Slides
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Q3 report 2025 October 30, 2025 Lennart Eberleh President and CEO Monica Pasanen CFO
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Q3 2025 Challenging market entails continued cost focus
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Market Challenging climate
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Source: TTO, PPPC W-100 USD/tonne Excess supply, market curtailments Good demand in our niches SUPPLY AND DEMAND Producers’ inventories and price Days of producers’ inventories 20 27 34 41 48 55 62 69 76 400 500 600 700 800 900 1 000 1 100 1 200 2018 2019 2020 2021 2022 2023 2024 2025 Days Net price (USD/tonne)
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PULP MARKET A cyclical market Source: TTO, Riksbanken SEK/tonne SEK/tonne Weak demand Strong SEK Pulp prices in SEK 3 000 4 000 5 000 6 000 7 000 8 000 9 000 10 000 11 000 3 000 4 000 5 000 6 000 7 000 8 000 9 000 10 000 11 000 2019 2020 2021 2022 2023 2024 2025 NBSK Europe net CTMP Global
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PRODUCTION EUROPE Source: CEPI -15% -10% -5% 0% 5% 10% 15% Newsprint Graphical paper Containerboard Cartonboard Other packaging Tissue Other 2024 Jan-Aug 2025 Europe is Rottneros’ main market 2024 5.4% Jan-Aug 2025 -2.5% Compared to previous year
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DELIVERIES OF CHEMICAL MARKET PULP Compared to previous year Source: PPPC -15% -10% -5% 0% 5% 10% 15% Europe North America Latin America China Other markets 2024 Jan - Aug 2025 Demand increased by 5.0% China’s share of the pulp market is approx. 40%
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SURGING PULP PRODUCTION IN CHINA Wood usage and pulp production Source: TTO MBA
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CHINA PAPER AND BOARD OUTPUT Source: BMA 3-mma through February 2025
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Rottneros’ pulp sales per application Sales of pulp Jan-Sep 2025 (FY 2024) TISSUE 11% (11%) 13% (13) 23% (22) SPECIALITIES ELECTROTECHNICAL PRINTING & WRITING 4% (1%) 26% (23) 3% (3) OTHER CARTONBOARD 3% (3) FIBER CEMENT FILTER 17% (22)
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Result Strengthened balance sheet
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EBITDA Q3 2025 VS. Q3 2024 (MSEK) 70 -67 -6 0 16 -34 -21 EBITDA Q3 2024 Price and currency Sold volume Variable costs Fixed costs By-products, revaluations and other EBITDA Q3 2025 -30 -20 -10 0 10 20 30 40 50 60 70 80 Lower prices Strong SEK Cost control
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EBITDA JAN-SEP 2025 VS. JAN-SEP 2024 (MSEK) 169 -127 -13 -47 -21 -25 -63 Jan-Sep 2024 Price and currency Sold volume Variable costs Fixed costs By-products, revaluations and other Jan-Sep 2025 -100 -50 0 50 100 150 200 Lower prices Stronger SEK Cost of wood
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High wood costs Variable costs for pulp Jan-Sep 2025 76% 13% 6% 3% 2% Wood Chemicals Fuel Electricity Others
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Prices in SEK/m3 for long fiber pulp wood Pulpwood prices have peaked Source: Skogsstyrelsen 0 100 200 300 400 500 600 700 0 100 200 300 400 500 600 700 800 2019 Q1 Q2 Q3 Q4 2020 Q1 Q2 Q3 Q4 2021 Q1 Q2 Q3 Q4 2022 Q1 Q2 Q3 Q4 2023 Q1 Q2 Q3 Q4 2024 Q1 Q2 Q3 Q4 2025 Q1 Q2 Svealand Södra Norrland
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BALANCE SHEET -20 -10 0 10 20 30 40 50 60 70 80 90 100 -600 -500 -400 -300 -200 -100 0 100 200 300 400 500 600 Operational cash flow Net debt Equity/assets % MSEK % Rights issue Working capital Positive cash flow
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The way ahead
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Trends favoring pulp TISSUE E-COMMERCE RENEWABLE ENERGY SUSTAINABILITY
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INNOVATION AND DEVELOPMENT Blue Ocean Closures JV Poland Rottneros Packaging
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SUMMARY Challenging market Stable operations Increased supply of raw material Cost control
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Questions and answers Lennart Eberleh President and CEO Monica Pasanen CFO