Smurfit Westrock Earnings Call Transcripts
Fiscal Year 2026
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Q3 Adjusted EBITDA was $1.205 billion as inflation, especially energy and freight, pressured results; FY2026 Adjusted EBITDA is forecast at ~$4.7 billion. Price recovery is expected to support 2027 improvement, while cost and demand uncertainty persist.
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Adjusted EBITDA reached $1.14B with a 14.2% margin in Q2, despite $300M in higher freight costs. Most paper grades are sold out globally, and price increases will mainly benefit 2027 earnings. Full-year adjusted EBITDA is guided at $4.9–$5.1B.
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Q1 results were solid despite weather impacts, with adjusted EBITDA of $1,076 million and strong margins across all regions. Demand and pricing are improving, with robust customer wins and a positive outlook for Q2 and the full year.
Fiscal Year 2025
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Delivered record $4.939B Adjusted EBITDA in FY2025, with strong cash flow, margin expansion, and successful integration driving $400M+ in synergies. Outlook targets $5–$5.3B Adjusted EBITDA for 2026 and $7B by 2030, underpinned by operational improvements, disciplined capital allocation, and robust regional performance.
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Adjusted EBITDA reached $1.3B with a 16.3% margin, supported by strong North American and Latin American performance, despite challenging demand and market overcapacity. Full-year EBITDA guidance was revised to $4.9–$5.1B, with disciplined capital allocation and ongoing synergy realization.
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Q2 saw strong adjusted EBITDA and margin growth, with North America and LATAM leading improvements. Synergy realization and cost optimization are on track, while guidance remains cautious due to macro uncertainty and flat volume expectations for H2.
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Q1 delivered strong sales and double-digit EBITDA growth, with margin improvements across all regions. Capacity rationalizations and synergy programs are on track, supporting robust guidance for 2025 despite macro uncertainty and cost headwinds.
Fiscal Year 2024
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Strong Q4 and full-year results were delivered, with adjusted EBITDA of $4.706 billion and robust margins across all regions. The company is executing on synergy and cost takeout programs, investing heavily in assets, and expects continued progress in 2025, with Q1 EBITDA guidance at $1.25 billion.
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Q3 saw strong results post-merger, with $1.265B adjusted EBITDA and robust margins across all regions. Integration is progressing well, with $400M in synergies targeted by end-2025 and further operational improvements expected. CapEx for 2025 is guided at $2.2–2.4B.
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Q2 2024 saw net sales of $3 billion (down 3% YoY) and adjusted EBITDA of $480 million, with the merger forming the world's largest listed packaging company. Management expects Q2 to be the cyclical low, with price increases and $400 million in synergies supporting growth into 2025.