International Paper Company (IP): Business Model Canvas [Dec-2025 Updated]

You're looking at International Paper Company (IP) right now, and honestly, the old model is gone; they are executing a massive, deliberate pivot to become a pure-play sustainable packaging leader, which is the right long-term call. This transformation, which includes integrating the recent DS Smith acquisition and divesting the Global Cellulose Fibers unit, means their $\sim\mathbf{\$24.33}$ billion TTM revenue structure is being completely rewired around packaging, even as they absorb big integration costs and a $\mathbf{\$675}$ million restructuring charge in Q3 alone. I've broken down the nine essential blocks of their new Business Model Canvas below so you can see precisely where the resources, activities, and revenue streams are now focused to support this new, leaner packaging giant; check it out to see the blueprint for their next chapter.

International Paper Company (IP) - Canvas Business Model: Key Partnerships

You're looking at the structure of International Paper Company (IP) as it solidifies its focus on packaging post-major divestitures and acquisitions as of late 2025. The Key Partnerships block is where you see the external relationships that are actively reshaping the company's scale, cost structure, and sustainability profile. These aren't just casual agreements; they are fundamental to the current strategy.

The most significant recent shift involves the DS Smith integration, which closed on January 31, 2025. This move immediately expanded IP's global footprint, creating a combined entity with over 65,000+ colleagues operating in 30+ countries. This partnership is key to IP's EMEA (Europe, Middle East and Africa) scale.

Here's a quick look at the scale of the combined packaging operations:

The integration is complex; for instance, the Packaging Solutions EMEA segment posted a $1 million operating loss in Q2 2025, despite net sales rising to $1.9 billion in that quarter, showing the near-term cost of absorbing DS Smith amidst weak demand and energy costs.

Another critical partnership, though one signaling a divestiture, is with American Industrial Partners (AIP) for the Global Cellulose Fibers (GCF) business. International Paper reached a definitive agreement to sell GCF to AIP for $1.5 billion, subject to closing adjustments, including the issuance of preferred stock with an aggregate initial liquidation preference of $190 million. The transaction is expected to close in Q4 2025. GCF generated $2.79 billion in revenue in 2024, representing about 15% of IP's overall net sales that year. GCF's Q2 2025 net sales were $628 million.

The strategic focus on packaging is also evident in the IT outsourcing partnership with Infosys. International Paper decided to partner with Infosys to support the IT needs of its Packaging Solutions North America (PSNA) business more efficiently and cost-effectively. This move is expected to result in a reduction of IT staff and the transition of some employees to Infosys. This IT restructuring follows other significant workforce changes, including nearly 1,100 job losses stemming from the GCF sale and North American packaging restructuring announced earlier in August 2025.

For sustainability efforts, International Paper Company (IP) is partnered with the American Forest Foundation (AFF) to support the Family Forest Carbon Program (FFCP). This taps into the carbon storage potential of family-owned land.

• Family forest owners control 263 million acres, which is 35% of US forests.
• As of May 20, 2025, the FFCP had enrolled 1,000 family landowners.
• IP's support in 2022 helped enroll an additional 248 landowners, covering 36,002 acres, bringing the total enrollment at that time to 313 landowners and 46,088 acres.
• Those landowners are estimated to sequester an additional 987,000 tons of carbon dioxide over their contracts.

Finally, the Sylvamo supply agreement is being managed through a transition period. International Paper Company will continue to supply Sylvamo under the Supply and Offtake Agreement through April 30, 2026, with supply winding down during May 2026. This is tied to IP's plan to convert the No. 16 paper machine at its Riverdale, Alabama, mill to containerboard production by the third quarter of 2026. The Riverdale mill currently supplies Sylvamo with approximately 260,000 short tons of cutsize uncoated freesheet annually. As part of the amended agreement, Sylvamo North America, LLC shall acquire all Sheeting Assets at the Mill for a purchase price equal to $1.00.

Finance: draft 13-week cash view by Friday.

International Paper Company (IP) - Canvas Business Model: Key Activities

You're looking at the core actions International Paper Company (IP) is taking right now to reshape its global packaging footprint. It's a period of intense portfolio optimization, so the key activities are all about focusing capital where they see the most long-term growth potential.

