Here are two brief analogies to describe International Paper:

• The **Caterpillar** of packaging, providing the foundational boxes and materials that move the world's goods.
• Like **Dow Chemical** for forest products, providing essential materials for packaging and pulp worldwide.

• Corrugated Packaging: Manufactures containerboard and corrugated packaging products used for shipping and protecting goods.
• Pulp: Produces market pulp, a key ingredient for manufacturing tissue, printing, writing papers, and absorbent hygiene products.

International Paper (IP) primarily sells its products to other companies (Business-to-Business or B2B) rather than directly to individual consumers.

Due to the diversified nature of its core products—sustainable packaging, pulp, and paper—International Paper serves a vast and varied customer base across numerous industries and geographies globally. Consequently, specific individual companies are not typically identified as "major customers" in public disclosures, as IP's revenue is generally spread across thousands of business clients rather than being concentrated with a few large ones. Therefore, while specific company names cannot be listed as "major customers" with publicly available data, the following categories represent the types of companies that are IP's primary direct and indirect customers:

• Manufacturers of Consumer Packaged Goods (CPG): Companies that produce food, beverages, personal care items, household goods, and other consumer products rely on International Paper for corrugated packaging to protect and transport their goods. These include a wide array of public and private companies globally.
• E-commerce and Retail Companies: Businesses involved in online retail and traditional brick-and-mortar retail utilize IP's packaging solutions for shipping, display, and logistics. This segment encompasses numerous retailers and logistics providers.
• Industrial Manufacturers: Various industrial sectors, including automotive, electronics, and durable goods, use IP's packaging for components, finished goods, and other industrial applications.
• Other Pulp and Paper Manufacturers: Companies that produce tissue products (e.g., facial tissue, toilet paper, paper towels), absorbent hygiene products (e.g., diapers, feminine care), and specialty papers purchase pulp from International Paper as a key raw material. Examples of companies in this sector could include large consumer goods companies (like Procter & Gamble (NYSE: PG) or Kimberly-Clark (NYSE: KMB)) that have their own paper converting operations, or dedicated tissue and paper manufacturers.
• Printing and Writing Paper Distributors and Commercial Printers: These entities purchase International Paper's printing papers which are then sold to or used by businesses, publishers, schools, and individuals for various printing needs.

Andrew Silvernail, Chairman and Chief Executive Officer

Andrew Silvernail joined International Paper as Chief Executive Officer on May 1, 2024, and became chairman of the Board of Directors on October 1, 2024. He brings two decades of experience leading global companies in the manufacturing and technology sectors. Prior to joining IP, Silvernail served as an executive advisor at KKR & Co., Inc., a global investment firm. He was also the Chairman and CEO of Madison Industries, a large privately held company, and before that, Chairman and CEO of IDEX Corporation from 2011 to 2020.

Lance Loeffler, Senior Vice President and Chief Financial Officer

Lance Loeffler joined International Paper on April 1, 2025, to lead the company's global financial strategy and functions. Before his role at International Paper, Loeffler worked for Halliburton for over a decade, where he held increasing responsibilities in finance, including leadership positions in corporate development and investor relations. He served as CFO for Halliburton for four years and was most recently the SVP, Middle East and North Africa Region. His career also includes experience in finance, strategy, and business leadership at UBS Investment Bank and Deutsche Bank Securities.

Tim S. Nicholls, Executive Vice President and President of DS Smith, an International Paper company

Tim S. Nicholls was appointed Executive Vice President and President of DS Smith, an International Paper company, effective April 1, 2025, leading the combined business in EMEA. He has more than 30 years of industry experience, including various business and finance leadership roles. Nicholls previously served as International Paper's CFO from 2018, and also from 2007 to 2011.

Thomas Hamic, Executive Vice President and President of North American Packaging Solutions

Thomas Hamic joined International Paper in 1991 and has held various sales, marketing, finance, strategic planning, and leadership positions in the United States and Europe throughout his career. He was named a company officer in 2009 and elected senior vice president in 2018. Hamic led IP's Global Cellulose Fibers business and commercial efforts from 2020 to 2022, and in 2023, he was named senior vice president, North American Container and Chief Commercial Officer.

Clay R. Ellis, Senior Vice President, Global Cellulose Fibers

Clay R. Ellis serves as the Senior Vice President, Global Cellulose Fibers.

The public company International Paper (symbol: IP) faces several key risks to its business, primarily stemming from its recent strategic acquisition, broader market dynamics, and ongoing legal and regulatory challenges.

