Form 8-K

8-K — Smurfit Westrock plc

Accession: 0001104659-26-087794

Filed: 2026-07-29

Period: 2026-07-29

CIK: 0002005951

SIC: 2650 (PAPERBOARD CONTAINERS & BOXES)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — tm2621489d1_8k.htm (Primary)

EX-99.1 — EXHIBIT 99.1 (tm2621489d1_ex99-1.htm)

EX-99.2 — EXHIBIT 99.2 (tm2621489d1_ex99-2.htm)

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8-K — FORM 8-K

8-K (Primary)

Filename: tm2621489d1_8k.htm · Sequence: 1

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0002005951

2026-07-29

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON,

D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of The Securities Exchange Act of 1934

Date

of Report (Date of earliest event reported): July 29, 2026

Smurfit

Westrock plc

(Exact name of registrant

as specified in its charter)

Ireland

(State or other jurisdiction of

incorporation)

001-42161

(Commission

File Number)

98-1776979

(I.R.S. Employer

Identification No.)

Beech

Hill, Clonskeagh

Dublin

4, D04

N2R2

Ireland

(Address of principal

executive offices, including Zip Code)

+353 1 202 7000

(Registrant’s telephone number,

including area code)

Check the appropriate box below if the Form 8-K filing is intended

to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities

Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange

Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under

the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under

the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Ordinary shares, par value $0.001 per share

New York Stock Exchange

(NYSE)

Indicate by check mark whether the registrant is an emerging growth

company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities

Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging

growth company ¨

an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying

with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 2.02. Results of Operations and Financial Condition

On July 29, 2026, Smurfit Westrock plc (the “Company”)

issued a press release announcing the financial results for the second quarter ended June 30, 2026. The press release is furnished as

Exhibit 99.1 and is incorporated into this Item 2.02 by reference.

The information provided pursuant to this Item 2.02, including Exhibit

99.1, is being “furnished” and shall not be deemed “filed” hereunder for purposes of Section 18 of the Securities

Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act

of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference

in any such filings.

Item 7.01. Regulation FD Disclosure

On July 29, 2026, the Company will host a conference call during which

it will discuss the Company’s financial results for the second quarter ended June 30, 2026. The presentation to be used in connection

with the conference call is attached as Exhibit 99.2.

The information provided pursuant to this Item 7.01, including Exhibit

99.2, is being “furnished” and shall not be deemed “filed” hereunder for purposes of Section 18 of the Exchange

Act or incorporated by reference in any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by

specific reference in any such filings.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits

99.1 Second Quarter 2026 Earnings Press Release dated July 29, 2026

99.2 Second Quarter 2026 Earnings Presentation

104 Cover Page Interactive Data File (embedded within the Inline

XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities

Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Smurfit Westrock plc

/s/ Ken Bowles

Name:

Ken Bowles

Title:

Executive Vice President & Chief Financial Officer

Date: July 29, 2026

EX-99.1 — EXHIBIT 99.1

EX-99.1

Filename: tm2621489d1_ex99-1.htm · Sequence: 2

Exhibit 99.1

www.smurfitwestrock.com

Smurfit Westrock Reports Second Quarter

2026 Results

July 29, 2026 – Smurfit Westrock plc (NYSE:

SW) today announced the financial results for the second quarter ended June 30, 2026.

Key Points:

• Net Sales of $8,031 million

• Net Income of $88 million, with a Net Income Margin of 1.1%

• Adjusted EBITDA1

of $1,140 million, with an Adjusted EBITDA Margin1 of 14.2%

• Net Cash Provided by Operating Activities of $765 million

• Quarterly dividend of $0.4523 per ordinary share

Smurfit Westrock plc’s performance for the three

months ended June 30, 2026 and 2025 (in millions, except margins and per share data):

Three months ended June 30,

2026

2025

Net Sales

$ 8,031

$ 7,940

Net Income (Loss)

$ 88

$ (26 )

Net Income (Loss) Margin

1.1 %

(0.3 )%

Adjusted EBITDA1

$ 1,140

$ 1,213

Adjusted EBITDA Margin1

14.2 %

15.3 %

Net Cash Provided by Operating Activities

$ 765

$ 829

Basic EPS

$ 0.17

$ (0.05 )

Adjusted Basic EPS1

$ 0.35

$ 0.44

Tony Smurfit, President and CEO, commented:

“I am pleased to report a strong second quarter

performance with Adjusted EBITDA¹ of $1,140 million and an Adjusted EBITDA Margin¹ of 14.2%. The quarter was impacted by significantly

higher input costs, particularly freight, which we managed to mitigate through our actions. Positively, demand for paper remained strong

throughout the quarter with a generally excellent supply/demand backdrop. As always, we fully expect to recover input cost inflation through

the second half of the year and beyond.

“In the two years since the formation of Smurfit

Westrock, we have driven a significant cultural and operational shift in our business. I have always believed that our strongest differentiators

are the commitment and dedication of our people and the strength of our culture. As we target an accelerated path to growth through our

Medium-Term Plan, I am excited that we have an excellent team which will realize Smurfit Westrock’s true potential.

“Our North American region continues to make

significant operational and commercial progress. Our team is progressively implementing our owner operator model and improving operating

efficiency. Pricing initiatives have been implemented to recover increased input costs across practically all paper grades, and we are

beginning to see the benefits from our commercial approach in our converting businesses. As we begin the third quarter, our mill system

is generally running full with strong order books and an improving outlook for our converting operations.

“Our EMEA and APAC region continues to outperform.

