Rottneros: Q3 slightly below, maintenance in Q4 - ABG

EBIT SEK 40m vs. ABG SEK 47m — higher costs, lower volumes
Q4 likely weaker driven by maintenance
Conference call at 12 CET


EBIT SEK 40m vs. ABG SEK 47m

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. The company had a production of 91kt and deliveries were 9% lower than production. Production start of Rottneros' molded fibre trays JV with Arctic Paper has been delayed to Q4 (vs. Q3), due to longer than expected transport times for equipment. As such, total '24 capex has been raised to ~SEK 460m vs. ~SEK 430m previously. EPS came in at SEK 0.18 vs. our estimate of SEK 0.23.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/rottneros/Equity-research/2024/10/rottneros---q3-slightly-below-maintenance-in-q4/