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Edge23 Jan 2026
Death, Taxes, and Garbage: The Story of WM
How Waste Management turned garbage into one of America's most stable business models through landfills, regulation, and nationwide scale.
DS Smith
DS Smith (SMDS) investor relations material
DS Smith has been acquired by International Paper Company
DS Smith H1 24/25 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 24/25 earnings summary5 Dec, 2024
Executive summary
Half-year results met expectations with 2% like-for-like volume growth, but lower packaging prices and higher input costs reduced profitability; cost control and customer service supported performance.
Integration planning for the International Paper all-share offer is progressing, with expected completion in Q1 2025; both companies' shareholders have approved the deal.
Statutory and adjusted profits declined sharply year-over-year, with significant transaction costs related to the International Paper deal.
Financial highlights
Revenue declined 4% year-on-year to £3,371m, mainly due to lower box prices, despite 2% volume growth and some paper price recovery.
Adjusted operating profit fell 38% to £221m; return on sales dropped to 6.6%; adjusted EPS declined 52% to 8.3p.
Free cash flow was neutral to negative at -£69m, aided by improved working capital but impacted by higher capex.
Net debt increased to £2,472m, with net debt/EBITDA at 2.8x, above the prior year but within covenant limits.
Interim dividend increased by 3% to 6.2p per share.
Outlook and guidance
Second half expected to remain challenging, with modest volume growth and sequential packaging price increases anticipated to recover higher input costs.
Box price recovery is expected in H2, but paper price weakness and market volatility remain risks.
Limited ability to provide detailed full-year guidance due to offer period restrictions.
What drives strong North America volume growth?
How will new containerboard capacity be absorbed?
Rationale for reduced H2 CapEx and future plans
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DS Smith
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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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