Core Insights - Stora Enso will implement a new financial reporting model and revised financial targets starting January 1, 2026, to enhance its focus on renewable materials and packaging [1] Reporting Structure - The company will transition to a new four-segment reporting model: consumer packaging, integrated packaging, biomaterials, and other, replacing the previous six-segment structure [2] - Consumer packaging will encompass cartonboard, foodservice, and liquid board business areas, while integrated packaging will combine containerboard and packaging solutions [2] - The biomaterials segment will remain unchanged, and the "other" category will include wood and energy business areas [3] Business Review and Financial Objectives - Swedish forest assets and Central European sawmilling and building solutions under review will be reported in the "other" category, with restated comparison figures to be published in Q1 2026 [4] - New financial objectives include an adjusted EBIT margin exceeding 10%, revenue growth above 4%, and a payout ratio over 50% [5] - The company aims for a net debt to adjusted EBITDA ratio below 1x, with a temporary allowance to rise to 2x for strategic investments [5] Recent Financial Performance - In Q3 2025, Stora Enso reported a 28% decline in adjusted EBIT to €126 million, down from €175 million year-on-year, with a negative impact of €45 million from ramping up a consumer board line [6] - The adjusted EBIT margin decreased to 5.5% in Q3 2025 from 7.8% in the same period of 2024 [6]

Core Insights - Graphic Packaging Holding Company reported a decrease in net income for Q3 2025, with net income at $142 million ($0.48 per diluted share), down from $165 million ($0.55 per diluted share) in Q3 2024 [2][3] - The company experienced a 1% decline in net sales, totaling $2,190 million compared to $2,216 million in the same quarter last year, attributed to lower volumes and prices in the Americas [5] - Adjusted EBITDA for Q3 2025 was $383 million, a 13% decrease from $433 million in Q3 2024, with an adjusted EBITDA margin of 17.5% compared to 19.5% in the previous year [6][20] Financial Performance - Net income for Q3 2025 was impacted by special items and amortization charges totaling $30 million, compared to $29 million in Q3 2024 [2] - Adjusted net income for Q3 2025 was $172 million ($0.58 per diluted share), down from $194 million ($0.64 per diluted share) in Q3 2024 [20] - Total debt increased to $5,941 million in Q3 2025 from $5,209 million in Q4 2024, resulting in a net leverage ratio of 3.9x compared to 3.0x in the previous quarter [7] Operational Highlights - The company successfully launched its Waco, Texas recycled paperboard manufacturing facility ahead of schedule, with expectations to reach full production in 12 to 18 months [4] - Capital expenditures in Q3 2025 were $267 million, down from $313 million in the same quarter last year [8] - The company returned approximately $248 million to shareholders in the first nine months of 2025 through dividends and share repurchases, including a $39 million repurchase in Q3 [9] Market Outlook - For the full year 2025, the company expects net sales between $8.4 billion and $8.6 billion, adjusted EBITDA between $1.40 billion and $1.45 billion, and adjusted EPS between $1.80 and $2.00 [10] - The company noted high volume and market uncertainty due to stretched consumer conditions and weakened consumer confidence [10]

Core Viewpoint - Amcor plc (NYSE:AMCR) is recognized as a strong investment opportunity with significant upside potential, particularly following its merger with Berry, which is expected to enhance its market position and financial performance [2][3]. Group 1: Analyst Upgrades and Price Target - Stifel upgraded Amcor from Hold to Buy, adjusting its price target to $10.20 from $10.83, reflecting confidence in the company's future performance post-merger [3]. - The merger is projected to create a major consumer packaging company with combined annual revenues of $23 billion [3]. Group 2: Synergy Potential - The merger is anticipated to generate $530 million in total synergies, including $530 million in cost synergies, $60 million in growth synergies, and $60 million in financial synergies [3]. - Stifel estimates that $355 million in total cost synergies will be realized by 2028, which is expected to support margin expansion and stronger free cash flow [4]. Group 3: Dividend Sustainability - Amcor has a strong track record of dividend payments, having raised its payouts for 41 consecutive years, currently offering a quarterly dividend of $0.1275 per share [5]. - As of October 14, the stock has a dividend yield of 6.30%, indicating a solid return for investors [5].

