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March/Q1 Price Update Key message: Clear divergence in Q1: Integrated pulp + NA exposure outperform; recycled + graphic paper remain under pressure.Q1 earnings likely remain weak, but the setup into Q2 is improving: March exit rates point to a market trough with early...

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Key Message : DWP-led earnings rise amid fibre weakness, but pulp cyclicality, energy volatility, and cost inflation keep earnings quality and margins at risk.View Presentation