Manufacturing containerboard and corrugated packaging

The primary activity remains the production and sale of containerboard and corrugated packaging, now heavily weighted toward the combined North America and EMEA (Europe, Middle East, and Africa) footprint following the DS Smith acquisition. For the third quarter of 2025, total net sales for International Paper Company hit $6.2 billion. The North America Packaging Solutions segment was the larger contributor, posting net sales of $3.9 billion in that same quarter. The EMEA segment, which now includes the recently acquired DS Smith operations, generated net sales of $2.31 billion in Q3 2025, a significant jump from the $322 million seen in Q3 2024, before the merger closed.

Demand signals are mixed, though. While box shipments in North America showed a year-over-year increase of 1% in September 2025, the full-year 2025 projection for box shipments was revised downward to a decrease of 1% to 1.5%. This reflects the soft market conditions executives noted, especially in Europe. Honestly, managing this integrated production network is the daily grind.

Here's a quick look at the segment financial snapshot for Q3 2025:

Executing the 80/20 business transformation plan

The 80/20 business transformation plan, which focuses on prioritizing the most profitable customers and products, launched stateside last year and is now being implemented across the newly acquired European footprint. The company is certainly seeing results from this focus, delivering a 28% sequential improvement in adjusted EBITDA across both Packaging Solutions businesses, driven by price realization and cost management. Still, the transformation comes with significant, upfront accounting costs. For instance, the third quarter of 2025 results included $675 million in accelerated depreciation directly linked to mill closures and these 80/20 strategic actions.

The overall financial outlook has been adjusted to reflect near-term market realities. The full-year 2025 projected EBITDA guidance was lowered to $3.0 billion. The plan is definitely getting traction in North America, but the European market softness has been a major headwind, costing more than $500 million in profit this year alone. This is a classic case of near-term pain for long-term focus.

Integrating and optimizing the DS Smith European footprint

The combination with DS Smith closed on January 31, 2025, creating a new global leader. The integration is a key activity, with the goal of achieving significant shareholder value through synergies. The projected minimum cash savings from operational synergies across the integrated network is $514 million within four years. To satisfy regulatory commitments from the European Commission, International Paper Company finalized the sale of five European corrugated box plants to PALM Group in June 2025. This divestiture was a necessary step to streamline the European footprint and focus on core, high-value segments. Post-acquisition, DS Smith shareholders hold approximately 33.7% of the combined entity.

Strategic divestitures and mill closures/conversions

International Paper Company is actively reshaping its portfolio by exiting non-core businesses and optimizing its manufacturing footprint. The largest divestiture is the agreement to sell its Global Cellulose Fibers (GCF) business to American Industrial Partners (AIP) for $1.5 billion. The GCF division itself generated $2.8 billion in revenue in 2024 and employed 3,300 people globally across nine manufacturing facilities. This sale resulted in a $1.01 billion impairment charge in Q3 2025.

The restructuring also involves significant facility rationalization, particularly in Georgia, which is being executed in phases through the end of September 2025. These closures include:

• The Savannah containerboard mill.
• The Riceboro containerboard mill.
• The Savannah packaging facility.
• Riceboro Timber and Lumber operations.

These Georgia actions, combined with the closure of the Red River containerboard mill in Louisiana (which cut 800,000 tonnes of annual capacity), will reduce total annual containerboard capacity by approximately one million tons. Across North America and other global sites, the restructuring is expected to eliminate roughly 3,600 jobs by the end of 2025, with 1,100 positions lost in the Georgia mill and packaging facility closures alone.

Investing $250 million to convert Riverdale mill to containerboard

A key reinvestment activity is the $250 million capital expenditure at the Riverdale Mill in Selma, Alabama. This money is specifically earmarked to convert the #16 paper machine to produce containerboard, directly supporting the core packaging focus. This conversion project is scheduled for completion by the third quarter of 2026. This move strengthens their advantaged cost position in North America, even as they shed other assets. Finance: draft 13-week cash view by Friday.

International Paper Company (IP) - Canvas Business Model: Key Resources

The foundation of International Paper Company's business model rests on substantial, tangible, and human capital assets, which are critical for maintaining its global leadership in sustainable packaging.

Extensive global network of mills and box plants

International Paper Company operates a vast manufacturing footprint, though it has been actively streamlining this network in 2025 to focus on its core packaging business. The EMEA regional network alone includes two recycled containerboard mills and 23 box plants. This network is undergoing transformation; for instance, by the end of April 2025, four US facilities were set to cease operations: the Red River containerboard mill in Campti, Louisiana, a recycling plant in Phoenix, Arizona, a box plant in Hazleton, Pennsylvania, and a sheet feeder facility in St. Louis, Missouri. The closure of the Red River mill alone was expected to reduce containerboard capacity by approximately 800,000 short tons annually. Furthermore, by the end of September 2025, the Riceboro containerboard mill, Riceboro Timber and Lumber, and the Savannah packaging facility were also slated to cease operations, resulting in a net reduction of about one million tons of annual containerboard capacity. To satisfy regulatory commitments following the January 2025 closing of the DS Smith acquisition, International Paper Company entered negotiations to sell five corrugated packaging facilities in Europe (three in France, one in Portugal, and one in Spain) by the end of the second quarter of 2025.