This region is exceptionally well positioned and our actions on improving productivity and providing superior service and innovation for

customers is gaining significant new business for us. While certain input costs are continuing to rise, these are being recovered with

the customary lag.

“Our Latin American region delivered another

excellent performance as a result of our strong market positions and continuing benefits from our investment programs. We see significant

growth opportunities, and we are well positioned to develop this region through both internal investment and acquisition.

“In April we hosted over 200 global customers

at our flagship innovation packaging event. I am very proud that we continue to be recognized by customers across all regions with numerous

awards received for our approach towards innovation, sustainability and service. We continuously transfer best practice, operating

excellence and innovation across markets, regions and continents for the benefit of our customers.

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.

“We also continued to optimize our system with

a mill closure in the UK and are in the process of closing a further 8 facilities in our converting business in both Europe and the North

American region.

"Looking ahead, we are

very encouraged by the current market back drop and the significant improvements we have made within our business. With input costs remaining

elevated, especially freight, we currently expect third quarter Adjusted EBITDA2 to be

approximately $1.3 billion and for the full year Adjusted EBITDA2 we expect to be in

the range of $4.9 billion to $5.1 billion with good momentum through the latter half of 2026 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 September 10, 2026 to shareholders of record at the close of business on August 14, 2026.

Earnings Call

Management will host an

earnings conference call today at 7:30 AM ET / 12:30 PM BST to discuss Smurfit Westrock’s financial results. The conference

call will be accessible through a live webcast. Interested investors and other individuals can access the webcast, earnings release,

and earnings presentation via the Company’s website at www.smurfitwestrock.com. The webcast will be available at

https://investors.smurfitwestrock.com/overview and a replay of the webcast will be available on the website shortly after the

call.

Forward Looking Statements

This press release includes certain “forward-looking

statements” (including within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”),

and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) regarding, among other things, the

plans, strategies, outcomes, outlooks and prospects, both business and financial, of Smurfit Westrock, the expected benefits of the completed

combination of Smurfit Kappa Group plc (re-registered as Smurfit Kappa Group Limited) (“Smurfit Kappa”) and WestRock Company

(“WestRock”) (the “Combination”) (including, but not limited to, synergies, as well as our scale, geographic reach

and product portfolio), our medium-term plan, demand outlook, operating environment and the impact of announced closures and additional

economic downtime and any other statements regarding Smurfit Westrock's future expectations, beliefs, plans, objectives, results of operations,

financial condition and cash flows, or future events, outlook or performance.

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).

Statements that are not historical facts,

including statements about the beliefs and expectations of the management of Smurfit Westrock, are forward-looking statements. Words

such as “may”, “will”, “could”, “should”, “would”,

“anticipate”, “intend”, “estimate”, “project”, “plan”,

“believe”, “expect”, “target”, “prospects”, “potential”,

“commit”, “forecasts”, “aims”, “considered”, “likely” and variations of

these words and similar future or conditional expressions are intended to identify forward-looking statements but are not the

exclusive means of identifying such statements. While the Company believes these expectations, assumptions, estimates and

projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and

uncertainties, many of which are beyond the control of the Company. By their nature, forward-looking statements involve risk and

uncertainty because they relate to events and depend upon future circumstances that may or may not occur. 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; 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 expenditures; risks related

to international sales and operations; failures in the Company's quality control measures and systems resulting in faulty or contaminated

products; cybersecurity risks, including threats to the confidentiality, integrity and availability of data in the Company's systems;

works stoppages and other labor disputes; the Company’s ability to establish and maintain effective internal controls over financial

reporting in accordance with the Sarbanes Oxley Act of 2002, as amended, and remediate any weaknesses in controls and processes; the Company's

ability to retain or hire key personnel; risks related to sustainability matters, including climate change and scarce resources, as well

as the Company's ability to comply with changing environmental laws and regulations; the Company's ability to successfully implement strategic

transformation initiatives; results and impacts of acquisitions by the Company; the Company's significant levels of indebtedness; the

impact of the Combination on the Company's credit ratings; the potential impairment of assets and goodwill; the availability of sufficient

cash to distribute dividends to the Company's shareholders in line with current expectations; the scope, costs, timing and impact of any

restructuring of operations and corporate and tax structure; evolving legal, regulatory and tax regimes; changes in economic, financial,

political and regulatory conditions in Ireland, the United States and elsewhere, and other factors that contribute to uncertainty and

volatility, natural and man-made disasters, civil unrest, geopolitical uncertainty, and conditions that may result from legislative, regulatory,

trade and policy changes associated with the current or subsequent Irish, U.S. or other administrations; legal proceedings instituted

against the Company; actions by third parties, including government agencies; the Company's ability to promptly and effectively integrate

Smurfit Kappa's and WestRock's businesses; the Company's ability to achieve the synergies and value creation contemplated by the Combination;

the Company's ability to meet expectations regarding the accounting and tax treatments of the Combination, including the risk that the

Internal Revenue Service may assert that the Company should be treated as a U.S. corporation or be subject to certain unfavorable U.S.

federal income tax rules under Section 7874 of the Internal Revenue Code of 1986, as amended, as a result of the Combination; other factors

such as future market conditions, currency fluctuations, the behavior of other market participants, the actions of regulators and other

factors such as changes in the political, social and regulatory framework in which the Company's group operates or in economic or technological

trends or conditions, and other risk factors included in the Company’s filings with the Securities and Exchange Commission, including

the Company’s most recent Annual Report on Form 10-K. The Company’s forward-looking statements speak only as of the date of

this press release or as of the date they are made. Neither the Company nor any of its associates or directors, officers or advisers provides

any representation, assurance or guarantee that the occurrence of the events expressed or implied in any such forward-looking statements

will actually occur. You are cautioned not to place undue reliance on these forward-looking statements. Other than in accordance with

its legal or regulatory obligations, the Company is under no obligation, and the Company expressly disclaims any intention or obligation,

to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

About Smurfit Westrock

Smurfit Westrock is a leading provider of paper-based

packaging solutions in the world, with approximately 96,000 employees across 40 countries.

