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P a per | P a c k a g i n g | S o l u t i ons 2025 Thi r d Qua r t er R esults Octo b e r 2 9 , 2025

P a per | P a c k a g i n g | So l u t i ons F o r w a r d L ooking S t a t e m e n ts S m u r f i t We s t r o c k Q 3 | 202 5 R e s ul t s | 2 Th e p r e s e n t a t i o n i n c l u d e s ce rt a i n “ forw a r d - l o o k i ng s t a t e m e n t s ” ( i n c l u d i ng w i t h i n t h e m e a n i ng of S ec t i o n 2 7A of th e S e c ur i t i e s A c t of 1 9 3 3 , a s a m e n d ed , a n d S ec t i o n 2 1 E of t h e S ec ur i t i e s E x c h a ng e A c t of 1 9 3 4 , a s a m e n d ed ) r e g a r d i ng, a m o n g ot h e r t h i ng s , t h e p l a n s , s tr a t e g i e s , o u t c o m e s , ou t l o o ks , a n d p ro s pec t s , b o t h b u s i n e ss a n d f i n a n c i a l , of S m urfit W e s tr o c k , t h e e x pec t e d be n e f i t s of t h e c o m p l e t e d C o m b i n a t i o n i n c l u d i ng, b u t n o t limi t e d t o , sy n e rg i e s a s w e ll a s o u r s c a l e , g e ogr ap h i c r ea c h a n d p ro d u c t p or t fol i o, de m a n d o u t l o o k , im p a c t of a n n o u n c ed c l o s ur e s , a dd i t i o n a l ec o n o m i c d own t im e , a n d a n y o t h e r s t a t e m e n t s r e g a r d i ng t h e C o m p a n y ' s fut u r e e x pec t a t i o n s , be li e f s , p l a n s , o b j ec t i ve s, r e s u l t s of o p e r a t i o n s , f i n a n c i a l c o n d i t i o n a n d c a s h f l ow s , or fu t u r e e ve n t s , ou t l o o k , or p e rfor m a n c e . S t a t e m e n t s t h a t a r e n o t h i s t o r i c a l f a c t s , i n c l u d i ng s t a t e m e n t s a b o u t t h e be li e f s a n d e x pec t a t i o n s of t h e m a n a g e m e n t of t h e C o m p a n y , a r e forw a r d - l o o k i ng s t a t e m e n t s . W o r d s s u c h a s “ m a y ” , “ w i ll” , “ c o u l d ” , “ s h o u l d ” , “ woul d ” , “ a n t i c i p a t e ” , “i n t e n d ” , “ e s t i m a t e ” , “ p ro j ec t” , “ p l a n ”, “ be li e ve” , “ e x pec t” , “ t a rg e t” , “ p ro s pec t s ” , “ p o t e n t i a l” , “ c o m mi t” , “ for e c a s t s ” , “ a im s ” , “ c o n s i de r e d ” , “li k e l y ” a n d var i a t i o n s of th e s e wor d s a n d s imil a r fut u r e or c o n d i t i o n a l e x p r e ss i o n s a r e i n t e n d ed t o i de n t i f y forw a r d - l o o k i ng s t a t e m e n t s b u t a r e n o t t h e e x c l u s i ve m e a n s of i de n t i f yi ng s u c h s t a t e m e n t s . W h il e th e C o m p a n y be li e v e s t h e s e e x pec t a t i o n s , a ss u m p t i o n s , e s t i m a t e s a n d p ro j ec t i o n s a r e r ea s o n a b l e , s u c h f o rw a r d - l oo k i n g s t a t e m e n ts a r e on l y p r e d i c tio n s a n d i n vo l v e k no wn a n d un k no wn r i sks a n d un ce rt a i n ti e s , m a n y o f w h i c h a r e be y on d t h e c on tr o l o f t h e C o m p a n y . B y t h e i r n a t u r e , f o rw a r d - l oo k i n g s t a t e m e n ts i n vo l v e r i sk a n d un ce rt a i n ty bec a u s e t h e y r e l a t e t o e v e n ts a n d depe n d u p on f u t u r e c i r c u m s t a n ce s t ha t m a y or m a y n o t o cc u r. A c t ua l r e s u l t s m a y d i f f e r m a t e r i a ll y fr o m t h e c u rr e n t e x p ec t a tio n s o f t h e C o m p a n y depe n d i n g u p o n a n u m be r of f ac t o r s a ff e c t i ng i t s b u s i n e ss , i n c l u d i ng r i sks a ss o c i a t e d w i t h th e i n t e gr a t i o n a n d pe rfor m a n c e of t h e C o m p a n y fol l ow i ng t h e C o m b i n a t i o n . I m p or t a n t f ac t o r s t h a t c o u l d c a u s e a c t u a l r e s u l t s t o d i ff e r m a t e r i a ll y fro m p l a n s , e s t i m a t e s or e x pec t a t i o n s i n c l u d e : c h a ng e s i n de m a n d e nv i ro n m e n t , our a b ili t y to d e li ver o n o u r c l o s ur e p l a n a n d a ss o c i a t e d e ff o rt s ; o u r fut u r e c a s h p a y m e n t s a ss o c i a t e d w i t h th e s e i n i t i a t i ve s; p o t e n t i a l fu t ur e c o s t s a v i ng s a ss o c i a t e d w i t h s u c h i n i t i a t i ve s; t h e a m o u n t of c h a rg e s a n d t h e t i mi ng of s u c h c h a rg e s or a c t i o n s d e s c r i bed h e r e i n; p o t e n t i a l fu t ur e i m p a i r m e n t c h a rg e s ; a cc ur ac y of a ss u m p t i o n s a ss o c i a t e d w i t h t h e c h a rg e s ; ec o n o m i c , c o m pe t i t i ve a n d m a r k e t c o n d i t i o n s g e n e r a ll y , i n c l u d i ng m a c ro e c o n o m i c u n ce rt a i n t y , c u s t o m e r i nv e n t or y r e b a l a n c i ng, t h e im p a c t of i nfla t i o n a n d i n c r ea s e s i n e n e rg y , r a w m a t e r i a l s , s h i pp i ng, l a b or a n d c a p i t a l eq u i p m e n t c o s t s , g e o - ec o n o m i c fr a g m e n t a t i o n a n d p ro t ec t i o n i s m s u c h a s t a r i ff s , tr a de w a r s or s imil a r gov e rn m e n t a l a c t i o n s a ff e c t i ng t h e f l ow s of go o d s , s e r v i ce s or c urr e n c y ( i n c l u d i ng t h e im p l e m e n t a t i o n of t a r i ff s b y t h e US f ede r a l gov e rn m e n t a n d r e c i p ro c a l t a r i ff s a n d o t h e r p ro t ec t i o n i s t or r e t a li a t o r y m e a s ur e s gov e rn m e n t s i n E ur o pe , A s i a , a n d o t h e r c oun tri e s h a v e t a k e n or m a y t a k e i n r e s p on s e ) ; t h e i m p a c t o f p r o l on g e d o r r ec u rr i n g U. S . f e de r a l g o v e r n m e n t s hu t d o w n s a n d a n y r e s u l ting vol a ti l i ty i n t h e ca p i t a l m a r k e ts o r i n t e rr u p tio n s i n t h e C o m p a n y ’ s a c ce ss t o c a p i t a l ; t h e i m p a c t of p u b li c h e a l t h c r i s e s , s u c h a s p a n d e mi c s a n d ep i de mi c s a n d a n y r e l a t e d c o m p a n y or gov e rn m e n t a l p o l i c i e s a n d a c t i on s t o p ro t ec t t h e h e a l t h a n d s a f e t y of i n d i v i d u a l s or gov e rn m e n t a l p o l i c i e s or a c t i o n s to m a i n t a i n t h e fun c t i o n i ng of n a t i o n a l or g l o b a l ec o n o m i e s a n d m a r k e t s ; r e d u c ed s u p p l y of r a w m a t e r i a l s , e n e rg y a n d tr a n s p or t a t i o n , i n c l u d i ng fro m s u p p l y c h a i n d i s ru p t i o n s a n d l a b or s h o rt a g e s ; de velo p m e n t s r e l a t e d t o p r i c i ng c y c l e s a n d vo l u m e s ; i n t e n s e c o m pe t i t i o n ; t h e a b ili t y of th e C o m p a n y t o s u c ce ss ful l y r e c ov e r fro m a d i s a s t e r or ot h e r b u s i n e ss c o n t i n u i t y p ro b l e m d u e t o a h u rr i c a n e , f l o o d , e a rt h q u a k e , t e rror i