Interim report
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– 1 – Rottneros AB Interim report Jan – Sept 2026 EBITDA Q3 2026 Stable demand in prioritised niches Lower wood prices Planned maintenance 26 MSEK
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– 2 – Improved earnings due to lower costs Q3 2026 COMPARED WITH (Q3 2025) NET TURNOVER was 570 (574) MSEK. Sales volume and currency were slightly higher than in the third quarter of 2025, while sales prices were slightly lower. EBITDA was 26 (-21) MSEK, an improvement of 47 MSEK. Focus on costs and lower varia - ble costs contributed to the positive earnings per formance. THE NET PRICE for NBSK in SEK was 1 per - cent lower than in the third quarter of 2025. The price of CTMP was 5 percent higher. Compared with the second quarter of 2026, the price in SEK increased by 1 percent for NBSK and 4 percent for CTMP. VOLUME PRODUCED amounted to 79,300 (72,900) tonnes. Sulphate pulp production was at the same level as in the correspond - ing quarter of 2025. CTMP production was higher but continues to be adjusted in line with market demand. Vallvik Mill started the annual maintenance shutdown at the end of September. SOLD VOLUME amounted to 77,500 (76,300) tonnes, an increase of 2 percent. The increase came from CTMP, while the total supply volume of sulphate pulp was lower than in the same quarter in 2025. NET INCOME for the quarter totalled -15 (-52) MSEK. Earnings per share were -0.06 (-0.20) SEK. BALANCE SHEET : The equity/assets ratio was 61 (63) percent, and available liquidity amounted to 129 (406) MSEK. Net debt totalled 456 (273) MSEK. CASH FLOW from operating activities for January–September amounted to -94 (-70) MSEK. Investments amounted to 23 (102) MSEK. July–Sept 2026 July–Sept 2025 Change Q3’25-Q3’26 Apr–Jun 2026 Change Q2-Q3’26 Jan–Sept 2026 Jan–Sept 2025 Change Rolling 12 months Jan–Dec 2025 Net turnover 570 574 -4 612 -42 1,804 1,952 -148 2,391 2,539 EBITDA, MSEK 26 -21 47 31 -5 20 -63 83 -169 -253 EBIT, MSEK -11 -58 48 -6 -5 -91 -312 221 -319 -540 Profit/loss after financial items, MSEK -17 -65 48 -12 -5 -111 -332 222 -344 -565 Net income, MSEK -15 -52 38 -11 -4 -91 -267 176 -276 -452 Earnings per share, SEK -0.06 -0.20 0.14 -0.04 -0.02 -0.34 -1.00 0.66 -1.03 -2.10 Cash flow from operating activities, MSEK -13 18 -31 -39 26 -94 -70 -24 -95 -71 Return on capital employed (rolling 12 months), % – – – – – -16.1 -17.2 1.1 -16.1 -27.3 Production, thousand tonnes 79.3 72.9 6.4 91.9 -12.6 252.5 249.0 3.5 335.0 331.4 Deliveries, thousand tonnes 77.5 76.3 1.2 84.7 -7.2 252.1 250.0 2.1 337.0 334.9 570 MSEK Net turnover was at the same level as in the corresponding quarter last year. 26 MSEK EBITDA improved by 47 MSEK compared with Q3 2025. 61% The equity/assets ratio was 61 percent, and available liquidity amounted to 129 MSEK. 2% Pulp sales volumes increased by 2 percent to 77,500 tonnes.
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– 3 – ROTTNEROS AB INTERIM REPORT JANUARY – SEPTEMBER 2026 Despite the turbulent environment, the business continued to develop in the right direction in the third quarter. Production was stable and demand in our niches remained good, while lower costs were a key factor in the earnings improvement compared with last year. The focus on cost-effectiveness, high production availability, and improved cash flow is continuing. Turnover decreased by 1 percent compared with the third quarter last year. The decline was mainly due to somewhat lower sales prices, while delivery volumes increased by 2 percent. As previously, we experienced significant customer interest in our selected niches. The strengthening of the USD had some positive impact on turnover and earnings. The average exchange rate was 9.65 SEK/USD, 1 percent higher than the level in the corresponding quarter of 2025 and a 3 percent increase on the previous quarter of 2026. Production during the quarter was largely as planned and was 9 percent higher than in the same period in 2025. Production at Vallvik Mill amounted to 58,100 tonnes, 1 percent higher than a year ago. Like last year, production in Vallvik was affected by the annual maintenance shutdown, which started at the end of September. Continuing to move in the right direction Comments by the CEO “EBITDA in the quarter showed clearly positive performance.”
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– 4 – Rottneros Mill’s production of CTMP amounted to 21,200 tonnes, compared with 15,400 tonnes in the same quarter of 2025. The market is characterized by overcapacity, and production is adjusted according to demand, electricity price fluctuations, and profitability. The maintenance shutdown during the summer holiday period was successful and went according to plan. EBITDA in the quarter showed clearly positive performance, owing mainly to the favourable development of costs, and amounted to 26 MSEK. This was a 47 MSEK improvement on the same period last year. Variable costs were reduced by 51 MSEK. This was mainly due to the lower pulp wood price. An increased supply of wood, combined with lower demand, resulted in another quarter of favourable price development. However, we also saw indications that the decline in the price is levelling off. The sale of emission allowances had a positive 8 MSEK effect on earnings. Fixed costs in the third quarter were affected by the annual maintenance shutdown at Vallvik Mill. The third quarter of this year had a higher percentage of fixed costs than last year. The shutdown was mainly carried out in October and went as planned. The mill once again produced at full scale in the middle of the month. Balance sheet and cash flow in focus Tied-up capital and cash flow remain top priorities. The invest - ment rate has therefore been reduced compared with recent years. Investments during the first nine months decreased to 23 MSEK, a decrease of 79 MSEK compared with the same period last year. For the full year, investments are expected to total ap- proximately 60 MSEK, compared with 166 MSEK in 2025. The balance sheet should always have a strong equity/assets ratio. At the end of the quarter, the ratio was 61 percent, comfort- 570 MSEK 61% 129 MSEK Net sales July–September Equity/assets ratio Available liquidity Comments by the CEO ably exceeding the long-term target of at least 50 percent. Avail- able liquidity amounted to 129 MSEK, a decrease of 42 MSEK in the quarter. The main reason was the build-up of chemical pulp inventory ahead of the annual autumn maintenance shutdown, as well as loan repayments of 17 MSEK. The market is moving sideways The pulp market went sideways, as in the previous quarter. The market balance is still characterised by overcapacity, despite some capacity adjustments having been made. The business climate for our unbleached chemical pulp (UKP) remained fa- vourable, partly due to high demand in our niche electrotechnical applications. The long-term, overarching challenge of a growing supply of market pulp from China remains, contributing to fierce competition in the European market. We are satisfied with performance in the quarter. Employee safety remains at the top of our agenda. This work has been very successful, and there have consequently been few lost-time incidents. Our clear focus on working systematically to constantly drive efficiencies and increase production availability is yielding results and will continue to do so. There is also significant poten- tial for further developing our niche strategy in the long term, particularly by deepening our knowledge of customers’ products and their needs. Per Bjurbom President and CEO “The market is characterized by overcapacity, but demand in our niches remained good.”