You can see a snapshot of the scale and recent shifts in the asset base here:

Large, sustainable wood basket and fiber supply

The company's operations are underpinned by access to raw materials, a key component of its cost structure. The Global Cellulose Fibers business, which International Paper Company agreed to sell for $1.5 billion, was noted as being supported by its large and sustainable wood basket. The overall business relies on fiber-based inputs for its packaging and pulp products.

Intellectual property in fiber-based packaging design

Innovation in design is a resource that supports value creation. International Paper Company's packaging solutions have received industry recognition, which points to proprietary or highly developed design capabilities. For example, International Paper Company's Twin Pizza Box was recognized with a WorldStar 2024 award.

65,000+ team members across 30+ countries

The human capital is significant, though subject to recent workforce adjustments. International Paper Company employs more than 65,000 team members and serves customers with operations in more than 30 countries. The company had 37,000 employees as of December 31, 2024, a decrease of 2,000 employees or -5.13% from the prior year. The recent facility closures in early 2025 impacted a total of 674 employees (495 hourly and 179 salaried) across four sites, which formed approximately 1% of the global workforce at that time.

Key operational and personnel metrics include:

• Team members globally: 65,000+
• Countries of operation: 30+
• 2024 Net Sales: $18.619 billion
• 2024 Net Income: $557 million
• 2024 Revenue Segments: Industrial Packaging net sales of $15.5 billion

Finance: draft 13-week cash view by Friday.

International Paper Company (IP) - Canvas Business Model: Value Propositions

You're looking at the core reasons why International Paper Company (IP) believes customers should choose them, especially after the major 2025 integration. Honestly, it boils down to scale, sustainability, and sharp execution on cost for you.

Sustainable, fiber-based packaging solutions

International Paper Company (IP) positions its value around being a steward of renewable, fiber-based materials. This isn't just talk; the numbers show action. You can see their commitment in their forest conservation efforts, where they exceeded their goal by restoring nearly 1,158,000 acres of ecologically significant forestland. This was achieved ahead of schedule, backed by a $15.3 million investment in 2024 for conservation partnerships. The company has a clear long-term target: sourcing 100% of fiber from sustainably managed forests or recovered fiber by 2030. This focus aligns with the broader market, as the global sustainable packaging market is projected to hit $305.19 billion in 2025.

The value proposition here is leaning into what customers want now, which is often called paperization-the shift away from plastics toward paper-based packaging.

• Renewable material focus for low-carbon solutions.
• Designing for circularity across the value chain.
• Traceability via the proprietary, third-party verified, GIS-based forest conservation and mapping tool, ForSite.

Global supply reliability and scale post-DS Smith

The acquisition of DS Smith, completed on January 31, 2025, fundamentally changed IP's global footprint. This combination aims to create the world's leading sustainable packaging company, leveraging DS Smith's presence in over 30 countries. The integration is expected to yield significant financial benefits, with a target of at least $514 million in annual pre-tax synergies within four years. For immediate scale, the combined annual sales based on FY 2024 results are projected to reach about $27.1 billion in 2025, representing a 46% (YoY) revenue growth for International Paper Company (IP). To manage regulatory requirements, IP divested five European corrugated box plants in June 2025.

Here's a quick look at the scale change following the combination:

This expanded network, with International Paper Company (IP) shareholders owning approximately 66.3% of the combined entity, is designed to offer unparalleled reach.

Cost Savings Value Creation (CSVC) for customers

International Paper Company (IP) formalizes customer-focused savings through its Cost Savings Value Creation (CSVC) process. This isn't just about IP's internal cost-cutting; it's about tangible value delivered to you. The company is aggressively targeting synergies post-acquisition, with an operational and cost synergy target of $1.2 billion in FY 2025. Furthermore, after restructuring, synergy contribution targets are set between $600-$700 million.

The CSVC framework focuses on practical improvements that translate directly to your bottom line:

• Reduced packaging cost via enhanced fiber utilization and package compression.
• Reduced freight cost through enhanced trailer and container utilization.
• Reduced product damage by optimizing logistics and interim storage practices.
• Increased productivity and lower production cost with proper packaging automation.

