What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-04-28 compared with 2025-10-29 · 282 added, 685 removed, 818 unchanged (54% of the section changed)

3 unchanged sentences

(Dollars and shares in thousands)

September 28,

2026 December 31, 2025*

4 unchanged sentences

Inventories, net:

Finished and in process 548,475 494,090

Finished goods 424,698 370,303

Work in process 184,626 161,313

Materials and supplies 607,488 589,393

Prepaid expenses 184,138 125,352

Assets held for sale 322,352 —

Current assets of discontinued operations — 450,874

Total Current Assets 2,742,404 2,646,324

5 unchanged sentences

Other Assets 162,327 161,226

Non-current assets of discontinued operations — 964,310

Total Assets $ 11,070,019 $ 11,162,334

5 unchanged sentences

Accrued taxes 29,845 128,821

Liabilities held for sale 65,387 —

Current liabilities of discontinued operations — 242,056

Total Current Liabilities 2,846,092 2,528,677

4 unchanged sentences

Other Liabilities 174,752 214,650

Non-current liabilities of discontinued operations — 113,911

Total Liabilities 7,483,652 7,530,502

3 unchanged sentences

Authorized 300,000 shares

98,631 and 98,260 shares issued and outstanding at September 28, 2025 and December 31, 2024, respectively

98,869 and 98,634 shares issued and outstanding

at March 29, 2026 and December 31, 2025, respectively

Capital in excess of stated value 191,477 191,855

Accumulated other comprehensive income/(loss) 9,019 ( 502,734 )

Accumulated other comprehensive (loss)/income ( 22,491 ) 37,204

Retained earnings 3,392,513 3,377,647

8 unchanged sentences

(Dollars and shares in thousands except per share data)

Three Months Ended Nine Months Ended

September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024

Three Months Ended

March 29, 2026 March 30, 2025

Net sales $ 1,676,442 $ 1,709,228

2 unchanged sentences

Selling, general and administrative expenses 201,538 209,063

Restructuring/Asset impairment charges 48,388 6,149 71,721 55,122

Restructuring/Asset impairment charges, net 15,133 13,581

Loss on divestiture of business ( 1,865 ) ( 4,183 )

3 unchanged sentences

Interest income 8,651 7,348

Other (expense)/income, net ( 7,541 ) — ( 20,617 ) 5,867

Other expense, net ( 12,308 ) ( 6,517 )

Income from continuing operations before income taxes 76,445 68,543

5 unchanged sentences

Net income 67,625 54,489

Net (income)/loss from continuing operations attributable to noncontrolling interests ( 147 ) ( 241 ) 17 ( 399 )

Net income from discontinued operations attributable to noncontrolling interests — ( 47 ) — ( 125 )

Net income from continuing operations attributable to noncontrolling interests ( 24 ) ( 60 )

Net income attributable to Sonoco $ 67,601 $ 54,429

16 unchanged sentences

(Dollars in thousands)

Three Months Ended Nine Months Ended

September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024

Three Months Ended

March 29, 2026 March 30, 2025

Net income $ 67,625 $ 54,489

6 unchanged sentences

Comprehensive income 7,648 232,629

Net (income)/loss attributable to noncontrolling interests-continuing operations ( 147 ) ( 241 ) 17 ( 399 )

Net income attributable to noncontrolling interests-discontinued operations — ( 47 ) — ( 125 )

Other comprehensive loss/(income) attributable to noncontrolling interests 389 ( 711 ) ( 1,365 ) ( 202 )

Net income from continuing operations attributable to noncontrolling interests ( 24 ) ( 60 )

Other comprehensive loss attributable to noncontrolling interests 282 25

Comprehensive income attributable to Sonoco $ 7,906 $ 232,594

12 unchanged sentences

Net income 67,625 67,601 24

Other comprehensive income/(loss):

Translation gain/(loss) 175,839 175,864 ( 25 )

Defined benefit plan adjustment, net of tax 544 544

Derivative financial instruments, net of tax 1,757 1,757

Other comprehensive income/(loss) 178,140 178,165 ( 25 )

Divestiture of non-controlling interest ( 637 ) ( 637 )

Dividends ( 51,558 ) ( 51,558 )

Dividends paid to noncontrolling interests ( 243 ) ( 243 )

Issuance of stock awards 273 588 273

Shares repurchased ( 10,573 ) ( 220 ) ( 10,573 )

Share-based compensation 5,828 5,828

March 30, 2025 $ 2,461,932 98,628 $ 7,175 $ 178,778 $ ( 324,569 ) $ 2,586,794 $ 13,754

Net income/(loss) 493,199 493,423 ( 224 )

Other comprehensive income:

Translation gain 339,452 337,673 1,779

Defined benefit plan adjustment, net of tax 2,935 2,935

Derivative financial instruments, net of tax 1,324 1,324

Other comprehensive income 343,711 341,932 1,779

Dividends ( 52,570 ) ( 52,570 )

Issuance of stock awards 298 — 298

Shares repurchased ( 3 ) — ( 3 )

Share-based compensation 4,145 4,145

Other 121 121

June 29, 2025 $ 3,250,833 98,628 $ 7,175 $ 183,339 $ 17,363 $ 3,027,647 $ 15,309

Net income 123,065 122,918 147

Other comprehensive (loss)/income:

3 unchanged sentences

Other comprehensive loss ( 59,977 ) ( 59,695 ) ( 282 )

Divestiture of non-controlling interest ( 273 ) ( 273 )

Dividends ( 52,735 ) ( 52,735 )

2 unchanged sentences

Share-based compensation 6,174 6,174

September 28, 2025 $ 3,319,516 98,631 $ 7,175 $ 190,538 $ 9,019 $ 3,097,990 $ 14,794

See accompanying Notes to Condensed Consolidated Financial Statements (unaudited)

SONOCO PRODUCTS COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF

CHANGES IN TOTAL EQUITY (unaudited)

(Dollars and shares in thousands)

March 29, 2026 $ 3,586,367 98,869 $ 7,175 $ 191,477 $ ( 22,491 ) $ 3,392,513 $ 17,693

Total Equity Common Shares Capital in

6 unchanged sentences

Net income 54,489 54,429 60

Other comprehensive (loss)/income:

Translation loss ( 19,786 ) ( 19,319 ) ( 467 )

Other comprehensive income/(loss):

Translation gain/(loss) 175,839 175,864 ( 25 )

Defined benefit plan adjustment, net of tax 544 544

Derivative financial instruments, net of tax 1,757 1,757

Other comprehensive loss ( 19,574 ) ( 19,107 ) ( 467 )

Other comprehensive income/(loss) 178,140 178,165 ( 25 )

Divestiture of non-controlling interest ( 637 ) ( 637 )

Dividends ( 51,558 ) ( 51,558 )

Dividends paid to noncontrolling interests ( 243 ) ( 243 )

Issuance of stock awards 273 588 273

1 unchanged sentence

Share-based compensation 5,828 5,828

Other 906 906

March 30, 2025 $ 2,461,932 98,628 $ 7,175 $ 178,778 $ ( 324,569 ) $ 2,586,794 $ 13,754

Net income 90,951 90,811 140

Other comprehensive (loss)/income:

Translation loss ( 33,408 ) ( 33,366 ) ( 42 )

Defined benefit plan adjustment, net of tax 2,079 2,079

Derivative financial instruments, net of tax ( 1,661 ) ( 1,661 )

Other comprehensive loss ( 32,990 ) ( 32,948 ) ( 42 )

Dividends ( 51,347 ) ( 51,347 )

Issuance of stock awards 181 4 181

Shares repurchased ( 23 ) ( 1 ) ( 23 )

Share-based compensation 6,656 6,656

Other 957 957

June 30, 2024 $ 2,441,867 98,258 $ 7,175 $ 167,114 $ ( 418,317 ) $ 2,678,673 $ 7,222

Net income 51,209 50,921 $ 288

Other comprehensive income:

Translation loss 35,922 35,211 711

Defined benefit plan adjustment, net of tax 1,036 1,036

Derivative financial instruments, net of tax 60 60

Other comprehensive income 37,018 36,307 711

Dividends ( 51,352 ) ( 51,352 )

Issuance of stock awards 265 265

Shares repurchased ( 10 ) ( 10 )

Share-based compensation 7,682 7,682

Other 481 481

September 29, 2024 $ 2,487,160 98,258 $ 7,175 $ 175,532 $ ( 382,010 ) $ 2,678,242 $ 8,221

See accompanying Notes to Condensed Consolidated Financial Statements (unaudited)

2 unchanged sentences

(Dollars in thousands)

Nine Months Ended

September 28, 2025 September 29, 2024

Three Months Ended

March 29, 2026 March 30, 2025

Cash Flows from Operating Activities:

Net income $ 67,625 $ 54,489

Adjustments to reconcile net income to net cash provided by operating activities:

Adjustments to reconcile net income to net cash used by operating activities:

Asset impairments 3,090 4,949

1 unchanged sentence

Share-based compensation expense 6,174 5,829

Equity in earnings of affiliated companies, net ( 7,211 ) ( 6,218 )

Cash dividends from affiliated companies 4,903 5,624

Net loss/(gain) on disposition of assets 3,770 ( 529 )

Net (gain)/loss on divestiture of business ( 616,476 ) 27,292

Gain on remeasurement of investment in affiliated companies — ( 6,012 )

Equity in earnings of affiliates, net of tax ( 690 ) ( 1,921 )

Net loss on disposition of assets 749 277

Net loss on divestiture of business 1,865 4,183

Pension and postretirement plan expense 3,782 4,357

Pension and postretirement plan contributions ( 4,829 ) ( 4,223 )

Net decrease in deferred tax liabilities ( 64,686 ) ( 17,109 )

Net decrease in deferred taxes ( 2,801 ) ( 3,720 )

Change in assets and liabilities, net of effects from acquisitions, divestitures and foreign currency adjustments:

5 unchanged sentences

Accrued expenses and other assets and liabilities ( 153,374 ) ( 100,233 )

Net cash provided by operating activities 276,896 437,638

Net cash used by operating activities ( 367,928 ) ( 208,094 )

Cash Flows from Investing Activities:

Purchases of property, plant and equipment ( 62,079 ) ( 92,657 )

Cost of acquisitions, net of cash acquired 1

16,528 ( 3,743 )

Proceeds from the sale of business, net 1

( 17,076 ) 3,513

Proceeds from the sale of assets, net 1,719 474

Proceeds from settlement of net investment hedge — 9,068

Investments in affiliated companies and other net investing proceeds 1,329 88

Net cash provided/(used) by investing activities 1,584,305 ( 178,059 )

Net cash used by investing activities ( 76,107 ) ( 88,582 )

Cash Flows from Financing Activities:

2 unchanged sentences

Net change in commercial paper 344,000 528,000

Net increase/(decrease) in book cash overdrafts 14,741 ( 3,078 )

Net increase in book cash overdrafts 2,905 12,448

Payment of loan financing costs ( 356 ) —

Payment of contingent consideration — ( 948 )

Dividends paid to noncontrolling interests — ( 243 )

1 unchanged sentence

Payments for share repurchases ( 6,954 ) ( 10,573 )

Net cash (used)/provided by financing activities ( 2,090,258 ) 1,529,498

Net cash provided by financing activities 302,207 29,589

Effects of Exchange Rate Changes on Cash ( 12,091 ) 15,742

Net (Decrease)/Increase in Cash and Cash Equivalents ( 197,194 ) 1,778,696

Net Decrease in Cash and Cash Equivalents ( 153,919 ) ( 251,345 )

Cash and cash equivalents at beginning of period 378,398 443,060

Cash and cash equivalents at end of period $ 224,479 $ 191,715

1 The Company received a final net working capital settlement of $ 16,528 during 2025 related to the acquisition of Titan Holdings I B.V.

(“Eviosys”) .

1 The Company paid final net working capital settlements of $ 15,211 and $ 1,865 to the buyers of TFP (as defined in Note 1) and ThermoSafe (as defined in Note 1), respectively.

See accompanying Notes to Condensed Consolidated Financial Statements (unaudited)

3 unchanged sentences

Basis of Interim Presentation

On April 1, 2025, Sonoco Products Company (the “Company” or “Sonoco”) completed the previously announced sale of its Thermoformed and Flexibles Packaging business and its global Trident business (collectively, “TFP”) to TOPPAN Holdings Inc.

On April 1, 2025, Sonoco Products Company (the “Company” or “Sonoco”) completed the sale of its Thermoformed and Flexibles Packaging business and its global Trident business (collectively, “TFP”) to TOPPAN Holdings Inc.

In accordance with applicable accounting guidance, the results of TFP, previously part of the Company’s Consumer Packaging segment, are presented as discontinued operations in the Condensed Consolidated Statements of Income and, as such, have been excluded from both continuing operations and segment results for all periods presented in this Quarterly Report on Form 10-Q.

Further, the Company reclassified the assets and liabilities of TFP as assets and liabilities of discontinued operations in the Condensed Consolidated Balance Sheets as of December 31, 2024.

