SW – Quick Take - Takeaways from the Truist Securities Industrials & Services Conference

Research evidence excerpt

SW – Quick Take - Takeaways from the Truist Securities Industrials & Services Conference

Truist Securities

Equity Research Report June 18, 2026

INDUSTRIALS: Paper Smurfit Westrock plc (SW)

SW – Quick Take - Takeaways from the Truist Securities Industrials Michael Roxland

212-326-4839 & Services Conference

Michael.Roxland@truist.com

Niccolo Piccini Smurfit Westrock’s (SW, Buy) EVP & Group CFO Ken Bowles and Senior Director, Investor

212-303-4140 Relations Frank Greene hosted meetings at the Truist Securities Industrials & Services

Nico.Piccini@truist.com Conference. Overall, the company was constructive on global containerboard and North

America SBS demand with takeaways largely consistent with investor meetings we hosted

with the company in May (link). Containerboard demand continues to improve, though the

company believes some pre-buy could be driving part of the volume uptick. Momentum

Current Price (Jun. 17, $43.42 continues after onboarding 600+ new corrugated customers in 1Q, though contract lengths 2026)

will vary and there is a lag between onboarding and P&L impacts. Additionally, SW believes

Stock Rating BUY that the European market is generally doing well, specifically mentioning the UK, France, and

Unchanged Spain, with resilient consumers and a healthy EU balance sheet despite Germany continuing

to be the primary laggard.

Price Target $50.00

Unchanged SW reiterated its confidence in achieving its targeted ~$7bn of adjusted EBITDA in 2030

alongside ~300bps of margin expansion. This guide is largely driven by cost savings with a

significant portion coming from improving profitability at the legacy WRK plants, and embeds

no pricing and nominal market growth. In Europe, we anticipate no further capacity closures