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– 5 – – 5 –ROTTNEROS AB INTER IM REPORT JANUARY – SEPTEMBER 2026 Market overview – P ulp market Challenging market with increased demand for unbleached pulp Market situation The global economy continues to reflect significant un - certainty. During the quarter, the geopolitical situation in the Middle East intensified, with increased concern about shipping through the Strait of Hormuz. This has contributed to rising energy and transport costs as well as increased volatility in commodity markets. The higher costs risk dampening both household consumption and companies’ willingness to invest, while also squeezing profitability in energy-intensive industries. The uncertainty surrounding global economic development therefore remains significant. Meanwhile, investments in areas such as artificial intelligence, data centres, and electrification continue to support demand in parts of the global economy. Overall, the market is characterized by significant regional differ- ences, with structural growth areas offsetting the effects of increased geopolitical uncertainty. Market for market pulp Market conditions during the quarter were relatively stable overall, although there were clear regional differ - ences. Purchasing activity in China increased gradually during the quarter, contributing to some price increases. In North America, the market reflected production con - straints and announced pulp capacity closures, resulting in further price increase initiatives towards the end of the quarter. In Europe, demand remained weak for many end prod- ucts while competition increased, both from European producers and from imports of finished paper products from countries such as China, Indonesia, and Brazil. This contributed to a slight decline in pulp prices during the quar ter. The supply of unbleached pulp decreased due to the closure of the Tarascon mill in France. The market bal- ance tightened considerably as a result, and UKP had the strongest price performance of all pulp grades during the quarter. The improved price conditions have also led to several producers temporarily switching production to unbleached pulp. These volumes are expected to gradu- ally reach the market in the final quarter of the year. Net prices for NBSK pulp fell during the quarter from 710 to 695 USD per tonne in Europe, while prices in China remained at around 640 USD per tonne. Net prices for BCTMP remained largely unchanged at around 450 USD per tonne. Market developments for paper and cartonboard Production of tissue, the largest application of market pulp globally (accounting for just over 40 percent of the market), decreased by 1.3 percent through July com- pared with the corresponding period in 2025 (excluding China). The share of tissue in Rottneros’ sales increased slightly during the period. Deliveries of printing and writing papers decreased by 3.5 percent through July in the main markets outside China. This segment is now the third-largest application area for market pulp globally, having been overtaken by the special applications segment, which consists of numerous niche applications. Demand and inventories Global demand for market pulp decreased by 2.7 percent through August 2026 compared with the same period in 2025. Demand for hardwood pulp fell by 3.3 percent, while demand for softwood pulp decreased by 2.3 per- cent. Demand for unbleached pulp (UKP) increased by 3.1 percent, however. Demand for CTMP was 4.5 percent below the previ- ous year’s level up to August. Almost all the growth can be attributed to China, which increased its purchases, particularly from Chinese-owned PRI in Indonesia. Manufacturers’ global inventories in August indicated a balanced market. Capacity utilization for softwood pulp was 84 percent, while the corresponding figure for CTMP was only 60 percent. The lower capacity utiliza- tion within CTMP also contributed to limiting inventory build-up and maintaining a balanced market. • So ftwood pulp: 41 days (-5 days compared with the previous quarter), balanced level. • Har dwood pulp: 41 days ( - 5 days), balanced level. • C TMP: 32 days (-1 day), balanced level. Rottneros’ niche markets Demand in Rottneros’ niche markets was generally stable in the third quarter of 2026. PULP PRICES* 2022–2026 NBSK Europe CTMP Global * Net prices in USD published by TTO converted to SEK 2022 2023 2024 20262025 SEK/t 11,000 10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 3000 4000 5000 6000 7000 8000 9000 10000 11000
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– 6 – Lower variable costs, favourable exchange rate -1% -1 MSEK +51 MSEK Lower variable costs Turnover was 570 (574) MSEK. The delivery volume was slightly higher but with a different product mix than the corresponding quarter of 2025. Deliveries of sulphate pulp amounted to 55,800 (58,300) tonnes and of CTMP to 21,700 (18,000) tonnes. The market price in USD for bleached sulphate pulp has been relatively unchanged over the last 15 months. The price for CTMP showed a slightly upward trend. The dollar has strengthened during the quarter and was 1 percent higher than in the same quarter in 2025. Sales of products other than pulp amounted to 70 (68) MSEK, corresponding to 12 percent of turnover. Turnover from wood sales declined in line with lower timber prices. Variable costs have continued to improve, mainly due to a lower pulp wood price. Fuel costs rose during the quarter in line with higher global energy market prices. In total, variable costs decreased by 51 MSEK, based on cost per tonne. The system price for electricity was 0.83 (0.40) SEK per kWh. Rottneros’ consumption takes place primarily in electricity area SE3, where the price was 0.69 (0.46) SEK per kWh. Rottneros hedges most of its electricity consumption. The realised outcome for electricity price hedges was 6 (0) MSEK. The net cost of the Group’s electricity consumption during the third quarter was 0.38 (0.32) SEK per kWh. Fixed costs increased by 6 MSEK compared with the same quarter in 2025 due to the annual mainte - nance shutdown in Vallvik, which began at the end of September. During the quarter, emission allowances were sold for 8 MSEK, while no emission allowances were sold in the third quarter of 2025. This item is presented under Other in the chart. Impairment of finished goods inventory decreased during the quarter by 8 MSEK to 10 MSEK, owing to higher sales prices and a stronger currency than in the first quarter. The item is included in Price and Currency in the chart. EBITDA for the quarter was 26 (-21) MSEK. Depreciation/amortisation totalled -37 (-37) MSEK. EBIT amounted to -11 (-58) MSEK. Sales and results, July – September DIFFERENCE IN EBITDA THIRD QUARTER 2026 COMPARED WITH THE SAME PERIOD IN 2025 (MSEK) QUARTERLY COMPARISON July–Sept 2026 July–Sept 2025 Change % Q3’25– Q3’26 Apr–Jun 2026 Change Q2– Q3’26 NBSK Europe, SEK/t * 6,704 6,798 -1 % 6,678 0 % CTMP Global, SEK/t * 4,319 4,132 5 % 4,167 4 % USD/SEK 9.64 9.52 1 % 9.37 3 % Net turnover, MSEK 570 574 -1 % 612 -7 % EBITDA, MSEK 26 -21 n.a. 31 -16 % * TTO’s published net prices in USD converted to SEK Lower turnover Impact of sales prices and currency EBITDA Q3 2025 EBITDA Q3 2026 Price and currency Volume, inventory change Variable costs* Fixed costs Other * Variable costs exclude costs attributable to increased or decreased production and delivery volumes. Such costs are instead included in the ‘volume effect’ along with the increase/ decrease in volume of net turnover. -21 -1 0 51 -6 26 3 40 30 10 0 -10 -20 -30
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– 7 – Production in the third quarter was 9 percent higher than in the same period in 2025. Production of sulphate pulp at Vallvik Mill amounted to 58,100 (57,500) tonnes. The annual maintenance shutdown began at the end of September. Rottneros Mill’s production of CTMP amounted to 21,200 (15,400) tonnes. Pro- duction continues to be adjusted to market conditions, although improved demand has enabled higher output. The plant was shut down for four weeks during the quarter. Deliveries of sulphate pulp and CTMP increased by 2 percent to 77,500 (76,300) tonnes. For the period January – September, deliveries increased by 1 percent. Maintenance shutdowns and seasonal variations During 2026, the annual maintenance shut- down at Vallvik Mill is held in the fourth quarter. Rottneros Mill will not have a main- tenance shutdown in 2026 but it did shut down for four weeks during the summer. The direct costs relating to maintenance shutdowns are recognised in the period during which the shutdown takes place, in accordance with generally accepted accounting practice. The maintenance shut- down also results in some production loss, affecting turnover and income in the quarter in which it occurs. The estimated shutdown cost includes both direct expenses and the indirect impact of the production loss. It represents an assessment of the impact of a normal annual maintenance shutdown on income in relation to a quarter without any maintenance shutdown. Otherwise, the Rottneros Group is not affected by seasonal variations to any appre- ciable extent. Stable production, planned shutdowns Production and deliveries MAINTENANCE SHUTDOWN, 2026 ROTTNEROS MILL No planned maintenance shutdown in 2026 VALLVIK MILL Estimated impact on income: 70–80 MSEK TIMING OF MAINTENANCE SHUTDOWN VALLVIK MILL Q4 Q4 ROTTNEROS MILL – Q3 2026 2025 Production, tonnes July–Sept 2026 July–Sept 2025 Jan–Sept 2026 Jan–Sept 2025 Rolling 12 months Jan–Dec 2025 Sulphate pulp 58,100 57,500 173,200 179,400 226,900 233,000 CTMP 21,200 15,400 79,300 69,600 108,100 98,400 TOTAL 79,300 72,900 252,500 249,000 335,000 331,400 PRODUCTION AND DELIVERIES Deliveries, tonnes July–Sept 2026 July–Sept 2025 Jan–Sept 2026 Jan–Sept 2025 Rolling 12 months Jan–Dec 2025 Sulphate pulp 55,800 58,300 173,100 174,300 228,700 229,900 CTMP 21,700 18,000 79,000 75,700 108,300 105,000 TOTAL 77,500 76,300 252,100 250,000 337,000 334,900
