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The PM40 closed Friday, 13 February 2026, at 5805.

Get the latest PM40 updates by listening to the weekly Nips show and the PM40 Daily Show on Pulp & Paper Radio International.

The PM40 closed 13 February 2026 down 2.2% from the 14 February 2025 level.

In this issue of Disconnected Comparisons, we evaluate Ennis, Inc and Sappi.

Multi-Color Corporation (MCC), a global label solutions provider, filed for Chapter 11 bankruptcy. The company has entered a restructuring support agreement with its major secured lenders to sail through the proceedings.

For the full year 2025, Sylvamo generated net income of $132 million and adjusted EBITDA of $448 million, representing a 13% margin.

Interfor recorded a full-year net loss of $344 million on sales of $2,806 million, as weak lumber market conditions and higher duties and tariffs increased costs and led the company to adjust operating levels to match demand.

Södra, a Swedish forest-owner cooperative with industrial operations in pulp, wood products and building systems, reports weaker 2025 results as demand softened, currency moves were unfavorable and raw material prices rose, and the company has carried out a broad action program during the year to reduce costs and protect competitiveness.

Fourth quarter sales were $1.165 billion, compared to $1.307 billion in the third quarter of 2025. Fourth quarter earnings were $(751) million, or $(9.63) per diluted share, compared to earnings of $(204) million, or $(2.63) per diluted share in the third quarter of 2025. Fourth quarter Adjusted EBITDA was $(79) million compared to $(144) million in the third quarter of 2025.

Rayonier reported 2025 adjusted EBITDA of $248.0 million, up 7.7% from 2024, and says results reflect weaker timber markets through the year alongside stronger Real Estate contributions.

SCA will increase the price on NBSK pulp (Northern Bleached Softwood Kraft) in Europe. The new price will be 1,710 USD (+100 USD), effective for March deliveries and invoicing.

The company is pushing cost cuts, shifting its pulp mix and expanding mass timber amid expected price gains.

Pulp and paper sales reached 14.2 million tonnes, a 15% increase compared to 2024. This performance was driven primarily by the strong operational contribution of the Ribas do Rio Pardo pulp mill, which began production in July 2024, and the company's paper mills in the United States. As a result, Suzano's full‑year net revenue reached a record R$50 billion in 2025.

The world's biggest cardboard box maker reported full-year adjusted core earnings (EBITDA) for 2025 of $4.94 billion, at the lower end of a $4.9 billion to $5.1 billion range that was revised down in October due to weak North American demand.

Arctic Paper announces a price increase of 8-10% for both uncoated and coated fine papers across the European market.

Sappi Europe will implement a price increase of Euro 50 per ton on its entire Woodfree Coated sheet portfolio, effective March 16, 2026.

GAAP: Net sales of $792 million, Operating income of $14 million.

GAAP: Net sales of $792 million, Operating income of $14 million.

Finland-based Metsä Group, one of the world's leading forest industry companies, recorded sales of Euro 5.83 billion in 2025, up 1.5% from 2024, while its comparable operating result turned negative at Euro -85 million due to weak market conditions and higher fixed costs.

UPM-Kymmene reports weaker profitability in 2025 as lower sales prices and adverse currency effects outweigh higher pulp deliveries, stable energy production, and capacity reductions in communication papers.

Net sales $5,449 million, up 68% driven by the Berry acquisition.

Avery Dennison Corporation announced preliminary, unaudited results for its fourth quarter and full year ended December 31, 2025. Non-GAAP financial measures referenced in this release are reconciled from GAAP in the attached financial schedules. Unless otherwise indicated, comparisons are to the same period in the prior year.

U.S. containerboard production decreased by 4% for the full year 2025 compared to 2024, according to the American Forest & Paper Association. The operating rate for the sector remained stable, ending the year above 91%, the industry organization reported.

Sun Chemical Packaging and Graphics will implement a price increase across its portfolio of nitrocellulose‑containing products in Latin America, driven by sustained and significant increases in nitrocellulose costs. The adjustments take effect immediately, or as stipulated in existing customer agreements, with the level of increase varying by product type and nitrocellulose content.

Valmet will supply three IntelliTissue 1600 tissue machines to Yusen Group for its mills in Tai'an, Liaoning Province, and Chongxin, Gansu Province, China.

AFT (Aikawa Fiber Technologies) is proud to announce the successful installation and start-up of a MaxEdge150™ refiner with AFTLinx™ diagnostic service on PM5 at Essity's Mannheim mill in Germany building on a successful previous delivery. This marks AFT's first refining project with Essity, reinforcing a trusted partnership. The new system supports Essity's goal of improving tissue quality at its largest mill in Europe and a key hub for hygiene brands like Zewa and Tempo.