The following tables illustrate reportable segment revenue, significant segment expenses, and measures of a segment’s profit or loss for the three months and nine months ended September 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 September 30, 2026
In millions	PS NA		PS EMEA		Total
Net sales from external customers	$	3,867	$	2,280	$	6,147
Intersegment sales	13		—		13
	3,880		2,280		6,160
Other external sales					50
Elimination of intersegment sales					(13)
Total Net Sales					6,197

Less:
Cost of products sold	2,526		1,666
Selling and administrative expenses	335		154
Depreciation and amortization	242		283
Distribution expenses	319		241
Other segment items (a)	31		9
Business Segment Operating Profit (Loss)	427		(73)		354

Interest Expense, net					96
Adjustment for less than wholly owned subsidiaries (b)					—
Corporate expenses, net					37
Net special items (i)					1,430
Non-operating pension (income) expense					(15)
Earnings (loss) from continuing operations before income taxes and equity earnings (loss)					$	(1,194)

(i)Includes an impairment charge of $1.4 billion for the non-cash impairment of goodwill in our PS EMEA business, a charge of $65 million for costs associated with the strategic separation of our PS EMEA packaging business, a gain of $30 million for the sale of assets at our permanently closed Compton, California box plant, a charge of $2 million for transaction costs for the NORPAC acquisition, a charge of $9 million for restructuring


	Nine Months Ended September 30, 2026
In millions	PS NA		PS EMEA		Total
Net sales from external customers	$	11,134	$	6,889	$	18,023
Intersegment sales	60		1		61
	11,194		6,890		18,084
Other external sales					149
Elimination of intersegment sales					(61)
Total Net Sales					18,172

Less:
Cost of products sold	7,641		5,065
Selling and administrative expenses	1,002		482
Depreciation and amortization	698		804
Distribution expenses	880		715
Other segment items (a)	94		28
Business Segment Operating Profit (Loss)	879		(204)		675

Interest Expense, net					259
Adjustment for less than wholly owned subsidiaries (b)					(1)
Corporate expenses, net					72
Net special items (i)					1,521
Non-operating pension (income) expense					(49)
Earnings (loss) from continuing operations before income taxes and equity earnings (loss)					$	(1,127)

(i)Includes an impairment charge of $1.4 billion for the non-cash impairment of goodwill in our PS EMEA business, a charge of $119 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 gain of $30 million for the sale of assets at our permanently closed Compton, California box plant, a charge of $7 million for transaction costs for the NORPAC acquisition, a charge of $47 million for restructuring charges related to resource and asset realignment, and a charge of $18 million for other items.


	Three Months Ended September 30, 2025
In millions	PS NA		PS EMEA		Total
Net sales from external customers	$	3,859	$	2,310	$	6,169
Intersegment sales	39		—		39
	3,898		2,310		6,208
Other external sales					53
Elimination of intersegment sales					(39)
Total Net Sales					6,222

Less:
Cost of products sold	2,582		1,721
Selling and administrative expenses	335		134
Depreciation and amortization	831		267
Distribution expenses	287		235
Other segment items (a)	29		11
Business Segment Operating Profit (Loss)	(166)		(58)		(224)

Interest Expense, net					85
Adjustment for less than wholly owned subsidiaries (b)					(1)
Corporate expenses, net					17
Net special items (i)					354
Non-operating pension (income) expense					(4)
Earnings (loss) from continuing operations before income taxes and equity earnings (loss)					$	(675)

closure of our Savannah containerboard mill, a charge of $95 million related to the closure of our Riceboro containerboard mill, a charge of $31 million for the impairment of assets and a net charge of $55 million for other items.


	Nine Months Ended September 30, 2025
In millions	PS NA		PS EMEA		Total
Net sales from external customers	$	11,330	$	6,151	$	17,481
Intersegment sales	130		—		130
	11,460		6,151		17,611
Other external sales					147
Elimination of intersegment sales					(130)
Total Net Sales					17,628

Less:
Cost of products sold	7,846		4,567
Selling and administrative expenses	957		381
Depreciation and amortization	1,480		569
Distribution expenses	834		621
Other segment items (a)	90		26
Business Segment Operating Profit (Loss)	253		(13)		240

Interest Expense, net					277
Adjustment for less than wholly owned subsidiaries (b)					(2)
Corporate expenses, net					74
Net special items (i)					611
Non-operating pension (income) expense					(6)
Earnings (loss) from continuing operations before income taxes and equity earnings (loss)					$	(714)

(i) Includes a charge of $314 million for transaction and other costs related to the DS Smith acquisition, a charge of $85 million for severance and other costs related to the closure of our Red River containerboard mill in Campti, Louisiana, a net gain of $51 million related to the sale of EMEA plants, a net gain of $67 million related to the sale of fixed assets primarily associated with our permanently closed Orange, Texas containerboard mill, a charge of $135 million for costs related to the closure of our Savannah containerboard mill, a charge of $95 million for costs related to the closure of our Riceboro containerboard mill, a charge of $31 million for the impairment of assets and a net charge of $69 million for other items.