Smurfit Westrock Plc · NYSE:SW
Smurfit Westrock — Q1 2026 Earnings Presentation
17 slides from Smurfit Westrock's earnings presentation, Apr 30, 2026
Slide 1: First Quarter Results
2026 First Quarter Results April 30, 2026 Paper | Packaging | Solutions
Slide 2: Forward Looking Statements
Smurfit Westrock Q1 | 2026 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 Q1 | 2026 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: Q1 Highlights
Smurfit Westrock Q1 | 2026 Results | 4 Q1 Highlights Net Sales $7,712 million Smurfit Westrock • Stronger and better industry environment • Recently announced Medium-Term Plan – Adjusted EBITDA* $1,076 million an accelerated path to growth • Global scale – a core competitive advantage Adjusted EBITD
Slide 5: Q1 Highlights - North America
Smurfit Westrock Q1 | 2026 Results | 5 Q1 Highlights Net Sales (aggregate) $4.5 billion North America • Weather impact - $55 million • Continued system optimization Adjusted EBITDA* $597 million • $50 per ton containerboard price increases implemented YTD • Corrugated volumes continue to improve Adj
Slide 6: Q1 Highlights - EMEA & APAC
Smurfit Westrock Q1 | 2026 Results | 6 Q1 Highlights Net Sales (aggregate) $2.8 billion EMEA & APAC • Containerboard price increases implemented across Europe Adjusted EBITDA* $421 million • Solid order books in converting operations leading to increased demand for containerboard • Consultation proc
Slide 7: Q1 Highlights - LATAM
Smurfit Westrock Q1 | 2026 Results | 7 Q1 Highlights Net Sales (aggregate) $0.5 billion LATAM • Continued strong margin performance Adjusted EBITDA* $109 million • Acquisition in Ecuador expands geographic reach and increases global paper integration • Good volume growth in key markets Adjusted EBIT
Slide 8: Our Medium-Term Plan - delivering value for all stakeholders
Smurfit Westrock Q1 | 2026 Results | 8 Our Medium-Term Plan - delivering value for all stakeholders* Significant Adjusted EBITDA Significant Free Cash Flow** Increasing Capital Profit growth in and Margin Growth** Generation Returns to Shareholders North America Cumulative Adjusted EBITDA Discretion
Slide 9: Conclusion
Smurfit Westrock Q1 Q4 | 2026 2025 Results | 9 Conclusion • Review of London Stock Exchange listing Smurfit Westrock is increasingly • Today, we see a stronger and a generally better industry operating environment. Assuming those conditions recognized as the global Go-To innovative prevail, we curre
Slide 10: Appendices
Smurfit Westrock Q1 | 2026 Results | 10 Appendices Paper | Packaging | Solutions
Slide 11: Guidance
Smurfit Westrock Q1 | 2026 Results | 11 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 Q2 Adjusted EBITDA* $1.1 billion – $1.2 billion 2026 FY Adjusted EBITDA* $5.0 billion – $5.3 billion 2026 C
Slide 12: First quarter Adjusted EBITDA bridge
Smurfit Westrock Q1 | 2026 Results | 12 Smurfit Westrock First quarter Adjusted EBITDA* bridge $M 1,300 Included within the ‘other’ column: 1,250 1,252 • Downtime -$74 million • Weather -$65 million -7 1,200 -48 • Freight -$48 million 1,150 1,100 36 1,076 1,050 -157 1,000 2025 Price Volume Other FX
Slide 13: Smurfit Westrock North America
Smurfit Westrock Q1 | 2026 Results | 13 Smurfit Westrock North America First quarter Adjusted EBITDA regional bridge $M 900 Included within the ‘other’ column: 850 41 • Downtime -$74 million 800 785 • Weather -$55 million 750 -48 • Freight -$38 million 700 • Energy -$32 million 650 600 597 -176 -5 5
Slide 14: Smurfit Westrock EMEA & APAC
Smurfit Westrock Q1 | 2026 Results | 14 Smurfit Westrock EMEA & APAC First quarter Adjusted EBITDA regional bridge $M 440 Included within the ‘other’ column: 44 421 • Energy +$28 million 420 400 389 380 40 360 340 -49 -3 320 300 2025 Price Volume Other FX 2026 Paper | Packaging | Solutions
Slide 15: Smurfit Westrock LATAM
Smurfit Westrock Q1 | 2026 Results | 15 Smurfit Westrock LATAM First quarter Adjusted EBITDA regional bridge $M 125 Included within the ‘other’ column: • Raw materials -$6 million 120 3 • Energy -$5 million 1 115 115 110 - 109 -10 105 100 2025 Price Volume Other FX 2026 Paper | Packaging | Solutions
Slide 16: Reconciliations to most comparable GAAP measure
Smurfit Westrock Q1 | 2026 Results | 16 Reconciliations to Three months ended March 31, most comparable Net income $ 2026 63 $ 2025 382 GAAP measure Income tax expense Depreciation, depletion and amortization 21 728 603 8 Impairment and restructuring costs 54 15 Transaction and integration-related e
Slide 17: Paper | Packaging | Solutions
Smurfit Westrock Q1 | 2026 Results | 17 Paper | Packaging | Solutions