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Second Quarter 2026 Earnings July 30, 2026
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2 Forward-looking Statements Certain statements in this presentation 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,” “outlook,” “intend,” “look,” “may,” “will,” “remain,” “confident,” “commit,” “progress,” “positions,” “support,” 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, future prospects, and the anticipated benefits, execution and consummation of strategic corporate transactions. 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, costs and expenses associated with, our plans to separate our North America and Europe, Middle East and Africa (“EMEA”) operations into two independent public companies and other corporate transactions on a timely basis or at all, including the risk that an impairment charge may be recorded for goodwill or other intangible assets, which may lead to decreased assets and reduced net earnings; (ii) our ability to successfully integrate and realize anticipated synergies, cost savings and profit opportunities from corporate transactions; (iii) risks associated with our strategic business decisions including facility closures, business exits, operational changes, corporate restructurings and portfolio rationalizations intended to support the Company’s 80/20 strategic approach for long-term growth; (iv) 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; (v) 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 and other environmental, social and governance matters, including our ability to meet such targets and goals; (vi) loss contingencies and pending, threatened or future litigation, including with respect to environmental and antitrust related matters; (vii) 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); (viii) the impact of global and domestic economic conditions and industry conditions, including with respect to current challenging macroeconomic conditions, inflationary pressures and changes in the cost or availability of raw materials, energy price increases or shortages in 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; (ix) risks arising from conducting business internationally, domestic and global geopolitical conditions and tensions involving military conflict (including major global actors such as Russia, the Middle East, the further expansion of such conflicts, and the geopolitical and economic consequences associated therewith), as well as broader geopolitical tensions, changes in currency exchange rates, including in light of our assets, liabilities and earnings denominated in foreign currencies as we proceed with the planned separation of our North America and EMEA packaging business, trade policies (including but not limited to protectionist measures and the imposition of new or increased tariffs as well as the potential impact of retaliatory tariffs and other penalties including retaliatory policies against the United States) and global 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; (x) the amount of our future pension funding obligations, and pension and healthcare costs; (xi) the costs of compliance, or the failure to comply with, existing, evolving or new environmental (including with respect to climate change and greenhouse gas 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); (xii) a 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; (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) our ability to attract and retain qualified personnel and maintain good employee or labor relations; (xvi) our ability to maintain effective internal control over financial reporting; and (xvii) 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 the most directly comparable GAAP financial measures is available on IP’s website at https://www.internationalpaper.com/investors/financial-reports/quarterly-results Discontinued Operations The Company sold its Global Cellulose Fibers business on January 23, 2026. Current and historical results have been adjusted to reflect the Global Cellulose Fibers business as a discontinued operation. Non-GAAP Reconciliations 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. Use of Materials The images, graphics, charts, brands, and other content and information contained in this document are protected by the copyright and trademark laws of the United States and other jurisdictions (the “Content”). International Paper grants a limited, non-exclusive, revocable license to use individual elements of Content for financial analysis, reporting and commentary and for incorporation into educational projects and documents for educators and students without further written permission. Such licenses granted here may be withdrawn at the sole discretion of International Paper for any reason and do not otherwise constitute a waiver of International Paper’s legal rights for infringements.
