# EDGAR Filing Document

**Accession Number:** 0001732845
**File Stem:** 0001157523-23-000139
**Filing Date:** 2023-2
**Character Count:** 65730
**Document Hash:** 186e981ce6f91324fa48fd9456545d3a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001157523-23-000139.hdr.sgml**: 20230201

**ACCESSION NUMBER**: 0001157523-23-000139

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 40

**CONFORMED PERIOD OF REPORT**: 20230201

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230201

**DATE AS OF CHANGE**: 20230201

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WestRock Co
- **CENTRAL INDEX KEY:** 0001732845
- **STANDARD INDUSTRIAL CLASSIFICATION:** PAPERBOARD CONTAINERS & BOXES [2650]
- **IRS NUMBER:** 371880617
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38736
- **FILM NUMBER:** 23574685

**BUSINESS ADDRESS:**
- **STREET 1:** 1000 ABERNATHY ROAD NE
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30328
- **BUSINESS PHONE:** 678-291-7456

**MAIL ADDRESS:**
- **STREET 1:** 1000 ABERNATHY ROAD NE
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30328

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Whiskey Holdco, Inc.
- **DATE OF NAME CHANGE:** 20180227

------

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

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### FORM 8-K

#### CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): **February 1, 2023**

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### WestRock Company
(Exact name of registrant as specified in its charter)

------

---

| | | | |
|:---|:---|:---|:---|
| **Delaware**<br>| **001-38736** | **001-38736** | **37-1880617**<br>|
| (State or other jurisdiction of <br> incorporation)<br>| (Commission<br> File Number) | (Commission<br> File Number) | (IRS Employer<br> Identification No.)<br>|
| **1000 Abernathy Road, Atlanta, Georgia** | **1000 Abernathy Road, Atlanta, Georgia** | **30328** | **30328** |
| (Address of principal executive offices) | (Address of principal executive offices) | (Zip Code) | (Zip Code) |

---

(770) 448-2193

(Registrant's telephone number, including area code)

#### Not Applicable
(Former name or former address, if changed since last report)

------

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, par value $0.01 per share<br>| WRK<br>| New York Stock Exchange<br>|

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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| | |
|:---|:---|
| **Item 2.02.** | **Results of Operations and Financial Condition.** |

---

On February 1, 2023, WestRock Company (the "Company") issued a press release announcing the Company's financial results for the first quarter of fiscal 2023. A copy of the press release is attached as Exhibit 99.1.

The information provided pursuant to this Item 2.02, including Exhibit 99.1 in Item 9.01, is "furnished" and shall not be deemed to be "filed" with the Securities and Exchange Commission (the "SEC") or incorporated by reference in any filing under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or the Securities Act of 1933, as amended (the "Securities Act"), except as shall be expressly set forth by specific reference in any such filings.

---

| | |
|:---|:---|
| **Item 7.01.** | **Regulation FD Disclosure.** |

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On February 1, 2023, the Company will host a conference call during which it will discuss the Company's financial results for the first quarter of fiscal 2023 and other topics that may be raised during the discussion. The presentation to be used in connection with the conference call is attached as Exhibit 99.2.

The information provided pursuant to this Item 7.01, including Exhibit 99.2 in Item 9.01, is "furnished" and shall not be deemed to be "filed" with the SEC or incorporated by reference in any filing under the Exchange Act or the Securities Act, except as shall be expressly set forth by specific reference in any such filings.

#### &nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits.** |

---

---

| | | |
|:---|:---|:---|
| (c) | Exhibits |  |
|  | [99.1](a53294461ex99_1.htm) | [WestRock Reports Fiscal 2023 First Quarter Results](a53294461ex99_1.htm) |
|  | [99.2](a53294461ex99_2.htm) | [Q1 FY23 Results](a53294461ex99_2.htm) |
|  | 104 | The cover page from this Current Report on Form 8-K, formatted in Inline XBRL |

---

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  |  | WESTROCK COMPANY |
|  |  | (Registrant) |
| Date: February 1, 2023 | By: | /s/ Denise R. Singleton |
|  |  | Denise R. Singleton |
|  |  | Executive Vice President, General Counsel and  |
|  |  | Secretary  |

---

## Exhibit 99.1

**Exhibit 99.1**<br>

**** 

<br> # WestRock Reports Fiscal 2023 First Quarter Results
ATLANTA--(BUSINESS WIRE)--February 1, 2023--WestRock Company (NYSE:WRK), a leading provider of sustainable paper and packaging solutions, today announced results for its fiscal first quarter ended December 31, 2022.

First Quarter Highlights and other notable items:

* Net sales of $4.9 billion comparable year-over-year 

* Net income of $45 million, Adjusted Net Income of $141 million 

* Consolidated Adjusted EBITDA of $652 million, Corrugated Packaging and Consumer Packaging segments delivered strong performance and Adjusted EBITDA increased 7.0% and 8.3% year-over-year, respectively 

* Results in the current year impacted by $119 million due to economic downtime and weather disruptions; additionally, non-cash pension costs increased $40 million year-over-year and the unfavorable impact of foreign currency was $17 million
 year-over-year 

* Earned $0.18 per diluted share ("EPS") and $0.55 of Adjusted EPS 

* Acquired the remaining 67.7% interest in Gondi, S.A. de C.V. ("**Grupo Gondi**") for $970 million, plus the assumption of debt 

* Divested two uncoated recycled paperboard mills ("**URB**") for $50 million, subject to a working capital adjustment, and recorded an $11 million pre-tax gain on sale 

"I'm pleased to report that WestRock grew packaging revenue and margins in the first quarter, even in this challenging environment," said David B. Sewell, chief executive officer. "We also finalized the acquisition of Grupo Gondi, which expands our global footprint and enables us to take a leading position in the packaging marketplace in Mexico.

"During the quarter, elevated inflation and softening macroeconomic conditions negatively impacted our Global Paper business. While we expect these market conditions to continue in the near-term, we remain committed to executing on our strategy and delivering on our productivity efforts. WestRock's broad portfolio of products provides us with flexibility to manage through changing market conditions to maximize our performance."

 **<u>Consolidated</u><u> </u><u>Financial Results</u>**

WestRock's performance for the three months ended December 31, 2022 and 2021 (in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | | |
|  | Dec. 31, 2022 | Dec. 31, 2021 | <br>$ Var. | % Var. |
| Net sales | $4923.1  | $4952.2  | $(29.1)  | -0.6%  |
| Net income | $45.3  | $182.3  | $(137.0)  | (75.2)%  |
| Consolidated Adjusted EBITDA | $652.1  | $680.3  | $(28.2)  | -4.1%  |

---

Net sales decreased $29 million, or 0.6%, year-over-year. Consumer Packaging segment sales increased $76 million, or 6.7%, Corrugated Packaging segment sales increased $15 million, or 0.7%; Distribution segment sales decreased $3 million, or 1.0%; Global Paper segment sales decreased $229 million, or 16.9%; and intersegment sales decreased $10 million. Net sales in the current year quarter included $102 million related to the consolidation of Grupo Gondi.