The Condensed Consolidated Statements of Comprehensive Income, Changes in Total Equity, and Cash Flows are presented on a consolidated basis for both continuing operations and discontinued operations.

1 unchanged sentence

See Note 2 for additional information.

On September 7, 2025, the Company entered into a definitive agreement to sell its ThermoSafe business (“ThermoSafe”), part of the All Other group of businesses, to Arsenal Capital Partners (“Arsenal”), a private equity firm, for a total purchase price of up to $ 725,000 .

The purchase price consists of $ 650,000 on a cash-free and debt-free basis payable at closing and subject to customary adjustments, and additional consideration of up to $ 75,000 if certain performance measures for calendar year 2025 are met.

The transaction is subject to customary closing conditions, including regulatory review, and is expected to be completed by the end of 2025.

As a result, the Company has determined the criteria for classification as held for sale were met.

Consequently, the assets and liabilities associated with ThermoSafe are classified as held for sale on the Company's Condensed Consolidated Balance Sheet as of September 28, 2025.

The decision to sell ThermoSafe was made as part of the Company's efforts to simplify its operating structure in order to focus on growing its core Consumer Packaging and Industrial Paper Packaging businesses.

As of September 28, 2025, ThermoSafe employed approximately 900 associates working in operations in the Americas, Europe, the Middle East and Africa (“EMEA”) and Asia.

The sale does not represent a strategic shift for the Company that will have a major effect on the Company’s operations and financial results;

consequently, it does not meet the criteria for reporting as a discontinued operation.

Following the sale of the Company’s ThermoSafe business (“ThermoSafe”), part of the All Other group of businesses, to Arsenal Capital Partners (“Arsenal”), a private equity firm, on November 3, 2025, the Company’s industrial and specialty plastics business (“Industrial Plastics”) was the only remaining business in the All Other category.

Effective January 1, 2026, the Company changed its operating and management reporting structure and, as a result, realigned Industrial Plastics to be reported within the Industrial Paper Packaging segment.

Following this realignment, the All Other category as presented in this Quarterly Report on Form 10-Q reflects only the prior year results related to ThermoSafe.

All prior year results for the Industrial Paper Packaging segment and the All Other group of businesses have been recast to conform to the new presentation.

In the opinion of the management of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting of only normal recurring adjustments, unless otherwise stated) necessary to state fairly the consolidated financial position, results of operations and cash flows for the interim periods reported herein.

Operating results for the three- and nine-month periods ended September 28, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025.

Operating results for the three-month period ended March 29, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026.

These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

SONOCO PRODUCTS COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Dollars and shares in thousands except per share data)

In conjunction with the pending sale of ThermoSafe, the following major classes of assets and liabilities were classified as held for sale on the Company’s Condensed Consolidated Balance Sheet as of September 28, 2025:

Cash and cash equivalents $ 1,011

Trade accounts receivable, net of allowances 47,770

Other receivables 245

Inventories 24,626

Prepaid expenses 2,299

Property, Plant and Equipment, net 37,556

Goodwill 173,394

Other Intangible Assets, net 9,430

Deferred Income Taxes 1,875

Right of Use Asset-Operating Leases 20,825

Other Assets 3,321

Assets held for sale $ 322,352

Payable to suppliers $ 32,481

Accrued expenses and other payables 12,047

Notes payable and current portion of long-term debt 445

Accrued taxes 177

Long-term Debt, Net of Current Portion 2,475

Noncurrent Operating Lease Liabilities 16,916

Deferred Income Taxes 846

Liabilities held for sale $ 65,387

Subsequent to entering the agreement to sell ThermoSafe on September 7, 2025, depreciation was not recognized on TFP’s property, plant and equipment, and amortization was not recognized on ThermoSafe’s other intangible assets or right of use assets-operating leases, in accordance with Accounting Standards Codification (“ASC”) 360, “Property, Plant, and Equipment.”

Amounts reported in thousands within this Quarterly Report on Form 10-Q are computed based on the actual amounts.

As a result, the sum of the components may not equal the total amount reported in thousands due to rounding.

In addition, certain columns and rows within tables may not sum to the totals due to the use of rounded numbers.

Percentages presented are calculated from the underlying unrounded amounts.

SONOCO PRODUCTS COMPANY

3 unchanged sentences

As disclosed in Note 1, the Company completed the sale of TFP on April 1, 2025.

T he following table presents the assets and liabilities that are classified as discontinued operations in the Condensed Consolidated Balance Sheets as of December 31, 2024:

Cash and cash equivalents $ 12,050

Trade accounts receivable, net of allowances of $ 2,582 at December 31, 2024

Other receivables 46,001

Inventories, net:

Finished and in process 80,573

Materials and supplies 94,083

Prepaid expenses 8,788

Current assets of discontinued operations $ 450,874

Property, plant and equipment, net of accumulated depreciation of $ 465,923 at December 31, 2024

Goodwill 502,621

Other intangible assets, net of accumulated amortization of $ 206,437 at December 31, 2024

Deferred income taxes 262

Right of use asset-operating leases 75,855

Other assets 19,317

Non-current assets of discontinued operations $ 964,310

Payable to suppliers 172,720

Accrued expenses and other payables 62,562

Notes payable and current portion of long-term debt 6,774

Current liabilities of discontinued operations $ 242,056

Long-term debt 29,850

Noncurrent operating lease liabilities 67,789

Deferred income taxes 15,928

Other liabilities 344

Non-current liabilities of discontinued operations $ 113,911

SONOCO PRODUCTS COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Dollars and shares in thousands except per share data)

The following table presents key components of “Net income from discontinued operations” for the three- and nine-month periods ended September 28, 2025 and September 29, 2024:

Three Months Ended Nine Months Ended

September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024

Th e following table presents key components of “Net income from discontinued operations” for the three months ended March 30, 2025:

Three Months Ended

March 30, 2025

Net sales $ 320,678

2 unchanged sentences

Selling, general and administrative expenses 31,607

Restructuring/Asset impairment charges — 2,041 426 3,936

Gain on divestiture of business — — 625,773 —

Restructuring/Asset impairment charges, net 426

Operating profit 37,791

8 unchanged sentences

Weighted average common shares outstanding:

Basic 99,182 98,683 99,098 98,616

Diluted 99,342

1 unchanged sentence

Net income attributable to discontinued operations:

Basic $ — $ 0.20 $ 4.34 $ 0.84

Diluted $ 0.05

The following table presents significant cash flow items from discontinued operations for the nine months ended September 28, 2025 and September 29, 2024:

Nine Months Ended

September 28, 2025 September 29, 2024

The following table presents significant cash flow items from discontinued operations for the three months ended March 30, 2025:

Three Months Ended

March 30, 2025

Depreciation and amortization (a)

$ ( 311 ) $ 46,758

Purchases of property, plant and equipment $ ( 5,572 )

(a) Subsequent to entering the agreement to sell TFP on December 8, 2024, depreciation was not recognized on TFP’s property, plant and equipment, and amortization was not recognized on TFP’s other intangible assets or right of use assets-operating leases, in accordance with ASC 360, “Property, Plant, and Equipment.”

(a) Subsequent to entering the agreement to sell TFP on December 8, 2024, in accordance with Accounting Standards Codification (“ASC”) 360, “Property, Plant, and Equipment,” depreciation was not recognized on TFP’s property, plant and equipment, and amortization was not recognized on TFP’s other intangible assets or right of use assets-operating leases.

SONOCO PRODUCTS COMPANY

14 unchanged sentences

The Company is currently evaluating the potential impact of adopting this new guidance on its consolidated financial statements and related disclosures.

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740):

Improvements to Income Tax Disclosures,” which modifies the rules on income tax disclosures to require disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid.

The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions.

The guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted.

ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted.

The Company will begin providing the required income tax disclosures on a prospective basis starting with its Annual Report on Form 10-K for the year ending December 31, 2025.

During the nine-month period ended September 28, 2025, there were no other newly issued or newly applicable accounting pronouncements that had, or are expected to have, a material impact on the Company’s condensed consolidated financial statements.

Further, at September 28, 2025, there were no other pronouncements pending adoption that are expected to have a material impact on the Company’s condensed consolidated financial statements.

During the three-month period ended March 29, 2026, there were no other newly issued or newly applicable accounting pronouncements that had, or are expected to have, a material impact on the Company’s condensed consolidated financial statements.

Further, at March 29, 2026, there were no other pronouncements pending adoption that are expected to have a material impact on the Company’s condensed consolidated financial statements.

Acquisitions and Divestitures

Eviosys Acquisition

On December 4, 2024, the Company completed the acquisition of all issued and outstanding equity interests in Eviosys from an affiliate of KPS Capital Partners, LP for net cash consideration of $ 3,773,298 , net of a final working capital settlement for which the Company received $ 16,528 during the second quarter of 2025.

Eviosys, now operated as Sonoco Metal Packaging EMEA in the Company’s Consumer Packaging segment, is a global supplier of metal packaging that produces food cans and ends, aerosol cans, metal closures and promotional packaging with a large metal food can manufacturing footprint in the EMEA region.

The Company funded the Eviosys acquisition, including related fees and expenses, with the net proceeds from the registered public offering of senior unsecured notes, borrowings from two term loan facilities, and cash on hand.

See Note 11 to the Company’s Consolidated Financial Statements included in Part IV, Item 15 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 for more information.

The Company’s initial preliminary fair values of the assets acquired and liabilities assumed in the Eviosys acquisition, as well as updated preliminary fair values reflecting adjustments made during the measurement period, are as follows:

SONOCO PRODUCTS COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Dollars and shares in thousands except per share data)

Initial Preliminary Allocation

Measurement Period Adjustments Updated Preliminary Allocation

Trade accounts receivable $ 300,385 $ — $ 300,385

Other receivables 114,634 1,079 115,713

Inventories 445,945 404 446,349

Prepaid expenses 47,509 ( 2,977 ) 44,532

Property, plant and equipment 1,057,779 ( 54,044 ) 1,003,735

Right of use asset - operating leases 43,566 — 43,566

Other intangible assets 1,967,678 42,379 2,010,057

Goodwill 1,285,518 ( 53,699 ) 1,231,819

Deferred income taxes 39,023 10,767 49,790

Other assets 3,330 24 3,354

Payable to suppliers ( 518,766 ) 1,672 ( 517,094 )

Accrued expenses and other payables ( 168,529 ) ( 227 ) ( 168,756 )

Accrued wages and other compensation ( 41,749 ) ( 57 ) ( 41,806 )

Notes payable and current portion of long-term debt ( 76,438 ) ( 5 ) ( 76,443 )

Noncurrent operating lease liabilities ( 32,022 ) — ( 32,022 )

Pension and other postretirement benefits ( 51,849 ) — ( 51,849 )

Long-term debt — ( 34 ) ( 34 )

Deferred income taxes ( 599,941 ) 36,944 ( 562,997 )

Other liabilities ( 16,714 ) 1,246 ( 15,468 )

Noncontrolling interests

( 9,533 ) — ( 9,533 )

Net assets acquired $ 3,789,826 $ ( 16,528 ) $ 3,773,298

The allocation of the purchase price of Eviosys to the tangible and intangible assets acquired and liabilities assumed, as reflected under the heading “Updated Preliminary Allocation” in the table above, is based on the Company’s preliminary estimates of their respective fair values, based on information currently available.

Management is continuing to finalize its valuation of certain assets and liabilities including, but not limited to:

inventories, property, plant and equipment;

other intangible assets;

and deferred income taxes, and expects to complete its valuations within one year of the date of acquisition.

Factors comprising goodwill for Eviosys, none of which is expected to be deductible for income tax purposes, include increased access to certain markets and the value of the assembled workforce.

The following table presents the Company’s pro forma consolidated results for the three- and nine-month periods ended September 29, 2024, assuming the acquisition of Eviosys had occurred on January 1, 2023.

This pro forma information is presented for informational purposes only and does not purport to represent the results of operations that would have been achieved if the acquisition had been completed at the beginning of 2023, nor is it necessarily indicative of future consolidated results.

Pro Forma Supplemental Information Three Months Ended Nine Months Ended

Consolidated September 29, 2024 September 29, 2024

Net sales $ 2,059,353 $ 5,779,008

Net income from continuing operations $ 61,431 $ 147,792

Net income attributable to Sonoco 1

$ 81,202 $ 230,786

1 Includes results of discontinued operations

SONOCO PRODUCTS COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Dollars and shares in thousands except per share data)

The pro forma information above does not project the Company’s expected results for any future period and gives no effect to any future synergistic benefits that may result from the combination or the costs of integrating the acquired operations with those of the Company.

Pro forma information for the three- and nine-month periods ended September 29, 2024 includes adjustments to depreciation, amortization, and income taxes based upon the updated fair value allocation of the purchase price to Eviosys’ tangible and intangible assets acquired and liabilities assumed as though the acquisition had occurred on January 1, 2023.

Interest expense on the additional debt issued by the Company to fund the acquisition and retention bonuses incurred related to the acquisition are also included in the pro forma information as if the acquisition had occurred on January 1, 2023.

