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CEO Peter Konieczny attributed the volume weakness to softer consumer sentiment in North America rather than market share issues. He confirmed that applying Amcor's value-based pricing methodology across the legacy Berry portfolio is a significant opportunity they are actively pursuing as part of their commercial synergy plans.

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CEO Peter Konieczny explained that consumer value-seeking behavior is creating forecasting volatility for their customers. However, he stressed that the $650 million synergy target is a 'self-help' measure that is not dependent on the operating environment. He noted that internal pipelines suggest potential upside to the target but declined to raise expectations at this time.

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CEO Peter Konieczny confirmed that first-half volumes were within the low to mid-single-digit guidance range and he expects this to continue. CFO Michael Casamento added that the segment's profit was in line with expectations, with good leverage from volume improvement despite negative mix from healthcare. He noted that while cost focus continues, the company is lapping a difficult comp from the prior year and has added back some labor to meet demand. FX and incentives were not material factors.

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CEO Peter Konieczny stated that Amcor supports regulations that drive circularity and has developed platforms like AmFiber and AmPrima to meet these needs. He explained that AmFiber, a paper-based solution, is recyclable at scale today but has limited applications due to its porous nature. In contrast, AmPrima is a sizable and growing recyclable plastic-based product. He noted both platforms are key to helping customers transition their packaging portfolios.

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John Sims (SVP & COO) projected continued improvement in Latin America for Q3 due to seasonality and no outages, but noted the combined Americas' full-year earnings might be slightly below the prior year due to pricing pressure in Latin American markets outside of Brazil. Don Devlin (SVP & CFO) specified the green energy credits were a recurring $8 million. John Sims added that while US imports are expected to decrease, the Q2 surge, combined with a competitor's inventory liquidation, did negatively impact a recent price increase initiative.

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John Sims, Senior Vice President and Chief Operating Officer, explained that the operational issues involved multiple reliability problems at the Ticonderoga and Eastover mills, compounded by lower-than-expected volume from the Riverdale mill. He estimated the Q3 benefit from resolving these issues would be slightly less than $10 million. For seasonality, Sims advised referencing historical regional performance data.

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SVP & COO John Sims explained that the operational issues were due to multiple reliability problems at the Ticonderoga and Eastover mills, plus lower-than-planned volume from the Riverdale mill, with a potential Q3 benefit of just under $10 million. He confirmed that apparent North American demand is skewed higher by imports that are now in inventory, with underlying demand down 3-4%. Sims also stated the operational issues have not impacted the major Eastover projects, which remain on schedule. Chairman & CEO Jean-Michel Ribiéras added that Sylvamo's order flow remains strong.

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CFO John Sims explained that price increase realization will be minimal in Q1, with a larger impact in Q2. He and CEO Jean-Michel Ribiéras attributed Q4 volume weakness to a slow November in the North American commercial printing market. Sims noted the European cost curve is elevated, supporting prices with operating rates in the mid-80s. He stated the woodyard deal's main benefit is capital avoidance and declined to give specific free cash flow guidance. Sims cited the non-repeat of a tax credit for the higher tax rate and quantified Q4 one-timers at approximately $12 million ($5M insurance, $7M LIFO).

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CFO John Sims confirmed that mitigation efforts are factored into the $40 million gross impact from the Georgetown closure and that Project Horizon savings also help. He indicated a Q4 free cash flow estimate of around $65 million is reasonable and noted that European price pressure may continue into Q1. CEO Jean-Michel Ribiéras added that 2025 shipments are expected to track demand.

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EVP & CFO Alan Haughie characterized the Q3 outlook as a "balanced approach," noting that Q2 might be this year's peak quarter, unlike last year. He highlighted that the combined Q2/Q3 revenue growth is a healthy 7% year-over-year. Chair & CEO Brad Southern added that the Q3 order file has stabilized but is not as strong as it was entering Q2. Regarding CapEx, Haughie confirmed the majority of the reduction is in the OSB segment, with no significant changes to Siding growth plans.

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CEO William Southern stated the marketing focus will remain on effective local and 'boots-on-the-ground' efforts. He noted that pre-buys for long-lead-time equipment have begun and that post-COVID inflation has stabilized. He also clarified that shed growth is not a material drag on margins and that Q4 is the heaviest maintenance quarter.

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Chairman & CEO Daniel Fisher clarified that 'connected promotion' refers to consumers concentrating purchases during promotional windows, not an increase in promotions. He stated that while customer hedges will begin to roll off, the primary driver for can demand is its lower price point relative to other substrates for a price-sensitive consumer, rather than temporary hedge benefits.

