SW · Smurfit Westrock Plc

Smurfit Westrock's first quarter 2026 results reflect a solid performance amid macro uncertainty, with net sales of $7,712 million essentially flat year-over-year. Net income dropped sharply to $63 million from $382 million, primarily due to $65 million in adverse weather impacts in North America. Adjusted EBITDA fell to $1,076 million (14.0% margin) from $1,252 million (16.4% margin) in the prior year. Management noted progressive demand improvement in North America, with containerboard pricing up $20 per ton in the quarter and an additional $30 per ton implemented in April. The EMEA & APAC segment continued to outperform, while Latin America delivered an adjusted EBITDA margin of approximately 20%. The company reaffirmed its full-year adjusted EBITDA guidance of $5.0-$5.3 billion and expects Q2 adjusted EBITDA of $1.1-$1.2 billion. A quarterly dividend of $0.4523 per share was declared. Additionally, Smurfit Westrock is reviewing its London Stock Exchange listing, with a decision expected in May 2026.