Research

📦 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%,...

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...

Key message: 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...

Key message: Adjusted EBITDA improved by +11% YoY but came in -4% below consensus and -3% below guidance. Daily and total volumes from corrugated plants of the legacy PCA business were down by -1.7% YoY (but +4.2 QoQ). However, including the acquired business, volumes...

North American coated freesheet and specialty paper (Sappi) and European Paper Packaging (Mondi) Key message: The update reinforces a near-term Europe grind with pricing pressure, offset by structurally stronger North American execution, and a cost tailwind building...