UPM-Kymmene is due to complete the partial demerger of its plywood business, WISA Group Plc, on 31 October 2026, with WISA shares scheduled to begin trading on Nasdaq Helsinki on 2 November 2026. Continuing operations reported second-quarter 2026 comparable EBIT of EUR 212m, up 71% year on year, on revenue of EUR 2.355bn, with the comparable EBITDA margin at 15.1% against 10.7% a year earlier. First-half operating cash flow was EUR 225m and net debt EUR 3.313bn.
Why this mattersSeparating plywood leaves UPM's remaining businesses to be valued on their own, at a point when continuing-operations margins have already widened by more than four points.
- Partial demerger of WISA Group Plc from UPM-Kymmene is targeted for completion on 31 October 2026
- WISA shares are scheduled to begin trading on Nasdaq Helsinki on 2 November 2026
- Comparable EBIT for continuing operations rose 71% year on year to EUR 212m in Q2 2026
- Q2 2026 continuing-operations revenue was EUR 2.355bn
- Comparable EBITDA margin improved to 15.1% from 10.7% a year earlier
- H1 2026 operating cash flow was EUR 225m and net debt EUR 3.313bn
Ahlstrom reported net sales of EUR 758m for the third quarter of 2026, up from EUR 743m a year earlier, with comparable EBITDA rising 2% to EUR 142m and margin steady at 18.8%. The company said the closure of its Radcliffe site in the UK and the resizing of its Mosinee plant in the US, part of a footprint programme announced in February 2026, are now contributing positively to earnings. Nine-month net sales reached EUR 2,282m with comparable EBITDA up 9% to EUR 403m.
Why this mattersAhlstrom is raising its margin per tonne through pricing, procurement, product mix and site closures, even as European energy costs still weigh on its speciality materials.
- Q3 2026 net sales EUR 758m, up from EUR 743m a year earlier
- Q3 comparable EBITDA EUR 142m, up 2% from EUR 140m, margin 18.8%
- Nine-month net sales EUR 2,282m, comparable EBITDA EUR 403m, up 9% from EUR 370m
- Radcliffe closure in the UK and Mosinee resizing in the US now complete and contributing positively to H2 results
- Core divisions' comparable EBITDA margin rose to 21.1% from 19.8%; Performance Materials Cluster margin rose to 8.4% from 5.1%
- Ahlstrom refinanced its US dollar term loan in early July 2026
Smurfit Westrock reported third-quarter 2026 sales of USD 8.161bn and adjusted EBITDA of USD 1.205bn, a 14.8% margin, with cost inflation and softer converting volumes weighing on results. It expects full-year 2026 adjusted EBITDA of approximately USD 4.7bn, citing about USD 700m of additional freight and energy costs, and fourth-quarter adjusted EBITDA of approximately USD 1.3bn. Price increases across paper grades are being passed through, with the full benefit expected in 2027.
Why this mattersUSD 700m of freight and energy inflation at Smurfit Westrock, with price increases fully recovered only in 2027, shows containerboard pricing trailing cost inflation into next year.
- Full-year 2026 adjusted EBITDA forecast at approximately USD 4.7bn, citing about USD 700m of additional freight and energy costs
- Q3 2026 sales USD 8.161bn, net income USD 219m, adjusted EBITDA USD 1.205bn (14.8% margin)
- Fourth-quarter 2026 adjusted EBITDA outlook approximately USD 1.3bn
- Days-adjusted corrugated volumes down 3.4% in North America and 1.8% in Latin America, up 0.4% in EMEA & APAC
- Agreed during Q3 to acquire CMPC's Chilean containerboard assets
- Quarterly dividend of USD 0.4523 per share payable 10 December 2026 to shareholders registered on 13 November
UPM has deferred the start-up of its Leuna integrated biorefinery to the second quarter of 2027, with nominal capacity now expected in early 2028, after modifications were needed in the sugars-to-glycols process. Third-quarter comparable EBIT from continuing operations fell 8% to EUR 131m on sales of EUR 2.202bn as customer destocking reduced deliveries. The separation of the plywood business is scheduled to create the listed WISA Group in November 2026, and net debt fell to EUR 2.993bn.
Why this mattersA further Leuna delay alongside the plywood carve-out and weaker quarterly margins shows UPM reshaping its portfolio while its flagship biochemicals project continues to slip.
- Leuna biorefinery start-up deferred to Q2 2027 after technological readiness in Q1 2027; nominal capacity expected early 2028
- Q3 continuing-operations sales EUR 2.202bn, comparable EBIT EUR 131m, down 8%, margin 5.9%
- Plywood separation scheduled to create listed WISA Group in November 2026
- Second-half 2026 comparable EBIT guidance for continuing operations EUR 375–575m
- Net debt EUR 2.993bn, net debt/EBITDA 2.09; operating cash flow incl. discontinued operations EUR 420m vs EUR 218m
- Kaukas pulp production curtailed for eight weeks; five-week Pietarsaari curtailment planned for Q4
TriMas signed an agreement in October 2026 to sell Rapak, its flexible bag-in-box packaging, dispensing and liquid filling business, to further streamline its portfolio around core businesses. Third-quarter 2026 net sales rose 7.7% to USD 178.7m and adjusted diluted EPS rose to USD 0.50 from USD 0.17. The company ended September with USD 1,158.5m of cash after the divestiture of TriMas Aerospace, which generated about USD 1.2bn in net after-tax proceeds.
Why this mattersSelling Rapak takes TriMas out of bag-in-box and narrows its packaging arm to core lines, backed by USD 761.4m of net cash for capital allocation.
- TriMas signed an agreement in October 2026 to sell Rapak, a provider of flexible bag-in-box packaging, dispensing and liquid filling solutions
- Q3 2026 net sales rose 7.7% to USD 178.7m from USD 166.0m
- Q3 adjusted operating profit rose 47.9% to USD 13.6m; adjusted diluted EPS USD 0.50 against USD 0.17
- Cash of USD 1,158.5m and net cash of USD 761.4m at 30 September 2026
- The TriMas Aerospace divestiture generated about USD 1.2bn in net after-tax proceeds
- 2,229,471 shares repurchased for USD 82.7m in the first nine months of 2026
Mercer International is reportedly considering a possible Chapter 11 filing while negotiating a recapitalisation with holders of more than 75% of its 2028 and 2029 notes. The company has also used a 30-day grace period on approximately USD 25.8m of interest due 1 October 2026 on its 12.875% senior notes maturing 2028. Mercer says any agreement, its timing and terms remain uncertain, and that operations and supplier payments continue as normal.
Why this mattersA recapitalisation cutting funded debt would impose losses or dilution on Mercer's noteholders and set a reference point for lenders to other leveraged pulp producers.
- Mercer confirmed advanced recapitalisation talks with holders of more than 75% of combined 2028 and 2029 notes principal
- Company used 30-day grace period on approximately USD 25.8m of interest due 1 October 2026 on 12.875% senior notes maturing 2028
- Proposed transaction would combine new capital with a substantial reduction in funded debt and interest expense
- Use of the grace period does not itself constitute an event of default under the indenture
- Pulp, lumber and mass timber operations and payments to suppliers, contractors and employees continue as normal
- Mercer's confirmed regulatory disclosure did not announce a Chapter 11 filing
International Paper reported a USD 1.097bn loss from continuing operations for the third quarter of 2026, after a USD 1.38bn non-cash goodwill impairment in its Packaging Solutions EMEA business. Sales were USD 6.197bn against USD 6.222bn a year earlier, and North American packaging delivered USD 427m of segment operating profit. The company removed EMEA guidance as the planned separation of that business progresses and now gives fourth-quarter and full-year targets for North American packaging only.
Why this mattersThe impairment resets the book value of International Paper's European box business before its separation, a reference point for valuations of European corrugated assets.
- USD 1.38bn non-cash goodwill impairment in Packaging Solutions EMEA in Q3 2026
- Continuing operations loss of USD 1.097bn, or USD 2.07 per diluted share
- Q3 sales USD 6.197bn, against USD 6.222bn a year earlier
- Adjusted EBITDA from continuing operations USD 843m, down from USD 859m a year earlier
- North American packaging segment operating profit USD 427m; Q4 adjusted EBITDA target USD 700–740m
- EMEA guidance removed as the planned separation of the business progresses
Chinese packaging group Forest Packaging (605500.SH) reported operating revenue of USD 461m (CNY 3.073bn) for the first nine months of 2026, up 55.13% year on year, while net profit attributable to the parent fell 15.59% to USD 3.83m (CNY 25.51m). Net profit excluding non-recurring items fell 11.72% to USD 3.35m (CNY 22.32m), and basic earnings per share were USD 0.01 (CNY 0.06).