Acquisition-related costs are excluded from 2024 pro forma net income and were instead reflected in 2023 pro forma net income as though the acquisition had occurred on January 1, 2023.

Other Acquisitions

On June 1, 2024, the Company completed the purchase of a small tube and paper cone manufacturer in Brazil for $ 2,660 .

The financial results of this business are included in the Company’s Industrial Paper Packaging segment.

ThermoSafe Divestiture

On September 7, 2025, the Company entered into a definitive agreement to sell ThermoSafe, part of the All Other group of businesses, to Arsenal for a total purchase price of up to $ 725,000 .

The transaction is subject to customary closing conditions, including regulatory review, and is expected to be completed by the end of 2025.

The Company incurred transaction fees related to this pending divestiture of $ 3,000 during the third quarter of 2025.

These fees are included in “Loss on divestiture of business” in the Company’s Condensed Consolidated Statements of Income for the three- and nine-month periods ended September 28, 2025.

See Note 1 for additional information.

The Company did not complete any acquisitions during the three-month periods ended March 29, 2026 and March 30, 2025.

TFP Divestiture

On April 1, 2025, the Company completed the sale of TFP to Toppan for net cash consideration of $ 1,807,493 on a cash-free and debt-free basis and subject to customary adjustments.

This sale was the result of the Company’s continuing evaluation of its business portfolio and was consistent with the Company’s strategic and investment priorities.

In connection with the TFP divestiture, the Company wrote off net assets totaling $ 1,108,560 , reclassified $ 47,955 of cumulative translation adjustment losses from accumulated other comprehensive income/(loss) and incurred transaction fees of $ 25,205 , re sulting in a net pretax gain of $ 625,773 .

The Company recognized a related tax provision of $ 201,225 , for an after-tax gain of $ 424,548 .

The after tax gain is included in “Net income from discontinued operations” in the Company’s Condensed Consolidated Statements of Income for the nine-month period ended September 28, 2025.

The majority of cash proceeds generated from this transaction were used to repay debt, as further described in Note 10.

Other Divestitures

On April 30, 2025, the Company completed the sale of a recycling facility in Asheville, NC, part of the Industrial Paper Packaging segment, for cash proceeds of $ 3,924 .

The sale resulted in a loss of $ 2,114 , which is included in “Loss on divestiture of business” in the Company’s Condensed Consolidated Statements of Income.

On April 1, 2025, the Company completed the sale of TFP to Toppan for net cash consideration of $ 1,807,493 paid at closing on a cash-free and debt-free basis.

A final working capital settlement of $ 15,211 was paid to Toppan during the first quarter of 2026.

The Company had recorded a liability in this amount in “Accrued expenses and other payables” on its Condensed Consolidated Balance Sheet as of December 31, 2025.

ThermoSafe and Other Divestitures

On November 3, 2025, the Company completed the sale of ThermoSafe to Arsenal for net cash consideration of $ 655,827 paid at closing on a cash-free and debt-free basis and subject to customary adjustments.

A final working capital settlement of $ 1,865 was paid to Arsenal during the first quarter of 2026.

This settlement is included in “Loss on divestiture of business” in the Company’s Condensed Consolidated Statement of Income for the three-month period ended March 29, 2026.

Transaction fees totaling $ 10,112 were also paid during the first quarter of 2026.

The Company had recorded a liability for these fees in “Accrued expenses and other payables” on its Condensed Consolidated Balance Sheet as of December 31, 2025.

On March 2, 2025, the Company completed the sale of its tube and core operations in Venezuela, part of the Industrial Paper Packaging segment, in exchange for a receivable in the amount of $ 145 .

7 unchanged sentences

(Dollars and shares in thousands except per share data)

In September 2024, the Company entered into agreements to sell two of its production facilities in China, both of which are part of the Company’s Industrial Paper Packaging segment, for approximately $ 419 .

The sale of these facilities was completed in the fourth quarter of 2024.

In the third quarter of 2024, as a result of the pending sale, the Company wrote down the carrying amounts of the asset group to their estimated fair values based on the expected selling price less estimated costs to sell and recognized a loss of $ 29,965 .

This loss is included in “Loss on divestiture of business” in the Company’s Condensed Consolidated Statements of Income.

On April 1, 2024, the Company completed the sale of its Protective Solutions business (“Protexic”), part of the All Other group of businesses, to Black Diamond Capital Management, LLC (“Black Diamond”) for cash proceeds of $ 80,267 .

This business provided foam components and integrated material solutions for various industrial end markets.

This sale was the result of the Company’s continuing evaluation of its business portfolio and is consistent with the Company’s strategic and investment priorities.

In connection with the Protexic divestiture, the Company wrote off net assets totaling $ 74,126 , including $ 16,559 of allocated goodwill, and reclassified $ 2,913 of cumulative translation adjustment losses from accumulated other comprehensive loss, recognizing a preliminary pretax gain on the divestiture of $ 3,228 during the second quarter of 2024.

In the third quarter of 2024, the Company paid a final net working capital settlement of $ 1,805 to Black Diamond, resulting in a net pretax gain of $ 1,423 for the nine-month period ended September 29, 2024, which is included in “Loss on divestiture of business” in the Company’s Condensed Consolidated Statements of Income.

The Company used the majority of the cash proceeds from the sale to pay down debt.

On January 26, 2023, the Company completed the sale of its Sonoco Sustainability Solutions (“S3”) business, a provider of customized waste and recycling management programs and part of the Company’s Industrial Paper Packaging segment, to Northstar Recycling Co.

In the second quarter of 2024, upon resolution of certain contingencies, the Company received cash proceeds and recognized an additional pretax gain of $ 1,250 on the sale.

These gains are included in “Loss on divestiture of business” in the Company’s Condensed Consolidated Statements of Income for their respective periods.

The sales of these operations did not represent a strategic shift for the Company and did not have a major effect on its operations or financial results.

Consequently, these sales did not meet the criteria for reporting as discontinued operations.

Additional Ownership Investment

During the second quarter of 2024, the Company increased its ownership interest in a small South Carolina-based designer and manufacturer of sustainable protective packaging solutions from 20.5 % to 39.9 %.

The Company acquired its initial ownership interest in June 2022.

The Company’s preferred stock investment increased by $ 18,512 , which included a $ 10,000 cash payment, a $ 5,400 remeasurement of the fair value of the existing investment, and a $ 2,500 conversion of the carrying value of the out standing convertible notes into a preferred stock investment, which yielded a $ 467 fair value increase and a $ 145 increase for interest income earned.

The outstanding preferred stock investment at both September 28, 2025 and December 31, 2024 was $ 21,212 and is included within “Other assets” in the Company’s Condensed Consolidated Balance Sheet.

The remeasurement of the carrying value of the historical investment to fair value resulted i n a gain of $ 5,867 and interest income of $ 145 in the second quarter of 2024.

These are included in “Other (expense)/income, net ” and “Interest income ,” respectively, in the Company’s Condensed Consolidated Statements of Income for the nine months ended September 29, 2024 .

Acquisition, Integration, and Divestitur e-Related Costs

Acquisition, integration, and divestiture-related costs from continuing operations during the three- and nine-month periods ended September 28, 2025 and September 29, 2024 were recorded in the Company’s Condensed Consolidated Statements of Income as follows:

SONOCO PRODUCTS COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Dollars and shares in thousands except per share data)

Three Months Ended Nine Months Ended

September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024

Acquisition, integration, and divestiture-related costs from continuing operations during the three-month periods ended March 29, 2026 and March 30, 2025 were recorded in the Company’s Condensed Consolidated Statements of Income as follows:

Three Months Ended

March 29, 2026 March 30, 2025

Cost of sales $ — $ 17,949

Selling, general and administrative expenses 6,338 9,317

Interest expense — 30,181 — 30,181

Total acquisition, integration, and divestiture-related costs $ 6,338 $ 27,266

Acquisition, integration, and divestiture-related costs included in “Selling, general and administrative expenses” consist primarily of legal and professional fees, representation and warranty insurance premiums, as well as employee-related costs, and other integration activity costs, while such costs included in “Cost of sales” consist primarily of amortization of the fair value step-up of finished goods inventory.

Acquisition, integration, and divestiture-related costs included in “Interest expense” include losses on treasury lock derivative instruments and amortization of financing fees related to debt instruments associated with the financing of the Eviosys acquisition.

SONOCO PRODUCTS COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Dollars and shares in thousands except per share data)

Shareholders’ Equity

1 unchanged sentence

The following table sets forth the computation of basic and diluted earnings per share:

Three Months Ended Nine Months Ended

September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024

Three Months Ended

March 29, 2026 March 30, 2025

Net income from continuing operations $ 67,625 $ 49,317

Net (income)/loss from continuing operations attributable to noncontrolling interests ( 147 ) ( 241 ) 17 ( 399 )

Net income from continuing operations attributable to noncontrolling interests ( 24 ) ( 60 )

Net income from continuing operations attributable to Sonoco $ 67,601 $ 49,257

13 unchanged sentences

No adjustments were made to “Net income attributable to Sonoco” in the computations of net income attributable to Sonoco per common share.

SONOCO PRODUCTS COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Dollars and shares in thousands except per share data)

Anti-dilutive Securities

2 unchanged sentences

These SARs may become dilutive in the future if the market price of the Company’s common stock appreciates.

The average numbers of SARs that were anti-dilutive and, therefore, not included in the computation of diluted earnings per share during the three- and nine-month periods ended September 28, 2025 and September 29, 2024 were as follows (in thousands):

Three Months Ended Nine Months Ended

September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024

The average numbers of SARs that were anti-dilutive and, therefore, not included in the computation of diluted earnings per share during the three-month periods ended March 29, 2026 and March 30, 2025 were as follows (in thousands):

Three Months Ended

March 29, 2026 March 30, 2025

Anti-dilutive stock appreciation rights 396 548

SONOCO PRODUCTS COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Dollars and shares in thousands except per share data)

Stock Repurchases

3 unchanged sentences

The Company regularly repurchases shares of its common stock to satisfy employee tax withholding obligations in association with certain share-based compensation awards.

These repurchases, which are not part of a publicly announced plan or program, totaled 220 shares during the nine-month period ended September 28, 2025, at a cost of $ 10,580 , and 163 shares during the nine-month period ended September 29, 2024, at a cost of $ 9,172 .

These repurchases, which are not part of a publicly announced plan or program, totaled 132 shares during the three-month period ended March 29, 2026, at a cost of $ 6,954 , and 220 shares during the three-month period ended March 30, 2025, at a cost of $ 10,573 .

Dividend Declarations

2 unchanged sentences

On April 15, 2026, the Board declared a regular quarterly dividend of $ 0.54 per share.

This dividend was paid on

This dividend will be paid on

June 10, 2026 to all shareholders of record as of May 8, 2026.

On July 16, 2025, the Board declared a regular quarterly dividend of $ 0.53 per share.

This dividend is payable on September 10, 2025 to all shareholders of record as of August 8, 2025.

On October 14, 2025, subsequent to the end of the quarter, the Board declared a regular quarterly dividend of $ 0.53 per share.

This dividend is payable on December 10, 2025 to all shareholders of record as of November 10, 2025.

SONOCO PRODUCTS COMPANY

2 unchanged sentences

Restructuring and Asset Impairments

Due to its geographic footprint and the cost-competitive nature of its businesses, the Company is continually seeking more cost-effective means and structures to serve its customers and to respond to significant changes in its markets.

Due to its geographic footprint and the cost-competitive nature of its businesses, the Company continually seeks more cost-effective means and structures to serve its customers and to respond to significant changes in its markets.

As such, plant closures in connection with footprint rationalization and headcount reductions are an important component of the Company’s cost control initiatives.

1 unchanged sentence

Set forth below are the total restructuring and asset impairment charges, net of adjustments, recognized during the periods presented:

Three Months Ended Nine Months Ended

September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024

Restructuring and restructuring-related asset impairment charges $ 48,388 $ 6,149 $ 71,721 $ 55,122

Three Months Ended

March 29, 2026 March 30, 2025

Restructuring and restructuring-related asset impairment charges, net

$ 15,133 $ 13,581

Other asset impairments — —

Restructuring/Asset impairment charges $ 48,388 $ 6,149 $ 71,721 $ 55,122

Restructuring/Asset impairment charges, net

$ 15,133 $ 13,581

The table below sets forth restructuring and restructuring-related asset impairment charges by type incurred:

Three Months Ended Nine Months Ended

September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024

Three Months Ended

March 29, 2026 March 30, 2025

Severance and Termination Benefits $ 7,370 $ 6,998

1 unchanged sentence

Other Costs 4,673 1,482

Total restructuring and restructuring-related asset impairment charges $ 48,388 $ 6,149 $ 71,721 $ 55,122

Restructuring and restructuring-related asset impairment charges, net

$ 15,133 $ 13,581

The table below sets forth restructuring and restructuring-related asset impairment charges attributable to each reportable segment, the All Other group of businesses, and Corporate-related activity:

Three Months Ended Nine Months Ended

September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024

Three Months Ended

March 29, 2026 March 30, 2025

Consumer Packaging $ 9,107 $ 1,229

2 unchanged sentences

Corporate 67 ( 151 )

Total restructuring and restructuring-related asset impairment charges $ 48,388 $ 6,149 $ 71,721 $ 55,122

Restructuring and restructuring-related asset impairment charges are included in “Restructuring/Asset impairment charges” in the Company’s Condensed Consolidated Statements of Income.

