Smurfit Westrock (NYSE: SW) posts 2025 results, targets ~$7B EBITDA by 2030
Rhea-AI Filing Summary
Smurfit Westrock plc reported solid 2025 results and outlined ambitious 2030 goals. For the fourth quarter, net sales were $7,580 million and net income was $98 million, with an Adjusted EBITDA of $1,172 million and a 15.5% Adjusted EBITDA margin.
For full-year 2025, the company generated $31,179 million in net sales, $699 million in net income, Adjusted EBITDA of $4,939 million and Adjusted Free Cash Flow of $1,501 million. Net cash provided by operating activities reached $3,392 million, supporting integration of the Smurfit Kappa–WestRock combination, portfolio optimization and headcount reductions of over 3,000.
The board approved a quarterly dividend of $0.4523 per share, up 5%, payable March 18, 2026. Management guided 2026 Adjusted EBITDA of $1.1–$1.2 billion for Q1 and $5.0–$5.3 billion for the year, and set 2030 targets including ~$7 billion Adjusted EBITDA and ~$14 billion cumulative discretionary free cash flow, alongside progressive dividends and potential share buybacks from 2027.
Positive
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Insights
Smurfit Westrock posts strong cash generation, details aggressive 2030 growth and capital return targets.
Smurfit Westrock delivered 2025 net sales of
Profitability remains skewed to non-GAAP metrics: full-year Net Income Margin was
The new Medium-Term Plan sets sizeable goals: Adjusted EBITDA of roughly
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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| Item 2.02. | Results of Operations and Financial Condition |
On February 11, 2026, Smurfit Westrock plc (the “Company”) issued a press release announcing the financial results for the fourth quarter and full year ended December 31, 2025. The earnings press release is furnished as Exhibit 99.1 and is incorporated into this Item 2.02 by reference.
The information provided pursuant to this Item 2.02, including Exhibit 99.1, is being “furnished” and shall not be deemed “filed” hereunder for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in any such filings.
| Item 7.01. | Regulation FD Disclosure |
In addition, on February 11, 2026, the Company issued a press release announcing 2030 financial targets and capital allocation priorities in connection with its medium-term plan (the “Medium-Term Plan”). The Medium-Term Plan-related press release is furnished as Exhibit 99.2 and is incorporated into this Item 7.01 by reference.
On February 11, 2026, the Company will host a conference call during which it will discuss the Company’s financial results for the fourth quarter and full year ended December 31, 2025, together with an update for investors on its Medium-Term Plan. The presentations to be used in connection with the earnings and Medium-Term Plan conference call are attached hereto as Exhibits 99.3 and 99.4.
The information provided pursuant to this Item 7.01, including Exhibits 99.2, 99.3 and 99.4, is being “furnished” and shall not be deemed “filed” hereunder for purposes of Section 18 of the Exchange Act or incorporated by reference in any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in any such filings.
Forward Looking Statements
This Current Report on Form 8-K includes certain “forward-looking statements” (including within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) regarding, among other things, our Medium-Term Plan and any other statements regarding the Company's future expectations, beliefs, plans, objectives, results of operations, financial condition and cash flows, or future events, outlook or performance. Statements that are not historical facts, including statements about the beliefs and expectations of the management of the Company, are forward-looking statements. Words such as “may”, “will”, “could”, “should”, “would”, “anticipate”, “intend”, “estimate”, “project”, “plan”, “believe”, “expect”, “target”, “prospects”, “potential”, “commit”, “forecasts”, “aims”, “considered”, “likely” and variations of these words and similar future or conditional expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. While the Company believes these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond the control of the Company. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend upon future circumstances that may or may not occur. Actual results may differ materially from the current expectations of the Company depending upon a number of factors affecting its business, including, but not limited to, our ability to deliver on our Medium-Term Plan and the risk factors discussed in the Company’s filings with the Securities and Exchange Commission, including the Company’s most recent Annual Report on Form 10-K. Neither the Company nor any of its associates or directors, officers or advisers provides any representation, assurance or guarantee that the occurrence of the events expressed or implied in any such forward-looking statements will actually occur. You are cautioned not to place undue reliance on these forward-looking statements. Other than in accordance with its legal or regulatory obligations (including under the UK Listing Rules, the Disclosure Guidance and Transparency Rules, the UK Market Abuse Regulation and other applicable regulations), the Company is under no obligation, and the Company expressly disclaims any intention or obligation, to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
| Item 9.01. | Financial Statements and Exhibits |
| (d) | Exhibits |
| 99.1 | Fourth Quarter and Full Year 2025 Earnings Press Release dated February 11, 2026 |
| 99.2 | Medium-Term Plan Press Release dated February 11, 2026 |
| 99.3 | Fourth Quarter and Full Year 2025 Earnings Presentation |
| 99.4 | Medium-Term Plan Presentation |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Smurfit Westrock plc | ||
| /s/ Ken Bowles | ||
| Name: | Ken Bowles | |
| Title: | Executive Vice President & Group Chief Financial Officer | |
Date: February 11, 2026
Exhibit 99.1
| www.smurfitwestrock.com |  |
| Smurfit
Westrock Reports Fourth Quarter and Full Year 2025 Results |
Dublin – February 11, 2026 – Smurfit Westrock plc (NYSE: SW, LSE: SWR) today announced the financial results for the fourth quarter and full year ended December 31, 2025.
Fourth Quarter Key Points:
| · | Net Sales of $7,580 million |
| · | Net Income of $98 million, with a Net Income Margin of 1.3% |
| · | Adjusted EBITDA1 of $1,172 million, with an Adjusted EBITDA Margin1 of 15.5% |
| · | Net Cash Provided by Operating Activities of $1,195 million |
| · | Adjusted Free Cash Flow1 of $679 million |
| · | Previously announced quarterly dividend of $0.4523 per ordinary share, an increase of 5% |
Smurfit Westrock plc’s performance for the three months and twelve months ended December 31, 2025 and 2024 (in millions, except margins and per share data):
| Three months ended December 31, |
Twelve months ended December 31, |
|||||||||||||||
| 2025 | 2024 | 2025 | 20242 | |||||||||||||
| Net Sales | $ | 7,580 | $ | 7,539 | $ | 31,179 | $ | 21,109 | ||||||||
| Net Income | $ | 98 | $ | 146 | $ | 699 | $ | 319 | ||||||||
| Net Income Margin | 1.3 | % | 1.9 | % | 2.2 | % | 1.5 | % | ||||||||
| Adjusted EBITDA1 | $ | 1,172 | $ | 1,166 | $ | 4,939 | $ | 3,386 | ||||||||
| Adjusted EBITDA Margin1 | 15.5 | % | 15.5 | % | 15.8 | % | 16.0 | % | ||||||||
| Net Cash Provided by Operating Activities | $ | 1,195 | $ | 781 | $ | 3,392 | $ | 1,483 | ||||||||
| Adjusted Free Cash Flow1 | $ | 679 | $ | 257 | $ | 1,501 | $ | 429 | ||||||||
| Basic EPS | $ | 0.19 | $ | 0.28 | $ | 1.34 | $ | 0.83 | ||||||||
| Adjusted Basic EPS1 | $ | 0.34 | $ | 0.47 | $ | 2.05 | $ | 2.34 | ||||||||
Tony Smurfit, President and CEO, commented:
“I am pleased to report a strong fourth quarter performance for Smurfit Westrock set against difficult market conditions. We are reporting, for the quarter, Net Income of $98 million and Adjusted EBITDA1 of $1,172 million, with an Adjusted EBITDA Margin1 of 15.5% with a strong Net Cash Provided by Operating Activities of $1,195 million and Adjusted Free Cash Flow1 of $679 million.
“In 2025, we established a strong foundation for Smurfit Westrock. We exceeded our committed synergy target of $400 million and put in place a series of customer-centric, commercial and operating initiatives. We also reduced loss making businesses and closed approximately 600,000 tons of high-cost or inefficient capacity as we continued to focus on portfolio optimization. During the year, we further reduced headcount by over 3,000, while continuing to invest significantly behind our customers, in our asset base and operating efficiency. We will outline the expected benefits of the actions we have taken, and future actions, for the medium-term, during our earnings call later today.
“For our North America region, performance in the quarter reflects the impact of additional downtime taken to balance our system and actively manage working capital. As we continue to transition to a value-based selling approach, our corrugated businesses are already achieving a better business mix and are winning significant new business, setting a strong platform for the future. For our consumer business, while there are near-term capacity issues (primarily within SBS), we believe our strong and continued focus on efficiency, innovation and asset optimization together with an experienced management team positions this business for future performance.
1 Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Free Cash Flow and Adjusted Basic EPS are non-GAAP measures. See the “Non-GAAP Financial Measures and Reconciliations” below for discussion and reconciliation of these measures to the most comparable GAAP measures.
2 Smurfit Westrock plc’s results for the full year ended December 31, 2024 appear in the consolidated financials included below. For the January 1, 2024 – July 5, 2024 time period, these results reflect the historical financial results of legacy Smurfit Kappa Group plc, which is considered the accounting acquirer in the combination between Smurfit Kappa Group plc and WestRock Company, which closed on July 5, 2024.
Page 1 of 10
“For our EMEA and APAC region, our leading, integrated platform with strong market positions again delivered an outstanding performance. We continue to believe that our business within this region is optimally positioned for a strong, future recovery.
“The performance of our LATAM region reflects the strength of our market positions and the benefits of growth projects already completed. LATAM continues to be a region of significant growth and opportunity.
“During 2025, we made significant progress in establishing a performance-led culture, optimizing our operating model, and adopting a sharper, customer-centric focus. Through the quality of our people, along with our innovation and sustainability expertise, we are increasingly excited about our future. As we will outline later on, through our Medium-Term Plan, we have targeted an accelerated path to growth. With regard to current trading, while we have experienced significant weather events in North America and Europe, we see a generally better industry operating environment, which positions us well for continued performance in 2026. For the first quarter, we currently expect to deliver Adjusted EBITDA3 of between $1.1 billion and $1.2 billion and for the full year, we currently expect to deliver Adjusted EBITDA3 of between $5.0 billion and $5.3 billion.”
Dividend
Smurfit Westrock plc announced on February 3, 2026 that its Board approved a quarterly dividend of $0.4523 per share on its ordinary shares. The quarterly dividend of $0.4523 per ordinary share is payable on March 18, 2026 to shareholders of record at the close of business on February 17, 2026.
The default payment currency is U.S. Dollar for shareholders who hold their ordinary shares through a Depository Trust Company participant. It is also U.S. Dollar for shareholders holding their ordinary shares in registered form, unless a currency election has been registered with the Company’s Transfer Agent, Computershare Trust Company N.A. by 5:00 p.m. (New York) / 10:00 p.m. (Dublin) on February 13, 2026.
The default payment currency for shareholders holding their ordinary shares in the form of Depository Interests is U.S. Dollar. Such shareholders can elect to receive the dividend in Pounds Sterling or Euro by providing their instructions to the Company’s Depositary Interest provider, Computershare Investor Services plc, by 12:00 p.m. (New York) / 5:00 p.m. (Dublin) on February 27, 2026.
Earnings Call
Management will host an earnings conference call today at 7:30 AM ET / 12:30 PM GMT to discuss Smurfit Westrock’s financial results for the fourth quarter and full year ended December 31, 2025, together with an update for investors on its Medium-Term Plan, capital allocation priorities and value drivers. The conference call will be accessible through a live webcast. Interested investors and other individuals can access the webcast, earnings release, and earnings presentation via the Company’s website at www.smurfitwestrock.com. The webcast will be available at https://investors.smurfitwestrock.com/overview and a replay of the webcast will be available on the website shortly after the call.
3 Adjusted EBITDA is a non-GAAP financial measure. We have not reconciled Adjusted EBITDA outlook to the most comparable GAAP outlook because it is not possible to do so without unreasonable efforts due to the uncertainty and potential variability of reconciling items, which are dependent on future events and often outside of management’s control and which could be significant. Because such items cannot be reasonably predicted with the level of precision required, we are unable to provide an outlook for the comparable GAAP measure (net income).