Why this mattersRevenue up 55% while attributable profit fell 16% shows a Chinese packaging group adding volume at thinner margins.
- Nine-month 2026 operating revenue was USD 461m (CNY 3.073bn), up 55.13% year on year
- Net profit attributable to the parent fell 15.59% to USD 3.83m (CNY 25.51m)
- Net profit excluding non-recurring items was USD 3.35m (CNY 22.32m), down 11.72%
- Basic earnings per share were USD 0.01 (CNY 0.06)
- The company is listed in Shanghai under 605500.SH
Glass packaging maker Verallia reported revenue of EUR 829m (USD 923m) in the third quarter of 2026, down 2.1% from EUR 846m a year earlier, as reduced shipment volumes in the wine category offset gains in beer. The group reaffirmed 2026 guidance of adjusted EBITDA around EUR 700m and free cash flow of EUR 220m, and named Stefan Borgas to succeed Michel Giannuzzi as board chairman from the April 2027 AGM.
Why this mattersWine weakness in France and Iberia drove Verallia's volume decline as pricing effects faded, leaving cost savings to hold margins in container glass.
- Q3 2026 revenue was EUR 829m (USD 923m), down 2.1% from EUR 846m in Q3 2025
- Nine-month revenue reached EUR 2.5bn, down 1.6% year on year
- Adjusted EBITDA was EUR 172m in Q3, a margin of 20.8% versus 20.7% in the first half
- Net financial debt fell to EUR 1.7bn at end-September 2026 from EUR 1.9bn a year earlier
- Cost-reduction programme (PAP) saved EUR 37m through September, a 2.2% reduction in net cash production costs
- Stefan Borgas is to become board chairman after the 30 April 2027 AGM, subject to shareholder confirmation, succeeding Michel Giannuzzi
Vidrala reported nine-month sales up 2% to EUR 1,146.5m and EBITDA up 2.9% to EUR 338.5m, with net profit of EUR 173.4m, and reiterated full-year 2026 guidance of around EUR 450m EBITDA. The glass packaging group also announced a new buyback of up to 1% of share capital, worth up to EUR 30m (USD 33m), to start once the current programme is complete. This lifts the total programme to 4% of capital and dividends and buybacks combined to about EUR 182m (USD 203m).
Why this mattersLeverage of 0.4x lets Vidrala enlarge buybacks while growth comes from South America rather than a subdued European glass market.
- Nine-month sales rose 2% to EUR 1,146.5m, EBITDA rose 2.9% to EUR 338.5m with a 29.5% margin
- Net profit reached EUR 173.4m; earnings per share rose 6.4% to EUR 4.99
- South America sales grew 16.9% while Europe remained subdued
- Leverage stood at 0.4x pro forma EBITDA for the last twelve months
- Full-year 2026 guidance reiterated: EBITDA around EUR 450m, EPS growth above 5%, free cash flow around EUR 200m
- New buyback of up to 1% of share capital, maximum EUR 30m (USD 33m), lifts the total programme to 4% of capital; dividends and buybacks together reach about EUR 182m (USD 203m)
Saudi Printing & Packaging's extraordinary general assembly approved on 26 October 2026 an 89.42% cut in share capital, from USD 173.9m (SAR 652m) to USD 18.4m (SAR 68.9m), to absorb accumulated losses of USD 155.5m (SAR 583.1m). The company will cancel 58,309,630 shares, 0.8942 for every share held, reducing the share count from 65,207,064 to 6,897,434; it says the move does not affect its financial obligations or operations.
Why this mattersWriting off 89% of share capital against SAR 583m of accumulated losses resets the equity base of a Gulf converter that has lost most of its capital.
- Share capital reduced from SAR 652 million to SAR 68.9 million, a cut of 89.42%
- The reduction offsets SAR 583,096,300 in accumulated losses
- 58,309,630 shares will be cancelled, 0.8942 shares for every one held
- Shares outstanding fall from 65,207,064 to 6,897,434
- Post-reduction share capital stands at SAR 68,974,340
- The company says the move does not affect its financial obligations or operations
Clearwater Paper reported third-quarter 2026 sales of USD 385 million, down from USD 399 million a year earlier, with adjusted EBITDA from continuing operations up to USD 24 million from USD 18 million, aided by maintenance timing at its Lewiston mill. A disruption at the Augusta mill cut volumes and raised costs late in the quarter and into October, while the company refinanced its debt and cut net debt by USD 56 million year to date.
Why this mattersAugusta's ongoing disruption and soft SBS pricing show the paperboard producer still relies on cost cuts and balance-sheet work rather than demand to rebuild margins.
- Q3 2026 sales were USD 385 million, against USD 399 million in Q3 2025.
- Adjusted EBITDA from continuing operations rose to USD 24 million from USD 18 million a year earlier.
- Net loss narrowed to USD 2 million, or USD 0.10 per diluted share, from a USD 53 million loss including a USD 48 million goodwill impairment.
- Paperboard deliveries fell 1% to 322,265 tons; average net pricing was USD 1,111 per ton, 4% below a year earlier.
- Clearwater refinanced its debt, received USD 17.5 million in additional representation and warranty insurance proceeds, and cut net debt by USD 56 million year to date.
- Nine-month sales reached USD 1.12 billion with adjusted EBITDA of USD 18 million, down from USD 87.4 million a year earlier.
The Navigator Company posted third-quarter 2026 earnings per share of USD 0.02, below the USD 0.06 analyst estimate, on revenue of USD 464.7m against an estimate of USD 485m. The Portuguese pulp and paper group attributed the shortfall to planned maintenance at its Setubal, Aveiro and Figueira da Foz mills, a cyberattack and power grid disturbances, and said it expects operations to normalise in the fourth quarter. Nine-month 2026 revenue reached EUR 1.333bn with EBITDA of EUR 212m, while net debt rose to EUR 765m, 2.66 times EBITDA.
Why this mattersA major European pulp and paper producer absorbing cyber and grid disruptions alongside planned shutdowns shows how fragile capacity utilisation remains even as pricing stays firm.
- Q3 2026 EPS of USD 0.02 missed the USD 0.06 consensus estimate by 66.67%
- Q3 2026 revenue of USD 464.7m was USD 20.3m, or 4.19%, below the USD 485m estimate
- Nine-month 2026 turnover was EUR 1.333bn and EBITDA EUR 212m; free cash flow was EUR 19m after EUR 174m of capital expenditure
- Net debt was EUR 765m, up EUR 61m from year-end 2025, equal to 2.66 times EBITDA
- Packaging and tissue account for about 30% of turnover and roughly one-third of group EBITDA
- Liquidity comprised EUR 147m of cash and EUR 323m of undrawn committed long-term facilities
Elopak reported third-quarter 2026 group EBITDA of EUR 51.9m, a 16.8% margin and the highest quarterly figure in its history, on revenue of EUR 308.4m, up 6.5% year on year. Americas EBITDA fell 8.2% to EUR 20.1m as board supply disruption linked to the Nippon incident limited volume growth, while EMEA posted adjusted EBITDA of EUR 44.5m, a 20.4% margin, on revenue up 7.5%.
Why this mattersA leading carton maker's results show European carton demand and pricing holding up while a single supplier disruption still constrains its US growth and margins.
- Q3 2026 group EBITDA was EUR 51.9m at a 16.8% margin, the highest quarterly EBITDA in company history
- Q3 group revenue was EUR 308.4m, up 6.5% year on year (6.0% at constant currency)
- Americas revenue rose 5.9% to EUR 97.5m but EBITDA fell 8.2% to EUR 20.1m, margin 20.6% from 23.8%, on board supply disruption linked to the Nippon incident
- Supply disruption cost EUR 2.6m in Q3 not yet covered by insurance; group margin would have been about 17.5% without it
- EMEA revenue was EUR 218.1m, up 7.5%, with adjusted EBITDA of EUR 44.5m, a 20.4% margin
- Adjusted EPS rose 37.8% to EUR 0.09; leverage held at 2.2x
- Washington's Department of Labor & Industries fined Nippon Dynawave Packaging Company more than $77,000 over the April 2026 incident at its paper mill.