Contact

Ciarán Potts

FTI Consulting

Smurfit Westrock

T: +353 1 202 71 27

T: +353 1 765 0800

E: ir@smurfitwestrock.com

E: smurfitwestrock@fticonsulting.com

Condensed Consolidated Statements of Operations (Unaudited)

(in millions, except per share data)

Three months ended June 30,

Six months ended June 30,

2026

2025

2026

2025

Net sales

$ 8,031

$ 7,940

$ 15,743

$ 15,596

Cost of goods sold

(6,632 )

(6,425 )

(13,076 )

(12,504 )

Gross profit

1,399

1,515

2,667

3,092

Selling, general and administrative expenses

(970 )

(963 )

(1,931 )

(1,936 )

Impairment and restructuring costs

(119 )

(280 )

(173 )

(295 )

Transaction and integration-related expenses associated with the Combination

(1 )

(21 )

(1 )

(57 )

Operating profit

309

251

562

804

Interest expense, net

(179 )

(182 )

(345 )

(349 )

Pension and other postretirement non-service income, net

Other expense, net

(12 )

(18 )

(23 )

Income before income taxes

128

212

448

Income tax expense

(40 )

(84 )

(61 )

(92 )

Net income (loss)

(26 )

151

356

Net loss (income) attributable to noncontrolling interests

(2 )

—

Net income (loss) attributable to common shareholders

$ 89

$ (28 )

$ 154

$ 356

Basic earnings (loss) per share attributable to common shareholders

$ 0.17

$ (0.05 )

$ 0.29

$ 0.68

Diluted earnings (loss) per share attributable to common shareholders

$ 0.17

$ (0.05 )

$ 0.29

0.68

Segment Information

We report our financial results of operations in the following

three reportable segments:

i. North America, which includes operations in the U.S., Canada

and Mexico.

i. Europe, the Middle East and Africa (“MEA” and together

with Europe, “EMEA”) and Asia-Pacific (“APAC”).

ii. Latin America (“LATAM”), which includes operations

in Central America and the Caribbean, Argentina, Brazil, Chile, Colombia, Ecuador and Peru.

Segment profitability is measured

based on Adjusted EBITDA, defined as income before income taxes, unallocated corporate costs, depreciation, depletion and amortization,

interest expense, net, pension and other postretirement non-service income, net, share-based compensation expense, other expense, net,

impairment and restructuring costs, transaction and integration-related expenses associated with the Combination and other specific items

that management believes are not indicative of the ongoing operating results of the business.

Financial information by segment is summarized below (in

millions, except margins).

Three months ended June 30,

Six months ended June 30,

2026

2025

2026

2025

Net sales (unaffiliated customers)

North America

$ 4,656

$ 4,652

$ 9,063

$ 9,230

Europe, MEA and APAC

2,816

2,773

5,581

5,349

LATAM

559

515

1,099

1,017

Total

$ 8,031

$ 7,940

$ 15,743

$ 15,596

Add net sales (intersegment)

North America

$ 87

$ 103

$ 182

$ 194

Europe, MEA and APAC

LATAM

—

Total

$ 97

$ 111

$ 198

$ 219

Net sales (aggregate)

North America

$ 4,743

$ 4,755

$ 9,245

$ 9,424

Europe, MEA and APAC

2,826

2,778

5,597

5,360

LATAM

559

518

1,099

1,031

Total

$ 8,128

$ 8,051

$ 15,941

$ 15,815

Adjusted EBITDA

North America

$ 704

$ 752

$ 1,301

$ 1,537

Europe, MEA and APAC

380

372

801

761

LATAM

124

123

233

238

Total

$ 1,208

$ 1,247

$ 2,335

$ 2,536

Adjusted EBITDA Margin3

North America

14.8 %

15.8 %

14.1 %

16.3 %

Europe, MEA and APAC

13.4 %

14.3 %

14.2 %

LATAM

22.2 %

23.7 %

21.2 %

23.1 %

Adjusted EBITDA / Net sales (aggregate)

Condensed Consolidated Balance Sheets (Unaudited)

(in millions, except share and per share data)

June 30,

2026

December 31,

2025

Assets

Current assets:

Cash and cash equivalents (amounts related to consolidated variable interest entities of $1 million and $3 million at June 30, 2026 and December 31, 2025, respectively)

$ 677

$ 892

Accounts receivable, net (amounts related to consolidated variable interest entities of $860 million and $876 million at June 30, 2026 and December 31, 2025, respectively)

4,922

4,268

Inventories

3,612

3,693

Other current assets

1,607

1,586

Total current assets

10,818

10,439

Property, plant and equipment, net

22,672

23,232

Goodwill

7,175

7,218

Intangibles, net

1,021

1,059

Prepaid pension asset

677

616

Other non-current assets (amounts related to consolidated variable interest entities of $394 million and $393 million at June 30, 2026 and December 31, 2025, respectively)

2,838

2,593

Total assets

$ 45,201

$ 45,157

Liabilities and Equity

Current liabilities:

Accounts payable

$ 3,467

$ 3,597

Accrued expenses

651

601

Accrued compensation and benefits

820

997

Current portion of debt

931

346

Other current liabilities

1,607

1,523

Total current liabilities

7,476

7,064

Non-current debt due after one year (amounts related to consolidated variable interest entities of $366 million and $376 million at June 30, 2026 and December 31, 2025, respectively)