If onboarding takes 14+ days, churn risk defintely rises, so speed here matters.

Differentiated innovation in packaging and service

International Paper Company (IP) is pushing practical innovation to differentiate its offering beyond standard corrugated boxes. This includes developing solutions that directly address plastic reduction, such as the SpaceKraft liquid bulk container, which can withstand 50,000 lbs of compression. The company is also investing in new manufacturing capabilities, exploring a proposed new facility in Salt Lake City, Utah, featuring cutting-edge technology to serve the Western U.S. market. Recognition for innovation is evident, with the Twin Pizza Box receiving a WorldStar 2024 award.

Key innovation areas include:

• Paperization: Shifting consumer preference to paper-based materials.
• Transparency: Ensuring all fiber is traceable, partially through forestry certifications.
• Minimalism: Focusing on right-sized, efficient packaging designs.

High relative supply position in North America and EMEA

The strategic transformation, including the DS Smith acquisition and divestitures like the Global Cellulose Fibers business sale for $1.5 billion, is explicitly aimed at maintaining a high relative supply position. International Paper Company (IP) is now focused on being an industry leader in the North American and EMEA regions. The company employs more than 65,000 team members globally, with operations in over 30 countries. This positioning is supported by significant recent revenue figures from the combined entity, with EMEA packaging sales reaching $2.31 billion in Q3 2025, up from $322M in Q3 2024.

The supply position is being actively managed through operational changes:

• Investment of $250 million to convert the #16 machine at the Riverdale mill to produce containerboard, expected completion by Q3 2026.
• Restructuring aims to eliminate roughly 3,600 jobs globally by the end of 2025 to sharpen focus.
• Divestiture of the cellulose fibers business, which generated $2.8 billion in revenue in 2024.

Finance: draft 13-week cash view by Friday.

International Paper Company (IP) - Canvas Business Model: Customer Relationships

You're looking at International Paper Company's customer relationships as of late 2025, right in the middle of a massive pivot to a pure-play packaging focus following the January 2025 acquisition of DS Smith. The entire approach to the customer is being re-engineered around this core business.

Strategic, long-term B2B contractual relationships

International Paper Company's relationships are overwhelmingly business-to-business (B2B), cemented by long-term agreements, especially within the packaging sector. The company serves customers around the world with operations in more than 30 countries. The integration of DS Smith has created a platform requiring complex alignment of existing contracts and the establishment of new, long-term supply frameworks, particularly in the EMEA region. For instance, a specific, time-bound contractual relationship exists with Sylvamo, where International Paper Company will continue to supply certain products until April 30, 2026, with the agreement winding down by May 30. This focus on securing future supply streams is critical to maintaining stability during the transformation.

Dedicated sales and technical service teams

The company has radically decentralized its structure to get closer to the field and, by extension, closer to the customer. This shift supports dedicated engagement. The overall workforce supporting these customer-facing operations stands at more than 65,000 team members globally. The focus on packaging means resources are being redirected to support these core clients, evidenced by the $250 million investment to convert a machine at the Riverdale mill in Selma, Alabama, specifically to produce high-performance containerboard grades, which directly supports the product needs of key packaging customers.

Focus on superior customer experience via 80/20 strategy

International Paper Company is aggressively applying a disciplined 80/20 strategy (Pareto Principle), concentrating resources on the 20% of customers that drive 80% of the value. This is explicitly aimed at achieving a superior customer experience and commercial excellence. The implementation of this system in North America was already showing financial results, driving $142 million in operating profit in the first quarter of 2025, even while overall volumes were declining. The strategy is now being rolled out in Europe following the DS Smith acquisition. Furthermore, the integration of DS Smith's capabilities has already yielded tangible service improvements, such as achieving 98% on-time delivery for priority customers through AI-driven demand forecasting and regional inventory hubs.

Here's a quick look at the metrics tied to this customer-centric focus:

Direct engagement with large industrial and consumer clients

The decentralization effort is designed to place International Paper Company personnel physically and organizationally closer to the field and the customer base. This ensures direct engagement, especially with large industrial clients who require tailored packaging solutions. The company's focus is now squarely on packaging, which aligns with e-commerce and logistics trends, suggesting deep engagement with large shippers and retailers. The company's Q3 2025 net sales for the Packaging Solutions North America segment were $3.9 billion, up 7.1% year-over-year, indicating successful commercial actions with this client base.

