包装行业更新：行业表现增强，美国行业纪律改善，箱板纸并购加速

e Kevin FogartyResearch Analyst+44-20-7545-4619 News and viewsUKMondi released its sixth annual eCommerce trend report in partnershipwith global retail and eCommerce analysts, RetailX. The findings highlighthow consumers in Czechia, France, Germany, Poland, Sweden, and Turkeyincreasingly consider sustainability within eCommerce packagingessential. Eight in ten shoppers now view environmentally consciouspackaging as a non-negotiable part of their online purchases. Mondi'seCommerceCOO,ArmandSchoonbrood,outlinedthat"Asthese latestsurvey results show, sustainability has reached a turning. It's no longerconsidered an added benefit, but a standard expectation."Ds Smith activates Euro 9Om biomass boiler project in Rouen, France,cutting cO2 emissions by 99,000 tonnes annually and saving local woodwaste from landfill, and marks a transformative investment in low-carbonenergy infrastructure.The cutting-edge project replaces the mill's coal-driving significant reductions in greenhouse gas (GHG) emissions andaccelerating Ds Smith's journey to Net Zero. The boiler will processapproximately 94,000 tonnes of biofuel annually, reduce carbon emissionsby 99,000 tonnes per year and eliminate the mill's reliance on fossil fuels.In real terms,the volume of carbon emissions removed is roughlyequivalent to the annual energy use of around 13,000 French households,or taking around 40,o00 cars off the road for a year.EuropeStora Enso initiated a strategic review of its Swedish forest assets recently,which will include assessing a potential separation and public listing of theincrease business focus, stre@mline operations, and fully unlock the valueof both theforest asset aid Stora Enso's core packaging business.As partof this review, Stohas outlined that it will explore various options,including a potential separation and listing of the forest business throughStora Enso shareholders.The move aims to establish two robust andindependent entities, each with heightened focus and strategic agility.Stora Enso would continue to lead in renewable packaging, with strongmarket positions and more flexible, integrated, and cost-competitiveproduction. Meanwhile, the Swedish forest business would be positionedto emerge as Europe's largest listed pure forest company, owning a uniqueclassofassetswithanticipatedlong-termvalueappreciationandpotentialfor significant new revenue streams.Huhtamaki announced that it has signed a EUR 150m freely transferableloan agreement (Schuldschein), targeted at institutional investors. It isdivided into two floating rate and two fixed rate tranches with maturities of5 and 7 years. Huhtamaki will use the funds for refinancing and generalcorporate purposes of the Group.Metsa Board has announced a reshuffle to the structure and compositionofitsExecutiveManagementTeam.Asof1July2o25,MetsaGroup'sExecutive Management Team consists of the heads of each of the fivebusiness areas, the Group EVP, CFO, the EVP, Human Resources, and theEVP, Legal and Compliance. New roles in the Executive Management TeamPage 2 11 July 2025Paper& Forest ProductsThe Packaging Wrapinclude those of the Group's Chief Operating Officer (COO), EVP, Strategyand Investments, and EVP, Stakeholder Engagement. As previouslyannounced,JussiVanhanenassumedhispostasPresidentandCEOonthesame dayScA has updated its MTN program, published a prospectus & an updatedGreen Bond Framework. SCA updated the base prospectus for its MTNprogram, initially issued on May 8th 2018, on June 25, 2025, which hasbeen approved by the Swedish Financial Supervisory Authority. SCApublished its first Green Bond Framework in 2015 and has since issuedGreenBondstotallingtoSEK3bnaspartofitssustainabilitystrategy,whichis deeply integrated into SCA's overall business strategy. S&P GlobalRatings has reviewed the Green Bond Framework under its updated"Shades of Green" methodology and assessed its alignment with the ICMA(The International Capital Market Association) Green Bond Principles.Green" shading from S&P Global Ratings, in line with the frameworkestablishedin 2021.UPM's Raflatac business & reporting segment has been renamed UPMAdhesive Materials as of June 12, 2025. The new reporting segment namewill be in use from the Interim Report Q2 2025 onwards. The name changesupports the business area's strategic direction to accelerate its growthRaflatac will remain a leading, global product brand in the Label materialsoffering area. UPM Adhesive Materials leverages its adhesive expertise,material performance,and industry-leading services to deliver valuetocustomers. The business area holds a leading market position in labelmaterials and has expanded significantly in graphics solutions through theacquisitions of AMC AG, Grafityp, and Metamark.SiG's Terra packaging material helps Hochwald pioneer the shift to alu-layer-free aseptic cartons in Europe. As SIG experiences a shift and demandtowards aseptic cartons without an aluminium layer, Hochwald, one of theleading dairies in Europe, is at the fo