According to the Federal Environmental Agency, 2.8 billion disposable cups are consumed each year in Germany alone. Around 60% of these are plastic-coated paper cups which are currently thrown away, as they cannot be recycled in a reasonable and economically meaningful manner. The reason for this is the plastic coating on the inside, which prevents the cups from leaking or softening. The composite material of paper and plastic slows the recycling process. So far, the paper fibres could only be separated from the plastic coating in special recycling facilities and with a large amount of effort. However, separating the two materials is the prerequisite for restoring the paper fibres to the recycling loop. A newly developed, innovative recycling product now enables the fresh fibre pulp from disposable cups to be returned to the recycling loop in a resource saving and efficient way, without disproportionate additional input in the paper treatment process. The innovative idea for the new product comes from the Printing and Media Technology department of the creart advertising agency in Fulda, in the state of Hesse. “The upcycling that takes place here serves to upgrade the material,” explains authorised officer Torsten Gröger, who came up with the idea. “The waste product of disposable cups become a raw material again, in this case for a graphic paper that can be used for various purposes in communication and advertising.” As the name suggests, CoffeeCup Paper comprises around 25% disposable paper cups and 75% directly recyclable waste paper. Once manufactured, it can be recycled again at least six more times.

Management Summary from Chairman and Chief Executive Officer Jean-Michel Ribiéras: We delivered strong earnings with a 20% adjusted EBITDA margin and outstanding free cash flow in the third quarter, driven by solid operational performance, good commercial execution and stable input costs. The quarter also had no planned maintenance outages. On Oct. 31, we announced we are mutually terminating a supply agreement for uncoated freesheet, bristols and specialty papers from International Paper’s Georgetown, South Carolina, mill, effective Dec. 31, 2024. We will continue to optimize our North America region by leveraging strategic initiatives to simplify the business, unlock efficiencies and drive earnings growth. We have seen encouraging increases in industry demand across our regions and expect recent capacity reduction announcements to lead to more favorable supply and demand balance trends in 2025. We are confident in our strategy to grow earnings and cash flow by continuing to invest in high-return projects in our mills and processes.

Second Quarter 2023 Financial Highlights: *Produced revenue of $794 million, a 12% increase compared to the prior quarter, or a 16% decrease compared to the prior year *Generated income from operations of $84 million, and a net loss of $269 million, inclusive of a valuation allowance of $293 million established against the deferred tax assets within our Australia jurisdiction; adjusted net income was $24 million (non-GAAP) *Delivered Adjusted EBITDA of $168 million, at the high end of the guided range, and an Adjusted EBITDA margin of 21.2% *Invested $55 million in capital expenditures in the quarter *Generated $81 million in free cash flow in the quarter