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Investor Day 2025 MARCH 25 | NEW YORK CITY
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José María Rodríguez Meis VP, Investor Relations 22025 Investor Day Welcome and Opening Remarks
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2025 Investor Day Forward-looking Statements 3 Certain statements in these presentations that are not historical in nature may be considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements can be identified by the use of forward-looking or conditional words such as “expects,” “anticipates,” “believes,” “estimates,” “could,” “should,” “can,” “forecast,” “intend,” “look,” “may,” “will,” “remain,” “target,” attractive,” “upside,” “confident,” “commit,” “positioned,” and “plan” or similar expressions. These statements are not guarantees of future performance and reflect management’s current views and speak only as to the dates the statements are made and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these statements. All statements, other than statements of historical fact, are forward-looking statements, including, but not limited to, statements regarding anticipated financial results, economic conditions, industry trends, opportunities and future prospects, and the anticipated benefits, execution and consummation of corporate transactions or contemplated acquisitions, including our recently completed business combination with DS Smith Plc, subsequently re-registered as DS Smith Limited (“DS Smith”), which closed on January 31, 2025. Factors which could cause actual results to differ include but are not limited to: (i) our ability to consummate and achieve the benefits expected from, and other risks associated with, acquisitions, joint ventures, divestitures, spinoffs, capital investments and other corporate transactions, including, but not limited to, our business combination with DS Smith; (ii) our ability to integrate and implement our plans, forecasts, and other expectations with respect to the combined company, including in light of our increased scale and global presence; (iii) our failure to comply with the obligations associated with being a public company listed on the New York Stock Exchange and the London Stock Exchange and the costs associated therewith; (iv) risks with respect to climate change and global, regional, and local weather conditions, as well as risks related to our targets and goals with respect to climate change and the emission of greenhouse gases (“GHG”) and other environmental, social and governance matters, including our ability to meet such targets and goals; (v) loss contingencies and pending, threatened or future litigation, including with respect to environmental related matters; (vi) the level of our indebtedness, risks associated with our variable rate debt, and changes in interest rates (including the impact of current elevated interest rate levels); (vii) the impact of global and domestic economic conditions and industry conditions, including with respect to current challenging macroeconomic conditions, recent inflationary pressures and changes in the cost or availability of raw materials, energy sources and transportation sources, supply chain shortages and disruptions, competition we face, cyclicality and changes in consumer preferences, demand and pricing for our products, and conditions impacting the credit, capital and financial markets; (viii) risks arising from conducting business internationally, domestic and global geopolitical conditions, military conflict (including the Russia/Ukraine conflict, the conflict in the Middle East, the further expansion of such conflicts, and the geopolitical and economic consequences associated therewith), changes in currency exchange rates, including in light of our increased proportion of assets, liabilities and earnings denominated in foreign currencies as a result of our recently completed business combination with DS Smith, trade policies (such as protectionist measures and increased tariffs and retaliatory tariffs) and trade tensions, downgrades in our credit ratings, and/or the credit ratings of banks issuing certain letters of credit, issued by recognized credit rating organizations; (ix) the amount of our future pension funding obligations, and pension and healthcare costs; (x) the costs of compliance, or the failure to comply with, existing, evolving or new environmental (including with respect to climate change and GHG emissions), tax, trade, labor and employment, privacy, anti-bribery and anti-corruption, and other U.S. and non-U.S. governmental laws, regulations and policies (including but not limited to those in the United Kingdom and European Union); (xi) any material disruption at any of our manufacturing facilities or other adverse impact on our operations due to severe weather, natural disasters, climate change or other causes; (xii) our ability to realize expected benefits and cost savings associated with restructuring initiatives; (xiii) cybersecurity and information technology risks, including as a result of security breaches and cybersecurity incidents; (xiv) our exposure to claims under our agreements with Sylvamo Corporation; (xv) the qualification of such spin-off as a tax-free transaction for U.S. federal income tax purposes; (xvi) risks associated with our review of strategic options for our global cellulose fibers business; (xvii) our ability to attract and retain qualified personnel and maintain good employee or labor relations; (xviii) our ability to maintain effective internal control over financial reporting; and (xix) our ability to adequately secure and protect our intellectual property rights. These and other factors that could cause or contribute to actual results differing materially from such forward-looking statements can be found in our press releases and reports filed with the U.S. Securities and Exchange Commission. In addition, other risks and uncertainties not presently known to the Company or that we currently believe to be immaterial could affect the accuracy of any forward-looking statements. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. Statements Relating to Non-U.S. GAAP Measures While the Company reports its financial results in accordance with accounting principles generally accepted in the United States (“GAAP”), during the course of this presentation, certain non-GAAP financial measures are presented. Management believes these non- GAAP financial measures, when used in conjunction with information presented in accordance with GAAP, can facilitate a better understanding of the impact of various factors and trends on the Company’s financial condition and results of operations. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company’s performance. The non-GAAP financial measures in this presentation have limitations as analytical tools and should not be considered in isolation or as a substitute for an analysis of our results calculated in accordance with GAAP. In addition, because not all companies use identical calculations, our presentation of non-GAAP financial measures in this presentation may not be comparable to similarly titled measures disclosed by other companies, including companies in our industry. A reconciliation of all presented non-GAAP financial measures (and their components) to GAAP financial measures is available on IP’s website at https://www.internationalpaper.com/investors/financial-reports/quarterly-results Discontinued Operations As previouslyannounced,the Companysold its interestin the Ilim joint venture in Russia on September18, 2023. Current and historicalresults have been adjustedto reflect Ilim as a discontinuedoperation. All financialinformationand statisticalmeasuresregardingour prior 50/50 ownershipin Ilim, other than historicalInternationalPaper Equity Earnings and dividendsreceivedby InternationalPaper, have been preparedby the managementof Ilim. Use of Materials The images, graphics,charts, brands, and other content and informationcontainedin this documentare protectedby the copyrightand trademarklaws of the United States and other jurisdictions(the “Content”). InternationalPaper grants a limited,non-exclusive,revocable license to use individualelementsof Content for financialanalysis, reporting and commentaryand for incorporationinto educationalprojects and documentsfor educators and students without further written permission. Such licenses granted here may be withdrawnat the sole discretionof InternationalPaper for any reason and do not otherwiseconstitutea waiver of InternationalPaper’slegal rights for infringements.
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2025 Investor Day Today’s Agenda 9:00 am Welcome and Opening Remarks José María Rodríguez Meis | VP, Investor Relations Company Vision and Strategic Direction Transforming into a Differentiated and Sustainable Global Packaging Company Andy Silvernail | Chairman & CEO North American Packaging Solutions Overview Taking Action Designed to Accelerate Our Path to Sustainable Profitable Growth Tom Hamic | EVP & President, North American Packaging Solutions NORTH AMERICAN PACKAGING SOLUTIONS PANEL DISCUSSION Moderator: Tom Hamic | EVP & President, North American Packaging Solutions Panelist: Murry Franklin | Region General Manager, Upper Midwest Panelist: Ram Kumar | Complex General Manager, Atlanta Region 10:15 am BREAK 42025 Investor Day EMEA Packaging Overview and DS Smith Update Capturing Opportunity to Create a Winning Position Tim Nicholls | CFO & EVP, International Paper; President, DS Smith - An International Paper Company1 DS SMITH (EMEA) PANEL DISCUSSION Moderator: Tim Nicholls | CFO; EVP & President, DS Smith - An International Paper Company1 Panelist: Stefano Rossi | Head of Packaging, EMEA Panelist: Marc Chiron | Sales, Marketing, and Innovation Director - Packaging EMEA Executing a Focused Plan to Step Up Profitability for Sustainable Growth Andy Silvernail | Chairman & CEO 11:15 am Q&A SESSION Closing Remarks Andy Silvernail | Chairman & CEO 1 Role effective April 1, 2025; Lance Loeffler will join International Paper as the CFO on April 1.
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2025 Investor Day International Paper Video 5
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Andy Silvernail Chairman & CEO 62025 Investor Day Company Vision and Strategic Direction Transforming into a Differentiated and Sustainable Global Packaging Company
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2025 Investor Day Company Vision and Strategic Direction Key Messages 7 Taking Bold Steps to Accelerate Our Growth Driving Sustainable Value Creation Through Clear Actions 72025 Investor Day 1 Building on strong foundation to achieve above- market growth potential 2 Prioritizing the right geographies, customers, and products 3 Applying 80/20 to drive strategy and focus resources 4 Winning in attractive markets through decisive initiatives across our virtuous cycle
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2025 Investor Day Transforming IP Through Strategic Focus and a Culture of Accountability Rooted in Our Mission and Values A Great Place to Work Driving Customer Excellence and Profitable Growth SAFETY Above all, we care about people. We look out for each other to ensure everyone is physically and emotionally safe. ETHICS We act honestly and operate with integrity and respect. We promote a culture of transparency and accountability. EXCELLENCE We set high expectations and deliver outstanding results for each other, our customers, and our shareholders. VA LU E S 8 M I S S I O N T ogether with our customers, we make the world safer and more productive, one sustainable packaging solution at a time.
