"The operational and commercial improvement in our North American business is increasingly evident, with an Adjusted EBITDA of $810 million..." – Tony Smurfit, President and CEO, Smurfit Westrock.
Oct. 29, 2025 - Smurfit Westrock plc (NYSE: SW, LSE: SWR) today announced the financial results for the third quarter ended September 30, 2025.
Tony Smurfit, President and CEO, commented:
"I am pleased to report that for the third quarter, we delivered in-line with our Adjusted EBITDA guidance. This performance was driven by the continued operational and commercial improvements in our North American business and our strong positions in EMEA and APAC and Latin America.
"We are reporting Net Income of $245 million and Adjusted EBITDA of $1,302 million, with an Adjusted EBITDA Margin of 16.3% and a strong Net Cash Provided by Operating Activities of $1,133 million.
"The operational and commercial improvement in our North American business is increasingly evident, with an Adjusted EBITDA of $810 million and an Adjusted EBITDA margin of 17.2% for the quarter. The North American mill system demonstrated a strong operational performance in the quarter. Our corrugated operations continue to focus on value over volume and exiting uneconomic business. This approach, together with our focus on delivering innovation, quality and service for our customer base, has delivered a strong improvement in returns. Our consumer business also continues to improve as a result of already implemented restructurings, utilizing the full breadth of our paper portfolio and a unique and innovative product offering.
"We believe we are one of the market leaders in EMEA and APAC, where we have once again demonstrated good returns despite a difficult market backdrop to deliver Adjusted EBITDA of $419 million with an Adjusted EBITDA margin of 14.8%. As a result of our integrated model, our mill system continues to run close to full utilization. While the backdrop from a paper supply perspective remains challenging, our value-added proposition in our packaging business is reflected in the resilience of our margin despite the softer demand environment. We believe the EMEA and APAC region is well positioned to benefit from improved demand, supported by a well invested asset base and strong market positions.
"Our Latin American operations delivered Adjusted EBITDA of $116 million for the quarter, with an Adjusted EBITDA margin of 21.3%, reflecting continued operational improvement and our strong market positions. The slightly lower margin quarter-on-quarter is primarily a result of a one-time operational issue which has now been resolved. Latin America remains a compelling growth region, both organically and inorganically.
"The year to date has been characterized by a challenging demand backdrop and as a result we expect to take additional economic downtime in the fourth quarter to optimize our system. As a result, we now expect to deliver full year Adjusted EBITDA3 in a $4.9 to $5.1 billion range. Our 2026 capital spend is expected to be in a $2.4 to $2.5 billion range. This level of spend allows us to continue optimizing our asset base, accelerating cost take-out and capitalizing high-growth areas.
"Our third quarter results reflect the significant progress we have made since the creation of Smurfit Westrock some 16 months ago. The steps we have taken, and continue to take, are building a better business and as we end 2025 and enter 2026 we are a much stronger Company, increasingly excited about our future prospects."
Smurfit Westrock (NYSE: SW, LSE: SWR) is a leading provider of paper-based packaging solutions in the world, with approximately 100,000 employees across 40 countries.
SOURCE: Smurfit Westrock