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Forward Looking Statements
This press release includes certain “forward-looking statements” (including within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) regarding, among other things, the plans, strategies, outcomes, outlooks, and prospects, both business and financial, of Smurfit Westrock, the expected benefits of the completed combination of Smurfit Kappa Group plc and WestRock Company (the “Combination”), including, but not limited to, synergies, as well as our scale, geographic reach and product portfolio, our medium-term plan, demand outlook, operating environment and the impact of announced closures and additional economic downtime and any other statements regarding the Company's future expectations, beliefs, plans, objectives, results of operations, financial condition and cash flows, or future events, outlook or performance. Statements that are not historical facts, including statements about the beliefs and expectations of the management of the Company, are forward-looking statements. Words such as “may”, “will”, “could”, “should”, “would”, “anticipate”, “intend”, “estimate”, “project”, “plan”, “believe”, “expect”, “target”, “prospects”, “potential”, “commit”, “forecasts”, “aims”, “considered”, “likely” and variations of these words and similar future or conditional expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. While the Company believes these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond the control of the Company. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend upon future circumstances that may or may not occur. Actual results may differ materially from the current expectations of the Company depending upon a number of factors affecting its business, including risks associated with the integration and performance of the Company following the Combination. Important factors that could cause actual results to differ materially from plans, estimates or expectations include: our ability to deliver on our medium-term plan; changes in demand environment; our ability to deliver on our closure plan and associated efforts; our future cash payments associated with these initiatives; potential future cost savings associated with such initiatives; the amount of charges and the timing of such charges or actions described herein; potential future impairment charges; accuracy of assumptions associated with the charges; economic, competitive and market conditions generally, including macroeconomic uncertainty, customer inventory rebalancing, the impact of inflation and increases in energy, raw materials, shipping, labor and capital equipment costs; geo-economic fragmentation and protectionism such as tariffs, trade wars or similar governmental actions affecting the flows of goods, services or currency (including the implementation of tariffs by the US federal government and reciprocal tariffs and other protectionist or retaliatory measures governments in Europe, Asia, and other countries have taken or may take in response); the impact of prolonged or recurring U.S. federal government shutdowns and any resulting volatility in the capital markets or interruptions in the Company’s access to capital; the impact of public health crises, such as pandemics and epidemics and any related company or governmental policies and actions to protect the health and safety of individuals or governmental policies or actions to maintain the functioning of national or global economies and markets; reduced supply of raw materials, energy and transportation, including from supply chain disruptions and labor shortages; developments related to pricing cycles and volumes; intense competition; the ability of the Company to successfully recover from a disaster or other business continuity problem due to a hurricane, flood, earthquake, terrorist attack, war, pandemic, security breach, cyber-attack, power loss, telecommunications failure or other natural or man-made events, including the ability to function remotely during long-term disruptions; the Company's ability to respond to changing customer preferences and to protect intellectual property; the amount and timing of the Company's capital expenditures; risks related to international sales and operations; failures in the Company's quality control measures and systems resulting in faulty or contaminated products; cybersecurity risks, including threats to the confidentiality, integrity and availability of data in the Company's systems; works stoppages and other labor disputes; the Company’s ability to establish and maintain effective internal controls over financial reporting in accordance with the Sarbanes Oxley Act of 2002, as amended, and remediate any weaknesses in controls and processes; the Company's ability to retain or hire key personnel; risks related to sustainability matters, including climate change and scarce resources, as well as the Company's ability to comply with changing environmental laws and regulations; the Company's ability to successfully implement strategic transformation initiatives; results and impacts of acquisitions by the Company; the Company's significant levels of indebtedness; the impact of the Combination on the Company's credit ratings; the potential impairment of assets and goodwill; the availability of sufficient cash to distribute dividends to the Company's shareholders in line with current expectations; the scope, costs, timing and impact of any restructuring of operations and corporate and tax structure; evolving legal, regulatory and tax regimes; changes in economic, financial, political and regulatory conditions in Ireland, the United Kingdom, the United States and elsewhere, and other factors that contribute to uncertainty and volatility, natural and man-made disasters, civil unrest, geopolitical uncertainty, and conditions that may result from legislative, regulatory, trade and policy changes associated with the current or subsequent Irish, US or UK administrations; legal proceedings instituted against the Company; actions by third parties, including government agencies; the Company's ability to promptly and effectively integrate Smurfit Kappa's and WestRock's businesses; the Company's ability to achieve the synergies and value creation contemplated by the Combination; the Company's ability to meet expectations regarding the accounting and tax treatments of the Combination, including the risk that the Internal Revenue Service may assert that the Company should be treated as a US corporation or be subject to certain unfavorable US federal income tax rules under Section 7874 of the Internal Revenue Code of 1986, as amended, as a result of the Combination; other factors such as future market conditions, currency fluctuations, the behavior of other market participants, the actions of regulators and other factors such as changes in the political, social and regulatory framework in which the Company's group operates or in economic or technological trends or conditions, and other risk factors included in the Company's filings with the Securities and Exchange Commission, including the Company’s Annual Reports on Form 10-K for the fiscal years ended December 31, 2024 and 2025. Neither the Company nor any of its associates or directors, officers or advisers provides any representation, assurance or guarantee that the occurrence of the events expressed or implied in any such forward-looking statements will actually occur. You are cautioned not to place undue reliance on these forward-looking statements. Other than in accordance with its legal or regulatory obligations (including under the UK Listing Rules, the Disclosure Guidance and Transparency Rules, the UK Market Abuse Regulation and other applicable regulations), the Company is under no obligation, and the Company expressly disclaims any intention or obligation, to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
About Smurfit Westrock
Smurfit Westrock is a leading provider of paper-based packaging solutions in the world, with approximately 97,000 employees across 40 countries.
| Contact | |
| Ciarán Potts Smurfit Westrock T: +353 1 202 71 27 E: ir@smurfitwestrock.com |
FTI Consulting
T: +353 1 765 0800 |
Page 3 of 10
Consolidated Statements of Operations (Unaudited)
(in millions, except per share data)
| Three months ended December 31, | Twelve months ended December 31, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Net sales | $ | 7,580 | $ | 7,539 | $ | 31,179 | $ | 21,109 | ||||||||
| Cost of goods sold | (6,198 | ) | (6,097 | ) | (25,136 | ) | (16,914 | ) | ||||||||
| Gross profit | 1,382 | 1,442 | 6,043 | 4,195 | ||||||||||||
| Selling, general and administrative expenses | (920 | ) | (962 | ) | (3,819 | ) | (2,737 | ) | ||||||||
| Impairment and restructuring costs | (25 | ) | (34 | ) | (385 | ) | (56 | ) | ||||||||
| Transaction and integration-related expenses associated with the Combination | (48 | ) | (45 | ) | (120 | ) | (395 | ) | ||||||||
| Operating profit | 389 | 401 | 1,719 | 1,007 | ||||||||||||
| Interest expense, net | (203 | ) | (173 | ) | (729 | ) | (398 | ) | ||||||||
| Pension and other postretirement non-service income (expense), net | 6 | 7 | 30 | (24 | ) | |||||||||||
| Other expense, net | (17 | ) | (12 | ) | (61 | ) | (25 | ) | ||||||||
| Income before income taxes | 175 | 223 | 959 | 560 | ||||||||||||
| Income tax expense | (77 | ) | (77 | ) | (260 | ) | (241 | ) | ||||||||
| Net income | 98 | 146 | 699 | 319 | ||||||||||||
| Net income attributable to noncontrolling interests | (1 | ) | - | - | - | |||||||||||
| Net income attributable to common shareholders | $ | 97 | $ | 146 | $ | 699 | $ | 319 | ||||||||
| Basic earnings per share attributable to common shareholders | $ | 0.19 | $ | 0.28 | $ | 1.34 | $ | 0.83 | ||||||||
| Diluted earnings per share attributable to common shareholders | $ | 0.18 | $ | 0.28 | $ | 1.33 | $ | 0.82 | ||||||||
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Segment Information
We report our financial results of operations in the following three reportable segments:
| i. | North America, which includes operations in the U.S., Canada and Mexico. | |
| ii. | Europe, the Middle East and Africa (“MEA” and together with Europe, “EMEA”) and Asia-Pacific (“APAC”). | |
| iii. | Latin America (“LATAM”), which includes operations in Central America and Caribbean, Argentina, Brazil, Chile, Colombia, Ecuador and Peru. |
Segment profitability is measured based on Adjusted EBITDA, defined as income before income taxes, unallocated corporate costs, depreciation, depletion and amortization, interest expense, net, pension and other postretirement non-service income (expense), net, share-based compensation expense, other expense, net, impairment and restructuring costs, transaction and integration-related expenses associated with the Combination, amortization of fair value step up on inventory and other specific items that management believes are not indicative of the ongoing operating results of the business.
Financial information by segment is summarized below (in millions, except margins).
| Three months ended December 31, | Twelve months ended December 31, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Net sales (aggregate) | ||||||||||||||||
| North America | $ | 4,432 | $ | 4,593 | $ | 18,577 | $ | 10,092 | ||||||||
| Europe, MEA and APAC | 2,702 | 2,521 | 10,893 | 9,577 | ||||||||||||
| LATAM | 537 | 524 | 2,113 | 1,711 | ||||||||||||
| Total | $ | 7,671 | $ | 7,638 | $ | 31,583 | $ | 21,380 | ||||||||
| Less net sales (intersegment) | ||||||||||||||||
| North America | $ | 81 | $ | 72 | $ | 357 | $ | 191 | ||||||||
| Europe, MEA and APAC | 10 | 8 | 33 | 21 | ||||||||||||
| LATAM | - | 19 | 14 | 59 | ||||||||||||
| Total | $ | 91 | $ | 99 | $ | 404 | $ | 271 | ||||||||
| Net sales (unaffiliated customers) | ||||||||||||||||
| North America | $ | 4,351 | $ | 4,521 | $ | 18,220 | $ | 9,901 | ||||||||
| Europe, MEA and APAC | 2,692 | 2,513 | 10,860 | 9,556 | ||||||||||||
| LATAM | 537 | 505 | 2,099 | 1,652 | ||||||||||||
| Total | $ | 7,580 | $ | 7,539 | $ | 31,179 | $ | 21,109 | ||||||||
| Adjusted EBITDA | ||||||||||||||||
| North America | $ | 651 | $ | 710 | $ | 2,998 | $ | 1,610 | ||||||||
| Europe, MEA and APAC | 438 | 371 | 1,618 | 1,529 | ||||||||||||
| LATAM | 131 | 121 | 485 | 378 | ||||||||||||
| Total | $ | 1,220 | $ | 1,202 | $ | 5,101 | $ | 3,517 | ||||||||
| Adjusted EBITDA Margin1 | ||||||||||||||||
| North America | 14.7 | % | 15.4 | % | 16.1 | % | 16.0 | % | ||||||||
| Europe, MEA and APAC | 16.2 | % | 14.7 | % | 14.9 | % | 16.0 | % | ||||||||
| LATAM | 24.5 | % | 23.1 | % | 23.0 | % | 22.1 | % | ||||||||
1 Adjusted EBITDA / Net sales (aggregate)
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Consolidated Balance Sheets (Unaudited)
(in millions, except share data)
| December 31, 2025 | December 31, 2024 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents (amounts related to consolidated variable interest entities of $3 million and $2 million at December 31, 2025 and December 31, 2024, respectively) | $ | 892 | $ | 855 | ||||
| Accounts receivable, net (amounts related to consolidated variable interest entities of $876 million and $767 million at December 31, 2025 and December 31, 2024, respectively) | 4,268 | 4,117 | ||||||
| Inventories | 3,693 | 3,550 | ||||||
| Other current assets | 1,586 | 1,533 | ||||||
| Total current assets | 10,439 | 10,055 | ||||||
| Property, plant and equipment, net | 23,232 | 22,675 | ||||||
| Goodwill | 7,218 | 6,822 | ||||||
| Intangibles, net | 1,059 | 1,117 | ||||||
| Prepaid pension asset | 616 | 635 | ||||||
| Other non-current assets (amounts related to consolidated variable interest entities of $393 million and $389 million at December 31, 2025 and December 31, 2024, respectively) | 2,593 | 2,455 | ||||||
| Total assets | $ | 45,157 | $ | 43,759 | ||||
| Liabilities and Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 3,597 | $ | 3,290 | ||||
| Accrued expenses | 601 | 715 | ||||||
| Accrued compensation and benefits | 997 | 882 | ||||||
| Current portion of debt | 346 | 1,053 | ||||||
| Other current liabilities | 1,523 | 1,393 | ||||||
| Total current liabilities | 7,064 | 7,333 | ||||||
| Non-current debt due after one year (amounts related to consolidated variable interest entities of $376 million and $8 million at December 31, 2025 and December 31, 2024, respectively) | 13,427 | 12,542 | ||||||
| Deferred tax liabilities | 3,297 | 3,600 | ||||||
| Pension liabilities and other postretirement benefits, net of current portion | 697 | 706 | ||||||
| Other non-current liabilities (amounts related to consolidated variable interest entities of $335 million and $335 million at December 31, 2025 and December 31, 2024, respectively) | 2,318 | 2,191 | ||||||
