Smurfit Westrock

“Smurfit Westrock is exposed to commodity price risks through its dependence on recovered paper, the principal raw material used in the manufacture of recycled containerboard and virgin fiber which is the principal raw material that Smurfit Westrock uses in the production of a portion of the Company’s containerboard, bleached paperboard and market pulp.”

Annual report 2025A · The company itself

“Our “Better Planet Packaging” initiative aims to develop our sustainable packaging to positively impact global supply chains, improve our packaging environmental footprint and reduce packaging traces on the planet. Characteristics of Better Planet Packaging include: •optimized and fit-for-purpose materials; •reduced carbon footprint; •designed to be recyclable and are actually recycled; •manufactured with recycled material when possible, and sustainably sourced virgin material when needed; and •naturally biodegradable.”

Annual report 2025A · The company itself

“We use renewable, recyclable, and recycled materials to create innovative, sustainable packaging solutions. As a leading consumer of recycled fiber, we play our part in the circular economy by recycling old paper-based packaging.”

Annual report 2025A · The company itself

“Corrugated packaging refers to the conversion of corrugated sheets through the production and the sale of corrugated containers and other corrugated products including displays. Corrugated packaging is used to provide protective packaging for shipment and distribution of food, paper, health and beauty, and other household, consumer, commercial and industrial products.”

Annual report 2025A · The company itself

“Consumer packaging is used mainly as primary packaging for products, providing convenience, marketing support and protection for products, and can consist of folding cartons, carriers and other containers. Our folding cartons are used to package items for industries such as food, paper, beverages, dairy products, confectionery, health and beauty and other household consumer, commercial and industrial products, primarily for retail sale.”

Annual report 2025A · The company itself

“It has an outer layer of linerboard, which is laminated onto a solid layer of recycled paper, producing a product that is heavier and more resistant to moisture and cold than corrugated containers. Solidboard is better suited for certain more demanding packaging applications which may be exposed to wet conditions and freezing temperatures, such as the transportation of fresh products, including fruit, vegetables, fish, meat, poultry and dairy products.”

Annual report 2025A · The company itself

“Kraft paper is a grade of paper made primarily from wood which is used in different applications, the key one being in paper sack production, with the grade being known as sack kraft. Sack kraft is either converted into sacks for industrial use, transporting building materials, agriculture, chemicals, minerals and animal feed, or bags subject to high quality graphics for more sophisticated packaging end uses such as pet food and retail carrier bags.”

Annual report 2025A · The company itself

“Bag-in-box is a form of packaging where a liquid is packed in a flexible plastic film or “bag” with a tap attached, which is then generally inserted into a corrugated container.”

Annual report 2025A · The company itself

“We operate 37 consumer packaging plants in North America. Our consumer packaging operations generate revenues primarily from the sale of consumer packaging products such as folding cartons, inserts and labels.”

Annual report 2025A · The company itself

“We are one of the European leaders in terms of capacity in corrugated packaging, containerboard, consumer packaging and bag-inbox. We also operate in several other packaging and paper market segments, such as sack kraft paper, machine glazed paper, graphic board, solidboard, solidboard packaging and boxboard.”

Annual report 2025A · The company itself

“We operate 40 consumer packaging plants in Europe in 12 countries which primarily manufacture folding cartons, labels and leaflets for consumer packaging markets. We are one of the largest producers in Europe.”

Annual report 2025A · The company itself

“Our margins are affected by the prices that we are able to charge for our products and the costs of the raw materials we require to make these products. Our primary raw materials are recovered fiber, particularly old corrugated containers (“OCC”), and wood fiber. The prices for these raw materials tend to be volatile, and price fluctuations affect our margins.”

Annual report 2025A · The company itself

“Smurfit Westrock is one of the world's largest integrated manufacturers of paper-based packaging products in terms of volumes and sales, with operations in North America, South America, Europe, Asia, Africa, and Australia.”

Annual report 2025A · The company itself

“Smurfit Westrock’s net sales are primarily derived from the sale of containerboard, corrugated containers, paperboard, consumer packaging, and other paper-based packaging products.”