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3 Executing with Discipline and Building Momentum 2Q26 Highlights PACKAGING SOLUTIONS NORTH AMERICA (PS NA) • Solid financial performance in the quarter • Continuing trend of YoY box volume growth; expect to outpace the industry • Disciplined outage execution in a 2x normal outage quarter • Advanced strategic investments • Improved mill performance by 5% year-over-year PACKAGING SOLUTIONS EMEA (PS EMEA) • Solid financial performance in the quarter • Building momentum on cost out actions • Executing transformational investments • Separation progressing as planned
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4 Customer Focus Driving Above-Market Growth (10)% (5)% 0% 5% 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26F Demand • 2Q PS NA volume up 1.7% YoY; expect to outpace the industry in the quarter • Expect PS NA to outpace the industry2 by ~2% for full year North America Box Volume Trend (Per Day Basis) Data excludes legacy DSS volume. (1) The Fibre Box Association (FBA) is the U.S. trade association that provides industry key indicators of demand, capacity utilization, and sustainability progress for the paper and packaging sector. (2) This industry outlook is based on management's current expectations, IP Analysis, FBA, Oxford Economics, and Numera Analytics. Actual industry conditions may differ materially. IP YoY IP YoY Forecast FBA1 Actuals IP's Aurora Commercial Performance & Innovation Center reflects our commitment to customer success. Our designers, engineers, and technical experts collaborate with customers to solve their toughest packaging challenges and bring innovative solutions to life. Winning with Customers
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5 Cost Out + Capital Investments + Focused Execution = Sustainable Improvement PS NA Mill Operational Performance Improvement Mill Efficiency Capacity Utilization (excl. planned outages) • Improved mill performance ~5% year-over-year • Redeploying capital to strengthen advantaged assets at the point of most impact • Targeted investments in reliability and productivity driving significant improvement • Daily management discipline enhancing system efficiency * 1Q26 impacted by winter weather event
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Making Investments to Drive Reliability, Productivity & Growth Upgrading the Portfolio NORPAC Acquisition • Completed acquisition June ‘26 • Strong strategic fit to serve growing demand for lightweight, high-performance grades on the West Coast Riverdale Conversion • Machine conversion complete • Ramp up progressing as expected • Strengthens our advantaged cost position Dover Acquisition • Acquisition completed in May ‘26 • Strengthens footprint in region • Supports our long-term growth strategy Waterloo Greenfield Plant • Operations scheduled to begin 4Q26 • Strategic market and strong customer base • World-class facility expands our ability to deliver sustainable packaging solutions with greater speed and reliability Riverdale Dover Waterloo 6 NORPAC
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PS EMEA Investing for Sustained Strength & Growth Lucca Mill - Transformational Investment • New recycled paper machine built to produce lightweight paper • Higher yield and better emissions • Lower energy and water consumption Germany Packaging – Cost Out Focus • Footprint optimization, asset redeployment, and investment to drive productivity in most advantaged sites • 80/20 mindset underpinning strategy • Higher utilization and lower fixed costs Romania Packaging – Growth Focus • Emphasis on enhancing capacity and capabilities to grow with our customers • Capturing share in a higher growth geography Lucca Mill Germany Romania 7
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8 Ongoing Actions in PS EMEA to Drive Results Footprint Reduction1 Net Headcount Reduction Packaging 29 Facilities ~2,300 Paper 2 1 Mill | 1 Recycling Center ~350 Corporate Functions 1 ~350 Total PS EMEA 32 3,000+ 0 5 10 15 2025 Jan'26 Feb'26 Mar'26 Apr'26 May'26 Jun'26 Jul'26 New Equipment Modified Relocated 80/20 Asset Changes System Optimization • Investing and aligning assets to generate higher returns • Approximately half of all planned asset changes have been completed $210MM+ of run rate footprint and headcount cost savings announced to date System optimization enables equipment and capital to be redeployed into the sites of highest impact (1) Announced and in process with ongoing employee consultation for future actions. # of Machines
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9 Enterprise: 2Q26 Results $6,142 $5,971 $6,004 2Q25 1Q26 2Q26 $0.18 $0.15 $0.04 2Q25 1Q26 2Q26 $54 $94 $(7) 2Q25 1Q26 2Q26 $239 $188 $99 2Q25 1Q26 2Q26 Adj. EBIT1,2 ($MM) Free Cash Flow1,2 ($MM)Adj. Operating EPS1,2 $670 $677 $587 2Q25 1Q26 2Q26 10.9% 11.3% 9.8% 2Q25 1Q26 2Q26 Adj. EBITDA Margin1Adj. EBITDA1 ($MM) Sales ($MM) (1) See Appendix and Investors section of our website (www.internationalpaper.com) for information on non-GAAP financial measures, definitions, and reconciliations to comparable U.S. GAAP measures. (2) Includes impact from step up depreciation from integration and accelerated depreciation from strategic actions.