Restructuring and restructuring-related asset impairment charges, net

$ 15,133 $ 13,581

Restructuring and restructuring-related asset impairment charges are included in “Restructuring/Asset impairment charges, net” in the Company’s Condensed Consolidated Statements of Income.

SONOCO PRODUCTS COMPANY

12 unchanged sentences

Foreign currency translation ( 651 ) — ( 45 ) ( 696 )

Liability at September 28, 2025 $ 49,083 $ — $ 4,046 $ 53,129

“Severance and Termination Benefits” during the nine-month period ended September 28, 2025 includes the cost of severance for approximately 370 employees whose positions were eliminated in conjunction with the Company’s ongoing organizational effectiveness efforts, as well as severance costs related to the closures of metal can facilities in France and Spain, part of the Consumer Packaging segment, and the closures of a paper mill in Mexico, cone facilities in China and Mexico, and partitions facilities in Maine and California, all part of the Industrial Paper Packaging segment.

“Asset Impairment/Disposal of Assets” during the nine-month period ended September 28, 2025 consists primarily of asset write-offs related to the closures of the paper mill in Mexico, the cone facilities in China and Mexico, and the partitions facilities in Maine and California, all part of the Industrial Paper Packaging segment, and the closure of the metal packaging facility in France, part of the Consumer Packaging segment.

“Other Costs” during the nine-month period ended September 28, 2025 consists primarily of equipment removal, utilities, plant security, property taxes, insurance and environmental remediation costs related to the prior year’s closure of the Company’s paper mill in Washington, costs related to the current year’s closures of the metal can facilities in France and Spain and the paper mill in Mexico, and ongoing facility carrying costs of previously announced plant closures.

Liability at March 29, 2026 $ 52,247 $ — $ 3,513 $ 55,760

“Severance and Termination Benefits” during the three-month period ended March 29, 2026 includes the cost of severance for approximately 105 employees whose positions were eliminated in conjunction with the Company’s ongoing organizational effectiveness efforts, including additional severance charges related to the prior year closure of a metal packaging facility in France, part of the Consumer Packaging segment.

“Asset Impairment/Disposal of Assets” during the three-month period ended March 29, 2026 consists primarily of asset write-offs related to the closure of a metal packaging facility in Ghana, part of the Consumer Packaging segment and additional losses from the sale of assets associated with a previously closed paper mill facility in Greece, part of the Industrial Paper Packaging segment.

“Other Costs” during the three-month period ended March 29, 2026 consists primarily of equipment removal, utilities, plant security, property taxes, and insurance costs related to the prior year closures of metal can facilities in France and Ghana, and the prior year closures of a paper mill in Mexico and partitions facility in California, both part of the Industrial Paper Packaging segment, as well as ongoing facility carrying costs of other previously announced plant closures.

The Company expects to pay the majority of the remaining restructuring reserves by the end of 2026 using cash generated from operations.

4 unchanged sentences

(Dollars and shares in thousands except per share data)

Accumulated Other Comprehensive Income/(Loss)

The following table summarizes the components of accumulated other comprehensive income/(loss) and the changes in the balances of each component of accumulated other comprehensive income/(loss), net of tax as applicable, for the nine-month periods ended September 28, 2025 and September 29, 2024:

Accumulated Other Comprehensive (Loss)/Income

The following table summarizes the components of accumulated other comprehensive (loss)/income and the changes in the balances of each component of accumulated other comprehensive (loss)/income, net of tax as applicable, for the three-month periods ended March 29, 2026 and March 30, 2025:

Pension Items

3 unchanged sentences

Balance at December 31, 2025 $ 124,227 $ ( 87,958 ) $ 935 $ 37,204

Other comprehensive income before reclassifications 453,661 2,007 1,821 457,489

Other comprehensive (loss)/income before reclassifications ( 61,362 ) ( 61 ) 1,210 ( 60,213 )

Amounts reclassified from accumulated other comprehensive loss to net income — 800 ( 282 ) 518

Other comprehensive income 505,408 4,176 2,169 511,753

Balance at September 28, 2025 $ 94,477 $ ( 86,437 ) $ 979 $ 9,019

Other comprehensive (loss)/income ( 61,362 ) 739 928 ( 59,695 )

Balance at March 29, 2026 $ 62,865 $ ( 87,219 ) $ 1,863 $ ( 22,491 )

Balance at December 31, 2024 $ ( 410,931 ) $ ( 90,613 ) $ ( 1,190 ) $ ( 502,734 )

Other comprehensive loss before reclassifications ( 20,387 ) ( 253 ) ( 1,499 ) ( 22,139 )

Other comprehensive income/(loss) before reclassifications 172,072 ( 265 ) 2,024 173,831

Amounts reclassified from accumulated other comprehensive loss to net income 3,792 809 ( 267 ) 4,334

Other comprehensive (loss)/income ( 17,474 ) 3,158 ( 1,432 ) ( 15,748 )

Balance at September 29, 2024 $ ( 285,052 ) $ ( 96,469 ) $ ( 489 ) $ ( 382,010 )

Other comprehensive income 175,864 544 1,757 178,165

Balance at March 30, 2025 $ ( 235,067 ) $ ( 90,069 ) $ 567 $ ( 324,569 )

SONOCO PRODUCTS COMPANY

1 unchanged sentence

(Dollars and shares in thousands except per share data)

The following table summarizes the effects on net income of significant amounts reclassified from each component of accumulated other comprehensive income/(loss) for the three- and nine-month periods ended September 28, 2025 and September 29, 2024:

The following table summarizes the effects on net income of significant amounts reclassified from each component of accumulated other comprehensive loss for the three-month periods ended March 29, 2026 and March 30, 2025:

Amount Reclassified from Accumulated

Other Comprehensive Income/(Loss)

Three Months Ended Nine Months Ended

Other Comprehensive Loss

Three Months Ended

Details about Accumulated Other

Comprehensive

Income/(Loss) Components September 28,

2025 September 29,

2024 September 28,

2025 September 29,

Loss Components March 29,

2026 March 30,

2025 Affected Line Item in

2 unchanged sentences

Foreign currency items

Currency translation adjustment loss on TFP sale (a)

$ — $ — $ ( 47,955 ) $ — Net income from discontinued operations

Currency translation adjustment loss on Venezuela sale (a)

$ — $ ( 3,792 ) Loss on divestiture of business

Currency translation adjustment loss on Protexic sale (a)

— — — ( 2,913 ) Loss on divestiture of business

— ( 3,792 ) Net income

10 unchanged sentences

Defined benefit pension items

Effect of settlement loss (c)

— ( 18 ) — ( 529 ) Non-operating pension costs

Amortization of defined benefit pension items (c)

10 unchanged sentences

(Dollars and shares in thousands except per share data)

The following table summarizes the before- and after-tax amounts for the various components of other comprehensive income/(loss) for the three-month periods ended September 28, 2025 and September 29, 2024:

Three Months Ended September 28, 2025 Three Months Ended September 29, 2024

The following table summarizes the before- and after-tax amounts for the various components of other comprehensive (loss)/income for the three-month periods ended March 29, 2026 and March 30, 2025:

Three Months Ended March 29, 2026 Three Months Ended March 30, 2025

Benefit After Tax

3 unchanged sentences

Other comprehensive (loss)/income before reclassifications $ ( 48,599 ) $ ( 12,763 ) $ ( 61,362 ) $ 161,828 $ 10,244 $ 172,072

Amounts reclassified from accumulated other comprehensive income/(loss) to net income (a)

Amounts reclassified from accumulated other comprehensive (loss)/income to net income (a)

— — — 3,792 — 3,792

Net other comprehensive (loss)/income from foreign currency items ( 48,599 ) ( 12,763 ) ( 61,362 ) 165,620 10,244 175,864

Defined benefit pension items:

Other comprehensive loss before reclassifications ( 34 ) 9 ( 25 ) ( 82 ) 10 ( 72 )

Amounts reclassified from accumulated other comprehensive income/(loss) to net income (b)

986 ( 264 ) 722 1,216 ( 108 ) 1,108

Net other comprehensive income from defined benefit pension items 952 ( 255 ) 697 1,134 ( 98 ) 1,036

Gains and losses on cash flow hedges:

Other comprehensive loss before reclassifications ( 2,838 ) 413 ( 2,425 ) ( 465 ) 90 ( 375 )

Amounts reclassified from accumulated other comprehensive income/(loss) to net income (c)

2,033 ( 520 ) 1,513 620 ( 185 ) 435

Net other comprehensive (loss)/income from cash flow hedges ( 805 ) ( 107 ) ( 912 ) 155 ( 95 ) 60

Other comprehensive (loss)/income $ ( 3,878 ) $ ( 4,466 ) $ ( 8,344 ) $ 31,747 $ 4,560 $ 36,307

(a) See Note 4 for additional details.

(b) See Note 13 for additional details.

SONOCO PRODUCTS COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Dollars and shares in thousands except per share data)

The following table summarizes the before- and after-tax amounts for the various components of other comprehensive income/(loss) for the nine-month periods ended September 28, 2025 and September 29, 2024:

Nine Months Ended September 28, 2025 Nine Months Ended September 29, 2024

Benefit After Tax

Amount Before Tax

Benefit After Tax

Foreign currency items:

Other comprehensive income/(loss) before reclassifications $ 399,075 $ 54,586 $ 453,661 $ ( 21,610 ) $ 1,223 $ ( 20,387 )

Amounts reclassified from accumulated other comprehensive income/(loss) to net income (a)

Other comprehensive (loss)/income before reclassifications ( 77 ) 16 ( 61 ) ( 346 ) 81 ( 265 )

Amounts reclassified from accumulated other comprehensive (loss)/income to net income (b)

1,009 ( 209 ) 800 1,056 ( 247 ) 809

Net other comprehensive income/(loss) from foreign currency items 450,822 54,586 505,408 ( 18,697 ) 1,223 ( 17,474 )

Defined benefit pension items:

Other comprehensive income/(loss) before reclassifications 2,645 ( 638 ) $ 2,007 ( 287 ) 34 ( 253 )

Amounts reclassified from accumulated other comprehensive income/(loss) to net income (b)

Net other comprehensive income/(loss) from defined benefit pension items

932 ( 193 ) 739 710 ( 166 ) 544

Net other comprehensive income from defined benefit pension items 5,529 ( 1,353 ) 4,176 3,869 ( 711 ) 3,158

Gains and losses on cash flow hedges:

Other comprehensive income/(loss) before reclassifications

Amounts reclassified from accumulated other comprehensive income/(loss) to net income (c)

2,132 ( 922 ) 1,210 2,715 ( 691 ) 2,024

Amounts reclassified from accumulated other comprehensive (loss)/income to net income (c)

( 497 ) 215 ( 282 ) ( 358 ) 91 ( 267 )

Net other comprehensive income/(loss) from cash flow hedges

Other comprehensive income/(loss) $ 459,214 $ 52,539 $ 511,753 $ ( 16,808 ) $ 1,060 $ ( 15,748 )

1,635 ( 707 ) 928 2,357 ( 600 ) 1,757

Other comprehensive (loss)/income $ ( 46,032 ) $ ( 13,663 ) $ ( 59,695 ) $ 168,687 $ 9,478 $ 178,165

(a) See Note 4 for additional details.

5 unchanged sentences

Goodwill and Other Intangible Assets

A summary of the changes in goodwill for the nine-month period ended September 28, 2025 is as follows:

Packaging Industrial Paper Packaging All Other Total

A summary of the changes in goodwill for the three-month period ended March 29, 2026 is as follows:

Packaging Industrial Paper Packaging Total

Goodwill at December 31, 2025 $ 1,947,991 $ 563,620 $ 2,511,611

Divestitures — ( 2,043 ) — ( 2,043 )

Reclassified to assets held for sale — — ( 173,394 ) ( 173,394 )

Measurement period adjustments ( 53,699 ) — — ( 53,699 )

Foreign currency translation ( 27,086 ) ( 2,324 ) ( 29,410 )

Goodwill at September 28, 2025 $ 1,911,693 $ 506,437 $ 55,237 $ 2,473,367

Goodwill activity reflected under the caption “Measurement period adjustments” relates to the December 2024 acquisition of Eviosys.

Goodwill activity reflected under the caption “Divestitures” relates to the April 2025 sale of a small recycling business in Asheville, North Carolina.

See Note 4 for additional information.

As of September 28, 2025, the Company has reclassified $ 173,394 of goodwill related to ThermoSafe, part of the All Other group of businesses, to assets held for sale.

Goodwill at March 29, 2026 $ 1,920,905 $ 561,296 $ 2,482,201

The goodwill balance of the Industrial Paper Packaging segment at December 31, 2025 included $ 55,244 related to Industrial Plastics, previously reported as part of the All Other group of businesses.

