Paper and Forest Products Sector Outlook — September 2026

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MATERIALS › MATERIALS › PAPER AND FOREST PRODUCTS

Paper and Forest Products: The Premium Sits Downstream

How this market is currently paying for integration, product mix and fiber position across twelve names, and what the transaction record shows alongside it.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E)

Paper and Forest Products Coverage | September 2026 | Confidential | Not investment advice

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1. 01
   MATERIALS › MATERIALS › PAPER AND FOREST PRODUCTS

   Paper and Forest Products: The Premium Sits Downstream

   Cover slide introducing the Paper and Forest Products sector outlook and its framing on where value concentrates downstream.

   We open with a simple claim: in this sector, the premium sits downstream, not with scale. The pages that follow show how the market prices integration, mix and fiber position across twelve names, and what the transaction record confirms alongside it.

   Everything on this page

   MATERIALS › MATERIALS › PAPER AND FOREST PRODUCTS Paper and Forest Products: The Premium Sits Downstream How this market is currently paying for integration, product mix and fiber position across twelve names, and what the transaction record shows alongside it. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Paper and Forest Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   CONTENTS

   What This Report Covers

   Table of contents laying out the report's five sections plus appendix, starting with the bottom line.

   We've built this report so the bottom line comes first — section one carries the full argument on its own. From there we walk the landscape, the valuation drivers, the precedent transaction record and the strategic implications. If time is short, section one is the page that matters most.

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   CONTENTS What This Report Covers 01 The Bottom Line Where the Value Sits in Paper and Forest Products 02 The Landscape Three Groups Earn Their Multiple Differently 03 Valuation & Situations The Range Runs Wide on CY2027E EBITDA 04 Precedent Transactions Strategics Have Kept Buying Through the Cycle 05 Strategic Implications The Levers an Owner Actually Controls 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Paper and Forest Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

3. 03
   01 · THE BOTTOM LINE

   Paper and Forest Products Is Three Businesses in One Label, and Converting Sits at the Top of the Range

   The report's central finding: Paper and Forest Products behaves as three separate businesses, with converting names commanding the top of the valuation range.

   This is the whole story on one page. Integrated mills hold most of the names in this set — 8 of 12 — but converting sits at the top of the range at 8.2x against a sector median of 6.6x. That premium survives a CY2027E lens that already credits forecast growth, which points toward durability of earnings rather than a forecast. In the transaction record, whole-company deals like BillerudKorsnäs AB's purchase of Verso Corporation at 6.0x sit near that same public-market middle.

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   01 · THE BOTTOM LINE Paper and Forest Products Is Three Businesses in One Label, and Converting Sits at the Top of the Range The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (10 of 12 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Paper and Forest Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Integrated Mills Carry the Count, Converting Carries the Price Integrated forest products is 8 of the 12 names and 67% of the set, and the middle of that group sits at 6.1x on CY2027E EBITDA. The two fiber-based packaging converting names sit at 8.2x between them. 2 The Faster-Growing Half Is Not Where the Premium Sits Split at the set's growth midpoint, the faster half of the 10 names with a CY2027E estimate sits at 6.3x and the slower half at 6.7x, five names on each side. The wide spread in this sector is therefore associated with product mix and asset position alongside growth, not with pace of growth on its own. 3 The Top of the Range Holds a Premium a Forward Multiple Does Not Erase The three names at the premium end sit at 9.8x against 5.4x for the three at the discount end. A CY2027E multiple already credits forecast growth, so a premium that survives that test points toward durability of earnings rather than toward a forecast. 4 Whole-Company Transactions in the Record Sit Near the Public Middle In the transaction record shown, Mayr-Melnhof Group's purchase of International Paper (Poland) Holding sp. z.o.o. was recorded at 7.6x and BillerudKorsnäs AB's completed purchase of Verso Corporation at 6.0x. Both sit inside the range the public mill and converting names carry today. 6.6x Sector median EV/EBITDA CY2027E consensus · 10 rated of 12 companies 9.8x Premium end EV/EBITDA vs 5.4x at the discount end top quartile (n=3) against bottom quartile (n=3) on EV/EBITDA — the spread the report explains 14 Transactions with disclosed terms 54 recorded in this tier · 3 told as case studies, the full list in the appendix

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   SECTION 02

   02

   Divider introducing section two, which groups the twelve companies by business segment.

