Financials Smurfit Westrock Plc

Equities

Market Closed - Nyse Other stock markets 02:30:02 21/01/2026 am IST			5-day change	1st Jan Change
40.95 ^USD	-4.12%		-4.05%	+5.90%

07/01	Wells Fargo Adjusts Price Target on Smurfit Westrock to $48 From $50, Maintains Overweight Rating	MT
07/01	Citigroup Adjusts Price Target on Smurfit Westrock to $48 From $49, Maintains Buy Rating	MT

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	10,349	11,559	13,749	12,128	21,109	31,231	31,881	32,840
Change	-	11.69%	18.94%	-11.79%	74.05%	47.95%	2.08%	3.01%
EBITDA ¹	1,832	1,946	2,527	2,238	3,386	4,966	5,305	5,717
Change	-	6.24%	29.8%	-11.42%	51.3%	46.67%	6.81%	7.78%
EBIT ¹	1,119	1,227	1,783	1,510	1,402	2,220	2,722	3,054
Change	-	9.7%	45.3%	-15.34%	-7.13%	58.35%	22.62%	12.18%
Interest Paid ¹	-174.7	-185.3	-159.9	-213	-398	-714.3	-681.5	-647
Earnings before Tax (EBT) ¹	907.5	1,044	1,387	1,135	560	1,295	2,020	2,405
Change	-	15.05%	32.85%	-18.17%	-50.67%	131.16%	56.06%	19.06%
Net income ¹	661.2	776.5	1,013	815.6	319	892.5	1,490	1,868
Change	-	17.43%	30.42%	-19.47%	-60.89%	179.78%	66.97%	25.34%
Announcement Date	10/02/21	09/02/22	08/02/23	07/02/24	12/02/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	2021 Q4	2022 Q1	2022 Q2	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3
Net sales ¹	2,609	-	3,225	-	3,405	3,316	3,311	3,108	-	-	3,207	7,671	7,539	7,656	7,940	8,003	7,632	7,771	8,044	8,172	7,754	7,785	8,142	8,372
Change	-	-	-	-	-	-2.62%	-0.16%	-6.13%	-	-	-	139.17%	-1.72%	1.55%	3.71%	0.79%	-4.63%	1.82%	3.51%	1.6%	-5.12%	0.4%	4.59%	2.82%
EBITDA ¹	452.9	356.1	534.1	541.7	668.7	630.8	639	584	539.7	489.6	518.5	1,265	1,166	1,252	1,213	1,302	1,216	1,263	1,317	1,426	1,335	1,400	1,407	1,552
Change	-	-21.37%	49.97%	1.42%	23.45%	-5.66%	1.29%	-8.61%	-7.59%	-9.29%	5.92%	143.96%	-7.83%	7.38%	-3.12%	7.34%	-6.61%	3.85%	4.3%	8.26%	-6.37%	4.9%	0.46%	10.29%
EBIT ¹	-	-	-	-	-	-	-	-	-	-	263.6	322	446	553	251	526	603.1	659.4	708.6	818.4	679.9	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	22.16%	38.51%	23.99%	-54.61%	109.56%	14.66%	9.34%	7.46%	15.49%	-16.92%	-	-	-
Charge d'intérêts ¹	-	-	-	-	-	-	-	-	-	-	-36.05	-167	-173	-167	-182	-177	-175.7	-175.5	-174.9	-173.9	-172.6	-	-	-
Earnings before Tax (EBT) ¹	-	-	-	-	-	-	-	-	-	-	202	-117	223	390	58	336	396.5	467	488.5	588.1	530.1	571.4	548.5	658.7
Change	-	-	-	-	-	-	-	-	-	-	-	-157.92%	290.6%	74.89%	-85.13%	479.31%	18%	17.8%	4.6%	20.37%	-9.86%	7.8%	-4.02%	20.09%
Net income ¹	-	-	-	-	-	-	-	-	-	-	142.6	-150	146	384	-28	246	273.8	304.8	355	431.5	375.3	422.9	405.9	487.4
Change	-	-	-	-	-	-	-	-	-	-	-	-205.19%	197.33%	163.01%	-107.29%	978.57%	11.29%	11.32%	16.5%	21.52%	-13.02%	12.68%	-4.02%	20.09%
Announcement Date	10/02/21	28/04/21	09/02/22	27/04/22	27/07/22	08/02/23	28/04/23	02/08/23	05/11/23	07/02/24	30/07/24	30/10/24	12/02/25	01/05/25	30/07/25	29/10/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2021 S1	2021 S2	2022 S1	2022 S2	2023 S1	2023 S2	2024 S1
Net sales	5,524	6,208	6,469	6,898	6,383	5,848	-
Change	-	12.37%	4.21%	6.64%	-7.47%	-8.39%	-
EBITDA ¹	922.1	1,053	1,189	1,267	1,217	1,040	1,032
Change	-	14.23%	12.93%	6.52%	-3.93%	-14.52%	-0.85%
EBIT	563.2	681.6	850.1	883	851.9	671.4	-
Change	-	21.03%	24.71%	3.87%	-3.51%	-21.19%	-
Charge d'intérêts	-75.56	-112.1	-71.94	-83.68	-95.14	-119.4	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-
Net income	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-
Announcement Date	28/07/21	09/02/22	27/07/22	08/02/23	02/08/23	07/02/24	30/07/24

