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Smurfit Westrock (SW) investor relations material
Smurfit Westrock Q3 2025 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved adjusted EBITDA of $1.302 billion and margin of 16.3% in Q3 2025, with strong performance across all regions and net sales of $8.003 billion.
Net income rebounded to $245 million, reversing a prior year loss, and adjusted free cash flow reached $579 million.
Significant operational improvements and synergy realization post-combination, including closure of uneconomic facilities and a permanent headcount reduction of over 4,500.
Strong cash flow performance with $1.1 billion in operating cash and a quarterly dividend of $0.4308 per share approved.
Ongoing portfolio optimization and commercial improvement programs are driving cost savings and asset efficiency.
Financial highlights
Net sales for Q3 2025 were $8.003 billion, with adjusted EBITDA of $1.302 billion and a margin of 16.3%.
Adjusted free cash flow was $579 million, up from $118 million year-over-year.
Net cash provided by operating activities was $1.1 billion.
North America: Net sales $4.7 billion, adjusted EBITDA $810 million, margin 17.2%.
EMEA & APAC: Net sales $2.8 billion, adjusted EBITDA $419 million, margin 14.8%; Latin America: Net sales $500 million, adjusted EBITDA $116 million, margin 21.3%.
Outlook and guidance
Full-year 2025 adjusted EBITDA guidance is $4.9–$5.1 billion, reflecting additional economic downtime in Q4.
2026 capital expenditures projected at $2.4–$2.5 billion, consistent with current year.
On track to deliver $400 million in identified cost synergies by year-end.
Long-term targets to be announced in February 2026.
Additional economic downtime anticipated in Q4 2025 to optimize the system amid challenging demand.
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