Smurfit Westrock Plc · NYSE:SW
Smurfit Westrock — Q2 2025 Earnings Presentation
20 slides from Smurfit Westrock's earnings presentation, Jul 30, 2025
Slide 1: Second Quarter Results
2025 Second Quarter Results July 30, 2025 Paper | Packaging | Solutions
Slide 2: Forward Looking Statements
Smurfit Westrock Q2 | 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 Q2 | 2025 Results | 3 Non-GAAP Financial Measures and Reconciliations Smurfit Westrock plc (“Smurfit Westrock”) reports its financial results in accordance with accounting principles generally accepted in the United States ("GAAP"). However, management believes certain non- GAAP fin
Slide 4: Delivering to guidance - strong second quarter performance
Smurfit Westrock Smurfit Q2Q2 Westrock | 2025 | 2025Results Results | 4 Delivering to guidance - strong second quarter performance Adjusted EBITDA* of $1,213 million Adjusted EBITDA margin* of 15.3% Significant improvement within North America business EMEA & APAC continued outperformance Outs
Slide 5: Achievements in year one
Smurfit Westrock Smurfit Q2Q2 Westrock | 2025 | 2025Results Results | 5 Achievements in year one Building a better business Successful integration Identified and delivered significant synergy benefits Sharper operating and commercial focus Continued capital investment across all three region
Slide 6: Our operating model
Smurfit Westrock Smurfit Q2Q2 Westrock | 2025 | 2025Results Results | 6 Our operating model Our people, Our culture Owner-operator model Customer-first mindset Simplification of structure Rigorous focus on cost take-out Continued development of synergy and margin enhancement program Delive
Slide 7: Investment and awards
Smurfit Westrock Smurfit Q2Q2 Westrock | 2025 | 2025Results Results | 7 Investment and awards Six months to June ~$1bn spend across the system, including; >$450 million of investment in the paper system to increase efficiency, take out cost and improve the sustainability profile of our mills >
Slide 8: Financials
Smurfit Westrock Q2 | 2025 Results | 8 Financials Paper | Packaging | Solutions
Slide 9: Q2 2025 Smurfit Westrock results
Smurfit Westrock Q2 | 2025 Results | 9 Q2 2025 Smurfit Westrock results $7.940 $1.213 15.3% $387 Billion Billion Adjusted Million Adjusted Net Sales Adjusted EBITDA* EBITDA Margin* Free Cash Flow* *Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Free Cash Flow are non-GAAP financial measures. S
Slide 10: Q2 Highlights
Smurfit Westrock Q2 | 2025 Results | 10 Q2 Highlights Smurfit Westrock North America EMEA & APAC LATAM Net Sales (aggregate) $4.8 billion $2.8 billion $0.5 billion Adjusted EBITDA* $752 million $372 million $123 million Adjusted EBITDA Margin* 15.8% 13.4% 23.7% Corrugated Volume Δ (4.5%) 0.1% (1.9%)
Slide 11: Capital allocation
Smurfit Westrock Q2 | 2025 Results | 11 Capital expenditure Balance sheet Capital Growth, integration and Strong investment grade credit allocation sustainability focused rating with a long-term target 2025 – $2.2bn - $2.4bn of <2x net leverage ratio. On July 2, Fitch upgraded our long-term issuer r
Slide 12: Adjusted EBITDA Guidance Synergies
Smurfit Westrock Smurfit Q2Q2 Westrock | 2025 | 2025Results Results | 12 12 Adjusted EBITDA* Guidance Q3 2025 – Approximately $1.3 billion FY 2025 – Between $5.0 billion and $5.2 billion Synergies $400 million contribution to Adjusted EBITDA*, full run rate exiting 2025 We expect approximate
Slide 13: Conclusion
Smurfit Westrock Q2 | 2025 Results | 13 Conclusion Paper | Packaging | Solutions
Slide 14: Conclusion
Smurfit Westrock Smurfit Q2Q2 Westrock | 2025 | 2025Results Results | 14 14 Conclusion Significant business improvement in year one post-merger - plenty more to play for Significant opportunity across each region “ With our geographic reach, unrivalled product portfolio and most importantly our
Slide 15: Appendices
Smurfit Westrock Q2 | 2025 Results | 15 Appendices Paper | Packaging | Solutions
Slide 16: Proven track record of delivery
Smurfit Westrock Q2 | 2025 Results | 16 Proven track record of delivery • Applying the owner/operator, performance- led culture % EBITDA margin* € cent Dividend** • De-centralizing operations 20 200 • Visibility on detailed P&L and balance 18 150 sheet 16 100 14 – Applying a sharper commercial focus
Slide 17: 2025 Guidance
Smurfit Westrock Q2 | 2025 Results | 17 2025 Guidance Cash interest ~$0.7 billion Cash tax ~$0.6 billion Effective tax rate ~26% Capital expenditure $2.2 billion – $2.4 billion 2025 Q3 Adjusted EBITDA* ~ $1.3 billion 2025 FY Adjusted EBITDA* $5.0 billion - $5.2 billion *Adjusted EBITDA is a non-GAAP
Slide 18: Reconciliations to most comparable GAAP measure
Smurfit Westrock Q2 | 2025 Results | 18 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 (Loss) Income and Net (Loss) Income Margin, the most directly comparable GAAP measures, for
Slide 19: Reconciliations to most comparable GAAP measure (continued)
Smurfit Westrock Q2 | 2025 Results | 19 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 period in
Slide 20: Smurfit Westrock Q2 | 2025 Results | 20 Paper | Packaging | Solutions
Smurfit Westrock Q2 | 2025 Results | 20 Paper | Packaging | Solutions