------

Net income decreased $137 million year-over-year to $45 million. The decrease in net income was driven by increased net cost inflation, lower volumes, economic downtime, the Mahrt mill work stoppage, increased non-cash pension costs, increased restructuring and other costs, business systems transformation costs and a non-cash loss related to the Grupo Gondi acquisition which were partially offset by the margin impact from higher price/mix and a gain on sale of two URB mills. The Grupo Gondi loss primarily relates to the non-cash write-off of prior foreign currency translation adjustments recorded in accumulated other comprehensive loss, as well as the difference between the fair value of the consideration paid and the carrying value of our prior ownership interest.

Consolidated Adjusted EBITDA decreased $28 million, or 4.1%, year-over-year, primarily due to lower Global Paper segment Adjusted EBITDA that was partially offset by increased Adjusted EBITDA in our Corrugated Packaging and Consumer Packaging segments. Grupo Gondi contributed $17.3 million of Adjusted EBITDA for the month of December 2022.

Additional information about the changes in segment sales and Adjusted EBITDA by segment are included below.

 *<u>Restructuring and Other Costs</u>*

Restructuring and other costs during the first quarter of fiscal 2023 were $33 million. The charges were primarily related to acquisition, integration and divestiture costs aggregating $17 million, with the balance due primarily to severance related to reduction in force initiatives and costs associated with previously announced closures.

 *<u>Cash Flow Activities</u>*

Net cash provided by operating activities was $266 million in the first quarter of fiscal 2023 compared to $253 million in the prior year quarter.

Total debt was $9.5 billion at December 31, 2022, $9.3 billion excluding $171 million of unamortized fair market value step-up of debt acquired in mergers and acquisitions, and $8.9 billion after further excluding cash and cash equivalents of $415 million. Total debt increased $1.7 billion in the first quarter of fiscal 2023, primarily due to the acquisition of the remaining 67.7% interest in Grupo Gondi including the assumption of debt. The Company had approximately $3.3 billion of available liquidity from long-term committed credit facilities and cash and cash equivalents at December 31, 2022.

During the first quarter of fiscal 2023, WestRock invested $282 million in capital expenditures and returned $70 million in capital to stockholders in dividend payments.

 **<u>Segment Results</u>**

Due to the timing of the Grupo Gondi acquisition, it was not practicable to allocate its results to our operating segments for the first quarter of fiscal 2023. As a result, we included the results for the month of December 2022 in "Other unallocated".

------

WestRock's segment performance for the three months ended December 31, 2022 and 2021 was as follows (in millions):

 *<u>Corrugated Packaging Segment</u>*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | | |
|  | Dec. 31, 2022 | Dec. 31, 2021 | <br>Var. | % Var. |
| Segment sales | $2235.2  | $2220.0  | $15.2  | 0.7%  |
| Adjusted EBITDA | $309.2  | $288.9  | $20.3  | 7.0%  |
| Adjusted EBITDA Margin | 13.8%  | 13.0%  | 80 bps  |  |

---

Corrugated Packaging segment sales increased $15 million, or 0.7%, primarily due to higher selling price/mix that was largely offset by lower volumes. The first quarter of fiscal 2023 had one less shipping day than the prior year quarter.

Corrugated Packaging Adjusted EBITDA increased $20 million, or 7.0%, primarily due to the margin impact from higher selling price/mix, that was largely offset by increased net cost inflation, lower volumes and higher operating costs, including economic downtime. Corrugated Packaging Adjusted EBITDA margin was 13.8% and Adjusted EBITDA margin excluding trade sales was 14.2%.

 *<u>Consumer Packaging Segment</u>*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | | |
|  | Dec. 31, 2022 | Dec. 31, 2021 | <br>Var. | % Var. |
| Segment sales | $1215.0  | $1138.7  | $76.3  | 6.7%  |
| Adjusted EBITDA | $183.3  | $169.3  | $14.0  | 8.3%  |
| Adjusted EBITDA Margin | 15.1%  | 14.9%  | 20 bps  |  |

---

Consumer Packaging segment sales increased $76 million, or 6.7%, primarily due to higher selling price/mix that was partially offset by the unfavorable impact of foreign currency.

Consumer Packaging Adjusted EBITDA increased $14 million, or 8.3%, primarily due to the margin impact from higher selling price/mix that was largely offset by increased net cost inflation, higher operating costs, the unfavorable impact of foreign currency and increased non-cash pension costs. Consumer Packaging Adjusted EBITDA margin was 15.1%.

 *<u>Global Paper Segment</u>*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | | |
|  | Dec. 31, 2022 | Dec. 31, 2021 | <br>Var. | % Var. |
| Segment sales | $1123.6  | $1352.6  | $(229.0)  | -16.9%  |
| Adjusted EBITDA | $157.3  | $232.4  | $(75.1)  | -32.3%  |
| Adjusted EBITDA Margin | 14.0%  | 17.2%  | -320 bps  |  |

---

Global Paper segment sales decreased $229 million, or 16.9%, primarily due to lower volumes that were partially offset by higher selling price/mix.

Global Paper Adjusted EBITDA decreased $75 million, or 32.3%, primarily due to lower volumes, increased net cost inflation, higher operating costs, including economic downtime, increased non-cash pension costs and weather disruptions which were partially offset by the margin impact from higher selling price/mix. Global Paper Adjusted EBITDA margin was 14.0%.

------

 *<u>Distribution Segment</u>*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | | |
|  | Dec. 31, 2022 | Dec. 31, 2021 | <br>Var. | % Var. |
| Segment sales  | $321.5  | $324.8  | $(3.3)  | -1.0%  |
| Adjusted EBITDA  | $10.8  | $6.5  | $4.3  | 66.2%  |
| Adjusted EBITDA Margin  | 3.4%  | 2.0%  | 140 bps  |  |

---

Distribution segment sales decreased $3 million, or 1.0%, primarily due to lower volumes that were largely offset by higher selling price/mix.

Distribution Adjusted EBITDA increased $4 million, or 66.2%, primarily due to the margin impact of higher selling price/mix that was largely offset by increased cost inflation and lower volumes.

 *<u>Other Unallocated</u>*

Other unallocated net sales before intersegment eliminations for the month of December were $102.2 million and Adjusted EBITDA was $17.3 million.

 *<u>Earnings Guidance</u>*

In light of uncertain macroeconomic conditions, we are removing our fiscal 2023 earnings guidance. We will continue to provide a quarterly earnings outlook.

 **<u>Conference Call</u>**

WestRock will host a conference call to discuss its results of operations for the fiscal first quarter ended December 31, 2022 and other topics that may be raised during the discussion at 8:30 a.m., Eastern Time, on Wednesday, February 1, 2023. The conference call, which will be webcast live, an accompanying slide presentation, and this release can be accessed at ir.westrock.com.

Investors who wish to participate in the webcast via teleconference should dial 833-630-1583 (inside the U.S.) or +1 412-317-1822 (outside the U.S.) at least 15 minutes prior to the start of the call and ask to be joined into the WestRock Company call. Replays of the call can be accessed at ir.westrock.com.

 **<u>About WestRock</u>**

WestRock (NYSE:WRK) partners with our customers to provide differentiated, sustainable paper and packaging solutions that help them win in the marketplace. WestRock's team members support customers around the world from locations spanning North America, South America, Europe, Asia and Australia. Learn more at www.westrock.com.