See Note 1 for additional information.

1 unchanged sentence

The Company completed its most recent annual goodwill impairment testing during the third quarter of 2025 and analyzed certain qualitative and quantitative factors in determining whether a goodwill impairment existed.

The Company’s assessments reflected a number of significant management assumptions and estimates including the Company’s forecast of sales growth, EBITDA, and discount rates.

The Company’s assessm ents reflected a number of significant management assumptions and estimates including the Company’s forecast of sales growth during the discrete period, EBIT DA, and discount rates.

Changes in these assumptions could materially impact the Company’s conclusions.

Based on its assessments, the Company concluded that there was no impairment of goodwill for any of its reporting units.

Although no reporting units failed the annual impairment test, in management’s opinion, the goodwill balances of t he Metal Packaging EMEA and Global Paper Products Asia Pacific (“APAC”) reporting units are at risk of impairment in the near term if the reporting unit’s operations do not perform in line with management’s expectations, or if there is a negative change in the long-term financial outlook for the reporting unit or in other factors such as the discount rate.

In the case of Metal Packaging EMEA, the lower differential between the fair value and carrying value of the reporting unit is due to the acquisition of Eviosys in December 2024, at which time the majority of assets and liabilities acquired were recorded at fair value.

In the annual goodwill impairment analysis completed during the third quarter of 2025, projected future cash flows for the Metal Packaging EMEA and Global Paper Products APAC reporting units were discounted at 12.0 % and 13.0 %, respectively, and their estimated fair values were determined to exceed their individual carrying values by approximately 3.1 % and 9.0 %, respectively.

Based on equal weighting of the income and market approaches and holding other valuation assumptions constant, the discount rates for the Metal Packaging EMEA and Global Paper Products APAC reporting units would have to increase to 12.7 % and 15.4 %, respectively, or projected EBITDA across all future periods would have to be reduced approximately 3.0 % and 8.4 %, respectively, in order for the estimated fair values of the reporting units to fall below carrying values.

At September 28, 2025, the total goodwill associated with the Metal Packaging EMEA and Global Paper Products APAC reporting unit was $ 1,361,339 and $ 26,721 , respectively.

During the time subsequent to the annual evaluation, and at September 28, 2025, the Company considered whether any events and/or changes in circumstances had resulted in the likelihood that the goodwill of any of its reporting units may have been impaired.

Although no reporting units failed the annual impairment test, in management’s opinion, the goodwill balances of t he Sonoco Metal Packaging (“SMP”) Europe, Middle East and Africa (“EMEA”) and Global Paper Products Asia-Pacific (“APAC”) reporting units are at risk of impairment in the near term if the reporting unit’s operations do not perform in line with management’s expectations, or if there is a negative change in the long-term financial outlook for the reporting unit or in other factors such as the discount rate.

In the case of SMP EMEA, the lower differential between the fair value and carrying value of the reporting unit is due to the acquisition of Titan Holdings I B.V.

in December 2024, at which time the majority of assets and liabilities acquired were recorded at fair value.

The total goodwill associated with the SMP EMEA and Global Paper Products APAC reporting units was $ 1,372,186 and $ 26,976 , respectively, at March 29, 2026.

During the time subsequent to the annual evaluation, and at March 29, 2026, the Company considered whether any events and/or changes in circumstances had resulted in the likelihood that the goodwill of any of its reporting units may have been impaired.

It is management’s opinion that no such events and/or changes in circumstances have occurred.

3 unchanged sentences

Other Intangible Assets

A summary of other intangible assets as of September 28, 2025 and December 31, 2024 is as follows:

September 28,

A summary of other intangible assets as of March 29, 2026 and December 31, 2025 is as follows:

2026 December 31,

14 unchanged sentences

Other Intangible Assets, net $ 2,600,694 $ 2,683,474

During the nine-month period ended September 28, 2025, the Company recorded measurement period adjustments related to the December 2024 acquisition of Eviosys that increased the previously reported fair value of customer lists by $ 42,379 .

The effect on amortization expense in the prior period was immaterial.

In addition, the Company wrote off other intangible assets, primarily customer lists, with a net book value of $ 1,455 as a result of the divestiture of a small recycling business in Asheville, North Carolina.

See Note 4 for additional information.

In conjunction with the pending sale of ThermoSafe, the Company reclassified intangible assets with a net book value of $ 9,430 to “Assets held for sale” at September 28, 2025.

The gross value of these intangible assets, which consisted primarily of customer lists and trade names, was $ 89,703 and the accumulated amortization was $( 80,273 ).

See Note 1 for additional information.

Other intangible assets are amortized using the straight-line method over their respective useful lives when management has determined that the straight-line method approximates the pattern of consumption of the respective intangible assets or in relation to the asset’s specific pattern of consumption if management has determined that the straight-line method does not provide a fair approximation of the consumption of benefits.

1 unchanged sentence

The Company has no intangible assets with indefinite lives.

Aggregate amortization expense was $ 49,034 and $ 17,624 for the three-month periods ended September 28, 2025 and September 29, 2024, respectively, and $ 135,188 and $ 52,997 for the nine-month periods ended September 28, 2025 and September 29, 2024, respectively.

Aggregate amortization expense was $ 44,320 and $ 41,961 for the three-month periods ended March 29, 2026 and March 30, 2025, respectively.

Amortization expense on other intangible assets is expected to total approximately $ 177,300 in 2026, $ 177,200 in 2027, $ 177,100 in 2028, $ 176,200 in 2029 and $ 173,900 in 2030.

6 unchanged sentences

The Company does not enter into any agreements with suppliers regarding their participation in the SCF Programs.

The following table sets forth the balance sheet location and values of the obligations under the Company’s SCF Programs at March 29, 2026 and December 31, 2025:

Balance Sheet Line Item March 29, 2026 December 31, 2025

Payable to suppliers (a)

$ 42,768 $ 53,122

SONOCO PRODUCTS COMPANY

1 unchanged sentence

(Dollars and shares in thousands except per share data)

The following table sets forth the balance sheet location and values of the obligations under the Company’s SCF Programs at September 28, 2025 and December 31, 2024:

Balance Sheet Line Item September 28, 2025 December 31, 2024

Payable to suppliers (a)

$ 31,965 $ 28,496

(a) The payment of these obligations is included in net cash provided by operating activities in the Company’s Condensed Consolidated Statements of Cash Flows.

Details of the Company’s debt at September 28, 2025 and December 31, 2024 are as follows:

September 28,

(a) The payment of these obligations is included in net cash used by operating activities in the Company’s Condensed Consolidated Statements of Cash Flows.

Details of the Company’s debt at March 29, 2026 and December 31, 2025 are as follows:

2026 December 31, 2025

Commercial paper $ 344,000 $ —

364-Day term loan due December 2025 — 1,493,568

Term loan due December 2026 699,059 698,167

Syndicated term loan due August 2028 498,476 498,320

1.800 % notes due February 2025

4.450 % notes due September 2026

18 unchanged sentences

Long-term debt $ 3,486,942 $ 3,788,973

On February 3, 2025, the Company repaid the $ 400,000 aggregate principal amount of its 1.800 % notes due February 2025 upon maturity using proceeds from the issuance of commercial paper.

On April 3, 2025, the Company repaid the outstanding $ 1,500,000 principal amount of borrowings under its 364 -day term loan facility using a portion of the cash proceeds from the sale of TFP.

The outstanding $ 700,000 principal amount of borrowings under the term loan due December 2026 will become payable upon completion of the ThermoSafe divestiture.

Accordingly, the net obligation of $ 699,059 has been classified as “Notes payable and current portion of long-term debt” in the Company’s Condensed Consolidated Balance Sheet at September 28, 2025.

Included in “Other foreign denominated debt” at September 28, 2025 and December 31, 2024 are $ 235 and $ 73,487 , respectively, of transfers of certain trade receivables of Eviosys to third-party financial institutions for which the requirements to be accounted for as true sale in accordance with the guidance under ASC 860, “Transfers and Servicing,” were not met.

Additions to and settlements of these obligations are reflected as “ Proceeds from issuance of debt ” and “ Principal repayment of debt ,” respectively, in “ Net cash (used)/provided by financing activities ” in the Company’s Condensed Consolidated Statements of Cash Flows.

SONOCO PRODUCTS COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Dollars and shares in thousands except per share data)

On March 23, 2026, the Company entered into a credit agreement with the lenders party thereto and Wells Fargo Bank, National Association, as Administrative Agent (the “Term Credit Agreement”) that provides the Company with a delayed draw term loan facility in an aggregate principal amount of up to $ 300,000 on an unsecured basis (the “Term Loan Facility”).

The Term Loan Facility may be drawn, subject to the satisfaction of certain conditions, on or prior to September 13, 2026.

Borrowings under the Term Loan Facility, net of any prepayments, will become payable in full on the second anniversary of the Funding Date (as defined in the Term Credit Agreement) and will bear interest at a fluctuating rate per annum equal to, at the Company’s option, (i) the forward-looking Secured Overnight Financing Rate term rate (such borrowings, “Term SOFR Loans”), (ii) a base rate (such borrowings, “Base Rate Loans”), or (iii) a combination thereof, plus, in each case, an applicable margin calculated based on the Company’s credit ratings, ranging from 0.850 % to 1.100 % per annum for Term SOFR Loans and from 0.000 % to 0.100 % per annum for Base Rate Loans.

As of March 29, 2026 , no draws had been made under the Term Loan Facility.

The Company maintains a revolving credit facility with total commitments of $ 1,250,000 and a maturity date of May 3, 2029.

The Company’s $ 1,250,000 commercial paper program is supported by the revolving credit facility.

At September 28, 2025 , the Company had $ 90,000 in commercial paper balances outstanding;

accordingly, the committed capacity available for drawdown under its revolving credit facility at September 28, 2025 was $ 1,160,000 .

At March 29, 2026 , the Company had $ 344,000 in commercial paper balances outstanding;

accordingly, the committed capacity available for drawdown under its revolving credit facility at March 29, 2026 was $ 906,000 .

Certain of the Company’s debt agreements impose restrictions with respect to the maintenance of financial ratios and the disposition of assets.

The most restrictive covenants currently require the Company to maintain a minimum level of interest coverage and a minimum level of net worth, as defined in the agreements.

As of September 28, 2025, the Company’s interest coverage and net worth were substantially above the minimum levels required under these covenants.

As of March 29, 2026, the Company’s interest coverage and net worth were substantially above the minimum levels required under these covenants.

SONOCO PRODUCTS COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Dollars and shares in thousands except per share data)

Financial Instruments and Derivatives

The following table sets forth the carrying amounts and fair values of the Company’s significant financial instruments for which the carrying amount differs from the fair value.

September 28, 2025 December 31, 2024

March 29, 2026 December 31, 2025

Value Carrying

3 unchanged sentences

Cash Flow Hedges

At September 28, 2025 and December 31, 2024, the Company had derivative financial instruments outstanding to hedge anticipated transactions and certain asset and liability related cash flows.

These contracts, w hich have maturities ranging from October 2025 to September 2027, qualify as cash flow hedges under GAAP.

At March 29, 2026 and December 31, 2025, the Company had derivative financial instruments outstanding to hedge anticipated transactions and certain asset and liability related cash flows.

These contracts, w hich have maturities ranging from March 2026 to September 2027, qualify as cash flow hedges under GAAP.

For derivative instruments that are designated and qualify as a cash flow hedge, the gain or loss on the derivative instrument is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings and is presented in the same income statement line item as the earnings effect of the hedged item.

2 unchanged sentences

Certain derivative contracts entered into to manage the cost of anticipated purchases of natural gas and aluminum have been designated by the Company as cash flow hedges.

At September 28, 2025, there were no designated natural gas swaps covering anticipated natural gas usage in 2025.

At March 29, 2026, there were no designated natural gas swaps covering anticipated natural gas usage in 2026.

The Company has designated swap contracts covering 5,861 metric tons of aluminum as cash flow hedges.

These contracts represented approximately 63.6 % of anticipated aluminum usage for 2025.

The fair value of the Company’s commodity cash flow hedges netted to a gain position of $ 358 and a gain position of $ 652 at September 28, 2025 and December 31, 2024, respectively.

The amount of the gain included in accumulated other comprehensive income at September 28, 2025 expected to be reclassified to the income statement during the next twelve months is $ 288 .

The Company also has certain natural gas derivatives contracts that are not designated as cash flow hedges.

These contracts represented approximately 34.4 % and 3.0 % of anticipated aluminum usage for 2026 and 2027, respectively.

The fair value of the Company’s commodity cash flow hedges netted to a gain position of $ 3,310 and a gain position of $ 1,683 at March 29, 2026 and December 31, 2025, respectively.

The amount of the gain included in accumulated other comprehensive income at March 29, 2026 expected to be reclassified to the income statement during the next twelve months is $ 3,163 .

The Company also has certain natural gas and aluminum derivatives contracts that are not designated as cash flow hedges.

See “Non-Designated Derivatives” below for a discussion of these hedges.