Annual report 2025A · The company itself

“A customer’s use of our services may decrease for a variety of reasons, including a decrease in the customer’s own sales and volumes, the customer’s level of satisfaction with our products and services, the expansion of business to offer new products and services, the effectiveness of our support services, the pricing of our products and services, the pricing, range and quality of competing products or services, the effects of global economic conditions, regulatory limitations, trust, perception and interest in the paper and packaging industry and in our products and services.”

Annual report 2025A · The company itself

“We are one of the largest integrated producers of linerboard, white-top linerboard and containerboard and kraft paper in North America (including the U.S., Canada and Mexico), and we serve primarily corrugated packaging markets. We are one of the largest producers of paperboard in North America, and we operate both integrated virgin and recycled fiber mills.”

Annual report 2025A · The company itself

“We are the one of the largest manufacturers of corrugated packaging in North America, with operations in the U.S., Canada and Mexico.”

Annual report 2025A · The company itself

“We maintain operations in 40 countries, primarily in North America, Latin America and Europe, and with some operations in Asia, Africa and Australia. In North America, we are a leader in corrugated and consumer packaging, containerboard and paperboard.”

Annual report 2025A · The company itself

“Sales of our North America segment accounted for 58.5% of our net sales to external customers in 2025.”

Annual report 2025A · The company itself

“The year ended December 31, 2025, compared to the year ended December 31, 2024 North America Segment Net sales before intersegment eliminations for the North America segment increased by $8,485 million, to $18,577 million in the year ended December 31, 2025, from $10,092 million in the year ended December 31, 2024.”

Annual report 2025A · The company itself

“The rapid evolution and increased availability of artificial intelligence may intensify cybersecurity risks by making targeted attacks more convincing and cybersecurity incidents more difficult to detect, contain, and mitigate.”

Annual report 2025A · The company itself

“Our approach to innovation focuses on helping customers save more, sell more, and optimize packaging solutions to improve consumer experience. Our innovation model prioritizes agility for faster innovation and smarter testing, promoting global innovation with local relevance, fostering end-to-end circular packaging innovation, and enabling quicker, better decision making with market-leading capabilities.”

Annual report 2025A · The company itself

“We may fail to anticipate trends and develop or integrate new technologies that would enable us to offer products that respond to changing customer preferences or to protect intellectual property related to our products and technologies. Our success depends, in part, on our ability to offer differentiated solutions, and we must continually develop and introduce new products and services to keep pace with technological and regulatory developments and changing customer preferences.”

Annual report 2025A · The company itself

“We also utilize and intend to expand our use of automation, robotics and machine learning in many of our products, including consumer-facing features, and we leverage generative artificial intelligence in our business processes. While we believe the use of these emerging technologies can present significant benefits, they also create risks and challenges. Data sourcing, technology, integration and process issues, bias in decision-making algorithms, concerns over intellectual property, reputational implications if use becomes controversial, system security concerns, or the protection of privacy could impair the adoption and acceptance of autonomous machine solutions. Additionally, if we are unable to match or surpass the advances of artificial intelligence that our competitors implement for their products or for internal operations, our competitive position could be impacted.”

Annual report 2025A · The company itself

“We operate 40 consumer packaging plants in Europe in 12 countries which primarily manufacture folding cartons, labels and leaflets for consumer packaging markets. We are one of the largest producers in Europe.”

Annual report 2025A · The company itself

“We are one of the largest European manufacturers in the high growth bag-in-box market, a leading European supplier of bags for bagin-box packaging (primarily packaged in corrugated boxes) for the wine market, and a significant global supplier for taps for bag-inbox packaging for the wine market. We have nine bag-in-box or tap manufacturing facilities located in France, Spain, Italy, Bulgaria, Canada, Argentina, Mexico, and the U.S.”

Annual report 2025A · The company itself

“B) Europe, MEA and APAC Segment Our Europe, MEA and APAC segment mill operations consist of 21 mills, and includes a system of mills and box plants that primarily produce a full line of containerboard that is converted into corrugated containers. We operate in 22 countries across western and eastern Europe.”