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– 8 – Cost improvements offset lower prices -8 % -76 MSEK +179 MSEK Lower variable costs Turnover amounted to 1,804 (1,952) MSEK, a decrease of 8 percent. Sales volumes were on a par with 2025, but lower market prices for sulphate pulp and a weaker USD contributed to the reduced turnover. Sales of products other than pulp amounted to 234 (252) MSEK, corresponding to 13 percent of turnover. Turnover from wood sales declined in line with lower timber prices. Variable costs were significantly lower than in the corresponding period of 2025, driven primarily by lower prices for pulp wood and, to some extent, for chemicals. However, electricity costs were higher owing to elevated spot prices at the beginning of the year and a higher hedged price than in the previous year. In total, variable costs decreased by 179 MSEK, based on cost per tonne. The system price for electricity was 0.85 (0.40) SEK per kWh. Rottneros’ consumption takes place primarily in electricity area SE3, where the price was 0.77 (0.48) SEK per kWh. Rottneros hedges most of its electricity consumption. The realised outcome for electricity price hedges was 26 (8) MSEK. The net cost of the Group’s electricity consumption was 0.45 (0.31) SEK per kWh during the period. Fixed costs decreased by 41 MSEK. The Group imple- mented a savings programme that resulted in lower personnel and other fixed costs. Production for the first nine months was 1 percent higher than in 2025. Production problems at Vallvik Mill at the beginning of the year have been offset by higher production of CTMP. Other items reduced incom e by 31 MSEK and include lower revenue from emission allowances and by-prod- ucts, as well as lower profitability in the timber trading business. The impairment of finished goods inventory amounted to 10 MSEK, compared with 20 MSEK in September 2025. The change is included in the ‘Price and currency’ item in the chart. EBITDA for the period was 20 (-63) MSEK. Depreciation/amortisation totalled -111 (-249) MSEK. During the second quarter of 2025, non -curr ent assets at Rottneros Mill were written down by 140 MSEK due to weak market conditions for CTMP, resulting in lower production. EBIT amounted to -91 (-312) MSEK. Sales and earnings, January – September DIFFERENCE IN EBITDA JANUARY–SEPTEMBER 2026 COMPARED WITH THE SAME PERIOD IN 2025 (MSEK)* JANUARY – SEPTEMBER 2026 Jan–Sept 2026 Jan–Sept 2025 Change NBSK Europe, SEK/t * 6,586 7,569 -13% CTMP Global, SEK/t * 4,182 4,373 -4% USD/SEK 9.39 9.95 -6% Net turnover, MSEK 1,804 1,952 -8% EBITDA, MSEK 20 -63 n.a. * TTO’s published net prices in USD converted to SEK Lower turnover Impact of sales prices and currency EBITDA Q3 2025 EBITDA Q3 2026 Price and currency Volume, inventory change Variable costs* Fixed costs Other * V ariable costs exclude costs attributable to increased or decreased production and delivery volumes. Such costs are instead included in the ‘volume effect’ along with the increase/ decrease in volume of net turnover. 100 50 0 -50 -100 -150 -200 -63 -76 -30 -31 179 41 20
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– 9 – FINANCIAL ITEMS IN THE INCOME STATEMENT Net financial items totalled -6 (-7) MSEK for the third quarter, mainly comprising interest expenses on loan facilities. FINANCING Rottneros’ existing long-term loan agreement was entered into in December 2024 and has a three-year term. The facilities comprise long-term loans initially totalling 400 MSEK with 69 MSEK in annual repay- ments, and revolving credit facilities of up to 150 MSEK. In addition, Rottneros has overdraft facilities amounting to 225 MSEK. The credit facility is subject to financial commit- ments related to the debt-to-equity ratio. Unfavourable external factors have led to reduced profitability and a breach of the debt covenant. In March 2026, the loan agreement was updated to include, among other things, temporary covenants for liquidity and profitability that replace the debt covenant. These temporary covenants remain in effect until April 2027. From the second quar- ter of 2027, the original covenant linked to the debt/ equity ratio will be reinstated. The Group’s cash and cash equivalents amounted to 23 (79) MSEK at the end of the quarter, compared with 67 MSEK at the end of 2025. Interest-bearing liabilities amounted to 479 MSEK. Net debt totalled 456 MSEK, compared with 339 MSEK at the end of 2025. Total approved and unused credit facilities amounted to 129 MSEK. The equity/assets ratio amounted to 61 (63) percent as of 30 September 2026. Equity per share amounted to 5.66 (6.49) SEK. CASH FLOW Cash flow from operating activities for January–Sep- tember 2026 amounted to -94 (-70) MSEK. This item includes tax payments of 7 (45) MSEK. Cash flow after investments in non-current assets was -117 (-171) MSEK. Financing activities amounted to 47 (220) MSEK, and net cash flow for the January – September 2026 period was -45 (65) MSEK. INVESTMENTS The Group’s investments in property, plant and equip- ment for January–September 2026 amounted to 23 (102) MSEK and primarily relate to investments to main- tain the technical standard of the facilities. Total investments are expected to amount to approx- imately 60 MSEK for the year. The investments aim to strengthen production stability and availability. PARENT COMPANY Profit/loss after financial items for January – September 2026 was -5 (8) MSEK. The result includes remeasure- ment of electricity price derivatives recognised as other operating expenses. This revaluation relates to deriva- tive contracts with negative values that are measured at the lower of cost or market. The measurement does not affect the Group’s profit. Other items
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– 10 – Currency exposure, USD and EUR Although Rottneros issues invoices in different cur- rencies, the underlying currency for the pulp price is predominantly USD. The underlying exposure to USD is thus high. The direct inflow of USD corresponds with about 60 percent of the inflow and of EUR about 25 percent. However, the impact of exchange rate fluctu- ations on indirect exposure is delayed, as the normal duration of a customer contract is between one and three months. The average USD/SEK exchange rate for the third quarter of 2026 was 9.6, compared with 9.5 for the same period in 2025. The Group has hedged USD/SEK with a “Risk Reversal,” whereby the sale of USD takes place within a range. At the end of the quarter, 14 MUSD was hedged with monthly maturities through September 2027 within the range 9.2–10.1 SEK/USD. Pulp price The price of pulp (NBSK) is set in USD, while production costs are largely incurred in SEK. At the end of Septem- ber 2026, the Group had pulp price hedges for 3,000 tonnes with monthly maturities during 2026. The fair value of the unrealised price hedges was -4 MSEK as at 30 September 2026. Operationally, the Company uses a number of meas- ures and strategies – for example, focusing on niches and various specific customer segments – aimed at reducing the Group’s dependency on market pulp list prices and at moderating fluctuations in profit- ability over a business cycle. The factors that have the greatest impact on the Group’s results are linked to exchange rates and the price of pulp, timber and electricity. Risk management ELECTRICITY HEDGES AS AT 30 SEPTEMBER 2026 Year Proportion hedged, % SEK/kWh 2026 83 0.49 2027 49 0.51 2028 41 0.54 2029 11 0.52 2030 11 0.52 58 percent of the hedged volume is against the system price and 42 percent against electricity area SE3. Electricity All external electricity for the mills, approximately 200 GWh per year at full capacity utilisation, is purchased directly through the Nord Pool electricity exchange. At the end of September 2026, electricity prices were hedged as shown in the following table. The table shows the hedged proportion of forecasted consump- tion and the average hedged price in SEK per kWh. The hedged share includes the PPA, which is described in more detail below. The fair value of the unrealised elec- tricity price hedges was 33 MSEK as at 30 September 2026. The high level of hedging protects Rottneros against sharp price fluctuations. Because of the imbalance between electricity price areas a certain percentage of the contracts are hedged in relation to area SE3. The average price level for electricity at Nord Pool (area SE3) during the period January–September 2026 was 0.77 (0.48) SEK per kWh. Rottneros has a long-term electricity agreement in the form of a Power Purchase Agreement (PPA) including guarantees of origin (GO). The agreement covers just over 30 GWh/year of clean wind energy with settlement against a fixed price in SE3. The agreement runs until 2033. See pages 41–48 of the 2025 Annual Report for fur- ther information on risks.