Core Insights - Graphic Packaging Holding Company, a leader in sustainable consumer packaging, will announce its third quarter 2025 financial results on November 4, 2025, before market opens [1] - The company has scheduled a conference call to discuss these results at 10:00 a.m. ET on the same day [2] - A tentative date for the release of fourth quarter and full year 2025 financial results has been set for February 3, 2026 [3] Company Overview - Graphic Packaging designs and produces consumer packaging primarily from renewable or recycled materials, emphasizing innovation and commitment to reducing the environmental footprint of packaging [3] - The company operates a global network of design and manufacturing facilities, serving well-known brands across various sectors including food, beverage, foodservice, and household products [3]

Core Viewpoint - Graphic Packaging Holding Company is a leader in sustainable consumer packaging and is committed to reducing the environmental footprint of its products [2]. Group 1: Company Overview - Graphic Packaging Holding Company is headquartered in Atlanta, Georgia, and specializes in designing and producing consumer packaging primarily from renewable or recycled materials [2]. - The company operates a global network of design and manufacturing facilities that serve well-known brands in various sectors, including food, beverage, foodservice, household, and other consumer products [2]. Group 2: Upcoming Events - Michael P. Doss, President and CEO of Graphic Packaging, will present at the Jefferies Industrials Conference on September 3rd at 8:50 am ET [1]. - The presentation will be available live and can be accessed later via a webcast on the Graphic Packaging website [1].

Core Insights - Graphic Packaging Holding Company has released its 2024 Impact Report, showcasing progress towards its Better by 2030 sustainability commitments [1][3] - The company's Vision 2030 strategy emphasizes innovation and sustainability to meet the growing demand for packaging solutions [3] Sustainability Goals - The Better by 2030 initiative includes climate action goals aimed at achieving net-zero greenhouse gas emissions by 2050, in line with the Paris Agreement [3][4] - Specific targets include reducing GHG emissions across operations and increasing the use of renewable fuel and electricity [3][4] Achievements and Metrics - Approximately 1 billion plastic packages have been replaced with paperboard packaging [6] - 97% of packaging products sold are characterized as recyclable [6] - Over 130 new patent applications have been filed [6] - Employee engagement survey participation reached over 20,000, with an 87% response rate [6] - 98% of global sites have implemented the Health Safety and Environment Excellence System [6] - 89% of purchased forest products are sustainably sourced [6] - Approximately 1 million metric tons of generated waste materials have been recycled [6] Renewable Energy Initiatives - The company plans to switch to 50% or more renewable electricity across all operations [4] - A virtual power purchase agreement (VPPA) is expected to cover 70% of electricity use in the EMEA region [6]

Financial Results Announcement - Graphic Packaging Holding Company will announce its second quarter 2025 financial results before the market opens on July 29, 2025 [1] - The conference call to discuss the results is scheduled for 10:00 a.m. ET on the same day [1] Conference Call Details - The conference call will be available via webcast on the Graphic Packaging investor website [2] - Participants can also join by telephone using the toll-free number 888-506-0062 or the international number 973-528-0011, with a participant access code of 582640 [2] - Telephone participants are advised to call in at least 10 minutes prior to the start of the call [2] - The webcast will be archived for replay starting at approximately 1:00 p.m. ET on July 29 [2] Future Financial Results - Graphic Packaging has tentatively scheduled the release of its third quarter 2025 financial results for November 4, 2025 [3] Company Overview - Graphic Packaging is a leader in sustainable consumer packaging, focusing on designs made primarily from renewable or recycled materials [4] - The company operates a global network of design and manufacturing facilities, serving well-known brands across various sectors including food, beverage, and household products [4]

Core Viewpoint - Graphic Packaging Holding Company has announced a new $1.5 billion share repurchase authorization, increasing the total available authorization to $1.865 billion as of April 30, 2025 [1][2]. Group 1: Share Repurchase Authorization - The new authorization allows for share repurchases through open market transactions, privately negotiated deals, and Rule 10b5-1 plans, depending on market conditions and the company's financial status [2]. - The previous share repurchase authorization from July 27, 2023, had $365 million remaining, which is now combined with the new authorization [1]. Group 2: Financial Strategy and Dividend - The company's President and CEO, Michael Doss, indicated that capital spending needs will decline significantly as the Vision 2025 investment nears completion, allowing for excess cash generation [3]. - The Board of Directors has approved a 10% increase in the quarterly dividend to $0.11 per share, which was paid on April 5, 2025, to stockholders of record as of March 15, 2025 [3]. Group 3: Commitment to Shareholder Returns - The company plans to measure potential investments against the alternative of repurchasing stock and aims to return a substantial amount of cash to shareholders through dividends and share repurchases in the future [4].