13,233

13,427

Deferred tax liabilities

3,365

3,297

Pension liabilities and other postretirement benefits, net of current portion

672

697

Other non-current liabilities (amounts related to consolidated variable interest entities of $336 million and $335 million at June 30, 2026 and December 31, 2025, respectively)

2,395

2,318

Total liabilities

27,141

26,803

Equity:

Preferred stock, $0.001 par value; 500,000,000 shares authorized; 10,000 shares outstanding

—

Common stock, $0.001 par value; 9,500,000,000 shares authorized; 524,522,908 and 522,310,486 shares outstanding at June 30, 2026 and December 31, 2025, respectively

Treasury stock, at cost; 706,129 and 1,449,320 common stock at June 30, 2026, and December 31, 2025, respectively

(34 )

(64 )

Capital in excess of par value

16,125

16,083

Accumulated other comprehensive loss

(299 )

(348 )

Retained earnings

2,243

2,655

Total shareholders’ equity

18,036

18,327

Noncontrolling interests

Total equity

18,060

18,354

Total liabilities and equity

$ 45,201

$ 45,157

Condensed Consolidated Statements of Cash Flows (Unaudited)

(in millions)

Three months ended June 30,

Six months ended June 30,

2026

2025

2026

2025

Operating activities:

Net income (loss)

$ 88

$ (26 )

$ 151

$ 356

Adjustments to reconcile consolidated net income to net cash provided by operating activities:

Depreciation, depletion and amortization

678

613

1,406

1,216

Impairment of assets

184

107

184

Cash surrender value increase in excess of premiums paid

(21 )

(15 )

(25 )

(20 )

Share-based compensation expense

Deferred income tax benefit

(69 )

(98 )

(105 )

(127 )

Pension and other postretirement funding more than cost

(32 )

(36 )

(59 )

Other

(1 )

Change in operating assets and liabilities, net of acquisitions and divestitures:

Accounts receivable

(268 )

(92 )

(666 )

(434 )

Inventories

(28 )

(55 )

Other assets

—

(47 )

Accounts payable

139

(35 )

Income taxes

(1 )

(49 )

Accrued liabilities and other

106

(37 )

(9 )

Net cash provided by operating activities

765

829

969

1,064

Investing activities:

Capital expenditures

(465 )

(522 )

(1,089 )

(999 )

Cash paid for purchase of businesses, net of cash acquired

(1 )

(19 )

(5 )

Proceeds from corporate owned life insurance

Proceeds from sale of property, plant and equipment

—

Other

—

Net cash used for investing activities

(448 )

(520 )

(1,075 )

(996 )

Financing activities:

Additions to debt

—

203

498

Repayments of debt

(19 )

(56 )

(48 )

(121 )

Debt issuance costs

(1 )

(4 )

(6 )

Changes in commercial paper, net

(61 )

(264 )

446

(18 )

Other debt additions (repayments), net

(2 )

(18 )

Repayments of finance lease liabilities

(13 )

(7 )

(27 )

(23 )

Proceeds from re-issuance of shares from treasury stock

—

Tax paid in connection with shares withheld from employees

(2 )

(3 )

(85 )

(67 )

Cash dividends paid to shareholders

(237 )

(225 )

(474 )

(450 )

Other

—

Net cash used for financing activities

(318 )

(355 )

(109 )

(204 )

Effect of exchange rate changes on cash and cash equivalents

—

Increase (decrease) in cash and cash equivalents

(19 )

(215 )

(77 )

Cash and cash equivalents at beginning of period

674

797

892

855

Cash and cash equivalents at end of period

$ 677

$ 778

$ 677

$ 778

Non-GAAP Financial Measures and Reconciliations

Smurfit Westrock reports its

financial results in accordance with accounting principles generally accepted in the United States ("GAAP"). However, management

believes certain non-GAAP financial measures provide Smurfit Westrock’s Board of Directors, investors, potential investors, securities

analysts and others with additional meaningful financial information that should be considered when assessing its ongoing performance.

Smurfit Westrock management also uses these non-GAAP financial measures in making financial, operating and planning decisions, and in

evaluating company performance. Non-GAAP financial measures are not intended to be considered in isolation of or as a substitute for,

or superior to, financial information prepared and presented in accordance with GAAP and should be viewed in addition to, and not as an

alternative for, the GAAP results. The non-GAAP financial measures we present may differ from similarly captioned measures presented by

other companies. Smurfit Westrock uses the non-GAAP financial measures “Adjusted EBITDA”, “Adjusted EBITDA Margin”

and “Adjusted Basic Earnings Per Share” (referred to as “Adjusted Basic EPS”). We discuss below details of the

non-GAAP financial measures presented by us and provide reconciliations of these non-GAAP financial measures to the most directly comparable

financial measures calculated in accordance with GAAP.

Definitions

Smurfit Westrock uses the non-GAAP

financial measures “Adjusted EBITDA” and “Adjusted EBITDA Margin” to evaluate its overall performance. The composition

of Adjusted EBITDA is not addressed or prescribed by GAAP. Smurfit Westrock defines Adjusted EBITDA as net income before income tax expense,

depreciation, depletion and amortization, interest expense, net, pension and other postretirement non-service income, net, share-based

compensation expense, other expense, net, impairment and restructuring costs, transaction and integration-related expenses associated

with the Combination and other specific items that management believes are not indicative of the ongoing operating results of the business.