   Next we group the set by what each business actually sells. That's the lens for reading how buyers price this sector.

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   SECTION 02 02 THE LANDSCAPE Three Groups Earn Their Multiple Differently What each group sells, and what buyers in this sector read in it. 02 of 06 Paper and Forest Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   Integrated Mills Hold the Count; Converting and Adjacent Names Hold the Higher Multiples

   Map of the twelve approved companies by business segment, showing integrated mills hold the count while converting and adjacent names hold the higher median multiples.

   Here we group all twelve approved companies by segment and look at where the multiple sits in each. Integrated mills hold the largest share of names, but the converting and adjacent groups carry the higher median EV/EBITDA (CY2027E). That gap is the first evidence for our central claim — this sector is not priced as one business. It sets up the deeper valuation work in the next section.

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   02 · MARKET MAP Integrated Mills Hold the Count; Converting and Adjacent Names Hold the Higher Multiples 12 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Paper and Forest Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 INTEGRATED FOREST PRODUCTS (TIMBER, PULP AND PAPER) 8 cos median 6.1x International (IP) Suzano S.A. (SUZ) Louisiana-Pacific (LPX) UFP Industries (UFPI) Boise Cascade (BCC) Sylvamo (SLVM) Mercer (MERC) Clearwater Paper (CLW) 8 of the 12 names, spanning timber, pulp, paper and panels, with cost-curve position and fiber security varying widely inside the group. FIBER-BASED PACKAGING CONVERTING 2 cos median 8.2x Smurfit Westrock (SW) Packaging (PKG) Two names turning mill tons into boxes for non-durable demand, where integration rate and price realization travel together. ADJACENT MODELS 2 cos median 8.4x Builders (BLDR) Koppers Holdings (KOP) Builders FirstSource, Inc. (BLDR) and Koppers Holdings Inc. (KOP) sell wood value into construction and infrastructure rather than into index-priced grades.

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   02 · LANDSCAPE

   Paper and Forest Products Prices as Several Separate Businesses, with a Wide Gap Between the Groups

   Segment-level view of the approved universe showing a wide valuation gap between business groups.

   This page confirms the pattern at the segment level: Paper and Forest Products prices as several separate businesses, not one. The gap between the highest- and lowest-priced groups is wide, and it's consistent with what buyers say they're paying for — mix and fiber position, not just scale. Full company-level detail sits in the appendix for anyone who wants to trace a specific name.

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   02 · LANDSCAPE Paper and Forest Products Prices as Several Separate Businesses, with a Wide Gap Between the Groups Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Paper and Forest Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters Integrated forest products (timber, pulp and paper) 8 67% 6.1x International Paper Company (IP) · Suzano S.A. (SUZ) · +6 more The volume end of the set. Eight names covering timber, pulp, paper and panels; 6 of them carry a CY2027E estimate and the middle of that group sits at 6.1x. Delivered cost, secured fiber and integration rate separate names inside this group more than headline scale does. Fiber-based packaging converting 2 17% 8.2x Smurfit Westrock plc (SW) · Packaging Corporation of America (PKG) Mill tons converted into boxes. Smurfit Westrock plc (SW) and Packaging Corporation of America (PKG) sit at 8.2x in the middle of the pair. Demand tracks non-durable consumption, and value here rests on integration rate, mill net and contract reset lag rather than on spot grade pricing alone. Adjacent models 2 17% 8.4x Builders FirstSource, Inc. (BLDR) · Koppers Holdings Inc. (KOP) Wood value sold downstream. Builders FirstSource, Inc. (BLDR) and Koppers Holdings Inc. (KOP) price at 8.4x between them. Both sell into construction and infrastructure end markets, where product specification and service, rather than published grade indices, shape what a customer pays.

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   SECTION 03

   03

   Divider introducing section three, the public market valuation analysis.

   Now we go company by company on CY2027E EBITDA. The set's middle sits at 6.6x, with ten of the twelve names rated — that range is where the rest of this section lives.

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   SECTION 03 03 VALUATION & SITUATIONS The Range Runs Wide on CY2027E EBITDA The set's middle sits at 6.6x, with 10 of the 12 names rated. 03 of 06 Paper and Forest Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   The Top of the Range Holds a Premium That Survives a Forward Multiple

   Full ranked view of the ten rated companies on EV/EBITDA (CY2027E), showing the top of the range holds a premium over the sector median.

