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.”
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.