Welcome to BNPP Exane''s Future of Packaging Conference: 14-15 May 2024 This year marks the 4th annual edition of our Future of Packaging Conference, encompassing physical meetings in London alongside virtual sessions. Companies attending span the full value-chain from forest, through pulp and board, to packaging producers and buyers as well as sustainability experts. Near term debates are likely to focus on the nascent demand recovery as well as sustainability of the recent rallies in many prices, whilst mid-term topics include the impact of MandA, capital cycles and, fibre''s role in future packaging solutions. The guide provides a snapshot profile and question bank for each company participating. Hosting leaders from across the board The conference also provides investors the opportunity to unwrap the company-specific stories within the forestry, paper and packaging industries as well as their key capital equipment suppliers. This year we are delighted to host: Andritz, Elopak, Graphic Packaging, Holmen, Huhtamaki, Metsa Board, Mondi, SIG Group, Stora Enso, UPM-Kymmene, Valmet and Vidrala. The near term: demand recovery, but are price rallies sustainable Volumes are starting to inflect positively across many sub-sectors but the ''new normal'' post destocking is yet to fully establish. However, pricing has run ahead, led by pulp, followed by board, and likely packaging prices too by the second half. A month after Q1, our conference should allow us to see if momentum is building or fading. The mid-term: capital cycles, MandA, sustainability challenges and opportunities dominate Several companies are in the midst of completing major capital cycles - individually positive to PandL''s from increased sales capacity but in aggregate a potential over-supply risk for the industry. MandA has also picked up in the sector, raising debates on both sides of the Atlantic on potential implications. Structurally, most companies are positive on demand with the view their...