   This page ranks every rated company on the same basis — EV/EBITDA (CY2027E) — against a sector median of 6.6x. The top tier holds a clear premium, and because CY2027E already credits forecast growth, a premium that survives this lens points to durability of earnings rather than to a growth story. The tier zones here are our own cut at the rated set's quartiles, not a market convention. That's the discipline we carry into the rest of the section.

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   03 · PUBLIC MARKET VALUATION The Top of the Range Holds a Premium That Survives a Forward Multiple EV / EBITDA (CY2027E) · all 10 rated companies, sorted descending · sector median 6.6x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (10 of 12 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. Paper and Forest Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 9.8x CORE · median 6.6x DISCOUNT · median 5.4x Sector median 6.6x WHAT SEPARATES THE TWO ENDS The top holds 9.8x. The three names at the premium end sit at 9.8x on CY2027E EBITDA. Each pairs converted or value-added output with an end-market position the market appears willing to pay for through the cycle. The bottom sits at 5.4x. The three names at the discount end sit at 5.4x. Two of the three carry revenue growth above the set's middle, so the gap between the ends is associated with earnings mix and asset position rather than with growth on its own. A forward lens already credits growth. CY2027E EBITDA prices earnings the market has not yet seen. A premium that holds on that basis points toward durability — integration, secured fiber and delivered cost — rather than toward an optimistic forecast year.

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   03 · VALUATION DRIVERS

   Splitting the Set on Growth Leaves the Two Halves Priced Alike

   Comparison of median EV/EBITDA by growth cohort and by margin cohort, showing the faster-growing half is not priced higher than the slower half.

   We split the rated set at its own growth median and again at its own margin median to see what the multiple is actually rewarding. The faster-growing half prices no higher than the slower half — 6.3x against 6.7x — so growth alone doesn't explain the spread we saw on the last page. That's an association in this data, not a causal claim, and it points us toward mix and asset position as the better explanation. We test that directly in the next two pages.

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   03 · VALUATION DRIVERS Splitting the Set on Growth Leaves the Two Halves Priced Alike Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=5; slower n=5; higher-margin n=5; lower-margin n=5). Driver readings are NeuraCap views on the supplied data — association, not causation. Paper and Forest Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 6% · EBITDA-margin split at 16% Both Halves of the Growth Split Land Close Together Split at 6% revenue growth, the faster half of the 10 names with a CY2027E estimate sits at 6.3x and the slower half at 6.7x, with five names on each side. On this evidence, pace of growth is not what separates the top of the range from the bottom here. Profitability Is Where the Operating Gap Actually Shows Reported margin across these names runs from 8% at Builders FirstSource, Inc. (BLDR) to 39% at Suzano S.A. (SUZ), a far wider spread than the growth split shows. That range is where cost-curve position, delivered fiber cost and value-added mix become visible. Where a Name Sits in the Chain Travels with Its Multiple Both of the smaller groups — converting and adjacent models — price above the integrated group at the middle. For an owner, that points at integration rate, value-added mix and end-market exposure as the levers the market is reading. Trough Resilience Is the Question Buyers Underwrite A CY2027E lens asks the market to value earnings it has not yet seen, in a sector where the same asset prints very different numbers at the top and bottom of the cycle. The names at the top of this range combine converted or value-added output with fiber and cost positions that hold when grade pricing softens.

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    03 · SITUATION MAP

    The Set Splits into Names Already Priced for Growth and Names Whose Growth Sits Outside the Price

    Two-by-two cut of the set on valuation versus growth relative to the covered medians, framed as observations rather than recommendations.

    This grid cuts the set on EV/EBITDA against the sector median and on revenue growth against the covered median, separating names already priced for growth from names whose growth sits outside the price. These are observations about where each name sits today, not recommendations to buy or sell any security. The boundaries are the cohort's own medians, so they move if the underlying set changes. It's a starting point for the next conversation, not a conclusion.

