Smurfit Westrock Plc

SW

IE00028FXN24

Paper Packaging

Market Closed - Nyse Other stock markets 01:30:02 09/05/2026 am IST			5-day change	1st Jan Change
41.55 ^USD	-0.19%		+5.38%	+7.45%

01/05	RBC Trims Price Target on Smurfit Westrock to $53 From $54, Keeps Outperform Rating	MT
01/05	Truist Securities Adjusts Smurfit Westrock Price Target, Forecasts After Q1 Results	MT

Smurfit Westrock : Medium-Term Investor Update

Published on 02/17/2026 at 04:18 pm IST

Publicnow

SMURFIT WESTROCK PLC

-0.19%

Medium-Term Plan

February 2026

Paper | Packaging | Solutions

Non-GAAP Financial Measures

Smurfit Westrock reports its financial results in accordance with U.S. generally accepted accounting principles ("GAAP"). However, management believes certain non-GAAP financial measures provide Smurfit Westrock's Board of directors, investors, potential investors, securities analysts and others with additional meaningful financial information that should be considered when assessing its ongoing performance. Smurfit Westrock management also uses these non-GAAP financial measures in making financial, operating and planning decisions, and in evaluating company performance. Non-GAAP financial measures are not intended to be considered in isolation of or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP and should be viewed in addition to, and not as an alternative for, the GAAP results. The non-GAAP financial measures we present may differ from similarly captioned measures presented by other companies.

Smurfit Westrock uses the non-GAAP financial measures "Adjusted EBITDA", "Adjusted EBITDA Margin", "Adjusted EBITDA CAGR", "Free Cash Flow", "Discretionary Free Cash Flow", "Discretionary Free Cash Flow CAGR" and "Net Leverage". We discuss below details of the non-GAAP financial measures presented by us. We have not reconciled these forward-looking non-GAAP measures to the most comparable GAAP measures because it is not possible to do so without unreasonable efforts due to the uncertainty and potential variability of reconciling items, which are dependent on future events and often outside of management's control and which could be significant. Because such items cannot be reasonably predicted with the level of precision required, we are unable to provide forward-looking comparable GAAP measures.

Definitions

Smurfit Westrock uses the non-GAAP financial measures "Adjusted EBITDA" and "Adjusted EBITDA Margin" to evaluate its overall performance. The composition of Adjusted EBITDA is not addressed or prescribed by GAAP. Smurfit Westrock defines Adjusted EBITDA as net income (loss) before income tax expense, depreciation, depletion and amortization, interest expense, net, pension and other postretirement non-service income (expense), net, share based compensation expense, other expense, net, impairment and restructuring costs, transaction and integration-related expenses associated with the Combination, amortization of fair value step up on inventory and other specific items that management believes are not indicative of the ongoing operating results of the business. Adjusted EBITDA CAGR (compound annual growth rate) measures the mean annual growth rate of the Company's Adjusted EBITDA over a specified time period.

Management believes Adjusted EBITDA and Adjusted EBITDA Margin measures provide Smurfit Westrock's management, board of directors, investors, potential investors, securities analysts and others with useful information to evaluate Smurfit Westrock's performance relative to other periods because it adjusts out non recurring items that management believes are not indicative of the ongoing results of the business. Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Net Sales.

Smurfit Westrock defines the non-GAAP financial measure "Free Cash Flow" as net cash provided by operating activities as adjusted for capital expenditures. Management utilizes this measure in connection with managing Smurfit Westrock's business and believes that Free Cash Flow is useful to investors as a liquidity measure because it measures the amount of cash generated after reinvesting in the business, and that is available for dividends, acquisitions and other uses. Smurfit Westrock also uses the non-GAAP financial measure "Discretionary Free Cash Flow." Smurfit Westrock defines Discretionary Free Cash Flow as Free Cash Flow plus strategic capital expenditure. Discretionary Free Cash Flow CAGR (compound annual growth rate) measures the mean annual growth rate of the Company's Discretionary Free Cash Flow over a specified time period. Management utilizes this measure to assess cash flow before making strategic investment decisions.

Smurfit Westrock uses the non-GAAP financial measure "Return on Capital Employed" ("ROCE"). Smurfit Westrock defines ROCE as the Company's segment adjusted EBITDA adjusted further for (i) unallocated corporate costs, (ii) depreciation, depletion and amortization expense, (iii) share based-compensation expense, and (iv) other expense (income), net, excluding finance costs or income included within (iv), divided by the Company's average capital employed, with capital employed for the applicable calendar year defined as the sum of the Company's (a) total equity, (b) current portion of debt and (c) non-current debt due after one year, less (d) cash and cash equivalents. The average capital employed is defined as the sum of the capital employed during the applicable calendar year and the capital employed during the calendar year preceding such year divided by two.

