Smurfit Westrock Plc · NYSE:SW
Smurfit Westrock — Q4 2025 Earnings Presentation
18 slides from Smurfit Westrock's earnings presentation, Feb 11, 2026
Slide 1: Fourth Quarter and Full-Year Results
2025 Fourth Quarter and Full-Year Results February 11, 2026 Paper | Packaging | Solutions
Slide 2: Forward Looking Statements
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, amon
Slide 3: Non-GAAP Financial Measures and Reconciliations
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 Sm
Slide 4: Q4 and Full Year Highlights
Smurfit Westrock Q4 | 2025 Results | 4 Q4 and Full Year Q4 Full Year Highlights Smurfit Westrock 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 *Adjusted EBITDA, Adjusted
Slide 5: Q4 and Full Year Highlights: Regional Split
Smurfit Westrock Q4 | 2025 Results | 5 Q4 Full Year Q4 and Full Year North EMEA & APAC LATAM North America EMEA & APAC LATAM America Highlights Regional split Net Sales $4.4 billion $2.7 billion $0.5 billion $18.6 billion $10.9 billion $2.1 billion (aggregate) Adjusted $651 million $438 million $131
Slide 6: Group and Regional Highlights
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 announc
Slide 7: Closing Out the Year
Smurfit Westrock Q4 | 2025 Results | 7 Closing Out the Year Recognition alongside significant underlying business improvement • Recognized by Forbes, Fortune and Time • Received >230 awards for Customer and Supplier Excellence, Packaging Innovation and Design, People, Talent and Workplace Excellence
Slide 8: Outlook
Smurfit Westrock Q4 | 2025 Results | 8 Outlook • At the beginning of 2026, while we have During 2025 we made experienced significant weather events in North significant progress America and Europe, we currently see a generally better industry operating environment. in establishing a performance-led
Slide 9: Appendices
Smurfit Westrock Q4 | 2025 Results | 9 Appendices Paper | Packaging | Solutions
Slide 10: Guidance
Smurfit Westrock Q4 | 2025 Results | 10 Guidance 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 C
Slide 11: 2025 Shipment and Sensitivity Data
Smurfit Westrock Q4 | 2025 Results | 11 2025 Smurfit North America Containerboard Unit K Tons FY25 Shipments 8,497 Price sensitivity $50/ton in NA Annualized impact on EBITDA ~$400m Westrock Kraft Paper SBS K Tons K Tons 801 1,352 €40/ton in EMEA & APAC ~$250m shipment and CNK CRB K Tons K Tons 915
Slide 12: Fourth quarter Adjusted EBITDA bridge
Smurfit Westrock Q4 | 2025 Results | 12 Smurfit Westrock Fourth quarter Adjusted EBITDA* bridge $M 1,200 Included within the ‘other’ column: 1,180 1,166 49 1,172 • Fiber +$39 million 1,160 36 • Downtime -$85 million 1,140 1,120 -31 -48 1,100 1,080 1,060 1,040 1,020 1,000 Q4-24 Volume Price Other FX
Slide 13: North America Fourth quarter Adjusted EBITDA regional bridge
Smurfit Westrock Q4 | 2025 Results | 13 Smurfit Westrock North America Fourth quarter Adjusted EBITDA regional bridge $M 800 Included within the ‘other’ column: • Fiber +$39 million 750 76 • Downtime -$85 million 710 700 • Energy -$20 million -50 8 651 650 -93 600 550 500 Q4-24 Volume Price Other FX
Slide 14: EMEA & APAC Fourth quarter Adjusted EBITDA regional bridge
Smurfit Westrock Q4 | 2025 Results | 14 Smurfit Westrock EMEA & APAC Fourth quarter Adjusted EBITDA regional bridge $M 450 38 438 Included within the ‘other’ column: • Raw materials +$56 million 75 400 • Energy +$27 million 371 -1 350 -45 300 250 200 Q4-24 Volume Price Other FX Q4-25 Paper | Packagi
Slide 15: LATAM Fourth quarter Adjusted EBITDA regional bridge
Smurfit Westrock Q4 | 2025 Results | 15 Smurfit Westrock LATAM Fourth quarter Adjusted EBITDA regional bridge $M 140 Included within the ‘other’ column: 135 • Raw materials -$18 million 130 6 3 131 • Other operating and converting -2 costs +$16 million 125 3 121 120 115 110 105 100 Q4-24 Volume Pric
Slide 16: Reconciliations to most comparable GAAP measure
Smurfit Westrock Q4 | 2025 Results | 16 Reconciliations to most comparable GAAP measure Three months ended Twelve months ended December 31, December 31, 2025 2024 2025 2024 Set forth below is a reconciliation of the Net income $ 98 $ 146 $ 699 $ 319 non-GAAP financial measures Adjusted Income tax ex
Slide 17: Reconciliations to most comparable GAAP measure (continued)
Smurfit Westrock Q4 | 2025 Results | 17 Reconciliations to most comparable GAAP measure Three months ended Twelve months ended (continued) 2025 December 31, 2024 2025 December 31, 2024 Set forth below is a reconciliation of the Net cash provided by operating activities $ 1,195 $ 781 $ 3,392 $ 1,483
Slide 18: Smurfit Westrock Q4 | 2025 Results | Paper | Packaging | Solutions
Smurfit Westrock Q4 | 2025 Results | 18 Paper | Packaging | Solutions