Research
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Forestry & Paper: Clearwater Paper Q2 2025 Results (North American Consumer board Insights)
Key message: Mixed demand signals with SBS shipments declining in the second quarter, while backlogs grew. Current downcycle is primarily driven by oversupply. Looking ahead, RISI expects industry capacity to be reduced by approximately 350Kt in 2026, which should...
Forestry & Paper: Mondi H1 25e Results Insights
Key message: We anticipate EBITDA of €584mn (€567mn excluding the forestry fair value gain). We expect basic underlying EPS of €0.49/share, down -3% YoY. Accordingly, we expect the interim DPS to be stable YoY at €0.23/share. Following the Schumacher acquisition (EV:...
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European uncoated woodfree (Mondi) and Paper Pulp Key message: UWF markets remain under pressure in Europe (-8.6% y-t-d), while North America’s structural deficit keeps prices resilient despite softer demand. Capacity cuts (~780kt) and tariff risks tighten supply,...
Forestry & Paper: UPM Second Quarter Results
Paper Pulp, European Graphic Paper & Specialty Insights Key message: UPM plans major graphic paper capacity cuts, yet further rationalisation remains necessary. Meanwhile, tariffs and a weaker dollar are disrupting European shipments into the US, amplifying market...
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Key Message: Both containerboard and consumer board deliveries improved by +4% YoY, while European deliveries were stable YoY compared to growth of +2.6% YoY in the first quarter. Demand in the packaging segments is expected to remain stable in the third quarter,...
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Key Message: Germany’s P&B producers are keeping production closely aligned with deliveries, pointing to a disciplined supply response in a soft demand environment (-2,6% YoY) driven by broad-based weakness across most grades. Graphic paper saw the steepest...
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Key Message: Q2 was weighed down by worsening conditions in Europe, where cartonboard and containerboard markets struggled with oversupply and weak demand. EBITDA margins collapsed, further hit by a major maintenance shutdown. In contrast, North America remained...
Forestry & Paper: Weekly Price Update
Key message: Pulp prices continued to slide in both Europe and China, reflecting persistent market weakness, while kraftliner held steady despite sharp drops in testliner and OCC. In the textile segment, dissolving wood pulp prices remained stable, but viscose staple...
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Key message: Sack kraft demand softens further into Q3, with prices easing from early-year highs. Nordic Paper highlights volume pressure and margin squeeze from weak demand—though lower pulpwood costs should offer some relief. View Presentation