Anthony Pettinari
Citigroup Inc., Research Division
Can you just level set us in terms of what 2025 has looked like in terms of commercial improvements, cost out and changes within IP? And then any kind of trends you call out and the ’25 EBITDA view you’ve articulated?
Lance Loeffler
Senior VP & CFO
Sure. Thanks, Andy, and thanks again for having us this morning. It’s great to see everyone and thank you for the great weather and the view this morning that I get to look at towards New Jersey, but it’s great to be here.
And yes, so I would start with what has transpired over this year, right? And the tremendous amount of work that the organization has done and gone through really across both regions and really at the corporate level, too, right? So as we — as we change the radical decentralization that Andy sort of put in place, the arrival of me in the spring, the announcement around Red River in North America, the subsequent mill closures that we announced in August, September time frame. And then now the tremendous amount of work that’s going into the footprint transformation with the closing of the DS Smith transaction in February, but the work that’s going on today as we speak to really refocus that organization and get the footprint the way that we want it in Europe.
So all in the midst of, which is a very different market than we thought coming into the year, right? And so as you think about