Annual report 2025A · The company itself

“Europe, MEA and APAC Segment Net sales before intersegment eliminations for the Europe, MEA and APAC segment increased by $1,316 million, to $10,893 million in the year ended December 31, 2025, from $9,577 million in the year ended December 31, 2024.”

Annual report 2025A · The company itself

“At December 31, 2025, we also have approximately 308,000 acres of forests and plantations, the majority of which are owned in Latin America in Colombia and Brazil.”

Annual report 2025A · The company itself

“We are a leading business in containerboard and corrugated containers in Latin America. In Latin America, we are one of the largest producers of corrugated containers and containerboard, by volume.”

Annual report 2025A · The company itself

“Sales of our LATAM segment accounted for 6.7% of our net sales in 2025.”

Annual report 2025A · The company itself

“Net sales before intersegment eliminations for the LATAM segment increased by $402 million, to $2,113 million in the year ended December 31, 2025, from $1,711 million in the year ended December 31, 2024.”

Annual report 2025A · The company itself

“We provide packaging products for the transportation of a diverse range of consumer and industrial goods, such as processed and fresh food, agricultural products, beverages, industrial and consumer electronics, chemicals and pharmaceuticals, and a range of other products, as well as higher value-added corrugated products, such as those featuring enhanced graphics used for point-of-sale displays and consumer and shelf-ready packaging. During 2025, the majority of our products were sold to the fast-moving consumer goods sector.”

Annual report 2025A · The company itself

“Any paper not used in our own operations is sold through our commercial paper operations, generating revenues primarily from the sale of containerboard, paperboard and specialty grades to external customers, and we serve primarily corrugated packaging, folding carton, food service, liquid packaging and commercial print markets.”

Annual report 2025A · The company itself

“As a result, demand is driven by the need for: (i) packaging products for consumer and industrial goods, (ii) higher value-added corrugated products used for point-of-sale displays and consumer and shelf-ready packaging, and (iii) packaging of pharmaceutical products and the growth of related industries.”

Annual report 2025A · The company itself

“We provide packaging products for the transportation of a diverse range of consumer and industrial goods, such as processed and fresh food, agricultural products, beverages, industrial and consumer electronics, chemicals and pharmaceuticals, and a range of other products, as well as higher value-added corrugated products, such as those featuring enhanced graphics used for point-of-sale displays and consumer and shelf-ready packaging. During 2025, the majority of our products were sold to the fast-moving consumer goods sector.”

Annual report 2025A · The company itself

“Any paper not used in our own operations is sold through our commercial paper operations, generating revenues primarily from the sale of containerboard, paperboard and specialty grades to external customers, and we serve primarily corrugated packaging, folding carton, food service, liquid packaging and commercial print markets.”

Annual report 2025A · The company itself

“For the global healthcare market, we manufacture paperboard packaging for over-the-counter and prescription drugs.”

Annual report 2025A · The company itself

“As a result, demand is driven by the need for: (i) packaging products for consumer and industrial goods, (ii) higher value-added corrugated products used for point-of-sale displays and consumer and shelf-ready packaging, and (iii) packaging of pharmaceutical products and the growth of related industries.”

Annual report 2025A · The company itself

“We provide packaging products for the transportation of a diverse range of consumer and industrial goods, such as processed and fresh food, agricultural products, beverages, industrial and consumer electronics, chemicals and pharmaceuticals, and a range of other products, as well as higher value-added corrugated products, such as those featuring enhanced graphics used for point-of-sale displays and consumer and shelf-ready packaging. During 2025, the majority of our products were sold to the fast-moving consumer goods sector.”

Annual report 2025A · The company itself

“As a result, demand is driven by the need for: (i) packaging products for consumer and industrial goods, (ii) higher value-added corrugated products used for point-of-sale displays and consumer and shelf-ready packaging, and (iii) packaging of pharmaceutical products and the growth of related industries.”