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    03 · SITUATION MAP The Set Splits into Names Already Priced for Growth and Names Whose Growth Sits Outside the Price Cut on EV / EBITDA vs the sector median (6.6x) (rows) and revenue growth vs the covered median (6%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Paper and Forest Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Paid up and Growing Above-median multiple · above-median revenue growth 2 names Packaging Corporation of America (PKG) · Louisiana-Pacific Corporation (LPX) Packaging Corporation of America (PKG) and Louisiana-Pacific Corporation (LPX) price above the set's middle of 6.6x with revenue growth above the middle as well. For an owner, this is the combination the market is currently paying for: converted or value-added output with volume still moving. Paid up on Position Above-median multiple · below-median revenue growth 3 names International Paper Company (IP) · Builders FirstSource, Inc. (BLDR) · Koppers Holdings Inc. (KOP) International Paper Company (IP), Builders FirstSource, Inc. (BLDR) and Koppers Holdings Inc. (KOP) hold above-middle multiples on below-middle growth. The market is paying here for position — scale, integration and end-market access — so the live question for these three is where the next increment of volume comes from. Growth Not yet in the Price Below-median multiple · above-median revenue growth 3 names Smurfit Westrock plc (SW) · Suzano S.A. (SUZ) · Mercer International Inc. (MERC) Smurfit Westrock plc (SW), Suzano S.A. (SUZ) and Mercer International Inc. (MERC) grow faster than the set's middle and price below it. The growth is not yet reflected in the multiple, and exposure to index-priced grades is the first explanation a practitioner would test. Priced for the Cycle Below-median multiple · below-median revenue growth 2 names UFP Industries, Inc. (UFPI) · Sylvamo Corp (SLVM) UFP Industries, Inc. (UFPI) and Sylvamo Corp (SLVM) sit below the middle on both measures. Mix shift into value-added product and improvement in delivered cost position are the levers that would change how these two are read.

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    03 · GROWTH VS PROFITABILITY

    Four Names Clear Both the Growth and Margin Bars

    Quadrant view of revenue growth against EBITDA margin for the ten companies with both estimates, with median EV/EBITDA per quadrant.

    Here we cut the same ten names on growth and margin together, using the covered set's own medians as the lines. Four names clear both bars, and that quadrant carries a distinct median EV/EBITDA from the other three. It's a useful check on whether the premium we've been describing is concentrated in names that are genuinely strong on both dimensions, or spread more broadly across the set.

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    03 · GROWTH VS PROFITABILITY Four Names Clear Both the Growth and Margin Bars Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2027E, y-axis) · 10 companies with both estimates · cuts at the covered medians (6% growth, 16% margin) · median EV/EBITDA per quadrant · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Quadrant cuts are the covered set's medians. Quadrant medians on names with a meaningful EV/EBITDA (balanced n=4; margin-only n=1; growth-only n=1; neither n=4). Paper and Forest Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 2% 5% 8% 10% 12% 15% 10% 20% 30% MARGIN ONLY median 6.7x BALANCED median 7.5x NEITHER median 6.8x GROWTH ONLY median 5.7x KOP BLDR SLVM UFPI IP SW PKG MERC LPX SUZ x: revenue growth (CY2027E) · y: EBITDA margin (CY2027E) HOW TO READ THIS The map splits the 10 names with a CY2027E estimate at 6% revenue growth and 16% EBITDA margin. Four clear both bars — Smurfit Westrock plc (SW), Packaging Corporation of America (PKG), Louisiana-Pacific Corporation (LPX) and Suzano S.A. (SUZ) — and that group sits at 7.5x. One name clears growth alone, at 5.7x, and one clears margin alone; each of those cells holds a single name, so read them lightly. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 1 of 10 names clear it (SUZ).

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    03 · THE AGENDA

    The Decision in Paper and Forest Products Is Which Businesses to Grow and Which to Fund Differently

    Framing slide posing the strategic questions this valuation pattern raises for an owner or acquirer.

    The data on the last several pages points toward a specific decision: which businesses in this portfolio to grow, and which to fund differently. This page frames that as a set of questions rather than a set of answers — our own view, grounded in the cohort data, not investment advice. It's the bridge from the valuation section into the transaction record and the strategic implications that follow.

