Average input costs were stable sequentially and cost control was strong across the business. Currency movements had a net negative impact on underlying EBITDA compared to the second quarter, driven by a weaker US dollar, impacting a number of the Group's globally traded products, coupled with a weaker Russian rouble and Turkish lira. Given prevailing exchange rates, we anticipate a further net negative currency impact in the fourth quarter. During the quarter, planned maintenance shuts with an estimated impact on underlying EBITDA of around €35 million (2019: €40 million) were carried out successfully. Based on prevailing market prices, we continue to estimate that the impact of planned mill maintenance shuts on underlying EBITDA for 2020 will be around €100 million (2019: €150 million), with the fourth quarter impact expected to be around €55 million (2019: €30 million). Our major capital investment projects are progressing according to plan. The €67 million capital investment project to convert a containerboard machine at Štětí (Czech Republic) to become fully dedicated to the production of speciality kraft paper for shopping bag applications is scheduled to be commissioned during the fourth quarter. This additional capacity (75,000 tonnes) further supports our retail customers in their efforts to replace unnecessary plastic as they transition to more sustainable packaging solutions that contribute to the circular economy.

Ahlstrom-Munksjö is investing in new technology and converting its existing boilers at its Mosinee and Rhinelander plants in Wisconsin, United States, to reduce its carbon emissions and landfill waste. These investments at the Mosinee production plant will enable a reduction in its carbon footprint by an estimated 20%, and a reduction of landfill waste by more than 10%. The project is estimated to be completed at the end of the second quarter in 2023. In addition, the Rhinelander production plant is expected to reduce CO2 emissions by an estimated 14% and landfill waste by more than 50%. A new energy center and associated buildings at Rhinelander will consolidate and simplify energy operations, enabling the plant to house a future boiler and a heat recovery steam generator. The project will commence immediately and is estimated to be completed in the third quarter of 2023.  

HEINZEL GROUP published its results for 2024, reporting progress in strategic growth and sustainability. A key milestone was the successful start-up of PM6 at the Steyrermühl site, which was integrated into the Group as of January 1, 2024. Net sales rose to EUR 2,164.4 million (excluding the discontinued operations of Raubling). The Group also achieved a -4.7% CO₂ emissions reduction in 2024, amounting to a total of -23.7% (Scope 1 & 2) since the base year 2021, reinforcing its commitment to defossilization. HEINZEL GROUP produced 1.31 million tons of pulp and paper in 2024. Sales totaled 3.17 million tons. EBITDA reached EUR 101.9 million, investments in property, plant, and equipment amounted to EUR 107.8 million. The rebuild of PM11 at Laakirchen, which began in 2024 and started production of containerboard on April 1, 2025, represents a significant investment and further expands the Group’s capacity for sustainable packaging papers.