Q4: Figures below expectations
Q4 clean EBIT was SEK -100m, below ABGSCe of SEK -20m. The miss was mainly driven by lower pulp prices and higher costs. Pulp prices are on the rise, however, and we believe higher pulp prices will add SEK 35-45m q-o-q in Q1. Costs are expected to stay elevated as pulpwood prices are still on the rise, but access to wood is adequate on a stable Swedish market balance (Baltic sourcing in Q1 likely similar to Q4). However, less maintenance and higher volumes will more than offset the negative effects. Our q-o-q bridge points to clean EBIT of SEK 5-20m.
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