 **<u>Cautionary Statements</u>**

This release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on our current expectations, beliefs, plans or forecasts and are typically identified by words or phrases such as "may," "will," "could," "should," "would," "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "target," "prospects," "potential" and "forecast," and other words, terms and phrases of similar meaning. Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties. A forward-looking statement is not a guarantee of future performance, and actual results could differ materially from those contained in the forward-looking statement.

------

Forward-looking statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control, such as developments related to pricing cycles and volumes; economic, competitive and market conditions generally, including macroeconomic uncertainty, customer inventory rebalancing, the impact of inflation and increases in energy, raw materials, shipping, labor and capital equipment costs; reduced supply of raw materials, energy and transportation, including from supply chain disruptions and labor shortages; intense competition; results and impacts of acquisitions, including operational and financial effects from the acquisition of Grupo Gondi, and divestitures as well as risks related to our joint ventures; business disruptions, including from public health crises such as a resurgence of COVID, the occurrence of severe weather or a natural disaster or other unanticipated problems, such as labor difficulties, equipment failure or unscheduled maintenance and repair; failure to respond to changing customer preferences; the amount and timing of capital expenditures, including installation costs, project development and implementation costs, and costs related to resolving disputes with third parties with which we work to manage and implement capital projects; risks related to international sales and operations; the production of faulty or contaminated products; the loss of certain customers; adverse legal, reputational, operational and financial effects resulting from cyber incidents and the effectiveness of business continuity plans during a ransomware or other cyber incident; work stoppages and other labor relations difficulties; inability to attract, motivate, train and retain qualified personnel; risks associated with sustainability and climate change, including our ability to achieve our environmental, social and governance targets and goals on announced timelines or at all; our inability to successfully identify and make performance and productivity improvements and risks associated with completing strategic projects on the anticipated timelines and realizing anticipated financial or operational improvements on announced timelines or at all, including with respect to our business systems transformation; risks related to our indebtedness; the scope, costs, timing and impact of any restructuring of our operations and corporate and tax structure; our desire or ability to repurchase company stock; and the scope, timing and outcome of any litigation, claims or other proceedings or dispute resolutions and the impact of any such litigation (including with respect to the Brazil tax liability matter). Such risks and other factors that may impact forward-looking statements are discussed in Item 1A "*Risk Factors*" in our Annual Report on Form 10-K for the fiscal year ended September 30, 2022, as well as the other risks discussed in our subsequent filings with the Securities and Exchange Commission. The information contained herein speaks as of the date hereof, and the Company does not have or undertake any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law.

------

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| | | |
|:---|:---|:---|
| **WestRock Company** |  |  |
| **Condensed Consolidated Statements of Income** |  |  |
| In millions, except per share amounts (unaudited) |  |  |
|  | **Three Months Ended**  | **Three Months Ended**  |
|  | **December 31,**  | **December 31,**  |
|  | **2022**  | **2021**  |
| Net sales | $4923.1  | $4952.2  |
| Cost of goods sold | 4157.9  | 4155.6  |
| Gross profit | 765.2  | 796.6  |
| Selling, general and administrative excluding intangible amortization | 479.1  | 452.9  |
| Selling, general and administrative intangible amortization | 86.6  | 88.0  |
| Gain on disposal of assets | (1.7 ) | (13.9 ) |
| Multiemployer pension withdrawal income | -  | (3.3 ) |
| Restructuring and other costs | 33.0  | 2.3  |
| Operating profit | 168.2  | 270.6  |
| Interest expense, net | (97.3 ) | (86.7 ) |
| Pension and other postretirement non-service (cost) income | (5.0 ) | 39.9  |
| Other income, net | 25.2  | 0.2  |
| Equity in (loss) income of unconsolidated entities | (36.0 )  | 18.4  |
| Income before income taxes | 55.1  | 242.4  |
| Income tax expense | (8.3 )  | (58.6 )  |
| Consolidated net income | 46.8  | 183.8  |
| Less: Net income attributable to noncontrolling interests | (1.5 )  | (1.5 )  |
| Net income attributable to common stockholders | $45.3  | $182.3  |
| Computation of diluted earnings per share under the two-class method (in millions, except per share data): | Computation of diluted earnings per share under the two-class method (in millions, except per share data): |  |
| Net income attributable to common stockholders | $45.3  | $182.3  |
| Diluted weighted average shares outstanding | 256.7  | 266.9  |
| Diluted earnings per share | $0.18  | $0.68  |

---

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| | | |
|:---|:---|:---|
| **WestRock Company** |  |  |
| **Segment Information** |  |  |
| In millions (unaudited) |  |  |
|  | **Three Months Ended**  | **Three Months Ended**  |
|  | **December 31,**  | **December 31,**  |
|  | **2022**  | **2021**  |
| Net sales: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corrugated Packaging | $2235.2  | $2220.0  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Packaging | 1215.0  | 1138.7  |
| &nbsp;&nbsp;&nbsp;&nbsp;Global Paper | 1123.6  | 1352.6  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution | 321.5  | 324.8  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other unallocated | 102.2  | -  |
| &nbsp;&nbsp;&nbsp;&nbsp;Intersegment Eliminations | (74.4 )  | (83.9 )  |
| Total | $4923.1  | $4952.2  |
| Adjusted EBITDA: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corrugated Packaging | $309.2  | $288.9  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Packaging | 183.3  | 169.3  |
| &nbsp;&nbsp;&nbsp;&nbsp;Global Paper | 157.3  | 232.4  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution | 10.8  | 6.5  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other unallocated | 17.3  | -  |
| Total | 677.9  | 697.1  |
| Depreciation, depletion and amortization | (373.2 ) | (366.5 ) |
| Gain on sale of certain closed facilities | 0.9  | 14.4  |
| Multiemployer pension withdrawal income | -  | 3.3  |
| Restructuring and other costs | (33.0 ) | (2.3 ) |
| Non-allocated expenses | (25.8 ) | (16.8 ) |
| Interest expense, net | (97.3 ) | (86.7 ) |
| Other income, net | 25.2  | 0.2  |
| Other adjustments | (119.6 )  | (0.3 )  |
| Income before income taxes | $55.1  | $242.4  |
| Depreciation, depletion and amortization: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corrugated Packaging | $181.4  | $167.0  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Packaging | 84.1  | 86.3  |
| &nbsp;&nbsp;&nbsp;&nbsp;Global Paper | 89.1  | 106.2  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution | 6.9  | 5.8  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other unallocated | 9.6  | -  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate | 2.1  | 1.2  |
| Total | $373.2  | $366.5  |
| Other adjustments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corrugated Packaging | $46.8  | $-  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Packaging | 31.6  | 0.2  |
| &nbsp;&nbsp;&nbsp;&nbsp;Global Paper | 17.5  | 0.1  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other unallocated | 3.0  | -  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate | 20.7  | -  |
| Total | $119.6  | $0.3  |

