First Quarter 2024 Trading Update

Smurfit Kappa Group plc (‘SKG’, 'Smurfit Kappa' or ‘the Group’) today announced a trading update for the 3 months to 31 March 2024.

Key Points:

• Revenue of €2.7 billion
• EBITDA of €487 million with an EBITDA margin of 18.0%
• Continuing corrugated box volume growth as anticipated
• Highly successful bond offering of US$2.75 billion
• Smurfit WestRock integration planning progressing well
  

Tony Smurfit, Group CEO, commented:

“Smurfit Kappa Group has delivered a very strong first quarter. These results reflect the continuing benefits of our multi-year capital plans and the dedication and commitment of our people, providing the most sustainable and innovative packaging solutions for our customers. 

“The Group reported revenue of €2.7 billion, EBITDA of €487 million and an EBITDA margin of 18.0%.

“Box demand has continued to improve with volume growth in Europe and the Americas of approximately 3% and 2% respectively. 

“The Group recently announced the closure of a triple tranche bond offering, comprising $750 million notes due 2030, $1 billion due 2034 and $1 billion due 2054 at coupons of 5.200%, 5.438% and 5.777% respectively. 

“Our integration planning with WestRock is progressing well and as expected. We remain on-track to complete the transaction in early July . 

“SKG has once again delivered. Due to our investment program in recent years and set against an improving industry backdrop with long-term positive structural trends, our combination with WestRock creates a global leader in innovative and sustainable packaging with a very exciting future for all stakeholders.”

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Register for webcast

The Group’s senior management team will host a webcast for analysts and institutional investors at 08.00 BST (03.00 EDT) on this date. 

Registration for the webcast is available below. Select “Attend” to enter registration details. 

Webcast registration