3 unchanged sentences

Foreign Currency Cash Flow Hedges

The Company has entered into forward contracts to hedge certain anticipated foreign currency denominated sales and purchases expected to occur from October 2025 to January 2027.

The net positions of these contracts at September 28, 2025 were as follows (in thousands):

The Company has entered into forward contracts to hedge certain anticipated foreign currency denominated sales and purchases expected to occur from March 2026 to December 2027.

The net positions of these contracts at March 29, 2026 were as follows (in thousands):

Currency Action Quantity

4 unchanged sentences

Polish zloty purchase 95,285

Czech koruna purchase 28,535

Turkish lira purchase 75,052

3 unchanged sentences

British pound sell ( 7,638 )

USD purchase 10,281

Euro Contracts

Hungarian forint purchase 7,216,102

Polish zloty purchase 49,379

Polish zloty sell ( 20,461 )

British pound purchase 3,784

purchase 2,058

Euro purchase 8,602

USD purchase 6,849

The fair value of foreign currency cash flow hedges related to forecasted sales and purchases netted to a gain position of $ 1,354 and a loss position of $( 1,841 ) at September 28, 2025 and December 31, 2024, respectively.

Gains of $ 1,352 are expected to be reclassified from accumulated other comprehensive income to the income statement during the next twelve months.

SONOCO PRODUCTS COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Dollars and shares in thousands except per share data)

The fair value of foreign currency cash flow hedges related to forecasted sales and purchases netted to a loss position of $( 255 ) and a gain position of $ 49 at March 29, 2026 and December 31, 2025, respectively.

Losses of $( 282 ) are expected to be reclassified from accumulated other comprehensive income to the income statement during the next twelve months.

Net Investment Hedge

In 2023, the Company became a party to cross-currency swap agreements with a total notional amount of $ 500,000 to effectively convert a portion of the Company’s fixed-rate U.S.

dollar denominated debt, including the semi-annual interest payments, to fixed-rate euro-denominated debt.

The swap agreements, which had a maturity of December 18, 2026, provided for the Company to receive semi-annual interest payments in U.S.

dollars at a fixed rate and to make semi-annual interest payments in euros at a fixed rate.

On April 15, 2024, as a result of the strengthening of the U.S.

dollar against the euro, as well as a reduction in the differential between U.S.

and European interest rates, the Company terminated its swap agreements and received a net cash settlement of $ 9,068 .

The foreign currency translation gain of approximately $ 3,143 , net of tax, is included as a component of “Accumulated other comprehensive income/(loss).”

Following the unwind of the swaps, in April 2024 the Company entered into new cross-currency swap agreements with a total notional amount of $ 500,000 , maturing on May 1, 2027, to effectively convert a portion of the Company’s fixed-rate U.S.

dollar-denominated debt, including the semi-annual interest payments, to fixed-rate euro-denominated debt.

In April 2024 the Company entered into cross-currency swap agreements with a total notional amount of $ 500,000 , maturing on May 1, 2027, to effectively convert a portion of the Company’s fixed-rate U.S.

dollar-denominated debt, including the semi-annual interest payments, to fixed-rate euro-denominated debt at the prevailing market rate at execution.

In December 2024, the Company entered into additional cross-currency swap agreements with a total notional amount of $ 1,500,000 , including $ 500,000 maturing on September 1, 2026, $ 500,000 maturing on September 1, 2029, and $ 500,000 maturing on May 1, 2030.

5 unchanged sentences

All of the Company’s cross-currency swap agreements are designated as net investment hedges for accounting purposes and have the risk management objective of managing foreign currency risk relating to net investments in certain European subsidiaries denominated in euros.

The gain or loss on the net investment hedge derivative instruments is included in the “Foreign currency translation” component of “Accumulated other comprehensive income/(loss)” until the net investment is sold, diluted, or liquidated.

Net interest income on the cross-currency swaps totaling $ 9,015 and $ 27,095 for the three- and nine-month periods ended September 28, 2025 are excluded from the net investment hedge effectiveness assessment and are recorded in “Interest expense” in the Company’s Condensed Consolidated Statements of Income.

The gain or loss on the net investment hedge derivative instruments is included in the “Foreign currency translation” component of “Accumulated other comprehensive (loss)/income” until the net investment is sold, diluted, or liquidated.

Net interest income on the cross-currency swaps totaling $ 10,843 for the three-month period ended March 29, 2026 are excluded from the net investment hedge effectiveness assessment and are recorded in “Interest expense” in the

SONOCO PRODUCTS COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Dollars and shares in thousands except per share data)

Company’s Condensed Consolidated Statements of Income.

The assumptions used in measuring fair value of the cross-currency swaps are considered level 2 inputs, which are based upon the Euro-to-U.S.

dollar exchange rate market.

The fair value of the Company’s net investment hedges was a loss position of $( 202,145 ) and a gain position of $ 11,919 at September 28, 2025 and December 31, 2024, respectively.

A foreign currency translation loss of $( 150,598 ) (net of income taxes of $ 51,547 ) and a gain of $ 8,880 (net of income taxes of $ 3,039 ) were reported as components of “Accumulated other comprehensive income/(loss)” within “Foreign currency items” at September 28, 2025 and December 31, 2024, respectively.

The fair value of the Company’s net investment hedges was a loss position of $( 157,150 ) and $( 207,203 ) at March 29, 2026 and December 31, 2025, respectively.

A foreign currency translation loss of $( 117,077 ) (net of income taxes of $ 40,073 ) and a loss of $( 154,366 ) (net of income taxes of $ 52,837 ) were reported as components of “Accumulated other comprehensive (loss)/income” within “Foreign currency items” at March 29, 2026 and December 31, 2025, respectively.

Non-Designated Derivatives

1 unchanged sentence

Cash flows from derivative financial instruments not designated as hedges are classified as cash flows from operating activities in the Condensed Consolidated Statements of Cash Flows.

SONOCO PRODUCTS COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Dollars and shares in thousands except per share data)

Foreign Currency Hedges

The Company routinely enters into forward contracts or swaps to economically hedge the currency exposure of intercompany debt and foreign currency denominated receivables and payables.

The net currency positions of these non-designated contracts at September 28, 2025, were as follows (in thousands):

The net currency positions of these non-designated contracts at March 29, 2026, were as follows (in thousands):

Currency Action Quantity

3 unchanged sentences

Mexican peso purchase 246,549

Turkish lira purchase 15,549

Canadian dollar purchase 3,695

Euro sell ( 9 )

British pound sell ( 48 )

Czech koruna sell ( 28,535 )

Thai baht sell ( 33,503 )

Euro Contracts

Hungarian forint purchase 416,146

Moroccan Dirham

USD sell ( 1,413 )

3 unchanged sentences

Commodity Hedges

The Company has entered into non-designated derivative contracts to manage the cost of a nticipated purchases of natural gas.

At September 28, 2025, these contracts consisted of natural gas swaps covering approximately 3.5 million metric million British thermal units (“MMBTUs”) and represented approximately 87.7 % of anticipated usage in North America for the remainder of 2025.

The Company has entered into non-designated derivative contracts to manage the cost of a nticipated purchases of natural gas and aluminum.

At March 29, 2026, these contracts consisted of natural gas swaps covering approximately 3.1 million metric million British thermal units (“MMBTUs”) and represented approximately 57.5 % of anticipated usage in North America for the remainder of 2026.

In addition, the Company held aluminum swap contracts covering 333 metric tons of aluminum.

SONOCO PRODUCTS COMPANY

1 unchanged sentence

(Dollars and shares in thousands except per share data)

Interest Rate Hedges

On August 29, 2024, in anticipation of the registered public offering of $ 1,800,000 aggregate principal amount of senior unsecured notes of the Company (the “Notes”), the Company entered into treasury lock derivative instruments with eleven banks, with a total notional principal amount of $ 900,000 .

These instruments had the risk management objective of reducing the Company’s exposure to increases in the underlying Treasury index up to the date of pricing of the Notes.

The derivatives were settled when the Notes priced on September 17, 2024, with the Company recognizing a loss on the settlement of $( 11,088 ).

The loss is included in “Interest expense” in the Company’s Condensed Consolidated Statements of Income for the year ended December 31, 2024.

The fair value of the Company’s non-designated deriva tives position was a gain of $ 121 and a loss of $( 2,694 ) at September 28, 2025 and December 31, 2024, respectively.

The following table sets forth the location and fair values of the Company’s derivative instruments at September 28, 2025 and December 31, 2024:

Description Balance Sheet Location September 28, 2025 December 31, 2024

The fair value of the Company’s non-designated deriva tives position was a loss of $( 761 ) and $( 1,113 ) at March 29, 2026 and December 31, 2025, respectively.

The following table sets forth the location and fair values of the Company’s derivative instruments at March 29, 2026 and December 31, 2025:

Description Balance Sheet Location March 29, 2026 December 31, 2025

Derivatives designated as hedging instruments:

5 unchanged sentences

Foreign Exchange Contracts Accrued expenses and other payables ( 2,498 ) ( 1,028 )

Foreign Exchange Contracts Other Liabilities — ( 87 )

Net investment hedge Prepaid expenses 20,687 19,358

Net investment hedge Other Assets — 1,845

Net investment hedge Accrued expenses and other payables ( 48,811 ) ( 58,594 )

12 unchanged sentences

(Dollars and shares in thousands except per share data)

The following tables set forth the effect of the Company’s derivative instruments on financial performance for the three-month periods ended September 28, 2025 and September 29, 2024, excluding the amount of foreign currency cash flow hedges that were reclassified from accumulated other comprehensive income/(loss) to the carrying value of the capitalized expenditures:

The following tables set forth the effect of the Company’s derivative instruments on financial performance for the three-month periods ended March 29, 2026 and March 30, 2025, excluding the amount of foreign currency cash flow hedges that were reclassified from accumulated other comprehensive (loss)/income to the carrying value of the capitalized expenditures:

Description Amount of Gain or

8 unchanged sentences

Derivatives in Cash Flow Hedging Relationships:

Three-month period ended September 28, 2025

Three-month period ended March 29, 2026

Foreign Exchange Contracts $ ( 264 ) Net sales $ ( 85 )

1 unchanged sentence

Commodity Contracts 2,396 Cost of sales 770

Three-month period ended September 29, 2024

Three-month period ended March 30, 2025

Foreign Exchange Contracts $ 3,251 Net sales $ 399

5 unchanged sentences

Derivatives not Designated as Hedging Instruments:

Three-month period ended September 28, 2025

Three-month period ended March 29, 2026

Commodity Contracts $ 1,304 Cost of sales

Foreign Exchange Contracts 1,697 Selling, general and administrative

Three-month period ended September 29, 2024

Three-month period ended March 30, 2025

Commodity Contracts $ 3,337 Cost of sales

Foreign Exchange Contracts 3,569 Selling, general and administrative

Three-month period ended September 28, 2025 Three-month period ended September 29, 2024

Three-month period ended March 29, 2026 Three-month period ended March 30, 2025

Description Revenue Cost of sales Revenue Cost of sales

4 unchanged sentences

Commodity contracts:

Amount of gain reclassified from accumulated other comprehensive income/(loss) into net income

$ — $ ( 175 ) $ — $ ( 21 )

SONOCO PRODUCTS COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Dollars and shares in thousands except per share data)

The following tables set forth the effect of the Company’s derivative instruments on financial performance for the nine-month periods ended September 28, 2025 and September 29, 2024, excluding the amount of foreign currency cash flow hedges that were reclassified from accumulated other comprehensive income/(loss) to the carrying value of the capitalized expenditures:

Description Amount of Gain or

(Loss) Recognized

Derivatives Location of Gain

Reclassified from

Accumulated OCI

Into Income Amount of Gain or

(Loss) Reclassified

from Accumulated

OCI Into Income

Derivatives in Cash Flow Hedging Relationships:

Nine-month period ended September 28, 2025

Foreign Exchange Contracts $ 2,874 Net sales $ 1,038

Cost of sales ( 1,321 )

Commodity Contracts ( 469 ) Cost of sales ( 175 )

Nine-month period ended September 29, 2024

Foreign Exchange Contracts $ ( 2,094 ) Net sales $ 153

Cost of sales ( 225 )

Commodity Contracts 16 Cost of sales ( 21 )

Description Gain or (Loss)

Recognized Location of Gain or (Loss) Recognized in

Income Statement

Derivatives not Designated as Hedging Instruments:

Nine-month period ended September 28, 2025

Commodity Contracts $ ( 1,149 ) Cost of sales

Foreign Exchange Contracts 6,046 Selling, general and administrative

Nine-month period ended September 29, 2024

Commodity Contracts $ ( 3,465 ) Cost of sales

Foreign Exchange Contracts ( 4,039 ) Selling, general and administrative

Nine-month period ended September 28, 2025 Nine-month period ended September 29, 2024

Description Revenue Cost of

sales Revenue Cost of

Total amount of income and expense line items presented in the Condensed Consolidated Statements of Income $ 1,038 $ ( 1,496 ) $ 153 $ ( 246 )

Gain or (loss) on cash flow hedging relationships:

Foreign exchange contracts:

Amount of gain/(loss) reclassified from accumulated other comprehensive income into net income $ 1,038 $ ( 1,321 ) $ 153 $ ( 225 )

Commodity contracts:

Amount of gain reclassified from accumulated other comprehensive income into net income $ — $ ( 175 ) $ — $ ( 21 )

Amount of gain reclassified from accumulated other comprehensive (loss)/income into net income $ — $ 770 $ — $ —

SONOCO PRODUCTS COMPANY

10 unchanged sentences

The following table sets forth information regarding the Company’s financial assets and financial liabilities, excluding retirement and postretirement plan assets, measured at fair value on a recurring basis:

Description September 28, 2025 Assets measured

Description March 29, 2026 Assets measured

at NAV Level 1 Level 2 Level 3

18 unchanged sentences

None of the Company’s financial assets or liabilities are measured at fair value using significant unobservable inputs.

