Research
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Uncoated woodfree insights (Mondi) Key Message: Group adjusted EBITDA declined -20% YoY (-17% QoQ), with the largest earnings drag coming from Europe, where operations reported a second consecutive quarter of negative EBITDA. The weakness was primarily driven by lower...
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European containerboard & Corrugated (Mondi); European Pulp & Wood (Mondi & Sappi) Key message: Stora Enso’s results reinforce a mixed near-term outlook for Mondi: structurally supportive packaging fundamentals but continued cyclical pressure in Europe....
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Forestry & Paper : Navigator Q4 Insights European uncoated woodfree (Mondi) and Paper Pulp
Key message: Navigator outperformed in UWF with deliveries up +2% YoY in a market where industry volumes declined -5%, supported by stronger international exposure (+5% YoY; 56% of volumes). This contrasts with Mondi (-2% YoY volumes), reflecting Navigator’s greater...
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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...