s t a t t a c k , w a r , p a n d e mi c , s ec ur i t y b r ea c h, c y be r - a t t a c k , p ow e r l o s s , t e l ec o m m u n i c a t i o n s f a il ur e or ot h e r n a t u r a l or m a n - m a de e ve n t s , i n c l u d i ng t h e a b ili t y to fu n c t i o n r e m o t e l y d ur i ng l o n g - t e r m d i s ru p t i o n s ; th e C o m p a n y ' s a b ili t y t o r e s p o n d t o c h a ng i ng c u s t o m e r p r e f e r e n c e s a n d t o p ro t ec t i n t e ll ec t u a l p ro p e rt y ; t h e a m o u n t a n d t i mi ng of t h e C o m p a n y ' s c a p i t a l e x pe n d i t u r e s ; r i sks r e l a t e d t o i n t e rn a t i o n a l s a l e s a n d o p e r a t i o n s ; f a il ur e s i n t h e C o m p a n y ' s q u a li t y c o n tr o l m e a s ur e s a n d sys t e m s r e s u l t i ng i n f a u l t y or c o n t a mi n a t e d p ro d u c t s ; c y be r s ec ur i t y r i sks , i n c l u d i ng t h r ea t s t o th e c o n f i de n t i a li t y , i n t e gr i t y a n d a vai l a b ili t y of d a t a i n t h e C o m p a n y ' s s ys t e m s ; wor ks s t o pp a g e s a n d o t h e r l a b or d i s p u t e s ; t h e C o m p a n y ’ s a b ili t y t o e s t a b li s h a n d m a i n t a i n e ff e c t i ve i n t e rn a l c o n tr o l s o v e r f i n a n c i a l r e p or t i ng i n a cc or d a n c e w i t h t h e S a r ba n e s O x l e y A c t of 2 0 0 2 , a s am e n d ed , a n d r e m ed i a t e a n y w e a k n e ss e s i n c o n tr o l s a n d p ro c e ss e s ; t h e C o m p a n y ' s a b ili t y t o r e t a i n or h i r e k e y p e r s o n n e l ; r i sks r e l a t e d t o s u s t a i n a b ili t y m a t t e r s , i n c l u d i ng c lim a t e c h a ng e a n d s c a r c e r e s ou r c e s , a s w e ll a s t h e C o m p a n y ' s a b ili ty t o c o m p l y w i t h c h a n g i n g e n v i r o n m e n t a l l a w s a n d r e g u l a tio n s ; t h e C o m p a n y ' s ab i li ty t o s u cce ss f u l l y i m p l e m e n t s tr a t e g i c tr a n s f o rm a tio n i n i ti a ti v e s ; r e s u l ts a n d im p a c t s of a cq u i s i t i o n s b y t h e C o m p a n y ; t h e C o m p a n y ' s s i gn i f i c a n t l e vel s of i n d eb t e d n e ss ; t h e im p a c t of t h e C o m b i n a t i o n on t h e C o m p a n y ' s c r e d i t r a t i ng s ; th e p o t e n t i a l im p a i r m e n t of a ss e t s a n d go o d w i ll ; th e a vai l a b ili t y of s uf f i c i e n t c a s h t o d i s tr i b u t e d i v i de n d s t o th e C o m p a n y ' s s h a r e h o l de r s i n li n e w i t h c urr e n t e x pec t a t i o n s ; t h e s c o pe , c o s t s , t imi ng a n d im p a c t of a n y r e s tr u c t u r i ng of o p e r a t i o n s a n d c or p or a t e a n d t a x s tr u c t u r e ; e vo l v i ng l e g a l , r e gu l a t o r y a n d t a x r e g im e s ; c h a ng e s i n ec o n o m i c , f i n a n c i a l , p o l i t i c a l a n d r e gu l a t o r y c o n d i t i o n s i n I r e l a n d , t h e Un i t e d K i ng d o m , th e Un i t e d S t a t e s a n d e l s e wh e r e , a n d o t h e r f ac t o r s t h a t c o n tr i b u t e t o u n ce rt a i n t y a n d vo l a t i li t y , n a t u r a l a n d m a n - m a de d i s a s t e r s , c i v i l u n r e s t, g e o p o l i t i c a l u n ce rt a i n t y , a n d c o n d i t i o n s t h a t m a y r e s u l t fro m l e g i s l a t i ve, r e gu l a t o r y , tr ade a n d p o l i c y c h a ng e s a ss o c i a t e d w i t h th e c urr e n t or s u b s eq u e n t Ir i s h, U S or U K a d mi n i s tr a t i o n s ; l e g a l p ro c eed i ng s i n s t i t u t e d a g a i n s t t h e C o m p a n y ; a c t i o n s b y th i r d p a r t i e s , i n c l u d i ng gov e rn m e n t ag e n c i e s ; t h e C o m p a n y ' s a b ili t y t o p ro m p t l y a n d e ff e c t i vel y i n t e gr a t e S m urfit K a pp a ' s a n d W e s tRo c k ' s b u s i n e ss e s ; th e C o m p a n y ' s a b ili t y t o a c h i e ve t h e s y n e rg i e s a n d valu e c r ea t i o n c o n t e m p l a t e d b y t h e C o m b i n a t i o n ; t h e C o m p a n y ' s a b ili t y to m ee t e x pec t a t i o n s r e g a r d i ng t h e a cc o u n t i ng a n d t a x tr e a t m e n t s of t h e C o m b i n a t i o n , i n c l u d i ng t h e r i sk t h a t t h e Int e rn a l R e ve n u e S e r v i ce m a y a s s e rt t h a t t h e C o m p a n y s h o u l d be tr e a t e d a s a US c or p or a t i o n or be s u b j ec t t o ce rt a i n u n f a vor a b l e U S f e de r a l i n c o m e t a x ru l e s un d e r S ec t i o n 7 8 7 4 of t h e I n t e rn a l R e ve n u e C o d e of 1 9 8 6 , a s am e n d ed , a s a r e s u l t of t h e C o m b i n a t i o n ; ot h e r f ac t o r s s u c h a s fut u r e m a r k e t c o n d i t i o n s , c urr e n c y f l u c t u a t i o n s , th e be h a v i or of o t h e r m a r k e t p a rti c i p a n ts , t h e a c tio n s o f r e g u l a t o r s a n d o t h e r f a c t o r s s u c h a s c h a n g e s i n t h e p o li ti c a l , s o c i a l a n d r e g u l a t o r y fr a m e w o r k i n w h i c h t h e C o m p a n y ' s gr ou p o pe r a t e s o r i n ec ono m i c o r t e c hno l o g i c a l tr e n d s or c o n d i t i o n s , a n d o t h e r r i sk f ac t o r s i n c l u d ed i n t h e C o m p a n y ' s f i li ng s w i t h th e S e c ur i t i e s a n d E x c h a ng e C o m mi ss i o n , i n c l u d i n g th e C o m p a n y ’ s A n n u a l R ep or t o n For m 1 0 - K for th e f is c a l y e a r e n d ed D e ce m be r 3 1 , 2 0 2 4 . N e i t h e r t h e C o m p a n y n o r a n y of i t s a ss o c i a t e s or d i r e c t o r s , of f i ce r s or a d v i s e r s p rov i de s a n y r e p r e s e n t a t i o n , a ss ur a n c e or gu a r a n t ee t h a t t h e o c c urr e n c e of t h e e ve n t s e x p r e ss ed or i m p li ed i n a n y s u c h forw a r d - l o o k i ng s t a t e m e n t s w ill a c t u a ll y o c c ur. You a r e c a u t i o n ed n o t t o p l a ce u n d u e r e li a n c e o n th e s e forw a r d - l o o k i ng s t a t e m e n t s . O t h e r t h a n i n a cc or d a n c e w i t h i t s l e g a l or r e gu l a t o r y o b li g a t i o n s ( i n c l u d i ng un d e r t h e UK L is t i ng R u l e s , th e D i s c l o s ur e G u i d a n c e a n d Tr a n s p a r e n c y R u l e s , th e UK M a r k e t A b u s e R e gu l a t i o n a n d o t h e r a pp li c a b l e r e g u l a t i o n s ) , th e C o m p a n y i s un d e r n o o b li g a t i o n , a n d t h e C o m p a n y e x p r e ss l y d i s c l a im s a n y i n t e n t i o n or o b li g a t i o n , to u p d a t e or r e v i s e p u b li c l y a n y forw a r d - l o o k i ng s t a t e m e n t s , wh e t h e r a s a r e s u l t of n e w i nf o r m a t i o n , fu t ur e e ve n t s or ot h e rw is e.

