Smurfit Westrock Plc · NYSE:SW
Smurfit Westrock — Q2 2026 Earnings Presentation
22 slides from Smurfit Westrock's earnings presentation, Jul 29, 2026
Slide 1: Second Quarter Results
2026 Second Quarter Results July 29, 2026 Paper | Packaging | Solutions
Slide 2: Forward Looking Statements
Smurfit Westrock Q2 | 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 (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as a
Slide 3: Non-GAAP Financial Measures and Reconciliations
Smurfit Westrock Q2 | 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: Q2 Highlights
Smurfit Westrock Q2 | 2026 Results | 4 Q2 Highlights Smurfit Westrock • Continued progress against our Medium-Term Plan Net Sales $8,031 million • Tightest industry supply conditions in recent years • Pricing momentum continues to build, supported by those improving market fundamentals Adjusted EBIT
Slide 5: Smurfit Westrock North America
Smurfit Westrock Q2 | 2026 Results | 5 Smurfit Westrock North America • Commercial momentum dramatically improved • Innovative approach increasingly valued • Supportive pricing backdrop • Substrate agnostic approach in Consumer is growing share and margin • Significant cost take-out programs in proc
Slide 6: Smurfit Westrock EMEA & APAC
Smurfit Westrock Q2 | 2026 Results | 6 Smurfit Westrock EMEA & APAC • Track record of regional outperformance • Containerboard markets strengthening • Mill system running full • Corrugated pricing gaining momentum • Innovation event attended by over 200 customers • Continued productivity, supply cha
Slide 7: Smurfit Westrock LATAM
Smurfit Westrock Q2 | 2026 Results | 7 Smurfit Westrock LATAM • Regional leader with differentiated offering • Healthy demand across key markets • Pricing initiatives successfully offsetting inflationary pressures • Significant opportunities for growth, organic and inorganic Paper | Packaging | Solu
Slide 8: Financials
Financials Paper | Packaging | Solutions
Slide 9: Q2 Highlights: Regional Split
Smurfit Westrock Q2 | 2026 Results | 9 Q2 Highlights Regional Split North America EMEA & APAC LATAM Net Sales (aggregate) $4.7 billion $2.8 billion $0.6 billion Adjusted EBITDA* $704 million $380 million $124 million Adjusted EBITDA Margin 14.8% 13.4% 22.2% Corrugated Volume Δ** (4.8%) 1.5% 1.0% *Ad
Slide 10: Our capital allocation framework
Smurfit Westrock Q2 | 2026 Results | 10 Our capital allocation framework Returns focused, flexibility and agility built in Capital Expenditure Dividend** Share Buyback** M&A • $2.4bn - $2.8bn annual • ~$5bn of dividends • Capacity from 2027 • Disciplined approach capex spend1 every year • Progressiv
Slide 11: Guidance
Smurfit Westrock Q2 | 2026 Results | 11 Guidance 2026 Cash interest ~$0.7 billion Major cost increases FY 2026 v FY 2025 2026 Cash tax ~$0.5 billion Freight approx. $300 million 2026 Effective tax rate ~29% Energy approx. $220 million 2026 Depreciation and ~$2.6 billion amortization Major cost incre
Slide 12: Conclusion
Conclusion Paper | Packaging | Solutions
Slide 13: Our winning formula
Smurfit Westrock Q2 | 2026 Results | 13 Our winning formula Recruiting, retaining and motivating the Performance-led culture right people Customer centered Owner Operator model Decentralized Rewarding our people, Decision- Making Focus on including with aligned innovation incentives and quality 100%
Slide 14: Conclusion
Smurfit Westrock Q2 Q4 | 2026 2025 Results | 14 Conclusion • Globally strong paper markets Looking ahead, we are very encouraged by the current market back drop and the • Unrivalled converting footprint significant improvements we have made • Platform set for a stronger second half of 2026 and beyon
Slide 15: Appendices
Smurfit Westrock Q2 | 2026 Results | 15 Appendices Paper | Packaging | Solutions
Slide 16: Our Medium-Term Plan - delivering value for all stakeholders
Smurfit Westrock Q2 | 2026 Results | 16 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 Discretio
Slide 17: Second quarter Adjusted EBITDA bridge
Smurfit Westrock Q2 | 2026 Results | 17 Smurfit Westrock Second quarter Adjusted EBITDA* bridge $M 1,400 Included within the ‘other’ column: 1,300 • Freight -$90 million 14 • Energy -$22 million 1,213 1,200 • Downtime +$26 million -60 13 1,140 1,100 -40 • Raw materials +$71 million 1,000 900 800 202
Slide 18: Smurfit Westrock North America
Smurfit Westrock Q2 | 2026 Results | 18 Smurfit Westrock North America Second quarter Adjusted EBITDA regional bridge $M 900 Included within the ‘other’ column: 850 • Freight -$61 million 800 • Downtime +$26 million 10 752 750 -46 704 700 -7 -5 650 600 550 500 2025 Volume Selling Price Other FX 2026
Slide 19: Smurfit Westrock EMEA & APAC
Smurfit Westrock Q2 | 2026 Results | 19 Smurfit Westrock EMEA & APAC Second quarter Adjusted EBITDA regional bridge $M 500 Included within the ‘other’ column: 450 • Raw material +$58 million • Freight -$24 million 400 4 10 380 • Energy -$18 million 372 12 350 -18 300 250 200 2025 Volume Selling Pric
Slide 20: Smurfit Westrock LATAM
Smurfit Westrock Q2 | 2026 Results | 20 Smurfit Westrock LATAM Second quarter Adjusted EBITDA regional bridge $M 190 170 150 130 123 - 9 124 -1 110 -7 90 70 50 2025 Volume Selling Price Other FX 2026 Paper | Packaging | Solutions
Slide 21: Reconciliations to Most Comparable GAAP Measure
Smurfit Westrock Q2 | 2026 Results | 21 Reconciliations to most comparable Reconciliations to Most Comparable GAAP Measure GAAP measure Three months ended June 30, 2026 2025 Six months ended June 30, 2026 2025 Net income (loss) $ 88 $ (26) $ 151 $ 356 Income tax expense 40 84 61 92 Set forth below i
Slide 22: Our values
Smurfit Westrock Q4 | 2025 Results | 22 Our values Loyalty. Integrity. Respect. Safety. Paper | Packaging | Solutions