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10 PS NA: 2Q26 Results ($MM) 1Q26 to 2Q26 COMMENTARY 1Q26 Adj. EBITDA1 477 Price & Mix 37 Faster price realization | Favorable mix Volume 16 Seasonality | One more shipping day Ops & Costs 1 Improved mill performance | Ixtac insurance proceeds | Non-repeats Conversion spending | Reliability spending during planned outages Maintenance Outages (127) Strong execution in a heavy outage quarter | Conversion spending Inputs 21 Non-repeat of elevated energy costs from winter storm Higher OCC & freight (diesel fuel) 2Q26 Adj. EBITDA1 425 Depreciation & Amortization Expense 226 (Actual) (1) See Appendix and Investors section of our website for information on non-GAAP financial measures, definitions, and reconciliations to comparable U.S. GAAP measures.
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PS NA: 3Q26 Outlook ($MM) 2Q26 to 3Q26 Outlook COMMENTARY 2Q26 Adj. EBITDA1 425 Price & Mix 125 – 130 Realization from prior price increases | Favorable mix Volume (20) – (15) One more shipping day | Stable demand environment Less export Ops & Costs 30 – 40 Riverdale ramp up | NORPAC operations Lower Ixtac insurance proceeds Maintenance Outages 130 Timing of planned outages Inputs (50) – (40) Higher OCC | Seasonally higher energy costs 3Q26 Adj. EBITDA1 excl. Pine Hill impact 640 – 670 Pine Hill approx. (85) Estimated impact from temporary suspension of operations due to roof repair before expected insurance recovery 3Q26 Adj. EBITDA1 incl. Pine Hill impact 555 – 585 Depreciation & Amortization Expense 240 (Outlook) (1) See Appendix and Investors section of our website for information on non-GAAP financial measures, definitions, and reconciliations to comparable U.S. GAAP measures. 11
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12 PS NA: 2H26 Step-up in Earnings Updated View 1H26 to 2H26 Step-up $902 $1,450 - $1,550 1H26 2H26E ’26 Outlook $2,350 – 2,450MM PS NA Adj. EBITDA1 ($MM) Growth & Timing Impacts (Approximate $MM) +$380 Price2 | Volume | Mix | Seasonality +$120 80/20 initiatives (incl. footprint, NORPAC, productivity improvements, reduction of on-going mill costs, supply chain and procurement initiatives) +$150 Timing of planned maintenance outages and related spend +$100 Riverdale conversion – ramp, optimization $(150) Macro (Diesel3, OCC, Natural Gas, Distribution), Higher employee medical costs ~+$600 Total 1H26 to 2H26 Step-up excluding Pine Hill ~+$600MM (1) See Appendix and Investors section of our website for information on non-GAAP financial measures, definitions, and reconciliations to comparable U.S. GAAP measures. (2) Includes current in-market pricing flowthrough as of June 2026. (3) Diesel prices and associated impact based on IP analysis, CME’s EIA Flat Tax On Highway Diesel Futures and Department of Energy market analysis (as of 6/30/26).
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PS EMEA: 2Q26 Results ($MM) 1Q26 to 2Q26 COMMENTARY 1Q26 Adj. EBITDA1 208 Price & Mix (12) Higher paper prices for external sales Higher paper price impact on packaging Volume (1) Soft market environment Ops & Costs (16) Progress on cost-out initiatives Higher distribution costs Maintenance Outages (7) Timing of planned outages Inputs 10 Lower energy costs, including subsidies Higher OCC costs 2Q26 Adj. EBITDA1 182 Depreciation & Amortization Expense 262 (Actual) 13 (1) See Appendix and Investors section of our website for information on non-GAAP financial measures, definitions, and reconciliations to comparable U.S. GAAP measures.