- A worker waded into pulp at about 145 degrees Fahrenheit to close a drain valve and nearly fell into a concealed four-foot sinkhole.
- Regulators cited the company for failing to protect workers from extreme-heat and engulfment hazards.
Indian bulk-bag (FIBC) maker Kanpur Plastipack reported consolidated revenue from operations of USD 23.47m (INR 223.23 crore) for the quarter to 30 September 2026, up 37.8% year on year, with net profit more than doubling to USD 1.69m (INR 16.06 crore). The company is adding 6,000 tonnes of FIBC capacity over five years and plans to commission a non-woven fabrics facility this quarter. Debt is expected to rise from USD 3.6m (INR 34 crore) to about USD 7.8m (INR 74 crore) by year-end.
Why this mattersWith debt set to roughly double to fund FIBC and non-woven capacity, an export-led Indian bulk-bag maker is committing capital on the expectation that current volume growth lasts.
- Q2 FY27 consolidated revenue from operations was USD 23.47m (INR 223.23 crore), up 37.8% year on year
- Net profit was USD 1.69m (INR 16.06 crore), up about 108% year on year
- More than 70% of the company's FIBCs are shipped overseas
- The company plans to add 6,000 tonnes of FIBC capacity over five years and targets production of 5,000 tonnes a quarter by Q1 FY28
- A non-woven fabrics facility is scheduled for commissioning this quarter
- Debt is expected to rise from USD 3.6m (INR 34 crore) to about USD 7.8m (INR 74 crore) by year-end
- Trading division segment revenue grew over 368% to INR 789.61 lakh, while manufacturing division revenue rose 6.7% to INR 1,591.94 lakh
- Debt-to-equity ratio improved to 0.4x in FY26 from 1.2x in FY24
- The needle-punch non-woven technical textiles machine is expected to be commissioned by 15 November 2026
Shenzhen-listed Jingxing Paper reported revenue of USD 719.6m (CNY 4.798bn) for the first nine months of 2026, up 14.31% year on year. Net profit attributable to shareholders rose 343.32% to USD 27.1m (CNY 181m), and profit excluding non-recurring items rose 390.29% to USD 24.6m (CNY 164m); basic earnings per share were USD 0.02 (CNY 0.12).
Why this mattersProfit rising more than fourfold on 14% higher revenue shows margin recovery rather than volume driving earnings at a listed Chinese paper producer.
- Nine-month 2026 revenue was USD 719.6m (CNY 4.798bn), up 14.31% year on year
- Net profit attributable to shareholders was USD 27.1m (CNY 181m), up 343.32%
- Net profit excluding non-recurring items was USD 24.6m (CNY 164m), up 390.29%
- Basic earnings per share were USD 0.02 (CNY 0.12)
- Figures are from the company's third-quarter 2026 report; it is listed on the Shenzhen Stock Exchange under 002067.SZ
Chinese paper packaging maker Forest Packaging Group reported revenue of USD 460.87m (CNY 3,073.05m) for the nine months to 30 September 2026, up 55% from USD 297.09m (CNY 1,981.01m) a year earlier. Net profit fell to USD 3.83m (CNY 25.51m) from USD 4.53m (CNY 30.22m).
Why this mattersA 55% revenue rise with lower net profit shows Forest Packaging growing at thinner margins in China's paper packaging market.
- Nine-month revenue to 30 September 2026 was USD 460.87m (CNY 3,073.05m), against USD 297.09m (CNY 1,981.01m) a year earlier
- Nine-month net profit fell to USD 3.83m (CNY 25.51m) from USD 4.53m (CNY 30.22m)
- Basic earnings per share from continuing operations fell to CNY 0.06 from CNY 0.07
- Shares closed at USD 1.06 (CNY 7.05) on the Shanghai Stock Exchange on 23 October 2026, down 21.23% since 1 January
- The company has 2,236 employees
Duni Group's third-quarter 2026 income after tax fell 71.4% to USD 3.2m (SEK 32m) from USD 11.2m (SEK 112m), although net sales rose 3.1% to USD 0.2bn (SEK 2bn). Higher logistics costs and an unfavourable product mix cut operating income, and EBIT of USD 9.4m (SEK 94m) included USD 2.1m (SEK 21m) of restructuring charges. Chief executive Robert Dackeskog said the group would focus on completing its logistics transition and on transport efficiency for the rest of the year.
Why this mattersLogistics costs and product mix are eroding margins at a European foodservice packaging supplier even as sales grow, with return on capital nearly halved.
- Q3 2026 income after tax fell 71.4% to USD 3.2m (SEK 32m) from USD 11.2m (SEK 112m)
- Net sales rose 3.1% to USD 0.2bn (SEK 2bn) from USD 0.19bn (SEK 1.9bn), led by Australia and customer own-brand sales in Europe
- Operating income fell to USD 13.4m (SEK 133m) from USD 16.9m (SEK 168m)
- EBIT fell to USD 9.4m (SEK 94m) from USD 15.2m (SEK 151m), including USD 2.1m (SEK 21m) of restructuring charges
- Return on capital employed excluding goodwill fell to 12.7% from 23.9%
- Earnings per share fell to USD 0.07 (SEK 0.70) from USD 0.224 (SEK 2.23)
UFP Industries has agreed to acquire the operating assets and real estate of Apache Products, which trades as Acme Skid and makes stringer and heat-treated pallets in Silsbee, Texas, for about USD 27m. The business adds about USD 55m in annual sales and 165 employees to UFP Packaging's PalletOne network on the Gulf Coast. Closing is expected on or around 16 November 2026.
Why this mattersThe largest US wood pallet producer gains immediate capacity on the Gulf Coast, a packaging market driven by energy, petrochemical and manufacturing demand.
- UFP Industries announced on 26 October 2026 the acquisition of Apache Products' operating assets, including real estate, for about USD 27m
- Apache Products generates about USD 55m in annual sales
- The deal brings 165 employees into UFP Packaging
- Apache makes stringer and heat-treated pallets at its facility in Silsbee, Texas
- Closing is expected on or around 16 November 2026
- UFP Packaging is the largest producer of wood pallets and crates in the United States
Antala Industries, a Rajkot-based maker of BOPP laminated bags and polypropylene woven packaging, opens a USD 2.45m (INR 23.33 crore) initial public offering of new shares on 29 October 2026. The offer closes on 2 November, with a BSE SME listing tentatively set for 5 November. For the six months to 30 September 2026 the company reported revenue from operations of USD 3.16m (INR 30.11 crore), profit after tax of USD 0.44m (INR 4.19 crore) and an EBITDA margin of 19.12%.
Why this mattersThe listing gives a small Rajkot BOPP and woven-bag converter fresh capital and a public valuation reference for Indian flexible-packaging peers.
- IPO of USD 2.45m (INR 23.33 crore), entirely a fresh issue of 3.482m equity shares
- Price band USD 0.66-0.70 (INR 63-67) per share, lot size 2,000 shares
- Issue opens 29 October 2026 and closes 2 November 2026; listing tentatively 5 November 2026
- H1 FY27 revenue from operations USD 3.16m (INR 30.11 crore), profit after tax USD 0.44m (INR 4.19 crore), EBITDA margin 19.12%
- FY26 revenue from operations USD 4.98m (INR 47.40 crore), against USD 3.35m (INR 31.85 crore) in FY25
- Total borrowings about USD 0.18m (INR 1.75 crore) at 30 September 2026
Moorim Paper and Moorim P&P have each had board approval for corporate value-up plans targeting return on equity of 8% by 2030, after both South Korean papermakers posted net losses in 2025. Moorim Paper targets a price-to-book ratio of 0.45x by 2030, from 0.19x at end-2025, while Moorim P&P targets 0.50x, from 0.26x. Both attribute their unstable profitability mainly to swings in international pulp prices and printing paper market conditions.
Why this mattersThe plans signal pressure on South Korean paper producers to prove sustainable profitability to close persistent valuation discounts despite heavy fixed-asset bases.