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CEO Daniel Fisher clarified that "activating initiatives" refers to the ongoing rollout of the Ball Business System, not a new program. He explained that the minimal pre-buy assessment is based on customer conversations and inventory analysis. His optimism on beer promotions stems from discussions with large brewers who have indicated plans for more concentrated marketing efforts during peak season, which typically includes an affordability component.

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CEO Daniel Fisher explained that a major tariff issue from China has been mitigated to a nominal impact, but a potential 25% tariff from Mexico is a concern for end-consumer demand. He clarified the new investments are additive to goals in 2026, with the Oregon plant aligning with a key customer and the Florida plant being a value acquisition. CFO Howard Yu added the investments are within the existing CapEx envelope.

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CEO Daniel Fisher explained that operational excellence aims for 2-3% of cost structure in annual productivity gains, driven by better planning and efficiency. He stated that Brazil's Q3 capacity tightness was a short-term issue caused by a rapid demand spike, which has been addressed by uncurtailing lines. For the mass beer portfolio, Fisher noted the focus is on partnering with innovative winners in the broader alcohol category and that rebalancing the portfolio is a gradual process.

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President, CEO & Director Dustin Semach confirmed they are on track for the $90 million cost takeout target, which is now offsetting volume softness. He cited G&A optimization in Manila and Mexico City as examples. Regarding the new CFO, he highlighted her extensive experience managing complex industrial and international portfolios at companies like Ingersoll Rand and MSC, which is directly applicable to accelerating Sealed Air's transformation.

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President and CEO Dustin Semach stated that the company uses both analytical feedback and direct executive engagement with customers to measure satisfaction, which is improving but still has room to grow. He clarified that cost initiatives are focused on efficiency, such as back-office consolidation, which funds investments like expanding the sales force in Protective. Semach concluded that both business segments are performing in line with the company's internal expectations.

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President and CFO Dustin Semach clarified that while Protective volumes are guided to step up sequentially in Q4 due to seasonality, the year-over-year decline is moderating. He noted fiber is a small but growing part of the portfolio. CEO Patrick Kivits added that Instapak remains crucial for industrial applications where fiber is less suitable and that the company aims to be substrate-agnostic, offering customers choices between poly and higher-priced fiber alternatives.

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President, CEO & Executive Director Stephan Tanda clarified the acquisition expands early-stage clinical trial services (Phase 1 & 2) to accelerate its device pipeline, not to enter contract filling. Regarding Beauty, he stated that performance is a factor of customer and geographic mix, as Aptar is more focused on the prestige market, rather than an indication of market share loss in sampling.

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President and CEO Stephan Tanda noted a reacceleration into Q2, except for cough and cold products outside the U.S., which still face destocking. He confirmed strong GLP-1 demand is a capacity ramp-up story and that tooling activity is increasing in Q2. Executive Vice President and CFO Vanessa Kanu projected a 22% to 24% tax rate for the second half of the year, excluding a one-time Q2 benefit. Tanda added that Aptar is resilient to consumer pressure due to its essential product portfolio.

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President and CFO Stephan Tanda explained that China's growth is being driven by local brands and a solid '11/11' shopping festival, which should benefit Aptar's skincare business. Executive Vice President and CFO Vanessa Kanu added that when normalizing for tax and FX headwinds, the company is cautiously optimistic about achieving double-digit EPS growth in 2025, driven by cost reduction initiatives.

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CEO Stephan Tanda explained that Beauty's progress is being held back by tough comparisons in fragrance after a significant pipeline fill, but noted North America is recovering. He characterized the China issue as a lack of a strong rebound rather than a decline, with consumer confidence still cautious. For Q4 inventory, he described it as seasonal rightsizing by customers in cough/cold and a "fragrance hangover" in Beauty. Regarding brain-targeted nasal delivery, Tanda clarified this refers to drugs crossing the blood-brain barrier, a key growth area offering life cycle management for pharma clients and representing a highly profitable segment for Aptar.

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CEO & Chairman Andrew Silvernail expressed higher confidence in the North American outlook due to controllable factors like commercial wins and 80/20 implementation, while acknowledging the mill system is an earlier-stage journey. He noted Europe's improvement is more subject to market volatility but affirmed the team is moving quickly on restructuring. He confirmed they are holding the previously stated EBITDA range for Europe and reiterated the goal of becoming a pure-play packaging company post-GCF review.

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Executives Andrew Silvernail and Lance Loeffler clarified that the Q2 DS Smith EBITDA figure on the chart represented the incremental contribution of the third month, not a sequential decline for the full quarter. Silvernail addressed the strategy question by stating the focus is on '80 customers' of all sizes, not just small ones, and that improved service levels allow them to be competitive on price without chasing volume. He expressed confidence in closing the volume gap to the market by year-end.