Management believes Adjusted

EBITDA and Adjusted EBITDA Margin measures provide Smurfit Westrock’s management, Board of Directors, investors, potential investors,

securities analysts and others with useful information to evaluate Smurfit Westrock’s performance relative to other periods because

it adjusts out non-recurring items that management believes are not indicative of the ongoing results of the business. Adjusted EBITDA

Margin is calculated as Adjusted EBITDA divided by Net Sales.

Smurfit Westrock uses the non-GAAP

financial measure “Adjusted Basic EPS”. Management believes this measure provides Smurfit Westrock’s management, Board

of Directors, investors, potential investors, securities analysts and others with useful information to evaluate Smurfit Westrock’s

performance because it excludes impairment and restructuring costs, transaction and integration-related expenses associated with the Combination

and other specific items that management believes are not indicative of the ongoing operating results of the business. Smurfit Westrock

and its Board of Directors use this information when making financial, operating and planning decisions and when evaluating Smurfit Westrock’s

performance relative to other periods. Smurfit Westrock believes that the most directly comparable GAAP measure to Adjusted Basic EPS

is Basic earnings (loss) per share attributable to common shareholders (referred to as “Basic EPS”).

Reconciliations to Most Comparable GAAP Measure

Set forth below is a reconciliation of the non-GAAP

financial measures Adjusted EBITDA and Adjusted EBITDA Margin to Net Income (Loss) and Net Income (Loss) Margin, the most directly comparable

GAAP measures, for the periods indicated (in millions, except margins).

Three months ended June 30,

Six months ended June 30,

2026

2025

2026

2025

Net income (loss)

$ 88

$ (26 )

$ 151

$ 356

Income tax expense

Depreciation, depletion and amortization

678

613

1,406

1,216

Impairment and restructuring costs

119

280

173

295

Transaction and integration-related expenses associated with the Combination

Interest expense, net

179

182

345

349

Pension and other postretirement non-service income, net

(10 )

(7 )

(18 )

(16 )

Share-based compensation expense

Other expense, net

Other adjustments

Adjusted EBITDA

$ 1,140

$ 1,213

$ 2,216

$ 2,465

Net Sales

$ 8,031

$ 7,940

$ 15,743

$ 15,596

Net

Income (Loss) Margin4

1.1 %

(0.3 )%

1.0 %

2.3 %

Adjusted

EBITDA Margin5

14.2 %

15.3 %

14.1 %

15.8 %

Set forth below is a reconciliation of the non-GAAP

financial measure Adjusted Basic EPS to Basic EPS, the most directly comparable GAAP measure for the periods indicated.

Three months ended June 30,

Six months ended June 30,

2026

2025

2026

2025

Basic EPS

$ 0.17

$ (0.05 )

$ 0.29

$ 0.68

Impairment and restructuring costs

0.23

0.53

0.32

0.56

Accelerated depreciation related to machine closures

—

0.14

—

Transaction and integration-related expenses associated with the Combination

—

0.04

—

0.11

Other adjustments

0.01

0.02

0.05

0.03

Income tax on above items

(0.06 )

(0.10 )

(0.11 )

(0.26 )

Adjusted Basic EPS

$ 0.35

$ 0.44

$ 0.69

$ 1.12

Net Income (Loss) / Net Sales

Adjusted EBITDA / Net Sales

EX-99.2 — EXHIBIT 99.2

EX-99.2

Filename: tm2621489d1_ex99-2.htm · Sequence: 3

Exhibit 99.2

Paper | Packaging | Solutions 2026 Second Quarter Results July 29, 2026

Paper | Packaging | Solutions Smurfit Westrock Q2 | 2026 Results | 2 Forward Looking Statements The presentation includes certain “forward-looking

statements” (including within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”),

and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) regarding, among other things, the

plans, strategies, outcomes, outlooks and prospects, both business and financial, of Smurfit Westrock, the expected benefits of the completed

combination of Smurfit Kappa Group plc (re-registered as Smurfit Kappa Group Limited) (“Smurfit Kappa”) and WestRock Company

(“WestRock”) (the “Combination”) (including, but not limited to, synergies, as well as our scale, geographic reach

and product portfolio), our medium-term plan, demand outlook, operating environment and the impact of announced closures and additional

economic downtime and any other statements regarding Smurfit Westrock's future expectations, beliefs, plans, objectives, results of operations,

financial condition and cash flows, or future events, outlook or performance. Statements that are not historical facts, including statements

about the beliefs and expectations of the management of Smurfit Westrock, are forward-looking statements. Words such as “may”,

“will”, “could”, “should”, “would”, “anticipate”, “intend”, “estimate”,

“project”, “plan”, “believe”, “expect”, “target”, “prospects”,

“potential”, “commit”, “forecasts”, “aims”, “considered”, “likely”

and variations of these words and similar future or conditional expressions are intended to identify forward-looking statements but are

not the exclusive means of identifying such statements. While the Company believes these expectations, assumptions, estimates and projections

are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which

are beyond the control of the Company. By their nature, forward-looking statements involve risk and uncertainty because they relate to

events and depend upon future circumstances that may or may not occur. 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; 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 expenditures; risks related to international sales and operations; failures in

the Company's quality control measures and systems resulting in faulty or contaminated products; cybersecurity risks, including threats

to the confidentiality, integrity and availability of data in the Company's systems; works stoppages and other labor disputes; the Company’s

ability to establish and maintain effective internal controls over financial reporting in accordance with the Sarbanes Oxley Act of 2002,

as amended, and remediate any weaknesses in controls and processes; the Company's ability to retain or hire key personnel; risks related

to sustainability matters, including climate change and scarce resources, as well as the Company's ability to comply with changing environmental

laws and regulations; the Company's ability to successfully implement strategic transformation initiatives; results and impacts of acquisitions

by the Company; the Company's significant levels of indebtedness; the impact of the Combination on the Company's credit ratings; the potential

impairment of assets and goodwill; the availability of sufficient cash to distribute dividends to the Company's shareholders in line with

current expectations; the scope, costs, timing and impact of any restructuring of operations and corporate and tax structure; evolving

legal, regulatory and tax regimes; changes in economic, financial, political and regulatory conditions in Ireland, the United States and

elsewhere, and other factors that contribute to uncertainty and volatility, natural and man-made disasters, civil unrest, geopolitical

uncertainty, and conditions that may result from legislative, regulatory, trade and policy changes associated with the current or subsequent