Annual report 2025A · The company itself

“We currently operate 57 paper mills (36 of which produce containerboard only, seven of which produce paperboard only, with six producing both, five producing containerboard and another grade, one producing paperboard and another grade and two producing kraft paper only), 450 converting plants (329 of which convert containerboard into corrugated containers, 84 of which convert paperboard into consumer packaging or manufacture leaflets or labels for consumer packaging, five sack plants and 32 other conversion facilities), 70 recovered fiber facilities, two wood procurement operations in Europe (which together provide raw material for our mills in Europe), two forestry operations in Latin America, 57 distribution facilities in North America, and 30 other production facilities carrying out other related activities.”

Annual report 2025A · The company itself

“As part of integration initiatives, the Company is reviewing and evaluating its various business systems and the system strategies and alternatives for Smurfit Westrock. The implementation of changes in business systems could represent a significant financial undertaking and may require substantial time and attention of management and key employees.”

Annual report 2025A · The company itself

“As of December 31, 2025, we employed approximately 97,000 people across the 40 countries in which we operate, of which approximately 50,000 were in the North America segment, approximately 36,500 in our Europe, MEA and APAC segment, and approximately 10,500 in the LATAM segment.”

Annual report 2025A · The company itself

“We may be adversely impacted by work stoppages and other labor relations matters. There are different labor unions represented across our sites and a majority of our employees are covered by a collective labor agreement as a result of either local or national negotiations in the countries concerned. Labor disputes or other problems, such as work stoppages, or failure to successfully renegotiate the terms of any of the collective labor agreements, could lead to a substantial interruption to our business.”

Annual report 2025A · The company itself

“In addition, our business involves the use of heavy equipment, machinery and chemicals and requires the performance of activities that create safety exposures, including the performance of relatively difficult and specialized tasks. Safeguarding the health, safety and overall well-being of our colleagues is a top concern, critical to attracting and retaining the best talent, and plays a pivotal role in realizing our business and sustainability objectives.”

Annual report 2025A · The company itself

“We believe our compensation packages provide the appropriate incentives to attract, retain and motivate our employees, and ultimately to grow our business. Our compensation programs are designed to reinforce performance, our business growth and our talent strategy. We provide base pay that is market relevant and competitive and that aligns with employee positions, skill levels, and experience.”

Annual report 2025A · The company itself

“We also incurred higher operating costs at certain of our facilities in the form of higher levels of overtime pay due to shift requirements and staffing challenges.”

Annual report 2025A · The company itself

“Other key cost drivers include employee benefit expenses, largely determined by workforce size, and shipping and handling costs, which are generally affected by fuel prices and overall labor inflation.”

Annual report 2025A · The company itself

“Our earnings are highly dependent on demand. Because our operations generally have high fixed operating costs, and pricing movements can be triggered, at times, by imbalances between supply and demand, our earnings are highly dependent on demand, which tends to fluctuate due to macroeconomic conditions, dynamics in the markets we serve, and due to company- and customer-specific issues.”

Annual report 2025A · The company itself

“We depend on continuous operation of our facilities.”

Annual report 2025A · The company itself

“A customer’s use of our services may decrease for a variety of reasons, including a decrease in the customer’s own sales and volumes, the customer’s level of satisfaction with our products and services, the expansion of business to offer new products and services, the effectiveness of our support services, the pricing of our products and services, the pricing, range and quality of competing products or services, the effects of global economic conditions, regulatory limitations, trust, perception and interest in the paper and packaging industry and in our products and services.”

Annual report 2025A · The company itself

“In recent years, global financial markets have experienced disruptions and general economic conditions have been volatile.”

Annual report 2025A · The company itself

“In general, demand for corrugated containers and consumer packaging is closely correlated with overall economic growth and activity.”

Annual report 2025A · The company itself

“We incur energy costs in our mill operations and the cost of natural gas, oil, electricity and purchased biomass fuel is subject to fluctuations. In our recycled mills, we primarily use natural gas and electricity, supplemented at certain mills with fuel oil. In our virgin fiber mills, we primarily use biomass and natural gas, supplemented at times with fuel oil, and, at a limited number of facilities, coal, to generate steam used in the pulping and paper making processes and to generate some or all the electricity used on site.”