Smurfit Westrock uses the non-GAAP financial measure "Net Leverage". Smurfit Westrock defines Net Leverage as Net Financial Debt divided by Adjusted EBITDA (as defined above). Net Financial Debt is defined as Financial Liabilities (short- and long-term) minus Cash and cash equivalents.

Inside Information

This presentation contains Inside Information as defined under Article 7(1) of the Market Abuse Regulation (Eu) No 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018 (As Amended). The person responsible for arranging the release of this presentation on behalf of Smurfit Westrock plc is Gillian Carson-Callan, Group SVP Finance & Company Secretary. The inside information contained herein was disclosed in full at the time noted in the Company's announcement entitled `Smurfit Westrock Medium-Term Investor Update' released on February 11, 2026.

Tony Smurfit

Ken Bowles

Laurent Sellier

Saverio Mayer

Alvaro Jose Henao

CEO

CFO

CEO

North America

(including Mexico)

CEO

Europe, MEA and

APAC

CEO LATAM

Today's

presenters

The global leader delivering value for all stakeholders*

Profit growth in

North America

Superior performance in EMEA and APAC

Higher Margins and growth prospects in LATAM

Margin expansion

2026-2030

Adjusted EBITDA CAGR 2026-2030

Adjusted EBITDA

2030

Significant Adjusted EBITDA and Margin Growth**

~300bps

~7%

~$7bn

Cumulative Discretionary Free Cash Flow2 2026-2030

Discretionary Free Cash Flow CAGR

2026-2030

Significant Free Cash Flow** Generation

~17%

~$14bn

Dividends3

2026-2030

Capacity for share buybacks3 from 2027

Increasing Capital Returns to Shareholders

~$5bn

Upside in a stronger market growth and pricing environment1

1 Source: Numera. Current plan assumes market growth of 1.6% in North America, 1.7% in Europe and 2.0% in Latin America over 2026 to 2030. The plan also assumes below mid-market paper pricing in Europe and no price increases in paper in North America over 2026 to 2030.

2 Excludes growth capex of $4bn.

3 Subject to applicable board approvals and discretion of the board and will depend upon many factors, including our financial condition, results of operations, projections, liquidity, earnings, business strategy, legal requirements, covenant compliance, restrictions in our existing and any future debt agreements and other factors that our board

of directors deems relevant.

* These goals are aspirational or otherwise constitute forward-looking statements. Actual performance may differ, possibly materially, and no guarantees are made that these goals will be met. Also, see assumptions on slide 29. See slide 2 for important information regarding forward-looking statements.

** Adjusted EBITDA, Adjusted EBITDA CAGR, Adjusted EBITDA Margin, Cumulative Discretionary Free Cash Flow and Discretionary Free Cash Flow CAGR are non-GAAP financial measures. We have not reconciled these forward-looking measures to the most comparable GAAP measures because it is not possible to do so without unreasonable efforts due to the uncertainty and potential variability of reconciling items, which are dependent on future events and often outside of management's control and which could be significant. Because such items cannot be reasonably predicted with the level of precision required, we are unable to provide a reconciliation.

Smurfit Westrock | Medium-Term Plan 6

Our vision is to dynamically and sustainably deliver secure, superior and long-term value for all of our stakeholders, as one of the

world's great companies…

...guided by our core values of safety, loyalty, integrity and respect.

Smurfit Westrock | Medium-Term Plan 6

The leader in innovative and sustainable packaging

The global 'Go-To' packaging partner of choice

$31bn

Net Sales

97k

Employees

Countries

58%

2025 Net Sales from North America

#1 Global Leader in Paper and Packaging1

#1 or #2 market share positions in most countries in which we operate

Proven track record of delivering superior operating and

financial performance

1 Based on net sales.

What we do

Supported by our proprietary leading-edge technologies and data set

We deliver unrivalled fiber-based packaging solutions

Geographic Mix1

North America 58%

EMEA & APAC 35%

Latin America 7%

Corrugated, Paper & other Packaging (77%)1

High Protection / eCommerce Packaging Bag-in-Box

Consumer Packaging

(23%)1

Pharma (incl. GLP-1) Food & Beverage

1 Based on share of 2025 net sales.

Geographically balanced, highly integrated packaging solutions creating value for customers

