PACKAGING CORP OF AMERICA

B USINESS Packaging Corporation of America ( we, us, our, PCA, or the Company ) is the third largest producer of containerboard products and a leading producer of uncoated freesheet (UFS) paper in North America. We operate ten mills and 91 corrugated products plants and related facilities. We are headquartered in Lake Forest, Illinois and operate in the United States. We report in three reportable segments: Packaging, Paper and Corporate and Other. For segment financial information see Note 19, Segment Information, of the Notes to Consolidated Financial Statements in Part II, Item 8, Financial Statements and Supplementary Data of this Form 10-K. On September 2, 2025, we completed the acquisition of the containerboard business of Greif, Inc. ( Greif or Greif Acquisition ) for $1.8 billion in cash. The Greif containerboard business includes two containerboard mills with approximately 800,000 tons of production capacity and eight sheet feeder and corrugated plants located across the United States. The operating results of Greif Acquisition are included in PCA’s results in the Packaging segment after the date of acquisition. Production and Shipments The following table summarizes the Packaging segment’s containerboard production and corrugated products shipments and the Paper segment’s UFS production.