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2025 Investor Day Sustainability is Woven Throughout Our Business 9 Creating Long-term Value by Further Integrating Sustainability into Our Strategy Balanced Resource Management Sustainable Packaging Solutions Strong, Responsible Governance ▪ Protecting forests through responsible stewardship ▪ Improving value chain footprint by enhancing energy efficiency and expanding use of renewable energy ▪ Creating innovative solutions for a circular world that are reuseable, recyclable, or compostable ▪ Striking a balance between economic growth and environmental responsibility ▪ Integrating sustainability across organization through robust governance structures ▪ Prioritizing employee safety and community wellbeing OUR SUSTAINABILITY JOURNEY Building on Where We Are Today to be Stronger Together Well into the Future ▪ Sustainability is core to success at both International Paper and DS Smith ▪ Embarking on a new chapter as a combined company in 2025 focused on: - Analyzing and consolidating sustainability data and roadmaps - Developing new framework reflecting current and future identity - Acting as a diligent steward of our forests, responsible custodian of our environment, and force for good in our communities
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2025 Investor Day International Paper Snapshot (NYSE: IP, LSE: IPC) Significant Growth Opportunity in Attractive Geographies MEMPHIS, TN GLOBAL HQ $27.5B1 MARKET-CAP $27.1B2 SALES ~51,000 CUSTOMERS 41 MILLS ~450 OPERATING FACILITIES 10 WHY IP Focused portfolio serving attractive and growing markets Strategic and diverse customer relationships Executing strategy to unlock step change in earnings potential Significant capabilities, scale, and competitive assets Committed to Maximizing Shareholder Value 62% 38% Net Sales by Region2,4 ■ North America ■ EMEA 34% 20% 18% 13% 15% Net Sales by Segment3,4 ■ Processed Food & Beverage ■ Fresh Food ■ E-commerce & Logistics ■ Non-durables ■ Durables $24.0B2 PACKAGING SOLUTIONS NET SALES 1 As of 3/21/2025. 2 Calendar year 2024 DS Smith included at an exchange rate of £1/$1.278, sales between DS Smith and IP are not eliminated, DS Smith presented on IFRS basis and combined with IP U.S. GAAP basis. 3 Calendar year 2024 DS Smith included at an exchange rate of €1/$1.082, sales between DS Smith and IP are not eliminated, DS Smith presented on IFRS basis and combined with IP U.S. GAAP basis. 4 Excludes GCF.
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2025 Investor Day Resilient Markets with Steady Demand Growth and Significant Addressable Market Opportunity Taking Deliberate Actions to Play and Win with Ability to Grow Above Market EMEA3 TAM: ~$40B | Long-term Growth: ~3.0% - 4.0% NORTH AMERICA1 TAM: ~$50B | Long-term Growth: ~3.0% - 4.0% ▪ #1 position in the leading profit pool ▪ ~1.0% - 1.5% demand growth2 driven by manufacturing GDP and megatrends ▪ ~2.0% - 2.5% historical price growth2 trend ▪ #1 position in the second largest profit pool ▪ ~1.5% - 2.0% demand growth4 driven by sustainability trends ▪ ~1.5% - 2.0% historical price5 growth trend 11 Enablers to Grow Above Market across Both Geographies TREND IP ADVANTAGE Stronger E-commerce demand through shift away from brick and mortar Strong position in fastest growing sector Upside in fresh foods corrugated intensity due to consumer health trends Best-in-class offerings in fresh protein and produce Growing demand for fiber- based plastic alternatives Combined resources of highly innovative companies North American manufacturing supply chain onshoring Unmatched scale to enable repatriated manufacturing Greater emphasis on retail shelf-ready packaging Strong capability, especially in Europe 1 Source: FBA, Numera Analytics, trade associations, customs agencies, and IP analysis. 2 Based on FBA, Fastmarkets RISI, Oxford Economics, and IP analysis. 3 Source: ICCA, FEFCO, and DS Smith estimates for smaller countries. 4 Source: Noa Prism, Fastmarkets RISI, Numera Analytics, CEPI Containerboard and IP / DS Smith analysis. 5 Source: Fastmarkets RISI.
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2025 Investor Day Stable Market Dynamics Expect Continued, Steady Shipment Volume and Historical Price Trend U.S. Corrugated Packaging Shipments vs. Industry Price1,2,3 EMEA Industry Shipments vs. Corrugated Box Price4,5 30,000 40,000 50,000 60,000 70,000 80,000 0 200 400 600 800 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Industry Shipments (M sq. m.) Corrugated Box (€/000s sq. m.) 12 200 400 600 800 0 200 400 600 800 1,000 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Box Shipments (Bn sq. ft.) Price ($ per Short Ton) Price Shipments Price Shipments 1 Source: RISI, FBA annual report, Oxford Economics, and IP marketing analysis. 2 Box shipments based on FBA U.S. Shipments and Oxford Economics. 3 Historical price trend based RISI 42# Kraft Linerboard U.S. East. 4 Industry shipments based on ICCA and FEFCO data and DS Smith estimates for smaller countries. 5 Corrugated Box historical price trend based on Fastmarkets RISI.
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2025 Investor Day Update on DS Smith Acquisition Lower 2025 Expectations Compared to Proxy Assumptions Given Softer Market Environment ▪ Price decline in second half of 2024 ▪ Lower volumes than anticipated due to lower industrial production ▪ Significantly higher inflationary impact Strategic and Financial Rationale Remain Intact ▪ Creates significant shareholder value with a focus on attractive and growing European and North American regions ▪ Strengthens customer value proposition through enhanced offerings, reliable service, differentiated innovation, and greater geographic reach ▪ Drives stronger sustainability through combined commitment and approach Creating Global Leader in Sustainable Packaging Solutions At Announcement At Investor Day Expect to Achieve Greater Synergy1 Targets Through Clear Improvement Drivers $514M $600M - $700M ▪ Applying 80/20 strategic approach in EMEA ▪ Greater operational improvements: mill and box plant optimization ▪ Increased reduction in overhead costs ▪ Lower opex and capex spending through procurement optimization 131 Pre-tax cash synergies on an annual run-rate basis by the end of the fourth year following close.
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2025 Investor Day Maximizing Value Through Our Competitive Differentiators On the Right Path to Strengthen Advantages Enabled by 80/20 Performance System 14 Long- standing, Strategic Customer Relationships Sustainable Innovation Redefining Packaging Breadth and Scale of Global Capabilities Execution- focused Leadership Team Experienced and execution- focused leadership team with market expertise, committed to a culture of accountability Continued optimization of assets and locations to best serve customers and capture demand growth Deep customer collaboration to develop solutions that help achieve their sustainability goals
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2025 Investor Day Aligning Resources with 80/20 Performance System Building a Performance-driven and Accountable Culture 15 CUSTOMERS REVENUE RESOURCES 20% 20%80% 20% 80%80% A Proven Enabler and Methodology for Success 80/20 ZERO UP ▪ Aligning right resources with what matters most ▪ Driving greater leadership accountability and empowerment at mill and box plant level through increased decision-making capabilities ▪ Fueling a performance- driven culture and higher employee satisfaction
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2025 Investor Day 80/20 in Action: Driving Our Cultural Transformation 16 Early Stages of Capturing Significant Opportunity Applying Learnings across the Business SIMPLIFY SEGMENT RESOURCE GROW Reduce Complexity ▪ Push resources and decision making closer to customer ▪ Streamline processes ▪ Increase engagement ▪ Improve agility and speed Implement Lighthouses ▪ Segment customers and products while enhancing focus via tailored approach ▪ Track KPIs, action plans, and “Jobs to be Done” Allocate Capital and Talent ▪ Drive disciplined deployment of capital to overserve key customers and drive innovation ▪ Develop and deploy talent Drive Commercial Excellence ▪ Improve sales incentives ▪ Build and refine prospecting tools and capabilities Eliminating complexity in internal processes Building on strategy learnings from pilot projects Aligning right resources to 80s customers Elevating and deploying customer support resources
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2025 Investor Day Focusing Actions Around Two Key Themes to Deliver Profitable Above-market Growth 17 HOW TO WIN Positioning Ourselves to Win by Creating a Virtuous Cycle WHERE TO PLAY Focusing Efforts on Most Attractive Opportunities within a Market 2025 Investor Day
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2025 Investor Day OUR FORMULA FOR SUCCESS Where to Play: Applying a Disciplined Formula WHERE TO PLAY G E O G R A P H I E S With Attractive Profit Pools and Favorable Supply and Demand Dynamics C U S T O M E R S We Are Well-positioned to Serve and Who Differentially Value What We Are Good At P R O D U C T S That Allow Us to Differentiate and Earn Above Cost of Capital Returns Targeted Initiatives Driving Our Transformation ▪ Applying 80/20 Performance System to drive profitable growth by moving resources to most attractive customers and markets ▪ Investing for reliability, productivity, and innovation ▪ Enhancing go-to-market approach to better understand overserved and underserved markets as well as our relative supply position (i.e., price to value) 2025 Investor Day 18
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2025 Investor Day Where to Play in Action: Identify Markets with Attractive Demand Trends to Serve with Differentiated Solutions 19 Applying 80/20 to Identify the Right Geographies, Customers, and Products OUR FORMULA FOR SUCCESS G E O G R A P H I E S With Attractive Profit Pools and Favorable Supply and Demand Dynamics C U S T O M E R S We Are Well-positioned to Serve and Who Differentially Value What We Are Good At P R O D U C T S That Allow Us to Differentiate and Earn Above Cost of Capital Returns Acquired West Monroe, Louisiana bulk plant ▪ Attractive location given proximity to high-growth, high-volume protein industry players ▪ Opportunity to optimize mill and box network to better serve demand Serving high-volume protein customers requiring reliable service ▪ Expanding capacity and capabilities through brownfield investment in West Monroe facility ▪ Unlocks ability to grow specialty business Develop innovative OptiBin® bulk packaging solution to meet needs ▪ A 100% recyclable packaging solution designed exclusively for the poultry industry ▪ Designed with moisture-resistant coating safe for direct food contact WHERE TO PLAY