| Total liabilities | 26,803 | 26,372 | ||||||
| Equity: | ||||||||
| Preferred stock, $0.001 par value; 500,000,000 shares authorized; 10,000 shares outstanding | - | - | ||||||
| Common stock, $0.001 par value; 9,500,000,000 shares authorized; 522,310,486 and 520,444,261 shares outstanding at December 31, 2025 and December 31, 2024, respectively | 1 | 1 | ||||||
| Deferred shares, €1 par value; 25,000 shares authorized; Nil and 25,000 shares outstanding at December 31, 2025 and December 31, 2024, respectively | - | - | ||||||
| Treasury stock, at cost; 1,449,320 and 2,037,589 common stock at December 31, 2025 and December 31, 2024, respectively | (64 | ) | (93 | ) | ||||
| Capital in excess of par value | 16,083 | 15,948 | ||||||
| Accumulated other comprehensive loss | (348 | ) | (1,446 | ) | ||||
| Retained earnings | 2,655 | 2,950 | ||||||
| Total shareholders’ equity | 18,327 | 17,360 | ||||||
| Noncontrolling interests | 27 | 27 | ||||||
| Total equity | 18,354 | 17,387 | ||||||
| Total liabilities and equity | $ | 45,157 | $ | 43,759 | ||||
Page 6 of 10
Consolidated Statements of Cash Flows (Unaudited)
(in millions)
| Three months ended December 31, | Twelve months ended December 31, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Operating activities: | ||||||||||||||||
| Net income | $ | 98 | $ | 146 | $ | 699 | $ | 319 | ||||||||
| Adjustments to reconcile consolidated net income to net cash provided by operating activities: | ||||||||||||||||
| Depreciation, depletion and amortization | 675 | 593 | 2,550 | 1,464 | ||||||||||||
| Cash surrender value increase in excess of premiums paid | (10 | ) | (3 | ) | (44 | ) | (17 | ) | ||||||||
| Impairment charges | 4 | 21 | 246 | 24 | ||||||||||||
| Share-based compensation expense | 25 | 52 | 139 | 206 | ||||||||||||
| Deferred income tax benefit | (51 | ) | (38 | ) | (190 | ) | (137 | ) | ||||||||
| Pension and other postretirement funding more than cost | (28 | ) | (25 | ) | (111 | ) | (55 | ) | ||||||||
| Other | 11 | 14 | 32 | 28 | ||||||||||||
| Change in operating assets and liabilities, net of acquisitions and divestitures: | ||||||||||||||||
| Accounts receivable | 413 | 278 | 164 | (144 | ) | |||||||||||
| Inventories | 94 | (58 | ) | 35 | 62 | |||||||||||
| Other assets | 17 | - | (2 | ) | (31 | ) | ||||||||||
| Accounts payable | 119 | (47 | ) | (23 | ) | (273 | ) | |||||||||
| Income taxes | (79 | ) | (39 | ) | (71 | ) | (5 | ) | ||||||||
| Accrued liabilities and other | (93 | ) | (113 | ) | (32 | ) | 42 | |||||||||
| Net cash provided by operating activities | 1,195 | 781 | 3,392 | 1,483 | ||||||||||||
| Investing activities: | ||||||||||||||||
| Capital expenditures | (583 | ) | (569 | ) | (2,192 | ) | (1,466 | ) | ||||||||
| Cash paid for purchase of businesses, net of cash acquired | (1 | ) | (3 | ) | (6 | ) | (719 | ) | ||||||||
| Proceeds from corporate owed life insurance | 6 | 3 | 26 | 5 | ||||||||||||
| Proceeds from sale of property, plant and equipment | (3 | ) | 46 | 12 | 61 | |||||||||||
| Other | 2 | 4 | 17 | 5 | ||||||||||||
| Net cash used for investing activities | (579 | ) | (519 | ) | (2,143 | ) | (2,114 | ) | ||||||||
| Financing activities: | ||||||||||||||||
| Additions to debt | 1,479 | 2,580 | 1,989 | 5,707 | ||||||||||||
| Repayments of debt | (1,695 | ) | (2,681 | ) | (1,841 | ) | (4,321 | ) | ||||||||
| Debt issuance costs | (12 | ) | (19 | ) | (20 | ) | (63 | ) | ||||||||
| Changes in commercial paper, net | (146 | ) | 34 | (391 | ) | 1 | ||||||||||
| Other debt (repayments) additions, net | (2 | ) | (11 | ) | (18 | ) | 2 | |||||||||
| Repayments of finance lease liabilities | (14 | ) | (10 | ) | (43 | ) | (22 | ) | ||||||||
| Tax paid in connection with shares withheld from employees | (1 | ) | (5 | ) | (69 | ) | (26 | ) | ||||||||
| Purchases of treasury stock | - | - | - | (27 | ) | |||||||||||
| Cash dividends paid to shareholders | (225 | ) | (157 | ) | (900 | ) | (650 | ) | ||||||||
| Other | (8 | ) | 7 | (5 | ) | 6 | ||||||||||
| Net cash (used for) provided by financing activities | (624 | ) | (262 | ) | (1,298 | ) | 607 | |||||||||
| Effect of exchange rate changes on cash and cash equivalents | 49 | (96 | ) | 86 | (121 | ) | ||||||||||
| Increase (decrease) in cash and cash equivalents | 41 | (96 | ) | 37 | (145 | ) | ||||||||||
| Cash and cash equivalents at beginning of period | 851 | 951 | 855 | 1,000 | ||||||||||||
| Cash and cash equivalents at end of period | $ | 892 | $ | 855 | $ | 892 | $ | 855 | ||||||||
Page 7 of 10
Non-GAAP Financial Measures and Reconciliations
Smurfit Westrock reports its financial results in accordance with accounting principles generally accepted in the United States ("GAAP"). However, management believes certain non-GAAP financial measures provide Smurfit Westrock’s Board of directors, investors, potential investors, securities analysts and others with additional meaningful financial information that should be considered when assessing its ongoing performance. Smurfit Westrock management also uses these non-GAAP financial measures in making financial, operating and planning decisions, and in evaluating company performance. Non-GAAP financial measures are not intended to be considered in isolation of or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP and should be viewed in addition to, and not as an alternative for, the GAAP results. The non-GAAP financial measures we present may differ from similarly captioned measures presented by other companies. Smurfit Westrock uses the non-GAAP financial measures “Adjusted EBITDA”, “Adjusted EBITDA Margin”, “Adjusted Free Cash Flow” and “Adjusted Basic Earnings Per Share” (referred to as “Adjusted Basic EPS”). We discuss below details of the non-GAAP financial measures presented by us and provide reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with GAAP.
Definitions
Smurfit Westrock uses the non-GAAP financial measures “Adjusted EBITDA” and “Adjusted EBITDA Margin” to evaluate its overall performance. The composition of Adjusted EBITDA is not addressed or prescribed by GAAP. Smurfit Westrock defines Adjusted EBITDA as net income before income tax expense, depreciation, depletion and amortization, interest expense, net, pension and other postretirement non-service income (expense), net, share-based compensation expense, other expense, net, impairment and restructuring costs, transaction and integration-related expenses associated with the Combination, amortization of fair value step up on inventory and other specific items that management believes are not indicative of the ongoing operating results of the business.
Management believes Adjusted EBITDA and Adjusted EBITDA Margin measures provide Smurfit Westrock’s management, Board of directors, investors, potential investors, securities analysts and others with useful information to evaluate Smurfit Westrock’s performance relative to other periods because it adjusts out non-recurring items that management believes are not indicative of the ongoing results of the business. Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Net Sales.
Smurfit Westrock uses the non-GAAP financial measure “Adjusted Free Cash Flow”. Smurfit Westrock defines Adjusted Free Cash Flow as net cash provided by operating activities as adjusted for capital expenditures and to exclude certain costs not reflective of underlying ongoing operations. Management utilizes this measure in connection with managing Smurfit Westrock’s business and believes that Adjusted Free Cash Flow is useful to investors as a liquidity measure because it measures the amount of cash generated that is available, after reinvesting in the business, to maintain a strong balance sheet, pay dividends, repurchase stock, service debt and make investments for future growth. It should not be inferred that the entire free cash flow amount is available for discretionary expenditures. By adjusting for certain items that are not indicative of Smurfit Westrock’s underlying operational performance, Smurfit Westrock believes that Adjusted Free Cash Flow also enables investors to perform meaningful comparisons between past and present periods.
Smurfit Westrock uses the non-GAAP financial measure “Adjusted Basic EPS”. Management believes this measure provides Smurfit Westrock’s management, Board of directors, investors, potential investors, securities analysts and others with useful information to evaluate Smurfit Westrock’s performance because it excludes, impairment and restructuring costs, transaction and integration-related expenses associated with the Combination, amortization of fair value step up on inventory and other specific items that management believes are not indicative of the ongoing operating results of the business. Smurfit Westrock and its Board of directors use this information when making financial, operating and planning decisions and when evaluating Smurfit Westrock’s performance relative to other periods. Smurfit Westrock believes that the most directly comparable GAAP measure to Adjusted Basic EPS is Basic earnings per share attributable to common shareholders (referred to as “Basic EPS”).
Page 8 of 10
Reconciliations to Most Comparable GAAP Measure
Set forth below is a reconciliation of the non-GAAP financial measures Adjusted EBITDA and Adjusted EBITDA Margin to Net Income and Net Income Margin, the most directly comparable GAAP measures, for the periods indicated (in millions, except margins).
Three
months ended | Twelve
months ended | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Net income | $ | 98 | $ | 146 | $ | 699 | $ | 319 | ||||||||
| Income tax expense | 77 | 77 | 260 | 241 | ||||||||||||
| Depreciation, depletion and amortization | 675 | 593 | 2,550 | 1,464 | ||||||||||||
| Impairment and restructuring costs | 25 | 34 | 385 | 56 | ||||||||||||
| Transaction and integration-related expenses associated with the Combination | 48 | 45 | 120 | 395 | ||||||||||||
| Amortization of fair value step up on inventory | - | (3 | ) | - | 224 | |||||||||||
| Interest expense, net | 203 | 173 | 729 | 398 | ||||||||||||
| Pension and other postretirement non-service (income) expense, net | (6 | ) | (7 | ) | (30 | ) | 24 | |||||||||
| Share-based compensation expense | 25 | 52 | 139 | 206 | ||||||||||||
| Other expense, net | 17 | 12 | 61 | 25 | ||||||||||||
| Other adjustments | 10 | 44 | 26 | 34 | ||||||||||||
| Adjusted EBITDA | $ | 1,172 | $ | 1,166 | $ | 4,939 | $ | 3,386 | ||||||||
| Net Sales | $ | 7,580 | $ | 7,539 | $ | 31,179 | $ | 21,109 | ||||||||
| Net Income Margin1 | 1.3 | % | 1.9 | % | 2.2 | % | 1.5 | % | ||||||||
| Adjusted EBITDA Margin2 | 15.5 | % | 15.5 | % | 15.8 | % | 16.0 | % | ||||||||
1 Net Income / Net Sales
2 Adjusted EBITDA / Net Sales
Set forth below is a reconciliation of the non-GAAP financial measure Adjusted Free Cash Flow to Net cash provided by operating activities, the most directly comparable GAAP measure, for the periods indicated (in millions).
| Three months ended December 31, | Twelve months ended December 31, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Net cash provided by operating activities | $ | 1,195 | $ | 781 | $ | 3,392 | $ | 1,483 | ||||||||
| Capital expenditures | (583 | ) | (569 | ) | (2,192 | ) | (1,466 | ) | ||||||||
| Free Cash Flow | $ | 612 | $ | 212 | $ | 1,200 | $ | 17 | ||||||||
| Adjustments: | ||||||||||||||||
| Transaction and integration costs | 31 | 80 | 151 | 443 | ||||||||||||
| Restructuring costs | 56 | 18 | 230 | 64 | ||||||||||||
| Italian competition fine reduction | - | (18 | ) | - | (18 | ) | ||||||||||
| Tax on above items | (20 | ) | (35 | ) | (80 | ) | (77 | ) | ||||||||
| Adjusted Free Cash Flow | $ | 679 | $ | 257 | $ | 1,501 | $ | 429 | ||||||||
Page 9 of 10
Set forth below is a reconciliation of the non-GAAP financial measure Adjusted Basic EPS to Basic EPS, the most directly comparable GAAP measure for the periods indicated.
| Three months ended December 31, |
Twelve months ended December 31, |
|||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Basic EPS | $ | 0.19 | $ | 0.28 | $ | 1.34 | $ | 0.83 | ||||||||
| Impairment and restructuring costs | 0.05 | 0.07 | 0.74 | 0.14 | ||||||||||||
| Transaction and integration-related expenses associated with the Combination | 0.09 | 0.08 | 0.23 | 1.02 | ||||||||||||
| Amortization of fair value step up on inventory | - | (0.01 | ) | - | 0.58 | |||||||||||
| Loss on debt extinguishment | 0.03 | 0.02 | 0.03 | 0.03 | ||||||||||||
| Other adjustments | 0.02 | 0.08 | 0.05 | 0.09 | ||||||||||||
| Income tax on above items | (0.04 | ) | (0.05 | ) | (0.34 | ) | (0.35 | ) | ||||||||
| Adjusted Basic EPS | $ | 0.34 | $ | 0.47 | $ | 2.05 | $ | 2.34 | ||||||||
Page 10 of 10
Exhibit 99.2
| www.smurfitwestrock.com | |
| Smurfit
Westrock Medium-Term Investor Update This announcement contains inside information |
Dublin, Ireland – February 11, 2026 – As previously announced, Smurfit Westrock plc (“Smurfit Westrock” or the “Company”) (NYSE: SW, LSE: SWR) will host an update for investors on its Medium-Term Plan, capital allocation priorities and value creation plan (the “Investor Update”) today at approximately 7:30 am ET (12:30 pm GMT), led by Group President & CEO Tony Smurfit alongside other members of the senior leadership team.
2030 Financial Targets and Capital Allocation Priorities1
At the event, Smurfit Westrock will set out and discuss its financial targets over the next five years (2026-2030):
| · | Adjusted EBITDA1 of ~$7 billion by 2030 | |
| · | Adjusted EBITDA CAGR1 of ~7% over 2026-2030 | |
| · | Adjusted EBITDA Margin1 expansion of ~300 basis points over 2026-2030 | |
| · | Cumulative Discretionary Free Cash Flow1 of ~$14 billion over 2026-20302 | |
| · | Discretionary Free Cash Flow CAGR1 of ~17% over 2026-2030 | |
| · | Long-term Net Debt to EBITDA1 target of below 2.0x | |
| · | Significant and growing capital return to shareholders, including: |
| o | Maintaining a progressive dividend policy with dividends of ~$5 billion between 2026-2030 | |
| o | Capacity for share buybacks from 2027 |
Smurfit Westrock’s Medium-Term Plan assumes market growth3 and through-the-cycle pricing around current levels, including market growth of 1.6% in North America, 1.7% in Europe and 2.0% in Latin America. Achieving this plan assumes below mid-market paper pricing in Europe and no price increases in paper in North America. These assumptions are based on third party market data and our targets are not based on market improvements which would deliver additional upside. A presentation regarding the same will be available on the Company’s website at www.smurfitwestrock.com before the event and also included with the Company’s SEC filings.
