Philip Ng

I think there was some commentary perhaps that the operating leverage of that North America business could perhaps improve in the back half of 2026

any on-the-ground color in terms of what you're seeing there in terms of your customers and any shifts in consumers

what are some of the tangible things that you want to share with us in terms of what that actually means in terms of doubling down on cost

When we think about '26, are you going to be in a pretty good spot, Dan, where mix is more neutral as we think about that going forward

Are most of those levers more on the cost and efficiency side? Or we should expect perhaps a better pricing environment

How should we think about capital deployment when we think about 2026

give us some line of sight what gives you confidence that the back half would be better in Brazil as well

how you are set up from a contract standpoint? Is there any movement there? And do you kind of hope to kind of at least grow in line with the market next year?

how's the summer season been kind of shaping up in North America, order trends in April, May

Is that an opportunity for pricing and as the kind of next contract kind of set up

how is your growth to market strategy perhaps evolving? Are you going after some of these customers in a bigger way

does that give you a rethink in terms of your approach, which has been more targeted around your core

Curious what are you hearing from your customers on spring selling fees because you're calling for a better back half.

what type of capacity utilization does that imply? I know you guys kind of built this up during the pandemic.

what new insights have you kind of picked up from your builder customers? And how much input they provide for your base case scenario for 2026?

does that destock get flushed out by this year and you're in a better spot for next year?

Any color on the pipeline? Last quarter, you kind of commented, the pipeline has kind of dried up a little bit.

implicit in your guide, you're calling for a second half earnings ramp and Peter, it sounds like it's more seasonal in recent deals?

Just want to get your thoughts and your ability to kind of pass it through because implicit your gross margin guidance, I think you're assuming it to kind of hold relatively steady

How is the pipeline looking in terms of seller expectations, evaluation you're seeing out there

any early read on spring selling season? And you did mention in your prepared remarks, maybe some of the builders are testing out how they want to modulate build pace

you mentioned you were short on paper. So just curious, what are you seeing in the marketplace from a supply-demand standpoint

give us some comfort that the framework you've laid out accounts for any hiccups along the way just because it's it's a choppy environment

the 2026 guidance, Lance, last quarter, you guys gave us a nice slide deck calling out 600,000,000 upsell pulp and commercial efforts

is there a good way to think about relative outperformance that we could hope to expect in North America for you guys next year

Can you give a little more perspective what's out there in terms of potential closures? Are those box plants? Is that mills?

you reiterated your EBITDA guidance for Packaging Solutions ex-cellulose, but you didn't give as much color on Europe or pulp

you've had a few months under the hood now with DS Smith. When you look at the asset quality, cost curve and all that great stuff, both on the box plant

your pulp business, I would imagine, is probably most sensitive to tariffs because about half that business goes to Asia

So my question is to kind of hit

1Q is kind of a stabilization period. And you kind of pointed out earnings momentum, transformation 2025

Is this a level in terms of capital spend and maintenance operating spend that could be steady state from here?

Could that be a source of upside? Or are you kind of expecting volumes to kind of decline in the back half

Is that a more resilient consumer, maybe better price elasticity? Can you tease out if there is any share gains of note

perhaps you're doing a trial on trade credit. More color on that? Is that going to be pretty broad-based and we could see an uplift this year

Anything to flag when we look at 2026? Any new placement in higher dose channels or the wholesale channel as well on the plumbing side

I'm curious about what you're seeing on the bookings and backlog, how that has progressed over the course of the year? I'm particularly interested on nonres as we look out to 2026

one of your bigger competitors actually called out given the strength in infrastructure, there could be some mix headwind from base pricing

help educate us what you're seeing out there

in the public side, you haven't seen any choppiness in terms of funding being paused or any of that stuff

have you seen any pause in projects and any slowdown in bidding activity for new projects

is your expectation the implementation of the box side all said and done, how does that feel?

is the 2Q run rate like on a year-over-year basis, like a good way to think about the rest of the year?

How is that ramping up?

Is that still a good way to think about it?

how much would you attribute that being from that destock that you saw reversing?

what kind of box shipments should we assume for you to be running full out?

when we think about '26, does that translate to more downtime than we should kind of be appreciative

Tom, can you size up how much of that of your box business is tied to those end markets?

Will you need to be drawing down production in the back half? Part of the reason the 2Q outlook is a little more muted

Is there an appetite to kind of step up your buybacks with your share price here?

help us think through how the contribution kicks in. I know the Phoenix, Arizona box plant at least was scheduled to come on

Do you see that as a big driver that's a catalyst in terms of the momentum you've seen thus far this year?

remind us how hedged you guys are for the next 1 or 2 quarters on gas. Certainly, that's come up quite a bit. And with the timing of the box implementation in Europe

a little surprised with the announcement on the potential closure in U.K., which would certainly be helpful for just the broader market

you came from Europe, you had the history of value selling in Europe. How is that transition in the U.S. just because I think a lot of the customers aren't as accustomed to having some of these sol...

can you give us a little feel for where you are in the process of churning some of these lower loss-making contracts? And you talked about a robust pipeline where you can more than offset that. Wha...

do you expect your inventory to be in a pretty good spot as you exit this year in North America

you mentioned you're going to be taking some economic downtime in the fourth quarter. Curious what markets, is this North America? Is this Europe

on the loss-making contracts in North America, can you kind of give us a little more flavor in terms of how that winds down? Is that a 2-year cycle waterfall

The margins were a little lighter than expected. Can you provide some color on some the headwinds in the quarter

just would love to get your thoughts on what you're seeing out there. Certainly a lot of choppiness with the tariffs in the U.S. and whatnot, consumer weakening

you guys announced sizable mill and box footprint optimization. Any color on how to kind of size up the cost savings associated with this

out of the gate what's the feedback from your customers and if you anticipate seeing traction? And can you walk us through the mechanics too and how do you see box prices progressing sequentially i...

as you kind of pivot to having a bigger focus on generating proper returns on the box side and how you commercially approach things taking more local level, what's been the early learnings thus far...

Are you seeing any choppiness in terms of sellers in this current backdrop? Or it's been -- Ronnie, any color in terms of markets that you're targeting

is the -- is that still a good way to think about it? And does that rate of growth, perhaps even accelerate more in '26 and beyond

if I account for the hundred basis points, you're you're still talking about really good pricing, but perhaps little softer than the high single-digit framework

You talked about a hundred basis point drag on pricing mix from these recent deals. Can you give us a sense how much lower is ASP