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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.
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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