Tony Smurfit, President and CEO, commented:
“Our Medium-Term Plan clearly sets out how we will continue to build Smurfit Westrock, as one of the world’s great companies, delivering secure, superior, and long-term value for all of our stakeholders. The Investor Update will cover our five-year financial targets through 2030 and the capital allocation priorities that we believe will drive superior performance and enhanced shareholder returns, underpinned by our performance-led, owner-operator model.
Our strategy is straightforward, disciplined and proven. We are focused on unlocking the full potential of North America, while continuing to outperform in EMEA and APAC and delivering dynamic growth and strong margins in Latin America.
Strong operational performance and capital allocation are central to our value creation plan. We will continue to invest in growth while aiming to deliver significant and growing capital return to shareholders, supported by the strength and flexibility of our balance sheet and strong Free Cash Flow generation.”
1. Adjusted EBITDA, Adjusted EBITDA CAGR, Adjusted EBITDA Margin, Cumulative Discretionary Free Cash Flow, Cumulative Discretionary Free Cash Flow CAGR and Long Term Net Debt to EBITDA are non-GAAP financial measures. We have not reconciled these forward-looking non-GAAP measures to the most comparable GAAP measures because it is not possible to do so without unreasonable efforts due to the uncertainty and potential variability of reconciling items, which are dependent on future events and often outside of management’s control and which could be significant. Because such items cannot be reasonably predicted with the level of precision required, we are unable to provide forward-looking comparable GAAP measures. In addition, these goals are aspirational or otherwise constitute forward-looking statements. Actual performance may differ, possibly materially, and no guarantees are made that these goals will be met.
2. Excludes growth capex of $4bn.
3. Source: Numera.
Conference Call
The event will be broadcast via live webcast and registration details are available at investors.smurfitwestrock.com. Upon registration, participants will receive a link to access the webcast. Presentation materials will be available in person and in the Investors section of the Smurfit Westrock website.
A replay of the webcast will be accessible on the website following the event.
Forward Looking Statements
This press release includes certain “forward-looking statements” (including within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) regarding, among other things, the plans, strategies, outcomes, outlooks, and prospects, both business and financial, of Smurfit Westrock, including, but not limited to the synergies and other expected benefits of the completed combination between Smurfit Kappa and WestRock as well as our scale, geographic reach, product portfolio, credit rating and level of debt and leverage ratio, demand outlook, market growth patterns, and mid-range plan, including with respect to our capital returns to shareholders (such as declaration of future dividends and/or share buybacks), planned investments and anticipated path to delivering shareholder value and any other statements regarding the Company's future expectations, beliefs, plans, objectives, capital allocation decisions, investment strategy and return on capital employed, results of operations, financial condition and cash flows, or future events, outlook, or performance. Statements that are not historical facts, including statements about the beliefs and expectations of the management of the Company, are forward-looking statements. Words such as “may”, “will”, “could”, “should”, “would”, “anticipate”, “intend”, “estimate”, “project”, “plan”, “believe”, “expect”, “target”, “prospects”, “potential”, “commit”, “forecasts”, “aims”, “considered”, “likely” and variations of these words and similar future or conditional expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. While the Company believes these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond the control of the Company. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend upon future circumstances that may or may not occur. Actual results may differ materially from the current expectations of the Company depending upon a number of factors affecting its business, including risks associated with the integration and performance of the Company following the Combination. This press release provides an overview of the Company’s goals, plans, and related initiatives. These goals, plans, and initiatives are aspirational or otherwise constitute forward-looking statements and actual performance may differ, possibly materially, and no guarantees are made that these goals will be met or that these plans and initiatives will be successfully executed. This presentation also includes numbers and percentages that are estimates or approximations and that may be based on various assumptions some but not all of which are provided herein. Some data and other information in this presentation are also based on management’s estimates and calculations, which are derived from its review and interpretation of internal company research, surveys and independent sources. In addition, industry data included herein is subject to significant business, economic and competitive uncertainties beyond the Company’s control.
Important factors that could cause actual results to differ materially from plans, estimates or expectations include: our ability to deliver on our mid-range plan, including with respect to our capital returns to shareholders, planned investments and growth; changes in demand environment; our ability to deliver on our closure plan and associated efforts; our future cash payments associated with these initiatives; potential future cost savings associated with such initiatives; the amount of charges and the timing of such charges or actions described herein; potential future impairment charges; accuracy of assumptions associated with the charges; economic, competitive and market conditions generally, including macroeconomic uncertainty, customer inventory rebalancing, the impact of inflation and increases in energy, raw materials, shipping, labor and capital equipment costs, geo-economic fragmentation and protectionism such as tariffs, trade wars or similar governmental actions affecting the flows of goods, services or currency (including the implementation of tariffs by the US federal government and reciprocal tariffs and other protectionist or retaliatory measures governments in Europe, Asia, and other countries have taken or may take in response); the impact of prolonged or recurring U.S. federal government shutdowns and any resulting volatility in the capital markets or interruptions in the Company’s access to capital; the impact of public health crises, such as pandemics and epidemics and any related company or governmental policies and actions to protect the health and safety of individuals or governmental policies or actions to maintain the functioning of national or global economies and markets; reduced supply of raw materials, energy and transportation, including from supply chain disruptions and labor shortages; developments related to pricing cycles and volumes; intense competition; the ability of the Company to successfully recover from a disaster or other business continuity problem due to a hurricane, flood, earthquake, terrorist attack, war, pandemic, security breach, cyber-attack, power loss, telecommunications failure or other natural or man-made events, including the ability to function remotely during long-term disruptions; the Company's ability to respond to changing customer preferences and to protect intellectual property; the amount and timing of the Company's capital expenditures; risks related to international sales and operations; failures in the Company's quality control measures and systems resulting in faulty or contaminated products; cybersecurity risks, including threats to the confidentiality, integrity and availability of data in the Company's systems; works stoppages and other labor disputes; the Company’s ability to establish and maintain effective internal controls over financial reporting in accordance with the Sarbanes Oxley Act of 2002, as amended, and remediate any weaknesses in controls and processes; the Company's ability to retain or hire key personnel; risks related to sustainability matters, including climate change and scarce resources, as well as the Company's ability to comply with changing environmental laws and regulations; the Company's ability to successfully implement strategic transformation initiatives; results and impacts of acquisitions by the Company; the Company's significant levels of indebtedness; the impact of the Combination on the Company's credit ratings; the potential impairment of assets and goodwill; the availability of sufficient cash to distribute dividends to the Company's shareholders in line with current expectations; the scope, costs, timing and impact of any restructuring of operations and corporate and tax structure; evolving legal, regulatory and tax regimes; changes in economic, financial, political and regulatory conditions in Ireland, the United Kingdom, the United States and elsewhere, and other factors that contribute to uncertainty and volatility, natural and man-made disasters, civil unrest, geopolitical uncertainty, and conditions that may result from legislative, regulatory, trade and policy changes associated with the current or subsequent Irish, US or UK administrations; legal proceedings instituted against the Company; actions by third parties, including government agencies; the Company's ability to promptly and effectively integrate Smurfit Kappa's and WestRock's businesses; the Company's ability to achieve the synergies and value creation contemplated by the Combination; other factors such as future market conditions, currency fluctuations, the behavior of other market participants, the actions of regulators and other factors such as changes in the political, social and regulatory framework in which the Company's group operates or in economic or technological trends or conditions, and other risk factors included in the Company's filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the fiscal years ended December 31, 2024 and 2025. Neither the Company nor any of its associates or directors, officers or advisers provides any representation, assurance or guarantee that the occurrence of the events expressed or implied in any such forward-looking statements will actually occur. You are cautioned not to place undue reliance on these forward-looking statements. Other than in accordance with its legal or regulatory obligations (including under the UK Listing Rules, the Disclosure Guidance and Transparency Rules, the UK Market Abuse Regulation and other applicable regulations), the Company is under no obligation, and the Company expressly disclaims any intention or obligation, to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Non-GAAP Financial Measures
Smurfit Westrock reports its financial results in accordance with GAAP. However, management believes certain non-GAAP financial measures provide Smurfit Westrock’s Board of directors, investors, potential investors, securities analysts and others with additional meaningful financial information that should be considered when assessing its ongoing performance. Smurfit Westrock management also uses these non-GAAP financial measures in making financial, operating and planning decisions, and in evaluating company performance. Non-GAAP financial measures are not intended to be considered in isolation of or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP and should be viewed in addition to, and not as an alternative for, the GAAP results. The non-GAAP financial measures we present may differ from similarly captioned measures presented by other companies. Smurfit Westrock uses the non-GAAP financial measures “Adjusted EBITDA”, “Adjusted EBITDA CAGR”, “Adjusted EBITDA Margin”, “Adjusted Free Cash Flow”, “Cumulative Discretionary Free Cash Flow”, “Cumulative Discretionary Free Cash Flow CAGR” and “Long-Term Net Debt to EBITDA”. We have not reconciled these forward-looking non-GAAP measures to the most comparable GAAP measures because it is not possible to do so without unreasonable efforts due to the uncertainty and potential variability of reconciling items, which are dependent on future events and often outside of management’s control and which could be significant. Because such items cannot be reasonably predicted with the level of precision required, we are unable to provide forward-looking comparable GAAP measures.
Inside Information
This announcement contains inside information as defined under Article 7(1) of the Market Abuse Regulation (EU) No 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (as amended). The person responsible for arranging the release of this announcement on behalf of Smurfit Westrock plc is Gillian Carson-Callan, Group SVP Finance & Company Secretary. The date and time of this announcement is the same as the date and time that it has been communicated to the media on February 11, 2026.
About Smurfit Westrock
Smurfit Westrock (NYSE: SW, LSE: SWR) is a leading provider of paper-based packaging solutions in the world, with approximately 97,000 employees across 40 countries. More information about the company, its businesses and solutions can be found at smurfitwestrock.com. Investors can access information included on the Investor Relations section of the website at investors.smurfitwestrock.com.
