Research
The content listed is not for investment, financial, accounting or tax advice and is provided for informational purposes only.
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European kraftliner (Mondi) & Global pulp Insights Key message: Group EBITDA declined by -18% YoY (-19% QoQ), though modestly ahead of expectations, with Pulp as the primary drag and Containerboard also facing margin pressure due to extended maintenance....
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US Containerboard & Corrugated (Mondi & Smurfit); US Uncoated Woodfree (Mondi) Key message: Adjusted EBITDA improved by +9% YoY (+12% QoQ). Daily corrugated shipments strengthened +3.7% YoY on a per-day basis with the Greif assets included, offsetting softer...
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Key message: Pulp markets point to further stability, while graphic paper and packaging markets continue to face weak market conditions. View Presentation
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North American coated freesheet and specialty paper (Sappi) Key message: Profitability declined YoY and came in slightly below consensus. Solid North American performance—underpinned by U.S. import tariffs—continues to anchor results, while Europe remains constrained...
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Afrimat – 1H FY26 Results
Key message: External factors continue to impact Afrimat – but the operational performance is improving.
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Key message: Pulp markets steadied, while graphic paper and packaging markets continues to face weak market conditions. View Presentation
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Biomaterials Insights (read-through for Sappi’s dissolving pulp) Key message: Profitability came under pressure, with EBITDA coming in -5% below consensus. Looking ahead, the Q4 outlook signals stable specialty cellulose volumes and pricing, supported by a modest...
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Key message: European sack kraft prices weakened in Q3 (unbleached -3% QoQ; bleached -1% QoQ) as demand moderated — deliveries through August were +2.8% YoY, though growth was front-loaded in Q1. View Presentation