---

------

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| | | |
|:---|:---|:---|
| **WestRock Company** |  |  |
| **Condensed Consolidated Statements of Cash Flows** |  |  |
| In millions (unaudited) |  |  |
|  | **Three Months Ended**  | **Three Months Ended**  |
|  | **December 31,**  | **December 31,**  |
|  | **2022**  | **2021**  |
| **Cash flows from operating activities:** |  |  |
| Consolidated net income | $46.8  | $183.8  |
| Adjustments to reconcile consolidated net income to net cash provided |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation, depletion and amortization | 373.2  | 366.5  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax benefit | (19.5 ) | (14.0 ) |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense | 9.6  | 15.2  |
| &nbsp;&nbsp;&nbsp;&nbsp;401(k) match and company contribution in common stock | -  | 2.5  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pension and other postretirement funding more (less) than cost (income) | 3.6  | (32.4 ) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash surrender value increase in excess of premiums paid | (13.1 ) | (16.6 ) |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity in loss (income) of unconsolidated entities | 36.0  | (18.4 ) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of businesses | (11.1 ) | -  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other impairment adjustments | (0.7 ) | 0.9  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on disposal of plant and equipment and other, net | (1.7 ) | (13.9 ) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | 0.7  | 5.5  |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities, net of acquisitions / divestitures: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 284.9  | 60.4  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | (53.8 ) | (117.5 ) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | (64.3 ) | (44.1 ) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (113.9 ) | 5.4  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes | 0.2  | 62.0  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities and other | (211.0 )  | (192.5 )  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 265.9  | 252.8  |
| **Investing activities:** |  |  |
| Capital expenditures | (282.2 ) | (173.1 ) |
| Cash paid for purchase of businesses, net of cash acquired | (853.5 ) | (7.0 ) |
| Proceeds from corporate owned life insurance | 2.2  | 2.0  |
| Proceeds from sale of businesses | 25.9  | -  |
| Proceeds from currency forward contracts | 23.2  | -  |
| Proceeds from sale of property, plant and equipment | 4.5  | 22.4  |
| Proceeds from property, plant and equipment insurance settlement | -  | 1.7  |
| Other, net | (0.3 )  | (0.8 )  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used for investing activities | (1080.2 )  | (154.8 )  |
| **Financing activities:** |  |  |
| Additions to revolving credit facilities | 10.2  | -  |
| Repayments of revolving credit facilities | (116.3 ) | -  |
| Additions to debt | 1389.8  | 31.3  |
| Repayments of debt | (510.7 ) | (52.2 ) |
| Changes in commercial paper, net | 301.5  | -  |
| Other debt (repayments) additions, net | (23.6 ) | 69.0  |
| Issuances of common stock, net of related tax withholdings | 2.4  | 6.2  |
| Purchases of common stock | -  | (100.1 ) |
| Cash dividends paid to stockholders | (70.0 ) | (66.3 ) |
| Other, net | (0.4 )  | 7.8  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used for) financing activities | 982.9  | (104.3 )  |
| Effect of exchange rate changes on cash and cash equivalents, and restricted cash | (5.7 ) | 6.7  |
| Changes in cash and cash equivalents, and restricted cash in assets held-for-sale | (7.9 )  | -  |
| Increase in cash and cash equivalents and restricted cash | 155.0  | 0.4  |
| Cash and cash equivalents, and restricted cash at beginning of period | 260.2  | 290.9  |
| Cash and cash equivalents, and restricted cash at end of period | $415.2  | $291.3  |
| Supplemental disclosure of cash flow information: |  |  |
| Cash paid during the period for: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes, net of refunds | $28.6  | $9.9  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest, net of amounts capitalized | $68.1  | $56.8  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash additions to property, plant and equipment | $159.8  | $101.9  |

---

------

---

| | | |
|:---|:---|:---|
| **WestRock Company** |  |  |
| **Condensed Consolidated Balance Sheets** |  |  |
| In millions (unaudited) |  |  |
|  | **December 31,**  | **September 30,**  |
|  | **2022**  | **2022**  |
| **<u>Assets</u>** |  |  |
| Current assets: |  |  |
| Cash and cash equivalents | $415.2  | $260.2  |
| Accounts receivable (net of allowances of $61.0 and $66.3) | 2665.5  | 2683.9  |
| Inventories | 2570.9  | 2317.1  |
| Other current assets | 1713.9  | 689.8  |
| Assets held for sale | 214.6  | 34.4  |
| Total current assets | 7580.1  | 5985.4  |
| Property, plant and equipment, net | 11398.7  | 10081.4  |
| Goodwill | 6073.4  | 5895.2  |
| Intangibles, net | 2855.4  | 2920.6  |
| Prepaid pension asset | 453.7  | 440.3  |
| Other assets | 1980.4  | 3082.6  |
| Total Assets | $30341.7  | $28405.5  |
| **<u>Liabilities and Equity</u>** |  |  |
| Current liabilities: |  |  |
| Current portion of debt | $497.0  | $212.2  |
| Accounts payable | 2270.6  | 2252.1  |
| Accrued compensation and benefits | 410.9  | 627.9  |
| Other current liabilities | 1767.4  | 810.6  |
| Liabilities held for sale | 66.1  | -  |
| Total current liabilities | 5012.0  | 3902.8  |
| Long-term debt due after one year | 8965.8  | 7575.0  |
| Pension liabilities, net of current portion | 211.9  | 189.4  |
| Postretirement medical liabilities, net of current portion | 106.9  | 105.4  |
| Deferred income taxes | 2814.1  | 2761.9  |
| Other long-term liabilities | 1671.8  | 2445.8  |
| Redeemable noncontrolling interests | 6.9  | 5.5  |
| Total stockholders' equity | 11534.5  | 11402.0  |
| Noncontrolling interests | 17.8  | 17.7  |
| Total Equity | 11552.3  | 11419.7  |
| Total Liabilities and Equity | $30341.7  | $28405.5  |

---

------

 **<u>Non-GAAP Financial Measures and Reconciliations</u>**

WestRock reports its financial results in accordance with accounting principles generally accepted in the United States ("GAAP"). However, management believes certain non-GAAP financial measures provide WestRock's management, board of directors, investors, potential investors, securities analysts and others with additional meaningful financial information that should be considered when assessing our ongoing performance. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions, and in evaluating WestRock's performance. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, WestRock's GAAP results. The non-GAAP financial measures we present may differ from similarly captioned measures presented by other companies.

 *<u>Business Systems Transformation Costs</u>*

In the fourth quarter of fiscal 2022, WestRock launched a multi-year phased business systems transformation project. Due to the nature, scope and magnitude of this investment, management believes these incremental transformation costs are above the normal, recurring level of spending for information technology to support operations. Since these strategic investments, including incremental nonrecurring operating costs, will cease at the end of the investment period, are not expected to recur in the foreseeable future, and are not considered representative of our underlying operating performance, management believes presenting these costs as an adjustment in the non-GAAP results provides additional information to investors about trends in our operations and is useful for period-over-period comparisons. This presentation also allows investors to view our underlying operating results in the same manner as they are viewed by management.

We discuss below details of the non-GAAP financial measures presented by us and provide reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with GAAP.