P a per | P a c k a g i n g | So l u t i ons S m u r f i t We s t r o c k Q 3 | 202 5 R e s ul t s | 3 No n - GA A P F ina n cial M e a s u r e s a n d R e c o n c i l i a tio ns S m u rfit W e s tr o c k r e p o rts i ts fin a n c i a l r e s u l ts i n a cc o r d a n c e w i t h a cc oun ting p r i n c i p l e s g e n e r a ll y a ccep te d i n t h e U n i t e d S t a t e s ( " G AA P " ) . H o w e v e r, m a n a g e m e n t be li e v e s ce rt a i n no n - G AA P fin a n c i a l m e a s u r e s p rov i de S m urfit W e s tr o c k ’ s B o a r d of d i r e c t o r s , i nv e s t o r s , p o t e n t i a l i nv e s t o r s , s ec ur i t i e s a n a l ys t s a n d o t h e r s w i t h a d d i t i o n a l m e a n i ngf u l f i n a n c i a l i nf o r m a t i o n t h a t s h o u l d be c o n s i de r e d wh e n a ss e ss i ng i t s ongoing pe rfor m a n c e . S m urfit W e s tr o c k m a n a g e m e n t a l s o u s e s th e s e n o n - G AA P f i n a n c i a l m e a s ur e s i n m a k i ng f i n a n c i a l , o p e r a t i ng a n d p l a n n i n g dec i s i o n s , a n d i n e valu a t i ng c o m p a n y pe rfor m a n c e . N o n - G AA P f i n a n c i a l m e a s ur e s a r e n o t i n t e n d ed t o b e c o n s i de r e d i n i s o l a t i o n of or a s a s u b s t i t u t e for, or s u p e r i or t o , f i n a n c i a l i nf o r m a t i o n p r e p a r e d a n d p r e s e n t ed i n a cc or d a n c e w i t h G AA P a n d s h o u l d be v i e w e d i n a dd i t i o n t o , a n d n o t a s a n alt e rn a t i ve for, th e G AA P r e s u l t s . Th e n o n - G AA P f i n a n c i a l m e a s ur e s w e p r e s e n t m a y d i ff e r fro m s imil a r l y c a p t i o n ed m e a s ur e s p r e s e n t ed b y ot h e r c o m p a n i e s . S m urfit W e s tr o c k u s e s t h e n o n - G AA P f i n a n c i a l m e a s ur e s “ A d j u s t e d E B IT D A ” , “ A d j u s t e d E B IT D A M a rg i n ” a n d “ A d j u s t e d Fr e e Ca s h Flow ” . W e d i s c u s s b e l ow de t a il s of t h e non - G AA P f i n a n c i a l m e a s ur e s p r e s e n t ed b y u s a n d p rov i de r e c o n c ili a t i o n s of t h e s e n o n - G AA P f i n a n c i a l m e a s ur e s t o th e m o s t d i r e c t l y c o m p a r a b l e f i n a n c i a l m e a s ur e s c a l c u l a t e d i n a cc or d a n c e w i t h G AA P. D e f i nit i ons S m urfit W e s tr o c k u s e s th e n o n - G AA P f i n a n c i a l m e a s ur e s “ A d j u s t e d E B IT D A ” a n d “ A d j u s t e d E B IT D A M a rg i n ” to e valu a t e i t s o v e r a ll p e r for m a n c e . Th e c o m p o s i t i o n of A d j u s t e d E B IT D A i s n o t a dd r e ss ed or p r e s c r i bed b y G AA P . S m urfit W e s tr o c k d e f i n e s A d j u s t e d E B IT D A a s n e t i n c o m e ( l o s s ) be for e i n c o m e t a x e x pe n s e , dep r e c i a t i o n , d e p l e t i o n a n d a m or t i z a t i o n , i n t e r e s t e x pe n s e , n e t, pe n s i o n a n d o t h e r p o s tr e t i r e m e n t n o n - s e r v i ce i n c o m e ( e x pe n s e ) , n e t, s h a r e b a s ed c o m pe n s a t i o n e x pe n s e , o t h e r e x pe n s e , n e t, im p a i r m e n t a n d r e s tr u c t u r i ng c o s t s , tr a n s a c t i o n a n d i n t e gr a t i o n - r e l a t e d e x pe n s e s a ss o c i a t e d w i t h t h e C o m b i n a t i o n , amort i z a t i o n of f a i r valu e s t e p u p o n i nv e n t or y a n d o t h e r s pec i f i c i t e m s th a t m a n a g e m e n t be li e ve s a r e n o t i n d i ca t i ve of t h e o n go i ng o p e r a t i ng r e s u l t s of th e b u s i n e ss . M a n a g e m e n t be li e ve s A d j u s t e d E B IT D A a n d A d j u s t e d E B IT D A M a rg i n m e a s ur e s p rov i de S m urfit W e s tr o c k ’ s m a n a g e m e n t , B o a r d of d i r e c to r s , i nv e s t o r s , p o t e n t i a l i nv e s t o r s , s ec ur i t i e s a n a l ys t s a n d o t h e r s w i t h u s e ful i nf o r m a t i o n t o e valu a t e S m urfit W e s tr o c k ’ s p e rfor m a n c e r e l a t i ve t o ot h e r p e r i o d s bec a u s e i t a d j u s t s o u t n o n r e c urr i ng i t e m s th a t m a n a g e m e n t be li e ve s a r e n o t i n d i c a t i ve of t h e o n go i ng r e s u l t s of t h e b u s i n e ss . A d j u s t e d E B ITD A Ma rgin i s c a l c u l a t e d a s A d j u s t e d E B ITD A d i v i ded b y N e t S a l e s. S m urfit W e s tr o c k u s e s th e n o n - G AA P f i n a n c i a l m e a s ur e “ A d j u s t e d Fr e e Ca s h Flow ” . S m urfit W e s tr o c k de f i n e s A d j u s t e d Fr e e Ca s h Flo w a s n e t c a s h p rov i ded b y o p e r a t i ng a c t i v i t i e s a s a d j u s t e d for c a p i t a l e x pe n d i t u r e s a n d t o e x c l u d e ce rt a i n c o s t s n o t r e f l ec t i ve of u n de r l y i ng ong o i ng o p e r a t i o n s . M a n a g e m e n t u t ili z e s th i s m e a s ur e i n c o n n e c t i o n w i t h m a n a g i ng S m urfit W e s tr o c k ’ s b u s i n e ss a n d be li e ve s t h a t A d j u s t e d Fr e e Ca s h Flow i s u s e ful t o i nv e s t o r s a s a li q u i d i t y m e a s ur e bec a u s e i t m e a s ur e s t h e amoun t of c a s h g e n e r a t e d t h a t i s a vai l a b l e , a ft e r r e i nv e s t i ng i n t h e b u s i n e ss , t o m a i n t a i n a s tr o ng b a l a n c e s h e e t, p a y d i v i de n d s , r e p ur c h a s e s t o c k , s e r v i ce deb t a n d m a k e i nv e s t m e n t s for fu t ur e growt h . I t s h o u l d no t be i nf e rr e d t h a t t h e e n t i r e fr ee c a s h f l ow a m o u n t i s a vai l a b l e for d i s c r e t i o n a r y e x pe n d i t u r e s . B y a d j u s t i ng for ce rt a i n i t e m s th a t a r e n o t i n d i c a t i ve of S m urfit W e s tr o c k ’ s un d e r l y i ng o p e r a t i o n a l pe rfor m a n c e , S m urfit W e s tr o c k b e li e ve s t h a t A d j u s t e d Fr e e Ca s h Flow a l s o e n a b l e s i nv e s t o r s t o p e rfor m m e a n i ngf u l c o m p a r i s o n s be tw e e n p a s t a n d p r e s e n t pe r i o d s .

