DAVY VIEW

The important value drivers for Smurfit Westrock in 2025 – synergy delivery, capitalising on additional opportunities, capital discipline and operational execution – remain firmly in place. This follows a successful conclusion to 2024, with pro-forma EBITDA of $4.7bn in-line with prior guidance. Management shared a confident tone on the conference call and it is clear that the value over volume strategy, among other objectives, is deeply embedded entering 2025.