 **<u>Consolidated Adjusted EBITDA and Adjusted EBITDA</u>**

WestRock uses the non-GAAP financial measure "Consolidated Adjusted EBITDA", along with other factors such as "Adjusted EBITDA" (a GAAP measure of segment performance the Company uses to evaluate our segment results), to evaluate our overall performance. Management believes that the most directly comparable GAAP measure to "Consolidated Adjusted EBITDA" is "Net income attributable to common stockholders". It can also be derived by adding together each segment's "Adjusted EBITDA" plus "Non-allocated expenses". Management believes this measure provides WestRock's management, board of directors, investors, potential investors, securities analysts and others with useful information to evaluate WestRock's performance because it excludes restructuring and other costs, business systems transformation costs and other specific items that management believes are not indicative of the ongoing operating results of the business. WestRock's management and board use this information to evaluate WestRock's performance relative to other periods.

Adjusted EBITDA, a GAAP measure of segment performance, is defined as pretax earnings of a reportable segment before depreciation, depletion and amortization, and excludes the following items the Company does not consider part of our segment performance: gain on sale of certain closed facilities, multiemployer pension withdrawal income, restructuring and other costs, non-allocated expenses, interest expense, net, other income, net, and other adjustments - each as outlined in the table on page 7 ("**Adjusted EBITDA**").

 **<u>Adjusted Segment Sales and Adjusted EBITDA Margins, Excluding Trade Sales</u>**

WestRock uses the non-GAAP financial measures "Adjusted Segment Sales" and "Adjusted EBITDA Margins, excluding trade sales". Management believes that adjusting segment sales for trade sales is consistent with how our peers present their sales for purposes of computing segment margins and helps WestRock's management, board of directors, investors, potential investors, securities analysts and others compare companies in the same peer group. Management believes that the most directly comparable GAAP measure to "Adjusted Segment Sales" is "segment sales". Additionally, the most directly comparable GAAP measure to "Adjusted EBITDA Margin, excluding trade sales" is "Adjusted EBITDA Margin". "Adjusted EBITDA Margin, excluding trade sales" is calculated by dividing that segment's Adjusted EBITDA by Adjusted Segment Sales. "Adjusted EBITDA Margin" is a GAAP profitability measure, and it is calculated for each segment by dividing that segment's Adjusted EBITDA by segment sales.

------

 **<u>Adjusted Net Income and Adjusted Earnings Per Diluted Share</u>**

WestRock uses the non-GAAP financial measures "Adjusted Net Income" and "Adjusted Earnings Per Diluted Share". Management believes these measures provide WestRock's management, board of directors, investors, potential investors, securities analysts and others with useful information to evaluate WestRock's performance because they exclude restructuring and other costs, business systems transformation costs and other specific items that management believes are not indicative of the ongoing operating results of the business. WestRock and its board of directors use this information to evaluate WestRock's performance relative to other periods. WestRock believes that the most directly comparable GAAP measures to Adjusted Net Income and Adjusted Earnings Per Diluted Share are Net income attributable to common stockholders.

This release includes reconciliations of our non-GAAP financial measures to their respective directly comparable GAAP measures, as identified above, for the periods indicated (in millions, except percentages).

 **<u>Reconciliations of Consolidated Adjusted EBITDA</u>**

---

| | | |
|:---|:---|:---|
|  | Three Months Ended  | Three Months Ended  |
|  | December 31,  | December 31,  |
|  | 2022  | 2021  |
| Net Income attributable to common stockholders | $45.3  | $182.3  |
| <u>Adjustments:</u> <sup>(1)</sup> |  |  |
| Less: Net Income attributable to noncontrolling interests | 1.5  | 1.5  |
| Income tax expense | 8.3  | 58.6  |
| Other income, net | (25.2 ) | (0.2 ) |
| Interest expense, net | 97.3  | 86.7  |
| Restructuring and other costs | 33.0  | 2.3  |
| Multiemployer pension withdrawal income | -  | (3.3 ) |
| Gain on sale of certain closed facilities | (0.9 ) | (14.4 ) |
| Depreciation, depletion and amortization | 373.2  | 366.5  |
| Other adjustments | 119.6  | 0.3  |
| Consolidated Adjusted EBITDA | $652.1  | $680.3  |
| <sup>(1)</sup> Schedule adds back expense or subtracts income for certain financial statement and segment | <sup>(1)</sup> Schedule adds back expense or subtracts income for certain financial statement and segment | <sup>(1)</sup> Schedule adds back expense or subtracts income for certain financial statement and segment |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;footnote items to compute Consolidated Adjusted EBITDA. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;footnote items to compute Consolidated Adjusted EBITDA. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;footnote items to compute Consolidated Adjusted EBITDA. |

---

------

 **<u>Reconciliations of Adjusted Net Income</u>**

---

| | | | |
|:---|:---|:---|:---|
|  | <u>Three Months Ended December 31, 2022</u>  | <u>Three Months Ended December 31, 2022</u>  | <u>Three Months Ended December 31, 2022</u>  |
|  | Consolidated Results | Consolidated Results | Consolidated Results |
|  | Pre-Tax | Tax | Net of Tax |
| As reported <sup>(1)</sup> | $55.1  | $(8.3)  | $46.8  |
| Mahrt mill work stoppage <sup>(2)</sup> | 41.6  | (10.2)  | 31.4  |
| Restructuring and other costs | 33.0  | (8.0)  | 25.0  |
| Loss on sale of previously held equity method<br> investment net of deferred taxes <sup>(2)</sup> | 46.8  | (22.2)  | 24.6  |
| Business systems transformation costs <sup>(2)</sup> | 20.2  | (4.9)  | 15.3  |
| Purchase accounting inventory related adjustments <sup>(2)</sup> | 8.5  | (2.1)  | 6.4  |
| Losses at closed facilities, transition and start-up costs <sup>(2)</sup> | 2.5  | (0.5)  | 2.0  |
| Gain on sale of two uncoated recycled<br> paperboard mills | (11.1)  | 2.8  | (8.3)  |
| Gain on sale of certain closed facilities | (0.9)  | 0.2  | (0.7)  |
| Other <sup>(2)</sup> | 0.5  | (0.1)  | 0.4  |
| Adjusted Results | $196.2  | $(53.3)  | $142.9  |
| Noncontrolling interests |  |  | (1.5)  |
| Adjusted Net Income |  |  | $141.4  |

---

<sup>(1)</sup> The as reported results for Pre-Tax, Tax and Net of Tax are equivalent to the line items "Income before income taxes", "Income tax expense" and "Consolidated net income", respectively, as reported on the Condensed Consolidated Statements of Income.

<sup>(2)</sup> These footnoted items are the "Other adjustments" called out in the Segment Information table on page 7. The "Losses at closed facilities, transition and start-up costs" line includes $0.5 million of depreciation and amortization.

---

| | | | |
|:---|:---|:---|:---|
|  | <u>Three Months Ended December 31, 2021</u>  | <u>Three Months Ended December 31, 2021</u>  | <u>Three Months Ended December 31, 2021</u>  |
|  | Consolidated Results | Consolidated Results | Consolidated Results |
|  | Pre-Tax | Tax | Net of Tax |
| As reported <sup>(1)</sup> | $242.4  | $(58.6)  | $183.8  |
| Restructuring and other costs | 2.3  | (0.5)  | 1.8  |
| Losses at closed facilities, transition and start-up costs <sup>(2)</sup> | 0.3  | (0.1)  | 0.2  |
| Gain on sale of certain closed facilities | (14.4)  | 3.6  | (10.8)  |
| Adjusted Results | $230.6  | $(55.6)  | $175.0  |
| Noncontrolling interests |  |  | (1.5)  |
| Adjusted Net Income |  |  | $173.5  |

---

<sup>(1)</sup> The as reported results for Pre-Tax, Tax and Net of Tax are equivalent to the line items "Income before income taxes", "Income tax expense" and "Consolidated net income", respectively, as reported on the Condensed Consolidated Statements of Income.