- Both companies target ROE of 6% by 2028 and 8% by 2030, from -3.56% (Moorim Paper) and -5.68% (Moorim P&P) in 2025
- Moorim Paper targets a price-to-book ratio of 0.25x by 2028 and 0.45x by 2030, from 0.19x at end-2025
- Moorim P&P targets 0.30x by 2028 and 0.50x by 2030, from 0.26x at end-2025
- Moorim Paper 2025 revenue fell to USD 955.4m (KRW 1,264.9bn) from USD 1,045.6m (KRW 1,384.4bn); operating profit fell to USD 4.5m (KRW 6.0bn) from USD 67.5m (KRW 89.4bn), with a net loss of USD 17.5m (KRW 23.2bn)
- Moorim P&P 2025 revenue fell to USD 552.6m (KRW 731.6bn) from USD 613.1m (KRW 811.7bn), with an operating loss of USD 18.5m (KRW 24.5bn) and a net loss of USD 25.0m (KRW 33.1bn), after 2024 operating profit of USD 27.6m (KRW 36.5bn)
- Both cite international pulp prices and printing paper market conditions as the main cause of unstable profitability
Shandong Bohui Paper Industry reported nine-month net profit of USD 14.566m (CNY 97.158m), down 20% from USD 18.211m (CNY 121.466m) a year earlier. Revenue for the period fell 1.0% to USD 2.145bn (CNY 14.305bn) from USD 2.166bn (CNY 14.450bn).
Why this mattersA near-flat top line with a sharper profit decline points to margin pressure at Bohui, whose nine-month revenue exceeds USD 2bn.
- Nine-month net profit USD 14.566m (CNY 97.158m), down from USD 18.211m (CNY 121.466m) a year earlier
- Revenue fell 1.0% to USD 2.145bn (CNY 14.305bn) from USD 2.166bn (CNY 14.450bn)
- Earnings per share USD 0.0109 (CNY 0.0727) against USD 0.0147 (CNY 0.0982) a year earlier
- The company is listed in Shanghai under ticker 600966.SS
- Q3 2026 net profit attributable to shareholders fell 36.10% year on year to RMB 20.09m; total profit fell 51.70% to RMB 23.53m
- Nine-month net operating cash flow fell 38.45% to RMB 1.40bn as cash paid for purchases rose to RMB 10.86bn from RMB 9.75bn
- Short-term borrowings rose to RMB 6.43bn and notes payable to RMB 3.09bn at period end, from RMB 5.92bn and RMB 1.85bn at the prior year-end
- Controlling shareholder Shandong Bohui Group (28.84% stake) and Ningbo Jinjiayuan Paper (20.00% stake) have pledged 215.8m and 184.0m shares respectively
Scott Technology reported net profit of USD 8.9m (NZD 15.7m) for the year to 31 August 2026, up from USD 8.1m (NZD 14.2m), on revenue up 7% to USD 167.3m (NZD 294.1m). Mining equipment revenue rose 22%, while the materials handling and logistics unit, which is expanding into food and consumer goods, grew 5% to USD 73.9m (NZD 129.9m). The company guides to FY2027 revenue of USD 176m-193m (NZD 310m-340m).
Why this mattersGrowth at this automation and robotics supplier is driven by mining, not packaging, limiting the read-through for packaging-line equipment demand.
- Net profit rose to USD 8.9m (NZD 15.7m) for the year to 31 August 2026, from USD 8.1m (NZD 14.2m)
- Group revenue rose 7% to USD 167.3m (NZD 294.1m)
- Mining division revenue rose 22% to USD 35.4m (NZD 62.3m)
- Materials handling and logistics revenue rose 5% to USD 73.9m (NZD 129.9m), with a first Australian customer and expansion into meat, dairy, bakery and snacks
- Net debt fell to USD 4.4m (NZD 7.7m) from USD 7.0m (NZD 12.3m)
- FY2027 guidance is revenue of USD 176m-193m (NZD 310m-340m) and operating earnings of USD 20m-23m (NZD 36m-41m)
Tunisian kraft and corrugated paper producer SOTIPAPIER reported third-quarter 2026 revenue of TND 25.9m, up 23% year on year, driven by a 67% jump in testliner and fluting sales to TND 14.7m. Kraft paper sales declined 8% in the quarter, and nine-month revenue fell 8% to TND 70.1m as kraft and energy sales weakened. Net debt was reduced to TND 42.8m at end-September 2026 from TND 50.4m a year earlier.
Why this mattersSOTIPAPIER's shift from kraft to testliner and fluting points to firmer corrugated demand in Tunisia, while weaker kraft and energy sales weigh on nine-month revenue.
- Q3 2026 revenue reached TND 25.9m, up 23% from TND 21.0m a year earlier
- Corrugated paper (testliner and fluting) sales rose 67% to TND 14.7m from TND 8.8m
- Kraft paper sales fell 8% to TND 10.7m from TND 11.7m in Q3
- Nine-month cumulative revenue to 30 September 2026 was TND 70.1m, down 8% from TND 76.0m
- Net debt fell to TND 42.8m at 30 September 2026 from TND 50.4m a year earlier
- Nine-month capital spending was TND 4.2m, down 10% from TND 4.6m a year earlier
Dover Corporation raised its 2026 adjusted EPS guidance floor to USD 10.60 from a prior low of USD 10.55, after third-quarter bookings grew 16% year on year to USD 2.31bn and exceeded shipments in all five segments. The industrial group lifted its organic-growth floor to 5% from 4% and its revenue-growth floor to 7% from 6%, while trimming its GAAP EPS range to USD 8.93-9.08.
Why this mattersBookings running ahead of shipments in all five Dover segments point to firming demand for industrial capital equipment into 2027.
- Adjusted EPS guidance for 2026 raised to USD 10.60-10.75, up 5 cents at the floor from July
- Organic-growth forecast raised to 5%-6% from 4%-6%, total-revenue range raised to 7%-8% from 6%-8%
- GAAP EPS range for 2026 cut to USD 8.93-9.08 from USD 8.94-9.14
- Third-quarter revenue reached USD 2.23bn, up 8% year on year, with 7% organic growth
- Adjusted diluted EPS rose 10% to USD 2.88 in the third quarter
- Bookings rose about 16% to USD 2.31bn from USD 2.00bn a year earlier, exceeding shipments in all five segments
Ontario Teachers' Pension Plan has agreed to sell its majority holding in Trivium Packaging to Silgan Holdings and funds affiliated with American Industrial Partners in a deal valuing Trivium at approximately USD 3.4bn. The deal triggers the sale of Ardagh Group's stake of about 42%, from which Ardagh expects about USD 90m in net cash proceeds for reinvestment or debt reduction. Separately, a Luxembourg court lifted an injunction that had blocked Ardagh Holdings from selling shares in Ardagh Metal Packaging, and Ardagh has resumed work with advisers on a possible sale of AMP.
Why this mattersSilgan, with AIP, takes over a major metal packaging competitor, while Ardagh, at 6.0x net leverage, gains about USD 90m and reopens a possible sale of Ardagh Metal Packaging.
- Ontario Teachers' Pension Plan agreed to sell its majority stake in Trivium Packaging to Silgan Holdings and funds affiliated with American Industrial Partners.
- The transaction values Trivium at approximately USD 3.4bn.
- Ardagh Group agreed to sell its entire stake of approximately 42% in Trivium and expects about USD 90m in net cash proceeds.
- A Luxembourg district court summary judge lifted an injunction that had prevented Ardagh Holdings from selling shares in Ardagh Metal Packaging; Ardagh has resumed sale preparations with advisers.
- Ardagh Glass Packaging has proposed decommissioning one furnace at Holmegaard, Denmark, and one at Knottingley, UK.
- Group Q3 2026 revenue rose 11.2% to USD 2.78bn and adjusted EBITDA was USD 392m; net debt to adjusted EBITDA fell to 6.0x from 7.8x.
- Ardagh Metal Packaging nine-month 2026 adjusted EBITDA rose year on year
- Third-quarter adjusted EBITDA at Ardagh Metal Packaging was nearly flat versus the prior period
- Ardagh Metal Packaging continued to report net losses with debt levels remaining high
SCA reported third-quarter 2026 EBITDA of SEK 1,631m (USD 164m), up 25% on the second quarter and down 1% year-on-year, as higher kraftliner prices and lower maintenance and raw material costs offset weak pulp and sawn timber markets. Net sales rose 5% year-on-year to SEK 5,248m (USD 528m) on higher delivery volumes, while nine-month EBITDA remained 24% below the same period of 2025.
Why this mattersSequential recovery in containerboard pricing signals improving conditions for European kraftliner producers even as pulp and sawn timber markets stay weak.
