Smurfit Westrock Plc · NYSE:SW
Smurfit Westrock — Q3 2025 Earnings Presentation
19 slides from Smurfit Westrock's earnings presentation, Oct 29, 2025
Slide 1: Third Quarter Results
2025 Third Quarter Results October 29, 2025 Paper | Packaging | Solutions
Slide 2: Forward Looking Statements
Smurfit Westrock Q3 | 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 Q3 | 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: Consistently delivering
Smurfit Westrock Q3 | 2025 Results | 4 Consistently delivering Adjusted EBITDA* of $1,302 million Adjusted EBITDA margin* of 16.3% ▪ North America – Adjusted EBITDA margin of 17.2% ▪ Significant commercial and operational improvement ▪ Exiting uneconomic volume ▪ Continued footprint optimization ▪ E
Slide 5: Group and regional highlights
Smurfit Westrock Q3 | 2025 Results | 5 Group and regional highlights ▪ Group ▪ Net Cash Provided by Operating Activities of $1.1 billion with Adjusted Free Cash Flow* of $579 million ▪ Broad-based adoption of performance-led culture ▪ Ongoing synergy and commercial improvement programs ▪ Ongoing ass
Slide 6: Building a stronger Smurfit Westrock
Smurfit Westrock Q3 | 2025 Results | 6 Building a stronger Smurfit Westrock ▪ Owner operator model ▪ Performance-led culture ▪ Initiated global leadership programs ▪ Improved commercial and operating focus ▪ Significantly improved operating efficiency driven by synergy program and optimized asset ba
Slide 7: Financials
Smurfit Westrock Q3 | 2025 Results | 7 Financials Paper | Packaging | Solutions
Slide 8: Q3 2025 Smurfit Westrock results
Smurfit Westrock Q3 | 2025 Results | 8 Q3 2025 Smurfit Westrock results $8.003 $1.302 16.3% $579 Million Billion Billion Adjusted 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 9: Q3 Highlights
Smurfit Westrock Q3 | 2025 Results | 9 Q3 Highlights Smurfit Westrock North America EMEA & APAC LATAM Net Sales (aggregate) $4.7 billion $2.8 billion $0.5 billion Adjusted EBITDA* $810 million $419 million $116 million Adjusted EBITDA Margin 17.2% 14.8% 21.3% Corrugated Volume Δ (8.7%) 0.2% 1.1% *Ad
Slide 10: Capital allocation
Smurfit Westrock Q3 | 2025 Results | 10 Capital expenditure Balance sheet Capital Growth, integration and Strong investment grade credit allocation sustainability focused. rating with a long-term target 2025 – $2.2bn to $2.4bn of <2x net leverage ratio. 2026 – $2.4bn to $2.5bn On July 2, Fitch upgra
Slide 11: Conclusion
Smurfit Westrock Q3 | 2025 Results | 11 Conclusion Paper | Packaging | Solutions
Slide 12: Positioned for Continued Performance
Smurfit Westrock Q3 | 2025 Results | 12 Positioned for Continued Performance ▪ Closed 3 paper mills, 1 paper machine and 18 converting facilities ▪ On track to deliver $400 million of identified cost synergies ▪ Permanent headcount reduction of over 4,500 ▪ Improved commercial & operating focus alre
Slide 13: Conclusion
Smurfit Westrock Smurfit Q3Q3 Westrock | 2025 | 2025Results Results | 13 13 Conclusion ✓ Aligned owner-operator model with performance-led culture “The steps we have taken, and continue to take, are building a better business and as we end ✓ Significant steps taken to build a stronger business since
Slide 14: Appendices
Smurfit Westrock Q3 | 2025 Results | 14 Appendices Paper | Packaging | Solutions
Slide 15: Proven track record of delivery
Smurfit Westrock Q3 | 2025 Results | 15 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 16: Guidance
Smurfit Westrock Q3 | 2025 Results | 16 Guidance 2025 Cash interest ~$0.7 billion 2025 Cash tax ~$0.6 billion 2025 Effective tax rate ~26% 2025 FY Adjusted EBITDA* $4.9 billion – $5.1 billion 2026 Capital expenditure $2.4 billion – $2.5 billion *Adjusted EBITDA is a non-GAAP financial measure. We ha
Slide 17: Reconciliations to most comparable GAAP measure
Smurfit Westrock Q3 | 2025 Results | 17 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 (Loss) and Net Income (Loss) Margin, the most directly comparable GAAP measures, for
Slide 18: Reconciliations to most comparable GAAP measure (continued)
Smurfit Westrock Q3 | 2025 Results | 18 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 i
Slide 19: Paper | Packaging | Solutions
Smurfit Westrock Q3 | 2025 Results | 19 Paper | Packaging | Solutions