Retail and Consumer - Best Buy, Ralph Lauren, and Nike are expected to benefit from the new 15% tariff, which is 4% lower than previous rates, according to Jefferies analysts [1] - Other retailers like Target and Elf Beauty may also see positive impacts from the tariff reduction [1] E-Commerce Companies - Small and midcap e-commerce stocks may experience mixed effects; Etsy is noted to be the most insulated from tariff volatility due to its diversified trade routes [1] - Chewy and Wayfair are expected to be least impacted as they have already adapted to previous tariffs [1] Paper, Lumber, and Packaging - Local packaging and lumber companies may lose their competitive edge due to the new tariffs, with companies like Clearwater Paper and Rayonier flagged for negative impacts [1] - A survey indicated that U.S. buyers reported lower containerboard prices in February, intensifying pricing pressure from increased European imports [1] Automobiles - Legacy automakers such as Ford and General Motors are unlikely to see relief from tariffs, as most tariffs on the industry remain unaffected by the recent ruling [1] Steel, Aluminum, and Copper - Producers in these sectors, including Steel Dynamics and Alcoa, are expected to remain unaffected as tariffs will continue under Section 232 [1] Emerging Markets - China is anticipated to benefit significantly from the tariff changes, with analysts expecting tariff rates to decline from 32% to around 24% and 27% [1] - Other regions like India and Southeast Asia are also expected to see tariff reductions, with estimates of 4-5% for Southeast Asia and a drop to 14% for India [1]

美国纸业和包装公司股价盘前大跌，受价格疲软以及美国最高法院驳回美国总统特朗普大部分关税的裁 决影响。Packaging Corp. of America下跌5.6%，而国际纸业公司下跌4.8%。Smurfit WestRock盘前下跌 5.9%。与此同时，欧洲同行Mondi下跌3.5%。Jefferies的分析师写道，纸张和纸板价格因需求疲软而承 压。 来源：滚动播报 ...

Financial Data and Key Metrics Changes - The company reported adjusted EBITDA of $1,213 million with an adjusted EBITDA margin of 15.3% for the second quarter [5][15] - Net sales exceeded $7,900 million, showing mid-single-digit growth in adjusted EBITDA compared to the same period last year [15][16] - Strong adjusted free cash flow of $387 million was noted, reflecting improved financial performance [15] Business Line Data and Key Metrics Changes - North America segment achieved net sales of $4,800 million with adjusted EBITDA of $752 million and an adjusted EBITDA margin of 15.8%, showing significant margin improvement due to higher selling prices and operational efficiencies [16][18] - EMEA and APAC segment reported net sales of $2,800 million with adjusted EBITDA of $372 million and an adjusted EBITDA margin of 13.4%, despite a challenging market [19] - Latin America segment delivered net sales of $505 million with an outstanding adjusted EBITDA margin of over 23%, indicating strong demand growth in certain countries [20] Market Data and Key Metrics Changes - North American box volumes decreased by 4.5% on a same-day basis, aligning with the company's value-over-volume strategy [18] - EMEA and APAC faced headwinds from energy and labor costs, with flat corrugated box volumes on a same-day basis [19] - Latin America showed a nascent improvement in demand, particularly in Argentina, Colombia, and Chile, despite a 1.9% decline in box volumes [20] Company Strategy and Development Direction - The company is focused on optimizing its operations and has identified at least $400 million in synergies from the integration of Smurfit Kappa and WestRock [7][23] - A disciplined investment approach is being maintained, with $1 billion already invested in system improvements [12] - The company aims to be the go-to innovative sustainable packaging partner, emphasizing value, quality, and service [26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the North American business, noting significant improvements and a strong operational focus [25] - The European market is expected to recover, with management believing they are close to a low point despite current pricing challenges [25][39] - Latin America is viewed as a high-growth potential region, with ongoing pricing initiatives to offset negative currency impacts [20][26] Other Important Information - Fitch upgraded the company's long-term debt rating to BBB+ with a stable outlook, reflecting confidence in its business quality and long-term prospects [6][22] - The company declared a quarterly dividend of $0.04 per share, demonstrating confidence in its cash-generative ability [21] Q&A Session Summary Question: Details on loss-making contracts in North America - Management indicated that approximately 40% of plants have moved from loss to profit, with ongoing efforts to improve profitability [32][34] Question: Current status of loss-making contracts - About 60% of loss-making contracts remain, with expectations that many will transition to profitability over the next year [37][38] Question: Impact of tariffs and consumer confidence - Management noted that tariffs have been largely absorbed by consumers, with no significant changes expected in import/export flows [49][51] Question: Future demand expectations - Management anticipates a seasonal pickup in demand but is not baking in significant improvements for the second half of the year [72][73] Question: Clarification on volume assumptions - The company expects flat volumes in the second half compared to the first half, with no significant deterioration anticipated [90]