We make cosmetic revisions to estimates, mainly owing to FX and incorporating slightly higher legal costs in the BioMaterials segment. The key catalyst in the short term is management guidance on volume and BioMaterials ASP for 2026, in addition to the development of pulpwood prices in 2026. The latter has declined for six consecutive months and is now down ~12% from its peak in May ‘25. The most recent guidance from management is that wood costs should come down by ~5% in Q4 vs 1H/25. Recent de ....