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14 PS EMEA: 3Q26 Outlook ($MM) 2Q26 to 3Q26 Outlook COMMENTARY 2Q26 Adj. EBITDA1 182 Price & Mix 35 – 40 Realization of prior paper price increases | Margin recovery in packaging Volume 15 – 20 Seasonality | Onboarding of customer wins Ops & Costs 10 – 15 Cost-out initiatives | Lower distribution costs Maintenance Outages (2) Timing of planned outages Inputs (10) – (5) Lower OCC Higher energy costs 3Q26 Adj. EBITDA1 230 - 250 Depreciation & Amortization Expense 249 (Outlook) (1) See Appendix and Investors section of our website for information on non-GAAP financial measures, definitions, and reconciliations to comparable U.S. GAAP measures.
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15 PS EMEA: 2H26 Step-up in Earnings Updated View 1H26 to 2H26 Step-up $390 $510 - $610 1H26 2H26E ’26 Outlook $900 – 1,000MM PS EMEA Adj. EBITDA1 ($MM) Growth & Timing Impacts (Approximate $MM) +$110 Commercial Improvement2 - Flowthrough of prior paper price increase into box contracts, supported by incremental commercial growth from new customer wins, seasonality and three additional shipping days +$40 Cost-out delivery - Primarily reflecting footprint optimization actions and lower distribution costs +$20 Input Costs3 - Anticipated cost reduction, assuming no further material escalation in geopolitical-driven volatility ~+$170 Total 1H26 to 2H26 Step-up ~+$170MM (1) See Appendix and Investors section of our website for information on non-GAAP financial measures, definitions, and reconciliations to comparable U.S. GAAP measures. (2) Includes current in-market pricing flowthrough as of June 2026. (3) Oil prices and associated impact based on ICE Brent Crude Oil Futures and IP analysis (as of 7/6/26).
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▪ Strong 2Q execution preparing the way for 2H ramp ▪ PS NA winning market share, demonstrating operational improvement and executing a disciplined capital deployment ▪ PS EMEA continuing to transform business by investing for growth and taking cost out, while preparing for separation Wrap Up 16 IP’s Focus Performing well and making progress on separation and investments (1) Subject to final approval by IP Board of Directors, filing and effectiveness of registration statement with the U.S. SEC and publication of prospectus approved by U.K. FCA. (2) See Appendix and Investors section of our website for information on non-GAAP financial measures, definitions, and reconciliations to comparable U.S. GAAP measures. ▪ Structural reorganization to support spin well underway ▪ Operational separation progressing at speed ▪ Identification and agreement of limited transitional service agreements ▪ Separation remains on track to announced timeline1 Separation Updates 2026 Targets PS NA PS EMEA Total (incl. corp) Net Sales $15.0 - 15.4B $9.4 - 9.6B $24.5 – 25.1B Adj. EBITDA2 $2.35 – 2.45B $0.9 – 1.0B $3.2 – 3.4B Free Cash Flow2 $300 - $500MM
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17 Investor Relations Mandi Gilliland +1-901-419-4595 mandi.gilliland@ipaper.com Michele Vargas +1-901-419-7287 michele.vargas@ipaper.com Media newsroom@ipaper.com
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Appendix
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19 PS NA: 2Q26 Results $3,860 $3,626 $3,688 2Q25 1Q26 2Q26 Sales ($MM) $515 $477 $425 2Q25 1Q26 2Q26 Adj. EBITDA1,2 ($MM) 13.9% 13.7% 12.2% 2Q25 1Q26 2Q26 Adj. EBITDA1,2 Margin $277 $248 $204 2Q25 1Q26 2Q26 Adj. EBIT1 ($MM) (1) See Appendix and Investors section of our website for information on non-GAAP financial measures, definitions, and reconciliations to comparable U.S. GAAP measures. (2) Excludes Recycling business Adj. EBITDA. (3) Decline primarily attributable to lower export from mill shutdowns 3
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20 PS EMEA: 2Q26 Results $2,291 $2,323 $2,287 2Q25 1Q26 2Q26 Sales ($MM) $194 $208 $182 2Q25 1Q26 2Q26 Adj. EBITDA1 ($MM) 8.5% 9.0% 8.0% 2Q25 1Q26 2Q26 Adj. EBITDA1 Margin $(1) $(51) $(80) 2Q25 1Q26 2Q26 Adj. EBIT1 ($MM) (1) See Appendix and Investors section of our website for information on non-GAAP financial measures, definitions, and reconciliations to comparable U.S. GAAP measures.
