower daily demand | Lower export Ops & Costs 85 Mill performance | Riverdale & N
Slide 7: PS NA: 4Q26 Outlook
PS NA: 4Q26 Outlook 3Q26 to 4Q26 ($MM) Outlook COMMENTARY 3Q26 Adj. EBITDA1 663 Price & Mix 45 – 55 Realization from prior price increases2 Seasonally higher daily demand Volume 25 – 35 Two less shipping days Riverdale & NORPAC performance | Pine Hill nonrepeat | Ixtac insurance Ops & Costs 5 – 15 S
Slide 8: PS NA: 2H26 Step Up
PS NA: 2H26 Step Up Updated Full Year ‘26 Guide in a Challenging Environment PS NA Adj. EBITDA1 Full Year 2026 PS NA Adj. EBITDA1 Guide ($MM) $700 - $740 (Approximate $MM) $663 Prior Full Year Guide as of 2Q26 Earnings $2.35B - $2.45B Headwinds $(145) Diesel2 & Distribution $(55) $477 $425 Volume $(
Slide 9: PS EMEA: 3Q26 Results
PS EMEA: 3Q26 Results 2Q26 to 3Q26 ($MM) COMMENTARY 2Q26 Adj. EBITDA1 182 Higher paper prices for external sales Price & Mix 27 Higher paper price impact on packaging Volume (32) Soft market environment Ops & Costs 76 Progress on cost-out initiatives Maintenance Outages (4) Timing of planned outages
Slide 10: Advancing the Separation
Advancing the Separation Separation Updates1 The EMEA management team will host “DS Smith plc – Capital Markets Day” on November 3, 8am – 12pm ET Spin off scenario: ▪ Expect both companies to have investment grade ratings ▪ IP intends to retain approximately 20% ownership stake ▪ DS Smith plc is exp
Slide 11: Looking Ahead for International Paper
Looking Ahead for International Paper Executing with Discipline and Confident in Our Path Focused on execution in a challenging macro environment Committed to our core strategy and three strategic pillars: Advantaged Cost Position ACP Superior Customer Experience SCX High Relative Supply Position Hi
Slide 12: Investor Relations Media
Investor Relations Mandi Gilliland +1-901-419-4595 [email protected] Michele Vargas +1-901-419-7287 [email protected] Media [email protected] 12
Slide 13: Appendix
Appendix
Slide 14: PS NA: 3Q26 Results
PS NA: 3Q26 Results Sales ($MM) Adj. EBIT1 ($MM) $427 $3,898 $3,688 $3,880 $204 $(166) 3Q25 2Q26 3Q26 3Q25 2Q26 3Q26 Adj. EBITDA1,2 ($MM) Adj. EBITDA1,2 Margin $663 17.5% 17.7% $655 12.2% $425 3Q25 2Q26 3Q26 3Q25 2Q26 3Q26 (1) See Appendix and the Investors section of our website for information on
Slide 15: PS EMEA: 3Q26 Results
PS EMEA: 3Q26 Results Sales ($MM) Adj. EBIT1 ($MM) $2,310 $2,287 $2,280 $(58) $(73) $(80) 3Q25 2Q26 3Q26 3Q25 2Q26 3Q26 Adj. EBITDA1 ($MM) Adj. EBITDA1 Margin $209 $210 9.0% 9.2% 8.0% $182 3Q25 2Q26 3Q26 3Q25 2Q26 3Q26 (1) See Appendix and the Investors section of our website for information on non-
Slide 16: 3Q25 to 3Q26 Adj. EBITDA Bridge
3Q25 to 3Q26 Adj. EBITDA1 Bridge Packaging Solutions Packaging Solutions ($MM) North America 2 EMEA 3Q25 Adj. EBITDA1 655 209 Price & Mix 217 20 Volume (176) (33) Ops & Costs 38 31 Maintenance Outages (18) (1) Inputs (53) (16) 3Q26 Adj. EBITDA1 663 210 242 283 Depreciation & Amortization Expense (Ac
Slide 17: Select Financial Metrics
Select Financial Metrics1 ($MM) 2024 2025 2026F Maintenance Outage Expense $371 $390 $432 Targeting Capital Expenditures $921 $1,857 $2,000 – $2,100 Depreciation & Amortization2 $850 $2,747 $2,020 Net Interest Expense $224 $372 $380 Corporate Expense $170 $109 $100 Operational Effective Income Tax R
Slide 18: Maintenance Outages Expenses | 2026 Forecast
Maintenance Outages Expenses | 2026 Forecast ($MM) 1Q26A 2Q26A 3Q26A 4Q26F 2026F Total Impact $71 $205 $76 $80 $432 18
Slide 19: 2Q26 to 3Q26 Adjusted Operating EPS
2Q26 to 3Q26 Adjusted Operating EPS1 0.37 (0.27) (0.33) 0.41 0.49 (0.23) (0.11) 0.37 0.04 2Q26 Price/Mix Volume Operations Maintenance Input Costs Corporate Depreciation & 3Q26 & Costs Outages & Other Items Amortization (1) See Appendix and the Investors section of our website for information on non
Slide 20: Sales Volume by Product | Preliminary and Unaudited
Sales Volume by Product1 | Preliminary and Unaudited Three Months Ended Three Months Ended September 30, June 30, 2026 2025 2026 PS NA (In thousands of short tons) Corrugated Packaging2 2,180 2,261 2,294 3 Containerboard 676 767 593 Recycling 412 486 409 Saturated Kraft 7 14 6 Gypsum / Release Kraft
Slide 21: 2026 Operating Earnings
2026 Operating Earnings Non-controlling Equity Diluted Pre-Tax Tax Net Income Interest Earnings Average Shares Diluted EPS $MM $MM $MM $MM $MM MM Earnings (Loss) from Continuing Operations 1Q26 $93 $(17) - - $76 532 $0.14 2Q26 $(26) $15 - $(1) $(12) 530 $(0.02) 3Q26 $(1,194) $97 - - $(1,097) 530 $(2
Slide 22: Global Input Costs 3Q26 vs 2Q26
Global Input Costs 3Q26 vs 2Q26 | $(94)MM Unfavorable, $(0.27) per share By Business By Input Type (3) (8) (16) (3) (2) (25) (37) (39) (55) Packaging Packaging Solutions Energy Fiber Chemicals Freight OCC Solutions EMEA North America Energy Fiber Chemicals Freight OCC North America EMEA 22
Slide 23: Non-GAAP Financial Measures
Non-GAAP Financial Measures Beginning 3Q 2026, due to the planned separation of the EMEA packaging business, we are no longer providing PS EMEA US GAAP financial guidance as part of our guidance framework and do not anticipate providing such guidance in the future. See the reconciliation of all pres
International Paper Company — Q3 2026 Earnings Presentation on 6ix