Annual report 2025A · The company itself

“Price fluctuations in, or shortages in the availability of, energy, transportation and raw materials could adversely affect our business.”

Annual report 2025A · The company itself

“Smurfit Westrock’s production processes are energy-intensive, making production costs also sensitive to the price of energy (primarily gas and electricity), which have historically been volatile.”

Annual report 2025A · The company itself

“Smurfit Westrock’s main energy exposure is to the cost of gas and electricity. Smurfit Westrock’s energy costs increased by 45% in the year ended December 31, 2025, when compared to the year ended December 31, 2024, which was primarily a result of 2025 being the first full year of costs after the Combination with WestRock.”

Annual report 2025A · The company itself

“Adverse credit and financial market events and conditions, as well as credit rating downgrades, could, among other things, impede access to or increase the cost of financing, which could have a material adverse impact on our business, results of operations, cash flows and financial condition, and the trading price of our ordinary shares. We rely on access to the credit and capital markets to finance our operations and refinance existing indebtedness.”

Annual report 2025A · The company itself

“There is a risk that equity and bond markets will deteriorate if the global economic climate worsens, which could negatively affect the funded status of our post-employment defined benefit arrangements.”

Annual report 2025A · The company itself

“As of December 31, 2025, our total debt was $13.8 billion.”

Annual report 2025A · The company itself

“The deficit of these employee benefit plans was $30 million as of December 31, 2025. An increase in the value of the liabilities or decrease in the value of pension plan assets may negatively affect our balance sheet and distributable reserves, any of which could have a material adverse effect on our business, results of operations, financial condition and the trading price of our ordinary shares.”

Annual report 2025A · The company itself

“We incur energy costs in our mill operations and the cost of natural gas, oil, electricity and purchased biomass fuel is subject to fluctuations. In our recycled mills, we primarily use natural gas and electricity, supplemented at certain mills with fuel oil. In our virgin fiber mills, we primarily use biomass and natural gas, supplemented at times with fuel oil, and, at a limited number of facilities, coal, to generate steam used in the pulping and paper making processes and to generate some or all the electricity used on site.”

Annual report 2025A · The company itself

“Price fluctuations in, or shortages in the availability of, energy, transportation and raw materials could adversely affect our business.”

Annual report 2025A · The company itself

“Other climate-related business risks that we face include risks related to the transition to a lower-carbon economy, such as increased prices for certain fuels, including natural gas; the introduction of a carbon tax or government mandates to reduce greenhouse gas emissions; and more stringent and/or complex environmental and other legal requirements.”

Annual report 2025A · The company itself

“Smurfit Westrock’s production processes are energy-intensive, making production costs also sensitive to the price of energy (primarily gas and electricity), which have historically been volatile.”

Annual report 2025A · The company itself

“For example, operations at several of our facilities located in the south and southeastern U.S. have been interrupted in recent years by hurricanes and severe winter weather, resulting in, among other things, lost mill production.”

Annual report 2025A · The company itself

“Our physical assets and infrastructure, including our manufacturing operations, are subject to risks from volatile and damaging weather events. For example, severe weather, such as hurricanes, tornadoes, other extreme storms, wildfires, and floods, have resulted in and/or could in future periods result in lost production and/or physical damage to our facilities.”

Annual report 2025A · The company itself

“Cybersecurity incidents could compromise our information technology or data and expose us to liability, which would cause our business and reputation to suffer. We rely on various technologies, some of which are managed by third parties, to process, transmit and store electronic information. In the ordinary course of our business, we collect and store sensitive data, including intellectual property, our proprietary business information and that of our customers, suppliers and business partners, and personally identifiable information of our customers and employees, in our information technology.”

Annual report 2025A · The company itself

“We rely on third-party service providers and our own employees and systems to collect and process personal data and to maintain our databases, and as a result, we are exposed to the risk that such data could be wrongfully appropriated, lost or disclosed, or damaged or processed in breach of such privacy, security or data protection laws. These events could result in disruptions and damage, or the misappropriation of sensitive data, and depending on their nature and scope, could lead to the compromise of confidential information, improper use of our systems and networks, manipulation and destruction of data, defective products, production downtimes, operational disruptions and exposure to liability.”

