Packaging & Containers Industry: Q2 2026 Preview

研报英文原文证据摘录

Packaging & Containers Industry: Q2 2026 Preview

Equity Research

Earnings Preview — July 15, 2026

Containers & Packaging

Packaging & Containers Industry: Q2 2026

Preview

Noisy Q2 w/ Improving Macro - but Risk Uncertainty

Remains; Positive on Bev Cans + SLGN

Our Call Gabe Hajde

Q2 was a macro roller coaster with spiking then fading commodity prices, coinciding w/ Equity Analyst | Wells Fargo Securities, LLC

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

plummeting then recovering consumer confidence. While geopolitical risks continue to

Richard C Carlson, CFAoscillate, we do see generally improving conditions into H2.

Associate Equity Analyst | Wells Fargo Securities, LLC

Richard.Carlson@wellsfargo.com | 212-214-5045

Q2 ended better than it started, but noisy macro throughout. Optimism of a peace Bailey Gordon

agreement rose throughout the qtr, with an MoU signed 6/17. This led to generally Associate Equity Analyst | Wells Fargo Securities, LLC

improving macro conditions through the quarter, but certainly noisy throughout. With Bailey.Gordon@wellsfargo.com | 212-214-3310

consumers most impacted at the gas pump, budgets for consumer goods were impacted,

pressuring vols in many CPG categories during the Q (perhaps partially offset by tax

return season). We also believe many industrial categories remained under pressure.

Commodity prices fluctuated Q2, with price/cost remaining a headwind. Oil prices hit

a multi-year high in Apr before falling toward pre-crisis levels by Q-end. Meanwhile, resin

prices also climbed early in the Q, but did not hit levels some had exp'd with some retreat

by Q-end. While some cos were able to quickly adjust pricing to recover costs (AMCR,

MAGN) and others have contractual pass-throughs (bev cans), we think price/cost was