S m u r f i t We s t r o c k Q 3 | 202 5 R e s ul t s | 4 P a per | P a c k a g i n g | So l u t i ons   N o r th Am e ri c a – A d j u s t e d E B I T D A m a r gi n o f 17 . 2% Sign i f i c a nt c o mm e r c i a l and ope r at i o n a l i m p r o v e m e nt Ex i t i ng u n e c o n o m i c v o l ume Cont i n u e d f o o t p rint op t i m i z at i on   EME A & A P A C – A d j u s t e d E B I T D A m a r gi n o f 14 . 8% Int e g r at e d mod e l d e li v e ring r e s i li e nt m a r g in O ng o i ng l e ade r sh i p i n i n n o v at i o n & sus t a i nab i li t y   L A T A M – A d j u s t e d E B I T D A m a r gi n o f 21 . 3% S up e r i o r m a r gin & g r o w th oppo r tu n i t i es Str o ng ma r k e t p os i t i o ns Consis t ent l y deli v ering A d j us t e d E B I T D A * o f $1 , 3 0 2 m il li on A d j us t e d E B I T D A m a r g i n * o f 1 6 . 3% 4 * A d ju st ed EB I T D A and A d ju st ed EB I T D A M a r g in a r e no n - GA A P f in a n c ial m ea s u r e s. S ee t he A ppend i x f o r t he r e c on c i l ia t io n o f t he s e m ea s u r e s t o t he m o st c o m pa r ab le GA A P m ea s u r e s. S m u r f i t We s t r o c k Q 3 | 202 5 R e s ul t s |