Annual report 2025A · The company itself

“The paper manufacturing industry in which we operate is energy intensive, and government initiatives, such as the European Union Green Deal, the European Union’s initiative to reach net zero emissions of greenhouse gases by 2050, could increase government regulation of greenhouse gas emissions, putting further limits on our paper manufacturing operations.”

Annual report 2025A · The company itself

“In response to growing pressure from increased environmental awareness and the need to comply with greenhouse gas emission targets, a number of northern European governments have sought to encourage the use of wood for energy generation purposes through the use of subsidies. These policies create a new source of demand for wood. This has the effect of increasing the price of wood fiber and consequently the cost of our raw materials for the production of kraftliner. If this trend continues or grows, this could lead to further raw material price increases and could have a material adverse effect on our margins.”

Annual report 2025A · The company itself

“Price fluctuations in, or shortages in the availability of, energy, transportation and raw materials could adversely affect our business.”

Annual report 2025A · The company itself

“Other key cost drivers include employee benefit expenses, largely determined by workforce size, and shipping and handling costs, which are generally affected by fuel prices and overall labor inflation.”

Annual report 2025A · The company itself

“We experienced cost inflation across our business in fiscal 2023, 2024 and 2025, albeit at moderating levels since fiscal 2022. Persistent inflation results in higher manufacturing and transportation costs, which we may not be able to recover through higher prices charged to our customers.”

Annual report 2025A · The company itself

“Normal patterns of demand growth can be disrupted by other macroeconomic trends, including inflation, pandemics (such as the COVID-19 pandemic and related lockdowns), and global economic factors such as a recession and geopolitical developments (including tariffs or other trade restrictions), among others.”

Annual report 2025A · The company itself

“In addition, if efforts aimed at transitioning to a lower carbon economy result in a transition towards the use of materials that are more suitable for reusable packaging, demand for paper packaging may decline, while demand for alternative packaging types may increase, which could adversely affect our results of operations, cash flows and financial condition, and the trading price of our ordinary shares.”

Annual report 2025A · The company itself

“Concern over climate change or the use and composition of packaging materials may also result in new or increased legal and regulatory requirements to reduce or mitigate impacts to the environment.”

Annual report 2025A · The company itself

“In addition, one of our key raw materials is virgin wood fiber, the availability of which is dependent on access to and the maintenance of healthy forests, which could be impacted by adverse weather conditions, including drought, flooding and local restrictions on water usage. Moreover, the ability to harvest the virgin wood fiber used in our manufacturing operations may be limited, and prices for this raw material may fluctuate, during prolonged periods of heavy rain or drought or during tree disease or insect epidemics or other environmental conditions that may be caused by variations in climate conditions.”

Annual report 2025A · The company itself

“Smurfit Westrock is exposed to commodity price risks through its dependence on recovered paper, the principal raw material used in the manufacture of recycled containerboard and virgin fiber which is the principal raw material that Smurfit Westrock uses in the production of a portion of the Company’s containerboard, bleached paperboard and market pulp.”

Annual report 2025A · The company itself

“In addition, a portion of our debt bears interest at variable rates that are linked to changing market interest rates. Our exposure to rising interest rates subjects us to increased debt service obligations, both with respect to existing floating rate indebtedness and the incurrence of additional fixed or floating indebtedness during periods where such rates are in effect.”

Annual report 2025A · The company itself

“OCC and wood fiber are used in the manufacture of our paper-based packaging products and are purchased in increasingly competitive, price-sensitive markets. OCC prices are based on market prices that have historically exhibited price and demand cyclicality and significant price volatility over short periods and may do so again in the future. In particular, the price of OCC depends on a variety of factors over which we have no control, including demand from outside our countries of operation, environmental and conservation regulations, natural disasters and weather. Despite owning our own recycling depots to independently source some of our OCC supplies, from a price perspective, OCC prices are linked to official reference prices and are therefore based on market prices.”

