This report does not constitute a rating action. Volume growth, pricing actions continued to offset inflationary pressures through first half. ProAmpac increased its reported volumes by 4.5% in the first half of 2026, which--in combination with management's pricing actions--more than offset raw material price inflation, supporting adjusted EBITDA margins in the mid-teens percent area. The company noted the improvement in its volumes stemmed from continued momentum in its fiber and U.S. flexible film businesses over this period. S&P Global Ratings forecasts increasing organic revenue through 2026 and into 2027, which will support continued deleveraging over our outlook period. We expect expenses related to ProAmpac's purchase of TC Transcontinental Packaging (TCP) will negatively affect its EBITDA in 2026, leading to elevated