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2025 Investor Day How to Win: Virtuous Cycle to Drive Sustainable Value Creation HOW TO WIN 20 ADVANTAGED COST POSITION HIGH RELATIVE SUPPLY POSITION SUPERIOR CUSTOMER EXPERIENCE Advantaged Cost Position ▪ Strengthens market position ▪ Expands margins and financial returns ▪ Funds investment to secure volume growth in attractive markets High Relative Supply Position (RSP) ▪ Builds advantaged capabilities and customer offerings ▪ Drives even lower cost through experience and scale Superior Customer Experience ▪ Investing in our customers ▪ Earns customer loyalty and willingness to pay ▪ Delivers additional volume growth with targeted customers Accelerating Value-based Pricing, Volume Growth, and Margin Expansion
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2025 Investor Day Controlling the Controllable Through Advantaged Cost Position Restore Our Advantaged Cost Position and Free Up Capital for Reinvestment HOW TO WIN Simplifying Structure to Align Resources and Assets with the Right Customers Implement Zero Up program to reset our underlying cost position Drive operational excellence through 80/20 Performance System and footprint optimization Targeted investments to increase productivity and strengthen advantages across mill and box plant network 21 KEY ACTIONS IN PLAY ▪ Streamlining enterprise overhead structure ▪ Optimizing North American and European footprints to structurally reduce fixed costs ▪ Exiting lower margin segments (e.g., non-strategic exports) to reallocate capital in more profitable areas ▪ Reinvesting savings from cost initiatives - Driving greater productivity while reducing complexities across mill and box plant network - Allocating capital to expand our reach by enhancing customer-centric capabilities - Improving capital effectiveness to target higher ROI
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2025 Investor Day Invest in Go-to-Market Capabilities and Capacity in Appealing Geographies Overserve and grow with 80s customers in North America and EMEA Optimize footprint toward attractive geographies Allocate capital and resources to innovation and commercial support KEY ACTIONS IN PLAY ▪ Investing across box plant network to increase productivity and scale in target geographies through equipment upgrades and new production lines ▪ Building capabilities in target geographies to accelerate strategy through brownfields, greenfields, and bolt-on M&A ▪ Adding commercial resources and prospecting tools and aligning sales incentive plans ▪ Enhancing innovation and customer experience capabilities Maximizing Opportunities and Benefits in Geographies with High Relative Supply Position Focused Investments to Drive Profitable Growth HOW TO WIN 22
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2025 Investor Day Delivering a Superior Customer Experience Meaningful Upside Through Innovative Solutions and Greater On-time Delivery HOW TO WIN Re-establish Service Excellence Through Clear Transformative Initiatives Reduce organizational complexity Invest in more reliable service, quality, and product innovation to deliver an unmatched leading customer experience ▪ Partner strategically with customers to develop innovative packaging solutions for their biggest challenges ▪ Provide individualized, high-touch customer service through resource assessment by facility KEY ACTIONS IN PLAY ▪ Reallocating resources to further maximize our scale and customer offering - Drive higher on-time delivery - Expand commercial capabilities for 80s accounts ▪ Delivering tangible customer benefits through differentiated value proposition - Increase sales by developing innovative solutions that align to business priorities - Manage risk throughout supply chain - Reduce total cost of ownership across value chain - Provide circular packaging solutions 23
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2025 Investor Day How to Win in Action: Applying Our Virtuous Cycle 24 HOW TO WIN ADVANTAGED COST POSITION HIGH RELATIVE SUPPLY POSITION SUPERIOR CUSTOMER EXPERIENCE Expected outcome: 20% lower cost, increased capacity and service in a critical market SPOTLIGHT Waterloo, Iowa Box Plant Development Background and actions: redeploying capital from footprint restructuring to meet significant unmet demand in growing market ✓ State-of-the-art facility expected to be operational by mid-2026 ✓ Strategically located close to 80s customers, serving attractive protein segment ✓ Freight-advantaged distance from one of our mills
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2025 Investor Day 2025 Investor Day Unlocking Our Future Potential Driving Enhanced Financial Performance Through Strategy Implementation and Disciplined Execution 25
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2025 Investor Day 2027 Performance Targets1 26 26 Potential to Create Sustainable Value by Focusing on Where to Play and How to Win 262025 Investor Day ZERO Safety 98%+ On-time Delivery $2.0B - $2.5B Free Cash Flow 3,4 $5.5B - $6.0B Adjusted EBITDA 3 $26.0B - $28.0B Net Sales 2 (Serious Injuries and Fatalities) 1 Excludes GCF; DS Smith presented on IFRS basis combined with IP U.S. GAAP basis. 2 Assumes mid-cycle environment. 3 Please see Appendix at the end of this presentation as well as the Investors section of our website (www.internationalpaper.com) for more information on non-GAAP financial measures, definitions, and reconciliations to most directly comparable U.S. GAAP measures. 4 Excludes GCF and one-time item of deferred taxes paid related to timber monetization.
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2025 Investor Day INITIAL VIEW 2027E Total IP Adj. EBITDA1 Bridge ($B) Driving Profitability Step Change 2024 IP (As Reported) Cost Out Commercial 2027E IP (ex-DS Smith) 2027E DS Smith Synergies 2027E Total IP $4.0 $1.2 $0.8 $2.0 $1.4 $6.0 1 Please see Appendix at the end of this presentation as well as the Investors section of our website (www.internationalpaper.com) for more information on non-GAAP financial measures, definitions, and reconciliations to most directly comparable U.S. GAAP measures.2 2024 IP EBITDA of $2.0B as reported, includes GCF. 3 Net of inflation. 4 2027E DSS EBITDA of $1.4B from Proxy (IP forecast of DS Smith) on IFRS basis. $0.5 EARNINGS DRIVERS Cost out drives structural advantage ▪ Footprint rationalization ▪ Operations optimization ▪ Overhead reduction (Zero Up) Commercial improvement beyond market ▪ Mid-cycle price and demand environment ▪ Above-market volume growth ▪ Price to value enhances margins Enhance DS Smith earnings through 80/20 DS Smith synergies in EMEA and NA ▪ Overhead, procurement, and operations ▪ Additional upside potential Intent to exit Global Cellulose Fibers (GCF) GCF: $0.45 2 3 4 27
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2025 Investor Day CURRENT VIEW 2027E Total Adj. EBITDA1 Bridge by Region ($B) 28 Targeting $5.5B - $6.0B Adj. EBITDA1 across Packaging Solutions Businesses North American Packaging Solutions EMEA Packaging Solutions 2024 2024 DS Smith - EMEA Cost Out Commercial 2027E $0.1 $1.1 $0.5 $0.3 $1.8 - $2.0 Synergies3,4: $0.45 Initiatives: $0.1 Market6: $0.2 7 2 2024 2024 DS Smith - NA Cost Out Commercial 2027E $1.7 $0.1 $1.4 $0.8 $3.7 - $4.0 5 2 Synergies3: $0.2 Initiatives: $0.4 Market6: $0.4 1 Please see Appendix at the end of this presentation as well as the Investors section of our website (www.internationalpaper.com) for more information on non-GAAP financial measures, definitions, and reconciliations to most directly comparable U.S. GAAP measures. 2 2024 (calendar year) DS Smith EBITDA included at an exchange rate of £1/$1.278 on IFRS basis before U.S. GAAP Adjustments. 3 Represents midpoint of $600M - $700M synergy target range. 4 Includes 80/20 benefits. 5 Cost out net of inflation (labor and general inflation). 6 Market equals mid-cycle sales price net of PPV. 7 Excludes profit from the planned divestiture of five European box plants, which was agreed upon to gain European Commission clearance. 5
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2025 Investor Day Committed to Our TSR Algorithm and Targets Optimizing Our Business to Generate Sustainable Returns 29 3% - 4% Revenue Growth >5% EBIT Growth 3% - 4% Dividend Yield (40% - 50% FCF1) 3% - 4% Growth from High- return Reinvestment (Organic Growth, Buybacks, or M&A) Double Digit TSR Through the Cycle Note: All percentages and values are targets. 1 Please see Appendix at the end of this presentation as well as the Investors section of our website (www.internationalpaper.com) for more information on non-GAAP financial measures, definitions, and reconciliations to most directly comparable U.S. GAAP measures.
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2025 Investor Day Key Takeaways 30 Taking Bold Steps to Accelerate Our Growth Driving Sustainable Value Creation Through Clear Actions 2025 Investor Day 1 Building on strong foundation to achieve above- market growth potential 2 Prioritizing the right geographies, customers, and products 3 Applying 80/20 to drive strategy and focus resources 4 Winning in attractive markets through clear initiatives across our virtuous cycle
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2025 Investor Day North American Packaging Solutions Video 31
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Tom Hamic EVP & President, North American Packaging Solutions 322025 Investor Day North American Packaging Solutions Overview Taking Action Designed to Accelerate Our Path to Sustainable Profitable Growth
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2025 Investor Day 1 Building on our advantaged foundation and strong market dynamics to achieve above-market growth potential 2 Re-establishing cost leadership by applying 80/20 to focus resources and drive strategy 3 Optimizing footprint and reinvesting to build scale and increase margin potential 4 Enhancing customer experience through reliable service and innovation to increase willingness to pay North American Packaging Solutions Key Messages 33332025 Investor Day Taking Actions to Accelerate Our Growth Potential Driving Sustainable Value Creation
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2025 Investor Day Containerboard Mill Packaging Facility North American Packaging Solutions Snapshot 34 $15.1B NET SALES1,2 $1.8B ADJ. EBITDA2,3 11.9% ADJ. EBITDA MARGIN1,2,3 ~200 MILLS & PLANTS Decisive Actions to Transform and Realize Full Potential ■ Fresh Food ■ Processed Food & Beverage ■ E-commerce & Logistics ■ Non-durables ■ Durables 32% 27% 23% 14% 4% Net Sales by Segment4 Note: Data as of 12/31/2024 and includes DS Smith NA. 1 Net Sales and Adjusted EBITDA margin calculation do not include elimination of sales between DS Smith and IP. 2 Calendar year 2024 DS Smith included at an exchange rate of £1/$1.278, DS Smith presented on IFRS basis and combined with IP U.S. GAAP basis. 3 Please see Appendix at the end of this presentation as well as the Investors section of our website (www.internationalpaper.com) for more information onnon-GAAP financial measures, definitions, and reconciliations to most directly comparable U.S. GAAP measures. 4 Calendar year 2024 DS Smith included at an exchange rate of €1/$1.082 and DS Smith presented on IFRS basis and combined with IP U.S. GAAP basis.