Core Insights - Berry Global reported revenue of $2.52 billion for the quarter ended March 2025, reflecting an 18.1% decrease year-over-year, but exceeded the Zacks Consensus Estimate by 2.69% [1] - Earnings per share (EPS) for the quarter was $1.55, down from $1.95 in the same quarter last year, and surpassed the consensus EPS estimate of $1.52 by 1.97% [1] Financial Performance Metrics - Net Sales in Consumer Packaging - International reached $970 million, exceeding the average estimate of $929.31 million, with a year-over-year change of +0.2% [4] - Net Sales in Flexibles amounted to $761 million, surpassing the average estimate of $749.68 million, showing a year-over-year increase of +7% [4] - Net Sales in Consumer Packaging - North America was $789 million, above the average estimate of $775.18 million, reflecting a +5.1% year-over-year change [4] - Operating EBITDA for Consumer Packaging - International was $168 million, compared to the average estimate of $160.91 million [4] - Operating EBITDA for Flexibles reached $126 million, slightly above the average estimate of $124.93 million [4] - Operating EBITDA for Consumer Packaging - North America was $142 million, below the average estimate of $150.66 million [4] Stock Performance - Berry Global's shares have returned -4.2% over the past month, while the Zacks S&P 500 composite experienced a -0.2% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Financial Data and Key Metrics Changes - The company achieved 2% organic volume growth and reported adjusted EPS growth of 16% year-over-year, amounting to $2.18 per share [6][14] - Operating EBITDA increased by 6% to $546 million compared to the previous year [14][26] - The company expects to generate over $1 billion in free cash flow in fiscal Q4 and anticipates cash proceeds exceeding $2 billion from strategic divestitures within the next year [9][21] Business Line Data and Key Metrics Changes - Consumer Packaging International division saw a revenue decline of 5% due to polymer cost pass-through, but organic volume growth of 1% was noted [15] - Consumer Packaging North America division's revenue increased by 3%, driven by 2% organic volume growth across various markets [17] - The Flexibles division experienced a 2% revenue decline, offset by a 2% organic volume increase [19] - Health, Hygiene and Specialties division's revenue remained flat, with a 2% organic volume increase [20] Market Data and Key Metrics Changes - The company noted a weaker demand environment driven by inflation, but saw improvements in promotional activity from customers [8][34] - In Europe, the company reported a growth rate increase from 5% to 7%, driven by differentiated products and regulatory changes [80] Company Strategy and Development Direction - The company is focused on optimizing its portfolio, applying lean transformation, and enhancing commercial excellence to drive growth [28] - A strategic goal is to increase consumer products focus from over 70% to over 80% of volume through divestitures [9][22] - The company aims to achieve a year-end leverage of 3.5x or lower by the end of fiscal 2024 [8][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the outlook, citing steady sequential improvement and customer focus on growth over price [8] - The company anticipates low single-digit volume growth in Q4, with potential upside if market conditions improve [39][86] - Management acknowledged the impact of inflation on consumer demand but noted a positive trend in promotional activities [34][117] Other Important Information - The company has reduced net debt by over $3 billion since mid-2019 and returned more than $1.5 billion to shareholders through share repurchases and dividends [23] - The company is in various stages of discussions regarding potential divestitures, which are expected to enhance its focus on higher growth areas [118] Q&A Session Summary Question: Interest expense guidance for Q4 - Management indicated that the increase in interest expense is primarily due to non-cash interest income that fell off in Q3 [31] Question: Market share trends in takeout cups - Management noted that foot traffic has been weaker due to inflation, but promotional activity is increasing, leading to optimism for volume growth [34][35] Question: Update on divestitures and capital deployment - Management confirmed a commitment to achieving a leverage target of 3.5 or lower and indicated that share buybacks are a priority due to undervalued stock [44] Question: Pilot program at Franklin and innovation pipeline - Management reported a 20% improvement in throughput at the Franklin facility and highlighted strong momentum in the innovation pipeline [51][55] Question: EBITDA guidance and cash flow generation - Management clarified that EBITDA guidance remains within the previously discussed range, with resin inflation being a significant factor [62][64] Question: Competitive activity and market dynamics - Management acknowledged increased competition but emphasized their ability to maintain margins and win market share without sacrificing profitability [75][76] Question: Volume growth outlook for fiscal Q4 and 2025 - Management expects similar low single-digit growth in Q4 and anticipates accelerating growth in 2025 based on performance in key markets [86][88]