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– 11 – The share and shareholders Number of shares and treasury shares The number of shares in Rottneros amounts to 267,822,833. In 2025, Rottneros carried out a rights issue which increased the number of shares by 114,428,943. Rottneros’ holdings of treas- ury shares amount to 821,965 shares. No change in treasury shares occurred in 2026. Share price performance As a result of the rights issue, historical share prices have been adjusted to reflect the dilution effect. At the end of the third quarter of 2026, the share price was SEK 3.16 (2.90 at the end of 2025). The average exchange rate during the period January– September was 2.51 SEK (3.61 SEK for the full year 2025). Forthcoming financial information 11 February 2027 Year-end Report 2026 24 March 2027 Annual Report 2026 29 April 2027 Interim Report January – March 2027 12 May 2027 2027 Annual General Meeting 28 July 2027 Interim Report January – June 2027 28 October 2027 Interim Report January – September 2027 SHARE PRICE 2022 TO 30 SEPTEMBER 2026 18 16 14 12 10 8 6 4 2 0 SEK/share Number of shares traded per month (thousands) 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 Rottneros OMX Industrial Materials OMX Stockholm Turnover number LARGEST SHAREHOLDERS AT 30 SEPTEMBER 2026 Shareholders Number of shares (=votes) Percent of capital Arctic Paper S.A. 146,904,045 54.9 PROAD AB 20,518,185 7.7 UBS Switzerland AG, W8IMY* 7,307,150 2.7 Nemus Holding AB 5,900,000 2.2 Försäkringsaktiebolaget Avanza Pension 5,375,526 2.0 Caceis Bank, Switzerland Branch, W8IMY 2,888,288 1.1 Borell Joakim 1,988,927 0.7 Nordnet Pensionsförsäkring AB 1,906,505 0.7 SEB Funds AB 1,516,138 0.6 Dimensional Fund Advisors 1,247,728 0.5 Total for 10 largest owners in terms of holding 195,552,492 73.0 Other shareholders 71,448,376 26.7 Rottneros AB (treasury shares from buy-back) 821,965 0.3 TOTAL 267,822,833 100.0 * Of which Nemus Holding AB holds 7,200,000 shares. 0 2 4 6 8 10 12 14 16 18 20 0 2000 4000 6000 8000 10000 12000 14000 16000 18000 20000 2022 2023 2024 2025 2026 0 2 4 6 8 10 12 14 16 18 20 0 2000 4000 6000 8000 10000 12000 14000 16000 18000 20000
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– 12 – Long-term targets 2030 and target achievement Rottneros’ vision is "Always make a difference". This has been translated into long-term targets for financial, social and climate-related sustainability. Follow-up is primarily carried out on an annual basis, but also quarterly. * L TIFR – Lost Time Injury Frequency Rate: Number of accidents with sick leave per 1 million hours worked, measured over a rolling 12-month period. ** OSWE – Organisational and Social Work Environ- ment is a metric that sup- ports the target of creating an inclusive and engaging culture. TARGET OBJECTIVE OUTCOME Q3 2026 FINANCIAL TARGETS Distribution of net income 30–50 percent No dividend for 2025 Equity/assets ratio Over 50 percent 61 percent (outcome 2025: 60 percent) Pulp production by 2030 415,000 tonnes or +2.5 percent per year 335,000 tonnes (rolling 12 months), +1 percent compared with 2025 SOCIAL TARGETS Safety, accidents with sick leave L TIFR * lower than industry average 9.0 (outcome 2025: 4.6 industry average 2025: 7.5) Social work environment OSWE ** higher than industry average 74 (industry average: 72) ENVIRONMENTAL TARGETS: Outcomes are recognised on a full-year basis for fossil emissions and in- creased circularity Fossil CO2 emissions according to GHG scope 1 Fossil-free production 2030 5,731 tonnes in 2025 (outcome 2024: 9,770 tonnes) Fossil CO2 emissions according to GHG scope 2 Fossil-free production 2030 42,689 tonnes in 2025 (outcome 2024: 110,448 tonnes) Increased circularity Reduce biogenic carbon emissions by 30 percent by 2030 compared with 2022 19 percent emission reduction in 2025 compared with 2022 Self-sufficiency rate for electricity Over 50 percent by 2030 47 percent January – September 2026 (outcome 2025: 45 percent)
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– 13 – CHEMICAL AND MECHANICAL PULP MOLDED PACKAGING Cartonboard Parchment paper Filters Cartonboard Electrotechnical Filters Fiber cement Cartonboard Filters Tissue Specialities Skin packaging Other Ready meals including MAP (modified atmosphere packaging) Offering and development areas Joint venture Rottneros Packaging’s investment in Poland As part of its development strategy, Rottneros and Arctic Paper have established a jointly owned company in Poland, Kostrzyn Packaging. Kostrzyn Packaging has invested in molding and laminating machines with related equipment and now handles the commercial production of molded fiber packaging. Operations at Rottneros Packaging in Sunne focus on customer service and product development. Blue Ocean Closures Rottneros has been a co-owner of Blue Ocean Clo- sures since 2023. Blue Ocean Closures is developing a unique dry forming technology to produce fiber-based closures for consumer packaging on a large scale. The aim is to replace current plastic solutions in a global market. The innovative technology and material have the potential for many more high-volume and high- impact applications, effectively reducing plastic pollu- tion and carbon dioxide emissions. Rottneros’ range of products Rottneros manufactures and sells high-quality pulp to niche markets within packaging, filters and elec- trotechnical applications, with customers in Europe, Asia and North America. The Group offers both chemical pulp (also called sulphate pulp and NBSK) and mechanical pulp (CTMP). We are also investing in climate-smart molded packaging through Rottneros Packaging. With a focus on innovation, the environment and employees, we develop sus- tainable products for the future.
