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Smurfit Westrock (SW) investor relations material

Smurfit Westrock H1 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2025 earnings summary30 Jul, 2025

Executive summary

  • Net sales reached $7.94B in Q2 2025, with adjusted EBITDA of $1.213B and a 15.3% margin, in line with guidance.

  • Net loss for Q2 2025 was $26–$28M, mainly due to $280M in restructuring and closure costs.

  • North America showed significant operational improvement and synergy realization; Latin America delivered strong margins; EMEA & APAC remained resilient.

  • Integration of Smurfit Kappa and WestRock completed, with $400M in synergies identified and further opportunities expected.

  • Fitch upgraded long-term debt rating to BBB+ with stable outlook.

Financial highlights

  • Q2 2025 net sales were $7.94B; adjusted EBITDA was $1.213B with a 15.3% margin.

  • Adjusted free cash flow reached $387M; operating cash flow for the quarter was $829M.

  • North America: net sales $4.8B, adjusted EBITDA $752M, margin 15.8%.

  • EMEA & APAC: net sales $2.8B, adjusted EBITDA $372M, margin 13.4%.

  • Latin America: net sales $0.5B, adjusted EBITDA $123M, margin 23.7%.

Outlook and guidance

  • Q3 2025 adjusted EBITDA expected at ~$1.3B; full-year guidance remains $5.0B–$5.2B.

  • Flat volumes assumed for H2 versus H1; no material improvement or deterioration expected.

  • Cost environment expected to improve in H2, with lower energy, labor, and recovered fiber costs.

  • Synergy program on track for $400M run-rate by end of 2025, with at least $400M additional opportunities identified.

  • Management anticipates continued improvement in North America and growth in Latin America.

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Q3 2025 TU29 Oct, 2025
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Frequently asked questions

Smurfit WestRock plc is specializes in sustainable packaging solutions, formed through the merger of Smurfit Kappa Group and WestRock Company in 2024. The company operates in the corrugated and consumer packaging sectors, offering a wide range of renewable, recyclable, and biodegradable packaging products. Smurfit WestRock serves diverse industries, including food and beverage, e-commerce, and healthcare, with a significant presence across Europe and the Americas. Smurfit WestRock is headquartered in Dublin, Ireland, with additional operational headquarters in Atlanta, Georgia. Its shares are listed on the New York Stock Exchange and the London Stock Exchange.

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