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2025 Investor Day Solid Industry Fundamentals Supported by Positive Trends Enabling Delivery of Goods, Which is Essential to Economy and Supply Chains Attractive North American Industry Structure Leading Provider of Sustainable Packaging Solutions U.S. Corrugated Packaging Shipments vs. Industry Price1,2,3 Anticipate Continued, Steady Shipment Volume and Historical Price Trend Other Comp D Comp C Comp B Comp A IP Relative Supply Position Resilient demand growth (~1.0% - 1.5%) ▪ Highly correlated with mfg. GDP ▪ Megatrends provide upside growth Strong historical unit price growth Essential to a healthy economy Diverse customer base with low individual concentration 35 1 Source: RISI, FBA annual report, Oxford Economics, and IP marketing analysis. 2 Box shipments based on FBA U.S. shipments and Oxford Economics. 3 Historical price trend based on RISI 42# Kraft Linerboard U.S. East. 200 400 600 800 0 200 400 600 800 1,000 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Box Shipments (Bn sq. ft.) Price ($ per Short Ton) Price Shipments
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2025 Investor Day Well-positioned to Capitalize on Growth Trends Winning Through Focus on the Right Opportunities with the Right Capabilities TAM1 of ~$50B | Long-term Growth: 3% - 4% IP Position2: ~31% | Expect to Grow Above Market Why IP Wins: Sustainable Capabilities and Solutions ▪ Customer proximity via significant scale and geographic reach optimizes supply chain costs, provides security of supply, and enables flexibility in demand peaks ▪ Broad set of innovative, segment-tailored solutions and capabilities to serve both local and national customer needs ▪ Differentiated customer experience focused on best-in-class reliability and flexibility to meet ever-evolving needs Where to Play: North American Packaging Solutions Strategic Opportunities ▪ E-commerce expansion: proximity to customers and ability to flex capacity in demand surges ▪ Recyclability and plastic substitution: solutions to reduce customers’ reliance on single-use plastic ▪ Demand for fresh food choices: reliable packaging solutions that optimize cost ▪ Demand for retail-ready packaging: innovative, easy stocking and displaying solutions ▪ Onshoring: performance and bulk packaging 1 Source: FBA, Numera Analytics, trade associations, customs agencies, and IP analysis. 2 U.S. only. 36
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2025 Investor Day Value Proposition in Action: Segment-tailored Capabilities and Differentiated Solutions Well-positioned to Meet Customer and Market Needs ▪ Dedicated team, manufacturing scale, and warehouse infrastructure to support seasonal demand surge ▪ E-commerce Box Optimization Service (EBOS) customer box size optimization tool ▪ Mechanical packaging technicians optimize customer manufacturing operations ▪ Facility network provides surety of supply with redundant capacity ▪ Supply chain expertise and technology ▪ Sustainable coatings for supply chains ▪ Mechanical packaging machinery for customers ▪ Shed systems minimize customer labor and work-in-process ▪ Manufacturing facilities aligned to growing seasons across multiple geographies ▪ Sustainable coatings for supply chains ▪ Product traceability solutions ▪ Facility network provides surety of supply with redundant capacity ▪ Printing solutions enable promotional selling ▪ Full-suite graphics for product lifecycle ▪ Dedicated support for 80s customers ▪ Expert design team delivers differentiated retail-ready solutions ▪ Fulfillment operations for multi-vendor displays ▪ Expert teams for display projects from concept to execution ▪ Full-suite graphic capabilities enable in-house sourcing ▪ Fast concept prototyping for large retailers Retail Channel Processed Food & BeverageProduceProteinE-commerce 37
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2025 Investor Day 80/20 in Action: Driving Our Cultural Transformation Early Stages of Capturing Significant Opportunity Through 80/20 Applying Learnings across the Business SIMPLIFY SEGMENT RESOURCE GROW Reduce Complexity ▪ Streamlined business and eliminated select overhead ▪ Reduced layers of approval and bureaucracy ▪ Simplified policies and procedures to drive efficiency ▪ Aligning KPIs and action plans across organization Implement Lighthouses ▪ Intensified focus on 80s customers, increased productivity, and realigned assets in Atlanta and Chicago ▪ Driving capital efficiency across fewer facilities ▪ Scaling across box network ▪ Piloting at Pensacola and Maysville mills Redesign Organization and Incentive Plans ▪ Realigned functional resources to support business strategy ▪ Embedded responsibility and accountability deeper in the business and closer to the customer ▪ Aligned incentives directly to specific business unit results Drive Commercial Excellence ▪ Increased salesforce 25% ▪ Assigned dedicated support resources for 80s customers ▪ Improved sales incentives and development tools ▪ Executing innovation sprints and “1 to Perfect” service model for 80s customers 38
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2025 Investor Day How to Win: Our Virtuous Cycle to Drive Sustainable Value Creation 39 ADVANTAGED COST POSITION HIGH RELATIVE SUPPLY POSITION SUPERIOR CUSTOMER EXPERIENCE
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2025 Investor Day Transforming Box Plant Operations 40 FEWER, BIGGER, AND BETTER BOX PLANTS ▪ Optimize asset network to drive performance and reinvest capital organically or inorganically ⎻ 7 plants closed to date with no customer impact ⎻ Boosts overall system capacity with fewer plants ⎻ Lowers total fixed and variable costs per MSF ⎻ Increases capital efficiency and productivity ▪ Drive greater consistency and reliability to meet evolving customer expectations ▪ Design best-in-class facilities aligned to customer needs ▪ Improve delivered cost and supply chain reliability through phased optimization efforts and strategic outsourcing Advantaged Cost Position SPOTLIGHT Network Optimization via Lighthouses ▪ Launched pilots to achieve advantaged cost position by segmenting complexity - Increased productivity and effectiveness through product and customer mix optimization - Redesigned business process to drive greater focus on customer reliability, quality, and innovation - Enabled footprint optimization and profitable growth through highly targeted capital investment ▪ Achieved average productivity uplift of ~20% at Lighthouses and eliminated $20M+ of fixed costs; expect future roll out across 20+ markets over next 12 - 15 months 40 Potential to Realize $400M - $500M1 Cost Out Through 80/20 Implementation, Including Footprint Rationalization and Optimization and Productivity 402025 Investor Day 1 Of Adjusted EBITDA. Please see Appendix at the end of this presentation as well as the Investors section of our website (www.internationalpaper.com) for more information on non-GAAP financial measures, definitions, and reconciliations to most directly comparable U.S. GAAP measures.
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2025 Investor Day Optimizing Mill Operations 41 FEWER, BIGGER, AND BETTER MILLS ▪ Drive mill efficiencies ⎻ Align containerboard capabilities with targeted core box demand ⎻ Exit select non-strategic containerboard segments ⎻ Reinvest in remaining assets to enhance efficiency and capability ▪ Reduce operational costs and increase operating rates through focused production ▪ Invest fixed cost savings in remaining mills to drive improved cost position, grow with demand, and develop capabilities to support customers SPOTLIGHT Network Optimization ▪ Launched targeted initiatives to improve capacity and reliability - Optimizing mill system and reducing fixed cost by closing ~800K tons of excess capacity at Red River mill - Adopting Box Lighthouse approach at Maysville and Pensacola mills to test strategy to achieve lowest cost - Implementing redesigned process to drive reliability, quality, waste reduction, and product optimization - Enabled footprint optimization and profitable growth through highly targeted capital investment ▪ Achieved ~$190M of run rate benefits from lower fixed cost and improved operating rate by 6% across system; U.S. mills initial roll out over next 12 - 15 months Advantaged Cost Position 4141 Potential to Realize $500M - $600M1 Cost Out Through 80/20 Implementation, Including Footprint Rationalization and Optimization and Productivity 412025 Investor Day 1 Of Adjusted EBITDA. Please see Appendix at the end of this presentation as well as the Investors section of our website (www.internationalpaper.com) for more information on non-GAAP financial measures, definitions, and reconciliations to most directly comparable U.S. GAAP measures.
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2025 Investor Day Focus on 80s Customers Enables Investment in Differentiation Greater Focus Improves Customer Experience and Productivity High Relative Supply Position Plant 1 Plant 2 Plant 3 Plant 4 Super Plant Hybrid Plant Hybrid Plant QUAD 1 QUAD 3 QUAD 2 80S 20S QUAD 4 ACTIONS BEING TAKEN Applying 80/20 to focus on sizeable customers with less complexity HISTORICAL All plants within a given region ran the same relative mix, optimized for customer proximity FUTURE STATE Providing reliable service at scale through customer mix optimization and investment, while operating more productively with fewer plants 42
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2025 Investor Day Strategy in Action: Investing in Advantaged Plants and Reallocating Resources to Grow with 80s Customers Building Differentiated Scale and Customer-centric Capabilities in Selected Regions Containerboard Mill Packaging Facility Closed TN GA SPOTLIGHT: ATLANTA REGION Regional Scale with High Plant Concentration ✓ Exited Cleveland, TN plant in 4Q24 ✓ Reallocated ~1,000 items to 4 remaining plants within Atlanta region ✓ Segmented operations by customer and product complexity ✓ Improved net productivity ~20% across Lighthouses ✓ Achieved $9M fixed cost take-out ✓ Redeploying capital for higher returns High Relative Supply Position 43
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2025 Investor Day Delivering a Superior Customer Experience to Increase Willingness to Pay and Enable Above-market Growth 44 Superior Customer Experience 4444 Potential to Realize $400M1 Through Commercial Initiatives 442025 Investor Day Seamless Reliability Quality boxes arrive on-time without customers having to think about it ▪ Reinvesting in remaining assets following footprint rationalization to provide more reliable service ▪ Tracking critical reliability metrics to drive improved customer service and satisfaction Unparalleled Capabilities Overserve 80s customers with unmatched reach and capabilities Pricing Excellence Consistent application of price to value strategy ▪ Hiring sales and customer support resources to increase touchpoints with targeted 80s customers ▪ Aligning business to customer base through streamlined operations and embedded leaders ▪ Understanding and actioning on what customers need to price for value ▪ Realizing premium potential for exceptional performance and innovative solutions +30 Commissioned Resources Added to Serve 80s Customers 94% Increase in NPS Since 2022 92%95% On-time Delivery YoY 1 Of Adjusted EBITDA. Please see Appendix at the end of this presentation as well as the Investors section of our website (www.internationalpaper.com) for more information on non-GAAP financial measures, definitions, and reconciliations to most directly comparable U.S. GAAP measures.
