Why invest in DS Smith

We are a sector-leading, innovative FTSE 100 business, aligned with powerful growth drivers.

DS Smith is a leading provider of sustainable packaging solutions, paper products and recycling services worldwide.
DS Smith is a leading provider of sustainable packaging solutions, paper products and recycling services worldwide.

We help our customers respond to rapidly changing shopping habits and attitudes, with the services and sustainable packaging solutions society demands and our planet needs.

With our circular business model and innovative approach, we are building a successful global business that is protecting natural resources, reducing waste, pollution & carbon and leading the transition to a more sustainable future.

We are now seeing the market drivers of e-commerce, sustainability and digital enablement converging which will help to accelerate growth.

We are different because we see the opportunity for packaging to play a powerful role in the world around us.

Miles Roberts
Group Chief Executive at DS Smith

Our scale, innovation, sustainability credentials and strong purpose set us apart

We are an industry leader

  • We are a leading supplier of innovative, sustainable, packaging solutions employing around 30,000 people in more than 30 countries mostly in the developed world.
  • Well-invested asset base and footprint to deliver for multinational customers spanning 300+ sites in Europe, and in North America, where we are expanding fast.
  • Strong commitment to investment in our asset base, R&D and innovation.


We are a sustainability leader

  • We are the only major packaging company in Europe offering purely fibre-based packaging solutions and Europe’s largest cardboard and paper recycler.
  • We have a leading Sustainability Strategy which includes ambitious targets in plastic replacement and carbon reduction.
  • We are driving the transition to the Circular Economy with a fully circular business model, operating a “short” paper model to drive long term, consistent return on capital.

How we're leading the way in sustainability


Strong customer base

  • We have ever-deeper relationships with our predominant customer base of blue-chip, resilient FMCG & E-commerce brands.
  • Customer driven growth through investment in innovation, sustainability, digital enablement and packaging capacity to gain further market share.
  • Consolidation of suppliers - Our scope, scale and reach will further strengthen our position with some of the world’s leading consumer goods companies.

We have proven solutions to meet dynamic market trends, accelerated by COVID-19

  • Rapid growth in e-commerce - Our sustainable, omni-channel packaging is revolutionising packaging for the entire retail sector, both bricks & mortar and online.
  • Increasing importance of sustainability - We are helping our customers respond by designing out waste, keeping valuable materials in use and making it easier for consumers to reuse and recycle packaging.
  • Removal of plastics - We have already replaced over 170 million items of single-use plastic from our customers’ supply chains with fibre alternatives


We have a strong track record of delivery, driven by clear and consistent financial targets. In 2022/23 we saw:

  • Robust adjusted operating profit of £701m (FY2022/23: £861m), in line with management expectations, against a weak consumer demand environment and high inflation.
  • Decline in like for like box volumes of 2%; improving momentum across the year with like for like growth of 2% in Q4 FY2023/24 vs Q4 FY2022/23.
  • Strong customer relationships, innovation and high service levels, together with strong cost management, have partially offset downward pricing pressure.
  • Lower free cashflow, reflecting our current capital expenditure programme and a working capital outflow, predominantly driven by commodity prices, has resulted in 2.1x net debt/EBITDA (FY2022/23: 1.3x). Underlying working capital metrics remain consistent with prior years.
  • Ongoing capital and operational expenditure programmes to support our customers and improve productivity and environmental efficiency remain on track.
  • Replaced over 1 billion units of plastic since May 2020, ahead of schedule.
  • Further greenhouse gas (GHG) reduction - 5% in the year (19% compared to 2019).
  • 9% reduction in accident frequency rate compared to last year.
  • Recommended all-share offer from International Paper to combine the businesses and create a truly international sustainable packaging solutions leader.