Research

Key message: Pulp markets steadied, while graphic paper and packaging markets continues to face weak market conditions. View Presentation

Biomaterials Insights (read-through for Sappi’s dissolving pulp) Key message: Profitability came under pressure, with EBITDA coming in -5% below consensus. Looking ahead, the Q4 outlook signals stable specialty cellulose volumes and pricing, supported by a modest...

Key message: European sack kraft prices weakened in Q3 (unbleached -3% QoQ; bleached -1% QoQ) as demand moderated — deliveries through August were +2.8% YoY, though growth was front-loaded in Q1. View Presentation

📦 Key message: European and North American printing & writing markets remained depressed in August, with apparent demand falling -10% and -6% YoY respectively. Coated grades continue to bear the brunt of contraction — CFS (Sappi US) shipments plunged -14% YoY and...

Key message: Pulp markets are showing early signs of recovery, while graphic paper prices continued to edged lower and packaging markets remained broadly stable. View Presentation

Key message: Q3 2025 confirmed a two-speed market: pulp prices slumped sharply, graphic paper remained structurally weak, while packaging showed mixed movements—kraftliner strengthened amid broad softness in recycled grades. View Presentation

Key message: Prolonged market weakness and muted demand momentum drive another earnings setback. Persistent cyclical headwinds, coupled with oversupply, reinforce Mondi’s pivot toward free cash flow generation. View Presentation