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2025 Investor Day Strategy in Action: Reliability Enables Next-level Customer Discussions About Value OUR UNIQUE APPROACH HOSTED 3-DAY INNOVATION SPRINT ACTIONABLE OUTCOMES 18 Concrete Solutions Created Addressing Needs ~$10M+ Additional IP Revenue from Prioritized Projects 100% Positive Feedback and Greater Trust in IP This process has differentiated itself from innovation sessions we’ve done in the past. The process created a relaxed space to allow for candid conversations to identify problems and actionable solutions. DIRECTOR OF PACKAGING PROCUREMENT FOR THE CPG Objective: Discover Innovative Packaging Solutions in Pursuit of Solving Pain Points Understand + Diverge Decide Build, Test, and Commercialize DAYS 1 & 2 DAY 3 POST SPRINT WORK AHEAD Superior Customer Experience 2025 Investor Day Identify Pain Points Translate Jobs to be Done Explore Concepts Refine Solutions Commercialize Solutions BACKGROUND ▪ Large Consumer Packaging Goods (CPG) company - 30+ year relationship - ~$90M annual spend ▪ Collaborated closely with company’s cross- functional team to develop a comprehensive understanding of their challenges and objectives 45
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2025 Investor Day How to Win: Our Virtuous Cycle to Drive Sustainable Value Creation ADVANTAGED COST POSITION HIGH RELATIVE SUPPLY POSITION SUPERIOR CUSTOMER EXPERIENCE Scale 80/20 Mindset Value Creation via Problem Solving and Innovation 46
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2025 Investor Day 2027E North American Packaging Solutions Adj. EBITDA Bridge1 ($B) 47 Driving a Step Change in North American Packaging Solutions Profitability EARNINGS DRIVERS Cost out drives structural advantage ▪ Footprint rationalization ▪ Operations optimization ▪ Overhead reduction (Zero Up) Commercial improvement beyond market ▪ Mid-cycle price and demand environment ▪ Above-market volume growth ▪ Price to value enhances margins DS Smith North America synergies with upside potential ▪ Overhead ▪ Procurement ▪ Operations ▪ 80/20 optimization 2024 2024 DS Smith - NA Cost Out Commercial 2027E $1.7 $0.1 $1.4 $0.8 $3.7 - $4.0 1 Please see Appendix at the end of this presentation as well as the Investors section of our website (www.internationalpaper.com) for more information on non-GAAP financial measures, definitions, and reconciliations to most directly comparable U.S. GAAP measures. 2 2024 (calendar year) DS Smith EBITDA included at an exchange rate of €1/$1.082 on IFRS basis before U.S. GAAP Adjustments. 3 Cost out net of inflation (labor and general inflation). 4 Represents North American Packaging Solutionsportion of total IP $600M - $700M synergy target range at the midpoint. 5 Market equals mid-cycle sales price net of PPV. 3 2 Synergies4: $0.2 Initiatives: $0.4 Market5: $0.4
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2025 Investor Day 1 Building on our advantaged foundation and strong market dynamics to achieve above-market growth potential 2 Re-establishing cost leadership by applying 80/20 to focus resources and drive strategy 3 Optimizing footprint and reinvesting to build scale and increase margin potential 4 Enhancing customer experience through reliable service and innovation to increase willingness to pay Key Takeaways 48482025 Investor Day Taking Actions to Accelerate Our Growth Potential Driving Sustainable Value Creation
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492025 Investor Day North American Packaging Solutions Panel Discussion
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2025 Investor Day Today’s Distinguished Panelists 50 Tom Hamic EVP & President, North American Packaging Solutions Murry Franklin Region General Manager, Upper Midwest Ram Kumar Complex General Manager, Atlanta Region MODERATOR
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2025 Investor Day Targeted Redeployment of Resources I am thrilled we have been selected as an initial ‘Get to Perfect’ customer and look forward to building on our initial success. Through the first several months of this initiative, we’ve experienced on-time deliveries consistently meeting our high expectations, which enables us to reliably serve our equally demanding customers. The reduction in defects is equally impactful to our line operators, allowing us to focus our collective time on what matters most – making and selling more tasty products! The feedback from my team is unanimous that IP’s entire team is completely engaged in making this the most successful supply chain in our operations, and I look forward to building on this solid foundation. VP OF PROCUREMENT, LARGE REGIONAL PACKAGED FOODS COMPANY 512025 Investor Day Spotlight: Chicago and Atlanta Lighthouse Approach ✓ IMPROVING CUSTOMER EXPERIENCE ✓ OPTIMIZING RESOURCES AND PRODUCTIVITY ✓ ENGAGING OUR TALENTED WORKFORCE
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52 BREAK 2025 Investor Day
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2025 Investor Day EMEA Packaging Video 53
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Tim Nicholls CFO & EVP, International Paper; President, DS Smith - An International Paper Company1 542025 Investor Day EMEA Packaging Overview and DS Smith Update Capturing Opportunity to Create a Winning Position 1 Role effective April 1, 2025; Lance Loeffler will join International Paper as the CFO on April 1.
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2025 Investor Day 1 Capturing large, long-term market opportunity despite softer than expected near-term macro environment 2 Improving cost structure through productivity actions across our mill and box plant network 3 Creating a clear 80/20 roadmap to streamline portfolio and drive targeted reinvestment 4 Deepening customer partnerships by leveraging DS Smith’s best-in- class sustainable packaging solutions EMEA Packaging Key Messages Abundance of Opportunities to Accelerate Our Growth Potential 55552025 Investor Day Clear Strategic Actions Driving Sustainable Value Creation
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2025 Investor Day Canary Islands EMEA Packaging Snapshot Containerboard Mill Box Plant $9.1B NET SALES1,2 $1.2B ADJ. EBITDA2,3 12.9% ADJ. EBITDA MARGIN1,2,3 ~250 MILLS & PLANTS Extensive Presence across Geographies and Segments ■ Processed Food & Beverage ■ Fresh Food ■ E-commerce & Logistics ■ Non-durables ■ Durables 43% 9%8% 8% 32% Net Sales by Segment4 56 Note: Stats as of year end 2024. 1 Net Sales and Adjusted EBITDA margin calculation do not include elimination of sales between DS Smith and IP. 2 Calendar year 2024 DS Smith included at an exchange rate of £1/$1.278, DS Smith presented on IFRS basis and combined with IP U.S. GAAP basis. 3 Please see Appendix at the end of this presentation as well as the Investors section of our website (www.internationalpaper.com) for more information on non-GAAP financial measures, definitions, and reconciliations to most directly comparable U.S. GAAP measures. 4 Calendar year 2024 DS Smith sales included at an exchange rate of €1/$1.082 and DS Smith presented on IFRS basis and combined with IP U.S. GAAP basis.
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2025 Investor Day Expected Resilient Demand Growth in Targeted Segments 57 Well-positioned to Capture Opportunity from Growing Segments EMEA Industry Shipments vs. Corrugated Box Price1,2 Remain Focused on Faster Growing Segments3 Percentage of Overall EMEA Industry Supply Long-term Expected Growth Rate Food & Beverage ~35% - 40% ~3% p.a. Non-durables ~10% ~2% p.a. E-commerce & Logistics ~10% ~4% p.a. Fresh Food ~5% 1% - 2% p.a. Other Segments Industrial ~25% - 30% ~1% p.a. Durables ~10% Flat p.a.: per annum. 1 Industry shipments based on ICCA and FEFCO data and DS Smith estimates for smaller countries. 2 Corrugated Box historical price trend based on Fastmarkets RISI. 3 Source: NOA-PRISM. 30,000 40,000 50,000 60,000 70,000 80,000 0 200 400 600 800 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Industry Shipments (M sq. m.) Corrugated Box (€/000s sq. m.) Price Shipments
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2025 Investor Day Well-positioned to Capitalize on Growth Trends 58 DS Smith Combination Accelerates Opportunity to Win in Fastest Growing Markets Why IP Wins: Creating Winning Positions in Sustainable Packaging Solutions ▪ Leading positions in fastest growing segments ▪ Industry-leading, sustainable packaging solutions for global and regional customers ▪ Best-in-class innovation scaled across wide customer base ▪ Implementing 80/20 Performance System to delight strategic customers with quality and reliable service Where to Play: EMEA Packaging Solutions Strategic Opportunities ▪ Plastic substitution: powerful fiber- based packaging value proposition ▪ Retail-ready growth: greater demand for innovative shelf-ready packaging that optimizes costs and drives on-shelf performance ▪ E-commerce expansion: shift to ultra- lightweight corrugated materials 1 Source: RISI and IP / DS Smith analysis. TAM1 of ~$40B | Long-term Growth: 3% - 4% IP DS Smith (EMEA) P osition: ~20% | Expect to Grow Above Market
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2025 Investor Day Opportunity to Build on Existing DS Smith Value Proposition by Applying 80/20 Performance System ▪ Combination of Companies Enables Significant Long-term Growth Potential 59 Combination of Companies Enables Significant Long-term Growth Potential CUSTOMER BENEFITS OF OUR VALUE PROPOSITION ▪ Sustainable packaging solutions that meet customer needs generate higher sales ▪ Strong relative supply position ensures reliable service and quality ▪ Segment-tailored innovations focused on reducing unnecessary costs ▪ Solutions designed for a circular economy by maximizing use of renewable materials and recycled inputs SPOTLIGHT Transferring North American Packaging Solutions Learnings to EMEA ▪ Evaluate and implement incentive programs to drive performance improvement and alignment ▪ Understand product segmentation approaches and how to efficiently align manufacturing footprint to support each segment ▪ Apply best practices for evaluating capital requirements to build capabilities by region
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2025 Investor Day How to Win: Our Virtuous Cycle to Drive Sustainable Value Creation 60 ADVANTAGED COST POSITION HIGH RELATIVE SUPPLY POSITION SUPERIOR CUSTOMER EXPERIENCE
