Smurfit Westrock Stock Earnings Reports

Q1 2026 highlights: Smurfit Westrock delivered adjusted EBITDA of $1,076 million (14% margin), roughly in line with plan but negatively impacted by weather-related disruptions (~$65 million) and downtime in North America. Regional performance was mixed: North America generated $597 million of adjusted EBITDA (13.3% margin) but was hit by weather, unplanned downtime and tepid demand earlier in the quarter; demand and order books strengthened in March/April and the company reported large new customer wins in corrugated. EMEA & APAC produced $421 million of adjusted EBITDA (15.2% margin) with strong innovation-led performance; the company announced several small converting and one paper mill closure in the U.K./Netherlands as part of network optimization. Latin America remains a high-margin area ($109 million adj. EBITDA, >20% margin) and completed a corrugated acquisition in Ecuador. Management has announced price increases across multiple grades (paper and converted products) and expects those to feed into results through Q2–Q4. Hedging profile: roughly 50% hedged for Q2 and ~33% for Q3 and Q4. Cost pressures: management raised full-year energy impact expectations materially (Ken Bowles noted energy may be ~$270–$290 million vs prior ~$80 million estimate) and cited freight and recycled fiber moves as additional headwinds/tailwinds. The company reaffirmed Q2 adjusted EBITDA guidance of $1.1–$1.2 billion and full-year 2026 adjusted EBITDA guidance of $5.0–$5.3 billion. Medium-term ambition: deliver ~$7 billion adjusted EBITDA and a 19% group adjusted EBITDA margin by 2030, and generate ~$14 billion of discretionary free cash flow over the plan horizon. Management is also reviewing its London Stock Exchange listing (possible delisting) to simplify structure and reduce costs.