- Q3 2026 EBITDA was SEK 1,631m (USD 164m), up 25% from Q2 and down 1% from SEK 1,644m (USD 165m) a year earlier
- Further kraftliner price increases lifted SCA's average containerboard selling prices versus Q2, on robust European demand
- Q3 net sales rose 5% year-on-year to SEK 5,248m (USD 528m) on higher delivery volumes
- EBITDA margin was 31.1% in Q3 2026, against 32.9% a year earlier and 25.3% in Q2 2026
- Q3 operating profit was SEK 1,047m (USD 105m), down from SEK 1,112m (USD 112m) a year earlier and up from SEK 724m (USD 73m) in Q2
- Nine-month net sales fell 3% to SEK 15,141m (USD 1,522m) and EBITDA fell 24% to SEK 4,041m (USD 406m)
- Q3 net profit was SEK 772 million, EPS of SEK 1.1, beating the forecast of SEK 0.9809 by about 12%
- Containerboard EBITDA rose 130% to SEK 446 million on stronger pricing and demand
- SCA will raise Q4 kraftliner prices by EUR 8 per tonne for brown grades and EUR 60 per tonne for white grades
- Net debt stood at SEK 11 billion, with leverage of 2.0 times and net debt to equity of about 10%
Irish startup Swaay Technologies has raised an equity round of more than EUR 2m (USD 2m), led by BVP, to commercialise its direct-to-shape digital printing platform for beverage cans. The technology prints artwork directly onto containers, removing plastic labels and shrink sleeves. The funds will support new roles in Mullingar, Ireland, where Swaay has an initial team alongside one in Quebec, Canada.
Why this mattersLabel-free can decoration could cut short-run costs and simplify compliance with diverging deposit-return and labelling rules across markets.
- Swaay Technologies closed an equity round of more than EUR 2m (USD 2m).
- The round was led by BVP, with participation from the BVP Investor Club.
- Swaay, founded in 2026, is developing a platform for direct-to-shape digital printing that replaces labels and shrink sleeves on beverage cans.
- The funding is earmarked to move Swaay into commercialisation and to add roles in Mullingar, Ireland.
- Swaay has initial teams in Mullingar, Ireland and Quebec, Canada, targeting clients in Europe and North America.
- Co-founder and CEO Ciaran Gorman previously co-founded Bevcraft Group.
- Swaay was founded in 2026 by Ciarán Gorman (CEO), Mark O'Donnell (CCO), Sébastien Baril (COO) and Jean-François Gaudreault (CTO).
- Swaay's Quebec hub is located in Trois-Rivières and handles production and technical work.
- Swaay did not disclose its valuation.
- Swaay's Canadian production and technical hub is located in Trois-Rivières, Quebec.
- Swaay says a billion cans a year have already moved away from plastic sleeves industry-wide.
- Co-founders alongside CEO Ciarán Gorman include Mark O'Donnell, Sébastien Baril and Jean-François Gaudreault.
James Cropper now expects adjusted EBITDA for the year to 27 March 2027 of about GBP 10.3m-11.3m (USD 13.8m-15.1m), 10-20% ahead of market expectations of GBP 9.4m (USD 12.6m), after first-half trading beat the board's expectations. The upgrade mainly reflects revenue growth and cost management at the Paper & Packaging business. Half-year results are due on 11 November 2026.
Why this mattersThe upgrade shows restructuring and cost control lifting earnings at a small UK speciality paper maker while revenue also grows.
- Adjusted EBITDA for the year to 27 March 2027 now expected at about GBP 10.3m-11.3m (USD 13.8m-15.1m)
- The new range is 10-20% ahead of market expectations of GBP 9.4m (USD 12.6m)
- First-half trading was ahead of board expectations, mainly from Paper & Packaging revenue growth and cost management
- James Cropper had FY2026 sales of GBP 103m (USD 138m)
- Paper & Packaging managing director Paul Barber has cited an operational revamp including a leaner management structure
- Half-year results are due on 11 November 2026
- CEO David Stirling attributed the improvement to operational gains and continued group-wide momentum.
- Interim results are scheduled for November 2026.
- Six-month period covered by the upgrade runs to 26 September 2026
Garware Hi-Tech Films reported consolidated revenue of USD 73.3m (INR 696 crore) for the quarter to 30 September 2026, up 22% year on year, with consolidated EBITDA up 42% to USD 19.9m (INR 189 crore) and margin at 27.2%. The board, which approved the results on 22 October 2026, raised FY27 EBITDA margin guidance by 200 basis points to 27% plus or minus 2% and reaffirmed a full-year revenue target above USD 263m (INR 2,500 crore).
Why this mattersRaised margin guidance, driven by operating leverage and product mix, shows Garware's speciality films absorbing higher raw material and logistics costs while TPU and SCF capacity comes on.
- Consolidated revenue rose 22% year on year to USD 73.3m (INR 696 crore) in Q2 FY27.
- Consolidated EBITDA rose 42% to USD 19.9m (INR 189 crore), with margin up 377 basis points to 27.2%.
- Standalone net profit fell to USD 14.7m (INR 140 crore) from USD 16.9m (INR 160 crore) year on year.
- FY27 EBITDA margin guidance was raised 200 basis points to 27% plus or minus 2%.
- A TPU line is on track to start in Q3 FY27, and a USD 20.1m (INR 191 crore) SCF line with robotics is due to begin commercial production in H1 FY28.
- The company signed an MoU with Lubrizol to develop TPU-based film solutions in India.
- H1 FY27 revenue was USD 139.6m (INR 1,329 crore), up 25% year on year
- Q2 profit after tax rose 42% to USD 13.6m (INR 129 crore)
- A solar control film capacity expansion of about 1,200 lakh square feet is due to start commercial production in H1 FY28
Brookland Group & Partners, an investment firm operating from Dubai and Singapore, has completed a first investment in Vietnamese recycled paper and packaging producer Miza under a long-term agreement worth up to USD 5m. The shares were bought from an existing shareholder without new issuance, and neither the first-tranche amount nor the stake was disclosed. Brookland plans to raise its holding in stages and puts Miza's 2025 revenue at about USD 185m.
Why this mattersA staged entry by a Dubai and Singapore investor shows foreign capital turning to Vietnam's recycled packaging paper, where 2025 consumption of 7.77m tonnes outran domestic output.
- Brookland's first investment in Miza is part of a long-term agreement worth up to USD 5m.
- The shares were bought from an existing Miza shareholder; Miza issued no new shares.
- Neither the first-tranche amount nor the percentage stake has been disclosed.
- Brookland plans to increase its holding in further stages.
- Miza, founded in 2010 and listed as MZG, makes industrial packaging paper, cartons and paper bags from waste paper at its main plant in Nghi Son, Thanh Hoa Province.
- Brookland puts Miza's 2025 revenue at about USD 185m.
- The investment is structured as staged equity, with Brookland able to exceed the initial USD 5m commitment as it raises its stake.
- Miza is in late-stage negotiations on a private placement of 30 million shares to institutional investors at a price above its current market level.
- Vietnam's extended producer responsibility rules took effect in May 2026, and the EU's Packaging and Packaging Waste Regulation applies from August 2026.
- Vietnam's paper consumption rose 10.8% in 2025 to an estimated 7.77 million tonnes, against domestic production of about 6.34 million tonnes, according to the Vietnam Pulp Paper Association.
- Vietnam's extended producer responsibility requirements took effect in May 2026.
- The EU's Packaging and Packaging Waste Regulation began applying in August 2026.
- FTSE Russell upgraded Vietnam's stock market from frontier to secondary emerging-market status less than a month before the investment.
Norske Skog plans to rebuild paper machine PM6 at its Saugbrugs mill in Norway for flexible production of either 300,000 tonnes of TMP-based kraftliner or 230,000 tonnes of SC magazine paper, at an estimated cost of USD 91m (NOK 850m), with start-up expected in the first half of 2028. The plan came with third-quarter 2026 results showing EBITDA of USD 48m (NOK 448m), including a USD 36m (NOK 338m) gain on a property sale to Norwegian Nuclear Decommissioning. Production problems at the Golbey PM1 packaging paper machine in France held packaging paper segment EBITDA at zero.
Why this mattersA conversion to kraftliner capacity at Saugbrugs would add fibre-based packaging supply in Europe just as the group's existing Golbey packaging line struggles with output.
- Saugbrugs PM6 rebuild estimated at USD 91m (NOK 850m), with start-up expected in H1 2028.
- Rebuilt PM6 could make 300,000 tonnes of TMP-based kraftliner or 230,000 tonnes of SC magazine paper.