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2025 Investor Day Systematically Improving Cost Base Through Efficiencies 61 • Delivering solutions cost effectively for customers - Improve integrated mills to box cost position through upgrades to our containerboard system and box operations - Enhance ability to meet customer needs through regional footprint optimization and supply chain optimization • Rightsizing overhead through Zero Up reset to apply resources where they matter • Leveraging combination opportunity to drive extensive sourcing benefits Initiatives Launched to Fuel Our Transformation and Gain Efficiencies KEY ACTIONS IN PLAY ▪ Delivering benefits of previous mill investment programs ▪ Optimizing comprehensive box plant footprint ▪ Assessing portfolio of assets and capabilities Advantaged Cost Position Accelerating Ability to Serve Customers While Driving Additional Costs Savings
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2025 Investor Day Strategy in Action: Capturing Benefits from Well-invested Converting System 62 Aligning High-performance Systems to Win with 80s Customers Advantaged Cost Position STATE-OF-THE-ART, COST-ADVANTAGED CONVERTING SYSTEM Large-scale greenfield box plants with capacity to support growth Energy-efficient technologies that support sustainability by lowering costs and emissions Lean manufacturing practices systematically driving performance improvements Digitally connected with our network of Innovation Hubs to bring innovative solutions and design improvements to the market faster Bełchatów, Poland Castelfranco, Italy
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2025 Investor Day Strategy in Action: Realizing Advantaged Costs in Converting System Through Recent Mill Investments 63 Optimizing End-to-End Value Creation Advantaged Cost Position CUSTOMER-LED INVESTMENT DRIVING EFFICIENCY AND GROWTH Leveraging customer-centric approach to accelerate investment across value chain Meeting evolving market demands through advanced light weight and high-performing grade capabilities Helping customers achieve their sustainability goals through start-of-the-art technologies and solutions Reducing carbon footprint by adopting biomass energy solutions Lucca, Italy Rouen, France
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2025 Investor Day Strategy in Action: Improving Reliability and Productivity 64 Enhancing Efficiency While Maintaining Superior Customer Experience High Relative Supply Position QUAD 1 QUAD 3 ITEMS CUSTOMERS Largest Smallest LargestSmallest QUAD 2 80S Priority #1 20S Remain Committed to Profitable Quad 3 Accounts QUAD 4 Applying 80/20 to Focus on Sizeable Customers with Less Complexity SPOTLIGHT: 80/20 IBERIA PILOT Positive Initial Performance Results ✓ 22% increase in key customer volume ✓ 19pp improvement in on-time delivery ✓ 11% gain in productivity ✓ 15% elimination of waste ✓ 72% reduction in inventory leading to lower working capital
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2025 Investor Day 80/20 Roadmap: Driving Transformation in EMEA 65 Early Stages of Capturing Significant Opportunity High Relative Supply Position OUTLINE DEFINE EXECUTE Initiate Go-forward Plan with 80/20 Mindset ▪ Assess customer portfolio and operational footprint in key regions ▪ Conduct first Zero Up analysis ▪ Consolidate initial view of P&L and cash impact on 2027 Adj. EBITDA ambition Create Execution Plan and Establish 80/20 Targets ▪ Assess portfolio and secure key customers ▪ Prepare organization and operating model blueprint ▪ Review commercial plans and customer engagement Implement Clear Action Plans in the Near and Long Term ▪ Execute quick wins ▪ Roll out training and communications ▪ Deploy 80/20 rapidly by region ▪ Optimize assets IN PROCESS STARTING IN 2Q25COMPLETE
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2025 Investor Day Strategy in Action: Building on Strong Foundation to Strengthen Position with Customers 66 High Relative Supply Position Advantaged Position in Key Geographies Significant Opportunity to Grow and Drive Operational Efficiency in Key Regions Focus on existing and targeted large, growing customers Reallocate resources to drive enhanced, quality service and innovation to 80s customers Accelerate innovation of sustainable packaging solutions for fast moving consumer goods customers Drive further efficiency improvements through footprint optimization efforts #1 U.K. #3 GERMANY #1 ITALY #1 FRANCE #2 SPAIN Replicable Playbook to Win across Key Regions
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2025 Investor Day Creating Greater Customer Value via 80/20 and Innovation 67 Deepening Partnerships with Enhanced Customer Experience • Grow existing 80s customers by ensuring an outstanding experience at each touchpoint of their end-to-end journey • Evolve our systems and capabilities to match the growing expectations of our strategic customers • Respond to increased sustainability requirements through innovation, services, and data provision Capitalizing on High NPS KEY ACTIONS IN PLAY ▪ Assigning the right resources to delight our 80s customers while optimizing the cost to serve ⎻ Continuing to focus on being a customer- centric and data-driven organization ▪ Accelerating our cutting-edge innovation agenda to meet customers’ evolving needs ⎻ Offering solutions with added technology and product innovation Superior Customer Experience
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2025 Investor Day 2027E EMEA Adj. EBITDA Bridge1 ($B) 68 Driving a Step Change in EMEA Profitability EARNINGS DRIVERS Cost out drives structural advantage ▪ Footprint rationalization ▪ Operations optimization ▪ Overhead reduction (Zero Up) Commercial improvement beyond market ▪ Mid-cycle price and demand environment ▪ Above-market volume growth ▪ Price to value enhances margins ▪ Accelerate growth with 80s customers DS Smith synergies in EMEA with upside potential ▪ Overhead ▪ Procurement ▪ Operations ▪ 80/20 optimization 1 Please see Appendix at the end of this presentation as well as the Investors section of our website (www.internationalpaper.com) for more information on non-GAAP financial measures, definitions, and reconciliations to most directly comparable U.S. GAAP measures. 2 Excludes profit from the planned divestiture of five European box plants, which was agreed upon to gain European Commission clearance.3 2024 (calendar year) DS Smith EBITDA included at an exchange rate of £1/$1.278 on IFRSbasis before U.S. GAAP Adjustments . 4 Represents EMEA portion of total IP $600M - $700M synergy target range at the midpoint. Includes 80/20 benefits. 5 Cost out net of inflation (labor and general inflation). 6 Market equals mid-cycle sales price net of PPV. 22024 2024 DS Smith - EMEA Cost Out Commercial 2027E $0.1 $1.1 $0.5 $0.3 $1.8 - $2.0 Synergies4: $0.45 Initiatives: $0.1 Market6: $0.2 3 5
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2025 Investor Day Key Takeaways 69 Abundance of Opportunities to Accelerate Our Growth Potential Clear Strategic Actions Driving Sustainable Value Creation 692025 Investor Day 1 Capturing large, long-term market opportunity despite softer than expected near-term macro environment 2 Improving cost structure through productivity actions across our mill and box plant network 3 Creating a clear 80/20 roadmap to streamline portfolio and drive targeted reinvestment 4 Deepening customer partnerships by leveraging DS Smith’s best-in-class sustainable packaging solutions
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702025 Investor Day EMEA Panel Discussion
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2025 Investor Day Today’s Distinguished Panelists 71 Tim Nicholls CFO & EVP, International Paper; President, DS Smith - An International Paper Company1 Stefano Rossi Head of Packaging, EMEA Marc Chiron Sales, Marketing, and Innovation Director - Packaging EMEA MODERATOR 1 Role effective April 1, 2025; Lance Loeffler will join International Paper as the CFO on April 1.
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2025 Investor Day Replicable Model to Build and Maintain Durable Customer Relationships 72 Sole Supplier Corrugate (2014 to 2029) 50+ Factories Supplied Across 16 Countries ~100 Markets Served across the Globe >1B Packaging Solutions Provided Annually 25% YoY Improvement on Key Quality Metric Leading On-time, In-full Performance We are tremendously excited about our next venture with DS Smith and grateful for the collaborative journey we have shared over the last ten years. The mutual trust we have built over time and transparency and dedication exhibited by both teams has been the secret recipe of our success. VP Procurement, Europe Spotlight: Mondelez Partnership
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2025 Investor Day Delivering Market-leading, Segment-tailored Solutions for Our Customers 73 $700M Annual European Market Opportunity1 Higher Purchase Intention via On-shelf Differentiation 20%+ Reduction in CO2e via Lightweight Materials Improved Pallet Stability Innovative Rounded Corner Design Leads to Less Damage 100% Recyclable Materials Utilized in Solution Our products reach stores and our consumers perfectly packaged thanks to this. It plays an important part in maintaining the image of our brands. Packaging Development Manager Spotlight: DS Smith Round Wrap 1 Source: Euromonitor / DS Smith assumptions.
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2025 Investor Day Developing Innovative and Sustainable Packaging Solutions for Our Customers 74 $300M Annual European Market Opportunity1 1st Mover at Scale for Paper-based Bundling Solutions 40%+ Less CO2e Versus Standard Shrink Film Pack 360° Branding Canvas Offers Great Product Visibility Low Operational Cost via High- speed Packing Lines Proven to Survive Demanding Retail Supply Chains This is the first-ever packaging solution of its kind for 1.5 litre multipacks of Coca-Cola, Fanta and Sprite. It’s the result of our entrepreneurial mindset, an absolute belief in collaborating with trusted partners and our focus on reaching net zero emissions by 2040. Chief Corporate Affairs and Sustainability Officer Spotlight: DS Smith Lift Up 1 Source: Euromonitor / DS Smith assumptions.
