Q2 2023 Sappi Ltd Earnings Call Transcript
Good day, and thank you for standing by. Welcome to the Sappi Financial Results Announcement Q2 2023 Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your speaker today, Steve Binnie. Please go ahead.
Good day, everybody, and thanks for joining us. As always, I'll go through the investor presentation and calling out the page numbers as I move along, and then we'll come back to everybody for questions.
So starting on Page 3, some of the highlights for the quarter. Firstly, EBITDA of $167 million. Obviously, that's below the prior year and last year -- last quarter's levels. And the reason for that is primarily a major destocking that's underway amongst our customers. We are facing a challenging global economy and significantly weaker paper markets. At the same time, global pulp market came under pressure. Whilst that's good for our paper business because obviously, it's an
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