Core Insights - Smurfit Westrock reported Q3 2025 net sales of $8 billion, a 4.3% increase year over year, with North America contributing $4.72 billion (up 1.5%) and EMEA and APAC contributing $2.83 billion (up 6.8%) [1] - The company achieved a net income of $245 million, a significant recovery from a $150 million loss in Q3 2024 [1] - CEO Tony Smurfit noted challenges in July and August but emphasized improvements in North American operations post-acquisition of WestRock [1] Financial Performance - Q3 2025 net sales: $8 billion, up 4.3% year over year [1] - North America net sales: $4.72 billion, up 1.5% year over year [1] - EMEA and APAC net sales: $2.83 billion, up 6.8% year over year [1] - Net income: $245 million compared to a $150 million loss in Q3 2024 [1] Operational Adjustments - The company plans to close nine inefficient or loss-making operations, including a corrugated facility in California [1] - Total headcount has been reduced by 4,500 since the acquisition, with 1,800 reductions in North America alone [1] - The company aims for improved business quality in all facilities starting from Q3 next year [1] Market Conditions - The containerboard market, particularly in Europe, is currently facing significant challenges, with expectations of further mill closures [1] - The company is transitioning customers from coated recycled board to solid bleached sulfate and coated unbleached kraft, with $100 million worth of business already transitioned [1] Future Investments - Smurfit Kappa's capital expenditures target for 2026 is set at $2.4 billion to $2.5 billion, focusing on legacy WestRock assets [1] - Upcoming energy projects include converting a mill in Covington, Virginia, from coal to natural gas and a biomass boiler in Colombia [1] Earnings Outlook - The company adjusted its full-year EBITDA expectations down to $4.9 billion to $5.1 billion from a previous estimate of $5 billion to $5.2 billion [2] - Anticipated demand uptick in October did not materialize, leading to further production downtime in Q4, primarily in North America, with an estimated $60 million to $70 million impact on earnings [2]