SAPPI LIMITED - Results for the third quarter ended June 2026

What this filing means

Sappi posted a Q3 net loss of US$181M and a nine-month loss of US$631M — a swing of roughly US$648M from the prior year's nine-month profit of US$17M. Adjusted EBITDA fell 34% in the quarter and 50% over nine months, with net debt at US$1,997M and covenant leverage at 6.9x. The share had run up strongly into the print (CAR-20 of +28.6%), so the losses are not a fresh shock, but the scale of the nine-month earnings collapse is difficult to frame as priced-in — the Bears have the directional case…