Packaging M&A Update

RESOURCE HIGHLIGHTS

• In Q3, the Dow Jones Containers & Packaging Index decreased by 7.8% and was outperformed by a 7.9% increase in the S&P over
  the same period.
• The median EV/EBITDA multiple for reported private equity deals in the sector increased to 13.5x in YTD 2025 from 5.8x in 2024, but decreased for strategic deals 6.7x from 9.0x in the prior year.
• M&A deal volume in the sector increased 2.9% in Q3 to 71 deals from 69 in Q2, and increased 42.0% from 50 deals in Q3 of the
  prior year.
• North America was the second most active region, behind Europe, in Q3 with 23 deals. Most notably in North America was Packaging Corporation of America’s $1.8B acquisition of Greif’s containerboard business, an Ohio-based manufacturer of linerboard and corrugating medium used to produce corrugated sheets, boxes, and other packaging products, in September 2025.
• Total capital invested in M&A transactions decreased 89.8% in Q3 to $3.4B from $33.3B in Q2, in large part from the $24.7B
  Berry Global deal in April 2025. In Q3, we saw the lowest level of capital invested in M&A transactions since Q2 2024.