S m u r f i t We s t r o c k Q 3 | 202 5 R e s ul t s | 5 P a per | P a c k a g i n g | So l u t i ons 5   G r oup N e t Cash P r o vid e d b y O p era t i n g A c ti vi t i es o f $1.1 b illi on w i t h A d j us t e d Fre e Cash Fl o w * o f $57 9 m i lli on B r o a d - b ase d a d o p t i on o f p er f o r ma n c e - l e d cul t u re O ngoin g syn e rgy an d comm e rcia l i m p rov e me n t p rog r ams O n g o i n g asse t o p t i m i z a t i on   N o r th Am e ri c a: Fur t her re d uc t i on i n nu m b er o f cor r u g a t e d l os s maker s an d c on t i nu i n g ra t i ona l i z a t i on o f ine f f i cien t ca p aci t y Increase d f ocus on w o r k i n g ca p i t a l s t ar t i n g t o d el i v er O n g o i n g p os i t i v e subs t i t u t i on f r o m CR B t o SBS / C UK Inno v at i on o ff e r i ng gain i ng t ract i on   EME A & A P A C: St r o n g ma r g i n re t ent i on as a resul t o f t h e i n t egra t e d m o d el E ff e c t i v e i n t egra t i on o f consu m er o p era t i ons A g r e e men t reach e d t o ra t i ona l i z e G e r m an cor r u g a t e d f aci l i t i e s   L A T A M: Integra t ion o f Bra z i l ian o p e ra t ions com p lete S i g ni f i can t g r o w t h i n Col o mbia Ca p i t a li z i n g p r o g r am s d el i v e r i n g g r o w t h, e f f i ciency an d c os t t ak e - ou t G r oup and r egi o nal hi g hli g hts S m u r f i t We s t r o c k Q 3 | 202 5 R e s ul t s | * A d ju st ed F ree C a s h Flo w i s a no n - GA A P f in a n c ial m ea s u r e . S ee t he A ppend i x f o r t he r e c on c i l ia t io n o f t h i s m ea s u r e t o t he m o st c o m pa r ab le GA A P m ea s u r e.

