Research
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US & European Paper Packaging (Smurfit & Mondi) Key message: European profitability strengthened, with EBITDA up +9% QoQ and the margin expanding to 9.9%. Management is guiding to a material uplift in European earnings in 2026, with EBITDA expected to increase...
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📦 Key message: Both regions are weak on demand (2025), but the market share story differs. In Europe (P&W demand -8%, shipments -9% YoY), rationalisation is driving consolidation — Mondi holds UWF at 20% and Sappi lifts coated to 29%. In North America (demand -6%,...
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Key message: EBITDA slumps -61% YoY as Norske ramps up their recycled containerboard mills. Market rebalancing unlikely before 2027–2029 unless industry supply is cut. Feasibility study at Saugbrugs could add +270–280Kt of kraftliner capacity to the market. View...
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Key message:Â Group EBITDA fell by -25% YoY and came in -3% below consensus, with Pulp weighing down on the performance. Following two consecutive quarters of market weakness, European box demand recorded a modest uptick in Q4 25A. Meanwhile, Containerboard margins...