Smurfit Westrock InnoTools

Smurfit Westrock | Medium-Term Plan 9

24+ globally used unique digital tools-907 times a day-proving our solutions are possible, profitable, desirable and better for the planet

ShelfSmart.AI

SupplySmart

InnoBook

Paper2Box.AI

Analyzer

Built on 400,000+ shopper-impact studies, ShelfSmart.AI measures how packaging design drives in-store stopping power and consumer engagement

Using insights from 160,000+ supply chains, SupplySmart Analyzer delivers protective,

end-to-end packaging that drives supply-chain efficiency

InnoBook connects our

2,000+ designers and 9,000+ creative packaging solutions, making it one of the largest packaging design databases globally

Paper2Box.AI uses 50+ million datapoints, AI and expert knowledge to design fit-for-purpose, sustainable materials-proven across millions of packaging solution

Our winning formula Recruiting, retaining and motivating the

Smurfit Westrock | Medium-Term Plan 10

Performance-led culture Customer centered Owner Operator model

right people

Rewarding our people, including with aligned incentives

Decentralized

Decision-Making

100%

Accountable

Focus on innovation and quality

Rewarding our shareholders

Win as a

Team

Framework & Governance

A consistent and relentless focus on creating value for our customers

Disciplined capital allocation and continued investment to maintain world-class assets

Smurfit Westrock | Medium-Term Plan 11

North America

Unlocking the full potential

Smurfit Westrock | Medium-Term Plan 11

Smurfit Westrock | Medium-Term Plan 12

Paper and packaging leader in North America*

Our biggest value creation opportunity

$19bn

Net Sales

~49k

Employees

$3.0bn

Adj. EBITDA

Countries

#1 or #2 position in all our core segments

Recycling Plants Packaging Machinery Experience Center

Corrugated Packaging Forestry/Wood Procurement Consumer Packaging Merchandising Displays

* 2025 Results

* 2025 results

Paper | Packaging | Solutions

Containerboard & Paperboard Mills

Bag-in-Box

Smurfit Westrock | Medium-Term Plan 13

Successful Integration Effort

Introduction of Owner-Operator Model

Customer Orientation

Operational Efficiency

Win-win value Rationalization creation, of inefficient

commercial capacity, cost

decentralization, containment, innovation capital

reinvestment

Foundation set in 2025

Synergies exceeded, headcount reduction

Performance led culture, P&L ownership by plant

Smurfit Westrock | Medium-Term Plan 13

Our plan to deliver Adjusted EBITDA growth and Adjusted EBITDA Margin expansion*

$3.0bn

Adj. EBITDA 2025

~$4.2bn*

Growing through innovation Solving customer challenges Rebalancing long paper position Investing in the business Optimizing footprint

Adj. EBITDA 2030

Adjusted EBITDA Margin* (%)

*These goals are aspirational or otherwise constitute forward-looking statements. Actual performance may differ, possibly materially, and no guarantees are made that these goals will be met. Also, see assumptions on slide 29. See slide 2 for important information regarding forward-looking statements.

Our winning formula

A unique, end-to-end fiber-based packaging offering

Full Suite of Capabilities

Substrate Agnostic

Innovative Differentiation

Industry-leading range in both containerboard and paperboard

From primary to tertiary packaging (including machine systems)

Drive customers' top line growth, lower costs, and reduce risk

Smurfit Westrock | Medium-Term Plan 16

EMEA & APAC

Track record of outperformance

Smurfit Westrock | Medium-Term Plan 16

Smurfit Westrock | Medium-Term Plan 17

India

Integrated platform in EMEA & APAC*

Track record of and continued outperformance

$11bn

Net Sales

~36k

Employees

$1.6bn

Asia-Pacific

Adj. EBITDA

Countries

#1 positions in Corrugated, Containerboard and

Bag-in-Box

* 2025 Results

* 2025 results

Paper | Packaging | Solutions

Corrugated Packaging Merchandising Displays Recycling Plants Paper Mills Consumer Packaging Bag-in-Box Forestry/Wood Procurement Packaging Machinery

Smurfit Westrock | Medium-Term Plan 18

Building on strong foundations

One Integrated System

Integration of consumer business

Harmonized owner-

operator model

P&L ownership Cross-selling

opportunities across Corrugated and Consumer

Value Capture

Structural cost improvements

Targeted restructuring

and closures

Initiatives delivering quick-win savings

Synergy program achieved ahead of target

Market Leader

Recognition as the industry leader in innovation with the highest number of awards

