The following tables illustrate reportable segment revenue, significant segment expenses, and measures of a segment’s profit or loss for the three months ended June 30, 2026 and 2025. Certain prior year amounts have been expanded to align with current year presentation. The table also reconciles these amounts to Earnings (loss) before income taxes and equity earnings (loss).


	Three Months Ended June 30, 2026
In millions	PS NA		PS EMEA		Total
Net sales from external customers	$	3,670	$	2,286	$	5,956
Intersegment sales	18		1		19
	3,688		2,287		5,975
Other external sales					48
Elimination of intersegment sales					(19)
Total Net Sales					6,004

Less:
Cost of products sold	2,608		1,687
Selling and administrative expenses	334		171
Depreciation and amortization	226		262
Distribution expenses	285		237
Other segment items (a)	31		10
Business Segment Operating Profit (Loss)	204		(80)		124

Interest Expense, net					87
Adjustment for less than wholly owned subsidiaries (b)					—
Corporate expenses, net					25
Net special items (i)					54
Non-operating pension (income) expense					(16)
Earnings (loss) from continuing operations before income taxes and equity earnings (loss)					$	(26)

(i)Includes a charge of $43 million for costs associated with the strategic separation of our PS EMEA packaging business, a benefit of $13 million related to the closure of our Riceboro, Georgia containerboard mill, a gain of $11 million related to the completed sale of our box plant in Chile, a charge of $5 million for transaction costs for the NORPAC acquisition, a charge of $22 million for restructuring charges related to resource and asset realignment and charges of $8 million for other items.


	Six Months Ended June 30, 2026
In millions	PS NA		PS EMEA		Total
Net sales from external customers	$	7,267	$	4,609	$	11,876
Intersegment sales	47		1		48
	7,314		4,610		11,924
Other external sales					99
Elimination of intersegment sales					(48)
Total Net Sales					11,975

Less:
Cost of products sold	5,115		3,399
Selling and administrative expenses	667		328
Depreciation and amortization	456		521
Distribution expenses	561		474
Other segment items (a)	63		19
Business Segment Operating Profit (Loss)	452		(131)		321

Interest Expense, net					163
Adjustment for less than wholly owned subsidiaries (b)					(1)
Corporate expenses, net					35
Net special items (i)					91
Non-operating pension (income) expense					(34)
Earnings (loss) from continuing operations before income taxes and equity earnings (loss)					$	67

(i)Includes a charge of $54 million for costs associated with the strategic separation of our PS EMEA packaging business, a benefit of $6 million related to the closure of our Riceboro, Georgia containerboard mill, a gain of $11 million related to the completed sale of our box plant in Chile, a charge of $5 million for transaction costs for the NORPAC acquisition, a charge of $38 million for restructuring charges related to resource and asset realignment and charges of $11 million for other items.


	Three Months Ended June 30, 2025
In millions	PS NA		PS EMEA		Total
Net sales from external customers	$	3,803	$	2,291	$	6,094
Intersegment sales	57		—		57
	3,860		2,291		6,151
Other external sales					48
Elimination of intersegment sales					(57)
Total Net Sales					6,142

Less:
Cost of products sold	2,695		1,699
Selling and administrative expenses	340		154
Depreciation and amortization	236		195
Distribution expenses	281		235
Other segment items (a)	31		9
Business Segment Operating Profit (Loss)	277		(1)		276

Interest Expense, net					108
Adjustment for less than wholly owned subsidiaries (b)					—
Corporate expenses, net					37
Net special items (i)					20
Non-operating pension (income) expense					(5)
Earnings (loss) from continuing operations before income taxes and equity earnings (loss)					$	116

(i)Includes a charge of $55 million for transaction and other costs related to the DS Smith acquisition, a charge of $7 million for costs related to the closure of our Red River containerboard mill in Campti, Louisiana, a net gain of $51 million related to the Remedies Divestiture and a net charge of $9 million for other items.


	Six Months Ended June 30, 2025
In millions	PS NA		PS EMEA		Total
Net sales from external customers	$	7,471	$	3,841	$	11,312
Intersegment sales	91		—		91
	7,562		3,841		11,403
Other external sales					94
Elimination of intersegment sales					(91)
Total Net Sales					11,406

Less:
Cost of products sold	5,264		2,846
Selling and administrative expenses	622		247
Depreciation and amortization	649		302
Distribution expenses	547		386
Other segment items (a)	61		15
Business Segment Operating Profit (Loss)	419		45		464

Interest Expense, net					192
Adjustment for less than wholly owned subsidiaries (b)					(1)
Corporate expenses, net					57
Net special items (i)					257
Non-operating pension (income) expense					(2)
Earnings (loss) from continuing operations before income taxes and equity earnings (loss)					$	(39)

(i) Includes a charge of $276 million for transaction and other costs related to the DS Smith acquisition, a charge of $85 million for costs related to the closure of our Red River containerboard mill in Campti, Louisiana, a net gain of $51 million related to the Remedies Divestiture, a net gain of $67 million related to the sale of fixed assets primarily associated with our permanently closed Orange, Texas containerboard mill and a net charge of $14 million for other items.