Why Invest in DS Smith
We are a leading sustainable corrugated operator in Europe, with deep relationships across blue-chip customers.
Strong foundations
Our integrated pan-EMEA platform is set up to manage customer needs at scale and is complemented by an establish customer proposition founded on reliability, efficiency, sustainability and innovation.
- c.€8 billion of revenue(1), serving a diversified customer base across 29 countries and employing c. 30k employees
- High quality, pan-European network of scale including 14 paper mills and approximately 180 packaging plants
- Customer relationships of at least 10 years for >90% of our top 100 customers
- On-Time, In-Full delivery of 96% - 97%(2)
- c.2x higher average Net Promoter Score compared to customers’ alternative suppliers(3), and a strong history of continual innovation
An action plan to drive outperformance
We have a clear and realistic plan designed to enhance productivity, deliver growth and generate strong returns. This strategy is already delivering meaningful benefits to the business. The scale of our actions differentiates us in our industry.
Components of our continuous and interconnected strategy:
- Cost advantage
- Superior customer experience
- Enhanced scale and capabilities
Achievements to date:
- Significantly improved mill cost positions from investments already made
- Costs savings equivalent to c.14% of cost base(4,5)
- Compelling new commercial model being embedded
An attractive investment proposition
- Significant adjusted EBITDA growth ambition over the medium-term, driven by self-help actions
- Clear building blocks to strong cash generation
- Commitment to disciplined focus on returns
- Progressively growing dividends over the medium term
- Underpinned by an investment grade balance sheet
Medium-term ambitions:
- Revenue growth underpinned by volume growth at a GDP+ rate
- Adjusted EBITDA(6) margin expansion from 9-10% to a mid-teens level
- Capital expenditure trending towards 6% of revenue
- Adjusted free cash flow conversion (7,8) trending towards a mid-30s %
- Maintenance of an investment grade balance sheet with net debt / adjusted EBITDA of between 1.5x to 2.5x on a post IFRS 16 basis(9)
- Delivering regular distributions to shareholders through a dividend policy targeting progressively growing dividends over the medium term to a payout ratio of 30-50% of adjusted earnings
(1) 2026 guidance
(2) is “On time in full, year-to-date to September 2026.”
(3) “Voice of Customer" survey (conducted over March-May 2026); Net Promoter Score of DS Smith (c.3,800 responses) compared to NPS determined through responses provided on customers' other main packaging supplier (c.2,400 responses).
(4) Operating costs reflective of labour, distribution, other production costs and other non-production costs, excluding depreciation and amortisation; as per management accounts to December 2025
(5) Run-rate of savings expected to be largely achieved by the end of 2027
6) 1 Adjusted EBITDA is profit/(loss) for the period before income tax, share of equity-accounted investments, finance income and costs, amortisation, depreciation and certain other items (acquisition and integration costs, restructuring, goodwill impairment and other non-recurring items)
7) Adjusted free cash flow is Cash flow from operating activities, less capital expenditure, plus proceeds from the sale of property, plant and equipment and intangible assets. Note, one-off cash costs are included within Adjusted Free Cash Flow
8) Adjusted free cashflow conversion is Adjusted free cash flow divided by Adjusted EBITDA
9) Net debt is total financial debt and operating and financial lease liabilities, less cash and cash equivalents; leverage presented as net debt / Adjusted EBITDA. Excludes factoring