Our earnings bridge
We expect Q2 clean EBIT of ~SEK 63m, up from SEK 5m in Q1’24 and SEK 57m in Q2’23. The main effects q-o-q are likely: SEK +16m from higher pulp prices, SEK +10m from higher volumes, SEK +13m from FX, SEK -5m from wood costs, SEK -5m from seasonal salary adjustments, and SEK +30m from a reversal of the Vallvik stop. We arrive at a Q2 clean EBIT of ~SEK 63m. Q3 will likely be weaker than Q2, driven by the annual maintenance stop (~SEK 35m), somewhat mitigated by higher pulp prices and volumes. We expect Q3 clean EBIT of SEK 45-65m.

https://cr.abgsc.com/contentassets/65e8121975cf456c8cef8d9997eb97cd/pdf/q2-set-to-improve-vs.-q1.pdf

ABGSC Commissioned Research