Q4e: Paper volumes are picking up
We expect Q4 Paper EBIT of PLN 87m, up from PLN 77m in Q3'23. Lower paper prices are offset by higher paper volumes. The main effects q-o-q are likely: PLN -3m from lower paper prices (UWF prices down 1% q-o-q, CWF -1%), PLN +13m from better volumes and PLN -2m from higher chemical costs. Pulp EBIT will likely be PLN 20-30m weaker q-o-q driven by lower pulp volumes and more maintenance. Hence, we expect Q4 group EBIT of PLN 78m vs. PLN 95m in Q3'23. We expect Q1 Paper EBIT of PLN 50-70m driven by lower volumes in January (only 20 operating days in Jan), and slightly lower paper prices.
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