Smurfit Westrock
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Smurfit Westrock (SW) investor relations material

Smurfit Westrock Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary11 Feb, 2026

Executive summary

  • Reported $4.939 billion Adjusted EBITDA for FY2025, the highest in the global packaging sector, with $1.172 billion in Q4 and $679 million adjusted free cash flow in Q4, over $1.5 billion for the year.

  • Completed the strategic combination of Smurfit Kappa and WestRock, exceeding $400 million synergy target, closing 600,000 tons of high-cost capacity, and reducing headcount by over 3,000.

  • Achieved recognition from Forbes, Fortune, and Time, with over 230 customer and supplier awards for excellence in customer service, innovation, and sustainability.

  • Successfully executed a bottom-up strategic plan and refinanced with $800 million 10-year and €500 million 6-year Green Bonds, extending major debt maturities to March 2028.

  • Announced a quarterly dividend of $0.4523 per share, up 5%.

Financial highlights

  • Q4 net sales were $7,580 million and full-year net sales reached $31,179 million.

  • Q4 Adjusted EBITDA was $1,172 million (15.5% margin); full-year Adjusted EBITDA was $4,939 million (15.8% margin).

  • Q4 Adjusted Free Cash Flow was $679 million; full-year Adjusted Free Cash Flow was $1,501 million.

  • Net income for Q4 was $98 million; full-year net income was $699 million.

  • Dividend increased by 5%, maintaining a progressive policy.

Outlook and guidance

  • Q1 2026 Adjusted EBITDA expected between $1.1–$1.2 billion; full year 2026 guidance: $5–$5.3 billion Adjusted EBITDA.

  • 2030 target: $7 billion Adjusted EBITDA, 19% margin, $14 billion adjusted free cash flow, and $5 billion in dividends (2026–2030), with share buybacks from 2027.

  • 2026 capital expenditure projected at $2.4–$2.5 billion; cash interest ~$0.7 billion; cash tax ~$0.5 billion; depreciation and amortization ~$2.6 billion.

  • No paper price increases assumed in guidance; margin expansion driven by operational improvements and asset optimization.

  • Management sees a better industry operating environment for 2026 despite recent weather events.

Synergy drivers for 2025 target exceedance
Future capacity optimization strategy
What drives accelerated growth in Medium-Term Plan?
NA margin improvement: base vs strategic
LatAm: new capacity impact on margins?
Consumer business: strategic value & growth
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Frequently asked questions

Smurfit WestRock plc is specializes in sustainable packaging solutions, formed through the merger of Smurfit Kappa Group and WestRock Company in 2024. The company operates in the corrugated and consumer packaging sectors, offering a wide range of renewable, recyclable, and biodegradable packaging products. Smurfit WestRock serves diverse industries, including food and beverage, e-commerce, and healthcare, with a significant presence across Europe and the Americas. Smurfit WestRock is headquartered in Dublin, Ireland, with additional operational headquarters in Atlanta, Georgia. Its shares are listed on the New York Stock Exchange and the London Stock Exchange.

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