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21 2Q25 to 2Q26 Adj. EBITDA1 Bridge ($MM) Packaging Solutions North America Packaging Solutions EMEA 2Q25 Adj. EBITDA1 515 194 Price & Mix 93 (33) Volume (117) (12) Ops & Costs 8 (31) Maintenance Outages (65) 1 Inputs (9) 63 2Q26 Adj. EBITDA1 425 182 Depreciation & Amortization Expense 226 (Actual) 262 (Actual) (1) See Appendix and Investors section of our website for information on non-GAAP financial measures, definitions, and reconciliations to comparable U.S. GAAP measures.
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22 Select Financial Metrics1 ($MM) 2024 2025 2026F Maintenance Outage Expense $371 $390 $431 Capital Expenditures $921 $1,857 Targeting $2,000 – $2,100 Depreciation & Amortization2 $850 $2,747 $1,965 Net Interest Expense $224 $372 $380 Corporate Expense $170 $109 $70 Effective Tax Rate 15% 32% 19-21%3 (1) Before special items. (2) Includes expense of $233 million for 2024 and $958 million for 2025, each associated with mill and plant closures. (3) No reconciliation of the anticipated operational effective income tax rate for 2026, a forward-looking non-GAAP financial measure, to the most comparable GAAP measure, is included in this presentation because we are unable to quantify certain amounts that would be required to be included in the GAAP measure without unreasonable efforts, including forecasting net income for 2026.
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23 Maintenance Outages Expenses | 2026 Forecast ($MM) 1Q26A 2Q26A 3Q26F 4Q26F 2026F Packaging Solutions North America $70 $197 $68 $67 $402 Packaging Solutions EMEA $1 $8 $11 $9 $29 Total Impact $71 $205 $79 $76 $431
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24 1Q26 to 2Q26 Adjusted Operating EPS1 0.15 0.04 0.04 0.02 (0.02) (0.20) 0.05 0.00 0.00 1Q26 Price/Mix Volume Operations & Costs Maintenance Outages Input Costs Corporate & Other Items Depreciation & Amortization 2Q26 (1) See Appendix and Investors section of our website for information on non-GAAP financial measures, definitions, and reconciliations to comparable U.S. GAAP measures.
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25 Sales Volume by Product1 | Preliminary and Unaudited Three Months Ended June 30, Three Months Ended March 31, 2026 2025 2026 PS NA (In thousands of short tons) Corrugated Packaging2 2,294 2,241 2,220 Containerboard3 593 793 591 Recycling 409 495 448 Saturated Kraft 6 30 7 Gypsum / Release Kraft 39 54 35 PS NA 3,341 3,613 3,301 PS EMEA (In thousands of short tons) Corrugated Packaging2 1,433 1,447 1,415 Containerboard 383 390 384 PS EMEA 1,816 1,837 1,799 (1) Sales volume includes third party and inter-segment sales and excludes sales of equity investee. (2) Volumes for corrugated box sales reflect consumed tons sold (“CTS”). Board sales by these businesses reflect invoiced tons. (3) Decline primarily attributable to lower export from mill shutdowns. (Note) Table excludes volume reported for NORPAC graphic packaging products.
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26 2026 Operating Earnings Pre-Tax $MM Tax $MM Non-controlling Interest $MM Equity Earnings $MM Net Income $MM Diluted Average Shares MM Diluted EPS Earnings (Loss) from Continuing Operations 1Q26 $93 $(17) - - $76 532 $0.14 2Q26 $(26) $15 - $(1) $(12) 530 $(0.02) Net Special Items2 1Q26 $26 $(7) - - $19 532 $0.04 2Q26 $54 $(12) - - $42 530 $0.08 Non-Operating Pension Expense (Income) 1Q26 $(18) $4 - - $(14) 532 $(0.03) 2Q26 $(16) $4 - - $(12) 530 $(0.02) Adj. Operating Earnings1 1Q26 $101 $(20) - - $81 532 $0.15 2Q26 $12 $7 - $(1) $18 530 $0.04 (1) See Appendix and Investors section of our website for information on non-GAAP financial measures, definitions, and reconciliations to comparable U.S. GAAP measures. (2) Special items does not include accelerated depreciation expense related to strategic mill actions.
