PACKAGING CORP OF AMERICA

Current report

There have been no material changes to the risk factors disclosed in “Part I, Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025.

Current report

(b)

Current report

Excludes commissions.

Previous report

Please refer to Item 1A. in PCA’s Annual Report on Form 10-K for the year ended December 31, 2024 for a discussion of risks to which PCA’s business, financial condition, results of operations and cash flows are subject. The following are additional risk factors as a result of the Greif Acquisition.

Previous report

The Greif containerboard business may underperform relative to our expectations, and we may not be able to successfully integrate the business into our existing business.

Previous report

We completed the Greif Acquisition on September 2, 2025. The business may underperform relative to our expectations, which may cause our financial results to differ from our own or the investment community’s expectations. We are in the early stages of integrating the acquired business into our business, and are expending considerable time and resources on the integration. There may be substantial difficulties, costs and delays involved in this integration and the integration process could result in the diversion of our management’s attention from our existing business.

Previous report

We are relying on the Seller to provide transition services to us for key functions of the acquired business, including accounting, information technology systems and support, purchasing and other services. We will be required to implement our own systems at the acquired business to perform these functions and exit the transition services agreement during the next year. We may experience delays or higher than expected costs in connection with these activities. We may face challenges in running the acquired business and achieving expected benefits from the acquisition if we experience difficulties in the implementation of our systems.

Previous report

If the Greif containerboard business underperforms relative to our expectations, or if we fail to successfully integrate the business or experience difficulties in implementing our systems into the acquired business, it may have a material adverse effect on our business, financial condition and results of operations.

Previous report

Increased leverage may harm our financial condition and results of operations.

Previous report

We materially increased our indebtedness in connection with our acquisition of the Greif containerboard business from $2.48 billion as of the end of the second quarter to approximately $3.97 billion after the acquisition. We and our subsidiaries may incur additional indebtedness in the future. This increase and any future increase in our level of indebtedness will have several important effects on our future operations, including, without limitation:

Previous report

we will have additional cash requirements in order to support the payment of interest on our outstanding indebtedness;

Previous report

increases in our outstanding indebtedness and leverage may increase our vulnerability to adverse changes in our business;

Previous report

our ability to obtain additional financing for working capital, capital expenditures, general corporate and other purposes may be reduced;

Previous report

our flexibility in planning for, or reacting to, changes in our business and our industry may be reduced; and

Previous report

our flexibility to make acquisitions may be limited.

Previous report

Further, if we cannot service our indebtedness, we may have to take actions to secure additional cash by selling assets, seeking additional equity or reducing investments, any of which could impede the implementation of our business strategy or prevent us from entering into transactions that would otherwise benefit our business. Additionally, we may not be able to take such actions, if necessary, on commercially reasonable terms, or at all.