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Andy Silvernail Chairman & CEO 752025 Investor Day Executing a Focused Plan to Step Up Profitability for Sustainable Growth
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2025 Investor Day 2025 Investor Day Bridging to Sustained, Profitable Growth 76
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2025 Investor Day 2027E Total Adj. EBITDA1 Bridge by Region ($B) 77 Targeting $5.5B - $6.0B Adj. EBITDA1 across Packaging Solutions Businesses North American Packaging Solutions EMEA Packaging Solutions 2024 2024 DS Smith - EMEA Cost Out Commercial 2027E $0.1 $1.1 $0.5 $0.3 $1.8 - $2.0 Synergies3,4: $0.45 Initiatives: $0.1 Market6: $0.2 7 2 2024 2024 DS Smith - NA Cost Out Commercial 2027E $1.7 $0.1 $1.4 $0.8 $3.7 - $4.0 5 2 Synergies3: $0.2 Initiatives: $0.4 Market6: $0.4 1 Please see Appendix at the end of this presentation as well as the Investors section of our website (www.internationalpaper.com) for more information on non-GAAP financial measures, definitions, and reconciliations to most directly comparable U.S. GAAP measures. 2 2024 (calendar year) DS Smith EBITDA included at an exchange rate of £1/$1.278 on IFRS basis before U.S. GAAP Adjustments. 3 Represents midpoint of $600M - $700M synergy target range. 4 Includes 80/20 benefits. 5 Cost out net of inflation (labor and general inflation). 6 Market equals mid-cycle sales price net of PPV. 7 Excludes profit from the planned divestiture of five European box plants, which was agreed upon to gain European Commission clearance. 5
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2025 Investor Day 2025 Will be a Transformational Year 78 Performance Ramp Up as 80/20 Cost and Commercial Improvements Accelerate Note: FY25 EPS guidance pending purchase accounting. 11 months (February - December) included for DS Smith and presented on IFRS basis combined with full year IP U.S. GAAP basis. 1 Please see Appendix at the end of this presentation as well as the Investors section of our website (www.internationalpaper.com) for more information on non-GAAP financial measures, definitions, and reconciliations to most directly comparable U.S. GAAP measures. North American Packaging Solutions EMEA Packaging Solutions (DS Smith) GCF TOTAL IP Market Demand Predict return to 1.0% - 1.5% demand growth Lower demand than anticipated Stable consumer demand Price Realization of prior publication increases Lower containerboard prices in 2H24 have affected expected box price increases Realization of prior price communications Targeted Revenue ($B) ~$15.5 ~$9.0 ~$2.5 ~$27.0 Targeted Adj. EBITDA1 ($B) ~$2.3 - $2.5 ~$0.9 - $1.1 ~$0.3 - $0.4 ~$3.5 - $4.0
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2025 Investor Day Unlocking Long-term Opportunity Through Targeted Investments 79 Near-term Investments Strengthen Future Free Cash Flow Generation $0.69 $0.76 $0.1 – $0.3 $2.0 – $2.5 2023¹ 2024¹ 2025E¹ 2027E² DRIVING PRODUCTIVITY, COST REDUCTION, AND PROFITABLE GROWTH ▪ Continued implementation of 80/20 mill and box plant optimization from customer and product segmentation to increase margins ▪ Improved capital effectiveness from footprint optimization and targeted investments ▪ Anticipated capex spend - 2025-2027: ~$1.9B per year - Ongoing rate: ~6.5% of sales 2025 Investments Enable Potential Sustained Future Cash Generation Free Cash Flow ($B) Includes One-time Deal and Restructuring Cost of $0.5B Note: 2025E and 2027E includes DS Smith on an IFRS basis combined with IP U.S. GAAP basis. 1 Includes GCF. 2 Excludes GCF and one-time item of deferred taxes paid related to timber monetization.
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2025 Investor Day Healthy Balance Sheet Enables Near-term Investment… 80 …and Future Capital Allocation Optionality to Drive Shareholder Value BALANCE SHEET HIGHLIGHTS (As of 12/31/24) Cash & Temporary Investments ~$1.2B Net Debt ~$4.4B Shareholders’ Equity ~$8.2B Debt / Adj. EBITDA (Moody’s Basis)1 2.7x LIQUIDITY Available Credit Under Revolving Credit Facility ~$1.4B Total Liquidity & Cash ~$3.1B 1 Moody’s methodology is used to calculate Adjusted Debt to EBITDA ratio. Moody’s adjusts debt to include balance sheet debt, operating leases / deferred tax liability and debt issuance expense, and pension gap. EBITDA is adjusted to include lease and pension adjustments (non-GAAP). Please see Appendix at the end of this presentation as well as the Investors section of our website (www.internationalpaper.com) for more information on non-GAAP financial measures, definitions, and reconciliations to most directly comparable U.S. GAAP measures. 2 Balance sheet metrics before pending purchase accounting.Adjusted EBITDA used in metrics calculation 11 months (February - December) included for DS Smith and presented on IFRS basis combined with full year IP U.S. GAAP basis. Includes sale of GCF at year end 2025. 3 Balance sheet metrics before pending purchase accounting. Adjusted EBITDA used in metrics calculation is DS Smith presented on IFRS basis combined with IP on U.S. GAAP basis. Total Debt ($B) and Debt / Adj. EBITDA1 Well-positioned for Future Growth ▪ Debt / Adj. EBITDA1 targeted range of ~2.5x - 2.8x - Levers: earnings growth from cost out and commercial initiatives in NA and EMEA with intent to exit GCF ▪ Sufficient liquidity and manageable near-term debt maturities ▪ Commitment to investment grade credit ratings - Baa2: Moody’s / BBB: S&P $6.4 $6.3 $10.1 $10.1 2.6x 2.7x 2.6x 1.7x 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 $- $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 2023 2024 2025E 2027E2 3
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2025 Investor Day 2025 Investor Day Realizing IP’s Profit Potential 81
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2025 Investor Day 1 Defining where to play and how to win to drive revenue and EBIT growth 2 Utilizing 40% - 50% of cash flow to provide reliable dividends to shareholders 3 Reinvesting remaining cash flow with discipline to maximize shareholder value 4 Delivering double-digit returns through the cycle, compounding value Sustainable Financial Playbook 82 Executing Our TSR Algorithm to Drive Results and Value Creation Expect to Deliver $5.5B - $6.0B1 Adj. EBITDA2 Target by Year End 2027 822025 Investor Day 1 Includes DS Smith on an IFRS basis combined with IP U.S. GAAP basis. 2 Please see Appendix at the end of this presentation as well as the Investors section of our website (www.internationalpaper.com) for more information on non-GAAP financial measures, definitions, and reconciliations to most directly comparable U.S. GAAP measures.
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2025 Investor Day Our TSR Algorithm: Foundational Above-market Growth Expected to Enable Flexible Capital Deployment Driving Revenue and EBIT Growth by Executing Our Long-term Strategy Focused on Where to Play and How to Win ▪ Applying our “where to play formula” (geographies + customers + products) via targeted initiatives such as 80/20, productivity investments, and go-to-market strategy enhancements to drive transformation ▪ Incorporating 80/20 Performance System to fuel faster decision making and execution excellence ▪ Creating value through virtuous cycle – advantaged cost position, high relative supply position, and superior customer experience – to drive volume growth and margin expansion 83 Setting Up the Opportunity to Drive Significant Value Creation Note: All percentages and values are targets. 3% - 4% Revenue Growth >5% EBIT Growth 3% - 4% Dividend Yield 3% - 4% Growth from High- return Reinvestment Double Digit TSR Through the Cycle
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2025 Investor Day Our TSR Algorithm: Expecting to Leverage Revenue and Earnings Growth to Fund Reliable Dividend Committed to Maintaining Our Track Record of Providing Shareholders with Meaningful, Consistent Dividends ▪ Targeting 40% - 50% of free cash flow1 returned to shareholders through dividends ▪ 30 years of dividend payouts with current dividend yield of ~3.6% (as of 3/21/25) 84 Balanced Approach to Returning Cash to Shareholders Note: All percentages and values are targets. 1 Please see Appendix at the end of this presentation as well as the Investors section of our website (www.internationalpaper.com) for more information on non-GAAP financial measures, definitions, and reconciliations to most directly comparable U.S. GAAP measures. 3% - 4% Revenue Growth >5% EBIT Growth 3% - 4% Dividend Yield 3% - 4% Growth from High- return Reinvestment Double Digit TSR Through the Cycle
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2025 Investor Day Our TSR Algorithm: Remaining Cash Flow Provides Capital Deployment Optionality 85 Creating Projected Double Digit Returns Through Clear Linkage across TSR Algorithm 3% - 4% Revenue Growth >5% EBIT Growth 3% - 4% Dividend Yield Double Digit TSR Through the Cycle 3% - 4% Growth from High- return Reinvestment Maximizing Shareholder Value with Flexibility to Return Cash Organic Growth Share Repurchases Bolt-on M&A Note: All percentages and values are targets.
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2025 Investor Day Disciplined Approach to Value Creation 86 Organic Growth ▪ Reinvesting in business to drive value for customers - Strengthen core customer- centric capabilities - Develop innovative solutions - Drive reliability of box plant and mill operations while enhancing productivity ▪ Investing in go-to-market capabilities and capacity expansion in targeted regions Share Repurchases ▪ Accelerating share repurchases when stock trades below intrinsic value ▪ Disciplined approach to help ensure share repurchases are at attractive price and value ▪ Current share repurchase authorization of $3.0B (as of 3/5/25) Inorganic Growth ▪ Opportunistically targeting bolt-on M&A as an accelerator of strategy and targeted double-digit returns ▪ Meets or exceeds our strategic filters and financial criteria Supported by Strong, Investment Grade Balance Sheet
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2025 Investor Day Key Takeaways 87 2027 PERFORMANCE TARGETS1 $26.0B - $28.0BNet Sales2 $5.5B - $6.0BAdj. EBITDA3 $2.0B - $2.5BFree Cash Flow3,4 98%+On-time Delivery ZERO Safety (Serious Injuries and Fatalities) 2025 Investor Day 1 Defining where to play and how to win to drive revenue and EBIT growth 2 Utilizing 40% - 50% of cash flow to provide reliable dividends to shareholders 3 Reinvesting remaining cash flow with discipline to maximize shareholder value 4 Delivering double-digit returns through the cycle, compounding value Executing Our TSR Algorithm to Drive Results and Value Creation 1 Excludes GCF; DS Smith presented on IFRS basis combined with IP on U.S. GAAP basis. 2 Assumes mid-cycle environment. 3 Please see Appendix at the end of this presentation as well as the Investors section of our website (www.internationalpaper.com) for more information on non-GAAP financial measures, definitions, and reconciliations to most directly comparable U.S. GAAP measures. 4 Excludes GCF and one-time item of deferred taxes paid related to timber monetization.
