Forestry & Paper: Sappi Q1 25A Insights

Key message: Sappi’s Q1 25A results exceeded our expectations, with adjusted EBITDA rising by +56% YoY and -10% QoQ to $203mn. Net debt declined by -1% QoQ to $1.406bn, resulting in a net debt-to-EBITDA ratio of 1.8x. As anticipated, guidance for Q2 points to a...