SON: Takeaways from Wells Fargo Industrials & Materials Conference

Research evidence excerpt

SON: Takeaways from Wells Fargo Industrials & Materials Conference

Equity Research

Flash Comment — June 11, 2026

Containers & Packaging

Sonoco Products Company

Takeaways from Wells Fargo Industrials & Materials Equal Weight

Conference Price Target: $56.00

Ticker SON

Our Call Upside/(Downside) to Target 10.3%

Despite macro vol since SON's Feb I-Day, mgmt sounded confident in its MT goals. Price (06/11/2026) $50.78

Comm. was partic bullish on the Ind. biz. While NT visibility is limited and Cons vols. are 52 Week Range $38.65 - 58.44

exp. to remain sluggish, the r/r looks more +vly skewed at curr. levels. Market Cap (MM) $5,063

Source: Company Data, Wells Fargo Securities estimates, and Factset.

Initial Thoughts NA = Not Available, NC = No Change, NE = No Estimate

Howard Coker (President & CEO), Paul Joachimczyk (CFO) and Roger Schrum (IR) Gabe Hajde

attended the 2026 Wells Fargo Industrials & Materials Conference for meetings with Equity Analyst | Wells Fargo Securities, LLC

Gabe.Hajde@wellsfargo.com | 216-470-8960

investors. Based on the small group meetings we sat in on, key focus was on the current

state of each of its primary business lines (consumer and industrial), confidence level in Richard C Carlson, CFA

the outlook, any notable strategy shifts from key customers, inflationary offsets/pass Associate Equity Analyst | Wells Fargo Securities, LLC Richard.Carlson@wellsfargo.com | 212-214-5045

throughs and progress on cost savings goals.

Bailey Gordon

Associate Equity Analyst | Wells Fargo Securities, LLC

"Taking the dirt road instead of the expressway". This is the analogy Mr. Coker used to Bailey.Gordon@wellsfargo.com | 212-214-3310

describe the path the company is taking towards the targets it laid out at its Feb I-Day (2