There were no transfers in or out of Level 1 or Level 2 fair value measurements during the nine-month period ended September 28, 2025.

There were no transfers in or out of Level 1 or Level 2 fair value measurements during the three-month period ended March 29, 2026.

The Company has an investment in the preferred stock of a nonaffiliated private company.

1 unchanged sentence

Observable price changes would consist of Lev el 2 inputs based on privately negotiated transactions with the nonaffiliated company.

The total investment in p referred stock of $ 21,212 is included in “Other Assets” in the Company’s Condensed Consolidated Balance Sheet as of September 28, 2025.

The total investment in p referred stock of $ 21,212 is included in “Other Assets” in the Company’s Condensed Consolidated Balance Sheet as of March 29, 2026.

SONOCO PRODUCTS COMPANY

3 unchanged sentences

See Note 4 for a discussion of assets acquired and liabilities assumed in acquisitions and sold in dispositions, and Note 6 for a discussion of asset impairments associated with restructuring activities.

The fair value of assets determined based on third-party appraisals and classified as Level 3 measurements due to the use of significant unobservable inputs was not material at September 28, 2025 or December 31, 2024.

The fair value of assets determined based on third-party appraisals and classified as Level 3 measurements due to the use of significant unobservable inputs was not material at March 29, 2026 or December 31, 2025.

Employee Benefit Plans

Retirement Plans and Retiree Health and Life Insurance Plans

The Company provides non-contributory defined benefit pension plans for certain of its employees in the United States, Mexico, Belgium, Germany, France, and Turkey.

Following the acquisition of Eviosys on December 4, 2024, the Company now also provides non-contributory defined benefit pension plans for certain of its employees in Italy, Switzerland, Spain, and Ireland.

The Company provides non-contributory defined benefit pension plans for certain of its employees in the United States, Mexico, Belgium, Germany, France, Turkey, Italy, Switzerland, Spain, and Ireland.

The Company also sponsors contributory defined benefit pension plans covering certain of its employees in the United Kingdom, Canada and the Netherlands, and provides postretirement healthcare and life insurance benefits to a limited number of its retirees and their dependents in the United States and Canada, based on certain age and/or service eligibility requirements.

The components of net periodic benefit cost/(income) include the following:

Three Months Ended Nine Months Ended

September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024

The components of net periodic benefit cost include the following:

Three Months Ended

March 29, 2026 March 30, 2025

Retirement Plans

4 unchanged sentences

Amortization of net actuarial loss 890 988

Effect of settlement loss — 18 — 529

Net periodic benefit cost $ 3,738 $ 4,300

5 unchanged sentences

Amortization of net actuarial gain ( 155 ) ( 214 )

Net periodic benefit (income)/cost $ ( 37 ) $ 48 $ ( 108 ) $ 143

Settlement Charges

The Company recognized settlement ch arges of $ 18 and $ 529 during the three- and nine-month periods ended September 29, 2024, respectively.

These charges resulted from payments made to certain participants in the Company’s non-union Canadian pension plan who elected a lump sum distribution option upon retirement.

Net periodic benefit cost $ 44 $ 56

Contributions

The Company made aggregate contributions of $ 16,734 and $ 14,680 to its defined benefit retirement and retiree health and life insurance plans during the nine-month periods ended September 28, 2025 and September 29, 2024, respectively.

The Company made aggregate contributions of $ 4,829 and $ 4,223 to its defined benefit retirement and retiree health and life insurance plans during the three-month periods ended March 29, 2026 and March 30, 2025, respectively.

The Company expects to make additional aggregate contributions of approximately $ 18,400 to its defined benefit retirement and retiree health and life insurance plans over the remainder of 2026.

SONOCO PRODUCTS COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Dollars and shares in thousands except per share data)

The Company’s effective tax rates for the three- and nine-month periods ended September 28, 2025 were 6.0 % and 22.6 %, respectively, and its effective tax rates for the three- and nine-month periods ended September 29, 2024 were 35.2 % and 25.4 %, respectively.

The Company’s effective tax rates for the three-month periods ended March 29, 2026 and March 30, 2025 were 12.4 % and 30.9 %, respectively.

The Company’s effective tax rates varied from the U.S.

statutory rate due primarily to rate differences between U.S.

jurisdictions and the relative amounts earned in those jurisdictions, state income taxes, and discrete tax adjustments that were not consistent year over year, including the recording of a deferred tax benefit on the outside basis difference related to the ThermoSafe business being classified as held for sale.

jurisdictions and the relative amounts earned in those jurisdictions, state income taxes, and discrete tax adjustments that were not consistent period over period, including the recording of a provision-to-return adjustment for a retroactive U.S.

tax election.

The Company and/or its subsidiaries file federal, state and local income tax returns in the United States and various foreign jurisdictions.

With few exceptions, the Company is no longer subject to income tax examinations by tax authorities for years prior to 2019.

The Company’s reserve for uncertain tax benefits increased by $ 700 from December 31, 2024 to September 28, 2025 due primarily to an increase in reserves related to existing tax positions.

SONOCO PRODUCTS COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Dollars and shares in thousands except per share data)

The Company’s reserve for uncertain tax benefits increased by $ 1,108 from December 31, 2025 to March 29, 2026 due primarily to an increase in reserves related to existing tax positions and the Company’s reassessment of a prior-year tax matter.

Although the Company’s estimate for the potential outcome for any uncertain tax issue is highly judgmental, management believes that any reasonably foreseeable outcomes related to these matters have been adequately provided for.

6 unchanged sentences

The Company routinely enters into leasing arrangements for real estate (including manufacturing facilities, office space, and warehouses), transportation equipment (automobiles, forklifts, and trailers), and office equipment (copiers and postage machines).

The assessment of the certainty associated with the exercise of various lease renewal, termination, and purchase options included in the Company’s lease contracts is performed after contemplating all the relevant facts and circumstances in accordance with guidance under ASC 842, “Leases.” Most of the Company’s real estate leases, in particular, include one or more options to renew, with renewal terms that typically extend the lease term in increments from one to five years .

The assessment of the certainty associated with the exercise of various lease renewal, termination, and purchase options included in the Company’s lease contracts is performed after contemplating all the relevant facts and circumstances in accordance with guidance under ASC 842, “Leases.” Most real estate leases, in particular, include one or more options to renew, with renewal terms that typically extend the lease term in increments from one to five years .

The Company’s leases do not have any significant residual value guarantees or restrictive covenants.

1 unchanged sentence

The Company further utilizes a portfolio approach by assigning a “short” rate to contracts with lease terms of 10 years or less and a “long” rate for contracts greater than 10 years.

The Company entered into a definitive agreement to sell ThermoSafe on September 7, 2025.

As a result of the planned divestiture, operating and finance lease assets of $ 20,825 and $ 2,743 , respectively, were reclassified to “Assets held for sale” on the Condensed Consolidated Balance Sheets as of September 28, 2025.

In addition, current operating and finance lease liabilities of $ 4,166 and $ 445 , respectively, and non-current operating and finance lease liabilities of $ 16,916 and $ 2,475 , respectively, were reclassified to “Liabilities held for sale” on the Company’s Condensed Consolidated Balance Sheets at September 28, 2025.

For additional information about the pending divestiture of ThermoSafe, see Note 1.

The Company completed the Eviosys acquisition on December 4, 2024.

The acquisition included operating lease liabilities of $ 42,468 with a weighted-average remaining lease maturity term of 8.1 years and a weighted-average discount rate of 4.5 %.

The Company completed the divestiture of Protexic on April 1, 2024.

The divestiture included operating lease assets of $ 21,989 and operating lease liabilities of $ 22,396 .

For additional information about the Company’s acquisitions and divestitures, see Note 4.

SONOCO PRODUCTS COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Dollars and shares in thousands except per share data)

The following table sets forth the balance sheet location and aggregate values of the Company’s lease assets and lease liabilities at September 28, 2025 and December 31, 2024:

Classification Balance Sheet Location September 28, 2025 December 31, 2024

The following table sets forth the balance sheet location and aggregate values of the Company’s lease assets and lease liabilities at March 29, 2026 and December 31, 2025:

Classification Balance Sheet Location March 29, 2026 December 31, 2025

Operating lease assets Right of Use Asset-Operating Leases $ 308,936 $ 307,450

9 unchanged sentences

Total lease liabilities $ 371,491 $ 370,712

SONOCO PRODUCTS COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Dollars and shares in thousands except per share data)

Certain of the Company’s leases include variable costs.

2 unchanged sentences

Because the right of use assets recorded on the balance sheet were determined based upon factors considered at the commencement date of the leases, subsequent changes in the rate or index that were not contemplated in the right of use asset balances recorded on the balance sheet for certain leases with rate or index-related terms result in variable expenses being incurred when paid during the lease term.

The following table sets forth the components of the Company’s total lease cost for the three- and nine-month periods ended September 28, 2025 and September 29, 2024:

Three Months Ended Nine Months Ended

Lease Cost September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024

The following table sets forth the components of the Company’s total lease cost for the three-month periods ended March 29, 2026 and March 30, 2025:

Three Months Ended

Lease Cost March 29, 2026 March 30, 2025

Operating lease cost (a) $ 15,144 $ 15,484

Finance lease cost:

Amortization of lease asset (a) 3,503 3,253 9,790 9,464

Interest on lease liabilities (b) 834 877 2,327 2,685

Variable lease cost (a) (c) 13,393 8,174 37,084 23,475

Impairment charges (d) 1,235 258 2,413 258

Amortization of lease asset (a) (b) 2,735 3,002

Interest on lease liabilities (c) 612 700

Variable lease cost (a) (d) 11,757 12,422

Impairment charges (e) — 633

Total lease cost $ 30,248 $ 32,241

(a) Production-related costs are included in “Cost of sales” and administrative costs are included in “Selling, general and administrative expenses” in the Condensed Consolidated Statements of Income.

(b) Included in “Interest expense” in the Condensed Consolidated Statements of Income.

(d) Impairment charges are included in “Restructuring/Asset impairment charges” in the Company’s Condensed Consolidated Statements of Income.

(b) Included in depreciation and amortization.

(d) Also includes short term lease costs, which are deemed immaterial .

(e) Impairment charges are included in “Restructuring/Asset impairment charges, net” in the Company’s Condensed Consolidated Statements of Income.

See Note 6 for additional information.

SONOCO PRODUCTS COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Dollars and shares in thousands except per share data)

The following table sets forth certain lease-related information for the nine-month periods ended September 28, 2025 and September 29, 2024:

Nine Months Ended

September 28, 2025 September 29, 2024

The following table sets forth certain lease-related information for the three-month periods ended March 29, 2026 and March 30, 2025:

Three Months Ended

March 29, 2026 March 30, 2025

Cash paid for amounts included in the measurement of lease liabilities:

6 unchanged sentences

Modification to leased assets for increase in operating lease liabilities 6,005 16,626

Modification to leased assets for (decrease)/increase in finance lease liabilities ( 10,440 ) 53

Modification to leased assets for decrease in finance lease liabilities — ( 10,440 )

Termination reclasses to decrease operating lease assets 311 232

2 unchanged sentences

Termination reclasses to decrease finance lease liabilities 317 84

SONOCO PRODUCTS COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Dollars and shares in thousands except per share data)

Revenue Recognition

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Contract assets and liabilities are reported in “Other receivables” and “Accrued expenses and other payables,” respectively, in the Company’s Condensed Consolidated Balance Sheets.

