Results
5Smurfit Westrock Reports Third Quarter 2026 Results
October 28, 2026 – Smurfit Westrock plc (NYSE: SW) today announced the financial results for the third quarter ended September 30, 2026.
Key Points:
Net Sales of $8,161 million
Net Income of $219 million, with a Net Income Margin of 2.7%
Adjusted EBITDA1 of $1,205 million, with an Adjusted EBITDA Margin1 of 14.8%
Net Cash Provided by Operating Activities of $874 million
Quarterly dividend of $0.4523 per ordinary share
Smurfit Westrock plc’s performance for the three months ended September 30, 2026 and 2025 (in millions, except margins and per share data):
Tony Smurfit, President and CEO, commented:
4“Set against unprecedented cost inflation and somewhat weaker than anticipated converting volumes, our third quarter performance of Adjusted EBITDA 1 of $1,205 million with an Adjusted EBITDA Margin 1 of 14.8% represents a resilient performance.
Across all our regions we continue to make good progress in implementing our owner operator model and developing our innovative packaging approach for our customers.
We have also implemented significant pricing initiatives across most paper grades and we expect these should more than offset input costs as these increases are passed through.
“Our North American business continues to make good progress.
The region reported Adjusted EBITDA of $760 million and an Adjusted EBITDA margin of 15.6% for the third quarter.
We remain sold out in all containerboard grades, and most consumer grades, and our converting businesses in both business areas continue to improve.
Our focus on quality and service, as well as investment in productivity and efficiency, is winning customers and has established a strong foundation for future performance.
In both Corrugated and Consumer, we continue to see a reduction in loss makers and are optimizing our businesses to improve returns.
Most importantly, I am particularly impressed with the expertise and commitment of our people that are leading the change towards a customer centric, performance-led culture.
“Our EMEA & APAC business continues to outperform in a market that is heavily impacted by rising energy costs.
The region reported Adjusted EBITDA of $379 million and an Adjusted EBITDA margin of 13.4% for the third quarter.
Containerboard price increases to offset costs have been implemented and are being passed on with the normal time lag.
Our EMEA & APAC business is increasingly seen as the partner of choice due to our unrivalled product portfolio and our leadership and investment in innovation, sustainability, quality and service.
“In our Latin American region, during the third quarter, we announced our agreement to acquire the containerboard assets of CMPC in Chile.
This acquisition further strengthens our leadership presence in Latin America as the only pan regional supplier, where we continue to see many opportunities for development.
For the quarter, the region reported Adjusted EBITDA of $126 million and an Adjusted EBITDA margin of 21.4%.
1 Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Basic EPS are non-GAAP measures.
See the “Non-GAAP Financial Measures and Reconciliations” below for discussion and reconciliation of these measures to the most comparable GAAP measures.
8"For full year 2026, we now estimate our Adjusted EBITDA 2 to be approximately $4.7 billion.
This expected outcome primarily reflects the continued and unprecedented cost inflation we are experiencing.
3For example, for the full year 2026 we expect to absorb approximately $700 million of additional freight and energy costs alone, significantly more than anticipated.
1We have, and are, implementing price increases to more than offset these costs, the full benefits of which we expect to realize into 2027.
2Against what has been a challenging operating environment I am very proud of the efforts of all our people who have set the foundation for continued progress into 2027 and beyond.”
Dividend
Smurfit Westrock plc announced today that its Board approved a quarterly dividend of $0.4523 per share on its ordinary shares.
The quarterly dividend of $0.4523 per ordinary share is payable on December 10, 2026 to shareholders of record at the close of business on November 13, 2026.
Earnings Call
Forward Looking Statements
Actual results may differ materially from the current expectations of the Company depending upon a number of factors affecting its business, including risks associated with the integration and performance of the Company following the Combination.
Important factors that could cause actual results to differ materially from plans, estimates or expectations include: our ability to deliver on our medium-term plan; our ability to increase prices to offset elevated costs and pass through such increases; changes in demand environment; our ability to deliver on our closure plan and associated efforts; our future cash payments associated with these initiatives; potential future cost savings associated with such initiatives; the amount of charges and the timing of such charges or actions described herein; potential future impairment charges; accuracy of assumptions associated with the charges; economic, competitive and market conditions generally, including macroeconomic uncertainty, customer inventory rebalancing, the impact of inflation and increases in energy, raw materials, shipping, labor and capital equipment costs; geo-economic fragmentation and protectionism such as tariffs, trade wars or similar governmental actions affecting the flows of goods, services or currency (including the implementation of tariffs by the U.S. federal government and reciprocal tariffs and other protectionist or retaliatory measures governments in Europe, Asia, and other countries have taken or may take in response); the impact of prolonged or recurring U.S. federal government shutdowns and any resulting volatility in the capital markets or interruptions in the Company’s access to capital; the impact of public health crises, such as pandemics and epidemics and any related company or governmental policies and actions to protect the health and safety of individuals or governmental policies or actions to maintain the functioning of national or global economies and markets; reduced supply of raw materials, energy and transportation, including from supply chain disruptions and labor shortages; developments related to pricing cycles and volumes; intense competition; the ability of the Company to successfully recover from a disaster or other business continuity problem due to a hurricane, flood, earthquake or other weather-event, terrorist attack, war, pandemic, security breach, cyber-attack, power loss, telecommunications failure or other natural or man-made events, including the ability to function remotely during long-term disruptions; the Company's ability to respond to changing customer preferences and to protect intellectual property; the amount and timing of the Company's capital
2 Adjusted EBITDA is a non-GAAP financial measure.
We have not reconciled Adjusted EBITDA outlook to the most comparable GAAP outlook because it is not possible to do so without unreasonable efforts due to the uncertainty and potential variability of reconciling items, which are dependent on future events and often outside of management’s control and which could be significant.
Because such items cannot be reasonably predicted with the level of precision required, we are unable to provide an outlook for the comparable GAAP measure (net income).
6Smurfit Westrock is a leading provider of paper-based packaging solutions in the world, with approximately 96,000 employees across 40 countries.
Ciarán PottsFTI Consulting
7T: +353 1 202 71 27T: +353 1 765 0800
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