Customer Value Analysis for supply chain optimization

International Paper Company utilizes a defined process called Cost Savings Value Creation (CSVC) to drive practical innovation and enhance customer value. This process involves direct, on-site collaboration. The CSVC audit is a key component of this, utilizing a cross-functional team of key International Paper Company stakeholders working collaboratively with customers at their facilities. This audit typically requires a full day, tracking the process from incoming cartons through to finished goods. The analysis focuses on optimizing the package itself, which includes:

• Reduced packaging cost through enhanced fiber utilization and package compression.
• Reduced package damage by implementing improved handling processes.
• Reduced package cost by delivering the most effective specification and creative design for your application.

Supply chain efficiency improvements derived from this analysis include reduced freight cost through enhanced trailer and container utilization and improved customer satisfaction by delivering the optimum design thanks to end-use consumer need analysis.

International Paper Company (IP) - Canvas Business Model: Channels

You're looking at the physical and digital pathways International Paper Company (IP) uses to get its products-primarily packaging-to its customers as of late 2025. This is a network heavily shaped by the recent DS Smith acquisition and ongoing transformation efforts.

Direct sales force to large industrial customers.

The sales channel relies heavily on direct engagement, especially for the core packaging business. The Packaging Solutions North America segment, for example, reported net sales of $3.9B in Q3 2025, up 7.1% year over year, showing the strength of these commercial efforts. Overall, International Paper Company (IP) reported trailing twelve months (TTM) revenue as of December 2025 of $23.47 Billion USD.

Global network of corrugated box converting plants.

The physical footprint for converting paperboard into finished boxes is dynamic. Following the January 2025 acquisition of DS Smith, the EMEA packaging sales reached $2.31B in Q3 2025, up from $322M in Q3 2024, reflecting the integration. However, the network is being streamlined. International Paper Company (IP) completed the divestiture of five European corrugated box plants to PALM Group on July 1, 2025, to satisfy regulatory commitments. Conversely, the company is investing in future capacity, planning a greenfield corrugated box plant in Waterloo, Iowa, worth $260 million, which will span 900,000 square feet and is expected to become operational in 2026.

The network adjustments include closures and conversions. The Savannah, Georgia packaging facility was slated to cease operations by the end of September 2025. In a move to strengthen the containerboard backbone for corrugated packaging, International Paper Company (IP) is investing $250 million to convert the No. 16 machine at its Riverdale mill in Selma, Alabama, with completion expected by Q3 2026.

Integrated supply chain and logistics network.

The logistics network supports the movement of raw materials and finished goods across its global footprint, which includes operations in more than 30 countries. The company is actively managing its manufacturing footprint. The permanent closure of the Red River containerboard mill in Campti, Louisiana, by April 2025, reduced containerboard capacity by approximately 800,000 tons annually. Overall, strategic changes are resulting in a net reduction of the company's annual containerboard capacity by approximately one million tons.

Recycling facilities for fiber sourcing.

Fiber sourcing is critical, with recycled fiber from Old Corrugated Containers (OCC) being a key input for recycled containerboard. The transformation strategy includes streamlining the footprint. International Paper Company (IP) announced the permanent closure of its recycling plant in Phoenix, Arizona, by the end of April 2025, as part of this optimization.

Digital platforms for ordering and service support.

While specific platform usage statistics aren't public, the focus on commercial excellence points to digitized sales and service processes. The company is executing on its transformation plan, which has already seen year-to-date commercial excellence actions deliver approximately $650 million in adjusted EBITDA run rate benefit, exceeding the original 2025 target of $600 million. The overall target for adjusted EBITDA improvement by 2027 is $3.0 billion, with commercial excellence contributing $1.1 billion of that total.

• North America Packaging Solutions segment operating profit for Q2 2025 was $277 million.
• Packaging Solutions EMEA segment operating profit for Q2 2025 was $(1) million.
• The company expects PS EMEA EBIT to return to positive $54 million in Q3 2025.

International Paper Company (IP) - Canvas Business Model: Customer Segments

You're looking at the customer base for International Paper Company (IP) as of late 2025, right after integrating the DS Smith acquisition and executing key divestitures. It's a mix of massive global players and targeted regional growth areas.

Large-scale consumer goods manufacturers and E-commerce and retail packaging users are primarily served through the Packaging Solutions segments. The North American packaging business saw net sales of $3.86 billion in the second quarter of 2025. The EMEA segment, which now includes DS Smith operations, posted net sales of $2.29 billion in Q2 2025.

