Boxboard Update: Read-through from General Mills: Price Adjustments Done; Could Negatively Impact Vols; - for GPK, SW

Research evidence excerpt

Boxboard Update: Read-through from General Mills: Price Adjustments Done; Could Negatively Impact Vols; - for GPK, SW

Truist Securities

Equity Research Report July 1, 2026

INDUSTRIALS: Paper

Boxboard Update: Read-through from

General Mills: Price Adjustments Done; Michael Roxland

212-326-4839 Could Negatively Impact Vols; - for GPK,

Michael.Roxland@truist.com SW

Niccolo Piccini Today, General Mills (GIS, NR) reported F4Q26 earnings noting that it completed

212-303-4140 its base price adjustments in F2026 with no further price actions intended, which

Nico.Piccini@truist.com could have negative implications for broader volumes in its North America Retail

business. Overall, weaker North American Retail volumes could be negative for Graphic

5 Page Document Packaging (GPK, Hold) and Smurfit Westrock (SW, Buy). In fairness, GPK is a pure-play

boxboard producer and therefore has greater operating leverage and exposure relative

to SW’s Consumer Packaging business, which comprises ~23% of SW’s total sales.

Reasons for this report

✓ Sector Read-Throughs Overview – General Mills Price Adjustments Done; Could Negatively Impact

Broader Volumes

Today, General Mills (GIS, NR) reported F4Q26 earnings (quarter ending May) in

which organic volumes declined 2% y/y while organic price/mix increased 2% y/y. In

its North America Retail business (product categories include ready-to-eat cereals,

refrigerated yogurt, soup, meal kits, refrigerated and frozen dough products, dessert

and baking mixes, frozen pizza and pizza snacks, snack bars, fruit snacks, savory

snacks, and organic products), organic volumes declined 2% y/y while organic price/mix

increased 2% y/y. Importantly, GIS completed its base price adjustments in F2026 with