Net sales were $8,003 million, with adjusted EBITDA of $1,302 million.
Net sales were $8,003 million, with net income of $245 million and a net income margin of 3.1%. Adjusted EBITDA was $1,302 million, with an adjusted EBITDA margin of 16.3%. Net cash provided by operating activities was $1,133 million, with adjusted free cash flow of $579 million.
“I am pleased to report that for the third quarter, we delivered in line with our adjusted EBITDA guidance,” says Tony Smurfit, president and CEO of Smurfit Westrock. “This performance was driven by the continued operational and commercial improvements in our North American business and our strong positions in EMEA and APAC and Latin America.
“The operational and commercial improvement in our North American business is increasingly evident, with an adjusted EBITDA of $810 million and an adjusted EBITDA margin of 17.2% for the quarter,” adds Smurfit. “Our corrugated operations continue to focus on value over volume and exiting uneconomic business. This approach, together with our focus on delivering innovation, quality and service for our customer base, has delivered a strong improvement in returns. Our consumer business also continues to improve as a result of already implemented restructurings, utilizing the full breadth of our paper portfolio and a unique and innovative product offering.
“We believe we are one of the market leaders in EMEA and APAC, where we have once again demonstrated good returns despite a difficult market backdrop to deliver adjusted EBITDA of $419 million with an adjusted EBITDA margin of 14.8%,” notes Smurfit. “As a result of our integrated model, our mill system continues to run close to full utilization. While the backdrop from a paper supply perspective remains challenging, our value-added proposition in our packaging business is reflected in the resilience of our margin despite the softer demand environment.
“Our Latin American operations delivered adjusted EBITDA of $116 million for the quarter, with an adjusted EBITDA margin of 21.3%, reflecting continued operational improvement and our strong market positions. The slightly lower margin quarter-on-quarter is primarily a result of a one-time operational issue which has now been resolved.
“The year to date has been characterized by a challenging demand backdrop, and as a result, we expect to take additional economic downtime in the fourth quarter to optimize our system,” Smurfit observes. “As a result, we now expect to deliver full-year adjusted EBITDA in a $4.9 to $5.1 billion range. Our 2026 capital spend is expected to be in a $2.4 to $2.5 billion range. This level of spend allows us to continue optimizing our asset base, accelerating cost take-out and capitalizing high growth areas.
“Our third quarter results reflect the significant progress we have made since the creation of Smurfit Westrock some 16 months ago,” he concludes. “The steps we have taken, and continue to take, are building a better business, and as we end 2025 and enter 2026, we are a much stronger company, increasingly excited about our future prospects.”