- Q3 2026 EBITDA was USD 48m (NOK 448m), against USD 8m (NOK 73m) in Q2, including a USD 36m (NOK 338m) gain on the NND property sale.
- Cash proceeds of USD 82m (NOK 770m) from NND arrived in early October; significant debt repayments are scheduled for Q4 2026.
- Packaging paper EBITDA was zero: Golbey PM1 shipped 60,000 tonnes at USD -4m (NOK -40m), Bruck PM3 55,000 tonnes at USD 4m (NOK 40m).
- Net interest-bearing debt was USD 474m (NOK 4,428m) at the end of Q3 2026.
- Golbey PM1 packaging paper deliveries fell to 115,000 tonnes from 122,000 tonnes, hit by drought, maintenance and press problems
Billerud reported third-quarter net sales of USD 1,025m (SEK 10,166m), up 3% year on year, with adjusted EBITDA of USD 104m (SEK 1,032m) and cash conversion of 127%. Region Europe delivered an EBITDA margin of 12%, its best since the first quarter of 2025, while Region North America's 15% margin was held back by operational problems during the Escanaba maintenance shutdown. For the fourth quarter Billerud expects stable markets in both regions and positive pricing to offset input cost inflation.
Why this mattersBillerud passed energy-driven cost inflation through to customers in both regions, a sign that cost-led price increases in kraft paper and board are holding.
- Q3 net sales rose 3% to USD 1,025m (SEK 10,166m) from USD 999m (SEK 9,905m) a year earlier
- Adjusted EBITDA was USD 104m (SEK 1,032m), down from USD 107m (SEK 1,058m), margin 10% versus 11%
- Region Europe EBITDA margin reached 12%, its best quarter since Q1 2025
- Region North America EBITDA margin was 15%, affected by the Escanaba maintenance shutdown
- Cash conversion was 127% in the quarter
- Evolution investment programme in the US will finish in 2027 with approximately USD 50m (SEK 500m) remaining
Swedish pulp producer Rottneros reported third-quarter 2026 EBITDA of USD 3m (SEK 26m), against a loss of USD 2m (SEK 21m) a year earlier, as lower pulp wood prices cut variable costs by USD 5m (SEK 51m). Total pulp production rose 8.8% to 79,300 tonnes, led by higher CTMP output at the Rottneros Mill, while net turnover slipped to USD 57m (SEK 570m) from USD 58m (SEK 574m). The annual maintenance shutdown at the Vallvik sulphate mill began at the end of September and will weigh on fourth-quarter availability.
Why this mattersLower pulp wood prices in an oversupplied Swedish wood market are easing variable costs for pulp producers, as Rottneros' USD 5m (SEK 51m) saving shows.
- Q3 2026 EBITDA was USD 3m (SEK 26m) against a USD 2m (SEK 21m) loss in Q3 2025, an improvement of USD 5m (SEK 47m).
- Total pulp production rose 8.8% to 79,300 tonnes from 72,900 tonnes.
- CTMP output at the Rottneros Mill rose to 21,200 tonnes from 15,400 tonnes.
- Sulphate pulp output at the Vallvik Mill was stable at 58,100 tonnes.
- Variable costs fell by USD 5m (SEK 51m) on lower pulp wood prices, as wood supply rose and demand softened.
- The annual maintenance shutdown at Vallvik began at the end of September, affecting Q4 availability.
Winpak reported third-quarter 2026 revenue of USD 312.5m, up 10.4% from USD 283.0m a year earlier and its highest quarterly figure on record. Net income attributable to equity holders fell 3.3% to USD 35.2m as lower gross profit cut USD 2.0m from earnings, partly offset by USD 1.7m from higher volumes. Winpak expects fourth-quarter volume growth similar to the third quarter and a modest sequential margin improvement.
Why this mattersRecord volumes without earnings growth show gross-margin pressure in Winpak's food and healthcare packaging; management expects only a modest sequential margin improvement in the fourth quarter.
- Q3 2026 revenue USD 312.5m, up 10.4% from USD 283.0m in Q3 2025, a quarterly record
- Q3 net income attributable to equity holders USD 35.2m, down USD 1.2m (3.3%)
- Lower gross profit reduced Q3 earnings by USD 2.0m; higher sales volumes added USD 1.7m
- Nine-month 2026 earnings USD 99.8m, down 1.4% from USD 101.2m
- Q4 volume growth expected to track Q3, with a modest sequential margin improvement
Holmen reported third-quarter operating profit of USD 55.4m (SEK 549m), down 26% from USD 74.3m (SEK 737m) a year earlier, as a major maintenance shutdown at its Iggesund mill cut earnings by USD 15.1m (SEK 150m). The group also plans to split its Forest business area into two units, placing wood supply for its industrial operations directly under the chief executive. Nine-month operating profit fell to USD 208.7m (SEK 2.07bn) from USD 255.1m (SEK 2.53bn).
Why this mattersA heavy maintenance quarter at Iggesund and still-low construction activity held back Holmen's earnings, with no recovery yet in wood-products demand or prices.
- Q3 operating profit USD 55.4m (SEK 549m), against USD 74.3m (SEK 737m) a year earlier and USD 69.5m (SEK 689m) in Q2
- The Iggesund mill maintenance shutdown reduced Board and Paper earnings by USD 15.1m (SEK 150m)
- Board and Paper operating profit was USD 12.9m (SEK 128m); deliveries fell to 1,026,000 tonnes from 1,061,000 tonnes
- Forest operating profit was USD 44.5m (SEK 441m); January-September harvest of 1,766,000 cubic metres was about 15% below the long-term plan
- Nine-month operating profit USD 208.7m (SEK 2.07bn), down from USD 255.1m (SEK 2.53bn); net financial debt USD 585.9m (SEK 5,810m), 11% of equity
- Holmen plans to split its Forest business area into two, with industrial wood supply reporting directly to CEO Henrik Sjölund
- Soren Petersson will lead the new forest-ownership unit and Fredrik Holgersson the wood-supply unit, with the split complete by Q3 2027 and no redundancies planned
- Wood Products nine-month operating loss widened to USD 17m (SEK 170m) from USD 7m (SEK 70m) a year earlier, though the Q3 loss narrowed to USD 2.3m (SEK 23m) from USD 5.5m (SEK 55m) in Q2
- Holmen operates five sawmills with combined annual capacity of 1.5 million cubic metres
Ardagh Metal Packaging is accelerating and enlarging its European growth investment plan by building two new beverage can lines at existing plants in the UK and Spain, citing resilient demand after European shipments rose 6% in the third quarter. Q3 Adjusted EBITDA of USD 213m beat the USD 200-210m guidance range, and the company raised its full-year 2026 Adjusted EBITDA guidance to USD 785-795m. It kept its regular quarterly dividend of USD 0.10 per ordinary share.
Why this mattersTwo new can lines in the UK and Spain add European beverage-can capacity while Ardagh Metal Packaging's leverage stays above 5x Adjusted EBITDA.
- Two new can lines to be built at existing UK and Spain facilities under an accelerated and enlarged European investment plan
- Full-year 2026 Adjusted EBITDA guidance raised to USD 785-795m; Q4 guidance USD 153-163m against USD 166m a year earlier
- Q3 2026 Adjusted EBITDA rose 2% to USD 213m, above guidance of USD 200-210m
- Q3 can shipments rose 6% in Europe and fell 1% in the Americas; Europe Adjusted EBITDA rose 11% to USD 91m
- Net debt to Adjusted EBITDA was 5.1x at 30 September 2026, with total liquidity of USD 736m
- Regular quarterly ordinary dividend of USD 0.10 per share announced
UPM has filed a formal application to list WISA Group Plc on Nasdaq Helsinki, advancing the planned demerger of its plywood business into a standalone company. Registration of the partial demerger is expected around 31 October 2026, with WISA shares due to start trading around 2 November 2026 under ticker WISA.
Why this mattersTakes plywood out of UPM and creates a separately listed European plywood producer, changing the ownership structure of the region's panel industry.
