Q3 slightly below, Q4e likely weaker on maintenance
EBIT was SEK 40m, which compares to our estimate of SEK 47m. The miss was mainly driven by lower sales volumes and higher costs (wood), which were partly offset by higher selling prices (+4% vs our estimate). Note that production was also higher than expected, which likely boosted EBITDA somewhat. Q4 will likely be weaker than Q3, driven by the annual maintenance stop, which was postponed from Q3 (~SEK -90m), somewhat mitigated by higher volumes. We expect Q4 clean EBIT of ~SEK -50m.
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