The Manufacturing and industrial goods sectors are also core to the Packaging Solutions segments. The company is focused on securing an advantaged cost position and delivering superior customer experience across these areas.

For Meat and protein packaging clients, International Paper Company is making a specific, large capital investment. The new state-of-the-art sustainable packaging box plant in Waterloo, Iowa, represents a $260 million capital investment. This facility is designed to primarily serve the protein segment and is scheduled to begin operations in the fourth quarter of 2026.

Regarding Pulp customers, the Global Cellulose Fibers business segment is now classified as discontinued operations as of the third quarter of 2025 results, following a planned divestiture announced on August 21, 2025. For context on its recent performance before this classification, the segment reported net sales of $628 million in the second quarter of 2025.

Here's a breakdown of the key operating segments and their recent financial performance, which reflects the customer revenue streams:

International Paper Company employs over 65,000 team members globally and operates in more than 30 countries. The company updated its 2025 target net sales to approximately $24 billion following Q3 results.

The customer base is served by a global footprint, though specific customer types are targeted:

• Large-scale consumer goods manufacturers are a primary driver for the Packaging Solutions segments.
• E-commerce and retail packaging users benefit from seasonally higher box volumes reported in Q2 2025.
• Manufacturing and industrial goods sectors are served by the core containerboard and box offerings.
• Meat and protein packaging clients are the specific focus of the new $250 million Waterloo, IA plant investment.
• Pulp customers were served by the Global Cellulose Fibers segment until its classification as discontinued operations.

The company completed the divestiture of five European corrugated packaging plants to PALM Group in July 2025.

International Paper Company (IP) - Canvas Business Model: Cost Structure

High raw material costs remain a significant factor in International Paper Company's cost structure, driven by external forces like global energy market stability and pulp availability.

For instance, International Paper announced a $70 per ton increase for linerboard, including white top, and $90 per ton for corrugating medium, set to take effect January 1, 2025. Conversely, the U.S. Producer Price Index for wood pulp fell by 3.83% from the previous year as of late 2025 data. In Europe, the average NBSK Price Index in Q2 2025 was 1% higher than the prior year.

Capital spending plans for 2025 were set at approximately $1.2 billion. This spending is intended to support the company's transformation journey.

The cost structure in late 2025 was heavily influenced by charges related to strategic realignment and the DS Smith acquisition.

Manufacturing and logistics expenses are captured within the broader operating costs. International Paper Company reported $6.44B in Operating Expenses for the fiscal quarter ending in September of 2025.

Specific operational cost impacts during 2025 included:

• Higher energy costs impacting Cost of Products Sold in Q2 2025.
• Higher energy costs impacting Cost of Products Sold in Q1 2025.
• Higher operating costs and planned maintenance outage costs impacting Cost of Products Sold in Q2 2025.
• Higher planned outage costs impacting Cost of Products Sold in Q2 2025.

The ongoing integration of DS Smith, which closed on January 31, 2025, also introduced integration costs. The company is focused on achieving cost-out actions before the end of the year to mitigate these pressures.

International Paper Company (IP) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for International Paper Company (IP) as of late 2025, post-DS Smith acquisition, and with the Global Cellulose Fibers (GCF) unit sale pending close. The business is clearly pivoting hard toward packaging solutions, which is where the bulk of the reported revenue is now concentrated.

The core revenue generation is segmented geographically across the packaging businesses. Here's a breakdown of the key components based on the third quarter of 2025 results:

The Trailing Twelve Months (TTM) revenue figure shows the impact of the full year's activity, including the DS Smith integration which closed in January 2025. The TTM revenue ending September 30, 2025, was reported at $24.177 billion, representing a 34.82% increase year-over-year. The total Q3 2025 net sales were $6.22 billion.

Regarding the pulp business, which International Paper Company (IP) is divesting to focus on packaging, the revenue from the Global Cellulose Fibers segment for the last full year before the sale agreement was substantial:

• Revenue from pulp sales (Global Cellulose Fibers) in 2024 was $2.8 billion.
• This 2024 revenue represented about 15% of the company's overall net sales that year.
• The GCF business sale to American Industrial Partners was agreed upon for $1.5 billion.

The divestiture of five European corrugated box plants to PALM Group, completed on July 1, 2025, to satisfy regulatory commitments, is a key event impacting the EMEA revenue stream structure. While the specific net gain of $51 million from this sale was not explicitly reported in the available data, the segment's performance reflects the market conditions following the acquisition. For instance, the Packaging Solutions EMEA business segment reported an operating profit (loss) of $(58) million in the third quarter of 2025.