Smurfit Kappa Q3 Report 2023

Key Points:
• EBITDA of €1,625 million with an EBITDA margin of 19.0%
• ROCE of 18.0% reflecting the ongoing benefit of capital plans and operating excellence
• Net Debt to EBITDA ratio of 1.4x
• Announced transaction to combine Smurfit Kappa and WestRock, creating a global leader in sustainable
fibre-based packaging

Tony Smurfit, Group CEO, commented:

“We are pleased to report an excellent performance for the first nine months with EBITDA of €1,625 million, an
EBITDA margin of 19.0%, a ROCE of 18.0% and a net debt to EBITDA of 1.4x.

“These results continue to demonstrate the effectiveness of our multi-year capital plans, our geographic footprint
and the service and dedication of our people. SKG provides its customers with innovative and sustainable
products, delivered and supported by the security of our integrated model.

“Box demand in the third quarter for the Group was approximately 2% behind 2022 levels versus a negative 7%
and 5% in the first and second quarters respectively. We expect this trend to continue, with Germany in particular
showing improved order books.”