P a per | P a c k a g i n g | So l u t i ons S m u r f i t We s t r o c k Q 3 | 202 5 R e s ul t s | 6   O w n e r op e r a t o r m o del   P e r f orm a n c e - led c u l t u r e   I nit i a t ed g lob a l le a dership p r og r ams   I mp r o v ed c o m m e r c i a l a n d o pe r a t i n g f o c us   S i g nifi c ant l y imp r o v ed oper a tin g e ff i c ie n cy dr i v en b y s y ne r g y p r og r am and o p tim i zed a s s e t b a se   T r a nsf e r o f i nn o v a tio n o f f e r in g and b e st pr a c t i c e unde r w ay Bui l ding a st r onger Smurfit W est r ock S m u r f i t We s t r o c k Q 3 | 202 5 R e s ul t s | 6

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P a per | P a c k a g i n g | So l u t i ons S m u r f i t We s t r o c k Q 3 | 202 5 R e s ul t s | 8 $8.003 Bi l l i on N e t S a l es $1.302 Bi l l i on A d j u ste d EBI T D A* 16.3% A d j u sted EBI T D A M a r g i n* Q3 2025 Smurfit W estrock results * A d ju st ed EB I T D A , A d ju st ed EB I T D A M a r g in and A d ju st ed F ree C a s h Flo w a r e no n - GA A P f in a n c ial m ea s u r e s. S ee t he A ppend i x f o r t he r e c on c i l ia t io n o f t he s e m ea s u r e s t o t he m o st c o m pa r ab le GA A P m ea s u r e s. S m u r f i t We s t r o c k Q 3 | 202 5 R e s ul t s | 8 $579 Mi l l i on A d j u ste d Free C a sh Flo w*

P a per | P a c k a g i n g | So l u t i ons S m u r f i t We s t r o c k Q 3 | 202 5 R e s ul t s | 9 Q3 H i ghlig h ts Smurfi t W e s trock N o rth Amer i ca EME A & A P AC L A T AM N et Sa l es (a gg r e g ate) $ 4 .7 b i l l i o n $ 2 .8 b i l l i o n $ 0 .5 b i l l i on A d j u ste d E B I TD A * $ 8 1 0 mi l l i on $ 4 1 9 mi l l i on $ 1 1 6 mi l l i on A d j u ste d E B I TD A M a r g i n 17 .2% 14 .8% 21 .3% Co rr ug ate d V o l u me Δ (8. 7 %) 0. 2 % 1. 1% * A d ju st ed EB I T D A i s ou r GA A P m ea s u r e o f s eg m en t p r o f i t ab i l i t y be c au s e i t i s u s ed b y ou r c h ie f ope r a t in g de c i s io n m a k e r t o m a k e de c i s io n s r ega r d in g a l l o c a t io n o f r e s ou r c e s and t o a ss e ss s eg m en t pe r f o r m an c e. 9

