Smurfit WestRock plc

Q3 results & margin resilience (cost shock ongoing) - Company reported Q3 adjusted EBITDA of ~$1.205bn with adjusted EBITDA margin of 14.8%, despite unprecedented/greater-than-expected cost inflation (notably energy and freight). - Management emphasized price increases across most paper grades are being implemented with a normal time lag to recover costs.

North America: volumes improving; cycle impacts but outlook still “on track” - Sequential improvement in corrugated volumes and stronger order/pipeline, plus continued customer service improvements from the owner-operator/performance culture. - Expectation remains: be “there or thereabouts” vs prior year in Q4 (progress masked in Q3 by a cyclospora/E. coli contamination event impacting agricultural volumes). - Surprising/qualifier: even with volume down in Q3, margins improved due to pricing actions beginning to take hold and portfolio/mix/commercial wins (Ken noted pricing progression: North America pricing up ~5% from Q2→Q3; Europe also up ~2% in the same span).

Cost recovery & timing: 2026 EBITDA guided lower but considered timing, not structural plan change - 2026 adjusted EBITDA forecast: ~$4.7bn, primarily reflecting continued freight/energy headwinds; energy alone expected ~$700m YoY headwind (materially above earlier expectations). - Crucial investor takeaway: management said the 2030/medium-term plan is unchanged structurally—the shortfall is largely timing due to the higher cost backdrop pushing results later (target “flex in between years”).