Research

European Containerboard & Corrugated (Mondi) & North American Consumer board (Sappi North America) Key message: High integration in Europe continues to underpin utilisation near full capacity, insulating margins even as containerboard markets remain uneconomic...

Key message: Pulp markets remain broadly stable, while graphic paper and packaging markets continue to face weak market conditions. View Presentation

North American Consumer board (Sappi North America) Key message: In the absence of meaningful supply rationalisation or swing capacity, it could take more than five years of organic demand growth to rebalance today’s board oversupply. While the current imbalance is...

European kraftliner (Mondi) & Global pulp Insights Key message: Group EBITDA declined by -18% YoY (-19% QoQ), though modestly ahead of expectations, with Pulp as the primary drag and Containerboard also facing margin pressure due to extended maintenance....

US Containerboard & Corrugated (Mondi & Smurfit); US Uncoated Woodfree (Mondi) Key message: Adjusted EBITDA improved by +9% YoY (+12% QoQ). Daily corrugated shipments strengthened +3.7% YoY on a per-day basis with the Greif assets included, offsetting softer...

Key message: Pulp markets point to further stability, while graphic paper and packaging markets continue to face weak market conditions. View Presentation

North American coated freesheet and specialty paper (Sappi) Key message: Profitability declined YoY and came in slightly below consensus. Solid North American performance—underpinned by U.S. import tariffs—continues to anchor results, while Europe remains constrained...