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Arctic Paper: Q2 profit-warning - ABG

• EBITDA PLN 60-70m vs. ABGSCe PLN 112m
• Miss driven by weaker paper volumes
• Destocking likely to fade in H2'23

Miss driven by volume pressure and Rottneros one-off
Rottneros EBITDA adj. for a one-off provision was ~PLN 35m, which was roughly in line with our estimates, but reported figures were ~PLN 8-10m lower due to the one-off. We believe that Arctic Paper will likely refer to this in the report. The rest of the EBITDA miss seems to be driven by the volume pressure every other P&P company has experienced in Q2, so no big surprise here as the reporting season has progressed.
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