1) Strategy & Leadership - Smurfit Westrock is focused on being the most innovative and sustainable packaging partner, emphasizing quality and service. - The company is committed to a performance-led culture, with a full team in place to drive operational and cultural change. - Progress in the owner-operator model is noted, enhancing customer service and operational efficiency. - The integration of Smurfit and Westrock is progressing well, with a focus on transferring best practices and innovation across regions.

2) Financial & Segment Results - Adjusted EBITDA for Q2 2026 was $1.14 billion, with an adjusted EBITDA margin of 14.2%. - North America saw a 4.8% decline in corrugated volumes, aligning with expectations as the company prioritizes value over volume. - EMEA and APAC regions reported a 1.9% increase in corrugated volumes, with full capacity utilization in their mill systems. - Latin America continues to perform strongly, benefiting from healthy demand and operational improvements.

3) Problems / Headwinds - Freight costs have been a significant headwind, with a projected $300 million increase in costs due to higher fuel prices and shipping rates. - The company is facing a lag in pricing recovery, as cost increases are felt immediately while price adjustments take time to implement. - Ongoing energy cost inflation is also impacting margins, although hedging strategies are in place to mitigate some effects.

4) Operational or Product Plans - The company is implementing pricing initiatives to recover costs, with expectations for improved pricing in Q3 and Q4. - New investments in the consumer business are expected to enhance productivity and cost efficiency. - The focus remains on optimizing asset utilization and reducing loss-making operations, with approximately 10 out of 100 identified as needing improvement.

5) Guidance & Outlook / Investor Angle - Full-year adjusted EBITDA is now expected to be in the range of $4.9 billion to $5.1 billion. - The company anticipates a stronger second half of 2026, with positive volume growth expected in North America. - Smurfit Westrock is committed to maintaining a strong balance sheet and investment-grade credit rating, with a quarterly dividend of $0.4523 per share announced.

Bottom line: Smurfit Westrock is navigating significant cost pressures while positioning itself for future growth through operational improvements and strategic pricing initiatives. The company remains optimistic about its long-term earnings potential and is focused on delivering value to shareholders amidst a challenging market environment.