Irish, U.S. or other administrations; legal proceedings instituted against the Company; actions by third parties, including government

agencies; the Company's ability to promptly and effectively integrate Smurfit Kappa's and WestRock's businesses; the Company's ability

to achieve the synergies and value creation contemplated by the Combination; the Company's ability to meet expectations regarding the

accounting and tax treatments of the Combination, including the risk that the Internal Revenue Service may assert that the Company should

be treated as a U.S. corporation or be subject to certain unfavorable U.S. federal income tax rules under Section 7874 of the Internal

Revenue Code of 1986, as amended, as a result of the Combination; other factors such as future market conditions, currency fluctuations,

the behavior of other market participants, the actions of regulators and other factors such as changes in the political, social and regulatory

framework in which the Company's group operates or in economic or technological trends or conditions, and other risk factors included

in the Company’s filings with the Securities and Exchange Commission, including the Company’s most recent Annual Report on

Form 10-K. The Company’s forward-looking statements speak only as of the date of this press release or as of the date they are made.

Neither the Company nor any of its associates or directors, officers or advisers provides any representation, assurance or guarantee that

the occurrence of the events expressed or implied in any such forward-looking statements will actually occur. You are cautioned not to

place undue reliance on these forward-looking statements. Other than in accordance with its legal or regulatory obligations, the Company

is under no obligation, and the Company expressly disclaims any intention or obligation, to update or revise publicly any forward-looking

statements, whether as a result of new information, future events or otherwise.

Paper | Packaging | Solutions Smurfit Westrock Q2 | 2026 Results | 3 Non-GAAP Financial Measures and Reconciliations Smurfit Westrock

reports its financial results in accordance with accounting principles generally accepted in the United States ("GAAP"). However, management

believes certain non-GAAP financial measures provide Smurfit Westrock’s Board of Directors, investors, potential investors, securities

analysts and others with additional meaningful financial information that should be considered when assessing its ongoing performance.

Smurfit Westrock management also uses these non-GAAP financial measures in making financial, operating and planning decisions, and in

evaluating company performance. Non-GAAP financial measures are not intended to be considered in isolation of or as a substitute for,

or superior to, financial information prepared and presented in accordance with GAAP and should be viewed in addition to, and not as an

alternative for, the GAAP results. The non-GAAP financial measures we present may differ from similarly captioned measures presented by

other companies. Smurfit Westrock uses the non-GAAP financial measures “Adjusted EBITDA” and “Adjusted EBITDA Margin”.

We discuss below details of the non-GAAP financial measures presented by us and provide reconciliations of these non-GAAP financial measures

to the most directly comparable financial measures calculated in accordance with GAAP. Definitions Smurfit Westrock uses the non-GAAP

financial measures “Adjusted EBITDA” and “Adjusted EBITDA Margin” to evaluate its overall performance. The composition

of Adjusted EBITDA is not addressed or prescribed by GAAP. Smurfit Westrock defines Adjusted EBITDA as net income before income tax expense,

depreciation, depletion and amortization, interest expense, net, pension and other postretirement non-service income, net, share based

compensation expense, other expense, net, impairment and restructuring costs, transaction and integration-related expenses associated

with the Combination and other specific items that management believes are not indicative of the ongoing operating results of the business.

Management believes Adjusted EBITDA and Adjusted EBITDA Margin measures provide Smurfit Westrock’s management, Board of Directors,

investors, potential investors, securities analysts and others with useful information to evaluate Smurfit Westrock’s performance

relative to other periods because it adjusts out non-recurring items that management believes are not indicative of the ongoing results

of the business. Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Net Sales. Smurfit Westrock uses the non-GAAP financial

measure "Return on Capital Employed" ("ROCE"). Smurfit Westrock defines ROCE as the Company's segment adjusted EBITDA adjusted further

for (i) unallocated corporate costs, (ii) depreciation, depletion and amortization expense, (iii) share-based compensation expense, and

(iv) other expense (income), net, excluding finance costs or income included within (iv), divided by the Company's average capital employed,

with capital employed for the applicable calendar year defined as the sum of the Company's (a) total equity, (b) current portion of debt

and (c) non-current debt due after one year, less (d) cash and cash equivalents. The average capital employed is defined as the sum of

the capital employed during the applicable calendar year and the capital employed during the calendar year preceding such year divided

by two.

Paper | Packaging | Solutions Smurfit Westrock Q2 | 2026 Results | 4 Q2 Highlights Smurfit Westrock Net Sales $8,031 million • Continued

progress against our Medium-Term Plan • Tightest industry supply conditions in recent years • Pricing momentum continues to

build, supported by those improving market fundamentals • Continued progress in our corrugated operations in North America •

Our focus remains unchanged: customer centric, grade agnostic with quality, service and innovation delivering long term value Adjusted

EBITDA* $1,140 million Adjusted EBITDA Margin* 14.2% 4 *Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP financial measures. See

the Appendix for the reconciliation of these measures to the most comparable GAAP measures.