<sup>(2)</sup> These footnoted items are the "Other adjustments" called out in the Segment Information table on page 7.

------

 **<u>Reconciliation of Adjusted Earnings Per Diluted Share</u>**

---

| | | |
|:---|:---|:---|
|  | <u>Three Months Ended</u> | <u>Three Months Ended</u> |
|  | December 31,<br> 2022 | December 31,<br> 2021 |
| **Earnings per diluted share** | $**0.18**  | $**0.68**  |
| Mahrt mill work stoppage | 0.12  | -  |
| Restructuring and other costs | 0.10  | 0.01  |
| Loss on sale of previously held equity method<br> investment net of deferred taxes | 0.09  | -  |
| Business systems transformation costs | 0.06  | -  |
| Purchase accounting inventory related adjustments | 0.02  | -  |
| Losses at closed facilities, transition and start-up costs | 0.01  | -  |
| Gain on sale of two uncoated recycled<br> paperboard mills | (0.03)  | -  |
| Gain on sale of certain closed facilities | -  | (0.04)  |
| **Adjusted Earnings Per Diluted Share** | $**0.55**  | $**0.65**  |

---

 **<u>Reconciliations of Adjusted Segment Sales and Adjusted EBITDA Margins, Excluding Trade Sales</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Corrugated Packaging Segment</u>** |  |  |  |  |
|  | <u>Three Months Ended</u> | <u>Three Months Ended</u> | <u>Three Months Ended</u> | <u>Three Months Ended</u> |
|  | December 31,<br> 2022 | December 31,<br> 2022 | December 31,<br> 2021 | December 31,<br> 2021 |
| Segment sales | $| 2235.2  | $| 2220.0  |
| Less: Trade Sales |  | (65.0)  |  | (76.1)  |
| Adjusted Segment Sales | $| 2170.2  | $| 2143.9  |
| Adjusted EBITDA | $| 309.2  | $| 288.9  |
| Adjusted EBITDA Margins |  | 13.8%  |  | 13.0%  |
| Adjusted EBITDA Margin, excluding Trade Sales |  | 14.2%  |  | 13.5%  |

---

## Contacts
Investors:

Robert Quartaro, 470-328-6979 <br> Senior Vice President, Investor Relations <br> robert.quartaro@westrock.com

Media:

Robby Johnson, 470-328-6397 <br> Manager, Corporate Communications <br> s-crp-mediainquiries@westrock.com

## Exhibit 99.2

**Exhibit 99.2**<br>

**** 

<br> **![](a53294461ex99_2slide1.jpg)

Westrock Q1 fy23 results February 1, 2023

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![](a53294461ex99_2slide2.jpg)

Forward Looking Statements: This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including but not limited to the statements on the slides entitled "Executing Our Strategy", "Adjusted Free Cash Flow", "Q2 FY23 Guidance", "Additional Guidance", and "Estimated Key Commodity Q2 FY23 Consumption Volumes" that give guidance or estimates for future periods. Forward-looking statements are based on our current expectations, beliefs, plans or forecasts and are typically identified by words or phrases such as "may," "will," "could," "should," "would," "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "target," "prospects," "potential" and "forecast," and other words, terms and phrases of similar meaning. Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties. A forward-looking statement is not a guarantee of future performance, and actual results could differ materially from those contained in the forward-looking statement. Forward-looking statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control, such as developments related to pricing cycles and volumes; economic, competitive and market conditions generally, including macroeconomic uncertainty, customer inventory rebalancing, the impact of inflation and increases in energy, raw materials, shipping, labor and capital equipment costs; reduced supply of raw materials, energy and transportation, including from supply chain disruptions and labor shortages; intense competition; results and impacts of acquisitions, including operational and financial effects from the acquisition of Gondi, S.A. de C.V. ("Grupo Gondi"), and divestitures as well as risks related to our joint ventures; business disruptions, including from public health crises such as a resurgence of COVID, the occurrence of severe weather or a natural disaster or other unanticipated problems, such as labor difficulties, equipment failure or unscheduled maintenance and repair; failure to respond to changing customer preferences; the amount and timing of capital expenditures, including installation costs, project development and implementation costs, and costs related to resolving disputes with third parties with which we work to manage and implement capital projects; risks related to international sales and operations; the production of faulty or contaminated products; the loss of certain customers; adverse legal, reputational, operational and financial effects resulting from cyber incidents and the effectiveness of business continuity plans during a ransomware or other cyber incident; work stoppages and other labor relations difficulties; inability to attract, motivate, train and retain qualified personnel; risks associated with sustainability and climate change, including our ability to achieve our environmental, social and governance targets and goals on announced timelines or at all; our inability to successfully identify and make performance and productivity improvements and risks associated with completing strategic projects on the anticipated timelines and realizing anticipated financial or operational improvements on announced timelines or at all, including with respect to our business systems transformation; risks related to our indebtedness; the scope, costs, timing and impact of any restructuring of our operations and corporate and tax structure; our desire or ability to repurchase company stock; and the scope, timing and outcome of any litigation, claims or other proceedings or dispute resolutions and the impact of any such litigation (including with respect to the Brazil tax liability matter). Such risks and other factors that may impact forward-looking statements are discussed in Item 1A "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended September 30, 2022, as well as the other risks discussed in our subsequent filings with the Securities and Exchange Commission. The information contained herein speaks as of the date hereof, and the Company does not have or undertake any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law. Non-GAAP Financial Measures: We report our financial results in accordance with accounting principles generally accepted in the United States ("GAAP"). However, management believes certain non-GAAP financial measures provide users with additional meaningful financial information that should be considered when assessing our ongoing performance. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating our performance. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, our GAAP results. The non-GAAP financial measures we present may differ from similarly captioned measures presented by other companies. For additional information, see the Appendix. In addition, as explained in the Appendix, we are not providing a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable U.S. GAAP measure because we are unable to predict with reasonable certainty the ultimate outcome of certain significant items without unreasonable effort. Cautionary Language 2

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![](a53294461ex99_2slide3.jpg)