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882025 Investor Day All Presenters Q&A Session
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Andy Silvernail Chairman & CEO 892025 Investor Day Closing Remarks
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2025 Investor Day Invest With Us 902025 Investor Day 1 Transforming International Paper into a differentiated, sustainable packaging company 2 Taking bold steps to accelerate our growth potential 3 Driving a significant step up in sustainable value creation through clear actions
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912025 Investor Day Glossary and Reconciliation Tables Appendix
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2025 Investor Day Glossary FINANCIAL AND ECONOMIC TERMS CAGR: Compound Annual Growth Rate EBIT: Earnings before Interest and Taxes EBITDA: Earnings before Interest, Taxes, Depreciation, and Amortization FCF: Free Cash Flow GDP: Gross Domestic Product M: Millions M&A: Mergers and Acquisitions PPV: Purchase Price Variance ROI: Return on Investment TAM: Total Addressable Market TSR: Total Shareholder Return BUSINESS TERMS EMEA: Europe, Middle East, and Africa FMCG: Fast Moving Consumer Goods GCF: Global Cellulose Fibers KPI: Key Performance Indicator MSF: Million Square Feet NPS: Net Promoter Score RSP: Relative Supply Position 92
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2025 Investor Day Calculation of Adjusted EBITDA (Actual) 93 $ Millions NA Pkg Solutions Including DS Smith 2024 EMEA Pkg Solutions Including DS Smith 2024 Business segment operating profit $ 891 $ 60 Depreciation and amortization 786 64 DS Smith EBITDA 110 1,047 Adjusted EBITDA 1,787 1,171 Net Sales as reported 14,293 1,355 DS Smith Net Sales 779 7,725 Total Net Sales $ 15,072 $ 9,080 EBITDA Margin 11.9% 12.9% Note: Adjusted EBIT, Adjusted EBITDA and Adjusted EBITDA Margin are all non-GAAP financial measures presented as supplemental measures of our performance and the most directly comparable GAAP measure for Adjusted EBIT and Adjusted EBITDA is earnings (loss) from continuing operations before income taxes and equity earnings. They are not presented in accordance with accounting principles generally accepted in the United States, or GAAP. The Company believes these measures provide additional meaningful information in evaluating the Company’s performance over time, and that other companies use these and/or similar measures for similar purposes. However, Adjusted EBIT, Adjusted EBITDA and Adjusted EBITDA Margin have limitations as analytical tools, and you should not consider them in isolation, or as substitutes for analysis ofour results as reported under GAAP. In addition, in evaluating Adjusted EBIT, Adjusted EBITDA and Adjusted EBITDA Margin, you should be aware that in the future we will incur expenses such as those used in calculating these measures. Our presentation of these measures should not be construed as an inference that our future results will be unaffected by unusual or nonrecurring items. We use the non-GAAP financial measures Adjusted EBITDA and Adjusted EBITDA margin at a segment level, along with other factors, to evaluate our segment performance against our peers. We believe that investors use they measures to evaluate our performance relative to our peers.
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2025 Investor Day Calculation of Adjusted EBITDA (Target) 94 Note: Adjusted EBIT, Adjusted EBITDA and Adjusted EBITDA Margin are all non-GAAP financial measures presented as supplemental measures of our performance and the most directly comparable GAAP measure for Adjusted EBIT and Adjusted EBITDA is earnings (loss) from continuing operations before income taxes and equity earnings. They are not presented in accordance with accounting principles generally accepted in the United States, or GAAP. The Company believes these measures provide additional meaningful information in evaluating the Company’s performance over time, and that other companies use these and/or similar measures for similar purposes. However, Adjusted EBIT, Adjusted EBITDA and Adjusted EBITDA Margin have limitations as analytical tools, and you should not consider them in isolation, or as substitutes for analysis ofour results as reported under GAAP. In addition, in evaluating Adjusted EBIT, Adjusted EBITDA and Adjusted EBITDA Margin, you should be aware that in the future we will incur expenses such as those used in calculating these measures. Our presentation of these measures should not be construed as an inference that our future results will be unaffected by unusual or nonrecurring items. We use the non-GAAP financial measures Adjusted EBITDA and Adjusted EBITDA margin at a segment level, along with other factors, to evaluate our segment performance against our peers. We believe that investors use they measures to evaluate our performance relative to our peers. $ Millions IP Consolidated Estimate 2025 IP Consolidated Estimate 2027 Earnings (loss) from continuing operations before income taxes and equity earnings $1,430 - $1,930 $3,640 - $4,140 Interest expense, net 420 410 Adjusted EBIT $1,850 - $2,350 $4,050 - $4,550 Depreciation and amortization 1,650 1,450 Adjusted EBITDA $3,500 - $4,000 $5,500 - $6,000
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2025 Investor Day Calculation of Adjusted EBITDA by Business Segment (Target) 95 Note: Adjusted EBIT, Adjusted EBITDA and Adjusted EBITDA Margin are all non-GAAP financial measures presented as supplemental measures of our performance and the most directly comparable GAAP measure for Adjusted EBIT and Adjusted EBITDA is earnings (loss) from continuing operations before income taxes and equity earnings. They are not presented in accordance with accounting principles generally accepted in the United States, or GAAP. The Company believes these measures provide additional meaningful information in evaluating the Company’s performance over time, and that other companies use these and/or similar measures for similar purposes. However, Adjusted EBIT, Adjusted EBITDA and Adjusted EBITDA Margin have limitations as analytical tools, and you should not consider them in isolation, or as substitutes for analysis ofour results as reported under GAAP. In addition, in evaluating Adjusted EBIT, Adjusted EBITDA and Adjusted EBITDA Margin, you should be aware that in the future we will incur expenses such as those used in calculating these measures. Our presentation of these measures should not be construed as an inference that our future results will be unaffected by unusual or nonrecurring items. We use the non-GAAP financial measures Adjusted EBITDA and Adjusted EBITDA margin at a segment level, along with other factors, to evaluate our segment performance against our peers. We believe that investors use they measures to evaluate our performance relative to our peers. NA Pkg Solutions 2025 EMEA Pkg Solutions 2025 GCF 2025 NA Pkg Solutions 2027 EMEA Pkg Solutions 2027 $ Millions Estimate Estimate Estimate Estimate Estimate Business segment operating profit $1,450 - $1,650 $325 - $525 $80 - $180 $2,900 - $3,200 $1,175 - $1,375 Depreciation and amortization 850 575 220 800 625 Adjusted EBITDA $2,300 - $2,500 $900 - $1,100 $300 - $400 $3,700 - $4,000 $1,800 - $2,000
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2025 Investor Day Reconciliation of Cash Provided by (Used for) Operating Activities to Free Cash Flow 96 Note: Free cash flow is a non-GAAP financial measure which equals cash provided by (used for) operating activities less cash invested in capital projects. The most directly comparable GAAP measure is cash provided by (used for) operating activities. Management utilizes this measure in connection with managing our business and believes that free cash flow is useful to investors as a liquidity measure because it measures the amount of cash generated that is available, after reinvesting in the business, to maintain a strong balance sheet, pay dividends, repurchase stock, service debt and make investments for future growth. It should not be inferred that the entire free cash flow amount is available for discretionary expenditures. 2025 2027 $ Millions Estimate Estimate Cash provided by (used for) operating activities $2,000 - $2,200 $3,900 - $4,400 Adjustments: Cash invested in capital projects 1,900 1,900 2027 Target Free Cash Flow $100 - $300 $2,000 - $2,500
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972025 Investor Day Presenter Bios Appendix
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2025 Investor Day Andy Silvernail Chairman & Chief Executive Officer 98 Andrew “Andy” Silvernail joined International Paper as Chief Executive Officer on May 1, 2024. He became chairman of the International Paper Board of Directors on October 1, 2024. Silvernail has two decades of experience leading global companies in the manufacturing and technology sectors. He joins IP from KKR & Co., Inc., a global investment firm, where he served as an executive advisor. Silvernail served as the Chairman and CEO of Madison Industries, one of the world’s largest privately held companies. Prior to that, Silvernail served as Chairman and CEO of IDEX Corporation from 2011 to 2020. Employee engagement reached best-in-class performance and total shareholder return grew by more than 500% during his tenure at IDEX. Silvernail previously held executive positions at Rexnord Industries, Newell Rubbermaid and Danaher Corporation. He serves on the Board of Directors of Stryker Corporation. Silvernail earned a bachelor’s degree in government from Dartmouth College and an M.B.A. from Harvard Business School.
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2025 Investor Day 99 Tom Hamic EVP & President, North American Packaging Solutions Tom Hamic joined International Paper in 1991. Over the course of his career, he has served in a variety of sales, marketing, finance, strategic planning and leadership roles in the United States and Europe. In 2009, Hamic was named a company officer, and in 2018, he was elected senior vice president. From 2020 to 2022, Hamic led IP’s Global Cellulose Fibers business and the company’s commercial efforts. In 2023, Hamic was named senior vice president, North American Container and Chief Commercial Officer, and in 2024, he took on an elevated role as Executive Vice President, International Paper and President, North American Sustainable Packaging Solutions. Hamic holds a Bachelor of Arts degree in economics and a Masters of Business Administration — both from the University of Virginia.
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2025 Investor Day 100 Tim Nicholls CFO & EVP, International Paper; President, DS Smith – An International Paper Company1 Tim Nicholls currently holds the role of Chief Financial Officer and Interim EMEA Leader but was recently named Executive Vice President and President of DS Smith, an International Paper company, reporting to Chairman and Chief Executive Officer Andy Silvernail, effective April 1, 2025. For the past several months, he has led the integration efforts for the acquisition of DS Smith in addition to his CFO responsibilities. Tim has nearly three decades of experience in the packaging and paper industry. He was elected International Paper’s senior vice president and chief financial officer in June 2018, a position he previously held from 2007 to 2011. He joined International Paper in 1999 through the company’s acquisition of Union Camp, where he held a series of finance, business planning and leadership positions. He has held numerous roles at International Paper including senior vice president, industrial packaging the Americas, leading the company’s papers and pulp the Americas business and serving as vice president and chief financial officer for International Paper Europe. He was also president of Weldwood, formerly a wholly-owned subsidiary of International Paper in Vancouver, British Columbia. 1 Role effective April 1, 2025; Lance Loeffler will join International Paper as the CFO on April 1.