SW: Takeaways from Wells Fargo Industrials & Materials Conference

Research evidence excerpt

SW: Takeaways from Wells Fargo Industrials & Materials Conference

Equity Research

Flash Comment — June 11, 2026

Containers & Packaging

Smurfit Westrock

Takeaways from Wells Fargo Industrials & Materials Overweight

Conference Price Target: $50.00

Ticker SW

Our Call Upside/(Downside) to Target 17.1%

Conference tone was +ve as SW corroborated yesterday's commentary that demand has Price (06/11/2026) $42.69

improved during Q2, with strong open market orders driving tight capacity and helping 52 Week Range $32.73 - 52.65

price realization. We see guidance on track and risk/reward attractive. Market Cap (MM) $22,455

Source: Company Data, Wells Fargo Securities estimates, and Factset.

Initial Thoughts NA = Not Available, NC = No Change, NE = No Estimate

Tony Smurfit (CEO) and Ciarán Potts (IR) attended the 2026 Wells Fargo Industrials Gabe Hajde

& Materials Conference for meetings with investors. Key focus areas were current Equity Analyst | Wells Fargo Securities, LLC

Gabe.Hajde@wellsfargo.com | 216-470-8960

demand trends given the Q1 disruptions and ongoing macro volatility, integration

progress/strategy implementation w/ Westrock, price/cost cadence into 2H, innovation Richard C Carlson, CFA

and customer trends. Our read is that demand has improved in Q2, with SW tracking Associate Equity Analyst | Wells Fargo Securities, LLC Richard.Carlson@wellsfargo.com | 212-214-5045

towards its stated guides/targets.

Bailey Gordon

Associate Equity Analyst | Wells Fargo Securities, LLC

From pushing water uphill to now seeing benefits. Mr. Smurfit noted the first ~18 Bailey.Gordon@wellsfargo.com | 212-214-3310

mos post the combination with WRK was like "pushing water uphill", but this has now

shifted to more of a downhill effort. SW reiterated the industrial logic of its Transatlantic