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      "text": "Cost out drives structural advantage: Footprint rationalization, Operations optimization, Overhead reduction (Zero Up). Commercial improvement beyond market: Mid-cycle price and demand, Above-market volume, Price to value. Enhance DS Smith earnings through 80/20. DS Smith synergies in EMEA and NA. Intent to exit Global Cellulose Fibers (GCF).",
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      "text": "EARNINGS DRIVERS",
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      "text": "Please see Appendix at the end of this presentation... 2024 IP EBITDA of $2.0B as reported, includes GCF. Net of inflation. 2027E DSS EBITDA of $1.4B from Proxy (IP forecast of DS Smith) on IFRS basis.",
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