1. Business Combination Risks from DS Smith Acquisition

   International Paper's recent acquisition and integration of DS Smith present significant business combination risks. These include the potential for substantial integration costs, unforeseen liabilities, and the complexities associated with managing a larger, more global enterprise. The dual listing of shares could also impact liquidity and pricing. The company has already faced integration challenges and weaker-than-expected box shipments following the acquisition, impacting cash flows. The company also reported an unexpected fourth-quarter loss and missed sales targets while working towards this acquisition, partly due to decreasing demand and rising costs.

2. Market and Economic Volatility

   International Paper is highly susceptible to fluctuations in raw material costs, energy prices, and transportation expenses, which are exacerbated by geopolitical tensions and inflationary pressures. The company has experienced financial setbacks due to decreasing demand for packaging products, lower consumer spending on goods, and customer inventory de-stocking, all of which have significantly constrained earnings. The materials sector, in which International Paper operates, is inherently subject to cyclical demand and pricing pressures, contributing to volatility in profitability.

3. Legal, Regulatory, and Compliance Challenges

   The company faces ongoing legal, regulatory, and governmental proceedings that could materially impact its financial stability. Notably, International Paper and its DS Smith subsidiaries in Italy are involved in a case with the Italian Competition Authority concerning alleged anti-competitive behavior. Additionally, the company is a defendant in a class action lawsuit alleging price-fixing of containerboard products. Increasingly stringent environmental and data privacy regulations also pose a risk, potentially leading to higher compliance costs and liabilities.

The accelerating global trend towards reusable and refillable packaging models, driven by both consumer demand for reduced waste and increasingly stringent environmental regulations, poses an emerging threat. While International Paper primarily produces fiber-based packaging generally viewed as more sustainable than plastic, the widespread adoption of reuse and refill systems by consumer goods companies and retailers directly reduces the overall demand for new, single-use packaging, regardless of its material composition. This fundamental shift in consumption patterns could impact the volume demand for International Paper's core packaging products over time.

International Paper (IP) Addressable Market Sizes for Main Products/Services

International Paper's main products and services primarily fall into three categories: Industrial Packaging (containerboard and corrugated packaging), Global Cellulose Fibers (pulp), and Printing Papers.

Industrial Packaging (Containerboard and Corrugated Packaging)

• Global Corrugated Packaging Market: The global corrugated packaging market was valued at approximately $233.8 billion in 2024 and is projected to grow at a compound annual growth rate (CAGR) of 5% between 2025 and 2034. Other estimates place the global corrugated packaging market at $309.86 billion in 2025, expanding to $444.85 billion by 2034, with a CAGR of 4.10%. The global corrugated carton market was valued at $171.37 billion in 2024 and is projected to reach $230.87 billion by 2032, exhibiting a CAGR of 3.77%.
• Global Containerboard Market: The global containerboard market was estimated at $103.6 billion in 2024 and is projected to reach $160.04 billion by 2030, growing at a CAGR of 7.3%. Another report valued the global containerboard market at $138.87 billion in 2024, with a projection to reach $166.43 billion by 2032, exhibiting a CAGR of 2.35%. In 2025, the market is valued at $149.97 billion and is forecast to hit $165.99 billion by 2030, growing at a CAGR of 2.05%.
• North America Corrugated Packaging Market: The North America corrugated packaging market size is estimated at $113.50 billion in 2025 and is predicted to increase to approximately $252.42 billion by 2034, expanding at a CAGR of 9.17%. Separately, the North America corrugated packaging market is projected to reach $54.41 billion by 2034, growing from $42.77 billion in 2025, at an annual growth rate of 2.72%. The North America corrugated boxes market reached 48.2 billion square meters in 2024 and is expected to reach 52.5 billion square meters by 2033, exhibiting a growth rate of 1.0%.
• North America Containerboard Market: This market was valued at $28.50 billion in 2024 and is estimated to grow at a CAGR of 3% over the forecast period.

Global Cellulose Fibers (Pulp)

• Global Pulp Market: The global pulp market is forecast to increase by $43.2 billion, at a CAGR of 3.8%, between 2024 and 2029. Another estimate projects the global pulp market size to grow by $38.1 billion from 2024 to 2028, at a CAGR of approximately 3.53%.
• Global Wood Pulp Market: The global wood pulp market size was valued at $174.30 billion in 2024 and is estimated to reach $223.87 billion by 2033, exhibiting a CAGR of 2.68% during 2025-2033.
• Global Pulp and Paper Market (includes pulp): This broader market was valued at $394.00 billion in 2025 and is predicted to increase to approximately $551.15 billion by 2034, representing a CAGR of 3.80%. Another report indicated the global pulp and paper market was valued at $344.74 billion in 2024 and is projected to grow to $416.56 billion by 2035, exhibiting a CAGR of 1.7%.
• North America Pulp and Paper Market (includes pulp): This market was valued at $56.39 billion in 2023 and is projected to grow to $57.32 billion by 2032, exhibiting a CAGR of 0.17%.