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    03 · THE AGENDA The Decision in Paper and Forest Products Is Which Businesses to Grow and Which to Fund Differently NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Paper and Forest Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Decide How Far Downstream the Tons Should Travel The converting pair and the adjacent pair both price above the integrated group at the middle of this set. The decision is how much output can realistically move into converted or specified product, and what that conversion costs in capital and calendar time. What changes the answer: A grade conversion or brownfield project that pencils below the multiple the converting names carry. Settle the Fiber Position for the Next Decade Secured fiber — owned land, long-dated supply agreements or a deep wood basket — is one of the things buyers in this sector pay for directly. Owners facing a contested or depleting basket can address it through supply agreements and land position rather than through spot purchasing. What changes the answer: Delivered fiber cost moving against you for two consecutive contract cycles. Choose Whether Land and Mills Are Valued Together Timberland and standing inventory are valued on acreage quality, species mix and haul distance, and land attached to a mill is frequently separated and monetized with a fiber supply agreement back to the mill. Owners holding both should know what each is worth on its own basis. What changes the answer: A land value on acreage terms that differs materially from the mill's earnings-based value. Decide Who You Want to Be at the Bottom of the Cycle The record shown includes mill carve-outs, timberland packages and whole-company combinations, and the active buyers are usually strategics with a fiber and freight network to fill. Whether this company is positioned to acquire curtailed assets is a capital-structure question best settled before the cycle turns. What changes the answer: Leverage and liquidity that fund a maintenance outage and an acquisition in the same year.

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    SECTION 04

    04

    Divider introducing section four, the precedent transaction record.

    Strategics have kept buying through this cycle. The record shown here spans nine transactions, from mill carve-outs to timberland to whole-company combinations.

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    SECTION 04 04 PRECEDENT TRANSACTIONS Strategics Have Kept Buying Through the Cycle Nine transactions in the record shown, from mill carve-outs to timberland to whole companies. 04 of 06 Paper and Forest Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

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    04 · DEAL CASE STUDIES

    Strategics Dominate This Transaction Record, and Fit Looks Like What They Pay For

    Three detailed transaction case studies out of fourteen precedent transactions with disclosed terms, illustrating what strategic buyers pay for.

    We walk through three of the fourteen transactions with disclosed terms as case studies, with the complete list in the appendix. Mayr-Melnhof Group's purchase of International Paper (Poland) Holding sp. z.o.o. was recorded at 7.6x, inside the range the public mill and converting names carry today. Deal multiples here are LTM at announcement, not directly comparable to the CY2027E public basis we use elsewhere, so we're not claiming a spread between the two. What comes through in these cases is what strategics are paying for — fit with an existing network, not just scale.

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    04 · DEAL CASE STUDIES Strategics Dominate This Transaction Record, and Fit Looks Like What They Pay For 3 of 14 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 74 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 40 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Paper and Forest Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 Sep-2019 $27.2B Lyme Great Lakes Holding LLC acquires Weyerhaeuser Company EV / LTM revenue 3.9x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The buyer is a land-holding vehicle and Weyerhaeuser Company is a timber and wood products owner, which reads as a transaction about acreage, standing inventory and long-duration land exposure rather than about mill conversion economics. Transactions of this kind commonly travel with supply arrangements back to the wood-consuming assets. HOW THE TARGET WAS VALUED The announced transaction was recorded at $27.2B and 3.9x revenue in September 2019. That revenue multiple sits well above what the mill and converting assets in this record were recorded at, consistent with land and biological inventory being valued on their own basis. Apr-2015 $22.2B Tri Pointe Homes, Inc. acquires Weyerhaeuser EV / LTM revenue 3.0x EV / LTM EBITDA 21.2x WHY THE DEAL HAPPENED Value shown as recorded in the filing; deal value unit unresolved. HOW THE TARGET WAS VALUED The filing records $22.2B of enterprise value, struck at 3.0x LTM revenue. Jun-2024 $21.0B Suzano S.A. Suzano S.A. reaching downstream for International Paper Company's converting network at $21.0B. EV / LTM revenue 1.1x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED Suzano S.A. (SUZ) is a cost-advantaged pulp producer and International Paper Company (IP) is an integrated producer with a large converting footprint, so the transaction reads as upstream fiber reaching for downstream integration and hard-currency exposure. Both names sit in this peer set, which makes the fit legible: the buyer's tons meeting the target's customers. HOW THE TARGET WAS VALUED The announced value was recorded at $21.0B and 1.1x revenue in June 2024. A revenue multiple near one times is what large integrated assets with mixed grade exposure have been recorded at in this transaction record, well below the land-weighted pricing in the same set.

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    SECTION 05

    05

    Divider introducing section five, the levers an owner actually controls.

    The next pages turn to product mix, fiber position, delivered cost and the capital plan. These are the levers an owner has direct control over, regardless of where the cycle sits.