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56 (3) - (16) (16) 17 (7) Energy Fiber Chemicals Freight OCC North America EMEA 27 Global Input Costs 2Q26 vs 1Q26 | $31MM Favorable, $0.05 per share 21 10 Packaging Solutions North America Packaging Solutions EMEA Energy Fiber Chemicals Freight OCC By Input TypeBy Business
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28 Non-GAAP Financial Measures Management has elected to present forward-looking guidance based on Adjusted EBITDA, rather than Adjusted EBIT. This change refl ects investor feedback and our view that Adjusted EBITDA provides a more meaningful measure of operating performance and cash flow generation, particularly in evaluating the Company’ s ongoing results and future outlook during this period of transformation. See the reconciliation of all presented non -GAAP measures to the most directly comparable GAAP financial measure s on IP’s website at https://www.internationalpaper.com/investors/financial-reports/quarterly-results. Adjusted Operating Earnings, a non-GAAP financial measure, is based on earnings (loss) from continuing operations under GAAP before net special items and non -operating pension expense (income). The most directly comparable GAAP measure is earnings (loss) from continuing operations. Adjusted EBIT, a non-GAAP financial measure, earnings (loss) before income taxes and equity earnings, excluding special items and non -operating pension expense (income), presented as a supplemental measure of our performance. The Company believes this measure provides additional meaningful information in eval uating the Company’s performance over time, and that other companies use this and/or similar measures for similar purposes. However, Adjusted EBIT has limitations as an analytical tool , and you should not consider it in isolation, or as a substitute for analysis of our results as reported under GAAP. Adjusted EBIT no longer excludes accelerated depreciation expense related to strategic mill actions. Adjusted EBITDA, a non-GAAP financial measure, earnings (loss) before income taxes and equity earnings and depreciation and amortization, excludi ng special items and non-operating pension expense (income) presented as a supplemental measure of our performance. The Company believes this measure provides additional meaningful information in eval uating the Company’s performance over time, and that other companies use this and/or similar measures for similar purposes. However, Adjusted EBIT DA has limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for analysis of our results as reported under GAAP. We use this non -GAAP financial measure at a segment level, along with other factors, to evaluate our segment performance against our peers. We believe that investors use this measure to evaluate our performance relative to our peers. Adjusted EBITDA Margin, a non-GAAP financial measure, presented as a supplemental measure of our performance. The Company believes this measure provides additional meaningful information in evaluating the Company’s performance over time, and that other companies use this and/or similar measures for similar purp oses. However, Adjusted EBITDA Margin has limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for analysis of our results as reported under GAAP. We use this non-GAAP financial measure at a segment level, along with other factors, to evaluate our segment performance against our peers. We believe that investors use this measure to evaluate our pe rformance relative to our peers. Adjusted Operating EPS, a non-GAAP financial measure, based on Adjusted Operating Earnings (defined as earnings (loss) from continuing operations (GAAP) before net special items and non- operating pension expense (income)). The most directly comparable GAAP measure is diluted earnings (loss) per share. Free Cash Flow, a non-GAAP financial measure, which equals cash provided by (used for) operations less capital expenditures. The most directly comparable GAAP measure is cash provided by (used for) operations. PS NA & PS EMEA Adjusted EBIT, a non-GAAP financial measure, at a segment level is Business Segment Operating Profit for such segment defined as earnings (loss ) before income taxes and equity earnings, but including the impact of less than wholly owned subsidiaries, and excluding interest expense, net, corpor ate expenses, net, net special items and non-operating pension expense. Business Segment Operating Profit at a segment level is a measure reported to our management for purposes of making decisions about allocating resources to our business segments and assessing the performance of our business segments and is presented in our financial statement footnotes in accordance with ASC 280.