3 Q1 FY23 key highlights Non-GAAP Financial Measure. See Non-GAAP Financial Measures and Reconciliations in the Appendix Packaging sales is a non-GAAP financial measure and consists of Corrugated Packaging segment sales (excluding white top trade sales) and Consumer Packaging segment sales Adjusted EBITDA margin (excluding white top trade sales), a non-GAAP financial measure Consolidated Adjusted EBITDA margin. See Non-GAAP Financial Measures and Reconciliations in the Appendix Excluding impact of economic downtime Solid results in a dynamic environment ($ in millions) Consolidated Adjusted EBITDA Q1 fy23 Vs. q1 fy22 Corrugated Packaging(3) 14.2% +70bps Consumer Packaging 15.1% +20bps Global Paper 14.0% -320bps Distribution 3.4% +140bps WestRock(4) 13.2% -50bps Adjusted EBITDA Margins Sales and earnings growth in Q1 FY23 Net sales of $4.9 billion, comparable to prior year period Consolidated Adjusted EBITDA(1) of $652 million Consolidated Adjusted EBITDA margin(1) of 13.2% Adjusted EPS(1) of $0.55 per share Packaging sales(2) increased 3% year-over-year driven by strong pricing Sequential improvement in N.A. corrugated shipments per day Results impacted by $119 million due to economic downtime and weather disruptions Non-cash pension costs increased $40 million year-over-year and the unfavorable impact of foreign currency was $17 million year-over-year Continued to advance our transformation initiatives Closed on Grupo Gondi transaction and sale of two URB mills On track to achieve $250 million in cost savings in fiscal 2023(5) Named to Dow Jones North America Sustainability Index for 3rd consecutive year

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![](a53294461ex99_2slide4.jpg)

4 Executing our strategy Machinery installed base increased 3% to over 5,100 Supports packaging sales and deeper customer relationships On track to achieve $250 million in cost savings in fiscal 2023 Making progress on portfolio actions Closed on Grupo Gondi and sale of two URB mills in December RTS and Chattanooga mill divestiture on track to closein 2023(1) Executing strategy as we seek to expand margins, grow EBITDA and improve ROIC Q1 FY23 Highlights Leverage the power of one WestRock to deliver unrivaled solutions to our customers Focus on attractive markets where our diverse portfolio is valued and rewarded Innovate with focus on sustainability and growth Drive innovation in material science, packaging design, packaging machinery, and digital solutions to help customers meet their sustainability and profitability goals Relentless focus on margin improvement and increasing efficiency Maximize the operational effectiveness and efficiency of our assets and systems through the WestRock Operating System to improve financial performance Execute disciplined capital allocation Balanced approach to deploying our capital focused on: strategic investments, sustainable and growing dividend and opportunistic share repurchases 4 Subject to regulatory approval

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![](a53294461ex99_2slide5.jpg)

5 Price continues to outpace inflation Net sales comparable to prior year, with strength in Packaging and Grupo Gondi sales(2) offset by a decline in Global Paper Higher inflation across labor, freight, energy, chemicals and virgin fiber Consolidated Adjusted EBITDA negatively impacted by economic downtime and weather Economic downtime of 356K tons impacted Consolidated Adjusted EBITDA by $100 million(3) Weather impacted Consolidated Adjusted EBITDA by $19 million(4) Non-GAAP Financial Measure. See Non-GAAP Financial Measures and Reconciliations in the Appendix. Grupo Gondi sales for December 2022 are presented in Other Unallocated $100 million impact to Operating Costs in the chart on this slide $11 million impact to Volume and $8 million impact to Other in the chart on this slide Q1 Fy23 WestRock Results Q1 Year-over-year Highlights Consolidated Adjusted EBITDA ($ in Millions) FIRST QUARTER SECOND QUARTER $ in millions, EXCEPT PER SHARE ITEMS FY23 FY22 YoY Net Sales $4,923 $4,952 -1% Consolidated Adjusted EBITDA(1) $652 $680 -4% % Margin(1) 13.2% 13.7% -50 bps Capital Expenditures $282 $173 63% Adjusted Free Cash Flow(1) $30 $84 -64% Adjusted Earnings Per Diluted Share(1) $0.55 $0.65 -15% -$28 5

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![](a53294461ex99_2slide6.jpg)

6 Strong price/mix drove revenue growth and margin expansion Higher inflation across labor, freight, energy, chemicals and virgin fiber North American per day shipments improved 2% sequentially to 373 million square feet per day One less shipping day year-over-year Adjusted EBITDA negatively impacted by economic downtime and weather Economic downtime impacted Adjusted EBITDA by $57 million(3) Weather impacted Adjusted EBITDA by $3 million(4) Excludes white top trade sales Non-GAAP Financial Measure. See Non-GAAP Financial Measures and Reconciliations in the Appendix. $57 million impact to Operating Costs in the chart on this slide $3 million impact to Other in the chart on this slide Q1 Fy23 corrugated packaging Results Q1 Year-over-year Highlights Adjusted EBITDA ($ in Millions) FIRST QUARTER SECOND QUARTER $ in millions FY23 FY22 YoY Segment Sales(1)(2) $2,170 $2,144 1% Adjusted EBITDA $309 $289 7% % Margin(1)(2) 14.2% 13.5% 70 bps +$20 6

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![](a53294461ex99_2slide7.jpg)

Q1 Year-over-year Highlights 7 Strong price/mix drove revenue growth and margin expansion Continued solid demand and healthy backlogs Higher inflation across labor, freight, energy, chemicals and virgin fiber Estimated plastics replacement revenue run-rate of $365 million and growing Q1 Fy23 consumer packaging Results Adjusted EBITDA ($ in Millions) FIRST QUARTER SECOND QUARTER $ in millions FY23 FY22 YoY Segment Sales $1,215 $1,139 7% Adjusted EBITDA $183 $169 8% % Margin 15.1% 14.9% 20 bps +$14 7

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![](a53294461ex99_2slide8.jpg)

Q1 Year-over-year Highlights 8 Adjusted EBITDA down year-over-year, but up 4% compared to Q1 FY21 Largely impacted by export containerboard Paperboard market remains stable Adjusted EBITDA negatively impacted by economic downtime and weather Economic downtime impacted Adjusted EBITDA by $41 million(1) Weather impacted Adjusted EBITDA by $15 million(2) Q1 Fy23 global paper Results Adjusted EBITDA ($ in Millions) FIRST QUARTER SECOND QUARTER $ in millions FY23 FY22 YoY Segment Sales $1,124 $1,353 -17% Adjusted EBITDA $157 $232 -32% % Margin 14.0% 17.2% -320 bps -$75 $41 million impact to Operating Costs in the chart on this slide $12 million impact to Volume and $3 million impact to Other in the chart on this slide 8

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Q1 Year-over-year Highlights 9 Segment sales down 1% in the quarter Strong price/mix largely offset by inflation Price/mix contributed to the 140 basis point margin expansion Continue to focus on productivity and commercial excellence Q1 Fy23 distribution Results Adjusted EBITDA ($ in Millions) FIRST QUARTER SECOND QUARTER $ in millions FY23 FY22 YoY Segment Sales $322 $325 -1% Adjusted EBITDA $11 $7 66% % Margin 3.4% 2.0% +140 bps +$4 9

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10 Adjusted Free Cash Flow Q1 Adjusted Free Cash Flow of $30 million, impacted by higher capex FY23 Adjusted Free Cash Flow expected to be >$1.0 billion Expected 8th straight year of Adjusted Free Cash Flow above $1 billion Net leverage of 2.35x, focused on returning to target range of 1.75x to 2.25x Strong Adjusted Free Cash Flow Adjusted Free Cash Flow(1)($ in Billions) Non-GAAP Financial Measure. See Non-GAAP Financial Measures and Reconciliations in the Appendix. 10

