Arctic Paper - Resilient FY23 masked by record comparator

FY23 was a year with numerous obstacles for the European paper and pulp industry, including lower demand due to an economic downturn and customer destocking. Nevertheless, Arctic Paper's performance was resilient, with an EBITDA margin of 13%, substantially higher than the long-run historical average, although this is somewhat masked by a record comparator year. The strength of the balance sheet was maintained with net cash of PLN348m, which should bolster the company's capex programme, focused on diversifying into the higher-margin renewable energy and packaging markets and moving up the value chain.

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