| Contact | |
| Ciarán Potts Smurfit Westrock T: +353 1 202 71 27 E: ir@smurfitwestrock.com |
FTI Consulting
T: +353 1 765 0800 |
| Paper | Packaging | Solutions 2025 Fourth Quarter and Full-Year Results February 11, 2026 |
| Paper | Packaging | Solutions Smurfit Westrock Q4 | 2025 Results | 2 Forward Looking Statements The presentation includes certain “forward-looking statements” (including within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) regarding, among other things, the plans, strategies, outcomes, outlooks, and prospects, both business and financial, of Smurfit Westrock, the expected benefits of the completed combination of Smurfit Kappa Group plc and WestRock Company (the “Combination”), including, but not limited to, synergies, as well as our scale, geographic reach and product portfolio, our medium-term plan, demand outlook, operating environment and the impact of announced closures and additional economic downtime and any other statements regarding the Company's future expectations, beliefs, plans, objectives, results of operations, financial condition and cash flows, or future events, outlook or performance. Statements that are not historical facts, including statements about the beliefs and expectations of the management of the Company, are forward-looking statements. Words such as “may”, “will”, “could”, “should”, “would”, “anticipate”, “intend”, “estimate”, “project”, “plan”, “believe”, “expect”, “target”, “prospects”, “potential”, “commit”, “forecasts”, “aims”, “considered”, “likely” and variations of these words and similar future or conditional expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. While the Company believes these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond the control of the Company. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend upon future circumstances that may or may not occur. Actual results may differ materially from the current expectations of the Company depending upon a number of factors affecting its business, including risks associated with the integration and performance of the Company following the Combination. Important factors that could cause actual results to differ materially from plans, estimates or expectations include: our ability to deliver on our medium-term plan; changes in demand environment; our ability to deliver on our closure plan and associated efforts; our future cash payments associated with these initiatives; potential future cost savings associated with such initiatives; the amount of charges and the timing of such charges or actions described herein; potential future impairment charges; accuracy of assumptions associated with the charges; economic, competitive and market conditions generally, including macroeconomic uncertainty, customer inventory rebalancing, the impact of inflation and increases in energy, raw materials, shipping, labor and capital equipment costs; geo-economic fragmentation and protectionism such as tariffs, trade wars or similar governmental actions affecting the flows of goods, services or currency (including the implementation of tariffs by the US federal government and reciprocal tariffs and other protectionist or retaliatory measures governments in Europe, Asia, and other countries have taken or may take in response); the impact of prolonged or recurring U.S. federal government shutdowns and any resulting volatility in the capital markets or interruptions in the Company’s access to capital; the impact of public health crises, such as pandemics and epidemics and any related company or governmental policies and actions to protect the health and safety of individuals or governmental policies or actions to maintain the functioning of national or global economies and markets; reduced supply of raw materials, energy and transportation, including from supply chain disruptions and labor shortages; developments related to pricing cycles and volumes; intense competition; the ability of the Company to successfully recover from a disaster or other business continuity problem due to a hurricane, flood, earthquake, terrorist attack, war, pandemic, security breach, cyber-attack, power loss, telecommunications failure or other natural or man-made events, including the ability to function remotely during long-term disruptions; the Company's ability to respond to changing customer preferences and to protect intellectual property; the amount and timing of the Company's capital expenditures; risks related to international sales and operations; failures in the Company's quality control measures and systems resulting in faulty or contaminated products; cybersecurity risks, including threats to the confidentiality, integrity and availability of data in the Company's systems; works stoppages and other labor disputes; the Company’s ability to establish and maintain effective internal controls over financial reporting in accordance with the Sarbanes Oxley Act of 2002, as amended, and remediate any weaknesses in controls and processes; the Company's ability to retain or hire key personnel; risks related to sustainability matters, including climate change and scarce resources, as well as the Company's ability to comply with changing environmental laws and regulations; the Company's ability to successfully implement strategic transformation initiatives; results and impacts of acquisitions by the Company; the Company's significant levels of indebtedness; the impact of the Combination on the Company's credit ratings; the potential impairment of assets and goodwill; the availability of sufficient cash to distribute dividends to the Company's shareholders in line with current expectations; the scope, costs, timing and impact of any restructuring of operations and corporate and tax structure; evolving legal, regulatory and tax regimes; changes in economic, financial, political and regulatory conditions in Ireland, the United Kingdom, the United States and elsewhere, and other factors that contribute to uncertainty and volatility, natural and man-made disasters, civil unrest, geopolitical uncertainty, and conditions that may result from legislative, regulatory, trade and policy changes associated with the current or subsequent Irish, US or UK administrations; legal proceedings instituted against the Company; actions by third parties, including government agencies; the Company's ability to promptly and effectively integrate Smurfit Kappa's and WestRock's businesses; the Company's ability to achieve the synergies and value creation contemplated by the Combination; the Company's ability to meet expectations regarding the accounting and tax treatments of the Combination, including the risk that the Internal Revenue Service may assert that the Company should be treated as a US corporation or be subject to certain unfavorable US federal income tax rules under Section 7874 of the Internal Revenue Code of 1986, as amended, as a result of the Combination; other factors such as future market conditions, currency fluctuations, the behavior of other market participants, the actions of regulators and other factors such as changes in the political, social and regulatory framework in which the Company's group operates or in economic or technological trends or conditions, and other risk factors included in the Company's filings with the Securities and Exchange Commission, including the Company’s Annual Reports on Form 10-K for the fiscal years ended December 31, 2024 and 2025. Neither the Company nor any of its associates or directors, officers or advisers provides any representation, assurance or guarantee that the occurrence of the events expressed or implied in any such forward-looking statements will actually occur. You are cautioned not to place undue reliance on these forward-looking statements. Other than in accordance with its legal or regulatory obligations (including under the UK Listing Rules, the Disclosure Guidance and Transparency Rules, the UK Market Abuse Regulation and other applicable regulations), the Company is under no obligation, and the Company expressly disclaims any intention or obligation, to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. |
| Paper | Packaging | Solutions Smurfit Westrock Q4 | 2025 Results | 3 Non-GAAP Financial Measures and Reconciliations Smurfit Westrock reports its financial results in accordance with accounting principles generally accepted in the United States ("GAAP"). However, management believes certain non-GAAP financial measures provide Smurfit Westrock’s Board of directors, investors, potential investors, securities analysts and others with additional meaningful financial information that should be considered when assessing its ongoing performance. Smurfit Westrock management also uses these non-GAAP financial measures in making financial, operating and planning decisions, and in evaluating company performance. Non-GAAP financial measures are not intended to be considered in isolation of or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP and should be viewed in addition to, and not as an alternative for, the GAAP results. The non-GAAP financial measures we present may differ from similarly captioned measures presented by other companies. Smurfit Westrock uses the non-GAAP financial measures “Adjusted EBITDA”, “Adjusted EBITDA Margin” and “Adjusted Free Cash Flow”. We discuss below details of the non-GAAP financial measures presented by us and provide reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with GAAP in the Appendix to this presentation. Definitions Smurfit Westrock uses the non-GAAP financial measures “Adjusted EBITDA” and “Adjusted EBITDA Margin” to evaluate its overall performance. The composition of Adjusted EBITDA is not addressed or prescribed by GAAP. Smurfit Westrock defines Adjusted EBITDA as net income before income tax expense, depreciation, depletion and amortization, interest expense, net, pension and other postretirement non-service income (expense), net, share based compensation expense, other expense, net, impairment and restructuring costs, transaction and integration-related expenses associated with the Combination, amortization of fair value step up on inventory and other specific items that management believes are not indicative of the ongoing operating results of the business. Management believes Adjusted EBITDA and Adjusted EBITDA Margin measures provide Smurfit Westrock’s management, Board of directors, investors, potential investors, securities analysts and others with useful information to evaluate Smurfit Westrock’s performance relative to other periods because it adjusts out non recurring items that management believes are not indicative of the ongoing results of the business. Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Net Sales. Smurfit Westrock uses the non-GAAP financial measure “Adjusted Free Cash Flow”. Smurfit Westrock defines Adjusted Free Cash Flow as net cash provided by operating activities as adjusted for capital expenditures and to exclude certain costs not reflective of underlying ongoing operations. Management utilizes this measure in connection with managing Smurfit Westrock’s business and believes that Adjusted Free Cash Flow is useful to investors as a liquidity measure because it measures the amount of cash generated that is available, after reinvesting in the business, to maintain a strong balance sheet, pay dividends, repurchase stock, service debt and make investments for future growth. It should not be inferred that the entire free cash flow amount is available for discretionary expenditures. By adjusting for certain items that are not indicative of Smurfit Westrock’s underlying operational performance, Smurfit Westrock believes that Adjusted Free Cash Flow also enables investors to perform meaningful comparisons between past and present periods. |
| Paper | Packaging | Solutions Smurfit Westrock Q4 | 2025 Results | 4 Q4 and Full Year Highlights Smurfit Westrock Q4 Full Year Net Sales $7,580 million $31,179 million Adjusted EBITDA* $1,172 million $4,939 million Adjusted EBITDA Margin* 15.5% 15.8% Adjusted Free Cash Flow* $679 million $1,501 million 4 *Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Free Cash Flow are non-GAAP financial measures. See the Appendix for the reconciliation of these measures to the most comparable GAAP measures. |
| Paper | Packaging | Solutions Smurfit Westrock Q4 | 2025 Results | 5 Q4 and Full Year Highlights Regional split Q4 Full Year North America EMEA & APAC LATAM North America EMEA & APAC LATAM Net Sales (aggregate) $4.4 billion $2.7 billion $0.5 billion $18.6 billion $10.9 billion $2.1 billion Adjusted EBITDA* $651 million $438 million $131 million $2,998 million $1,618 million $485 million Adjusted EBITDA Margin 14.7% 16.2% 24.5% 16.1% 14.9% 23.0% Corrugated Volume Δ** (10.5%) 0.6% 5.1% (7.0%) 0.7% (0.6)% *Adjusted EBITDA is our GAAP measure of segment profitability because it is used by our chief operating decision maker to make decisions regarding allocation of resources and to assess segment performance. ** Corrugated volumes are quoted on a days adjusted basis. 5 |
| Paper | Packaging | Solutions Smurfit Westrock Q4 | 2025 Results | 6 Group and Regional Highlights Group • Completed bottom-up strategic plan • Successful refinancing with $800 million 10 year and €500 million 6 year Green Bond issuances and associated redemptions pushing next material maturity to March 2028 • Previously announced quarterly dividend of $0.4523 per ordinary share, an increase of 5% from prior dividend North America EMEA & APAC LATAM • Repositioning the business for future growth • Reduction in the number of loss makers • Continued optimization of our footprint • Continued investment in our business • Made significant people changes to strengthen our most important asset • Industry leading margins • Completed the integration of the consumer business • Continue to evaluate opportunities to optimize our footprint • Identifying growth opportunities in APAC • Record quality score achieved • Exceptional margin performance • Fully executed integration • Significant opportunity for growth and high-return investment Smurfit Westrock Q4 | 2025 Results | 6 |
| Smurfit Westrock Q4 | 2025 Results | 7 Paper | Packaging | Solutions • Recognized by Forbes, Fortune and Time • Received >230 awards for Customer and Supplier Excellence, Packaging Innovation and Design, People, Talent and Workplace Excellence and Sustainability • Fitch upgrade to BBB+ • Significant and continued improvement in customer service – On-Time-In-Full (OTIF) in North America at 92% • Consistent improvement in quality, productivity and utilization metrics • Delivered over and above anticipated cost synergies Smurfit Westrock Q4 | 2025 Results | 7 Closing Out the Year Recognition alongside significant underlying business improvement |
| Paper | Packaging | Solutions Smurfit Westrock Q4 | 2025 Results | 8 Outlook • At the beginning of 2026, while we have experienced significant weather events in North America and Europe, we currently see a generally better industry operating environment. • For the first quarter of 2026, we currently expect to deliver an Adjusted EBITDA* of between $1.1 billion and $1.2 billion. • For the full year 2026, we currently expect to deliver an Adjusted EBITDA* of between $5.0 billion and $5.3 billion. Smurfit Westrock Q4 | 2025 Results | 8 During 2025 we made significant progress in establishing a performance-led culture; optimizing our operating model; and adopting a sharper, customer-centric focus - Tony Smurfit *Adjusted EBITDA is a non-GAAP financial measure. We have not reconciled Adjusted EBITDA outlook to the most comparable GAAP outlook because it is not possible to do so without unreasonable efforts due to the uncertainty and potential variability of reconciling items, which are dependent on future events and often outside of management’s control and which could be significant. Because such items cannot be reasonably predicted with the level of precision required, we are unable to provide an outlook for the comparable GAAP measure (net income). |
| Paper | Packaging | Solutions Smurfit Westrock Q4 | 2025 Results | 9 Appendices |