P a per | P a c k a g i n g | So l u t i ons S m u r f i t We s t r o c k Q 3 | 202 5 R e s ul t s | 10 G r o w t h , i n t e g r a t i on a n d sus t ai n a b i li t y f o c us e d. 2025 – $ 2 . 2 b n t o $2 . 4bn 2026 – $2 . 4bn t o $2 . 5bn Pr og r e s s i v e pol i c y* i s a k e y c o mp on e n t o f c a p i t al a ll o c a t i on d i s c uss i on . L a st q u a r t er l y d i vi d e n d o f $ 0 . 4 3 0 8 p e r o r d i n ar y sh a re S t r ong i n v e s tm e n t g r a de c r ed i t r a t i ng w i t h a l o n g - t erm ta r g e t o f < 2x n e t l e v er a g e r a ti o . O n J u l y 2 , F i t c h u pgra d ed ou r l on g - t er m i ssu er r a t i ng t o BB B + w i t h s t a b l e ou t l ook S ele c t i v e wh en o t h er c a p i t al all o c a t i o n d eman d s h a v e bee n s a t i s fied Capi t al e x pendi t u re D ivide nd Bala n ce s h e et Othe r s h a r e h o l de r r e t u r ns Capital a l lo c a tion D isc i pli n ed app r oa c h – r e t u r ns b a sed D i s ci p l i n e d , v a l u e M+A a cc r e t i v e a p p r o a ch Capita l allo c a ti on * Expec t e d ; su b j e c t t o a pp lica b l e la w , ma r k e t c o n d i t i on s a n d re q u ire d Boa rd a p p r o vals P a per | P a c k a g i n g | So l u t i ons

P a per | P a c k a g i n g | So l u t i ons S m u r f i t We s t r o c k Q 3 | 202 5 R e s ul t s | 11 Conc l usion

P a per | P a c k a g i n g | So l u t i ons S m u r f i t We s t r o c k Q 3 | 202 5 R e s ul t s | 12 C l os ed 3 p a per mi l l s , 1 p a per ma c h i n e a n d 18 c on v e r t i ng fa c ili t i e s O n t r a c k t o d e li v er $ 4 0 0 m illi o n o f i d e n t i fie d c o s t s yne r gies P er m a n e n t h ea d c oun t r e d u c t i on o f o v er 4 , 500 Imp r o v ed c o m m e r ci a l & o per a t i ng f o c us a l r ea d y y i el di ng r e s u l ts F Y 26 c a p i t al s pe n d i n a $2 . 4 t o $2 . 5 b i lli on r a ng e t o: op t i m i z e as s e t b ase a c c e l e r a te c o s t tak e o u t c a pi ta l i z e high g r o w th a r e as i n c r e as e ope r at i ng e ff i cie n cy P os i tioned f or Contin u ed P er f ormance S m u r f i t We s t r o c k Q 3 | 202 5 R e s ul t s | 12

S m u r f i t We s t r o c k Q 3 | 2 025 R e s u l t s | 13 P a per | P a c k a g i n g | So l u t i ons Con c lu s ion ✓  Al i g n e d o w n e r - o p er a tor mo d e l w ith p e rforma n c e - l e d cu l ture ✓  Si g n i fica n t ste p s t ak e n to b u i l d a stro n g e r b u si n ess si n ce th e com b i n ati on ✓  Long - term tar g ets – to b e a n n o u n ce d Fe b ru a r y ‘ 26 S m u r f i t We s t r o c k Q 3 | 202 5 R e s ul t s | 13 “ T h e ste p s w e h a ve tak e n, a n d c o n ti n ue to tak e , a r e b u i l d i n g a b e t t er b us i n e ss a n d as w e e n d 2 0 2 5 a n d e n ter 202 6 w e ar e a muc h s t ro n g e r C o mp a n y , i n cr e a si n g l y e x cit e d abou t ou r futur e pr o sp e cts - T o n y Smurfit

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P a per | P a c k a g i n g | So l u t i ons EBI T D A m a r g i n* D i v id e nd** N e t l e v e r a ge r a tio* R e t urn on c api t a l empl o y ed* 10 12 14 16 18 20 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 5 10 15 20 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 0 .5 1 1 .5 2 2 .5 3 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 50 1 00 1 50 2 00 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 * E B I T D A m a r g in , ne t le v e r age r a t io and r e t u r n on c ap i t a l e m p lo y ed a r e h i s t o r i c r epo r t ed no n - GA A P I F R S pe r f o r m an c e m ea s u r e s, and a r e c a l c u la t ed in eu r o. G r aph s r ep r e s en t h i s t o r i c a l f in a n c ial pe r f o r m an c e unde r le g a c y S m u r f i t K appa G r oup . P r io r pe r f o r m an c e i s no t ne c e ss a r i l y in d i c a t i v e o f f u t u r e r e s u l ts. * * D i v i d end h i s t or y repre s en t s l e ga c y S m ur f i t Ka p pa G roup d i v i d end s . An y f u t ure d i v i d end s are s ub j e c t t o m ar k e t c ond i t i o n s a n d appropr i a t e Bo a rd appro v a l s. % % € c e nt P r o v en t r ack r ec o r d o f d e li v ery • Appl y ing t he o w ner / opera t o r , per f or m an c e - led c ul t ure • D e - c en t r a li z i n g operations • V i s ibili t y on de t ailed P& L and balance s heet – Appl y ing a s harper c o mm er c ial f o c us – S t rea m lining operating c o sts and redu c ing bureauc r a c y • E x panding t raining and de v elop m en t opportu n i t i e s - in t ernal t raining s upple m en t e d w i t h be s t - in - c la ss e x t ernal c on t ribu t o r s (e . g . I N SEA D , H ar v ard) • Appli c a t ion o f di sc iplined c api t al allo c a t ion an d e x ecu t ion S m u r f i t We s t r o c k Q 3 | 202 5 R e s ul t s | 15

