Verified facts
That apparent improvement needs qualification. The second-quarter figure included a €43m forestry fair-value loss; the third quarter had no forestry fair-value gain. Excluding that effect, the second-quarter comparator was €210m, so the third-quarter result was lower. The €210m figure is Apolifina's calculation: €167m plus €43m.
Mondi attributed the sequential weakness principally to planned maintenance shutdowns. Higher selling prices offset input-cost inflation, but energy-related costs exceeded its expectations.
Apolifina analysis
The accounting bridge helps shareholders compare operating periods without confusing a valuation movement with improved trading. EBITDA is not cash flow or statutory net profit. Watch whether pricing offsets costs after maintenance normalises.
Primary sources
Sources rechecked on 15 October 2026.
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