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President & CEO Adam Greenlee confirmed that legacy dispensing products are growing at a mid-to-high single-digit rate, in line with expectations. He explained that hot-fill beverage customers built inventory before the season and are now working through it due to lower consumption, making a 2025 recovery unlikely. He stated that soup volumes are expected to be stable in the second half, with the first-half variance being purely a matter of timing.

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CEO Adam Greenlee confirmed the company's confidence in its mid-single-digit volume growth forecast for all segments, citing strong performance in dispensing products, sustained demand in pet food, and new business wins. He stated there has been no unusual buying activity related to tariffs due to Silgan's localized supply chain. Regarding the Weener acquisition, he noted it is performing well and has validated the company's growth thesis for the dispensing market.

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CEO Adam Greenlee highlighted unexpected commercial opportunities with Weener and confirmed the $30 million cost savings target for 2025. He noted the new COO, Philippe Chevrier, strengthens the executive office's collaborative model. Greenlee also explained that the growth in pet food has led to a diversification of the aluminum supply chain. CFO Kimberly Ulmer clarified the low Q4 tax rate was due to a one-time foreign tax restructuring.

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CEO Gordon Hardie clarified that customer demand for glass remains strong, with the NPD pipeline up 35%. He stated that while the Magma technology worked, it could not deliver the required financial returns at scale. The company's 'best at both' strategy, enhanced by TOE, provides a more capital-efficient path to high-volume premium production. CFO John Haudrich attributed the softer Q4 outlook to normal seasonality and a provision for potential temporary production downtime in Europe due to extended restructuring negotiations.

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CFO John Haudrich clarified that any pre-buy effect on Q1 volume was minimal, contributing only about $0.01 to $0.02 of the earnings benefit. CEO Gordon Hardie added that April volumes softened slightly due to tariff uncertainty in European export markets. He also confirmed the TOE pilot at the Toano plant was highly successful, validating the approach for a structured rollout across the company's entire network over the next 15-18 months.

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CEO Gordon Hardie and CFO John Haudrich explained that 'Fit to Win' is not volume-dependent and focuses on controllable costs. They estimated direct tariff exposure as manageable ($10-15M) and noted that customer feedback confirms strong consumer preference for glass due to taste and health perceptions, particularly in the food category. Customers are eager for more glass but require it to be more cost-competitive, which is the program's primary goal. Haudrich also clarified that network optimization savings figures were not additive.

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CFO John Haudrich explained that of the 13% temporary curtailment in 2024, over half will be addressed by permanent closures, with the remainder being continued temporary curtailment that offers flexibility. He stated the 2027 EBITDA target of $1.45 billion is volume-neutral and not contingent on market recovery. CEO Gordon Hardie added that future growth will come from improving cost competitiveness, particularly against cans, to better capture demand in both mainstream and growing premium segments.

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President & CEO Eric Cremers explained the St. Marys project was accelerated to Q2 to avoid potential tariffs on Canadian machinery, causing a temporary negative impact. He affirmed it was "not at all" a stretch for Wood Products EBITDA to return to Q1 levels in Q3, citing the reversal of one-time costs and projecting a 13% quarter-over-quarter reduction in cash processing costs. Cremers assessed channel inventories as lean and stated that while PotlatchDeltic runs its mills at full capacity, the broader industry is likely operating in the upper 70% range.

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President and CEO Eric Cremers stated that while the Waldo mill is running exceptionally well, its financial contribution is not yet at its pro forma target due to weaker pricing for wider dimensions, which he expects to improve. Executive Wayne Wasechek described the rural real estate market as strong, particularly for smaller tracts, while the larger M&A market is healthy but sees fewer transactions as sellers await clarity on Natural Climate Solutions (NCS) opportunities. Eric Cremers added that the Southern log mix shift was weather-driven and clarified that Wood Products EBITDDA should be up in Q2, with the overall decline driven by seasonality in Timberlands.

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Executive Wayne Wasechek attributed the lower 2025 harvest volume to normal variability and recent premium land sales, while noting stable but regionally varied pulpwood demand. President and CEO Eric Cremers explained that log costs for Wood Products are expected to be flat. Regarding capital allocation, Cremers defended the 'slow and steady' buyback approach as a way to maintain strategic flexibility for future opportunities, despite the stock currently trading below NAV.