Smurfit Westrock | Medium-Term Plan 18

Continuing outperformance through leadership in innovation and sustainability

Our journey

Grown volume, market share and Adjusted EBITDA

Structurally stronger

Recognized market leader

Third Strategic Plan

Innovation tools and Better Planet Packaging as key differentiators

Customer centricity through

quality and service

Enabling flexibility, agility and

added value

Focus Remains on Functional Value & Differentiation

~$2.1bn

Adj. EBITDA 2030*

>16%

Adj. EBITDA

Margin 2030*

$1.6bn

Adj. EBITDA 2025

14.9%

Adj. EBITDA

Margin 2025

Upside to growth and margin

*These goals are aspirational or otherwise constitute forward-looking statements. Actual performance may differ, possibly materially, and no guarantees are made that these goals will be met. Also, see assumptions on slide 29. See slide 2 for important information regarding forward-looking statements.

Differentiation
Flexibility
Functional value
Technology

Customer Centric

The integrated model
Effective capital allocation
Investing for growth
Enhance efficiencies

Operating Model

Our winning formula

Current Plan

55 projects
650 msm1 capacity

€340m investment
€139m EBITDA

36 projects

Previous Plan ⚫ 400 msm1 capacity

€180m investment
€74m EBITDA

Superior business

Adapting a proven playbook

A region well positioned for growth

EMEA & APAC

to 2030

1 MSM = million square meters.

Paper | Packaging | Solutions

Attention: This is an excerpt of the original content. To continue reading it, access the original document here.

Attachments

Original document
Permalink

Disclaimer

Smurfit Westrock plc published this content on February 17, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on February 17, 2026 at 10:47 UTC.

Latest news about Smurfit Westrock Plc

01/05	RBC Trims Price Target on Smurfit Westrock to $53 From $54, Keeps Outperform Rating	MT
01/05	Truist Securities Adjusts Smurfit Westrock Price Target, Forecasts After Q1 Results	MT
01/05	Owens Corning Promotes Todd Fister from Executive Vice President and Chief Financial Officer to Executive Vice President and Chief Financial and Operating Officer, Effective May 1, 2026	CI
01/05	Citi cuts United Utilities and Severn Trent	AN
30/04	Box maker Smurfit Westrock's profit hit by bad weather, shares fall	RE
30/04	Smurfit Westrock Plc Reports Earnings Results for the First Quarter Ended March 31, 2026	CI
30/04	Smurfit Westrock Plc, Q1 2026 Earnings Call, Apr 30, 2026
30/04	Smurfit Westrock Q1 Adjusted Earnings Fall, Revenue Rises	MT
30/04	Earnings Flash (SW) Smurfit Westrock plc Reports Q1 Revenue $7.71B, vs. FactSet Est of $7.57B	MT
30/04	Earnings Flash (SW) Smurfit Westrock plc Posts Q1 Adjusted EPS $0.33 per Share, vs. FactSet Est of $0.39	MT
30/04	Earnings Flash (SW) Smurfit Westrock plc Posts Q1 Adjusted EPS $0.33 per Share, vs. FactSet Est of $0.39	MT
30/04	Smurfit Westrock Logs Lower Q1 Net Income; Revenue Up	MT
30/04	Smurfit Westrock Plc announces Quarterly dividend, payable on June 10, 2026	CI
28/04	PepsiCo, Givaudan, Smurfit WestRock and Statkraft sign 10-year renewable energy agreement	RE
28/04	PepsiCo, Smurfit WestRock Sign 10-Year Power Purchase Deal With Spanish Wind Asset	MT

Chart Smurfit Westrock Plc

Duration

Period

SW: Dynamic Chart

Company Profile

Smurfit Westrock plc specializes in the manufacture and marketing of paper-based packaging solutions. The group's products include corrugated board, solid board, folding cartons, graphic boards, specialist packaging, product containers, paper bags, kraft packaging and more. Smurfit Westrock plc also offers solutions for the manufacture and recycling of packaging. Products are targeted at the industrial, food, e-commerce, retail and consumer goods sectors. Net sales are distributed geographically as follows: Europe/Middle East/Africa/Asia/Pacific (45.3%), North America (46.9%) and Latin America (7.8%).

Employees

97,000

Sector

Paper Packaging

Calendar

15/05 - Ex-dividend date - 0.4523 USD

More about the company