| Paper | Packaging | Solutions Smurfit Westrock Q4 | 2025 Results | 10 2026 Cash interest ~$0.7 billion 2026 Cash tax ~$0.5 billion 2026 Effective tax rate ~29% 2026 Depreciation and amortization ~$2.6 billion 2026 Q1 Adjusted EBITDA* $1.1 billion – $1.2 billion 2026 FY Adjusted EBITDA* $5.0 billion – $5.3 billion 2026 Capital expenditure $2.4 billion – $2.5 billion Guidance *Adjusted EBITDA is a non-GAAP financial measure. We have not reconciled Adjusted EBITDA outlook to the most comparable GAAP outlook because it is not possible to do so without unreasonable efforts due to the uncertainty and potential variability of reconciling items, which are dependent on future events and often outside of management's control and which could be significant. Because such items cannot be reasonably predicted with the level of precision required, we are unable to provide an outlook for the comparable GAAP measure (net income). |
| Paper | Packaging | Solutions Smurfit Westrock Q4 | 2025 Results | 11 2025 Smurfit Westrock shipment and sensitivity data North America Unit FY25 Shipments Containerboard K Tons 8,497 Kraft Paper K Tons 801 SBS K Tons 1,352 CNK K Tons 915 CRB K Tons 591 Other Paper & Board K Tons 269 Corrugated Pkg BSF 100 Consumer Pkg BSF 34 EMEA & APAC* Unit FY25 Shipments Containerboard K Tons 6,219 Other Paper & Board K Tons 815 Corrugated Pkg BSF 96 Consumer Pkg BSF 17 LATAM* Unit FY25 Shipments Containerboard K Tons 1,407 Other Paper & Board K Tons 100 Corrugated Pkg BSF 23 Consumer Pkg BSF 2 Price sensitivity Annualized impact on EBITDA $50/ton in NA ~$400m €40/ton in EMEA & APAC ~$250m * EMEA & APAC and LATAM paper volumes are measured in metric tonnes and converted to US short tons. Packaging shipments are measured in million square meters and converted to billion square feet (BSF). |
| Paper | Packaging | Solutions Smurfit Westrock Fourth quarter Adjusted EBITDA* bridge Included within the ‘other’ column: • Fiber +$39 million • Downtime -$85 million $M 1,166 -48 36 -31 49 1,172 Q4-24 Volume Price Other FX Q4-25 1,000 1,020 1,040 1,060 1,080 1,100 1,120 1,140 1,160 1,180 1,200 *Adjusted EBITDA is a non-GAAP financial measure. See the Appendix for the reconciliation of this measure to the most comparable GAAP measure. Smurfit Westrock Q4 | 2025 Results | 12 |
| Paper | Packaging | Solutions Smurfit Westrock North America Fourth quarter Adjusted EBITDA regional bridge Included within the ‘other’ column: • Fiber +$39 million • Downtime -$85 million • Energy -$20 million 710 651 -50 76 -93 8 Q4-24 Volume Price Other FX Q4-25 500 550 600 650 700 750 800 $M Smurfit Westrock Q4 | 2025 Results | 13 |
| Paper | Packaging | Solutions Smurfit Westrock EMEA & APAC Fourth quarter Adjusted EBITDA regional bridge Included within the ‘other’ column: • Raw materials +$56 million • Energy +$27 million 371 -1 -45 38 438 Q4-24 Volume Price Other FX Q4-25 200 250 300 350 400 450 75 $M Smurfit Westrock Q4 | 2025 Results | 14 |
| Paper | Packaging | Solutions Smurfit Westrock LATAM Fourth quarter Adjusted EBITDA regional bridge Included within the ‘other’ column: • Raw materials -$18 million • Other operating and converting costs +$16 million 3 6 -2 3 121 131 Q4-24 Volume Price Other FX Q4-25 100 105 110 115 120 125 130 135 140 $M Smurfit Westrock Q4 | 2025 Results | 15 |
| Paper | Packaging | Solutions Smurfit Westrock Q4 | 2025 Results | 16 Reconciliations to most comparable GAAP measure Set forth below is a reconciliation of the non-GAAP financial measures Adjusted EBITDA and Adjusted EBITDA Margin to Net Income and Net Income Margin, the most directly comparable GAAP measures, for the periods indicated (in millions, except margins). Three months ended December 31, Twelve months ended December 31, 2025 2024 2025 2024 Net income $ 98 $ 146 $ 699 $ 319 Income tax expense 77 77 260 241 Depreciation, depletion and amortization 675 593 2,550 1,464 Impairment and restructuring costs 25 34 385 56 Transaction and integration-related expenses associated with the Combination 48 45 120 395 Amortization of fair value step up on inventory - (3) - 224 Interest expense, net 203 173 729 398 Pension and other postretirement non-service (income) expense, net (6) (7) (30) 24 Share-based compensation expense 25 52 139 206 Other expense, net 17 12 61 25 Other adjustments 10 44 26 34 Adjusted EBITDA $ 1,172 $ 1,166 $ 4,939 $ 3,386 Net Sales $ 7,580 $ 7,539 $ 31,179 $ 21,109 Net Income Margin1 1.3% 1.9% 2.2% 1.5% Adjusted EBITDA Margin2 15.5% 15.5% 15.8% 16.0% 1 Net Income / Net Sales 2 Adjusted EBITDA / Net Sales |
| Paper | Packaging | Solutions Smurfit Westrock Q4 | 2025 Results | 17 Reconciliations to most comparable GAAP measure (continued) Set forth below is a reconciliation of the non-GAAP financial measure Adjusted Free Cash Flow to Net cash provided by operating activities, the most directly comparable GAAP measure, for the periods indicated (in millions). Three months ended December 31, Twelve months ended December 31, 2025 2024 2025 2024 Net cash provided by operating activities $ 1,195 $ 781 $ 3,392 $ 1,483 Capital expenditures (583) (569) (2,192) (1,466) Free Cash Flow $ 612 $ 212 $ 1,200 $ 17 Adjustments: Transaction and integration costs 31 80 151 443 Restructuring costs 56 18 230 64 Italian competition fine reduction - (18) - (18) Tax on above items (20) (35) (80) (77) Adjusted Free Cash Flow $ 679 $ 257 $ 1,501 $ 429 |
| Paper | Packaging | Solutions Smurfit Westrock Q4 | 2025 Results | 18 |
| Paper | Packaging | Solutions February 2026 Medium-Term Plan |
| Paper | Packaging | Solutions Smurfit Westrock | Medium-Term Plan 2 © 2026 Smurfit Westrock. All Rights Reserved. Forward Looking Statements and Non-GAAP Financial Measures The presentation includes certain “forward-looking statements” (including within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) regarding, among other things, the plans, strategies, outcomes, outlooks, and prospects, both business and financial, of Smurfit Westrock, including, but not limited to the synergies and other expected benefits of the completed combination between Smurfit Kappa and WestRock as well as our scale, geographic reach, product portfolio, credit rating and level of debt and leverage ratio, demand outlook, market growth patterns, and mid-range plan, including with respect to our capital returns to shareholders (such as declaration of future dividends and/or share buybacks), planned investments and anticipated path to delivering shareholder value and any other statements regarding the Company's future expectations, beliefs, plans, objectives, capital allocation decisions, investment strategy and return on capital employed, results of operations, financial condition and cash flows, or future events, outlook, or performance. Statements that are not historical facts, including statements about the beliefs and expectations of the management of the Company, are forward-looking statements. Words such as “may”, “will”, “could”, “should”, “would”, “anticipate”, “intend”, “estimate”, “project”, “plan”, “believe”, “expect”, “target”, “prospects”, “potential”, “commit”, “forecasts”, “aims”, “considered”, “likely” and variations of these words and similar future or conditional expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. While the Company believes these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond the control of the Company. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend upon future circumstances that may or may not occur. Actual results may differ materially from the current expectations of the Company depending upon a number of factors affecting its business, including risks associated with the integration and performance of the Company following the Combination. This presentation provides an overview of the Company’s goals, plans, and related initiatives. These goals, plans, and initiatives are aspirational or otherwise constitute forward-looking statements and actual performance may differ, possibly materially, and no guarantees are made that these goals will be met or that these plans and initiatives will be successfully executed. This presentation also includes numbers and percentages that are estimates or approximations and that may be based on various assumptions some but not all of which are provided herein. Some data and other information in this presentation are also based on management’s estimates and calculations, which are derived from its review and interpretation of internal company research, surveys and independent sources. In addition, industry data included herein is subject to significant business, economic and competitive uncertainties beyond the Company’s control. Important factors that could cause actual results to differ materially from plans, estimates or expectations include: our ability to deliver on our mid-range plan, including with respect to our capital returns to shareholders, planned investments and growth; changes in demand environment; our ability to deliver on our closure plan and associated efforts; our future cash payments associated with these initiatives; potential future cost savings associated with such initiatives; the amount of charges and the timing of such charges or actions described herein; potential future impairment charges; accuracy of assumptions associated with the charges; economic, competitive and market conditions generally, including macroeconomic uncertainty, customer inventory rebalancing, the impact of inflation and increases in energy, raw materials, shipping, labor and capital equipment costs, geo-economic fragmentation and protectionism such as tariffs, trade wars or similar governmental actions affecting the flows of goods, services or currency (including the implementation of tariffs by the US federal government and reciprocal tariffs and other protectionist or retaliatory measures governments in Europe, Asia, and other countries have taken or may take in response); the impact of prolonged or recurring U.S. federal government shutdowns and any resulting volatility in the capital markets or interruptions in the Company’s access to capital; the impact of public health crises, such as pandemics and epidemics and any related company or governmental policies and actions to protect the health and safety of individuals or governmental policies or actions to maintain the functioning of national or global economies and markets; reduced supply of raw materials, energy and transportation, including from supply chain disruptions and labor shortages; developments related to pricing cycles and volumes; intense competition; the ability of the Company to successfully recover from a disaster or other business continuity problem due to a hurricane, flood, earthquake, terrorist attack, war, pandemic, security breach, cyber-attack, power loss, telecommunications failure or other natural or man-made events, including the ability to function remotely during long-term disruptions; the Company's ability to respond to changing customer preferences and to protect intellectual property; the amount and timing of the Company's capital expenditures; risks related to international sales and operations; failures in the Company's quality control measures and systems resulting in faulty or contaminated products; cybersecurity risks, including threats to the confidentiality, integrity and availability of data in the Company's systems; works stoppages and other labor disputes; the Company’s ability to establish and maintain effective internal controls over financial reporting in accordance with the Sarbanes Oxley Act of 2002, as amended, and remediate any weaknesses in controls and processes; the Company's ability to retain or hire key personnel; risks related to sustainability matters, including climate change and scarce resources, as well as the Company's ability to comply with changing environmental laws and regulations; the Company's ability to successfully implement strategic transformation initiatives; results and impacts of acquisitions by the Company; the Company's significant levels of indebtedness; the impact of the Combination on the Company's credit ratings; the potential impairment of assets and goodwill; the availability of sufficient cash to distribute dividends to the Company's shareholders in line with current expectations; the scope, costs, timing and impact of any restructuring of operations and corporate and tax structure; evolving legal, regulatory and tax regimes; changes in economic, financial, political and regulatory conditions in Ireland, the United Kingdom, the United States and elsewhere, and other factors that contribute to uncertainty and volatility, natural and man-made disasters, civil unrest, geopolitical uncertainty, and conditions that may result from legislative, regulatory, trade and policy changes associated with the current or subsequent Irish, US or UK administrations; legal proceedings instituted against the Company; actions by third parties, including government agencies; the Company's ability to promptly and effectively integrate Smurfit Kappa's and WestRock's businesses; the Company's ability to achieve the synergies and value creation contemplated by the Combination; other factors such as future market conditions, currency fluctuations, the behavior of other market participants, the actions of regulators and other factors such as changes in the political, social and regulatory framework in which the Company's group operates or in economic or technological trends or conditions, and other risk factors included in the Company's filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the fiscal years ended December 31, 2024 and 2025. Neither the Company nor any of its associates or directors, officers or advisers provides any representation, assurance or guarantee that the occurrence of the events expressed or implied in any such forward-looking statements will actually occur. You are cautioned not to place undue reliance on these forward-looking statements. Other than in accordance with its legal or regulatory obligations (including under the UK Listing Rules, the Disclosure Guidance and Transparency Rules, the UK Market Abuse Regulation and other applicable regulations), the Company is under no obligation, and the Company expressly disclaims any intention or obligation, to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. |
