Smurfit Westrock (SW) investor relations material

Executive summary

• Net sales reached $8,031 million in Q2 2026, with Adjusted EBITDA of $1.14 billion and a 14.2% margin, despite significant input cost pressures, especially in freight and energy.

• Net income was $88 million, reversing a net loss of $26 million in the prior year quarter, mainly due to lower impairment and restructuring costs.

• Integration of Smurfit Kappa and WestRock is progressing well, with a focus on innovation, quality, and customer service.

• All major regions reported strong operational progress, with most paper grades sold out and robust demand across markets.

• Asset optimization and cost takeout initiatives included closures in North America, EMEA, and APAC.

Financial highlights

• Adjusted EBITDA for Q2 2026 was $1.14 billion, with a 14.2% margin, down from $1.213 billion and 15.3% in Q2 2025.

• Net income for Q2 2026 was $88 million, compared to a net loss of $26 million in Q2 2025.

• Regional net sales: North America $4.7 billion, EMEA & APAC $2.8 billion, LATAM $0.6 billion.

• Gross profit for Q2 2026 was $1,399 million, down from $1,515 million in Q2 2025.

• Announced a quarterly dividend of $0.4523 per share.

Outlook and guidance

• Full-year 2026 Adjusted EBITDA is expected in the range of $4.9 billion to $5.1 billion.

• Q3 2026 Adjusted EBITDA expected to be approximately $1.3 billion.

• Higher freight costs are the main headwind for the remainder of 2026.

• Price recovery from recent increases will be realized mainly in late 2026 and into 2027.

• Liquidity remains strong, with $5,239 million in available liquidity as of June 30, 2026.