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– 14 – The Board of Directors and the CEO certify that the quarterly report gives a true and fair summary of the Group’s and parent company’s operations, financial position and results and describes significant risks and uncertainties faced by the company and the companies included in the Group. Vallvik on 22 October 2026 This information is information that Rottneros AB is obliged to publish under the EU Market Abuse Regulation and the Securities Market Act. The report has not been subject to review by the company’s auditors. The information was submitted for publication, through the agency of the contact person set out below, at 7.30 am on 22 October 2026. A Swedish and an English version of this report have been prepared. The Swedish version shall pre- vail in the event of differences between the two reports. For further information, please contact: Per Bjurbom, President and CEO Tel: +46 270 622 65 Rottneros AB (publ) Corp. ID no. 556013-5872 Box 144 SE-826 23 Söderhamn, Sweden Tel: +46 270 622 00 www.rottneros.com Per Lundeen Chairman of the Board Per Bjurbom President and CEO Magnus Wikström Board member Conny Mossberg Board member Michal Jarczynski Board member Roger Mattsson Board member Johanna Svanberg Board member Jerry Sohlberg Employee representative Mika Palmu Employee representative Julia Onstad Board member Declaration
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– 15 – ROTTNEROS AB INTERIM REPORT JANUARY – SEPTEMBER 2026 CONSOLIDATED INCOME STATEMENT STATEMENT OF COMPREHENSIVE INCOME AMOUNTS IN MSEK July–Sept 2026 July–Sept 2025 Jan–Sept 2026 Jan–Sept 2025 Rolling 12 months Full–year 2025 NET TURNOVER 570 574 1,804 1,952 2,391 2,539 Change in finished goods inventories 9 -18 -11 29 -54 -14 Other operating income 21 3 47 32 51 36 Operating income, total 601 560 1,840 2014 2,388 2,561 Raw materials and consumables -369 -391 -1,221 -1,413 -1,683 -1,875 Other external costs -142 -124 -393 -392 -590 -589 Employee benefit expenses -63 -67 -205 -239 -283 -317 Other operating expenses 0 0 0 -32 0 -32 EBITDA (operating profit/loss before depreciation/ amortisation and impairment) 26 -21 20 -63 -169 -253 Depreciation/amortisation and impairment losses -37 -37 -111 -249 -150 -288 EBIT (operating profit/loss) -11 -58 -91 -312 -319 -540 Financial income 0 0 2 2 3 3 Financial expenses -7 -7 -22 -23 -27 -29 Total financial items -6 -7 -20 -20 -24 -25 PROFIT/LOSS AFTER FINANCIAL ITEMS -17 -65 -111 -332 -344 -565 Tax on income for the period 3 13 20 65 68 113 NET INCOME * -15 -52 -91 -267 -276 -452 Number of shares outstanding (thousands) 267,001 267,001 267,001 267,001 267,001 267,001 Number of shares outstanding after dilution (thousands) 267,001 267,001 267,001 267,001 267,001 267,001 Earnings per share (SEK)** -0.06 -0.20 -0.34 -1.00 -1.03 -2.10 Earnings per share, diluted (SEK) -0.06 -0.20 -0.34 -1.00 -1.03 -2.10 * The entire net income is attributable to the shareholders of the parent company. ** The key performance indicator has been adjusted for the effect of the rights issue in accordance with IAS 33. AMOUNTS IN MSEK July–Sept 2026 July–Sept 2025 Jan–Sept 2026 Jan–Sept 2025 Rolling 12 months Full–year 2025 NET INCOME -15 -52 -91 -267 -276 -452 OTHER COMPREHENSIVE INCOME Items that have been or may be transferred to profit or loss for the period Changes in value of cash flow hedges 52 9 87 23 70 6 Income tax effect on changes in value -11 -2 -18 -5 -14 -1 Translation differences 1 -1 1 -1 0 -1 TOTAL OTHER COMPREHENSIVE INCOME 42 6 70 17 56 4 TOTAL COMPREHENSIVE INCOME FOR THE PERIOD * 27 -46 -21 -250 -220 -448 * The entire comprehensive income is attributable to the parent company’s shareholders.
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– 16 – ROTTNEROS AB INTERIM REPORT JANUARY – SEPTEMBER 2026 AMOUNTS IN MSEK 30 Sept 2026 30 Sept 2025 31 Dec 2025 Intangible assets 21 22 22 Property, plant and equipment 1,370 1,432 1,457 Financial assets 86 90 88 TOTAL NON-CURRENT ASSETS 1,477 1,544 1,567 Inventories 445 592 476 Current receivables 543 529 448 Cash and cash equivalents 23 79 67 TOTAL CURRENT ASSETS 1,011 1,200 991 TOTAL ASSETS 2,488 2,743 2,558 Shareholders’ equity 1,512 1,732 1,533 Long-term liabilities Interest-bearing liabilities 216 287 7 Deferred tax liability 9 62 11 Other non-interest-bearing liabilities 12 59 58 TOTAL LONG-TERM LIABILITIES 236 409 77 Current liabilities Interest-bearing liabilities 264 65 399 Non-interest-bearing liabilities 476 538 549 TOTAL CURRENT LIABILITIES 740 603 948 TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 2,488 2,743 2,558 Equity per share 5.66 6.49 5.74 AMOUNTS IN MSEK Share capital Other injected capital Repurchased treasury shares Other reserves Retained earn- ings, incl. profit/ loss for the year Total share- holders’ equity Hedging reserve Translation difference Opening balance, 1 January 2025 153 730 -69 -51 -6 934 1,691 Net income Jan–Sept -267 -267 Other comprehensive income Jan–Sept 18 -1 17 Total comprehensive income, Jan–Sept 18 -1 -267 -250 Reclassification of other injected capital -31 31 0 New issue 115 175 290 Closing balance, 30 Sept 2025 268 875 -69 -33 -7 698 1,732 Net income -186 -186 Other comprehensive income Oct–Dec -13 -1 -14 Total comprehensive income Oct–Dec -13 -1 -186 -200 Reclassification of other injected capital -29 1 28 0 Closing balance, 31 Dec 2025 268 845 -69 -46 -6 541 1,533 Net income Jan–Sept -91 -91 Other comprehensive income Jan–Sept 69 1 70 Total comprehensive income, Jan–Sept 69 1 -91 -21 Closing balance, 30 Sept 2026 268 845 -69 23 -5 450 1,512 CONSOLIDATED BALANCE SHEET, SUMMARY CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY, SUMMARY
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– 17 – ROTTNEROS AB INTERIM REPORT JANUARY – SEPTEMBER 2026 AMOUNTS IN MSEK Jan–Sept 2026 Jan–Sept 2025 Rolling 12 months Full-year 2025 EBIT -91 -312 -319 -540 Adjustment for items not included in cash flow 11 8 14 11 Depreciation/amortisation and impairment losses 111 248 150 287 EBIT adjusted for items not affecting cash flow 31 -56 -155 -242 Received/paid financial items -20 -20 -24 -25 Received/paid taxes -7 -45 30 -9 Cash flow from operating activities before changes in working capital 5 -121 -150 -275 Change in working capital -98 51 55 204 Cash flow from operating activities -94 -70 -95 -71 Investments in property, plant and equipment and intangible assets -23 -102 -88 -166 Investments in financial assets – – 0 – Sale of non-current assets 0 0 0 0 Change in current financial investments 0 0 0 – Cash flow from investing activities -23 -102 -88 -166 Borrowings, long-term loans 0 0 0 0 Amortisation, long-term bank loans -19 -105 -20 -106 Change in current financial liabilities 92 45 147 100 Dividend paid 0 0 0 0 New issue 0 291 0 291 Cash flow from financing activities 73 231 127 286 NET CASH FLOW FOR THE PERIOD -44 59 -55 48 Cash and cash equivalents at start of period 67 19 79 19 Net cash flow for the period -44 59 -55 48 Exchange rate difference in cash and cash equivalents 0 0 0 0 Closing cash and cash equivalents 23 78 23 67 AMOUNTS IN MSEK Jan–Sept 2026 Jan–Sept 2025 Rolling 12 months Full-year 2025 Interest-bearing liabilities on the balance sheet at the beginning of the period 407 412 352 412 Changes included in cash flow from financing activities Long-term loans taken out from banks 0 0 0 0 Change in current financial liabilities 92 45 147 100 Amortisation of long-term loans taken out from banks -19 -105 -20 -105 Interest-bearing liabilities on the balance sheet at the end of the period 479 352 479 407 CONSOLIDATED STATEMENT OF CASH FLOWS CHANGES IN INTEREST-BEARING LIABILITIES