| Paper | Packaging | Solutions Smurfit Westrock | Medium-Term Plan 3 © 2026 Smurfit Westrock. All Rights Reserved. Non-GAAP Financial Measures Smurfit Westrock reports its financial results in accordance with U.S. generally accepted accounting principles ("GAAP"). However, management believes certain non-GAAP financial measures provide Smurfit Westrock’s Board of directors, investors, potential investors, securities analysts and others with additional meaningful financial information that should be considered when assessing its ongoing performance. Smurfit Westrock management also uses these non-GAAP financial measures in making financial, operating and planning decisions, and in evaluating company performance. Non-GAAP financial measures are not intended to be considered in isolation of or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP and should be viewed in addition to, and not as an alternative for, the GAAP results. The non-GAAP financial measures we present may differ from similarly captioned measures presented by other companies. Smurfit Westrock uses the non-GAAP financial measures “Adjusted EBITDA”, “Adjusted EBITDA Margin”, “Adjusted EBITDA CAGR”, “Free Cash Flow”, “Discretionary Free Cash Flow”, “Discretionary Free Cash Flow CAGR” and “Net Leverage”. We discuss below details of the non-GAAP financial measures presented by us. We have not reconciled these forward-looking non-GAAP measures to the most comparable GAAP measures because it is not possible to do so without unreasonable efforts due to the uncertainty and potential variability of reconciling items, which are dependent on future events and often outside of management’s control and which could be significant. Because such items cannot be reasonably predicted with the level of precision required, we are unable to provide forward-looking comparable GAAP measures. Definitions Smurfit Westrock uses the non-GAAP financial measures “Adjusted EBITDA” and “Adjusted EBITDA Margin” to evaluate its overall performance. The composition of Adjusted EBITDA is not addressed or prescribed by GAAP. Smurfit Westrock defines Adjusted EBITDA as net income (loss) before income tax expense, depreciation, depletion and amortization, interest expense, net, pension and other postretirement non-service income (expense), net, share based compensation expense, other expense, net, impairment and restructuring costs, transaction and integration-related expenses associated with the Combination, amortization of fair value step up on inventory and other specific items that management believes are not indicative of the ongoing operating results of the business. Adjusted EBITDA CAGR (compound annual growth rate) measures the mean annual growth rate of the Company's Adjusted EBITDA over a specified time period. Management believes Adjusted EBITDA and Adjusted EBITDA Margin measures provide Smurfit Westrock’s management, board of directors, investors, potential investors, securities analysts and others with useful information to evaluate Smurfit Westrock’s performance relative to other periods because it adjusts out non recurring items that management believes are not indicative of the ongoing results of the business. Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Net Sales. Smurfit Westrock defines the non-GAAP financial measure “Free Cash Flow” as net cash provided by operating activities as adjusted for capital expenditures. Management utilizes this measure in connection with managing Smurfit Westrock’s business and believes that Free Cash Flow is useful to investors as a liquidity measure because it measures the amount of cash generated after reinvesting in the business, and that is available for dividends, acquisitions and other uses. Smurfit Westrock also uses the non-GAAP financial measure “Discretionary Free Cash Flow.” Smurfit Westrock defines Discretionary Free Cash Flow as Free Cash Flow plus strategic capital expenditure. Discretionary Free Cash Flow CAGR (compound annual growth rate) measures the mean annual growth rate of the Company's Discretionary Free Cash Flow over a specified time period. Management utilizes this measure to assess cash flow before making strategic investment decisions. Smurfit Westrock uses the non-GAAP financial measure “Return on Capital Employed” (“ROCE”). Smurfit Westrock defines ROCE as the Company’s segment adjusted EBITDA adjusted further for (i) unallocated corporate costs, (ii) depreciation, depletion and amortization expense, (iii) share based-compensation expense, and (iv) other expense (income), net, excluding finance costs or income included within (iv), divided by the Company’s average capital employed, with capital employed for the applicable calendar year defined as the sum of the Company’s (a) total equity, (b) current portion of debt and (c) non-current debt due after one year, less (d) cash and cash equivalents. The average capital employed is defined as the sum of the capital employed during the applicable calendar year and the capital employed during the calendar year preceding such year divided by two. Smurfit Westrock uses the non-GAAP financial measure "Net Leverage". Smurfit Westrock defines Net Leverage as Net Financial Debt divided by Adjusted EBITDA (as defined above). Net Financial Debt is defined as Financial Liabilities (short- and long-term) minus Cash and cash equivalents. Inside Information This presentation contains Inside Information as defined under Article 7(1) of the Market Abuse Regulation (Eu) No 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018 (As Amended). The person responsible for arranging the release of this presentation on behalf of Smurfit Westrock plc is Gillian Carson-Callan, Group SVP Finance & Company Secretary. The inside information contained herein was disclosed in full at the time noted in the Company's announcement entitled `Smurfit Westrock Medium-Term Investor Update' released on February 11, 2026. |
| Paper | Packaging | Solutions Smurfit Westrock | Medium-Term Plan 4 © 2026 Smurfit Westrock. All Rights Reserved. Presenters Today’s presenters Draft / Outline Tony Smurfit Note: Company to provide Laurent’s high-resolution picture Tony Smurfit Ken Bowles Laurent Sellier Saverio Mayer Alvaro Jose Henao CEO CFO CEO North America (including Mexico) CEO Europe, MEA and APAC CEO LATAM |
| Paper | Packaging | Solutions Smurfit Westrock | Medium-Term Plan 5 © 2026 Smurfit Westrock. All Rights Reserved. The global leader delivering value for all stakeholders* Significant Adjusted EBITDA and Margin Growth** Adjusted EBITDA 2030 ~$7bn Adjusted EBITDA CAGR 2026–2030 ~7% Margin expansion 2026–2030 ~300bps Significant Free Cash Flow** Generation Cumulative Discretionary Free Cash Flow2 2026–2030 ~$14bn Discretionary Free Cash Flow CAGR 2026–2030 ~17% Increasing Capital Returns to Shareholders Capacity for share buybacks3 from 2027 Dividends3 2026–2030 ~$5bn Upside in a stronger market growth and pricing environment1 Profit growth in North America Superior performance in EMEA and APAC Higher Margins and growth prospects in LATAM 1 Source: Numera. Current plan assumes market growth of 1.6% in North America, 1.7% in Europe and 2.0% in Latin America over 2026 to 2030. The plan also assumes below mid-market paper pricing in Europe and no price increases in paper in North America over 2026 to 2030. 2 Excludes growth capex of $4bn. 3 Subject to applicable board approvals and discretion of the board and will depend upon many factors, including our financial condition, results of operations, projections, liquidity, earnings, business strategy, legal requirements, covenant compliance, restrictions in our existing and any future debt agreements and other factors that our board of directors deems relevant. * These goals are aspirational or otherwise constitute forward-looking statements. Actual performance may differ, possibly materially, and no guarantees are made that these goals will be met. Also, see assumptions on slide 29. See slide 2 for important information regarding forward-looking statements. ** Adjusted EBITDA, Adjusted EBITDA CAGR, Adjusted EBITDA Margin, Cumulative Discretionary Free Cash Flow and Discretionary Free Cash Flow CAGR are non-GAAP financial measures. We have not reconciled these forward-looking measures to the most comparable GAAP measures because it is not possible to do so without unreasonable efforts due to the uncertainty and potential variability of reconciling items, which are dependent on future events and often outside of management’s control and which could be significant. Because such items cannot be reasonably predicted with the level of precision required, we are unable to provide a reconciliation. |
| Paper | Packaging | Solutions Smurfit Westrock | Medium-Term Plan 6 © 2026 Smurfit Westrock. All Rights Reserved. ...guided by our core values of safety, loyalty, integrity and respect. Our vision is to dynamically and sustainably deliver secure, superior and long-term value for all of our stakeholders, as one of the world’s great companies… Paper | Packaging | Solutions Smurfit Westrock | Medium-Term Plan 6 © 2026 Smurfit Westrock. All Rights Reserved. |
| Paper | Packaging | Solutions Smurfit Westrock | Medium-Term Plan 7 © 2026 Smurfit Westrock. All Rights Reserved. The leader in innovative and sustainable packaging The global ‘Go-To’ packaging partner of choice 97k Employees 40 Countries 58% 2025 Net Sales from North America $31bn Net Sales #1 or #2 market share positions in most countries in which we operate #1 Global Leader in Paper and Packaging1 Proven track record of delivering superior operating and financial performance 1 Based on net sales. |
| Paper | Packaging | Solutions Smurfit Westrock | Medium-Term Plan 8 © 2026 Smurfit Westrock. All Rights Reserved. Geographic Mix1 What we do EMEA & APAC 35% Latin America 7% North America 58% Geographically balanced, highly integrated packaging solutions creating value for customers Corrugated, Paper & other Packaging (77%)1 Consumer Packaging (23%)1 1 Based on share of 2025 net sales. Pharma (incl. GLP-1) Food & Beverage High Protection / eCommerce Packaging Bag-in-Box Supported by our proprietary leading-edge technologies and data set We deliver unrivalled fiber-based packaging solutions |
| Paper | Packaging | Solutions Smurfit Westrock | Medium-Term Plan 9 © 2026 Smurfit Westrock. All Rights Reserved. ShelfSmart.AI Built on 400,000+ shopper-impact studies, ShelfSmart.AI measures how packaging design drives in-store stopping power and consumer engagement InnoBook InnoBook connects our 2,000+ designers and 9,000+ creative packaging solutions, making it one of the largest packaging design databases globally Smurfit Westrock InnoTools 24+ globally used unique digital tools—907 times a day—proving our solutions are possible, profitable, desirable and better for the planet SupplySmart Analyzer Using insights from 160,000+ supply chains, SupplySmart Analyzer delivers protective, end-to-end packaging that drives supply-chain efficiency Paper2Box.AI Paper2Box.AI uses 50+ million datapoints, AI and expert knowledge to design fit-for-purpose, sustainable materials— proven across millions of packaging solution |
| Paper | Packaging | Solutions Smurfit Westrock | Medium-Term Plan 10 © 2026 Smurfit Westrock. All Rights Reserved. Our winning formula Recruiting, retaining and motivating the right people Disciplined capital allocation and continued investment to maintain world-class assets Focus on innovation and quality Rewarding our shareholders A consistent and relentless focus on creating value for our customers Rewarding our people, including with aligned incentives Performance-led culture Customer centered Owner Operator model Decentralized Decision-Making Win as a Team 100% Accountable Framework & Governance |
| Paper | Packaging | Solutions Smurfit Westrock | Medium-Term Plan 11 Paper | Packaging | Solutions © 2026 Smurfit Westrock. All Rights Reserved. North America Unlocking the full potential Smurfit Westrock | Medium-Term Plan 11 © 2026 Smurfit Westrock. All Rights Reserved. |
| Paper | Packaging | Solutions Smurfit Westrock | Medium-Term Plan 12 © 2026 Smurfit Westrock. All Rights Reserved. Corrugated Packaging Forestry/Wood Procurement Recycling Plants Consumer Packaging Merchandising Displays Packaging Machinery Containerboard & Paperboard Mills Bag-in-Box Experience Center Paper and packaging leader in North America* Our biggest value creation opportunity * 2025 results $19bn Net Sales $3.0bn Adj. EBITDA ~49k Employees 3 Countries #1 or #2 position in all our core segments * 2025 Results |
| Paper | Packaging | Solutions Smurfit Westrock | Medium-Term Plan 13 © 2026 Smurfit Westrock. All Rights Reserved. Foundation set in 2025 Successful Integration Effort Introduction of Owner-Operator Model Customer Orientation Operational Efficiency Synergies exceeded, headcount reduction Performance led culture, P&L ownership by plant Win-win value creation, commercial decentralization, innovation Rationalization of inefficient capacity, cost containment, capital reinvestment Paper | Packaging | Solutions © 2026 Smurfit Westrock. All Rights Reserved. Smurfit Westrock | Medium-Term Plan 13 |
| Paper | Packaging | Solutions Smurfit Westrock | Medium-Term Plan 14 © 2026 Smurfit Westrock. All Rights Reserved. Growing through innovation Solving customer challenges Rebalancing long paper position Investing in the business Optimizing footprint Our plan to deliver Adjusted EBITDA growth and Adjusted EBITDA Margin expansion* Adjusted EBITDA Margin* (%) $3.0bn Adj. EBITDA 2025 ~$4.2bn* Adj. EBITDA 2030 *These goals are aspirational or otherwise constitute forward-looking statements. Actual performance may differ, possibly materially, and no guarantees are made that these goals will be met. Also, see assumptions on slide 29. See slide 2 for important information regarding forward-looking statements. Note: To discuss use of “base business” and “strategic actions” wording in the LHS bridge * |
| Paper | Packaging | Solutions Smurfit Westrock | Medium-Term Plan 15 © 2026 Smurfit Westrock. All Rights Reserved. Industry-leading range in both containerboard and paperboard From primary to tertiary packaging (including machine systems) Drive customers’ top line growth, lower costs, and reduce risk Our winning formula A unique, end-to-end fiber-based packaging offering Substrate Agnostic Full Suite of Capabilities Innovative Differentiation |
| Paper | Packaging | Solutions Smurfit Westrock | Medium-Term Plan 16 Paper | Packaging | Solutions © 2026 Smurfit Westrock. All Rights Reserved. EMEA & APAC Track record of outperformance Smurfit Westrock | Medium-Term Plan 16 © 2026 Smurfit Westrock. All Rights Reserved. |
| Paper | Packaging | Solutions Smurfit Westrock | Medium-Term Plan 17 © 2026 Smurfit Westrock. All Rights Reserved. Integrated platform in EMEA & APAC* Track record of and continued outperformance * 2025 results $11bn Net Sales $1.6bn Adj. EBITDA ~36k Employees 27 Countries #1 positions in Corrugated, Containerboard and Bag-in-Box India Asia-Pacific Corrugated Packaging Merchandising Displays Recycling Plants Paper Mills Consumer Packaging Bag-in-Box Forestry/Wood Procurement Packaging Machinery * 2025 Results |
| Paper | Packaging | Solutions Smurfit Westrock | Medium-Term Plan 18 © 2026 Smurfit Westrock. All Rights Reserved. Building on strong foundations One Integrated System Value Capture Market Leader Integration of consumer business Harmonized owner-operator model P&L ownership Cross-selling opportunities across Corrugated and Consumer Structural cost improvements Targeted restructuring and closures Initiatives delivering quick-win savings Synergy program achieved ahead of target Recognition as the industry leader in innovation with the highest number of awards Paper | Packaging | Solutions © 2026 Smurfit Westrock. All Rights Reserved. Smurfit Westrock | Medium-Term Plan 18 |
| Paper | Packaging | Solutions Smurfit Westrock | Medium-Term Plan 19 © 2026 Smurfit Westrock. All Rights Reserved. Continuing outperformance through leadership in innovation and sustainability • Recognized market leader • Structurally stronger • Grown volume, market share and Adjusted EBITDA • Enabling flexibility, agility and added value • Customer centricity through quality and service • Innovation tools and Better Planet Packaging as key differentiators Focus Remains on Functional Value & Differentiation Third Strategic Plan Our journey 14.9% Adj. EBITDA Margin 2025 >16% Adj. EBITDA Margin 2030* Upside to growth and margin $1.6bn Adj. EBITDA 2025 ~$2.1bn Adj. EBITDA 2030* *These goals are aspirational or otherwise constitute forward-looking statements. Actual performance may differ, possibly materially, and no guarantees are made that these goals will be met. Also, see assumptions on slide 29. See slide 2 for important information regarding forward-looking statements. |
| Paper | Packaging | Solutions Smurfit Westrock | Medium-Term Plan 20 © 2026 Smurfit Westrock. All Rights Reserved. Operating Model Customer Centric • The integrated model • Effective capital allocation • Investing for growth • Enhance efficiencies • Differentiation • Flexibility • Functional value • Technology Our winning formula 55 projects 650 msm1 capacity €340m investment €139m EBITDA 36 projects 400 msm1 capacity €180m investment €74m EBITDA Previous Plan Current Plan 1 MSM = million square meters. • A region well positioned for growth • Adapting a proven playbook • Superior business EMEA & APAC to 2030 |
| Paper | Packaging | Solutions Smurfit Westrock | Medium-Term Plan 21 Paper | Packaging | Solutions © 2026 Smurfit Westrock. All Rights Reserved. Latin America Dynamic growth and superior margins © 2026 Smurfit Westrock. All Rights Reserved. Smurfit Westrock | Medium-Term Plan 21 |
| Paper | Packaging | Solutions Smurfit Westrock | Medium-Term Plan 22 © 2026 Smurfit Westrock. All Rights Reserved. Pan-regional leader* Dynamic growth and superior Margins * 2025 results Corrugated Packaging Experience Centers Recycling Plants Consumer Packaging Bag-in-Box Forestry/Wood Procurement Paper Mills Sacks Converting Plants Smurfit Westrock presence $2bn Net Sales $0.5bn Adj. EBITDA ~11k Employees 10 Countries #1 position in Corrugated Leading positions in cartons and sacks Proven track record Experienced management team Integrated corrugated business * 2025 Results |