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11 Q2 fy23 guidance Non-GAAP Financial Measure. See Non-GAAP Financial Measures in the Appendix. Q2 FY23 Consolidated adjusted EBITDA(1) Q2 FY23 Adjusted EPS(1) $625 - $725 MILLION $0.31 - $0.61 Per Share Q2 FY23 Sequential Guidance Details Natural gas down 20% to approximately $5.00/MMBTU OCC stable at $35/ton Stable virgin fiber, chemicals and freight Approximately 132K tons of maintenance downtime

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appendix 13

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Adjusted EBITDA ($ in millions) Q1 Year Over Year Bridges 14 Corrugated packaging Consumer packaging distribution Global paper -$75 +$14 +$20 +$4

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15 Additional Guidance Q2 FY23 Guidance Depreciation & Amortization Approx. $385 million Net Interest Expense Approx. $125 million Effective Adjusted Book Tax Rate(1) 23% - 26% Diluted Shares Outstanding(2) 257 million Mill Maintenance Downtime Schedule (tons in thousands) Q1 Q2 Q3 Q4 Full Year FY23 Maintenance 167 132 127 15 441 FY22 Maintenance 192 124 46 47 409 FY21 Maintenance 105 65 119 12 301 Maintenance(3) Q2 FY23 Guidance Non-GAAP Financial Measure. See Non-GAAP Financial Measures in the Appendix Diluted shares outstanding excludes share repurchases Excludes Grupo Gondi and Brazil Maintenance Downtime

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16 Estimated Key CommodityQ2 FY23 Consumption Volumes

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17 Shipment Data(1) Quantities may not sum due to trailing decimals Revised FY21 and FY22 shipments

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Adjusted Earnings Per Diluted Share We use the non-GAAP financial measure "Adjusted Earnings per Diluted Share," also referred to as "Adjusted Earnings per Share" or "Adjusted EPS", because we believe this measure provides our management, board of directors, investors, potential investors, securities analysts and others with useful information to evaluate our performance since it excludes restructuring and other costs, business systems transformation costs, and other specific items that we believe are not indicative of our ongoing operating results. Our management and board of directors use this information to evaluate our performance relative to other periods. We believe the most directly comparable GAAP measure is Earnings per diluted share. Adjusted Operating Cash Flow and Adjusted Free Cash Flow We use the non-GAAP financial measures "Adjusted Operating Cash Flow" and "Adjusted Free Cash Flow" because we believe these measures provide our management, board of directors, investors, potential investors, securities analysts and others with useful information to evaluate our performance relative to other periods because they exclude certain cash restructuring and other costs, net of tax and business systems transformation costs, net of tax that we believe are not indicative of our ongoing operating results. We believe Adjusted Free Cash Flow provides greater comparability across periods by excluding capital expenditures. We believe the most directly comparable GAAP measure is net cash provided by operating activities. Consolidated Adjusted EBITDA and Consolidated Adjusted EBITDA MARGINS We use the non-GAAP financial measures "Consolidated Adjusted EBITDA" and "Consolidated Adjusted EBITDA Margins", along with other factors, to evaluate our performance against our peers. We believe that our management, board of directors, investors, potential investors, securities analysts and others use these measures to evaluate our performance relative to our peers. Management believes that the most directly comparable GAAP measure to "Consolidated Adjusted EBITDA" (formerly referred to as Adjusted Segment EBITDA) is "Net income attributable to common stockholders". It can also be derived by adding together each segment's "Adjusted EBITDA" plus "Non-allocated expenses". "Consolidated Adjusted EBITDA Margins" is calculated as "Consolidated Adjusted EBITDA" divided by Net Sales. Corrugated Adjusted EBITDA Margin, Excluding Trade-Sales "Corrugated Adjusted EBITDA Margin, Excluding Trade Sales" is computed by dividing "Corrugated Adjusted EBITDA" by corrugated segment sales, excluding trade-sales, which is reported segment sales less trade-sales. Leverage Ratio, Net Leverage Ratio, Total Funded Debt and Adjusted Total Funded Debt We use the non-GAAP financial measures "Leverage Ratio" and "Net Leverage Ratio" as measurements of our operating performance and to compare to our publicly disclosed target leverage ratio. We believe our management, board of directors, investors, potential investors, securities analysts and others use each measure to evaluate our available borrowing capacity – in the case of "Net Leverage Ratio", adjusted for cash and cash equivalents. We define Leverage Ratio as our Total Funded Debt divided by our credit agreement EBITDA, each of which term is defined in our revolving credit agreement, dated July 7, 2022. As of December 31, 2022, our leverage ratio was 2.47 times. While the Leverage Ratio under our credit agreement determines the credit spread on our debt, we are not subject to a leverage ratio cap. Our credit agreement is subject to a Debt to Capitalization Ratio, as defined therein. We define "Adjusted Total Funded Debt" as our Total Funded Debt less cash and cash equivalents. Net Leverage Ratio represents Adjusted Total Funded Debt divided by our credit agreement EBITDA. As of December 31, 2022, our Net Leverage Ratio was 2.35 times. Forward-looking Guidance We are not providing a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable U.S. GAAP measure because we are unable to predict with reasonable certainty the ultimate outcome of certain significant items without unreasonable effort. These items may include, but are not limited to, merger and acquisition-related expenses, restructuring expenses, asset impairments, litigation settlements, changes to contingent consideration and certain other gains or losses. These items are uncertain, depend on various factors, and could have a material impact on U.S. GAAP reported results for the guidance period. In addition, we have not quantified future amounts to develop our Net Leverage Ratio target but have stated our commitment to an investment grade credit profile in order to generally maintain the target. This target does not reflect Company guidance. Non-GAAP Financial Measures 18

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19 Adjusted Net Income and Adjusted Earnings Per Diluted Share Reconciliation The as reported results for Pre-Tax, Tax, Net of Tax and EPS are equivalent to the line items "Income before income taxes", "Income tax expense", "Consolidated net income" and "Earnings per diluted share", respectively, as reported on the statements of income. These footnoted items are the "Other adjustments" called out in the Segment Information table on page 7 of our earnings release for our fiscal first quarter ended December 31, 2022. The "Losses at closed facilities, transition and start-up costs" line includes $0.5 million of depreciation and amortization.

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20 Adjusted Net Income and Adjusted Earnings Per Diluted Share Reconciliation The as reported results for Pre-Tax, Tax, Net of Tax and EPS are equivalent to the line items "Income before income taxes", "Income tax expense", "Consolidated net income" and "Earnings per diluted share", respectively, as reported on the statements of income.

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21 Reconciliation of Net Income to Consolidated Adjusted EBITDA Schedule adds back expense or subtracts income for certain financial statement and segment footnote items to compute Consolidated Adjusted EBITDA.

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22 Reconciliation of Corrugated Packaging Adjusted EBITDA Margin

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23 Reconciliation of Packaging Sales

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24 Adjusted Operating Cash Flow and Adjusted Free Cash Flow Reconciliation

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25 TTM Credit Agreement EBITDA Total Debt, Funded Debt and Leverage Ratio Additional Permitted Charges primarily include restructuring and other costs, permitted acquisition EBITDA, run-rate synergies, labor disruption charges, cost savings initiatives and similar business optimization, and certain non-cash and other items as allowed under the credit agreement. TTM Credit Agreement EBITDA

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