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    SECTION 05 05 STRATEGIC IMPLICATIONS The Levers an Owner Actually Controls Product mix, fiber position, delivered cost and the capital plan. 05 of 06 Paper and Forest Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

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    05 · STRATEGIC IMPLICATIONS

    Mix, Fiber Position and the Capital Plan Are What This Market Is Reading

    Framing of what this market is reading over the next twelve months: mix, fiber position and the capital plan.

    Based on everything we've shown, three things are what this market is reading: product mix, fiber position and the capital plan. This page frames the questions those put on the table for owners, boards, management teams and capital allocators over the next twelve months. These are our own views, drawn from the analysis in this report — observations, not recommendations.

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    05 · STRATEGIC IMPLICATIONS Mix, Fiber Position and the Capital Plan Are What This Market Is Reading NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Paper and Forest Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS Move Tons Toward Converted and Value-Added Output The two groups priced above the integrated middle in this set are the converting names and the adjacent models. Tons that move out of index-priced grade into converted or specified product change the earnings base the market is asked to value, and they change how contract resets reach the mill net. FOR BOARDS Underwrite the Capital Catch-up Before the Cycle Turns Buyers in this sector price deferred maintenance, upcoming outages and compliance capital explicitly rather than accepting a reported maintenance figure. Funding that plan through a soft patch is what distinguishes the balance sheets that can take economic downtime and still buy assets at the trough. FOR MANAGEMENT TEAMS Delivered Cost and Freight Position Are the Operating Story Secured fiber, delivered cost and proximity to customers, rail or port are what strategic buyers test first, and they show up in the wide profitability range across this set. Long-dated supply and brownfield capacity behind existing permits carry more weight than headline installed capacity.

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    SECTION 06

    06

    Divider introducing section six, the full comparables universe, methodology and sources.

    The final section carries the comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives.

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Paper and Forest Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17

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    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier

    Full table of the ten rated companies on EV/EBITDA (CY2027E), grouped and shaded by valuation tier relative to the sector median.

    This table carries every rated company on the same EV/EBITDA (CY2027E) basis, shaded against the sector median of 6.6x. Two names in the set carry no eligible multiple and are listed separately in the companion workbook. This is the full backup for every multiple quoted in the body of the report.

    Everything on this page

    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (6.6x); amber marks below · 10 rated companies; 2 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 10 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Paper and Forest Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥8.3x · median 9.8x · 3 companies Packaging Corporation of America PKG Fiber-based packaging converting $25.0B 10.0x 8% 23% 31 Builders FirstSource, Inc. BLDR Wood structural building products for construction $11.6B 9.8x 4% 8% 12 Louisiana-Pacific Corporation LPX Integrated forest products (timber, pulp and paper) $4.9B 8.7x 12% 20% 32 CORE — 5.8x–8.3x · median 6.6x · 4 companies Koppers Holdings Inc. KOP Wood preservation chemicals and carbon materials $1.9B 7.0x 4% 13% 17 International Paper Company IP Integrated forest products (timber, pulp and paper) $30.3B 6.7x 6% 18% 23 UFP Industries, Inc. UFPI Integrated forest products (timber, pulp and paper) $4.0B 6.6x 5% 9% 14 Smurfit Westrock plc SW Fiber-based packaging converting $37.9B 6.3x 6% 18% 23 DISCOUNT — <5.8x · median 5.4x · 3 companies Mercer International Inc. MERC Integrated forest products (timber, pulp and paper) $1.6B 5.7x 9% 12% 22 Suzano S.A. SUZ Integrated forest products (timber, pulp and paper) $25.5B 5.4x 15% 39% 54 Sylvamo Corp SLVM Integrated forest products (timber, pulp and paper) $2.2B 4.2x 5% 15% 20

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    First page of the full list of precedent transactions with disclosed terms, sorted newest first.

