Slides
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July 25, 2025
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EBITDA increased 8% vs Q2 2024 • Higher prices in Containerboard and Wood • Strong production in Containerboard and Wood • Higher harvesting of own forest Sales increased 2% vs Q2 2024 • Price/mix +3%, volume +1%, currency -2% Tariff uncertainty – impacting mainly Pulp 3
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1,700 1,417 1,635 1,596 1,888 2,010 1,649 1,651 2,033 37% 33% 37% 35% 36% 38% 32% 32% 38% Q2 '23 Q3 '23 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 EBITDA (SEKm) and EBITDA margin +8% 4 EBITDA margin 37.8% Industrial ROCE 1 7.9% Net debt/EBITDA 1.8x EBITDA (SEKm) 2,033 1. LTM EBIT margin 28.0% Net debt/Equity 12.5%
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5 Net sales (SEKm) EBITDA (SEKm) EBITDA margin Stable wood supply to industries Continued price increase for wood raw materials Sales up 14% + Higher prices EBITDA up 21% + Higher prices + Higher harvesting in own forest Applied market price on forest assets kept stable due to seasonally few transactions Price development – Pulpwood and Sawlogs Q2 2024 Q2 2025 2,239 2,542 +14% 883 Q2 2024 Q2 2025 1,070 +21% Q2 2024 Q2 2025 39.4% 42.1% 90 100 110 120 130 Q2 '23 Q3 '23 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Pulpwood Sawlogs
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6 Net sales (SEKm) EBITDA (SEKm) EBITDA margin Price development – Solid Wood Products Higher prices Increased cost for sawlogs Sales up 15% + Higher delivery volumes + Higher prices EBITDA up 5% + Higher prices + Higher delivery volumes - Increased cost for wood raw materials Q2 2024 Q2 2025 1,506 1,733 +15% 294 310 Q2 2024 Q2 2025 +5% Q2 2024 Q2 2025 19.6% 17.9% 80 90 100 110 120 Q2 '23 Q3 '23 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Price index SEK
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90 140 190 240 290 340 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Jan-24 Jul-24 Jan-25 Redwood Whitewood 0 500 1,000 1,500 2,000 2,500 3,000 1,000 2,000 3,000 4,000 5,000 7 • Higher prices in Q2 • Normal production levels in Sweden and Finland, but lower in Germany and Canada • Higher producer stock levels, mainly for pine Production of sawn pine and spruce wood, Sweden and Finland (k m3) Stock of sawn pine and spruce wood, Sweden and Finland (k m3) Normalized monthly level Normalized monthly level Note: Normalized monthly level 2016-2025. Source: Skogsindustrierna. Price development sawn pine and spruce, Sweden (index) Spruce Pine
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8 Net sales (SEKm) EBITDA (SEKm) EBITDA margin Price development – NBSK Sales down 16% - Lower delivery volumes - Lower prices - Negative currency effects EBITDA down 49% - Higher cost for wood raw materials - Lower prices - Negative currency effects Q2 2024 Q2 2025 2,147 1,794 -16% 509 261 Q2 2024 Q2 2025 -49% Q2 2024 Q2 2025 23.7% 14.5% 70 80 90 100 110 120 130 Q2 '23 Q3 '23 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Price index SEK
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600 800 1,000 1,200 1,400 1,600 1,800 12.5 13.0 13.5 14.0 14.5 15.0 15.5 NBSK deliveries NBSK PIX Price Europe (RHS) 20 30 40 50 60 70 80 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 20 25 30 35 40 45 50 55 60 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 9 NBSK pulp price (USD/t) vs deliveries (Mt) Hardwood pulp inventories (days of supply) Softwood pulp inventories (days of supply) • Weak pulp market driven by tariff uncertainty • Higher producer inventory levels for hardwood and softwood Source: PPPC. Average Average
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10 Price development – Kraftliner Net sales (SEKm) EBITDA (SEKm) EBITDA margin Strong production and lower specific costs Sales up 15% + Higher prices + Higher delivery volumes EBITDA up 95% + Higher prices + Higher delivery volumes + Lower costs mainly related to strong production - Higher raw material costs Q2 2024 Q2 2025 1,584 1,819 +15% 231 451 Q2 2024 Q2 2025 +95% Q2 2024 Q2 2025 14.6% 24.8% 60 70 80 90 100 110 120 Q2 '23 Q3 '23 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Price index SEK
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20 25 30 35 40 45 50 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 4.0 4.2 4.3 4.5 4.6 4.8 4.9 500 600 700 800 900 1,000 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Unbleached kraftliner price Euwid (LHS) Kraftliner deliveries Europe (RHS) 11 Kraftliner inventories (days of supply) Price (EUR/t) vs Kraftliner deliveries (Mt) European Box demand (index) Source: Euwid, Numera, Cepi. Average Box demand remain on a healthy level • Somewhat softer demand of boxes compared to the start of the year, although back to post-pandemic growth path • Containerboard prices increased in Q2 • Stock levels above average 98 101 104 107 110 113 116 119 122 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25
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12 Income 1 (SEKm) EBITDA (SEKm) EBITDA margin 2 Solid biofuels - Higher cost for raw materials - Lower prices + Higher delivery volumes Liquid biofuels + Higher production in the biorefinery - Lower prices for tall oil Wind - Lower electricity prices Income up 10% EBITDA up 2% 448 494 Q2 2024 Q2 2025 +10% 85 87 Q2 2024 Q2 2025 +2% Q2 2024 Q2 2025 19.1% 17.8% 1. Income comprises net sales and other operating income. 2. EBITDA as share of income.