Paper | Packaging | Solutions Smurfit Westrock Q2 | 2026 Results | 5 Smurfit Westrock North America • Commercial momentum dramatically

improved • Supportive pricing backdrop • Significant cost take-out programs in process • Mill system sold out • Corrugated

system benefiting from pricing recovery and new business pipeline • Innovative approach increasingly valued • Substrate agnostic

approach in Consumer is growing share and margin • Continued reduction in number of loss makers • Continued system optimization

• Service and quality metrics consistently improving

Paper | Packaging | Solutions Smurfit Westrock Q2 | 2026 Results | 6 Smurfit Westrock EMEA & APAC • Track record of regional

outperformance • Containerboard markets strengthening • Mill system running full • Corrugated pricing gaining momentum

• Innovation event attended by over 200 customers • Continued productivity, supply chain and footprint optimization • Disciplined

commercial execution and strong cost management Smurfit Westrock Q2 | 2026 Results | 6

Paper | Packaging | Solutions Smurfit Westrock Q2 | 2026 Results | 7 Smurfit Westrock LATAM • Regional leader with differentiated

offering • Healthy demand across key markets • Pricing initiatives successfully offsetting inflationary pressures • Significant

opportunities for growth, organic and inorganic

Paper | Packaging | Solutions Financials

Paper | Packaging | Solutions Smurfit Westrock Q2 | 2026 Results | 9 Q2 Highlights Regional Split *Adjusted EBITDA is our GAAP measure

of segment profitability because it is used by our chief operating decision maker to make decisions regarding allocation of resources

and to assess segment performance. ** Corrugated volumes are quoted on a days adjusted basis. 9 North America EMEA & APAC LATAM Net

Sales (aggregate) $4.7 billion $2.8 billion $0.6 billion Adjusted EBITDA* $704 million $380 million $124 million Adjusted EBITDA Margin

14.8% 13.4% 22.2% Corrugated Volume Δ** (4.8%) 1.5% 1.0%

Paper | Packaging | Solutions Smurfit Westrock Q2 | 2026 Results | 10 of total capex* of capital return and inorganic investments* Our

capital allocation framework Returns focused, flexibility and agility built in • $2.4bn - $2.8bn annual capex spend1 every year through

2030 • Improving ROCE*** by 700bps to ~15% • ~$5bn of dividends • Progressive** dividend policy • Capacity from 2027

onwards • Demonstrates confidence in our strategy Capital Expenditure Dividend** Share Buyback** • Disciplined approach •

Accretive, bolt-on M&A M&A Supported by balance sheet of significant strength and flexibility ~$13bn ~$10bn 1 Average project

capex of less than $4m, no project larger than $200m. *These goals are aspirational or otherwise constitute forward-looking statements.

Actual performance may differ, possibly materially, and no guarantees are made that these goals will be met. See slide 2 for important

information regarding forward-looking statements. **Subject to applicable board approvals and discretion of the board and will depend

upon many factors, including our financial condition, results of operations, projections, liquidity, earnings, business strategy, legal

requirements, covenant compliance, restrictions in our existing and any future debt agreements and other factors that our board of directors

deems relevant. ***ROCE is a non-GAAP financial measure. We have not reconciled this forward-looking measure to the most comparable GAAP

measure 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 a reconciliation.

Paper | Packaging | Solutions Smurfit Westrock Q2 | 2026 Results | 11 2026 Cash interest ~$0.7 billion 2026 Cash tax ~$0.5 billion 2026

Effective tax rate ~29% 2026 Depreciation and amortization ~$2.6 billion 2026 Q3 Adjusted EBITDA* approx. $1.3 billion 2026 FY Adjusted

EBITDA* $4.9 billion – $5.1 billion 2026 Capital expenditure $2.4 billion – $2.5 billion Guidance *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). Major cost increases FY 2026

v FY 2025 Freight approx. $300 million Energy approx. $220 million Major cost increases Q3 26 v Q3 25 Freight approx. $80 million Energy

approx. $70 million

Paper | Packaging | Solutions Conclusion

Paper | Packaging | Solutions Smurfit Westrock Q2 | 2026 Results | 13 Our winning formula Recruiting, retaining and motivating the right

people Disciplined capital allocation and continued investment to maintain world-class assets Focus on innovation and quality Rewarding

our shareholders A consistent and relentless focus on creating value for our customers Rewarding our people, including with aligned incentives

Performance-led culture Customer centered Owner Operator model Decentralized Decision- Making Win as a Team 100% Accountable Framework

& Governance

Paper | Packaging | Solutions Smurfit Westrock Q4 | 2025 Results | 14 Conclusion • Globally strong paper markets • Unrivalled

converting footprint • Platform set for a stronger second half of 2026 and beyond • Building a stronger and better Smurfit Westrock

Smurfit Westrock Q2 | 2026 Results | 14 Looking ahead, we are very encouraged by the current market back drop and the significant improvements

we have made within our business - Tony Smurfit

Paper | Packaging | Solutions Smurfit Westrock Q2 | 2026 Results | 15 Appendices

Paper | Packaging | Solutions Smurfit Westrock Q2 | 2026 Results | 16 Our Medium-Term Plan - delivering value for all stakeholders* Significant

Adjusted EBITDA and Margin Growth** Adjusted EBITDA ~$7bn 2030 Adjusted EBITDA CAGR 2026–2030 ~7% Margin expansion ~300bps 2026–2030

