PACKAGING CORP OF AMERICA Business Summary

Packaging Corporation of America (PKG) operates a vertically integrated business model focused on the manufacture and sale of containerboard and corrugated packaging products, which generate over 90% of its annual revenue. The company is organized into two primary segments: Packaging, which produces containerboard, corrugated shipping containers, and point-of-purchase displays, and Paper, which manufactures uncoated freesheet paper for office and printing applications. PKG’s revenue model is transaction-based, serving a diverse base of over 14,000 customers through a decentralized sales strategy that emphasizes high-touch service for small-to-medium-sized accounts. As the third-largest containerboard producer in North America, PKG competes directly with International Paper, Smurfit Westrock, and Graphic Packaging Holding Company. It distinguishes itself through superior operational flexibility and industry-leading margins, recently expanding its footprint through the 2025 acquisition of Greif’s containerboard business. Founded in 1959, PCA is currently led by Chairman and CEO Mark W. Kowlzan, who has held the top executive role since 2010 and possesses over 45 years of industry pedigree, including a foundational career at International Paper. The senior leadership team was restructured in May 2025, elevating Thomas A. Hassfurther to President; Hassfurther is a 49-year company veteran who previously led the corrugated products division. Kent A. Pflederer serves as Executive Vice President and Chief Financial Officer, having transitioned from his long-term role as General Counsel to succeed the retiring Robert P. Mundy. The executive suite is rounded out by D. Ray Shirley (EVP, Corrugated Products) and Charles J. Carter (EVP, Mill Operations). As a publicly traded S&P 500 constituent, the company is supported by a board of directors featuring industrial experts like Robert C. Lyons and Cheryl K. Beebe, with significant institutional ownership held by Vanguard and BlackRock.