Smurfit Westrock reported solid fourth quarter and full-year 2025 results, highlighting strong cash generation, margin resilience, successful refinancing activity, continued integration progress, and a positive outlook for 2026.

Full-Year 2025 Financial Highlights

• Net Sales: $31.18 billion

• Adjusted EBITDA: $4.94 billion

• Adjusted EBITDA Margin: 15.8%

• Adjusted Free Cash Flow: $1.50 billion

Q4 2025 Financial Highlights

• Net Sales: $7.58 billion

• Adjusted EBITDA: $1.17 billion

• Adjusted EBITDA Margin: 15.5%

• Adjusted Free Cash Flow: $679 million

Regional Performance Overview

North America (FY 2025)

• Net Sales: $18.6 billion

• Adjusted EBITDA: $3.0 billion

• EBITDA Margin: 16.1%

• Corrugated volume: (7.0)% year-over-year

Key Updates:

• Repositioning business for future growth

• Reduction in number of loss-making operations

• Continued footprint optimization

• Ongoing investment in operations

• Organizational changes to strengthen leadership and execution

EMEA & APAC (FY 2025)

• Net Sales: $10.9 billion

• Adjusted EBITDA: $1.62 billion

• EBITDA Margin: 14.9%

• Corrugated volume: +0.7%

Key Updates:

• Industry-leading margins

• Completed integration of consumer business

• Ongoing footprint optimization

• Identifying growth opportunities in APAC

• Record quality score achieved

LATAM (FY 2025)

• Net Sales: $2.1 billion

• Adjusted EBITDA: $485 million

• EBITDA Margin: 23.0%

• Corrugated volume: (0.6)%

Key Updates:

• Exceptional margin performance

• Fully executed integration

• Significant high-return growth opportunities identified

Capital Allocation & Balance Sheet Updates

Successful Refinancing

• Issued:

  • $800 million 10-year bond

  • €500 million 6-year Green Bond

• Extended next material debt maturity to March 2028

Dividend Increase

• Quarterly dividend declared at $0.4523 per ordinary share

• Represents a 5% increase versus prior dividend

Cost Synergies & Integration

• Delivered above anticipated cost synergies

• Continued integration of Smurfit Kappa and WestRock businesses

• Ongoing restructuring and footprint optimization initiatives

• Reduced number of loss-making operations

• 2025 restructuring costs totaled $385 million

Capital Expenditure (2026 Guidance)

• $2.4 billion – $2.5 billion planned for 2026

• Continued investment in optimization, growth and high-return projects

2026 Outlook

Management expects improved industry conditions despite recent weather disruptions.

Q1 2026 Guidance

• Adjusted EBITDA: $1.1 billion – $1.2 billion

Full-Year 2026 Guidance

• Adjusted EBITDA: $5.0 billion – $5.3 billion

• Cash interest: ~$0.7 billion

• Cash tax: ~$0.5 billion

• Effective tax rate: ~29%

• Depreciation & amortization: ~$2.6 billion

Operational Improvements & Recognition

• Recognized by Forbes, Fortune and Time

• Received over 230 awards across innovation, sustainability, workplace excellence, and customer service

• Fitch credit rating upgraded to BBB+

• North America On-Time-In-Full (OTIF) improved to 92%

• Continued improvements in quality, productivity and utilization

Key Sensitivities

• $50/ton price increase in North America → ~$400 million EBITDA impact

• €40/ton price increase in EMEA & APAC → ~$250 million EBITDA impact

Strategic Priorities

During 2025, Smurfit Westrock:

• Established a performance-led culture

• Optimized operating model

• Strengthened customer-centric focus

• Advanced integration of combined businesses

• Positioned company for long-term profitable growth