¹USD in Million

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	2,882	3,299	3,210	3,056	12,740	12,859	12,330	11,599
Change	-	14.47%	-2.7%	-4.8%	316.88%	0.93%	-4.11%	-5.93%
Announcement Date	10/02/21	09/02/22	08/02/23	07/02/24	12/02/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	598.2	792.5	1,041	1,136	1,466	2,287	2,466	2,486
Change	-	32.5%	31.31%	9.18%	29.02%	55.99%	7.83%	0.83%
Free Cash Flow (FCF) ¹	914.8	520.4	584.7	675.7	429	1,620	1,918	2,130
Change	-	-43.12%	12.37%	15.56%	-36.51%	277.66%	18.37%	11.07%
Announcement Date	10/02/21	09/02/22	08/02/23	07/02/24	12/02/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	17.7%	16.84%	18.38%	18.45%	16.04%	15.9%	16.64%	17.41%
EBIT Margin (%)	10.81%	10.62%	12.97%	12.45%	6.64%	7.11%	8.54%	9.3%
EBT Margin (%)	8.77%	9.03%	10.09%	9.36%	2.65%	4.14%	6.34%	7.32%
Net margin (%)	6.39%	6.72%	7.37%	6.72%	1.51%	2.86%	4.67%	5.69%
FCF margin (%)	8.84%	4.5%	4.25%	5.57%	2.03%	5.19%	6.02%	6.49%
FCF / Net Income (%)	138.35%	67.01%	57.73%	82.85%	134.48%	181.53%	128.7%	114.04%
Profitability
ROA	-	6.17%	7.81%	6.04%	2.55%	3.12%	3.75%	4.05%
ROE	16.89%	16.66%	20.08%	14.32%	6.26%	6.45%	7.94%	9.23%
Financial Health
Leverage (Debt/EBITDA)	1.57x	1.7x	1.27x	1.37x	3.76x	2.59x	2.32x	2.03x
Debt / Free cash flow	3.15x	6.34x	5.49x	4.52x	29.7x	7.94x	6.43x	5.45x
Capital Intensity
CAPEX / Current Assets (%)	5.78%	6.86%	7.57%	9.37%	6.94%	7.32%	7.73%	7.57%
CAPEX / EBITDA (%)	32.65%	40.72%	41.19%	50.77%	43.3%	46.05%	46.48%	43.49%
CAPEX / FCF (%)	65.38%	152.31%	177.98%	168.15%	341.72%	141.14%	128.57%	116.72%
Items per share
Cash flow per share ¹	-	-	-	-	3.812	6.703	7.585	8.51
Change	-	-	-	-	-	75.84%	13.16%	12.19%
Dividend per Share ¹	-	-	-	-	0.605	1.75	1.778	1.853
Change	-	-	-	-	-	189.25%	1.61%	4.2%
Book Value Per Share ¹	-	-	-	-	33.36	34.84	35.85	37.09
Change	-	-	-	-	-	4.45%	2.89%	3.47%
EPS ¹	-	-	-	-	0.82	1.718	2.818	3.476
Change	-	-	-	-	-	109.51%	64.03%	23.35%
Nbr of stocks (in thousands)	-	-	-	-	5,18,199	5,20,861	5,20,861	5,20,861
Announcement Date	-	-	-	-	12/02/25	-	-	-