Here are 1-3 brief analogies to describe Smurfit WestRock:

• The **International Paper** of integrated paper and packaging.

• The **Ball Corporation** for paper-based packaging.

• The **Owens Corning** of essential paper and corrugated packaging.

• Corrugated Packaging: Manufactures custom-designed boxes, displays, and protective solutions from corrugated board for various industries.
• Containerboard & Paperboard: Produces primary raw materials such as linerboard, fluting medium, and various paperboards used in packaging manufacturing.
• Consumer Packaging: Creates folding cartons, food service packaging, and other specialized packaging for consumer goods.
• Bag-in-Box Packaging: Provides flexible packaging systems consisting of a bag inside a box, primarily for liquid products.
• Recycling Services: Offers collection, sorting, and processing of recovered paper and other materials for sustainable packaging production.

Smurfit WestRock (symbol: SW) primarily operates in a Business-to-Business (B2B) model, selling paper-based packaging solutions to other companies across a wide range of industries. Due to the confidential nature of client relationships typical in the packaging industry, Smurfit WestRock does not publicly disclose the names of its specific major customers. However, based on the company's extensive product offerings (corrugated packaging, containerboard, consumer packaging, bag-in-box, etc.), its customer base includes, but is not limited to, companies in the following sectors:

• Fast-Moving Consumer Goods (FMCG) Companies: These businesses produce food, beverages, personal care products, household goods, and other consumer staples that require extensive and specialized packaging for protection, branding, and retail display.

  Examples of public companies in this category that typically utilize large-scale packaging suppliers (these are illustrative and not confirmed direct customers of Smurfit WestRock due to client confidentiality):

  • Procter & Gamble (PG)
  • Nestlé (NSRGY)
  • Unilever (UL)
  • Coca-Cola (KO)
  • PepsiCo (PEP)

• E-commerce and Retail Companies: Enterprises that require robust and efficient packaging for shipping products directly to consumers (e-commerce fulfillment), as well as for in-store product display, private label goods, and overall supply chain logistics.

  Examples of public companies in this category that typically utilize large-scale packaging suppliers (illustrative, not confirmed direct customers of Smurfit WestRock):

  • Amazon (AMZN)
  • Walmart (WMT)
  • Target (TGT)

• Industrial and Manufacturing Companies: Businesses needing durable and protective packaging solutions for the transport and storage of industrial components, machinery, bulk materials, and finished goods across various manufacturing sectors.

  Examples of public companies in this category that typically utilize large-scale packaging suppliers (illustrative, not confirmed direct customers of Smurfit WestRock):

  • General Electric (GE)
  • Caterpillar (CAT)
  • Honeywell (HON)

Anthony Smurfit, President & Group Chief Executive Officer

Anthony Smurfit has served as a Director of Smurfit Kappa Group since 1989 and was appointed Group Chief Executive Officer in September 2015. He has worked in various parts of the Smurfit Kappa Group in both Europe and the United States. Prior to his CEO role, he was Group Chief Operations Officer from November 2002 and Chief Executive of Smurfit Europe from October 1999 to 2002, preceded by roles as Deputy Chief Executive of Smurfit Europe and Chief Executive Officer of Smurfit France. His father, Michael Smurfit, sold the Jefferson Smurfit group to private equity firm Madison Dearborn in 2002. Smurfit is the grandson of the company's founder, John Jefferson Smurfit. He previously served on the boards of Aer Rianta (1996–2001) and C&C Group (2012–2016). He is currently a member of the European Round Table for Industry and sits on the board of the Confederation of European Paper Industries (CEPI).

Ken Bowles, Executive Vice President & Group Chief Financial Officer

Ken Bowles was appointed Executive Vice President & Group Chief Financial Officer of Smurfit Westrock following the merger. He joined the Smurfit Kappa Group in 1994 and held various finance roles across the Group. He was appointed Group Chief Financial Officer of Smurfit Kappa in April 2016. His previous positions at Smurfit Kappa include Group Financial Controller (2010-2016), Head of Tax (2007-2010), and the company's first Head of Compliance (2004).

Laurent Sellier, President & Chief Executive Officer North America (Including Mexico)

Laurent Sellier is the President & Chief Executive Officer North America (Including Mexico) for Smurfit Westrock.

Saverio Mayer, President & Chief Executive Officer Europe, MEA & APAC

Saverio Mayer serves as the President & Chief Executive Officer Europe, MEA & APAC for Smurfit Westrock.

