Mike Roxland

Lance clarified the 3% referred to outperformance versus the market, not absolute growth, and said nothing changed versus expectations.

Lance gave a process answer rather than a contract change; Andy attributed it to commercial team retooling and changed incentives.

Bridge to $5B via: incremental price flow-through (net $50/ton NA, half in 2026 / half in 2027; EUR100 EMEA mostly in 2027), plus operating cost improvement funnel, plus modest 1% NA and 1-2% EMEA market growth plus share wins. Does not include any additional pricing beyond what's been published.

Wins are broad-based across all product categories, both national and local in US. Central (pan-European) accounts strong in EMEA but local European wins need improvement. Pricing discipline maintained, service and quality drive wins, not aggressive pricing. Radically restructured sales force and incentive system in US.

Two sticky cost areas: lingering closure costs during shutdown/disposal, and mill reliability requiring consistent multi-year investment. A single struggling mill can cost $100M/year. Spin not driven by cost challenges but by regional value maximization, almost zero overlap between NA and EMEA businesses.

All announced actions captured in 2026 bridge. Approximately 75%+ realized in 2026 with 20-25% tail rolling into 2027. In terms of big structural actions in NA, most have been addressed. Remaining work on cost structure in mill system, overhead, and just starting EMEA journey.

Savannah effectively a push on EBITDA basis but huge ROIC win, replacement asset value north of $1B. Through the cycle, Savannah was destroying value and not returning cost of capital. Riceboro was modestly positive, very small mill with uncompetitive cost position. No more near-future capacity removals planned.

First European price increase sticking with all evidence supporting it. More cautious on second price increase given market conditions. Nothing built in for this year or next on the second increase.

European structural change requires consultation processes making it slower. Silvernail committed to reinvesting in strategic assets and exiting businesses that cannot stand on their own. Acknowledged decisions are hard but necessary. Team in Europe excited about winning.

Silvernail confirmed stability in April demand but declined to give specific operating rate. Noted ability to pull forward footprint optimization if demand weakens but doesn't see structural change to 2027 endpoint.

Silvernail detailed 30-40% of business is local. On-time delivery improved from high 80s to high 90s over two years. Went from losing local market share to holding/gaining, driven by investment in people and operations.

Silvernail was deliberately opaque due to remaining DS Smith restrictions and stakeholder sensitivity. Confirmed aggressive footprint optimization in both box and mill systems.

Silvernail said there was enormous pent-up demand for change. Key enablers are capital investment decisions and removing bureaucratic constraints on local managers.

Devin said WY only knows what has been publicly reported; the two new OSB mills appear pushed to end of this year or early next.

Dave Wold confirmed $94 million Florida conservation easement was the primary driver of the Q1 Climate Solutions jump.

Devin acknowledged competitive intensity but emphasized WY competes on service model and product value rather than lowest price. Trus Joist brand and innovation drive differentiation.

Dave Wold noted typical front-loading pattern in SLS from timing and mix. Historical pattern supports the cadence. $425M full year guide remains appropriate.

Devin detailed integration benefits: optimal log mix delivery, flex on supply during weather events, product mix optimization. Dave Wold added strategic advantages like co-locating Timberstrand facility with timberlands.

Devin expressed confidence that NCS is not materially at risk. Partners are sophisticated and anticipated policy changes. 45Q preserved in Big Beautiful Bill. Possible air pocket toward end of decade on renewables but no near-term meaningful impact.

Devin confirmed lower Q3 EWP operating rates reflecting softer market. Can dial up if demand improves. Emphasized high-quality product and customer demand but prudent to pull back at current building levels.

Devin declined to predict commodity prices but provided sensitivities for analysts to calculate. Noted industry unlikely to operate below cash breakeven indefinitely, implying eventual pricing recovery.

Devin described CCS margins as incredible since it involves leasing subsurface space with minimal cost on WY's part. Pure upside similar to wind agreements.

Devin pushed back strongly, clarifying the magnitude of CCS opportunity remains significant. Only the timeline has extended due to permitting and industry maturation.

Devin attributed order file improvement largely to seasonality as weather improves. EWP operating rates at low 70% in Q1, expected to improve in Q2.

Devin expressed confidence NCS businesses will persist despite policy uncertainty. Solar economics are strong independently. IRA tax incentives likely to remain as money flows to Southern red states.

Devin expressed high confidence in testing results, noting extensive in-house R&D and ability to use existing mill for testing. Product expected to be well received.

Kent detailed Greif's 14¢ contribution, 4¢ from a depreciation benefit, the rest from higher volumes and integration.

Mark confirmed would still run full with extra days, expects to run entire mill system full out for all of 2026. Tom said underlying demand improving across all segments including previously weak auto, building products, and durables. Consumer sentiment and GDP cited as positive drivers.

Tom confirmed PCA has met all Greif purchase/trade commitments and is discontinuing them. These were agreements Greif had that PCA would not typically maintain.

Kent said only a small amount of the $70/ton increase is in Q1 guidance since it's effective March 1. Tom noted price increases roll through over approximately 90 days with some contracts extending to midyear.

Kent confirmed lower Greif September results were from outages and $12M timing effects on revenue/profit recognition, not economic downtime. 2026 CapEx details to come in January.

Mark declined to raise targets but said every day seeing positive results. Compared opportunity to Boise assets over the last 10 years. Preferred to remain conservative.

Mark said PCA deployed 200-person technology engineering organization. Comprehensive refurbishment touching everything from ceilings to U-drain sewers. 50% quality improvement in profiles already. Mill investments expected in tens of millions, not hundreds of millions, no Jackson-scale conversion needed.