P a per | P a c k a g i n g | So l u t i ons S m u r f i t We s t r o c k Q 3 | 202 5 R e s ul t s | 16 202 5 C a s h in t e r e s t ~ $ 0. 7 b i l l i on 202 5 C a s h t a x ~ $ 0. 6 b i l l i on 202 5 E f f ec ti v e t a x r a t e ~ 2 6% 202 5 F Y A d just e d EBIT D A* $4 . 9 b i l l i on – $5 . 1 b i l l i on 202 6 Cap i tal e xp e nd i t u r e $2 . 4 b i l l i on – $2 . 5 b i l l i on Guidance * A d j u s t e d EB I T DA is a no n - GAA P f i n a n cial mea s u re . W e h av e no t rec on ciled A d j u s t e d EB I T DA ou t l oo k t o t h e m o s t c o m p a r a b l e GAA P ou t l oo k b e ca u s e i t is no t p o s s i b l e t o d o so w i t hou t un reaso n a b l e e ff o r t s d u e t o t h e un cer t ai n t y a n d p o t e n t ial varia b ili t y o f rec on cili n g i t e ms , w h ic h a r e d e p e n d e n t on f u t u re e v e n t s a n d o f t e n ou t si d e o f ma n ag e men t ' s c o n t r o l a n d w h ic h c o u l d b e signi f i c a n t . B e ca u s e su ch i t e ms ca n no t b e reaso n a b l y p re d ic t e d w i t h t h e l e v e l o f p recisio n re q u ire d , w e a r e un a b l e t o p r o vi d e a n ou t l oo k f o r t h e c o m p a r a b l e GAA P mea s u re ( n e t i n c o me).

P a per | P a c k a g i n g | So l u t i ons S m u r f i t We s t r o c k Q 3 | 202 5 R e s ul t s | 17 R econcili a tions t o m o st com p arable GA A P me a su re S et f orth b e l o w i s a r e c o n c ili at i o n o f th e n o n - G AAP f i n a n c i a l m e a s ure s A d j u s te d EB I T D A a n d A d j u s te d EB I T D A M a r g i n to Net In c o m e ( L o ss ) a n d Net I n c o m e ( L o ss ) M a r g i n, th e m o s t d i r e c t l y c o m p a r a b l e G AAP m e a s ure s , f or th e p e r i o d s i n d i c at e d ( i n m illi o n s , e x c e p t m arg i n s). T h re e m o n th s e n d ed S e pt e m b e r 30, 202 5 2024 Ne t i n c o m e ( l o ss ) $ 24 5 $ ( 150) I n c o m e t a x e x p e n s e 9 1 33 De p r e c i a t i on , dep l e t i on and a m o rt i z a t i on 65 9 564 I m pa i r m en t and r e s tr u c t u r i n g c o s ts 6 5 21 T r an s a c t i on and i n t e g r a t i o n - r e l a t ed e x pen s e s a ss o c i a t e d w i t h t h e Co m b i na t i o n 1 5 267 A m o rt i z a t i on o f f a i r v a l ue s t e p up o n i n v en t o ry - 227 I n t e r e s t e x pen s e , ne t 17 7 167 P en s i on and o t h e r po s tr e t i r e m en t no n - s e r v i c e ( i n c o m e ) e x pen s e , ne t ( 8 ) ( 8) S ha r e - ba s ed c o m pen s a t i on e x pen s e 3 5 123 O t h e r e x pen s e , ne t 2 1 13 O t h e r ad j u s t m en ts 2 8 A dju s ted E B ITD A $ 1 , 3 0 2 $ 1 , 2 65 Net S a l e s $ 8 , 0 0 3 $ 7 , 6 71 Net I nc o m e (L o ss ) M a rgi n (Net I nc o m e (L o ss )/N e t S a l e s ) 3 . 1 % ( 2 . 0 %) A d j u s t e d EBITD A M a rgi n ( A d j u s t e d EBITD A /N e t S a l e s ) 16 . 3 % 16 . 5%

P a per | P a c k a g i n g | So l u t i ons S m u r f i t We s t r o c k Q 3 | 202 5 R e s ul t s | 18 R econcili a tions t o m o st com p arable GA A P me a su r e ( continued) S et f orth b e l o w i s a r e c o n c ili at i o n o f th e n o n - G AAP f i n a n c i a l m e a s ure A d j u s te d F r e e Ca s h F l o w to Net c a s h pro vi d e d b y o p erat i n g a c t iv i t i e s , th e m o s t d i r e c t l y c o m p a r a b l e G AAP m e a s ure, f or th e p e r i o d s i n d i c at e d ( i n m illi o n s ). T h re e m o n th s e n d ed S e pt em b e r 30, 202 5 2024 Ne t c a s h p r o v i ded b y o pe r a t i ng a c t i v i t i e s $ 1 , 1 3 3 $ 320 Ca p i t a l e x pend i t u r e s ( 610 ) ( 512) Fr ee Ca s h F l o w $ 52 3 $ ( 192) A d j u s t m en t s : T r an s a c t i on and i n t e g r a t i on c o s ts 2 3 307 R e s tr u c t u r i n g c o s ts 6 2 45 T a x on a bo v e i t e ms ( 29 ) ( 42) A d j u s t e d Fr ee Ca s h F l o w $ 57 9 $ 1 18

P a per | P a c k a g i n g | So l u t i ons S m u r f i t We s t r o c k Q 3 | 202 5 R e s ul t s | 19