Slides
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Q2 Report 2026 ROTTNEROS
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Highlights Q2
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Rottneros Nasdaq Stockholm Since 1987 Small-cap Key figures • Net turnover 2 305 MSEK • Number employees 266 • Production volume 328 kton • 79% of pulp sales are generated from customers in prioritized niches Figure R12 ROTTNEROS Producer of softwood pulp for demanding customers when it comes to purity and strength
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Market
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PULP MARKET A cyclical market Source: TTO, PPPC, Riksbanken SEK/tonne Days stock Exchange rate affecting prices in SEK Pulp prices in SEK and days of stock 0 10 20 30 40 50 60 70 80 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 2026 Days BSP NBSK Europe net CTMP Global Global producers’ stock level for BSP 46 days
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PRODUCTION EUROPE Source: CEPI -9% -8% -7% -6% -5% -4% -3% -2% -1% 0% 1% 2% Newsprint Graphical paper Containerboard Cartonboard Other packaging Tissue Other FY 2025 1-4 2026 Europe is Rottneros’ main market 2025 - 2.5% 1-4 2026 - 1.7% Compared to previous year
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DELIVERIES OF CHEMICAL MARKET PULP Demand decrease by 2,3 % compared to previous year Source: PPPC -15% -10% -5% 0% 5% 10% Europe China North America Latin America Other regions FY 2025 1-5 2026 China’s share of the pulp market is approx. 40% Europe 22% China 41% North America 11% Latin America 6% Other regions 20%
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EUROPE IS ROTTNEROS’ MAIN MARKET Production of paper and board in Europe decreased by -1.7% Jan-Apr 2026 Rottneros’ delivery volumes to Europe increased by 2.8% Jan-Jun 2026 * Deliveries based on turnover
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Q2 2026 Lower costs, improved margins
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EBITDA Q2 2026 VS. Q2 2025 (MSEK) -15 -24 -1 82 22 -33 31 EBITDA Q2 2025 Price and currency Volume, change inventory Variable costs Fixed costs Other EBITDA Q2 2026 -60 -40 -20 0 20 40 60 80 Lower prices, stronger SEK Fixed cost focus Cost of wood
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EBITDA JAN-JUN 2026 VS. JAN-JUN 2025 (MSEK) -42 -75 -30 128 48 -35 -6 EBITDA H1 2025 Price and currency Volume, change inventory Variable costs Fixed costs Other EBITDA H1 2026 -160 -140 -120 -100 -80 -60 -40 -20 0 20 40 Lower prices, stronger SEK Lower costs Production lower than planned
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Wood is the single largest cost item Cost structure H1 2026 45% 18% 11% 19% 6% 1% Wood Other variable Personnel Other costs Depreciation Financial net
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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 % Improved EBITDA Increased working capital Low investment level
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SUMMARY
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Trends favoring pulp TISSUEE-COMMERCEELECTRIFICATION SUSTAINABILITY
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Rottneros’ pulp sales per application Sales of pulp H1 2026 (FY 2025) TISSUE 12% (11%) 12% (12) 24% (20) SPECIALITIES ELECTROTECHNICAL PRINTING & WRITING 4% (6%) 24% (21) 3% (3) OTHER CARTONBOARD 3% (3) FIBER CEMENT FILTER 18% (24)
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SUMMARY Good demand in niches Wood prices Cos Cost reduction efforts continue
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Per Bjurbom President and CEO Monica Pasanen CFO Q&A