| Paper | Packaging | Solutions Smurfit Westrock | Medium-Term Plan 23 © 2026 Smurfit Westrock. All Rights Reserved. Building on strong foundations One Integrated Paper System One Team Value Capture Integrated 100k tonnes from North American paper system into Central America and the Caribbean Market now only sees Smurfit Westrock Synergies across mills and forestry divisions in Colombia and Brazil Paper | Packaging | Solutions © 2026 Smurfit Westrock. All Rights Reserved. Smurfit Westrock | Medium-Term Plan 23 Leverage on global presence, knowledge and expertise |
| Paper | Packaging | Solutions Smurfit Westrock | Medium-Term Plan 24 © 2026 Smurfit Westrock. All Rights Reserved. Broadest portfolio in the region Unrivaled footprint The only large-scale, pan-regional player serving both multinational and local customers across the region #1 Corrugated supplier within the region, with leading positions in the biggest markets: Colombia, Brazil and Argentina High-performance packaging solutions using recycled and virgin fibers, including Lightweight and Eucalyptus-based paper Forestry | Recycling | Mills Corrugated | Consumer Packaging | Sacks 2x Adjusted EBITDA vs. 2016 23% Adjusted EBITDA Margin +500 bps vs. 2016 4% Corrugated Volume CAGR vs. 2016 +80 Years of experience +4,500 Customers 44 Facilities Fastest-growing and highest-margin region |
| Paper | Packaging | Solutions Smurfit Westrock | Medium-Term Plan 25 © 2026 Smurfit Westrock. All Rights Reserved. Our winning formula Value-added proposition with 3 Experience Centers and +150 designers Brazil Low cash cost and high EBITDA Margins Expansion possibilities in the corrugated business in the region, particularly Brazil, due to market size and agribusiness growth, both organically and through strategic acquisitions Reach $0.8bn Adjusted EBITDA* Pursuing growth opportunities, both organic and inorganic Increase Adjusted EBITDA Margin to 28%* * These goals are aspirational or otherwise constitute forward-looking statements. Actual performance may differ, possibly materially, and no guarantees are made that these goals will be met. Also, see assumptions on slide 29. See slide 2 for important information regarding forward-looking statements. |
| Paper | Packaging | Solutions © 2025 Smurfit Westrock. All Rights Reserved. Smurfit Westrock | Medium-Term Plan 26 Our accelerated path to delivering shareholder value Paper | Packaging | Solutions Smurfit Westrock | Medium-Term Plan 26 © 2026 Smurfit Westrock. All Rights Reserved. |
| Paper | Packaging | Solutions Smurfit Westrock | Medium-Term Plan 27 © 2026 Smurfit Westrock. All Rights Reserved. Our proven track record of delivering performance Built on foundations of effective capital allocation, operating excellence and customer centricity Adjusted EBITDA CAGR (2013–2023) Adjusted EBITDA Margin Improvement (2013–2023) EBITDA Growth Margin Expansion Returned to Shareholders3 (2013–2023) Progressive Capital Returns ~$2.8bn 6.5% 2.4% +454 bps +123 bps Weighted Average of Peers1 Up ~88%2 Weighted Average of Peers1 Long-term track record of superior execution and ability to achieve value creation goals 1 Includes European peers Mondi, DS Smith and Stora Enso. Weighted on an absolute Adjusted EBITDA basis (2013-2023) based on Annual filings. These companies may calculate Adjusted EBITDA differently from Smurfit Westrock and the numbers may not be comparable. In addition, for Smurfit Kappa, this represents historic financial performance of legacy Smurfit Kappa Group before the combination with Westrock. All financial results presented here are historic reported non-GAAP IFRS performance measures and are calculated in euros. Prior performance is not necessarily indicative of future results. 2 2013-2023. 3 Includes dividends and share buybacks. Dividend and buybacks history represents legacy Smurfit Kappa Group dividends. Any future dividends and buybacks are subject to applicable board approvals and discretion of the board and will depend upon many factors, including our financial condition, results of operations, projections, liquidity, earnings, business strategy, legal requirements, covenant compliance, restrictions in our existing and any future debt agreements and other factors that our board of directors deems relevant. |
| Paper | Packaging | Solutions Smurfit Westrock | Medium-Term Plan 28 © 2026 Smurfit Westrock. All Rights Reserved. Our accelerated path to delivering shareholder value Financial targets through 2030* 700bps improvement in ROCE** by 2030 across integrated global platform Disciplined capital allocation balancing investment in growth with significant capital return to shareholders Deliver ~$14bn of Cumulative Discretionary FCF** over next 5 years1 $7bn Adjusted EBITDA** and ~19% Adjusted EBITDA Margin** by 2030 Executing on our biggest opportunity – profit growth in North America 1 Excludes ~$4bn of growth capex. *These goals are aspirational or otherwise constitute forward-looking statements. Actual performance may differ, possibly materially, and no guarantees are made that these goals will be met. Also, see assumptions on slide 29. See slide 2 for important information regarding forward-looking statements. **Adjusted EBITDA, Adjusted EBITDA Margin, Discretionary Free Cash Flow and ROCE are non-GAAP financial measures. We have not reconciled these forward-looking measures to the most comparable GAAP measures because it is not possible to do so without unreasonable efforts due to the uncertainty and potential variability of reconciling items, which are dependent on future events and often outside of management’s control and which could be significant. Because such items cannot be reasonably predicted with the level of precision required, we are unable to provide a reconciliation. |
| Paper | Packaging | Solutions Smurfit Westrock | Medium-Term Plan 29 © 2026 Smurfit Westrock. All Rights Reserved. % Adjusted EBITDA Margin* $7bn Adjusted EBITDA* by 2030 with significant margin expansion** Plan assumes market growth1 and through-the-cycle pricing around current levels Our plan assumes market growth1 of 1.6% in North America, 1.7% in Europe and 2.0% in Latin America We assume below mid-market paper pricing in Europe and no price increases in paper in North America Successful execution of “Creating Value for our Customers" strategy All regions contributing to profitable growth Grounded on a proven track-record of effective capital allocation and operating excellence, with significant alignment of management compensation Upside beyond the plan and ability to accelerate investment 16% ~19% 2025 2030 1 Source: Numera. * Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP financial measures. We have not reconciled these forward-looking measures to the most comparable GAAP measures because it is not possible to do so without unreasonable efforts due to the uncertainty and potential variability of reconciling items, which are dependent on future events and often outside of management’s control and which could be significant. Because such items cannot be reasonably predicted with the level of precision required, we are unable to provide a reconciliation. See the Appendix to our earnings release for the fourth quarter and full year ended December 31, 2025 and the accompanying presentation for a discussion and reconciliation of 2025 Adjusted EBITDA Margin to the most comparable GAAP measure. ** These goals are aspirational or otherwise constitute forward-looking statements. Actual performance may differ, possibly materially, and no guarantees are made that these goals will be met. See slide 2 for important information regarding forward-looking statements. |
| Paper | Packaging | Solutions Smurfit Westrock | Medium-Term Plan 30 © 2026 Smurfit Westrock. All Rights Reserved. of total capex of capital return and inorganic investments* * Our capital allocation framework Returns focused, flexibility and agility built in • $2.4bn - $2.8bn annual capex spend1 every year through 2030 • Improving ROCE*** by 700bps to ~15% • ~$5bn of dividends • Progressive** dividend policy • Capacity from 2027 onwards • Demonstrates confidence in our strategy Dividend Capital Expenditure ** Share Buyback** • Disciplined approach • Accretive, bolt-on M&A M&A Supported by balance sheet of significant strength and flexibility ~$13bn ~$10bn 1 Average project capex of less than $4m, no project larger than $200m. *These goals are aspirational or otherwise constitute forward-looking statements. Actual performance may differ, possibly materially, and no guarantees are made that these goals will be met. Also, see assumptions on slide 29. See slide 2 for important information regarding forward-looking statements. **Subject to applicable board approvals and discretion of the board and will depend upon many factors, including our financial condition, results of operations, projections, liquidity, earnings, business strategy, legal requirements, covenant compliance, restrictions in our existing and any future debt agreements and other factors that our board of directors deems relevant. ***ROCE is a non-GAAP financial measure. We have not reconciled this forward-looking measure to the most comparable GAAP measure because it is not possible to do so without unreasonable efforts due to the uncertainty and potential variability of reconciling items, which are dependent on future events and often outside of management's control and which could be significant. Because such items cannot be reasonably predicted with the level of precision required, we are unable to provide a reconciliation. |
| Paper | Packaging | Solutions Smurfit Westrock | Medium-Term Plan 31 © 2026 Smurfit Westrock. All Rights Reserved. Strong FCF** generation supporting capital allocation framework* Cumulative 2026-2030 figures $31bn ($9bn) ($4bn) ($4bn) $14bn ($4bn) ($5bn) $5bn EBITDA Base Capex Tax Other Items Capital Available for Deployment Growth Capex Dividends Surplus Capital *These goals are aspirational or otherwise constitute forward-looking statements. Actual performance may differ, possibly materially, and no guarantees are made that these goals will be met. Also, see assumptions on slide 29. See slide 2 for important information regarding forward-looking statements. **Adjusted EBITDA and Free Cash Flow are non-GAAP financial measures. We have not reconciled these forward-looking measures to the most comparable GAAP measures because it is not possible to do so without unreasonable efforts due to the uncertainty and potential variability of reconciling items, which are dependent on future events and often outside of management's control and which could be significant. Because such items cannot be reasonably predicted with the level of precision required, we are unable to provide a reconciliation. ***Subject to applicable board approvals and discretion of the board and will depend upon many factors, including our financial condition, results of operations, projections, liquidity, earnings, business strategy, legal requirements, covenant compliance, restrictions in our existing and any future debt agreements and other factors that our board of directors deems relevant. *** |
| Paper | Packaging | Solutions Smurfit Westrock | Medium-Term Plan 32 © 2026 Smurfit Westrock. All Rights Reserved. Annual capex spend of $2.4bn - $2.8bn2 ~$4bn of capital allocated to growth 700bps improvement in ROCE** Creating value through our disciplined and effective approach to capital expenditure Cumulative capital expenditure targets* for 2026-2030, supported by $31bn of cumulative Adjusted EBITDA** North America EMEA & APAC LATAM $13bn Cumulative Total Capex Spend1 (2026-2030)* 1 Includes ~$150m of average annual NA reinvestment capex. 2Average project capex of less than $4m, no project larger than $200m. *These goals are aspirational or otherwise constitute forward-looking statements. Actual performance may differ, possibly materially, and no guarantees are made that these goals will be met. Also, see assumptions on slide 29. See slide 2 for important information regarding forward-looking statements. **Adjusted EBITDA and ROCE are non-GAAP financial measures. We have not reconciled these forward-looking measures to the most comparable GAAP measures because it is not possible to do so without unreasonable efforts due to the uncertainty and potential variability of reconciling items, which are dependent on future events and often outside of management’s control and which could be significant. Because such items cannot be reasonably predicted with the level of precision required, we are unable to provide a reconciliation. |
| Paper | Packaging | Solutions Smurfit Westrock | Medium-Term Plan 33 © 2026 Smurfit Westrock. All Rights Reserved. A balance sheet of significant strength and financial flexibility Fitch upgrade to BBB+ and stable outlook in 2025 Maintain strong investment-grade ratings through the cycle Strong Investment Grade Credit Rating 2.6x net debt of $12.9bn 2025 Net Leverage* <2.0x long-term net leverage* target Long-term Net Leverage* *Net Leverage is a non-GAAP financial measure. We have not reconciled this forward-looking measure to the most comparable GAAP measure because it is not possible to do so without unreasonable efforts due to the uncertainty and potential variability of reconciling items, which are dependent on future events and often outside of management's control and which could be significant. Because such items cannot be reasonably predicted with the level of precision required, we are unable to provide a reconciliation. See the Appendix to our earnings release for the fourth quarter and full year ended December 31, 2025 and the accompanying presentation for a discussion and reconciliation of 2025 Adjusted EBITDA to the most comparable GAAP measure. |
| Paper | Packaging | Solutions Smurfit Westrock | Medium-Term Plan 34 © 2026 Smurfit Westrock. All Rights Reserved. Significant, growing capital returns to shareholders Proven track-record of progressive dividend Proven track record of consistent dividend growth from 2020–2025 Progressive dividend policy aligned with long-term earnings and cash flow Capacity for buybacks from 2027 onwards due to strong FCF generation Supports confidence in our long-term value and strategy Proven track-record of progressive dividends, with a long-term commitment to increase capital returns to shareholders via continued dividend growth and share buybacks ~$5bn over 2026-2030* Capacity for buybacks from 2027* * Subject to applicable board approvals and discretion of the board and will depend upon many factors, including our financial condition, results of operations, projections, liquidity, earnings, business strategy, legal requirements, covenant compliance, restrictions in our existing and any future debt agreements and other factors that our board of directors deems relevant. |
| Paper | Packaging | Solutions Smurfit Westrock | Medium-Term Plan 35 © 2026 Smurfit Westrock. All Rights Reserved. Our competitive strengths An innovative and customer centric approach A global reach and product portfolio A proven track-record of operational outperformance Experienced leadership team Performance-led culture and owner operator model Capital allocation model that is returns focused Paper | Packaging | Solutions © 2026 Smurfit Westrock. All Rights Reserved. Smurfit Westrock | Medium-Term Plan 35 |
| Paper | Packaging | Solutions Smurfit Westrock | Medium-Term Plan 36 © 2026 Smurfit Westrock. All Rights Reserved. In summary We are well positioned to deliver on this plan. Smurfit Westrock has: • 90 years of history • A proven operating model • A resilient business • An unrivalled product portfolio • A world class management team, aligned with shareholders • A proven track-record of successful transformational deals • Incremental opportunities identified beyond the plan Right team, right product, right time. Smurfit Westrock | Medium-Term Plan 36 Paper | Packaging | Solutions © 2026 Smurfit Westrock. All Rights Reserved. |
| Paper | Packaging | Solutions Smurfit Westrock | Medium-Term Plan 37 Thank you © 2026 Smurfit Westrock. All Rights Reserved. |
| Paper | Packaging | Solutions Smurfit Westrock | Medium-Term Plan 38 |
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