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DS Smith (SMDS) investor relations material

DS Smith H1 24/25 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 24/25 earnings summary5 Dec, 2024

Executive summary

  • Half-year results to October 2024 met expectations, with like-for-like packaging volumes up 2% despite lower packaging prices and higher input costs; cost control and efficiency initiatives partially offset profit pressures.

  • Revenue for H1 2024/25 was £3,371m, down 2% constant currency and 4% reported, with adjusted operating profit of £221m, a 38% decline year-over-year.

  • Strong customer service, product quality, and sustainability performance supported results, with ongoing innovation and customer partnerships.

  • Statutory basic EPS fell 79% to 3.1p, and adjusted basic EPS dropped 52% to 8.3p; interim dividend increased 3% to 6.2p per share.

  • Shareholders approved the all-share offer from International Paper, with completion expected in Q1 2025.

Financial highlights

  • Revenue declined year-over-year to £3,371m, with a 4% reported and 2% constant currency decrease, mainly due to lower box prices.

  • Adjusted operating profit fell 38% to £221m; operating profit before amortisation and adjusting items fell 39%.

  • Free cash flow was negative at £69m, impacted by working capital and higher capex.

  • Net debt increased to £2,472m; net debt/EBITDA at 2.8x, above medium-term target but within covenant limits.

  • Statutory profit was lower than adjusted profit due to £75m of International Paper transaction costs.

Outlook and guidance

  • Market conditions expected to remain challenging in H2, with modest volume growth and sequential packaging price increases anticipated to recover higher input costs.

  • Box price recovery anticipated in H2, but ongoing paper price weakness persists due to supply-demand dynamics.

  • CapEx guidance range lowered to £400–450m, reflecting a more cautious approach amid weaker environment.

  • Limited ability to provide detailed full-year financial guidance due to the ongoing offer period.

  • Focus remains on customer value-add, productivity improvements, and integration planning with International Paper.

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Frequently asked questions

DS Smith Plc is a leading provider of sustainable packaging solutions, specializing in the design and manufacturing of corrugated packaging products. The company serves a variety of industries, including fast-moving consumer goods (FMCG), e-commerce, industrial, and retail sectors. In addition to packaging, DS Smith offers recycling and paper production services to support a closed-loop business model. The company is headquartered in London, United Kingdom, and its shares are listed on the LSE (London Stock Exchange).

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