Paper/Forest Products: C’board Wrap: BofA Boxmaker Roundtable points to solid backdrop; market tightening

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Paper/Forest Products: C’board Wrap: BofA Boxmaker Roundtable points to solid backdrop; market tightening

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Paper/Forest Products

C’board Wrap: BofA Boxmaker Roundtable

points to solid backdrop; market tightening

Industry Overview

Corrugated market decent based on BofA Roundtable 09 June 2026

We had the opportunity to host a number of our independent corrugated/containerboard Equity

contacts and ~60 investors for a BofA Virtual Boxmaker Roundtable today. Investors also United States

provided their views on the markets and the sector in both formal and anecdotal Paper/Forest Products

commentary. Overall, commentary from the meeting points to a healthy, if somewhat George L. Staphos

atypical, demand backdrop in North America, with volumes described as running at ~4+% Research Analyst

growth and activity levels described as “very strong” and “busier than expected” for this BofAS+1 646 855 4495

point in the cycle. To be clear, we don’t think the broader market is growing at that rate george.l.staphos@bofa.com

(probably flat/up in our view) but growth was described as fairly strong with a pickup in Bradley Barton, CFA

Research Analyst

recent months. Given these points and others we discuss below, we maintain Buy on BofAS

Packaging Corp (PKG; PO $242 - relative value, best-in-class supplier), Smurfit (SW, lead- +1 646 556 2909

bradley.barton2@bofa.com

covered by our colleague Reinhardt van der Walt; PO $57 - value plus margin upside) and

Kyle Benvenuto

International Paper (IP; PO $44 - more so on board pricing). Research Analyst

BofAS

Next hike supported by tightness; factors to watch +1kyle.benvenuto@bofa.com646 743 0046

Pricing has been driven by input cost inflation, w/ the ~$50/ton c’board increase through Reinhardt van der Walt >>