    This is the complete list of transactions with disclosed terms, newest first, with multiples on LTM financials at announcement where disclosed. A number of the recorded transactions carry data-quality flags and are shown as recorded in the underlying filing. Transactions with neither a disclosed value nor a multiple are kept in the companion workbook rather than listed here.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 14 transactions with disclosed terms in this tier (54 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 74 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 40 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Paper and Forest Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Oct-2025 n/a → Interfor Corp. n/a n/a 30.2x The announced transaction for Interfor Corp. was recorded at 30.2x EBITDA in October 2025. A figure that far above the public set is consistent with a trough earnings year in a cyclical sector, which is why practitioners anchor on normalized, through-cycle EBITDA and… Mar-2025 The Rohatyn Group → New Zealand joint venture (Matariki Forestry Group) $922M n/a n/a The Rohatyn Group's announced purchase of the New Zealand joint venture (Matariki Forestry Group) was recorded at $922M in March 2025. Land and standing inventory trade to long-duration capital on acreage, species mix and haul distance, separately from conversion… Jun-2024 Suzano S.A. → International Paper Company $21.0B 1.1x n/a Value shown as recorded in the filing; deal value unit unresolved. Dec-2021 BillerudKorsnäs AB → Verso Corporation n/a 0.7x 6.0x BillerudKorsnäs AB completed its purchase of Verso Corporation at 6.0x EBITDA and 0.7x revenue in December 2021. That pricing is consistent with a thesis built on grade conversion and machine flexibility rather than on the target's grade earnings as they stood. Nov-2021 Interfor Corporation → EACOM Timber Corporation n/a 0.7x n/a Feb-2021 Mayr-Melnhof Group → International Paper (Poland) Holding sp. z.o.o. n/a n/a 7.6x Mayr-Melnhof Group's announced acquisition of International Paper (Poland) Holding sp. z.o.o. was recorded at 7.6x EBITDA in February 2021. Carve-outs of individual mills travel with fiber supply, offtake and transition arrangements, and that package is part of what a… Sep-2019 Lyme Great Lakes Holding LLC → Weyerhaeuser Company $27.2B 3.9x n/a Value shown as recorded in the filing; deal value unit unresolved. Oct-2017 Potlatch Corporation → Deltic Timber Corporation $1.4B n/a n/a Potlatch Corporation's announced combination with Deltic Timber Corporation was recorded at $1.4B in October 2017. Combinations of land-heavy owners are priced on acreage quality, species mix and haul distance to mills as much as on reported earnings. Jul-2017 West Fraser Timber Co. Ltd. → Gilman Companies Sawmills n/a 0.7x n/a

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    Second page of the full list of precedent transactions with disclosed terms, sorted newest first.

    This page continues the same list, still newest first and still on the LTM-at-announcement basis. The same data-quality flags and exclusions from the prior page apply here. Together, both pages carry every disclosed-terms transaction in the record.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 14 transactions with disclosed terms in this tier (54 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 74 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 40 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Paper and Forest Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Apr-2015 Tri Pointe Homes, Inc. → Weyerhaeuser $22.2B 3.0x 21.2x Value shown as recorded in the filing; deal value unit unresolved. n/a n/a → West Fraser Timber Co. Ltd. n/a n/a 8.8x Value shown as recorded in the filing; status defaulted announced. n/a Undisclosed buyer → Canfor Corp. n/a n/a 11.3x Value shown as recorded in the filing; divestiture roles reassigned, status defaulted announced. n/a n/a → Interfor Corporation n/a n/a 30.2x Value shown as recorded in the filing; status defaulted announced. n/a n/a → Canfor Corporation n/a n/a 11.3x Value shown as recorded in the filing; status defaulted announced.

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Explanation of the report's sources, assumptions and data-quality treatment.

    This page sets out how the report was built: the valuation basis, what was excluded and why, and where each underlying disclosure sits. Every figure in this report traces back to the record it was taken from, and the appendix names the source and basis wherever a figure isn't directly linked. That traceability is what lets a reader check any number in this deck against its filing.

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Paper and Forest Products Coverage | September 2026 | Confidential | Not investment advice 21 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (10 of 12 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Paper and Forest Products and it clears the coverage gate with 10 of 12 companies (83%). EV / Revenue, P / E are carried as a cross-check. The set earns: 10 of the 10 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. DATA QUALITY & EXCLUSIONS 11 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 525 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (524) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    In This Set, the Higher Multiples Sit with Converted and Value-Added Output.

    Closing slide restating that higher multiples in this set sit with converted, value-added output.

    In this set, the higher multiples sit with converted and value-added output. The companion tables alongside this deck carry the full universe, the exclusion ledger and the complete source index for any figure worth tracing further.

    Everything on this page

    In This Set, the Higher Multiples Sit with Converted and Value-Added Output. NeuraCap AI — Paper and Forest Products Coverage September 2026 · Prepared by NeuraCap AI · Confidential Paper and Forest Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 22

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