Financial Performance & Guidance - Q3 2025 net sales decreased by 1% year-over-year to $2190 million, compared to $2216 million in Q3 2024[31] - Packaging sales decreased by 2% year-over-year, with volume down 2% and price down 1%[7, 31] - Adjusted EBITDA for Q3 2025 was $383 million, a decrease from $433 million in Q3 2024, resulting in a margin of 175%, down 200 basis points[31] - Adjusted EPS for Q3 2025 was $058, compared to $064 in Q3 2024[31] - The company reaffirms its net sales guidance for 2025 at $84 billion to $86 billion, but lowers Adjusted EBITDA guidance to $14 billion to $145 billion and Adjusted EPS guidance to $180 to $200[37] Innovation & Market Trends - The company is on track to achieve 2% innovation sales growth in 2025[7] - The addressable market opportunity for paperboard packaging innovation is $15 billion[13] - Innovation is focused on more circular, more functional, and more convenient packaging solutions[19] - The company highlights a $5 billion global trays and bowls addressable market opportunity with their ProducePack™ innovation, aiming for up to 95% plastic reduction[21] Capital Allocation - Year-to-date, the company has returned $248 million to stockholders, including $98 million in cash dividends and $150 million in share repurchases[35] - Approximately 68 million shares were repurchased at an average price of $2217 per share, reducing shares outstanding by 23%[35]