Annual report 2025A · The company itself

“Information technology that we, thirdparty providers and business partners use may be vulnerable to cyber-attacks or outages by common hackers, criminal groups, nationstate organizations or social activist organizations (whose efforts may increase as a result of geopolitical events and political and social unrest or instability around the world) due to insider threat, malfeasance or other disruptions, such as cyber-attacks, power outages, telecommunication or utility failures, systems failures, service provider failures, natural disasters or other catastrophic events.”

Annual report 2025A · The company itself

“Tariffs, economic sanctions and other changes in U.S. trade policy have in the past and could in the future trigger retaliatory actions by affected countries, and certain foreign governments have instituted or are considering imposing retaliatory measures on certain U.S. goods.”

Annual report 2025A · The company itself

“Normal patterns of demand growth can be disrupted by other macroeconomic trends, including inflation, pandemics (such as the COVID-19 pandemic and related lockdowns), and global economic factors such as a recession and geopolitical developments (including tariffs or other trade restrictions), among others.”

Annual report 2025A · The company itself

“Additionally, portions of our operations are in areas, including those with ongoing political or geopolitical uncertainty, which could pose security risks to our employees or operations.”

Annual report 2025A · The company itself

“Customer preferences for products and packaging formats are constantly changing based on, among other factors, lifestyle changes, buying habits, cost, convenience, and health and sustainability concerns and perceptions. Also, there is an increasing focus among consumers to ensure that products delivered through e-commerce are packaged efficiently. In addition, customers are increasingly interested in the carbon footprint of our products, and future packaging developments and trends may drive further substitution.”

Annual report 2025A · The company itself

“In recent years, shifting consumer behaviors have accelerated, particularly with the rise of e-commerce and increased awareness of unsustainable packaging solutions. These trends have, to date, been beneficial for paper-based packaging, which is typically made from renewable, recyclable materials.”

Annual report 2025A · The company itself

“We could be exposed to currency exchange rate fluctuation risks. We have operations in a number of countries. As such, currency movements can have a number of direct and indirect impacts on our financial statements. Direct impacts include the translation of international operations’ local currency financial statements into U.S. dollars and the remeasurement impact associated with non-functional currency financial assets and liabilities.”

Annual report 2025A · The company itself

“Smurfit Westrock operates in multiple countries across North America, South America, Europe, Asia, Africa, and Australia.”

Annual report 2025A · The company itself

“Increased focus and activism related to sustainability matters may hinder our access to capital, as investors may reconsider their capital investment as a result of their assessment of our sustainability practices.”

Annual report 2025A · The company itself

“Customers, investors, regulators and other stakeholders are focused on sustainability issues, including those with respect to climate change, circular economy, packaging waste, sustainable supply chain practices, deforestation, biodiversity, land, energy and water use, diversity, equity, inclusion and belonging and other human capital matters.”

Annual report 2025A · The company itself

“We also incur costs of inbound and outbound freight in our business. Factors that influence our freight expense are distance between shipping and delivery locations, distance from our facilities to customers and suppliers, mode of transportation (rail, truck, intermodal and ocean) and freight rates, which are influenced by supply and demand and fuel costs.”

Annual report 2025A · The company itself

“We distribute our products primarily by truck, rail and sea. The reduced availability of trucks, rail cars or cargo ships, including as a result of labor shortages in the transportation industry, could adversely impact our ability to distribute our products in a timely or costeffective manner. Higher transportation costs could make our products less competitive compared to similar or alternative products offered by competitors.”

Annual report 2025A · The company itself

“In addition, the relative strength or weakness of the U.S. dollar is important for the industry in which we operate because U.S. containerboard and paperboard prices tend to influence the world market. A weak U.S. dollar over a sustained period has the potential to result in lower imports into the United States of goods shipped in corrugated containers and, as a result, lower demand for our containers from LATAM and Europe.”

Annual report 2025A · The company itself

“Although the Company is impacted by the exchange rates of a number of currencies, its largest net assets exposures for the year ended December 31, 2025 and 2024 included the euro, the Mexican peso, the Canadian dollar, the Brazilian real, the pound sterling, and the Colombian peso.”