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– 18 – ROTTNEROS AB INTERIM REPORT JANUARY – SEPTEMBER 2026 PARENT COMPANY INCOME STATEMENT PARENT COMPANY STATEMENT OF COMPREHENSIVE INCOME AMOUNTS IN MSEK 30 Sept 2026 30 Sept 2025 31 Dec 2025 Intangible assets 1 1 1 Property, plant and equipment 1 2 2 Financial assets 1 1,455 1,157 1,308 Total non-current assets 1,457 1,160 1,311 Current receivables2 328 578 559 Cash and cash equivalents 17 20 58 Total current assets 345 598 616 TOTAL ASSETS 1,802 1,758 1,927 Shareholders’ equity 1,300 1,321 1,307 Long-term liabilities Interest-bearing 210 280 297 Non-interest-bearing 1 12 11 Total long-term liabilities 211 292 307 Current liabilities Interest-bearing 191 17 48 Non-interest-bearing³ 100 129 264 Total current liabilities 291 146 312 TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 1,802 1,758 1,927 1 Includes receivables of 813 (813) MSEK from subsidiaries. ² Includes receivables from subsidiaries of 319 (522) MSEK. ³ Includes liabilities to subsidiaries of 77 (119) MSEK. PARENT COMPANY BALANCE SHEET AMOUNTS IN MSEK July–Sept 2026 July–Sept 2025 Jan–Sept 2026 Jan–Sept 2025 Rolling 12 months Full-year 2025 NET TURNOVER 7 5 22 27 27 32 Other operating income 0 1 1 1 1 1 Operating income, total 7 6 23 28 29 33 Result from hedging activities -2 0 -1 0 -1 0 Other external costs -6 -7 -19 -21 -26 -29 Employee benefit expenses -5 -8 -19 -31 -26 -38 Other operating expenses 0 12 14 6 8 0 EBITDA (operating profit/loss before depreciation/amortisation and impairment) -6 4 -2 -18 -17 -34 Depreciation/amortisation and impairment losses 0 0 -1 -1 -1 -1 EBIT (operating profit/loss) -6 4 -2 -19 -18 -34 Profit from participations in Group companies 0 0 0 31 0 31 Financial income 5 6 16 16 22 22 Financial expenses -6 -7 -19 -21 -25 -26 Total financial items 0 -1 -3 26 -2 27 PROFIT/LOSS AFTER FINANCIAL ITEMS -7 3 -5 8 -20 -7 Tax on income for the period 0 -3 -3 -2 -2 -1 NET INCOME -7 0 -8 6 -22 -8 AMOUNTS IN MSEK July–Sept 2026 July–Sept 2025 Jan–Sept 2026 Jan–Sept 2025 Rolling 12 months Full-year 2025 NET INCOME -7 0 -8 6 -22 -8 Other comprehensive income – TOTAL OTHER COMPREHENSIVE INCOME – 0 – 0 – – TOTAL COMPREHENSIVE INCOME FOR THE PERIOD -7 0 -8 6 -22 -8
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– 19 – ROTTNEROS AB INTERIM REPORT JANUARY – SEPTEMBER 2026 Supplementary disclosures, notes in summary and other information ACCOUNTING POLICIES This report has been prepared in accordance with IAS 34 ‘Interim Financial Reporting’, which complies with Swedish law through the application of the Swedish Corporate Reporting Board’s Recommendation RFR 1 ‘Supplementary Accounting Rules for Groups’ together with RFR 2 ‘Accounting for Legal Entities’, in respect of the parent company. The accounting policies, definitions of key ratios and calculation methods are the same as those used in the last annual report. All amounts in this report are in MSEK, unless stated otherwise. Rounding differences may occur. NET TURNOVER The vast majority of Rottneros’ revenue flows derive from sales of pulp. Control is passed at a point in time, which coincides with the actual delivery of the goods. Revenue is recognised at the fair value of the considera- tion received or receivable. Turnover in the income state- ment consists of revenues from the sale of goods and invoiced freight, net of returns, discounts, pulp price hedges and VAT. FINANCIAL INSTRUMENTS The valuation is based on directly observable price quo- tations on the balance sheet date that are classified at level 2 in the fair value hierarchy described in IFRS 13. The full fair value of a derivative instrument that con- stitutes a hedging instrument is classified as a non-cur- rent asset or non-current liability if the remaining matu- rity of the hedged item exceeds 12 months, and as a current asset or current liability if the remaining maturity of the hedged item is less than 12 months. The maxi- mum exposure to credit risk on the reporting date is the fair value of the derivative instruments recognised as assets in the balance sheet. Rottneros’ existing long-term loan agreement was entered into in December 2024 and has a three-year term. The facilities comprise long-term loans initially totalling 400 MSEK with 69 MSEK in annual repayments, and revolving credit facilities of up to 150 MSEK. In addi- tion, Rottneros has overdraft facilities amounting to 225 MSEK. The credit facility is subject to financial commitments related to the debt-to-equity ratio. Unfavourable exter- nal factors have led to reduced profitability and a breach of the debt covenant. In March 2026, the loan agree- ment was updated to include, among other things, tem- porary covenants for liquidity and profitability that replace the debt covenant. These temporary covenants remain in effect until April 2027. From the second quar- ter of 2027, the original covenant linked to the debt/ equity ratio will be reinstated. The nature of other financial assets and liabilities is in all essential respects the same as of 31 December 2025. The carrying amounts are deemed to be equal to fair value, which was also the case at the end of 2025, since the effect of discounting is not of material significance. Accounts receivable are covered by credit insurance, which reimburses most of any bad debt losses. The Company has long-term relationships with its customers and credit losses have historically been low. RELATED-PARTY TRANSACTIONS During the period January–September 2026, Rottneros had sales to the related party Arctic Paper S.A. group amounting to 44 (32) MSEK. Outstanding operating receivables from Arctic Paper amounted to 6 (0) MSEK at 30 September 2026. The transactions took place on market terms. SIGNIFICANT EVENTS AFTER THE BALANCE SHEET DATE There are no material events after the balance date to report. AVERAGE NUMBER OF EMPLOYEES The average number of employees was 253 (276) for the period January–September. CHANGES IN GROUP MANAGEMENT There were no changes during the third quarter.
