Pulp is gaining momentum

Q1e: Clean EBIT of ~SEK 37m. Pulp prices move higher, demand stronger. Fair value range: SEK 9-16/sh.

A quarter to forget

Q4: Clean EBIT of SEK -100m. Pulp prices up and demand better. Fair value range: SEK 9-16/sh.

Miss driven by lower prices

Pulp market better, but higher costs weigh

Q4e: Clean EBIT of SEK -20m. Pulp prices up and demand better. Fair value range: SEK 9-16/share.

Pulp markets are improving

Q3: Large volume-driven beat. Pulp prices on the rise. Fair value range: SEK 9-16/sh.

Large volume-driven beat in Q4

Better pulp markets despite challenging H2'23

Q3e: Clean EBIT of SEK -28m. Pulp futures sharply up – Chinese pulp prices up 19%. Fair value range: SEK 8-16/sh.

Pulp market weakness to continue

Q2: Clean EBIT of SEK 57m vs. ABGSCe of SEK 62m. European pulp prices down -20-40% from the peak. Fair value range: SEK 8-14/sh.

Q2 Clean EBIT broadly inline - H2'23 will be challenging

Margin pressure going into H2'23

Q2e: EBIT of SEK 62m. European pulp prices down -20-40% from the peak. Fair value range: SEK 10-15/sh.

Leading indicators for OECD industrial production

OECD: The indicator points up a bit from a low level. IP growth has dropped. US: The indicator points up a bit from a low level (housing starts, monetary policy, real FX). EU: The indicator points down (monetary policy, bond yields, real FX). Japan: The indicator is neutral (monetary policy vs hous

Strong delivery but the direction is down

Beat from higher prices and better volumes

Weaker pulp markets

Q1e: EBIT of SEK 90m. Chinese NBSK import price down ~20% YTD. Fair value range: SEK 10-15/sh (11-16).

Leading indicators for OECD industrial production

OECD: The indicator points down. US: The indicator points down (house prices, bond yields, monetary policy). EU: The indicator points down (monetary policy, bond yields). Japan: The indicator is neutral (housing starts, monetary policy).