Question · Q4 2025
Gabe Hajde asked for a breakdown of the $1.2 billion North American improvement, specifically if approximately $800 million comes from margin profile on the current business and $300-$350 million from 1.6% market growth, and whether market growth is considered the riskiest component of the North American ambition.
Answer
CEO Anthony P. J. Smurfit attributed 3%-4% of last year's -10% volume to the market, expecting a return to growth due to increased promotions and competition, which should benefit box demand in the U.S. He believes the 1.5% market growth numbers are achievable. CFO Ken Bowles provided a general guideline that 1% volume growth typically equates to about $60 million of EBITDA for the group.
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