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In recent years, the French paper and cardboard industry has experienced major changes driven by European and national regulatory frameworks aimed at strengthening the circular economy. These changes require players in the sector to reconfigure their business models (BM) to combine economic, environmental and social performance. The aim of this research is therefore to analyse the factors that encourage BM innovation within this circular ecosystem. Based on the PAC3R project, initiated as part of the France 2030 programme, this case study uses an analysis grid based on the RCOV model (Demil and Lecocq, 2010). Data was collected via twenty-four semi-structured interviews and secondary sources, then coded using a deductive approach. Our preliminary results suggest that strategic determinants (inter-organisational collaboration, adoption of green technologies) and institutional determinants (regulatory incentives, public support) play a crucial role in driving these innovations.