This report does not constitute a rating action. S&P Global Ratings’ full-year volume growth assumption is unchanged, however we now expect prolonged raw material cost inflation will drive revenues higher. Mauser Packaging Solutions Holding Co.’s volumes were flat through the first half of 2026 as stronger than anticipated volume increases in the second quarter offset low-single-digit percent declines in the first quarter. Soft demand continued in the North America Small Packaging (NASP) segment due to a slowdown in the housing market amid affordability concerns and high mortgage rates. At the same time, the Mauser International Packaging Solutions (MIPS) segment benefited from strategic investments in certain product lines and favorable foreign exchange. It remains uncertain whether the change in trajectory in