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President and CEO Eric Cremers projected that the Wood Products mills would be profitable in Q4, with processing costs dropping significantly from $185 to $151 per thousand board feet as Waldo start-up costs are now in the past. Executive Wayne Wasechek and Cremers clarified that the financial impact from salvage operations is minimal, involving about 100,000 tons over six months. Cremers added that European lumber imports are down about 10% year-over-year but could return if U.S. prices spike.

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EVP & CFO Stephen Scherger detailed the second-half margin improvement, attributing it to a smaller pricing headwind and significant benefits from less planned maintenance and the non-recurrence of first-half inventory reduction downtime. CEO Michael Doss added that the long-term growth algorithm relies on a return to low single-digit volume growth as their CPG customers work through current market challenges, with the $80 million annual benefit from the Waco facility being a key catalyst in 2026.

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CFO Stephen Scherger confirmed that the company does not need to wait for a volume inflection to be opportunistic with share buybacks. He explained that performance should improve as the year progresses because the first half has heavier planned maintenance downtime, leading to more efficient operations and higher margins in the second half. CEO Michael Doss added that a potential moderation in inflation in H2 could also provide a tailwind.

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EVP and CFO Stephen Scherger identified consumer-driven volume variability as the primary risk to 2025 guidance. He noted the Waco startup is a key catalyst for future cash flow and margin enhancement, supporting capital allocation like the recent dividend increase. President and CEO Michael Doss added that he anticipates continued growth in the foodservice segment in 2025, driven by innovation.

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CEO Mike Doss explained that while they actively share market trends and ideas with their CPG customers, the customers are ultimately responsible for their own marketing strategies. Regarding contracts, he noted that since it's a high-fixed-cost business, pricing mechanisms do account for volume fluctuations to ensure fairness for both parties, though he did not detail specifics. CFO Steve Scherger added that for 2025, both pricing and traditional commodity inflation are expected to be 'pretty neutral' on a mark-to-market basis, with performance improvement driven by volume growth and productivity.

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President and CEO Howard Coker detailed volume expectations, noting slight growth for paper cans and strong double-digit growth for U.S. metal cans. COO Rodger Fuller explained that SMP EMEA's Q2 organic volume was down mid-single digits due to a delayed European vegetable harvest, which is expected to drive mid-to-upper single-digit growth in Q3. Fuller attributed the softer Q2 consumer margin to this seasonal mix shift.

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President and CEO Howard Coker provided a volume breakdown, noting strength in North American metal cans but softness in European and Southeast Asian rigid paper due to a customer transition. He stated there were no significant changes in customer purchasing behavior. Coker also emphasized the need to better communicate the story of Sonoco's transformation and improved performance to address the stock's valuation. COO Rodger Fuller added that European metal can profitability was up despite lower volumes.

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CEO Howard Coker stated that the Eviosys adjusted run rate for 2024 was approximately $390 million, with a planned 10% increase for 2025. Interim CFO Jerry Cheatham added that the TFP business's Q1 2025 performance is expected to be similar to Q4 2024. COO Rodger Fuller explained that while the North American Industrial business was strong, overall segment results were impacted by softness in Europe and Asia, where the company is actively rightsizing capacity.

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CEO Howard Coker explained the strategy as "trading up" in market opportunity and size, as capital demands were too high across too many niches. CFO Rob Dillard quantified that ROIC is expected to improve from ~12% to the teens, with the transactions adding over $200 million in EBITDA with similar or less capital investment. He projected a pro forma cost of debt in the low 4s. COO Rodger Fuller added that industrial volumes have been uneven, with strength in paper and film cores but weakness in textiles, and that the company is not seeing significant pressure from boxboard imports.

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President & CEO Timothy Donahue explained the restructuring charge was primarily for an asset write-down in a Chinese plant and severance costs in the Transit segment. He expressed hope that Transit could hold its Q2 performance level in Q3 but noted significant tariff uncertainty for Q4. Regarding Europe, Donahue confirmed no signs of destocking or direct tariff impact, but highlighted a longer-term concern about contracting industrial economies potentially affecting consumer confidence, though the can business remains well-positioned.

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CEO Timothy Donahue stated there has been no significant pre-buying in beverage cans due to just-in-time supply chains, though there may have been a minor amount in food cans. He attributed strong food can performance to customer mix, particularly in pet food, rather than promotions. For Europe, Donahue explained that strong volume growth and an accelerating substrate shift to aluminum cans have 'overwhelmed' any margin headwinds from PPIs, leading to an expected tight supply situation in the summer.

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President and CEO Timothy Donahue confirmed the potential for mid-single-digit growth in Europe and stated that existing capacity is sufficient for the next couple of years. He sees tariff impacts as largely indirect, affecting consumer purchasing power. On the follow-up, Executive Kevin Clothier quantified the FX headwind at about $0.10 per share and the pension annuitization benefit at around $0.08. Donahue added that innovation in energy and alcoholic drinks, which are largely offered in cans, continues to be a positive driver.

