Net Income in first quarter 2025 was $127 million, or $0.42 per diluted share, versus $165 million, or $0.53 per diluted share in first quarter 2024. First quarter 2025 and 2024 Net Income was impacted by special items and amortization of purchased intangibles of $27 million and $38 million, respectively. Excluding special items and amortization of purchased intangibles, Adjusted Net Income for the first quarter of 2025 was $154 million, or $0.51 per diluted share, and $203 million, or $0.66 per diluted share in first quarter 2024. Michael Doss, the Company's President and CEO said, "First quarter results fell short of our expectations in a challenging economic and consumer environment. Consumers are redoubling their efforts to find value as food prices continue to rise. Meanwhile, promotional activity is driving mix and brand switching, rather than incremental foot traffic and volume gains. Against that backdrop, we saw a small volume decline in the Americas business, but continued improvement in our International business. Leveraging our growing cost and quality advantage and the strength of our innovation portfolio, we continue to gain market position as we partner with customers in a rapidly changing market. We saw an uptick in input cost inflation during the quarter, and responded with a price increase intended to bring margins back to a more normal range. With our Waco, Texas recycled paperboard investment nearing completion, our capital spending needs decline substantially, and yesterday our Board of Directors approved a new $1.5 billion share repurchase authorization, taking the total available authorization to $1.865 billion. In February, we announced a ten percent increase in our quarterly dividend. We expect to return substantial cash to stockholders in the months and years ahead through a growing dividend and share repurchase."

Developed in partnership with reuse systems innovator OZZI®, Veda brand containers are designed for durability, repeated use and seamless integration into foodservice operations. They feature OZZI’s proprietary tracking and collection technology and are primarily designed for closed-system environments like colleges and universities, corporate campuses, military bases and hospitals. Made from durable polypropylene, the containers have been tested to withstand a minimum of 1,000 commercial washes and are certified by the National Sanitation Foundation (NSF) to meet food protection and safety standards. “Reuse is a critically important element of the waste diversion toolkit,” said Wendell Simonson, Director of Marketing at Eco-Products. “We’re excited to bring the same passion to reusable systems that has defined our approach to compostability, and believe the two solutions can be complementary while reuse gains traction.” By fully implementing trackable Veda containers, foodservice operations can reduce landfill waste, conserve valuable raw materials, reduce energy use and save on long-term costs.

Thomas Blaige, Chairman and CEO of Blaige & Company, commented: "It was a pleasure working with the Shah family. Soteria is the ideal partner for Hamilton, providing a seamless ownership transition, workforce stability, and expanded opportunities for its customer base. It will benefit greatly from adding a top-tier, innovation-driven barrier film producer to its platform. The combined entity gains scale, technology, broader offerings, and stronger customer and supplier ties-well-positioned to drive growth through shared R&D and operational synergies." Blaige added: "We are especially proud that this marks our third transaction with a TJC portfolio company in the past decade." Hamilton Plastics, Inc., born out of a quality lab and the vision of renowned chemist Harshad Shah, was founded in 1986 and is headquartered in Chattanooga, Tennessee. The company has grown into a leading manufacturer of high-performance, high-value-added coextruded and barrier films serving the food, industrial, and medical markets. Hamilton operates a world-class fleet of blown film extrusion equipment and offers advanced coextrusion capabilities, including 3-, 5-, and 9-layer lines. Its 9-layer coextrusion lines represent the most advanced barrier film technology operating in North America today.

Tony Smurfit, President and CEO, commented: “I am pleased to report a strong first quarter performance with Net Income of $382 million, Adjusted EBITDA of $1,252 million, in-line with our stated guidance, and an Adjusted EBITDA margin of 16.4%. This performance was driven by good results across all three segments, with notable progress in North America, and is significantly ahead of the combined result for the prior year. “I am especially pleased with how well the combination has come together, with strong operational and cultural integration taking place across all three regions. Coupled with our geographic footprint and our unrivalled portfolio of innovative and sustainable packaging solutions, we have a customer-focused and performance-driven team that is delivering for all stakeholders. “Our synergy program is on track to deliver $400 million, with approximately $350 million in the current year. We believe there is substantial opportunity to continue to structurally improve the business through a sharper commercial and operational focus, at least equal to our synergy target. “We continue to actively optimize our asset base. We have recently announced the closure of over 500,000 tons of paper capacity in North America. We are also closing two converting facilities in our North American region and have initiated consultations to close two of our converting facilities in EMEA & APAC.