Oct 22, 2026 earnings call — Pricing gains and Greif integration lift results
Total company EBITDA excluding special items was $577 million, driven by pricing and a stronger-than-expected contribution from the Greif acquisition.
Revenue $2.6B (est $2.6B) · EPS $3.04 (est $2.93)
Key quotes
"Domestic containerboard and corrugated products prices and mix were $0.75 per share above the third quarter of 2025 and up $1.11 per share compared to the second quarter of 2026."
"We are doing a little better than that. We are on a run rate now. Between $40 million and $50 million."
"Our outage expense was $0.28 during the third quarter. Our fourth quarter estimate is $0.72 now totaling $1.48 for the year."
Analyst Q&A 8
volume trend and pricing effects
Q (George Staphos · BofA): Analyst asked what bookings, billings, and volume trends look like versus last year and whether recent pricing cost momentum hurt volume. He also asked if any maintenance or CapEx was pulled forward unexpectedly.
A: Management said bookings were strong in September and October. They expect billings to catch up in the fourth quarter and are forecasting a pretty flat fourth quarter. They noted some ag-related volume issues and that some CapEx timing rolled into fourth quarter.
"So, you know, we are we are forecasting right now for pretty flat for the fourth quarter." — Thomas A. Hassfurther (PRESIDENT)
Greif impact and legacy volume shift
Q (Michael Roxland · Truist): Analyst asked whether Greif drove most of the 3Q upside, what improvements drove Greif's strong performance, and why legacy volumes underperformed in 3Q.
A: Management said Greif mills were quickly improved after acquisition and that integration plus system-wide asset use boosted performance. They said price is their main focus now and some legacy segments were down due to customers' own issues rather than lost contracts.
"So we took advantage of that and very quickly were able to get the mills in a very good position to start delivering results And we talked about that on the second quarter earnings call that we had accomplished a great deal, from a reliability and a performance point of view." — Mark W. Kowlzan (CEO·CHAIR)
projects that will help 2027 and beyond
Q (Mark Weintraub · Seaport Research Partners): Analyst asked which specific projects (mills, box plants, Greif gains, energy projects) will drive improvement in 2027 versus 2026 and timing for energy projects.
A: Management listed multiple upgrades: successful new box plant startup, a new winder at Jackson, Counce machine upgrades, and ongoing proprietary paper work. They said energy project benefits will be seen more in 2028 as construction and permitting continue.
"The energy projects, you will see the benefit more until the 2028 period." — Mark W. Kowlzan (CEO·CHAIR)
synergies amount and market recovery
Q (Anojja Shah · UBS): Analyst asked how much synergies contributed in 3Q, whether the $30 million target per year still holds, and whether ag and other end markets are showing improvement.
A: Management said synergies are running ahead of plan and they are on a run rate between $40 million and $50 million. They noted ag shows some recovery but timing is uncertain; protein and other end markets have mixed demand and e-commerce growth has slowed but remains positive.
"We are on a run rate now. Between $40 million and $50 million." — Kent A. Pflederer (CFO)
capacity potential from mill projects
Q (Philip Ng · Jefferies): Analyst asked whether DeRidder, Massillon and other work unlock more capacity and how close the company is to a 6 million ton system; also asked about capex outlook.
A: Management said expected run rate for 2026 is probably going to be 5.757 million tons and they expect to be a 6 million-ton system as projects complete. They listed upcoming gas turbine installs and Counts and Jackson upgrades as major near-term spends.
"if you if you think about our expected run rate for 2026 is probably going to be 5.757 million tons." — Mark W. Kowlzan (CEO·CHAIR)
gas turbine timing and price hike rollout
Q (Anthony Pettinari · Citi): Analyst asked whether the gas turbine projects remain on the 2.5 year timeline and whether the most recent box price increase will implement on the same timeline as previous increases.
A: Management said Jackson is in installation mode and moving quickly, DeRidder is behind, and Riverville is delayed by permitting and site review so full benefit is multiyear. They said the timing for price hikes is similar to prior hikes with most of the $70 realization coming in Q1.
"We are currently. You know, we are we are actually in installation mode at the Jackson mill." — Mark W. Kowlzan (CEO·CHAIR)
$70 price realization and fiber mix
Q (Hillary Cacanando · Deutsche Bank): Analyst asked if the full $70 increase will be realized by Q1 and whether recycled fiber cost changes have altered how they optimize recycled versus virgin fiber.
A: Management said the great majority of the $70 realization will be in the first quarter next year. They said fiber mix decisions remain mill-specific and depend on transport and mill design, and they are utilizing available recycled and virgin capacity fully given tight market conditions.
"The great majority of the realization will all be in the first quarter next year." — Thomas A. Hassfurther (PRESIDENT)
equipment lead times and project cost impact
Q (George Staphos · BofA): Analyst asked about current lead times for equipment and how those compare to others; and whether Greif synergies, turbines, and optimization add about $500 million of EBITDA.
A: Management said they are pretty close to that $500 million figure, with some inflation adjustments. They also said lead times vary by equipment and vendor; more important is that equipment and installation costs have risen materially, often doubling project capital versus a few years ago.
"The answer is we are pretty darn close to that." — Kent A. Pflederer (CFO)