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President and CEO Timothy Donahue explained that income growth is largely dependent on volume, but the company does not anticipate needing to install new capacity for the next two years to meet expected market growth. He projected 2025 capital spending would be no more than $450 million, similar to 2024. Donahue identified volume growth as the primary profit driver, with potential upside from a recovery in the Transit Packaging business if industrial markets improve. He also noted that the invested capital base should not expand significantly.

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EVP & CFO Larry Hilsheimer stated the mill closures will yield a positive $10 million annual EBITDA impact from fiscal 2026 onward. On the cost-out program, he noted the $10 million run-rate savings achieved so far are from operational and SG&A reductions. CEO Ole Rosgaard added there are over 70 workstreams in motion. Hilsheimer confirmed the guidance incorporates a cautious volume outlook but that the company is still actively pursuing the full URB price increase in the market, a point reinforced by Rosgaard who noted backlogs are at a two-year high.

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CEO Ole Rosgaard and CFO Larry Hilsheimer attributed the Ipackchem variance to a post-acquisition contraction in the agrochemical market but affirmed long-term confidence. They reiterated the cost plan is a three-year goal without a specific annual breakdown yet. Rosgaard noted tariffs would likely be a net positive due to local sourcing. Hilsheimer projected a slower Q1, typical for the company, with some margin pressure in metals, followed by improvement through the year.

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CEO Ole Rosgaard expressed confidence in continuing to outperform in Europe, citing the company's value-over-volume strategy that wins back business and a strategic focus on growing in less cyclical segments like food and pharma. He noted CorrChoice volumes were up nearly 10% sequentially. He described the overall Q3 exit trend as 'choppy' but positive. CFO Larry Hilsheimer added that customer feedback on the market is a 'mixed bag,' with sentiment often tied to the outlook for interest rates, which impacts consumer spending and industrial production.

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CEO Nate Jorgensen stated that competitive challenges are primarily from other EWP producers, not alternative materials. CFO Kelly Hibbs confirmed the strong daily sales pace seen in April continued into early May. COO Jeff Strom commented that the door strategy is progressing well, with both acquisitions and greenfield sites growing. Nate Jorgensen concluded that tariff impacts are modest and manageable, mainly affecting some imported metal products in the general line.

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CFO Kelly Hibbs clarified that EWP price erosion stems from competition among EWP products, not from other materials. CEO Nate Jorgensen added that while smaller home footprints might affect I-joist demand, increasing design complexity supports LVL demand for beams and headers. Hibbs confirmed the $7 million negative cost impact from the Oakdale downtime in Q1 and noted a residual impact will continue into Q2 as the mill ramps up to 50% capacity. COO Jeff Strom described the BMD inventory position as good, noting a high reliance from dealers on Boise Cascade's warehouse inventory.

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CEO Tony Smurfit described the Consumer Packaging business as strong, with great people and assets, though the market is 'a little bit tougher' than first anticipated. He affirmed that capital will be allocated based on the best returns across all business lines. He stated that specific strategies for CRB, SBS, and CUK are actively being developed and the company is 'not a million miles away' from communicating them, indicating the CRB closure is part of this ongoing strategic refinement.

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CEO Oliver Graham attributed the guidance raise to strong North American performance in categories like energy and sparkling water, driven by a mix of innovative new labels and strong existing products. He noted that while European margin headwinds persist, Q1 performance was better than expected due to strong cost management. The increased growth CapEx is targeted at high-return projects to add capacity and flexibility in a 'tapped out' European market.

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CEO Devin Stockfish attributed the lack of a significant lumber price uplift to recent weather impacts and market skepticism that tariffs will be implemented. He also expressed confidence in staffing the new Arkansas facility with top internal talent. CFO David Wold addressed capital allocation, affirming the company's framework supports dividend growth and strategic investments. He explained the Timberstrand project's $500M CapEx will ramp up in 2026 and is excluded from adjusted FAD as it is treated like a strategic growth investment, thereby not reducing cash returned to shareholders.

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CEO Devin Stockfish projected that the Japan export market should improve in 2025 as European lumber imports decrease, while China remains a wildcard dependent on its real estate market. Regarding lumber profitability, he expressed optimism for 2025, citing recent capacity reductions as unsustainable for the industry. CFO David Wold added that at current prices, the lumber business would be EBITDA positive. Devin Stockfish also confirmed the directional outlook for OSB (up) and EWP (down) sequentially.

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