Printing Papers

• Global Printing Paper Market: The global printing paper market size was valued at $115.2 billion in 2024 and is projected to grow from $119.69 billion in 2025 to reach $144.93 billion by 2030, expanding at a CAGR of 3.6%. Another report estimated the global printing paper market at $126.91 billion in 2024, with a projection to reach $164.95 billion by 2035, reflecting a CAGR of 2.41%.
• Global Printing and Writing Paper Market: This market size is expected to grow by $10.88 billion from 2025-2029, expanding at a CAGR of 2.1%.
• Northern America Printing and Writing Paper Market: The value of this market in Northern America stood at $11.4 billion in 2024 and is forecast to increase to $14 billion by 2035, at a CAGR of 1.9%.

International Paper (IP) is expected to drive future revenue growth over the next two to three years through several key initiatives and market dynamics:

1. Transformation Strategy and Cost Optimization: International Paper is executing a comprehensive transformation strategy that includes strategic cost initiatives, mill optimization, and exiting non-core businesses to enhance profitability and strengthen its business model. This strategy, including the "80/20 implementation strategy," focuses on prioritizing the most profitable business segments and is expected to contribute significantly to future earnings and adjusted EBITDA. The company anticipates incremental adjusted EBITDA of $600 million in 2026 from actions announced in 2025.
2. Growth in Packaging Solutions and Market Share Gains in North America: The company's Packaging Solutions businesses, particularly in North America, have demonstrated impressive growth with increased market share and box shipments. This positive trend in North American box shipments is expected to continue into 2026. International Paper aims to outpace the market in North America in 2026.
3. Strategic Acquisition of DS Smith: The acquisition of DS Smith, completed in January 2025, is a transformative deal that significantly expands International Paper's geographic footprint, particularly across Europe, and increases its exposure to the fresh food packaging market. This acquisition is anticipated to drive substantial synergies and market growth, with IP forecasting up to $6 billion of EBITDA and at least $2 billion of free cash flow by 2027, assuming 3-4% long-term growth in its markets.
4. Price Realization and Product Mix Optimization: Management commentary frequently highlights "price realization" and "improved product mix" as crucial drivers for EBITDA improvement. This involves strategically aligning the Global Cellulose Fibers business by reducing exposure to lower-margin commodity grades and focusing on higher-value absorbent pulp products.

Share Repurchases

• As of November 1, 2024, International Paper's share repurchase program, approved in October 2022, had approximately $2.96 billion remaining in authorization.
• In October 2021, International Paper authorized a new share repurchase program of up to $2 billion, in addition to $1.3 billion remaining from a previous authorization.
• In 2023, International Paper returned approximately $840 million to shareholders through dividends and share repurchases, contributing to a five-year total of $6.4 billion returned through these means.

Share Issuance

• International Paper issued approximately 179.8 million new shares of common stock to complete the acquisition of DS Smith in January 2025.
• In the first nine months of 2024, International Paper used 2.0 million shares of treasury stock for various incentive plans.
• In October 2021, International Paper spun off its global papers business, distributing approximately 80.1% of Sylvamo Corporation's outstanding shares to its shareholders.

Outbound Investments

• International Paper completed the acquisition of British packaging company DS Smith for $7.2 billion in January 2025. The deal had an implied enterprise value of approximately $9.9 billion.
• In August 2025, International Paper announced the sale of its Global Cellulose Fibers business to private equity firm American Industrial Partners for $1.5 billion, a transaction expected to close by year-end 2025.
• In 2023, International Paper completed the sale of its ownership interest in the Ilim joint venture in Russia.

Capital Expenditures

• International Paper's capital expenditures averaged $858.6 million annually for the fiscal years ending December 2020 to 2024.
• Capital expenditures in 2023 were $1.141 billion and were expected to be between $800 million and $1 billion for 2024.
• Key areas of capital investment include a $250 million investment to convert the Riverdale mill in Selma, Alabama, to produce containerboard, and ongoing investments in the Industrial Packaging business to enhance the box system, add converting lines, and upgrade equipment.