Significant Free Cash Flow** Generation Cumulative Discretionary Free Cash Flow2 2026–2030 ~$14bn Discretionary Free Cash Flow CAGR

2026–2030 ~17% Increasing Capital Returns to Shareholders Capacity for share buybacks3 from 2027 Dividends3 ~$5bn 2026–2030Upside

in a stronger market growth and pricing environment1 Profit growth in North America Superior performance in EMEA and APAC Higher Margins

and growth prospects in LATAM 1 Source: Numera. Current plan assumes market growth of 1.6% in North America, 1.7% in Europe and 2.0% in

Latin America over 2026 to 2030. The plan also assumes below mid-market paper pricing in Europe and no price increases in paper in North

America over 2026 to 2030. 2 Excludes growth capex of $4bn. 3 Subject to applicable board approvals and discretion of the board and will

depend upon many factors, including our financial condition, results of operations, projections, liquidity, earnings, business strategy,

legal requirements, covenant compliance, restrictions in our existing and any future debt agreements and other factors that our board

of directors deems relevant. * These goals are aspirational or otherwise constitute forward-looking statements. Actual performance may

differ, possibly materially, and no guarantees are made that these goals will be met. See slide 2 for important information regarding

forward-looking statements. ** Adjusted EBITDA, Adjusted EBITDA CAGR, Adjusted EBITDA Margin, Cumulative Discretionary Free Cash Flow

and Discretionary Free Cash Flow CAGR are non-GAAP financial measures. We have not reconciled these forward-looking measures to the most

comparable GAAP measures 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 a reconciliation.

Paper | Packaging | Solutions Smurfit Westrock Second quarter Adjusted EBITDA* bridge Included within the ‘other’ column:

• Freight -$90 million • Energy -$22 million • Downtime +$26 million • Raw materials +$71 million *Adjusted EBITDA

is a non-GAAP financial measure. See the Appendix for the reconciliation of this measure to the most comparable GAAP measure. Smurfit

Westrock Q2 | 2026 Results | 17 1,213 14 -60 -40 13 1,140 2025 Volume Selling Price Other FX 2026 800 900 1,000 1,100 1,200 1,300 1,400

Paper | Packaging | Solutions Smurfit Westrock North America Second quarter Adjusted EBITDA regional bridge Included within the ‘other’

column: • Freight -$61 million • Downtime +$26 million $M

Smurfit Westrock Q2 | 2026 Results | 18 752 10 -46 -7 -5

704 2025 Volume Selling Price Other FX 2026 500 550 600 650 700 750 800 850 900 Smurfit Westrock Q2 | 2026 Results | 19 372 4 -18 12 10 380 2025 Volume Selling Price Other FX 2026 200 250 300 350 400 450 500 Paper

| Packaging | Solutions Smurfit Westrock LATAM Second quarter Adjusted EBITDA regional bridge $M

Paper | Packaging | Solutions Smurfit Westrock EMEA & APAC Second quarter Adjusted EBITDA regional bridge Included within the ‘other’

column: • Raw material +$58 million • Freight -$24 million • Energy -$18 million $M Smurfit Westrock Q2 | 2026 Results | 20 123 - -1 -7 9 124 2025 Volume Selling Price Other FX 2026 50 70 90 110 130 150 170 19014.1 % 15.8

Paper | Packaging | Solutions Smurfit Westrock Q2 | 2026 Results | 21 Reconciliations to most comparable GAAP measure Set forth below

is a reconciliation of the non-GAAP financial measures Adjusted EBITDA and Adjusted EBITDA Margin to Net Income (Loss) and Net Income

(Loss) Margin, the most directly comparable GAAP measures, for the periods indicated (in millions, except margins). 1 Net Income (Loss)

/ Net Sales 2 Adjusted EBITDA / Net Sales Reconciliations to Most Comparable GAAP Measure Three months ended June 30, Six months ended

June 30, 2026 2025 2026 2025 Net income (loss) $ 88 $ (26) $ 151 $ 356 Income tax expense 40 84 61 92 Depreciation, depletion and amortization

678 613 1,406 1,216 Impairment and restructuring costs 119 280 173 295 Transaction and integration-related expenses associated with the

Combination 1 21 1 57 Interest expense, net 179 182 345 349 Pension and other postretirement non-service income, net (10) (7) (18) (16)

Share-based compensation expense 27 36 55 79 Other expense, net 12 18 23 23 Other adjustments 6 12 19 14 Adjusted EBITDA $ 1,140 $ 1,213

$ 2,216 $ 2,465 Net Sales $ 8,031 $ 7,940 $ 15,743 $ 15,596 Net Income (Loss) Margin1 1.1 % (0.3)% 1.0 % 2.3 % Adjusted EBITDA Margin2

14.2 % 15.3 %

Smurfit Westrock Q4 | 2025 Results | 22 Paper | Packaging | Solutions Our values Loyalty. Integrity. Respect. Safety.

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For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

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No definition available.

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- Definition

The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

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No definition available.

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- Definition

Address Line 1 such as Attn, Building Name, Street Name

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Address Line 2 such as Street or Suite number

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Name of the City or Town

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- Definition

ISO 3166-1 alpha-2 country code.

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No definition available.

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Code for the postal or zip code

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No definition available.

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- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

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No definition available.

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Two-character EDGAR code representing the state or country of incorporation.

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No definition available.

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- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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- Definition

Local phone number for entity.

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No definition available.

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

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- Definition

Title of a 12(b) registered security.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

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- Definition

Name of the Exchange on which a security is registered.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

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Name:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

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- Definition

Trading symbol of an instrument as listed on an exchange.

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

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