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– 20 – ROTTNEROS AB INTERIM REPORT JANUARY – SEPTEMBER 2026 FAIR VALUE OF DERIVATIVE INSTRUMENTS AT 30 SEPTEMBER 2026 Hedging Hedged volume Maturity Hedging level Fair value (MSEK) Pulp, futures sold 3,000 tonnes 2026-10–2026-12 15,037 SEK/tonne -4 Currency, forward sell/buy (corridor) 14 MUSD 2026-10–2027-09 9.2-10.1 SEK/USD 0 Electricity, forward purchase, cash flow hedge 417,163 MWh 2026–2033 0.52 SEK per kWh 33 TOTAL FAIR VALUE 29 FAIR VALUE FOR DERIVATIVES AS OF 31 DECEMBER 2025 Hedging Hedged volume Maturity Hedging level Fair value (MSEK) Pulp, futures sold 12,000 tonnes 2026 15,037 SEK/tonne 0 Currency, forward sell/buy (corridor) 22 MUSD 2026 Jan–2026 Nov 9.2–10.9 SEK/USD 0 Electricity, forward purchase, cash flow hedge 504,207 MWh 2026–2033 0.511 SEK per kWh -54 TOTAL FAIR VALUE -54 ROTTNEROS’ NET TURNOVER AMOUNTS IN MSEK July–Sept 2026 July–Sept 2025 Jan–Sept 2026 Jan–Sept 2025 Rolling 12 months Full-year 2025 Sales of pulp 500 506 1,572 1,700 2,088 2,217 Results from pulp price hedging -2 0 -1 0 -1 0 Sales of by-products and other 25 18 74 76 94 95 Sales of wood 48 50 160 176 210 227 TOTAL NET TURNOVER 570 574 1,804 1,952 2,391 2,539 NET TURNOVER BY GEOGRAPHIC MARKET AMOUNTS IN MSEK July–Sept 2026 July–Sept 2025 Jan–Sept 2026 Jan–Sept 2025 Rolling 12 months Full-year 2025 Sweden 127 126 424 472 547 595 Other Nordic countries 65 64 216 221 276 281 Germany 72 72 233 225 312 304 Italy 39 32 97 111 127 142 Rest of Europe 101 80 287 276 369 358 US 38 48 123 163 168 207 China 36 80 132 210 201 277 India 36 20 126 115 198 188 Rest of world 56 51 166 159 193 189 TOTAL NET TURNOVER 570 574 1,804 1,952 2,391 2,539 BREAKDOWN OF PULP TURNOVER BY USE AMOUNTS IN MSEK July–Sept 2026 July–Sept 2025 Jan–Sept 2026 Jan–Sept 2025 Rolling 12 months Full-year 2025 Cartonboard and packaging 65 68 255 280 345 370 Printing and writing papers 29 22 75 74 105 104 Filters 115 140 368 444 489 565 Electrotechnical applications 130 116 391 385 522 516 Tissue 45 75 170 189 236 255 Special applications 59 56 191 217 247 273 Fiber cement 21 13 50 55 57 62 Other 36 16 72 56 87 72 TOTAL PULP TURNOVER 500 506 1,572 1,700 2,088 2,217
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– 21 – ROTTNEROS AB INTERIM REPORT JANUARY – SEPTEMBER 2026 GROUP PERFORMANCE IN SUMMARY AMOUNTS IN MSEK Jan–Sept 2026 Jan–Sept 2025 Rolling 12 months 2025 2024 2023 2022 Income statement Net turnover 1,804 1,952 2,391 2,539 2,710 2,755 2,980 EBITDA 20 -63 -169 -253 179 252 691 Depreciation/amortisation and impairment losses -111 -249 -150 -288 -133 -113 -141 EBIT -91 -312 -319 -540 47 139 550 Financial items (net financial items) -20 -20 -24 -25 -20 14 164 Profit/loss after financial items -111 -332 -344 -565 28 153 714 Net income -91 -267 -276 -452 20 121 565 Statement of cash flows Cash flow from operating activities -94 -70 -95 -71 15 104 541 Investments in non-current assets -23 -102 -88 -166 -436 -140 -112 Cash flow after investments in non-current assets -117 -172 -182 -237 -421 -36 429 Cash flow from financing activities 73 231 127 286 244 -233 -125 Net cash flow -44 59 -55 48 -177 -269 304 Balance sheet items Non-current assets 1,477 1,544 1,477 1,567 1,698 1,470 1,501 Inventories 445 592 445 476 590 493 436 Current receivables 543 529 543 448 538 658 1,020 Cash and cash equivalents 23 79 23 67 19 196 465 Net debt (+) / net cash (-) 456 273 456 339 393 -105 -354 Shareholders’ equity 1,512 1,732 1,512 1,533 1,691 1,858 2,256 Non-current interest-bearing liabilities 216 287 216 7 341 59 111 Non-current non-interest bearing liabilities 21 122 21 69 196 223 325 Current interest-bearing liabilities 264 65 264 399 71 32 – Current non-interest bearing liabilities 476 538 476 549 547 645 730 Capital employed 1,968 2,005 1,968 1,872 2,083 1,753 1,902 Total shareholders’ equity and liabilities 2,488 2,743 2,488 2,558 2,846 2,187 3,422 Jan–Sept 2026 Jan–Sept 2025 Rolling 12 months 2025 2024 2023 2022 Key performance indicators EBITDA margin, % 1.1 -3.2 -7.1 -9.9 6.6 9.1 23.2 EBIT margin, % -5.0 -16.0 -13.4 -21.3 1.8 5.0 18.5 Profit margin, % -6.1 -17.0 -14.4 -22.3 1.0 5.6 24.0 Return on equity (rolling 12 months), % -17.0 -16.9 -17.0 -28.1 1.1 5.9 29.9 Return on capital employed (rolling 12 months), % -16.1 -17.2 -16.1 -27.3 2.4 7.6 32.2 Equity/assets ratio, % 61 63 61 60 59 66 66 Debt/equity ratio, % 30 16 30 22 23 -6 -16 Other Average number of employees 253 276 258 278 285 293 319 Pulp production, thousand tonnes 253 249 335 331 341 352 397 Pulp deliveries, thousand tonnes 252 250 337 335 333 357 388 SEK/USD ¹ 9.4 10.0 9.3 9.8 10.6 10.6 10.1 Pulp price NBSK Europe net, USD per tonne ² 702 760 701 761 794 712 943 Pulp price NBSK Europe net, SEK per tonne 6,586 7,569 6,583 7,585 8,393 7,536 9,552 Pulp price CTMP Global net, USD per tonne ² 446 439 442 439 481 531 675 Pulp price CTMP Global net, SEK per tonne 4,182 4,373 4,151 4,372 5,085 5,622 6,829 ¹ Source: Riksbanken’s daily listings. Average for each period. ² Source: TTO’s listing of net price once a month. Average for each period.