Annual report 2025A · The company itself

“Changing demographics can also influence demand trends in the pharmaceutical industry, a major user of consumer packaging.”

Annual report 2025A · The company itself

“We distribute our products primarily by truck, rail and sea. The reduced availability of trucks, rail cars or cargo ships, including as a result of labor shortages in the transportation industry, could adversely impact our ability to distribute our products in a timely or costeffective manner. Higher transportation costs could make our products less competitive compared to similar or alternative products offered by competitors.”

Annual report 2025A · The company itself

“Other climate-related business risks that we face include risks related to the transition to a lower-carbon economy, such as increased prices for certain fuels, including natural gas; the introduction of a carbon tax or government mandates to reduce greenhouse gas emissions; and more stringent and/or complex environmental and other legal requirements.”

Annual report 2025A · The company itself

“A customer’s use of our services may decrease for a variety of reasons, including a decrease in the customer’s own sales and volumes, the customer’s level of satisfaction with our products and services, the expansion of business to offer new products and services, the effectiveness of our support services, the pricing of our products and services, the pricing, range and quality of competing products or services, the effects of global economic conditions, regulatory limitations, trust, perception and interest in the paper and packaging industry and in our products and services.”

Annual report 2025A · The company itself

“Consumer patterns also play a significant role in demand for corrugated packaging and consumer packaging. In recent years, shifting consumer behaviors have accelerated, particularly with the rise of e-commerce and increased awareness of unsustainable packaging solutions.”

Annual report 2025A · The company itself

“We are subject to a wide variety of regional, national, state, provincial, and local laws, regulations and other requirements, including those relating to the environment, product safety, competition, corruption, sanctions, occupational health and safety, labor and employment, data privacy, artificial intelligence, tax and health care.”

Annual report 2025A · The company itself

“In addition, many professional workers desire a fully remote work setting. We offer flexible working arrangements in the majority of instances; however, we may experience higher levels of attrition within our professional workforce if these workers desire more remote work opportunities than we are able to offer.”

Annual report 2025A · The company itself

“In addition, any such outage could disrupt or temporarily halt our operations resulting in reduced productivity, staff downtime, and increased insurance premiums, as well as additional costs for attempting to recover lost information, equipment or data, and could damage our reputation, which could have a material adverse effect on our business, results of operations, cash flows and financial condition, and the trading price of our ordinary shares.”

Annual report 2025A · The company itself

“We are subject to a wide variety of regional, national, state, provincial, and local laws, regulations and other requirements, including those relating to the environment, product safety, competition, corruption, sanctions, occupational health and safety, labor and employment, data privacy, artificial intelligence, tax and health care.”

Annual report 2025A · The company itself

“Additionally, the ability of customers to exert pricing pressure on all suppliers, including us, has increased as their industries have consolidated and the customers have become larger.”

Annual report 2025A · The company itself

“Normal patterns of demand growth can be disrupted by other macroeconomic trends, including inflation, pandemics (such as the COVID-19 pandemic and related lockdowns), and global economic factors such as a recession and geopolitical developments (including tariffs or other trade restrictions), among others.”

Annual report 2025A · The company itself

“As a result, we have previously been and remain vulnerable to risks in these countries, including: •the imposition of tariffs, quotas, import duties or other market barriers, (including the implementation of tariffs on U.S. imports by the current U.S.”

Annual report 2025A · The company itself

“Europe, MEA and APAC Segment Net sales before intersegment eliminations for the Europe, MEA and APAC segment increased by $1,316 million, to $10,893 million in the year ended December 31, 2025, from $9,577 million in the year ended December 31, 2024.”

Annual report 2025A · The company itself

“The year ended December 31, 2025, compared to the year ended December 31, 2024 North America Segment Net sales before intersegment eliminations for the North America segment increased by $8,485 million, to $18,577 million in the year ended December 31, 2025, from $10,092 million in the year ended December 31, 2024.”

Annual report 2025A · The company itself