- UPM filed the Nasdaq Helsinki listing application on 22 October 2026
- UPM shareholders approved the demerger at an extraordinary general meeting on 31 August 2026
- Registration of the partial demerger is expected around 31 October 2026
- WISA Group trading is expected to start around 2 November 2026 under ticker WISA, ISIN FI4000603345
- UPM shares will receive a new ISIN (FI4000603337) after completion, with the UPM ticker unchanged
- Each UPM share entitles the holder to one WISA Group share as demerger consideration
Sonoco will close two unspecified European plants, finance chief Paul Joachimczyk said alongside third-quarter 2026 results on 22 October 2026, expecting savings of USD 15m-20m in 2027. The closures sit within a three-year profitability programme targeting USD 150m-200m in total savings, of which USD 34m had been achieved by end September 2026; no sites or job losses were disclosed.
Why this mattersSonoco is taking European capacity out while recovered-paper costs rise about 90% and drought-hit harvests weaken food-can demand, a squeeze European converters share.
- Sonoco will close two European plants; sites and headcount impact not disclosed
- Expected savings of USD 15m-20m in 2027 from the closures
- Part of a three-year programme targeting USD 150m-200m in total savings, USD 34m achieved by end September 2026
- Consumer Packaging segment revenue fell 3% to just under USD 1.4bn on weaker food-can demand after drought hit harvests in Europe and North America
- Recovered paper costs rose about 90% year on year, prompting a EUR 60/tonne September price increase for European uncoated recycled board
- Q3 2026 revenue was USD 2.04bn, down about 4% year on year, with adjusted EBITDA of USD 352m, down 9%
An İzmir commercial court has granted Barem Ambalaj, a Turkish packaging group 30% listed on Borsa Istanbul, a one-year final concordato moratorium after it filed for protection in July 2026. The company will keep its İzmir, Gaziantep and Karaman packaging plants running and plans to open talks on selling its stalled paper mill project in Konya Ereğli, whose cost had risen to about EUR 200m before work was halted.
Why this mattersA listed Turkish converter pushed into court protection by an overrun paper mill project shows the financing risk of integrating backwards into paper production.
- İzmir 1st Commercial Court granted Barem Ambalaj a one-year final concordato moratorium on 22 October 2026.
- The company filed for concordato in July 2026 and had been operating under a three-month temporary moratorium.
- 30% of Barem Ambalaj's shares trade on Borsa Istanbul.
- The company will seek talks during the moratorium to sell its paper mill in Konya Ereğli.
- Investment cost for the halted Konya Ereğli paper mill rose to around EUR 200m (USD 224m).
- Packaging plants in İzmir, Gaziantep and Karaman will continue normal production and commercial activity.
Packaging Corporation of America reported third-quarter 2026 net income of USD 262.3m (USD 2.93 per share), up from USD 226.9m, on revenue up 12.5% to USD 2.60bn. Chairman and CEO Mark Kowlzan said its mills ran at full capacity, helped by projects at the Jackson mill and better performance at the acquired Greif mills, despite cost headwinds from freight, recycled fibre and chemicals. The company guided to adjusted fourth-quarter earnings of USD 2.81 per share.
Why this mattersFull mill run rates and the acquired Greif mills lifted PCA's volumes 18.6%, with operating margin held at 14.8% despite freight, recycled fibre and chemical cost inflation.
- Net income rose to USD 262.3m (USD 2.93 per share) from USD 226.9m (USD 2.51) a year earlier
- Revenue rose 12.5% to USD 2.60bn, in line with analyst expectations
- Adjusted EPS was USD 3.04, against a FactSet consensus of USD 2.93
- Mills ran at full capacity, with benefits from Jackson mill projects and improved operations at the acquired Greif mills
- Kowlzan cited freight, recycled fibre and chemical cost headwinds and weakness in agricultural end markets for corrugated
- Guidance for adjusted Q4 EPS is USD 2.81, against a consensus of USD 2.77
- Acquired Greif business added USD 0.24 to adjusted EPS, versus a USD 0.11 per-share loss a year earlier; legacy packaging business added USD 0.07
- Total containerboard shipments up 10.6%, while legacy packaging shipments fell 0.5%
- Packaging segment operating income rose to $397.8m from $327.5m a year earlier
- Paper segment operating income fell to $29.0m from $35.6m
- Containerboard production totalled 1.489m tons, with corrugated products shipments up 10.6% year on year including acquired operations
- Maintenance outages are scheduled at three mills in the fourth quarter
SRF's board has approved a USD 63.2m (INR 600 crore) aluminium foil plant at its Jetapur site in Madhya Pradesh, with about 12,000 tonnes a year of capacity for lithium-ion and sodium-ion battery foil and high-end packaging foil. Subsidiary SRF Altech will build it in two phases of USD 31.6m (INR 300 crore) each, due by 30 September 2028 and 30 September 2030, and the mill can supply aseptic and other high-value packaging grades while battery-grade qualification, expected to take close to two years, proceeds. On its 21 October 2026 Q2 FY27 earnings call, management guided chemicals growth to the top of its 15-20% range.
Why this mattersThe dual-use mill lets SRF sell into established high-value packaging foil grades while battery-grade qualification, a multi-year process, runs in parallel.
- The board approved USD 63.2m (INR 600 crore) for an aluminium foil plant at Jetapur, Madhya Pradesh, with about 12,000 tonnes a year of capacity.
- Wholly owned subsidiary SRF Altech will build the plant in two phases of USD 31.6m (INR 300 crore) each.
- Phase 1 is due by 30 September 2028 and Phase 2 by 30 September 2030.
- The mill can make both battery-grade and high-end packaging foil, so output can go to aseptic and other high-value grades while battery qualification continues.
- Management expects battery foil qualification to take close to two years.
- SRF cited India's ACCPLI battery manufacturing incentive scheme as a demand driver.
- Q2 FY27 revenue reached INR 4,904.20 crore (USD 515.6m), up 34.7% year on year
- Q2 FY27 net profit reached INR 509.12 crore (USD 53.5m), up 31.2% year on year
Sonoco reported a third-quarter 2026 GAAP net loss of USD 732m after a USD 829m non-cash goodwill impairment on its Consumer Packaging EMEA/APAC and Industrial Paper Packaging APAC businesses, against net income of USD 123m a year earlier. Net sales fell 4.2% to USD 2.04bn, mainly because of the ThermoSafe divestiture, while Consumer volume/mix dropped 3% as drought hit food can demand and cost inflation exceeded expectations. Adjusted net income was USD 167m, down from USD 191m; Sonoco cut total debt by USD 162m, refinanced a USD 800m term loan and revised its full-year 2026 guidance.
Why this mattersThe writedown on international consumer units and a 3% Consumer volume decline contrast with 94% URB mill utilisation, leaving industrial paper as Sonoco's steadier earnings base.
- Goodwill impairment of USD 829m: USD 802m on Consumer Packaging EMEA/APAC and USD 27m on Industrial Paper Packaging APAC.
- Q3 2026 GAAP net loss was USD 732m (USD 7.36 per diluted share), against net income of USD 123m (USD 1.23) a year earlier.
- Net sales fell 4.2% to USD 2.04bn, mainly due to the November 2025 ThermoSafe divestiture; flat excluding divestitures.
- Adjusted net income was USD 167m (USD 1.67 per share), down from USD 191m (USD 1.92).
- Consumer volume/mix fell 3%; North America URB trade ton sales rose 10% with mill utilisation at 94%.
- Q3 operating cash flow was USD 285m; total debt fell USD 162m to USD 4.29bn and a USD 800m term loan was refinanced.
- Full-year 2026 guidance cut to adjusted EBITDA of USD 1.20bn-1.25bn and adjusted EPS of USD 5.30-5.50
- Industrial Paper Packaging sales rose 5.2% to USD 646m but operating profit fell to USD 88m from USD 94m
Eldorado Brasil Celulose's board has authorised preparations for merging the company into J&F, which is centralising the group's finances and has already absorbed Ambar Energia. J&F became sole owner in May 2025 by buying Paper Excellence's stake for BRL 15bn (USD 3.0bn), but the planned second line at Tres Lagoas, held up by the dispute since 2018, still has no public start or completion date. Net debt rose to BRL 9.7bn (USD 1.9bn) at end-2025 from BRL 966m (USD 192m) a year earlier.
Why this mattersAn open-ended delay to 2.6 million tonnes of short-fibre capacity defers a large block of expected global pulp supply growth while Eldorado's net debt has risen tenfold.
- Eldorado's board authorised preparing the company's merger into J&F, which is centralising group finances; Ambar Energia has already been merged in.
- The second Tres Lagoas line would add 2.6 million tonnes/year, taking short-fibre capacity to about 4.4 million tonnes; it has no public start or completion date.