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– 22 – ROTTNEROS AB INTERIM REPORT JANUARY – SEPTEMBER 2026 QUARTERLY DATA FOR THE GROUP 2026 2025 2024 2023 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Income statement, MSEK Net turnover 570 612 622 587 574 726 652 626 686 711 688 637 693 681 744 EBITDA 26 31 -36 -190 -21 -15 -27 10 70 65 35 -76 79 71 178 Depreciation/amortisation and impairment losses -37 -37 -38 -39 -37 -177 -35 -38 -30 -35 -30 -24 -30 -30 -29 EBIT -11 -6 -74 -228 -58 -191 -62 -28 40 30 5 -100 49 41 149 Financial items (net financial items) -6 -6 -7 -5 -7 -7 -7 -7 -4 0 -8 19 -7 3 -1 Profit/loss after financial items -17 -12 -81 -233 -65 -198 -69 -35 35 30 -3 -81 42 44 148 Tax on income for the period 3 1 17 48 13 40 13 7 -8 -8 1 17 -9 -10 -30 Net income -15 -11 -65 -186 -52 -158 -56 -27 28 22 -2 -64 33 34 118 Per share Earnings per share, SEK -0.06 -0.04 -0.24 -0.86 -0.26 -0.89 -0.32 -0.18 0.18 0.15 -0.02 -0.42 0.22 0.22 0.77 Other Pulp production, thousand tonnes 79 92 81 82 73 90 86 75 91 91 84 80 89 93 90 Pulp deliveries, thousand tonnes 78 85 90 85 76 91 83 73 82 89 90 85 102 83 87 TTO pulp price net NBSK to Europe, SEK per tonne 6,643 6,672 6,400 6,575 6,848 7,593 8,315 8,154 8,333 9,230 7,855 7,659 7,012 7,238 8,236 TTO net CTMP pulp price globally, SEK per tonne 4,291 4,157 4,078 4,066 4,143 4,209 4,780 4,815 4,837 5,434 5,254 5,842 5,184 4,950 6,510
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– 23 – ROTTNEROS AB INTERIM REPORT JANUARY – SEPTEMBER 2026 SHARE DATA1 Jan–Sept 2026 Jan–Sept 2025 Rolling 12 months 2025 2024 2023 2022 Shares outstanding at the beginning of the period2 Number 267,823 152,572 267,823 152,572 152,572 152,572 152,572 Shares outstanding at the end of the period2 Number 267,823 267,823 267,823 267,823 152,572 152,572 152,572 Repurchased treasury shares2 Number 822 822 822 822 822 822 822 Earnings per share SEK -0.34 -1.00 -1.03 -2.10 0.11 0.68 3.16 Cash flow after investments/share 3 SEK -0.44 -0.64 -0.68 -0.18 -2.44 -1.10 2.39 Equity per share SEK 5.66 6.49 5.66 5.57 9.47 10.41 12.63 Dividend 4 Ordinary dividend SEK – – – – 0.43 0.43 0.34 Extra dividend SEK – – – – – 0.77 0.17 Total SEK – 0.43 1.20 0.51 Share price at end of period 5 SEK 3.16 3.10 3.17 2.90 7.66 10.41 10.45 Dividend yield 6 % – – 4.1 11.5 5.8 Total return 6 % 9.1 -43.8 2.3 -62 -22.3 11.1 23.0 Market price/equity/share times 0.6 0.4 0.6 0.5 0.8 1.0 0.8 P/E ratio per share times -9.4 -3.1 -3.1 n.a. 68.9 15.4 3.3 ¹ Earnings per share have been restated to reflect the impact of the rights issue in accordance with IAS 33. Other per-share key performance indicators have also been restated to reflect the impact of the rights issue. The adjustment factor for share-related key performance indicators has been calculated at 1.17. ² Number of shares in thousands, excluding Rottneros’ treasury shares. Subscription rights and BTA as at 30 September 2025 are not included. 3 Cash flow from operating activities less investments in non-current assets, divided by the average number of outstanding shares, adjusted for the rights issue. 4 Refers to dividends paid during each respective year, adjusted for the rights issue. 5 As a result of the rights issue, historical share prices have been adjusted to reflect the dilution effect. 6 Return in relation to the share price at the beginning of the period, adjusted for the rights issue.
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– 24 – ROTTNEROS AB INTERIM REPORT JANUARY – SEPTEMBER 2026 Alternative key performance indicators Alternative ratios are financial measures that are not defined in IFRS and are presented outside the financial statements. Rottneros uses the alternative performance indicators Cash flow after investments, Net debt/net cash, Capital employed, Return on capital employed, Return on equity, Equity/assets ratio and Debt/equity ratio. The Company believes that these key ratios are useful for readers of the financial statements as a complement to other key performance indicators to assess the Rottneros Group’s financial position and profitability. Rottneros also uses the key indicators P/E ratio, Earnings per share and Operating profit/loss per share, which the Company believes are relevant for investors and other readers. Alter- native key ratios can be defined in different ways by other companies and therefore may not be comparable with similar measures used by other companies. EBITDA Earnings before interest, taxes, depreciation, and amortisation (Operating profit before depreciation/amortisation and impairment losses). EBIT Earnings before interest and taxes (operating profit). EBIT margin EBIT as a percentage of net turnover. Profit margin Profit/loss after financial items as a percent- age of net turnover. Shareholders’ equity per share* Shareholders’ equity divided by number of shares. Cash flow after investments Cash flow from operating activities less investments in non-current assets. Net debt/net cash Interest-bearing liabilities less cash and cash equivalents. Capital employed Shareholders’ equity plus interest-bearing liabilities less cash and cash equivalents. Return on capital employed (rolling 12 months) EBIT for the last 12 months, as a percentage of average capital employed (average of capi- tal employed at the beginning and at the end of the period). Return on equity (rolling 12 months) Net income for the last 12 months, as a per- centage of average equity (average of equity at the beginning of the period and at the end of the period). Equity/assets ratio Equity as a percentage of the sum of share- holders’ equity and liabilities. Cash and cash equivalents Cash in hand, deposits with banks and similar institutions and short-term and liquid invest- ments readily convertible into a known amount. Available liquidity Cash and cash equivalents and available credit from banks and equivalent institutions. Debt/equity ratio Net debt/cash as a percentage of sharehold- ers’ equity. P/E ratio* Share price at the end of the period in relation to earnings per share (rolling 12 months). Operating profit/loss per share* Profit before financial items and income taxes divided by the average number of shares out- standing. DEFINITIONS FOR IFRS AND ALTERNATIVE KEY PERFORMANCE INDICATORS * Share-related key performance indicators have been adjusted to reflect the impact of the 2025 rights issue.
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– 25 – ROTTNEROS AB INTERIM REPORT JANUARY – SEPTEMBER 2026 Glossary BCTMP Bleached Chemi-Thermo-Mechanical Pulp: bleached CTMP. The term is common in North America and Asia (see CTMP). BEK Bleached Eucalyptus Kraft pulp. CTMP Chemi-Thermo-Mechanical Pulp, mechani- cal pulp where the raw material is heated and impregnated with chemicals before being refined. The term is used in Europe for both bleached and unbleached pulp. ECF Elemental Chlorine Free. Sulphate pulp bleached using chlorine dioxide, not chlorine. GHG Scope 1 Carbon dioxide emissions from fossil fuels during production in own operations. GHG Scope 2 Carbon dioxide emissions from electricity and other energy purchased for operations. Chemical pulp Pulp produced by boiling pulp wood with chemicals. The pulp can be bleached to a higher brightness and a higher strength than mechanical pulp. Chemical pulp is usually sulphate pulp, but can also be sulphite pulp. Hardwood pulp Pulp where the raw material is hardwood, which has shorter cellulose fiber than soft- wood. LTIFR Lost Time Injury Frequency Rate indicates the number of accidents with sick leave per million hours worked. Softwood pulp Pulp where the raw material is softwood, which has longer cellulose fiber than hardwood. Market pulp Pulp sold on the market and transported to the customer. Market pulp accounts for about one-third of pulp production world- wide. The remaining two-thirds are pro- duced at integrated paper and board mills, or used internally within a group. Mechanical pulp Pulp produced using a mechanical process for fiber separation and processing. Has a higher level of bulk, stiffness and opacity than chemical pulp. Groundwood pulp, TMP and CTMP/BCTMP are types of mechanical pulp. NBSK Northern Bleached Softwood Kraft Pulp: bleached softwood sulphate pulp. The lead- ing indicator of world market prices. OSW Organisational and social work environment. TTO Index for market prices of pulp provided by Trade Tree Online. UKP Unbleached Kraft Pulp, unbleached sulphate pulp.
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– 26 – ROTTNEROS AB INTERIM REPORT JANUARY – SEPTEMBER 2026 Rottneros AB (publ) Box 144, SE-826 23 Söderhamn, Sweden Street address: Vallvik Mill, SE-826 79 Vallvik, Sweden +46 (0)270 620 00 info@rottneros.com rottneros.com Corp. ID no.: 556013-5872 Every care has been taken to ensure the accuracy of the information in this report, but Rottneros cannot accept any liability for any possible loss or damage as a consequence of using information in this report. Rottneros is an independent producer of market pulp. The Group consists of the parent company Rottneros AB, listed on Nasdaq Stockholm, with the subsidiaries Rottneros Bruk AB and Vall- viks Bruk AB, active in the production and sale of market pulp. The Group also includes Rottneros Packaging AB, which manufactures fiber trays, the raw-material procurement company SIA Rottneros Baltic in Latvia and the forestry company Nykvist Skogs AB. The Group has approximately 253 employees and turnover of approxi- mately 2.4 BSEK.