International Paper Company Stock Earnings Reports

International Paper reported tangible operational improvement in Q2 2026 driven by execution and targeted investments. North America box volumes rose 1.7% year‑over‑year (daily), and the company expects to outpace the industry by ~2% for the full year. Mill performance improved ~500 bps year‑over‑year and capacity utilization is rising after footprint rationalization and reliability investments. Key strategic investments include the NORPAC acquisition, the Riverdale machine conversion (ramp to full run rate by Q1 2027), Dover acquisition, and the Waterloo start‑up (operational by Q2 2027). EMEA transformation continues with >$210M run‑rate savings actions and the planned separation on track. Q2 adjusted EBITDA: Packaging Solutions North America $425M; Packaging Solutions EMEA $182M; first half consolidated adjusted EBITDA $902M. Full‑year outlook: Packaging Solutions North America adjusted EBITDA $2.35B–$2.45B (top end lowered by ~$50M due to macro and Middle East impacts); Packaging Solutions EMEA $900M–$1.0B. Management expects a meaningful H2 step‑up (roughly $600M improvement H2 vs H1 excluding Pine Hill) but calls out elevated risks from higher OCC, freight/diesel, energy and geopolitical uncertainty. Q2 free cash flow was negative $7M after $533M of capex; the company incurred a heavy planned outage schedule (≈2x normal), which was executed successfully. A Pine Hill mill suspension (structural roof repairs) is expected to impact Q3 by ~ $85M pre‑insurance (majority expected to be recovered), and management cautions that demand is softer than previously expected in some categories (notably West Coast fruit & vegetable), muting the usual H2 seasonal pickup.