- The line is part of a BRL 25bn (USD 5bn) programme covering the mill, forests and a railway, unveiled in 2024.
- J&F closed its purchase of Paper Excellence's stake in Eldorado for BRL 15bn (USD 3.0bn) in May 2025.
- Net debt reached BRL 9.7bn (USD 1.9bn) at end-2025, up from BRL 966m (USD 192m) a year earlier.
- Eldorado issued BRL 13bn (USD 2.6bn) of commercial notes in June 2025 to fund the stake purchase; by July they had been replaced with longer, cheaper facilities.
- Eldorado's pulp production was stable in 2025 despite the ownership dispute.
- BNDES approved USD 188m (BRL 1.05bn) in December 2025 for an 86.7km rail link to the Aparecida do Taboado terminal
- Suzano started its 2.55m tonne a year Ribas do Rio Pardo pulp plant in 2024
- Arauco is developing the 3.5m tonne a year Sucuriu pulp project in Brazil
Vidrala will execute a capital increase charged against voluntary reserves, approved by shareholders on 29 April 2026, issuing 1,760,312 new ordinary shares at a ratio of one new share for every 20 held. The nominal capital increase totals EUR 1,795,518.24, with no cash outlay from shareholders. Allocation rights trade between 29 October and 11 November 2026, and the new shares will be admitted to trading on the Bilbao and Madrid exchanges.
Why this mattersA bonus issue charged to reserves raises Vidrala's share count by 5% without new capital, returning value to shareholders in shares rather than cash.
- Vidrala will issue 1,760,312 new ordinary shares, one for every 20 existing shares
- Nominal capital increase of EUR 1,795,518.24, charged against voluntary reserves
- New shares have nominal value of EUR 1.02 each, issued at par with no share premium
- Voluntary reserves stood at EUR 163,951,000 as of 31 December 2025, audited by Ernst & Young
- Allocation rights period runs from 29 October to 11 November 2026, 14 calendar days
- Unassigned shares will be held in deposit for three years before sale
PT Megalestari Epack Sentosaraya (EPAC) plans to close its conventional flexible packaging segment completely by 31 December 2026 to reduce operating cash outflows after its court-sanctioned debt restructuring. Replying to an Indonesia Stock Exchange query, the company said it had borrowed from affiliate PT Triple Berkah Bersama, with no fixed maturity, to meet its restructuring obligations. It also plans a rights issue, subject to shareholder approval on 3 November 2026.
Why this mattersA segment closure, an affiliate loan with no fixed maturity and a planned rights issue point to continuing cash pressure at EPAC after its court-sanctioned restructuring.
- EPAC targets full closure of its conventional flexible packaging business segment by 31 December 2026.
- EPAC signed a loan agreement with affiliate PT Triple Berkah Bersama to meet obligations under its court-sanctioned debt restructuring (homologasi).
- The loan has no fixed maturity date, with principal repayments matched to EPAC's cash flow.
- EPAC's controlling shareholder has said it is ready to provide further bridge financing on similar terms if needed.
- EPAC plans a rights issue (PMHMETD), subject to approval at an extraordinary general meeting on 3 November 2026.
- The disclosure responds to an Indonesia Stock Exchange query letter dated 16 October 2026.
Cabka reported nine-month 2026 revenue of EUR 137.8m, up 4% from EUR 132.1m a year earlier, with third-quarter revenue broadly flat at EUR 42.3m against EUR 42.1m in Q3 2025. The reusable plastic pallet and container maker confirmed full-year guidance for revenue growth and a higher operational EBITDA margin; growth in European Mobility and Contract Manufacturing was partly offset by lower Portfolio and ECO revenue.
Why this mattersWith Q3 revenue flat and legacy lines shrinking, Cabka's margin gains rest on product mix and cost control rather than volume, so tender conversion decides its growth.
- Nine-month 2026 revenue rose 4% to EUR 137.8m from EUR 132.1m a year earlier
- Q3 2026 revenue was EUR 42.3m, broadly stable versus EUR 42.1m in Q3 2025
- European Mobility segment revenue grew 96% year-on-year in the nine-month period
- European Contract Manufacturing revenue grew 30% year-on-year
- Global Pooling and Systems revenue grew 9%, while Portfolio and ECO revenue declined
- Cabka reaffirmed full-year 2026 guidance for revenue growth and higher operational EBITDA margin
Crown Holdings reported Q3 2026 net sales of USD 3.7bn, up from USD 3.2bn a year earlier, and adjusted diluted EPS of USD 2.39, up 7%. Global beverage can volumes rose more than 6%, with double-digit growth in Asia, 6% in North America and 4% in Europe, while a Middle East conflict cost about USD 17m of segment income. Crown narrowed its full-year 2026 adjusted diluted EPS guidance to USD 8.35-8.45 from USD 8.30-8.50.
Why this mattersVolume growth in all three regions, with Asia up double digits, shows can demand holding up despite a USD 17m quarterly hit from the Middle East conflict.
- Q3 2026 adjusted diluted EPS was USD 2.39 against USD 2.24, up 7%; net sales were USD 3.7bn against USD 3.2bn.
- Global beverage can volumes rose more than 6% in Q3, with Asia up double digits, North America up 6% and Europe up 4%; full-year target 4-5%.
- Segment income was USD 484m against USD 490m, including a roughly USD 17m hit from the Middle East conflict; a similar impact is assumed for Q4.
- Full-year 2026 adjusted diluted EPS guidance narrowed to USD 8.35-8.45 from USD 8.30-8.50; Q4 guidance USD 1.63-1.73.
- Adjusted free cash flow was USD 771m over nine months, with full-year guidance of at least USD 950m.
- More than USD 700m returned to shareholders in nine months, including USD 598m of buybacks and USD 115m of dividends.
Silgan Holdings is to combine its Metal Containers segment and Food and Beverage Flat Cap Closures business with Trivium Packaging, currently owned by Ontario Teachers' Pension Plan and Ardagh Group, to form Silgan Metal Containers and Closures. The all-cash deal values Trivium at USD 3.4bn enterprise value, 7.1x LTM adjusted EBITDA (4.8x including expected synergies), and Silgan's contributed units at USD 3.8bn, 8.1x LTM adjusted EBITDA. Silgan will hold 60% and American Industrial Partners 40%, with the Trivium acquisition expected to close in mid-2027.
Why this mattersThe deal creates a larger metal containers and closures group across North America and Europe, while USD 2.3bn of cash proceeds lets Silgan retire debt.
- Trivium valued at about USD 3.4bn enterprise value, 7.1x LTM adjusted EBITDA, or 4.8x including USD 225m of expected synergies.
- Silgan's contributed Metal Containers segment and Food and Beverage Flat Cap Closures businesses valued at USD 3.8bn, 8.1x LTM adjusted EBITDA.
- Silgan receives about USD 2.3bn in cash proceeds to retire existing debt and keeps a 60% controlling stake in Silgan Metal Containers and Closures.
- American Industrial Partners holds the remaining 40% and contributes about USD 1.0bn of cash equity.
- Trivium, owned by Ontario Teachers' Pension Plan and Ardagh Group, has 57 locations, 7,200 employees and about USD 3bn of 2025 sales.
- The Trivium acquisition is expected to close in mid-2027.
- The combined venture is named Silgan MCC, with Europe accounting for 36% of its sales.
- Silgan MCC pro forma net sales are USD 9.8bn and EBITDA USD 1.5bn, with leverage of about 4.4x at closing.
- Fitch has affirmed Silgan Holdings' Long-Term Issuer Default Rating at 'BB+' with Stable Outlook, and secured debt at 'BBB-', following the transaction.
West Pharmaceutical Services declared a fourth-quarter dividend of USD 0.26 per share, up 18% from USD 0.22 in the prior quarter. The payment, the company's 34th consecutive annual dividend increase, is payable on 18 November 2026 to shareholders of record on 11 November 2026.
Why this mattersAn 18% rise, the 34th consecutive annual increase, points to continued cash generation at a leading supplier of injectable drug containment components.
- Dividend declared 19 October 2026 at USD 0.26 per share, up from USD 0.22 in the prior quarter.
- This marks the 34th consecutive annual dividend increase for West Pharmaceutical Services.
- Payable 18 November 2026 to shareholders of record as of 11 November 2026.
- West reported USD 3.07bn in net sales for fiscal year 2025.
- The company operates 50 sites including 26 manufacturing facilities worldwide.