Tom cited tariff uncertainty, customers managing inventories tightly. Automotive, building products, salty snacks/sugary beverages all under pressure. On Greif, capital avoidance is significant, box plants now cost $300M, mills $1B+.

Tom said price increase implemented as announced. Larger portion from outside liner/medium sales and non-contract box pricing. Contractual side rolling through in normal 90-day cycle.

Tom declined to give specific margin comparison. Said volume growth primarily from existing customers. E-commerce is #1 growth segment but PCA doesn't differentiate margin targets by segment.

Mark declined to confirm running full out but said running hard. Counce/Valdosta capacity projects would be next couple of years if approved.

Tom said continued steady volume growth but tougher YoY comps in back half. Capital projects coming online will support growth.

Tony cited a specific closure and Ken added the St. Paul CRB mill, but stopped short of signalling further CRB rationalisation beyond ongoing evaluation.

Tony gave an extended grade-by-grade and region-by-region answer covering brown grades, CUK, SBS and CRB, plus box demand nuances by market.

Ken described always-active plant-by-plant cost takeout programs as part of budget process. Projects started 2-3 years ago coming online with better impact given energy volatility. Innovation programs designed to take costs out for both SW and customers (demonstrated at Amsterdam event). Every cost item scrutinized, no cost incurred is a basic principle. Works in both inflationary and low-inflation environments.

Tony quantified volume progression: Q4 -8.5%, Q1 -7%, April -4% YoY. Lapping higher comparators from Q1/Q2 last year. Gave LatAm turnaround example: one facility went from 350M sq meters at -$20M/year to 280M sq meters at +$15M/year. Ken cited shelf restocking need, security of supply concerns, and green shoots in home improvement/white goods as demand drivers.

Tony acknowledged October uptick didn't materialize. Explained legacy WestRock business taken on in prior year being exited, with some expected to return at economic prices. On CRB-to-SBS: SBS competitive due to lower price, brighter sheet, lower caliper, better printability. Already transferred ~$100M in 4-5 months.

Tony explained European system already well optimized, running full except August/December holidays. SW is low-cost producer with returns far exceeding competitors. Expects more independent mill closures. Continuous cost reduction programs across all businesses to mitigate wage inflation.

Tony noted ~60% of corrugated loss-makers still to fix, expects another 40% to move to profit over coming year. On Europe, cited an independent paper mill closure announced that day as evidence of unsustainable pricing for non-integrated third/fourth tier players.

Tony explained ~40% of loss-making plants moved to profit through systematic account review. Volume loss is partly deliberate from exiting uneconomic contracts. Replacing lost machine time with even breakeven business substantially improves results, with ~6 month lag for machine refill.

Tony indicated slightly better H2 due to comparators, but needs consumer confidence to return which requires tariff certainty. European market described as better with reasonable demand. Reiterated value-over-volume will cause some volume loss but improve profitability.

Ken declined specifics on where downtime is being taken, said it's across the system including ahead of maintenance and CapEx projects. On synergies, confirmed exit rate of $400M by end of 2025, with phasing broadly balanced across remaining quarters.

Steve said the $1.80-1.90 guide embeds flat to very modestly up volume. PK attributed healthcare volume softness to a deliberate mix shift out of lower-margin medical into higher-margin pharma (nasal, ophthalmic, inhalation), which expands healthcare profit despite lower volumes, citing GLP-1, generics and air knife coating wins.

PK described strong supply position: 65% of resin from NA, broad global supplier network, ability to swing volumes and reformulate quickly. Some customers approaching Amcor due to incumbent supplier issues. Still early to quantify share gains but opportunities emerging.

Steve acknowledged Flex margins likely stable in near-term H2 but on a multiyear view, synergy capture (revenue synergies, operational improvements) will spread across both segments and drive margin improvement in Flexibles too.

Michael confirmed flat volume assumption underpins $0.80-$0.83 guidance. Better volumes could drive top-end; worse volumes manageable with cost actions. NA Bev elevated costs expected in Q1 but improvement thereafter. Q1 volumes expected similar to Q4.

PK highlighted complementary resin portfolios (Berry=PP, Amcor=PET/PE) creating harmonization opportunity. In volume-muted environment, large buyer is more attractive to suppliers needing to load capacity. Michael noted synergy target benchmarks at ~5% of sales, consistent with deal precedent.

PK confirmed no surprises in due diligence, growing synergy confidence. Michael noted continued cost focus with ~$7M restructuring benefits remaining in H2 from Russia disposal offset program.

Michael acknowledged near-term observations are correct but maintained the 20-30 bps algorithm over longer periods. Cost management flexibility and mix management drive consistency through cycles.

Stander pointed to roughly 1% retail sales growth and flat CPG volumes, but held to low-single-digit base label volume growth on continued share gains.

CEO confirmed IL growth significantly H2-weighted with sequential run rate improvement. Logistics customer international expansion going according to plan; first-mile shipper orientation also progressing. Two-to-three other logistics pilots expanding.

CEO outlined three growth levers: new customer acquisition for HVC, accelerated innovation commercialization (AI-designed inlays cut from 8-10 weeks to 2 weeks), and digital/AI capabilities. Hired chief digital officer. Apparel seeing new IL adoption and loss prevention expansion.

CEO expects to expand UPS share through innovation. No new logistics rollout expected in 2025; assessing 2026 likelihood for January update.

CEO said store closures are negligible to rollout. Kroger at ~700 stores on track, actively discussing acceleration into proteins given strong ROI.

CEO detailed three-pronged competitive strategy: innovation leadership, roll-to-roll manufacturing cost advantage, and go-to-market expertise.

CEO emphasized learnings from first adoption cycle, resolved tagging issues, and broadened the response to stress multi-lever franchise strength.