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MORE BOXES, LESS PROFIT: THE €136 MILLION WARNING IN 2026 CORRUGATED EARNINGS
Volumes are growing — but profits are moving in completely different directions. Mondi increased box volumes by 2%, yet Corrugated Packaging EBITDA fell 47.9% — a €136 million loss versus H1 2025. Meanwhile, SCGP increased profit by 128%, Nine Dragons by 225.1%, and PCA delivered record corrugated shipments.
We compared the latest results from Mondi, Smurfit Westrock, International Paper, PCA, Stora Enso, Billerud, SCGP, Nine Dragons and Sappi to answer the question that matters for corrugated producers in 2026: who is actually turning additional volume into profit — and who is not?
Read the full analysis on corruga.expert →�
