Smurfit Kappa Group trading update

Smurfit Kappa Group plc has announced a trading update for the 3 months to 31 March 2024. Total revenue for Q1 reached €2.7 bn and EBITDA of €487m with an EBITDA margin of 18.0%

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 $750m notes due 2030, $1 bn due 2034 and $1 bn 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 1 transaction in early July.”

He concludes, “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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