First Quarter 2024 Trading Update
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.”
Register for webcast
The Group’s senior management team will host a webcast for analysts and institutional investors at 08.00 BST (03.00 EDT) on this date.
Registration for the webcast is available below. Select “Attend” to enter registration details.
STAY INFORMED
Sign up to get the latest Investor news from Smurfit Kappa