DUBLIN--(BUSINESS WIRE)--Smurfit Westrock plc (NYSE: SW, LSE: SWR) today announced the financial results for the first quarter ended March 31, 2025.

Key points:

First quarter Net Sales of $7,656 million
First quarter Net Income of $382 million, with a Net Income Margin of 5.0%
First quarter Adjusted EBITDA¹ of $1,252 million, with an Adjusted EBITDA Margin¹ of 16.4%
Quarterly dividend of $0.4308 per ordinary share

Smurfit Westrock plc's performance for the three months ended March 31, 2025 and 2024 (in millions, except margins):

	March 31,
		2025		2024²
Net Sales	$	7,656	$	2,930
Net Income	$	382	$	191
Net Income Margin		5.0%		6.5%
Adjusted EBITDA¹	$	1,252	$	475
Adjusted EBITDA Margin¹		16.4%		16.2%
Net Cash provided by Operating Activities	$	235	$	42
Adjusted Free Cash Flow¹	$	(144)	$	(130)

Tony Smurfit, President and CEO, commented:

"I am pleased to report a strong first quarter performance with Net Income of $382 million, Adjusted EBITDA of $1,252 million, in-line with our stated guidance, and an Adjusted EBITDA margin of 16.4%. This performance was driven by good results across all three segments, with notable progress in North America, and is significantly ahead of the combined result for the prior year.

"I am especially pleased with how well the combination has come together, with strong operational and cultural integration taking place across all three regions. Coupled with our geographic footprint and our unrivalled portfolio of innovative and sustainable packaging solutions, we have a customer-focused and performance-driven team that is delivering for all stakeholders.

"Our synergy program is on track to deliver $400 million, with approximately $350 million in the current year. We believe there is substantial opportunity to continue to structurally improve the business through a sharper commercial and operational focus, at least equal to our synergy target.

"We continue to actively optimize our asset base. We have recently announced the closure of over 500,000 tons of paper capacity in North America. We are also closing two converting facilities in our North American region and have initiated consultations to close two of our converting facilities in EMEA & APAC.

"To consolidate our leadership position and better support our customers, we have constructed two state-of-the-art converting plants in Washington and Wisconsin and are completing a new Bag-in-Box facility in South Carolina in our North American region. Comparable investments in EMEA & APAC, in high-performing converting equipment, will reduce our cost base and strengthen our overall footprint in the region while in Latin America, we continue to invest in cost take-out and growth projects, for example, the biomass boiler in Colombia which is nearing completion.

"Consistent with our disciplined operating approach and before we see the impact in our system of the announced closures, we expect to incur additional economic downtime in the second quarter costing approximately $100 million versus the first quarter. While the demand outlook is uncertain, we expect second quarter Adjusted EBITDA³ to be approximately $1.2 billion and our current estimate for a full year Adjusted EBITDA³ is between $5.0 billion and $5.2 billion.

"Our progressive improvement together with a strong margin performance is a clear demonstration of the strength of Smurfit Westrock in a period characterised by significant volatility. As the global leader, with leading market positions across many of the 40 countries in which we operate, we continue to see significant opportunity for growth, development and cost take‑out. We believe that the actions we have taken, and continue to take, will translate to superior operating and financial performance for Smurfit Westrock."

Dividend

Smurfit Westrock plc announced today that its Board approved a quarterly dividend of $0.4308 per share on its ordinary shares. The quarterly dividend of $0.4308 per ordinary share is payable June 18, 2025 to shareholders of record at the close of business on May 16, 2025.

The default payment currency is U.S. Dollar for shareholders who hold their ordinary shares through a Depository Trust Company participant. It is also U.S. Dollar for shareholders holding their ordinary shares in registered form, unless a currency election has been registered with the Company's Transfer Agent, Computershare Trust Company N.A. by 5:00 p.m. (New York) / 10:00 p.m. (Dublin) on May 15, 2025.

The default payment currency for shareholders holding their ordinary shares in the form of Depository Interests is U.S. Dollar. Such shareholders can elect to receive the dividend in Pounds Sterling or Euro by providing their instructions to the Company's Depositary Interest provider, Computershare Investor Services plc, by 12:00 p.m. (New York) / 5:00 p.m. (Dublin) on May 27, 2025.

1		Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Free Cash Flow 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.
2		All results reported for the three months ended March 31, 2024 reflect the historical financial results of legacy Smurfit Kappa Group plc, which is considered the accounting acquirer in the combination between Smurfit Kappa Group plc and WestRock Company, which closed on July 5, 2024.
3		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).