International Paper will hold a Capital Markets Day on 3 November 2026 to set out how it will separate its EMEA packaging business into an independent company, DS Smith plc, including the new company's business model and outlook. The separation is reported as a response to UK Competition and Markets Authority merger requirements. After it, International Paper will stop giving financial guidance for the former EMEA operations.
Why this mattersRe-creating DS Smith as an independent company would put International Paper's European packaging business under separate management, changing the competitive set for European box customers.
- International Paper will host a Capital Markets Day on 3 November 2026 covering the EMEA separation, scheduled to run four hours.
- The separation is presented as a response to UK Competition and Markets Authority merger regulation.
- The separated unit is to be named DS Smith plc and will operate as an independent entity.
- International Paper will cease providing financial guidance for the former EMEA packaging operations after separation.
- Andy Silvernail, Chairman and CEO of International Paper, is overseeing the reorganisation.
International Paper reported a USD 1.097bn loss from continuing operations for the third quarter of 2026, after a USD 1.38bn non-cash goodwill impairment in its Packaging Solutions EMEA business. Sales were USD 6.197bn against USD 6.222bn a year earlier, and North American packaging delivered USD 427m of segment operating profit. The company removed EMEA guidance as the planned separation of that business progresses and now gives fourth-quarter and full-year targets for North American packaging only.
Why this mattersThe impairment resets the book value of International Paper's European box business before its separation, a reference point for valuations of European corrugated assets.
- USD 1.38bn non-cash goodwill impairment in Packaging Solutions EMEA in Q3 2026
- Continuing operations loss of USD 1.097bn, or USD 2.07 per diluted share
- Q3 sales USD 6.197bn, against USD 6.222bn a year earlier
- Adjusted EBITDA from continuing operations USD 843m, down from USD 859m a year earlier
- North American packaging segment operating profit USD 427m; Q4 adjusted EBITDA target USD 700–740m
- EMEA guidance removed as the planned separation of the business progresses
- Packaging Solutions EMEA is to be spun off into DS Smith plc, with International Paper retaining about 20% of the new entity
- Updated group guidance excluding the EMEA business is due on 3 November 2026
- Packaging Solutions EMEA is separately restructuring and cutting costs amid weaker demand and lower volumes
