High Yield Paper & Packaging Quarterly – July 2026

Research evidence excerpt

High Yield Paper & Packaging Quarterly – July 2026

Accessible version

Paper & Packaging Quarterly Overview

High Yield Paper & Packaging Quarterly –

July 2026

Industry Overview

Top Packaging Pick: TOUCAN 9.5s ‘30 14 July 2026

IPL Schoeller’s 9.5% 1st Liens ’30 (OW) are our top high yield packaging pick this High Yield

quarter, on attractive yield and our expectation that acquisition synergy realization and United States

volume growth in environmental (waste) bins and fulfillment center bins will drive Paper & Packaging

earnings in 2026 and 2027.

Roger Spitz

Research Analyst

BofASGlass volumes continue their secular decline

+1 646 855 6946

OI’s Q1:26 volume was down 8% (down 9% in the Americas and down 7% in Europe). roger.spitz@bofa.com

Ardagh Glass’ Q1:26 volume was down 4% (down 7% in Europe, down 3% in North Olivia Cui, CFA

America, and up 5% in Africa). Verallia’s Q1:26 volumes were ‘stable’. Research Analyst BofAS

+1 646 855 6531

Aluminum beverage can volume slowing olivia.cui@bofa.com

Q1:26 showed mixed volumes for the four main producers: Ball’s Q1:26 volumes were

up <1% (up LSD in North America and Europe, but down MSD in South America).

Crown’s Q1:26 beverage can volumes up 5%. Ardagh Metal’s Q1:26 volumes down 1%. Exhibit 1: Table of Contents

CANPACK’s Q1:26 volumes up 9% (5% in Europe and up 18% in the Americas). July Quarterly

Ahlstrom 3-5

Ardagh Metal Packaging 6-8Resin prices have started a steep fall

Ardagh Packaging 9-15

Since the commencement of the Iranian War in late Feb. 2026, U.S. PE prices started to Ball Corp 16-19

fall in June by 15 c/lb; U.S. PP prices fell starting in May and down 17c/lb in May–June; Canpack 20-21

U.S. PET and PS prices started to fall in June, according to the industry market Cascades 22-25

Clearwater Paper 26-28