Smurfit Westrock Plc · NYSE:SW
Smurfit Westrock — Q3 2026 Earnings Presentation
17 slides from Smurfit Westrock's earnings presentation, Oct 28, 2026
Slide 1: Third Quarter Results
2026 Third Quarter Results October 28, 2026 Paper | Packaging | Solutions
Slide 2: Forward Looking Statements
Smurfit Westrock Q3 | 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, 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 | 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: Third quarter results call from our Tres Barras Mill in Brazil
Smurfit Westrock Q3 | 2026 Results | 4 Third quarter results call from our Tres Barras Mill in Brazil • Capacity for approximately 700k tons of high- performance virgin containerboard • Well invested asset delivering superior returns • Integrated downstream into our Latin American box system • Integ
Slide 5: Q3 Highlights
Smurfit Smurfit Westrock Westrock Q3 Q3 | 2026 | 2026 Results Results | 5| 5 Q3 Highlights Smurfit Westrock Net Sales $8,161 million • Good progress in North America. • Outperformance in EMEA & APAC. Adjusted EBITDA* $1,205 million • Superior Adjusted EBITDA Margin in Adjusted EBITDA Margin* 14.8% L
Slide 6: Q3 Highlights: North America
Smurfit Smurfit Westrock Westrock Q3 Q3 | 2026 | 2026 Results Results | 6| 6 Q3 Highlights North America • Good progress being made in North America. Net Sales (aggregate) $4.9 billion • Inflation on freight and raw material costs resulting in near term margin contraction. • Mill system remains sold
Slide 7: Q3 Highlights: EMEA & APAC
Smurfit Smurfit Westrock Westrock Q3 Q3 | 2026 | 2026 Results Results | 7| 7 Q3 Highlights EMEA & APAC Net Sales (aggregate) $2.8 billion • Smurfit Westrock is the regional outperformer. • European containerboard pricing strengthened again in September. Adjusted EBITDA* $379 million • Mill system is
Slide 8: Q3 Highlights: LATAM
Smurfit Smurfit Westrock Westrock Q3 Q3 | 2026 | 2026 Results Results | 8| 8 Q3 Highlights LATAM Net Sales (aggregate) $0.6 billion • Superior Adjusted EBITDA Margin in Latin America. Adjusted EBITDA* $126 million • The CMPC acquisition is expected to strengthen our Chilean presence, enhance our cus
Slide 9: 2026 is a year of significant progress, masked by cost inflation
Smurfit Westrock Q3 | 2026 Results | 9 Smurfit Westrock Q3 | 2026 Results | 9 • 2026 is a year of significant progress, masked by unprecedented cost inflation. • Our actions are helping to mitigate that impact. • Strong foundation set for 2027. Photo: Porto Feliz, Brazil Paper | Packaging | Solution
Slide 10: Appendices
Smurfit Westrock Q3 | 2026 Results | 10 Appendices Paper | Packaging | Solutions
Slide 11: Guidance
Smurfit Westrock Q3 | 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. $350 million 2026 Effective tax rate ~29% Energy approx. $350 million 2026 Depreciation and ~$2.6 billion amortization Major cost incre
Slide 12: Third quarter Adjusted EBITDA bridge
Smurfit Westrock Q3 | 2026 Results | 12 Smurfit Westrock Third quarter Adjusted EBITDA* bridge $M Included within the ‘other’ column: 1,500 • Energy -$88 million 111 • Freight -$88 million 1,400 33 1,302 1,300 2 1,205 1,200 -243 1,100 1,000 2025 Volume Selling Price Other FX 2026 *Adjusted EBITDA is
Slide 13: North America Third quarter Adjusted EBITDA regional bridge
Smurfit Westrock Q3 | 2026 Results | 13 Smurfit Westrock North America Third quarter Adjusted EBITDA regional bridge $M Included within the ‘other’ column: 1,000 • Freight -$62 million 950 • Raw Materials -$62 million 95 900 850 810 800 18 760 750 -157 -6 700 650 600 2025 Volume Selling Price Other
Slide 14: EMEA & APAC Third quarter Adjusted EBITDA regional bridge
Smurfit Westrock Q3 | 2026 Results | 14 Smurfit Westrock EMEA & APAC Third quarter Adjusted EBITDA regional bridge $M Included within the ‘other’ column: 500 • Energy -$70 million 480 460 7 21 440 419 420 400 379 380 -64 -4 360 340 320 300 2025 Volume Selling Price Other FX 2026 Paper | Packaging |
Slide 15: LATAM Third quarter Adjusted EBITDA regional bridge
Smurfit Westrock Q3 | 2026 Results | 15 Smurfit Westrock LATAM Third quarter Adjusted EBITDA regional bridge $M 150 140 130 12 126 120 116 6 110 -6 -2 100 90 80 2025 Volume Selling Price Other FX 2026 Paper | Packaging | Solutions
Slide 16: Reconciliations to most comparable GAAP measure
Smurfit Westrock Q3 | 2026 Results | 16 Reconciliations to Three months ended September 30, Nine months ended September 30, most comparable 2026 2025 2026 2025 Net income $ 219 $ 245 $ 370 $ 601 Income tax expense 95 91 156 183 GAAP measure Depreciation, depletion and amortization Impairment and res
Slide 17: Smurfit Westrock Q3 | 2026 Results | Paper | Packaging | Solutions
Smurfit Westrock Q3 | 2026 Results | 17 Paper | Packaging | Solutions