Alvaro Jose Henao, President & Chief Executive Officer LATAM

Alvaro Jose Henao is the President & Chief Executive Officer LATAM for Smurfit Westrock, assuming this role as of February 1, 2025. He was previously the Senior Vice President of Integration at Smurfit Westrock. Henao brings over three decades of industry experience, including a significant tenure as Chief Executive Officer, Central Cluster, at Smurfit Kappa Group from 2013 to 2023.

The key risks to Smurfit WestRock's business following its 2024 merger are multifaceted, primarily revolving around the complexities of integration, significant debt levels, and the impact of broader macroeconomic uncertainties on demand.

1. Integration Challenges and Post-Merger Execution: The successful execution of the merger between Smurfit Kappa and WestRock is paramount for Smurfit WestRock. The company faces complex challenges in harmonizing systems, processes, and corporate cultures, which could lead to disruptions in operations, supply chains, and customer service. Realizing the targeted annual cost synergies of over $400 million is critical, and difficulties in this integration process could hinder the achievement of these benefits. Efforts to optimize assets, including closing underperforming facilities, are ongoing, but they also incur additional costs and require efficient operational systems to fully materialize the merger's potential.
2. High Debt Levels: Smurfit WestRock operates with a substantial debt load following the merger. As of March 2025, the company's total debt on the balance sheet was approximately $14.22 billion, with net debt around $12.7 billion as of September 2025. This high leverage necessitates careful financial stewardship to maintain fiscal health and can pose a risk, especially if interest rates for variable rate borrowings increase. While the company's scale and profitability provide some cushion, effective debt management is crucial.
3. Macroeconomic Uncertainty and Weak Demand: Smurfit WestRock's business is susceptible to macroeconomic fluctuations, including inflation, currency volatility, and geopolitical developments. There are ongoing concerns about global economic weakness, which could impact the demand for packaging products. Demand has been described as "fragile," with only a "modest recovery" anticipated for the second half of 2025. Additionally, potential tariff costs resulting from U.S.-EU trade disputes could amount to $100 million annually, and broader tariffs can indirectly affect packaging demand by impacting consumer goods.

The increasing adoption of reusable packaging systems, driven by regulatory pressures (such as the EU Packaging and Packaging Waste Regulation with its reuse targets), corporate sustainability initiatives, and evolving consumer preferences for circular economy models. This trend directly threatens the demand for single-use packaging, which is the core business of Smurfit WestRock, as it shifts consumption from disposable products to systems designed for multiple uses.

Smurfit WestRock (SW) operates in several key addressable markets for its paper-based packaging products and services. The company, formed from the merger of Smurfit Kappa and WestRock on July 5, 2024, focuses primarily on corrugated packaging, containerboard, and consumer packaging.

Main Products and Addressable Markets:

Corrugated Packaging

• Global Market: The global corrugated packaging market was valued at approximately USD 233.8 billion in 2024 and is projected to grow at a Compound Annual Growth Rate (CAGR) of 5% between 2025 and 2034. Another estimate indicates the market is expected to grow from USD 309.86 billion in 2025 to USD 444.85 billion by 2034, with a CAGR of 4.10%. The global corrugated carton market size, a subset of corrugated packaging, was valued at USD 171.37 billion in 2024 and is projected to reach USD 230.87 billion by 2032, exhibiting a CAGR of 3.77%.
• North America Market: The North America corrugated packaging market size is estimated at USD 113.50 billion in 2025 and is predicted to increase to approximately USD 252.42 billion by 2034, expanding at a CAGR of 9.17%. Separately, the North America corrugated boxes market size stood at USD 42.74 billion in 2025 and is forecast to reach USD 48.78 billion by 2030, registering a 2.68% CAGR.
• Europe Market: The European paper and corrugated packaging market is estimated at nearly €60 billion, with corrugated board accounting for 67% of this market in value, approximately €40.2 billion (around USD 43.6 billion based on recent exchange rates). The Europe corrugated board market generated a revenue of USD 42.3 billion in 2022 and is expected to reach a projected revenue of USD 71.1 billion by 2030, growing at a CAGR of 6.7%.

