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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Smurfit Kappa Group plc published this content on 02 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 May 2024 11:52:11 UTC.