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14 Quarter SEKm Q2 2025 Q2 2024 Change Net sales 5,380 5,291 2% EBITDA 2,033 1,888 8% EBITDA margin 37.8% 35.7% +2.1 p.p. Depreciation and impairment -529 -527 0% EBIT 1,504 1,361 11% EBIT margin 28.0% 25.7% +2.3 p.p. Financial items -114 -144 Profit before tax 1,390 1,217 14% Tax -302 -257 Profit for the period 1,088 960 13% Earnings per share, SEK 1.55 1.37
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15 883 777 901 879 1,070 39% 37% 39% 35% 42% Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 2,239 2,099 2,323 2,486 2,542 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 ContainerboardPulpForest Wood Renewable Energy EBITDA (SEKm) and EBITDA margin Net Sales (SEKm) 294 288 234 236 310 20% 19% 17% 16% 18% Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 1,506 1,524 1,416 1,498 1,733 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 509 562 286 320 261 24% 27% 14% 17% 15% Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 2,147 2,085 2,052 1,940 1,794 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 231 318 242 239 451 15% 20% 15% 14% 25% Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 1,584 1,597 1,618 1,674 1,819 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 85 99 90 134 87 19% 23% 17% 22% 18% Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 448 435 531 603 494 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Note: Renewable Energy includes both net sales and other operating income.
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16 SEK 5,291m 3% +1% -2% SEK 5,380m Net sales Q2 2024 Price/Mix Volume Currency Net sales Q2 2025 +2% Higher prices for Wood and Containerboard
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17 SEK 1,888m +174 +76 -77 +55 -106 +23 SEK 2,033m 0 500 1,000 1,500 2,000 2,500 3,000 EBITDA Q2 2024 Price/Mix Volume Raw material Energy Currency Other EBITDA Q2 2025 +8% EBITDA margin 35.7% EBITDA margin 37.8% Higher cost for wood raw material mitigated by high degree of self-sufficiencyHigher prices Wood and Containerboard, lower for Pulp
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18 Quarter SEKm Q2 2025 Q2 2024 EBITDA 2,033 1,888 Revaluation of biological assets and other non cash flow items -446 -437 Operating cash surplus 1,587 1,451 Change in working capital -286 -634 Current capital expenditures -338 -265 Other operating cash flow -10 -26 Operating cash flow 953 526 Strategic capital expenditures -196 -171 Jan – June 2025 2024 3,684 3,484 -893 -984 2,791 2,500 -1,136 -730 -583 -249 366 -318 1,438 1,203 -976 -347
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19 SEKm Jun 30, 2025 Dec 31, 2024 Forest assets 107,760 107,329 Working capital 5,897 4,768 Deferred tax relating to forest assets -21,249 -21,155 Other capital employed 24,137 23,978 Total capital employed 116,545 114,920 Net debt 12,958 10,885 Net debt/EBITDA 1.8x 1.5x Equity 103,587 104,035 Net debt/Equity 13% 11%
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EBITDA increased 8% vs Q2 2024 • Higher prices in Containerboard and Wood • Strong production in Containerboard and Wood • Higher harvesting of own forest Sales increased 2% vs Q2 2024 • Price/mix +3%, volume +1%, currency -2% Tariff uncertainty – impacting mainly Pulp 21
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This presentation may contain forward-looking statements. The actual outcome could be materially different. Such statements are based on our current expectations and are subject to risks and uncertainties that could negatively affect our business. Please read SCA’s most recent annual report for a better understanding of risks and uncertainties.