Containerboard

• Global Market: The global containerboard market size was valued at USD 138.87 billion in 2024. It is projected to be worth USD 141.43 billion in 2025 and reach USD 166.43 billion by 2032, exhibiting a CAGR of 2.35%. Other reports show the global containerboard market size was estimated at USD 103.6 billion in 2024, projected to reach USD 160.04 billion by 2030 with a CAGR of 7.3%, and was valued at USD 136.4 billion in 2023, poised to grow from USD 140.76 billion in 2024 to USD 181.11 billion by 2032 at a CAGR of 3.2%.
• Regional Shares (2024): Asia Pacific held the largest share of the global containerboard market at 52.89% or 43.67%. North America accounted for a significant revenue share of 18.6%.

Consumer Packaging

• Global Market: The global consumer packaging market size was estimated at USD 661.60 billion in 2024 and is projected to grow at a CAGR of 3.7% from 2025 to 2030. It is anticipated to reach USD 822.74 billion by 2030, registering a CAGR of 3.7%. Further projections suggest the consumer packaging market will reach USD 969.73 billion by 2034, growing from USD 690.23 billion in 2025, at a CAGR of 3.85%.
• Regional Shares (2024): Asia Pacific dominated the global consumer packaging market with over 37.0% of the revenue share. North America holds approximately 25% of the global market, and Europe commands around 30%.

Expected Drivers of Future Revenue Growth for Smurfit WestRock (SW)

Over the next 2-3 years, Smurfit WestRock (SW) is anticipated to drive revenue growth through several key initiatives and market trends:

1. Synergies from the Smurfit Kappa and WestRock Merger: The combined entity is targeting annual pre-tax run-rate synergies exceeding $400 million, with full realization expected by the end of 2025. These synergies are projected to enhance operating efficiency and generate additional business value, contributing to overall revenue growth.
2. Growing Demand for Sustainable Packaging and E-commerce: Smurfit WestRock is strategically positioned to capitalize on the increasing global demand for sustainable, paper-based packaging solutions, propelled by environmental regulations and the ongoing expansion of e-commerce.
3. Strategic Capital Investments and Asset Optimization: The company is undertaking significant capital expenditures, estimated at $2.4 billion to $2.5 billion in 2026, for new converting plants, corrugator upgrades, and mill modernizations, particularly in North America. These investments, alongside the closure of underperforming assets, aim to enhance capabilities, reduce costs, and focus on higher-margin products.
4. Operational and Commercial Improvements in North America: Despite a challenging demand environment, Smurfit WestRock is focused on driving operational and commercial improvements in its North American business. This includes a strategic shift towards higher-grade fiber products, such as solid bleached sulfate (SBS), and prioritizing value over volume to improve profitability and revenue quality.
5. Leveraging Expanded Geographic Reach and Product Diversity: The merger has created a global leader with unparalleled geographic reach across 40 countries and a diverse product portfolio. This extensive presence and varied offering enable Smurfit WestRock to serve a broader customer base and capitalize on growth opportunities in diverse end-markets.

Share Repurchases

• Smurfit Kappa Group plc initiated a share buy-back transaction of up to approximately 1.2 million ordinary shares in December 2022, intended to offset dilution from its Performance Share Plan.

Share Issuance

• The combination of Smurfit Kappa Group plc and WestRock Company, which closed in July 2024, involved the issuance of new Smurfit WestRock shares. WestRock stockholders received one new Smurfit WestRock share and $5.00 in cash for each of their WestRock common shares, while Smurfit Kappa shareholders received one new Smurfit WestRock share for each Smurfit Kappa share held.
• As of September 30, 2025, Smurfit Westrock had 522,171,580 ordinary shares outstanding, an increase from 520,444,261 shares outstanding at December 31, 2024.

Outbound Investments

• In 2023, the predecessor company Smurfit Kappa acquired a specialty packaging operation in Spain and a folding carton business in Poland.

Capital Expenditures

• Smurfit WestRock anticipates capital expenditures for 2025 to be between $2.2 billion and $2.4 billion, focusing on projects such as mill expansion, new converting machines, corrugator upgrades, and safety system enhancements.
• Within its first year since the July 2024 merger, Smurfit Westrock invested $1 billion into its system, roughly allocated between paper and converting assets.
• For 2026, capital expenditure is projected to be in the range of $2.4 billion to $2.5 billion, with the aim of optimizing the asset base, accelerating cost reductions, and investing in high-growth areas.
• The predecessor company Smurfit Kappa Group plc reported capital expenditures of €1,056 million in 2023 and €970 million in 2022.