Sonoco Implementing Price Increase for Uncoated Recycled Paperboard

First quarter 2022 net income from continuing operations was $16.5 million (0.49 per diluted share) compared to net income from continuing operations of $9.6 million ($0.29 per diluted share) in the first quarter of 2021. Net income from ongoing operations, which excludes special items, was $16.9 million ($0.50 per diluted share) in the first quarter of 2022 compared with $10.1 million ($0.30 per diluted share) in the first quarter of 2021. First Quarter Financial Results Highlights *Earnings before interest, taxes, depreciation and amortization ("EBITDA") from ongoing operations for Aluminum Extrusions of $23.9 million was $10.6 million higher than the first quarter of 2021 *EBITDA from ongoing operations for PE Films of $7.0 million was $0.2 million lower than the first quarter of 2021 *EBITDA from ongoing operations for Flexible Packaging Films of $5.0 million was $4.6 million lower than the first quarter of 2021

The Group's consolidated sales reached EUR 2,528.4 million and were therefore close to the previous year's level (2019: EUR 2,544.4 million). A volume-related increase in sales in the packaging division was offset by a price-related decrease in the cartonboard division. EBITDA increased by 2.4% or EUR 9.3 million to EUR 398.9 million (2019: EUR 389.6 million), the EBITDA margin to 15.8% (2019: 15.3%) ). At EUR 231.4 million, the operating result was 9.4% or EUR 23.9 million below the previous year (2019: EUR 255.3 million). Financial income of EUR 1.7 million (2019: EUR 1.4 million) was offset by financial expenses of EUR -7.9 million (2019: EUR -8.4 million). The “other financial result - net” changed to EUR -3.2 million (2019: EUR 2.8 million), primarily due to changes in the foreign currency result. At EUR 222.1 million, earnings before taxes were therefore 11.6% below the previous year (2019: EUR 251.1 million). Income taxes amounted to EUR 59.8 million (2019: EUR 60.9 million), resulting in an effective Group tax rate of 27.0% (2019: 24.3%).

Novolex™ announced it has agreed to acquire certain assets and business operations of Shields Bag and Printing Co., a leading manufacturer of custom engineered flexible packaging products located in Yakima, WA. The transaction is expected to close near year end. Terms of the transaction have not been disclosed. Shields Bag and Printing Company was founded in 1935. The Shields family expanded their founder’s successful commercial printing business into flexible packaging in the 1960s. Today, Shields ranks among the leading North American producers of flexible packaging with substantial capabilities in the areas of blown film extrusion, printing, bag making and other converting processes. Shields’ core focus is providing custom engineered products to a diverse group of customers across a range of end-market segments, including building and construction, food and consumer, banking and security, lawn and garden, chemicals and energy, and general industrial. Click Read More below for additional information.