September 28, 2025 December 31, 2024

March 29, 2026 December 31, 2025

Contract Assets $ 86,675 $ 77,978

Contract Liabilities ( 41,259 ) ( 58,784 )

SONOCO PRODUCTS COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Dollars and shares in thousands except per share data)

Significant changes in the contract assets and liabilities balances during the nine-month period ended September 28, 2025 and the year ended December 31, 2024 were as follows:

September 28, 2025 December 31, 2024

Asset Contract

Liability Contract

Asset Contract

Significant changes in the contract assets and liabilities balances during the three-month period ended March 29, 2026 and the year ended December 31, 2025 were as follows:

March 29, 2026 December 31, 2025

Assets Contract

Liabilities Contract

Beginning Balance $ 77,978 $ ( 58,784 ) $ 67,062 $ ( 60,024 )

Acquired as part of a business combination — — 62,439 ( 47,478 )

Acquired/ sold as part of a business combination/ divestiture — — ( 53 ) ( 324 )

Revenue deferred or rebates accrued — ( 25,271 ) — ( 94,947 )

3 unchanged sentences

Transferred to receivables from contract assets recognized at the beginning of the period and acquired as part of business combination ( 77,978 ) — ( 67,009 ) —

Reclassified to assets/liabilities held for sale ( 63 ) 569 — —

Ending Balance $ 86,675 $ ( 41,259 ) $ 77,978 $ ( 58,784 )

SONOCO PRODUCTS COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Dollars and shares in thousands except per share data)

Contract assets represent goods produced without alternative use for which the Company is entitled to payment with margin prior to shipment.

4 unchanged sentences

Contract assets and liabilities are generally short in duration given the nature of products produced by the Company.

The following tables set forth information about revenue disaggregated by primary geographic regions for the three-month periods ended September 28, 2025 and September 29, 2024.

The following tables set forth information about revenue disaggregated by primary geographic regions for the three-month periods ended March 29, 2026 and March 30, 2025.

The tables also include a reconciliation of disaggregated revenue with reportable segments.

The Company’s reportable segments are aligned by product nature as disclosed in Note 17 .

Three-month period ended September 28, 2025 Consumer Packaging Industrial Paper Packaging All Other Total

Primary Geographical Markets:

United States $ 508,058 $ 374,048 $ 91,550 $ 973,656

EMEA 873,751 89,990 15,166 978,907

Canada 4,579 19,687 — 24,266

APAC 23,768 38,778 368 62,914

Other 28,090 62,466 809 91,365

Total $ 1,438,246 $ 584,969 $ 107,893 $ 2,131,108

SONOCO PRODUCTS COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Dollars and shares in thousands except per share data)

Three-month period ended September 29, 2024 Consumer Packaging Industrial Paper Packaging All Other Total

Primary Geographical Markets:

United States $ 504,236 $ 355,492 $ 90,483 $ 950,211

EMEA 107,143 91,138 15,952 214,233

Canada 3,968 22,969 — 26,937

APAC 24,221 55,888 572 80,681

Other 22,729 59,595 266 82,590

Total $ 662,297 $ 585,082 $ 107,273 $ 1,354,652

The following tables set forth information about revenue disaggregated by primary geographic regions for the nine-month periods ended September 28, 2025 and September 29, 2024.

The tables also include a reconciliation of disaggregated revenue with reportable segments.

Nine-month period ended September 28, 2025 Consumer Packaging Industrial Paper Packaging All Other Total

As described in Note 1, results for Industrial Plastics, previously included in the All Other group of businesses, are included in the Industrial Paper Packaging segment effective January 1, 2026.

The Company no longer reports the results of any of its businesses in All Other.

P rior year results for the Industrial Paper Packaging segment and the All Other group of businesses have been recast to conform to the new presentation.

Three-month period ended March 29, 2026 Consumer Packaging Industrial Paper Packaging Total

Primary Geographical Markets:

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Total $ 1,097,075 $ 579,367 $ 1,676,442

Nine-month period ended September 29, 2024 Consumer Packaging Industrial Paper Packaging All Other Total

Three-month period ended March 30, 2025 Consumer Packaging Industrial Paper Packaging All Other Total

Primary Geographical Markets:

6 unchanged sentences

Segment Reporting

The Company’s operating and reporting structure consists of two reportable segments, Consumer Packaging and Industrial Paper Packaging, with all remaining businesses reported as All Other.

The Company’s operating and reporting structure consists of two reportable segments, Consumer Packaging and Industrial Paper Packaging.

The products produced and sold within the Consumer Packaging segment are generally used to package a variety of consumer products and consist primarily of round and shaped rigid paper, steel and plastic containers;

1 unchanged sentence

The primary products produced and sold within the Industrial Paper Packaging segment include paperboard tubes, cones, and cores;

paper-based protective packaging;

and uncoated recycled paperboard.

The primary products produced within the All Other group of businesses consist of a variety of packaging materials, including plastic, paper, foam, and various other specialty materials.

uncoated recycled paperboard;

industrial and specialty plastics;

and paper-based protective packaging.

As described in Note 1, results for Industrial Plastics, previously included in the All Other group of businesses, are included in the Industrial segment effective January 1, 2026.

The Company no longer reports the results of any of its businesses in All Other.

P rior year results for the Industrial Paper Packaging segment and the All Other group of businesses have been recast to conform to the new presentation.

SONOCO PRODUCTS COMPANY

14 unchanged sentences

All other general corporate expenses have been allocated as operating costs to each of the Company’s reportable segments and the All Other group of businesses, except for costs related to discontinued operations.

The following table sets forth financial information about each of the Company’s reportable segments:

The following tables set forth financial information about each of the Company’s reportable segments:

SEGMENT FINANCIAL INFORMATION

Three-month period ended September 28, 2025 Consumer Packaging Industrial Paper Packaging Total Reportable Segments

Three-month period ended March 29, 2026 Consumer Packaging Industrial Paper Packaging Total Reportable Segments

Sales from external customers $ 1,097,075 $ 579,367 $ 1,676,442

3 unchanged sentences

Reconciliation of sales

Other sales (2)

Elimination of intersegment sales ( 31,143 )

6 unchanged sentences

Other segment disclosures:

Equity in earnings of affiliates, net of tax $ 190 $ 2,830

Equity in (loss)/earnings of affiliates, net of tax $ ( 2 ) $ 692

Depreciation and amortization (6)

3 unchanged sentences

(Dollars and shares in thousands except per share data)

Three-month period ended September 29, 2024 Consumer Packaging Industrial Paper Packaging Total Reportable Segments

Sales from external customers $ 662,297 $ 585,082 $ 1,247,379

Intersegment sales (1)

2,057 26,678 28,735

664,354 611,760 1,276,114

Reconciliation of sales

Other sales (2)

Elimination of intersegment sales ( 30,610 )

Total consolidated sales 1,354,652

Cost of sales (4)

( 522,461 ) ( 456,216 )

Other segment items (5)

( 45,598 ) ( 85,338 )

Segment operating profit $ 96,295 $ 70,206 $ 166,501

Other segment disclosures:

Equity in earnings of affiliates, net of tax $ 369 $ 2,438

Depreciation and amortization (6)

25,576 28,989

Nine-month period ended September 28, 2025 Consumer Packaging Industrial Paper Packaging Total Reportable Segments

Sales from external customers $ 3,731,872 $ 1,730,917 $ 5,462,789

Intersegment sales (1)

10,404 85,640 96,044

3,742,276 1,816,557 5,558,833

Reconciliation of sales

Other sales (2)

Elimination of intersegment sales ( 99,686 )

Total consolidated sales 5,750,777

Cost of sales (4)

( 2,996,754 ) ( 1,298,063 )

Other segment items (5)

( 235,413 ) ( 276,282 )

Segment operating profit $ 510,109 $ 242,212 $ 752,321

Other segment disclosures:

Equity in earnings of affiliates, net of tax $ 309 $ 6,902

Depreciation and amortization (6)

152,175 88,126

SONOCO PRODUCTS COMPANY

1 unchanged sentence

(Dollars and shares in thousands except per share data)

Nine-month period ended September 29, 2024 Consumer Packaging Industrial Paper Packaging Total Reportable Segments

Three-month period ended March 30, 2025 Consumer Packaging Industrial Paper Packaging Total Reportable Segments

Sales from external customers $ 1,066,593 $ 587,532 $ 1,654,125

12 unchanged sentences

Other segment disclosures:

Equity in earnings of affiliates, net of tax $ 416 $ 5,802

Equity in (loss)/earnings of affiliates, net of tax $ ( 51 ) $ 1,972

Depreciation and amortization (6)

1 unchanged sentence

Intersegment sales are recorded at a market-related transfer price.

Sales from businesses below the quantitative threshold are attributable to the group of businesses within All Other.

Other sales represents sales attributable to All Other, which includes the group of businesses that fall below the quantitative threshold for reportable segments.

In 2025, these include only ThermoSafe, which the Company sold in November 2025.

Accordingly, no businesses are included in All Other in 2026.

The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

10 unchanged sentences

The following table sets forth the reconciliation of segment operating profit to “Income from continuing operations before income taxes” for the periods presented.

Three Months Ended Nine Months Ended

September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024

Three Months Ended

March 29, 2026 March 30, 2025

Segment operating profit $ 194,895 $ 217,102

Other operating profits (1)

18,302 17,440 43,337 48,430

Unallocated amounts:

Restructuring/Asset impairment charges ( 48,388 ) ( 6,149 ) ( 71,721 ) ( 55,122 )

Restructuring/Asset impairment charges, net

( 15,133 ) ( 13,581 )

Amortization of acquisition intangibles ( 44,320 ) ( 41,961 )

2 unchanged sentences

Changes in LIFO inventory reserves ( 4,367 ) ( 562 )

Derivative (losses)/gains ( 2,035 ) 210 ( 1,240 ) 3,981

Other corporate costs, net (2)

Derivative gains 87 2,949

Other corporate income/(costs), net (2)

5,929 ( 11,098 )

Other operating (charges)/income, net (3)

Other operating charges, net (3)

( 1,796 ) ( 1,259 )

Other (expense)/income, net (4)

Other expense, net (4)

( 12,308 ) ( 6,517 )

3 unchanged sentences

Income from continuing operations before income taxes $ 76,445 $ 68,543

Operating profit from segments below the quantitative threshold are attributable to the group of businesses within All Other.

Other corporate costs represent recurring operating expenses previously allocated to TFP that will remain with Sonoco subsequent to the divestiture, net of income earned under a transition services agreement with Toppan.

In 2025, operating profit from segments below the quantitative threshold are attributable to ThermoSafe, part of the All Other group of businesses.

In 2026, other corporate income/(costs), net represents income earned under a transition services agreement with Toppan.

In 2025, other corporate income/(costs), net represents recurring operating expenses previously allocated to TFP that will remain with Sonoco subsequent to the divestiture.

Primarily consists of highly inflationary accounting in Turkey and other miscellaneous charges in both 2026 and 2025.

In 2025, these expenses relate to charges from third-party financial institutions related to the Company’s centralized treasury program under which the Company sells certain trade accounts receivable in order to accelerate its cash collection cycle, primarily within the Consumer Packaging segment.

In 2024, the income related primarily to the fair value remeasurement of an equity investment.

In 2026 and 2025, these expenses relate to charges from third-party financial institutions related to the Company’s centralized treasury program under which the Company sells certain trade accounts receivable in order to accelerate its cash collection cycle, primarily within the Consumer Packaging segment.

2026 also reflects non-operating charges related to certain pre-acquisition liabilities relevant to the SMP EMEA business.

SONOCO PRODUCTS COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Dollars and shares in thousands except per share data)

The following table sets forth the reconciliation of other segment disclosures to consolidated totals for the periods presented.

Three Months Ended Nine Months Ended

September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024

Three Months Ended

March 29, 2026 March 30, 2025

Equity in earnings of affiliates, net of tax

10 unchanged sentences

Consolidated Total $ 125,029 $ 121,803

Other represents depreciation and amortization expense for the All Other group of businesses and total amortization of acquisition intangibles for Sonoco, excluding discontinued operations.

Other consists of amortization of acquisition intangibles for Sonoco during the three-month periods ended March 29, 2026 and March 30, 2025.

Other also includes depreciation for the All Other group of businesses during the three-month period ended March 30, 2025.

Commitments and Contingencies

4 unchanged sentences

The Company is subject to a variety of environmental and pollution control laws and regulations in all jurisdictions in which it operates.

In connection with its acquisition of Tegrant in November 2011, the Co mpany identified potential environmental contamination at a site in Spartanburg, South Carolina.

At December 31, 2024, the Company’s accrual for environmental contingencies related to the Spartanburg site totaled $ 5,096 and was reflected in “Current liabilities of discontinued operations” on the Company’s Condensed Consolidated Balance Sheet at December 31, 2024.

The Spartanburg site and related environmental liabilities were part of the sale of TFP to Toppan, which was completed on April 1, 2025.

Other environmental matters

The Company has been named as a potentially responsible party at several environmentally contaminated sites.

2 unchanged sentences

However, the Company does not believe that the resolution of these matters has a reasonable possibility of having a material adverse effect on the Company’s fi nancial statements.

At September 28, 2025 and December 31, 2024, the accruals for these

SONOCO PRODUCTS COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Dollars and shares in thousands except per share data)

other sites totaled $ 1,717 and $ 1,933 , respectively , and are included in “Accrued expenses and other payables” on the Company’s Condensed Consolidated Balance Sheets.

At March 29, 2026 and December 31, 2025, the accruals for these sites totaled $ 1,738 and $ 1,779 , respectively , and are included in “Accrued expenses and other payables” on the Company’s Condensed Consolidated Balance Sheets.

Other Legal Matters

3 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements