Interim report
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SVENSKA CELLULOSA AKTIEBOLAGET SCA (publ), Skepparplatsen 1, 851 88 SUNDSVALL. www.sca.com. Corp. Reg. No. 556012-6293 Half-year report Q2 2025 January–June 2025 compared with January–June 2024 • Net sales increased to SEK 10,541m (9,849). The sales increase was mainly driven by higher selling prices and higher delivery volumes. • EBITDA amounted to SEK 3,684m (3,484). Higher selling prices and higher delivery volumes had a positive impact on earnings, which were offset by higher raw material costs and negative exchange rate effects. High rate of self-sufficiency in wood raw material reduced the impact of rising wood costs. • EBITDA margin was 34.9% (35.4). • Operating profit increased to SEK 2,623m (2,438). • Operating cash flow amounted to SEK 1,438m (1,203). • Earnings per share was SEK 2.69 (2.49). April–June 2025 compared with April–June 2024 • Net sales increased to SEK 5,380m (5,291). Higher selling prices and higher delivery volumes were offset by negative exchange rate effects. • EBITDA increased to SEK 2,033m (1,888) and EBITDA margin was 37.8% (35.7). The increase was primarily related to higher selling prices and higher delivery volumes, which were partly offset by negative exchange rate effects and higher raw material costs. April–June 2025 compared with January–March 2025 • Net sales amounted to SEK 5,380m (5,161). Higher selling prices were offset by negative exchange rate effects. • EBITDA increased to SEK 2,033m (1,651) and EBITDA margin was 37.8% (32.0). The increase was primarily attributable to higher selling prices, which were partly offset by negative exchange rate effects. KEY FIGURES Quarter Jan-Jun SEKm 2025:2 2024:2 % 2025:1 % 2025 2024 % Net sales 5,380 5,291 2 5,161 4 10,541 9,849 7 EBITDA 2,033 1,888 8 1,651 23 3,684 3,484 6 EBITDA margin, % 37.8 35.7 32.0 34.9 35.4 Operating profit 1,504 1,361 11 1,119 34 2,623 2,438 8 Net Profit 1,088 960 13 800 36 1,888 1,749 8 Earnings per share SEK 1 1.55 1.37 1.14 2.69 2.49 Operating cash flow 953 526 485 1,438 1,203 Net Debt / EBITDA (LTM) 1.8x 1.8x 1.5x 1.8x 1.8x 1 There are no dilution effects.
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S C A H a l f - y e a r r e p o r t – J a n u a r y 1 – J u n e 3 0 , 2 0 2 5 2 SVENSKA CELLULOSA AKTIEBOLAGET SCA (publ), Skepparplatsen 1, 851 88 SUNDSVALL. www.sca.com. Corp. Reg. No. 556012-6293 SUMMARY OF THE SECOND QUARTER OF 2025 SCA’s earnings in the second quarter strengthened year-on-year and compared with the preceding quarter. The positive earnings trend was mainly attributable to higher selling prices compared with the two comparative periods, as well as good cost control, primarily in wood raw material, energy and logistics. In addition, other operating costs were lower, driven by the continued ramp-up of completed strategic investments. Strategic projects are expected to gradually contribute to increased production volumes and stronger cash flow generation in the years ahead. There is a risk that the uncertain market situation, dominated by discussions about tariffs and trade barriers aswell as currency fluctuations, will continue to affect market conditions going forward. The supply of wood raw material to SCA’s industries was stable during the quarter. The limited supply of wood raw material together with high demand has led to an increase in prices. However, some saturation was noted in the pulpwood market during the quarter, and some operators also made downward adjustments in their price lists in light of this. Selling prices for solid-wood products increased compared with the preceding quarter, driven primarily by seasonally stronger demand combined with higher raw material costs. However, demand remained cautious due to the uncertain market situation. The seasonally stronger demand together with SCA’s focus on strong and long- term customer relationships contributed to a higher delivery volume year-on-year and compared with the preceding quarter. Producer stocks in Sweden increased during the quarter, while customer stocks are estimated to have remained low. Average selling prices in the Pulp segment decreased slightly compared with the preceding quarter. Selling prices for NBSK pulp in Europe increased at the beginning of the second quarter and subsequently declined toward the end of the quarter. Global demand for pulp was weak in both Europe and China, while the demand in the US was on a normal level. SCA’s delivery volumes were lower compared with the preceding quarter and year-on-year. Global producer stocks increased during the quarter. SCA’s average selling prices for packaging material increased compared with the preceding quarter. During the quarter, production in segment Containerboard was at a good level, resulting in lower costs. Demand for packaging paper is at a normal level, mainly driven by e-commerce and consumables. SCA’s delivery volumes were in line with the preceding quarter, but increased year-on-year. European producer stocks increased during the quarter. Demand for solid biofuels was seasonally lower compared with the preceding quarter. The market for liquid biofuel remained weak, but improved toward the end of the quarter. The ramp-up in the production of biofuels has continued, resulting in higher production volumes. Electricity prices in northern Sweden remained low during the second quarter. SCA’s leasehold business in wind power was stable and at the end of the first quarter about 20% of installed wind power capacity in Sweden was on SCA’s land.
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S C A H a l f - y e a r r e p o r t – J a n u a r y 1 – J u n e 3 0 , 2 0 2 5 3 SVENSKA CELLULOSA AKTIEBOLAGET SCA (publ), Skepparplatsen 1, 851 88 SUNDSVALL. www.sca.com. Corp. Reg. No. 556012-6293 Change in net sales (%) 2506 vs 2406 2025:2 vs 2024:2 2025:2 vs 2025:1 Total 7 2 4 Price/mix 5 3 5 Volume 4 1 0 Currency -2 -2 -1 GROUP SALES AND OPERATING PROFIT January–June 2025 compared with January–June 2024 Net sales amounted to SEK 10,541m (9,849), an increase of 7%, of which price/mix accounted for +5%, volume +4% and currency -2%. EBITDA increased to SEK 3,684m (3,484), corresponding to an EBITDA margin of 34.9% (35.4). The change was mainly attributable to higher selling prices and higher delivery volumes, which were offset by higher raw material costs and negative exchange rate effects. Good cost control due to the high rate of self-sufficiency in primarily wood raw material reduced the impact of increased costs. The cost of planned maintenance stops was SEK 25m (29). EBITDA excluding the revaluation of biological assets increased to SEK 2,791m (2,560). Operating profit amounted to SEK 2,623m (2,438). April–June 2025 compared with April–June 2024 Net sales amounted to SEK 5,380m (5,291), an increase of 2%, of which price/mix accounted for +3%, volume +1% and currency -2%. EBITDA increased to SEK 2,033m (1,888), corresponding to an EBITDA margin of 37.8% (35.7). The increase was primarily attributable to higher selling prices and higher delivery volumes, which were offset by negative exchange rate effects and higher raw material costs. EBITDA excluding the revaluation of biological assets was SEK 1,585m (1,426). Operating profit was SEK 1,504m (1,361). April–June 2025 compared with January–March 2025 Net sales amounted to SEK 5,380m (5,161), an increase of 4%, of which price/mix accounted for +5%, volume 0% and currency -1%. EBITDA increased 23% to SEK 2,033m (1,651), corresponding to an EBITDA margin of 37.8% (32.0). The change mainly relates to higher selling prices, which were offset by negative exchange rate effects. EBITDA excluding the revaluation of biological assets increased to SEK 1,585m (1,206). Operating profit was SEK 1,504m (1,119). CASH FLOW January–June 2025 compared with January–June 2024 The operating cash surplus amounted to SEK 2,791m (2,500). The cash flow effect of changes in working capital was SEK -1,136m (-730). Current capital expenditures, net, amounted to SEK -583m (-249). Other operating cash flow was SEK +366m (-318). Operating cash flow increased to SEK 1,438m (1,203) (see Note 10). Strategic capital expenditures totaled SEK -976m (-347) and tax paid amounted to SEK -149m (-6) for the period. See page 14. FINANCING At June 30, 2025, net debt totaled SEK 12,958m, an increase during the quarter of SEK 1,959m. The increase was primarily attributable to the dividend paid during the quarter. Net debt in relation to EBITDA amounted to 1.8x, compared with 1.5x in the preceding quarter. The debt/equity ratio amounted to 12.5% compared with 10.5% in the preceding quarter. At June 30, 2025, gross debt amounted to SEK 15,661m, an increase of SEK 460m during the quarter, with an average maturity of 3.4 years (including the lease liability). The loan structure consists of bilateral bank loans, bonds and commercial paper. Unutilized credit facilities amounted to SEK 6,000m at June 30, 2025 and mature in 2029. In the first half of 2025, financial items totaled SEK -228m compared with SEK -267m in the year- earlier period. 0 1,000 2,000 3,000 4,000 5,000 6,000 2024:2 2024:3 2024:4 2025:1 2025:2 Net sales SEKm 0 10 20 30 40 50 0 500 1,000 1,500 2,000 2,500 2024:2 2024:3 2024:4 2025:1 2025:2 EBITDA & margin SEKm % 0 200 400 600 800 1,000 1,200 1,400 2024:2 2024:3 2024:4 2025:1 2025:2 Operating cashflow SEKm 0 3 6 9 12 15 18 0 20,000 40,000 60,000 80,000 100,000 120,000 2021:4 2022:4 2023:4 2024:4 2025:2 % Equity and net debt/equity ratioSEKm
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S C A H a l f - y e a r r e p o r t – J a n u a r y 1 – J u n e 3 0 , 2 0 2 5 4 SVENSKA CELLULOSA AKTIEBOLAGET SCA (publ), Skepparplatsen 1, 851 88 SUNDSVALL. www.sca.com. Corp. Reg. No. 556012-6293 EQUITY January–June 2025 Equity decreased by SEK 448m during the period, to SEK 103,587m at June 30, 2025. Equity increased due to comprehensive income for the period of SEK 1,619m, and decreased due to the dividend of SEK 2,107m. Other items increased by SEK 40m. TAX January–June 2025 compared with January–June 2024 The Group’s tax expense amounted to SEK 507m (422), corresponding to an effective tax rate of 21.2% (19.4). CURRENCY EXPOSURE AND CURRENCY HEDGING Due to a high proportion of exports, SCA’s operations are sensitive to currency fluctuations. About 85% of sales are priced in currencies other than SEK, primarily EUR, USD and GBP. Most purchasing is conducted in SEK, while some purchasing is carried out in foreign currencies. To mitigate the effects of a weaker SEK, balance sheet items in foreign currency are hedged, as well as major decided and contracted expenses in foreign currency for investments in non-current assets. Added to this, a share of future net flows in the main currencies is hedged and, in some cases, for special order flows. At June 30, 2025, the company had hedged roughly the following shares of the expected net exposure from sales minus purchases. Share of expected net exposure, % Currency Average rate 2025:3 2025:4 2026:1 2026:2 USD 10.20 70 70 50 25 EUR 11.15 70 70 50 25 PLANNED MAINTENANCE STOPS In the second quarter of 2025, one planned maintenance stop was carried out at the Östrand pulp mill (Pulp segment). The estimated effect of the planned maintenance stops on earnings, calculated as the sum of the direct cost of the maintenance and lower fixed cost coverage from reduced capacity utilization during the stops, is shown in the table below. Actual SEKm 2024:1 2024:2 2024:3 2024:4 Total Pulp 0 29 35 215 279 Containerboard 0 0 87 123 210 Total 0 29 122 338 489 Actual Forecast SEKm 2025:1 2025:2 2025:3 2025:4 Total Pulp 0 25 70 180 275 Containerboard 0 0 200 0 200 Total 0 25 270 180 475 FOREST ASSETS The value of SCA’s forest assets amounted to SEK 107.8bn at June 30, 2025 compared with SEK 107.3bn at the end of the preceding year. The change in value of the total forest assets was driven by the increase in standing volume (net growth) while the market price of forest land was unchanged. In the first half of the year, seasonally few forest transactions are completed in northern Sweden, which led to limited supporting data for calculation of an average market price. On account of the limited statistical data, SCA has not adjusted the average market price (see Note 4).
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S C A H a l f - y e a r r e p o r t – J a n u a r y 1 – J u n e 3 0 , 2 0 2 5 5 SVENSKA CELLULOSA AKTIEBOLAGET SCA (publ), Skepparplatsen 1, 851 88 SUNDSVALL. www.sca.com. Corp. Reg. No. 556012-6293 * share calculated of total EBITDA excluding central costs FOREST SCA is Europe’s largest private forest owner with a holding of 2.7 million hectares of forest land in Northern Sweden and the Baltic region. SCA’s unique forest holding is a growing resource that provides access to high- quality forest raw materials while absorbing a net of more than 10% of Sweden’s fossil CO₂ emissions. Quarter Jan-Jun SEKm 2025:2 2024:2 % 2025:1 % 2025 2024 % Net sales 2,542 2,239 14 2,486 2 5,028 4,408 14 EBITDA 1,070 883 21 879 22 1,949 1,853 5 Depreciation and amortization -64 -62 3 -64 0 -128 -122 5 Operating profit 1,006 821 23 815 23 1,821 1,731 5 EBITDA margin, % 42.1 39.4 35.3 38.8 42.0 Operating margin, % 39.6 36.7 32.8 36.2 39.3 Return on capital employed, % 4.6 3.7 3.7 3.8 4.1 Harvesting of own forest in Sweden, thousand m3 sub 1,727 1,552 11 964 79 2,691 2,528 6 Revaluation of biological assets1 448 462 -3 445 1 893 924 -3 1 Revaluation of biological assets are included in EBITDA. The Forest segment includes net sales from timber sourced from SCA’s own forests, and from timber purchased from other forest owners, which is sold internally to SCA’s industrial operations. The pricing is based on an average of SCA’s externally sourc ed timber prices. Revaluation of forest assets The value of SCA’s total forest assets is based on the market price of forest transactions in the areas where SCA owns forests applied on SCA’s standing volume. To determine the change in value of biological assets, a valuation model is used based on discounted cash flows. See Note 4. January–June 2025 compared with January–June 2024 Net sales increased 14% to SEK 5,028m (4,408), primarily attributable to higher selling prices for sawlogs and pulpwood, and higher delivery volumes to SCA’s industries. EBITDA increased 5% to SEK 1,949m (1,853). The increase was primarily attributable to higher selling prices for sawlogs and pulpwood. EBITDA excluding the revaluation of biological assets was SEK 1,056m (929). April–June 2025 compared with April–June 2024 Net sales increased 14% to SEK 2,542m (2,239), primarily related to higher selling prices for sawlogs and pulpwood. EBITDA increased 21% to SEK 1,070m (883). The increase was mainly attributable to higher selling prices and somewhat higher harvesting from SCA-owned forest. EBITDA excluding the revaluation of biological assets was SEK 622m (421). April–June 2025 compared with January–March 2025 Net sales increased 2% to SEK 2,542m (2,486), primarily related to higher selling prices for sawlogs and pulpwood. EBITDA increased 22% to SEK 1,070m (879). The increase was primarily attributable to a seasonally higher harvesting from SCA-owned forest and higher selling prices, which was offset by seasonally higher costs for silviculture and fertilization. EBITDA excluding the revaluation of biological assets was SEK 622m (434). 49% Share of EBITDA Jan-Jun 2025* 0 500 1,000 1,500 2,000 2,500 3,000 2024:2 2024:3 2024:4 2025:1 2025:2 Net sales SEKm 0 10 20 30 40 50 60 0 200 400 600 800 1,000 1,200 2024:2 2024:3 2024:4 2025:1 2025:2 EBITDA & margin %SEKm
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S C A H a l f - y e a r r e p o r t – J a n u a r y 1 – J u n e 3 0 , 2 0 2 5 6 SVENSKA CELLULOSA AKTIEBOLAGET SCA (publ), Skepparplatsen 1, 851 88 SUNDSVALL. www.sca.com. Corp. Reg. No. 556012-6293 * share calculated of total EBITDA excluding central costs WOOD SCA is one of Europe’s leading suppliers of wood-based products for the wood industry and building materials trade, with an annual production capacity of 2.2 million m3 of solid-wood products. SCA has five cost-efficient sawmills located close to its forest holdings in Northern Sweden, as well as wood processing and distribution to the building materials trade in Scandinavia and France. Quarter Jan-Jun SEKm 2025:2 2024:2 % 2025:1 % 2025 2024 % Net sales 1,733 1,506 15 1,498 16 3,231 2,599 24 EBITDA 310 294 5 236 31 546 405 35 Depreciation and amortization -73 -72 1 -71 3 -144 -139 4 Operating profit 237 222 7 165 44 402 266 51 EBITDA margin, % 17.9 19.6 15.8 16.9 15.6 Operating margin, % 13.7 14.8 11.0 12.4 10.3 Return on capital employed, % 25.4 23.9 17.9 20.8 10.4 Deliveries, wood products, thousand m3 568 516 10 524 8 1,092 919 19 January–June 2025 compared with January–June 2024 Net sales increased 24% to SEK 3,231m (2,599). The change was primarily attributable to higher delivery volumes and higher selling prices. EBITDA increased 35% to SEK 546m (405). The increase was mainly explained by higher selling prices and higher delivery volumes, which were offset by higher raw material costs. April–June 2025 compared with April–June 2024 Net sales increased 15% to SEK 1,733m (1,506), which was mainly due to higher delivery volumes and higher selling prices. EBITDA increased 5% to SEK 310m (294). Higher selling prices and higher delivery volumes were offset by higher raw material costs and negative exchange rate effects. April–June 2025 compared with January–March 2025 Net sales increased 16% to SEK 1,733m (1,498), which was mainly due to higher selling prices and higher delivery volumes. EBITDA increased 31% to SEK 310m (236). Higher selling prices and higher delivery volumes were offset by higher raw material costs and negative exchange rate effects. 14% Share of EBITDA Jan-Jun 2025* 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2024:2 2024:3 2024:4 2025:1 2025:2 Net sales SEKm 0 5 10 15 20 0 100 200 300 400 2024:2 2024:3 2024:4 2025:1 2025:2 EBITDA & margin %SEKm
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S C A H a l f - y e a r r e p o r t – J a n u a r y 1 – J u n e 3 0 , 2 0 2 5 7 SVENSKA CELLULOSA AKTIEBOLAGET SCA (publ), Skepparplatsen 1, 851 88 SUNDSVALL. www.sca.com. Corp. Reg. No. 556012-6293 * share calculated of total EBITDA excluding central costs PULP SCA produces Northern bleached softwood kraft pulp (NBSK) at Östrand pulp mill and chemi-thermomechanical pulp (CTMP) at the Ortviken site in Sundsvall with a total capacity of more than 1 million tonnes per year, which is expected to increase to 1.2 million tonnes. The Östrand pulp mill is one of the largest and most cost-efficient production lines for NBSK in the world and is also a net producer of green electricity and produces biochemicals such as tall oil and turpentine. Quarter Jan-Jun SEKm 2025:2 2024:2 % 2025:1 % 2025 2024 % Net sales 1,794 2,147 -16 1,940 -8 3,734 3,921 -5 EBITDA 261 509 -49 320 -18 581 832 -30 Depreciation and amortization -166 -168 -1 -172 -3 -338 -337 0 Operating profit 95 341 -72 148 -36 243 495 -51 EBITDA margin, % 14.5 23.7 16.5 15.6 21.2 Operating margin, % 5.3 15.8 7.6 6.5 12.6 Return on capital employed, % 4.0 14.1 6.3 7.8 4.1 Deliveries, pulp, thousand tonnes 242 258 -6 257 -6 499 491 2 January–June 2025 compared with January–June 2024 Net sales declined 5% to SEK 3,734m (3,921), mainly driven by negative exchange rate effects and lower selling prices. EBITDA declined 30% to SEK 581m (832). The EBITDA margin was 15.6% (21.2). Negative exchange rate effects, higher costs for wood raw material and lower selling prices had a negative impact on earnings. The cost of planned maintenance stops was SEK 25m (29). April–June 2025 compared with April–June 2024 Net sales declined 16% to SEK 1,794m (2,147). The decline was mainly attributable to lower delivery volumes, lower selling prices and negative exchange rate effects. EBITDA declined 49% to SEK 261m (509). The decrease was mainly related to higher costs for wood raw material, lower selling prices and negative exchange rate effects. The cost of planned maintenance stops was SEK 25m (29). April–June 2025 compared with January–March 2025 Net sales declined 8% to SEK 1,794m (1,940). The decline was mainly attributable to lower delivery volumes and negative exchange rate effects. EBITDA declined 18% to SEK 261m (320). The decrease was mainly related to lower delivery volumes, higher costs for wood raw material and negative exchange rate effects. The cost of planned maintenance stops was SEK 25m (0). 15% Share of EBITDA Jan-Jun 2025* 0 500 1,000 1,500 2,000 2,500 2024:2 2024:3 2024:4 2025:1 2025:2 Net sales SEKm 0 10 20 30 40 50 60 0 100 200 300 400 500 600 2024:2 2024:3 2024:4 2025:1 2025:2 EBITDA & margin %SEKm
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S C A H a l f - y e a r r e p o r t – J a n u a r y 1 – J u n e 3 0 , 2 0 2 5 8 SVENSKA CELLULOSA AKTIEBOLAGET SCA (publ), Skepparplatsen 1, 851 88 SUNDSVALL. www.sca.com. Corp. Reg. No. 556012-6293 * share calculated of total EBITDA excluding central costs CONTAINERBOARD SCA produces kraftliner, renewable packaging paper, at the paper mills in Munksund and Obbola. SCA is Europe’s largest independent producer of kraftliner, with a total capacity of more than 865,000 tonnes per year, which is expected to increase to 1,140,000 tonnes by 2026. Quarter Jan-Jun SEKm 2025:2 2024:2 % 2025:1 % 2025 2024 % Net sales 1,819 1,584 15 1,674 9 3,493 3,219 9 EBITDA 451 231 95 239 89 690 372 85 Depreciation and amortization -198 -198 0 -198 0 -396 -393 1 Operating profit 253 33 667 41 517 294 -21 EBITDA margin, % 24.8 14.6 14.2 19.8 11.6 Operating margin, % 13.9 2.1 2.5 8.4 -0.6 Return on capital employed, % 9.3 1.2 1.5 4.2 1.2 Deliveries, kraftliner, thousand tonnes 236 224 5 235 0 471 476 -1 January–June 2025 compared with January–June 2024 Net sales increased 9% to SEK 3,493m (3,219). Higher selling prices had a positive impact on net sales, which were offset by negative exchange rate effects. EBITDA increased 85% to SEK 690m (372). The increase was mainly attributable to higher selling prices and lower costs related to the continued ramp-up of Obbola, which were offset by higher raw material costs and negative exchange rate effects. April–June 2025 compared with April–June 2024 Net sales increased 15% to SEK 1,819m (1,584). The increase was primarily attributable to higher selling prices and higher delivery volumes, which were offset by negative exchange rate effects. EBITDA increased 95% to SEK 451m (231). The change was mainly attributable to higher selling prices, higher delivery volumes and lower costs related to the continued ramp-up of Obbola, which were offset by higher raw material costs and negative exchange rate effects. April–June 2025 compared with January–March 2025 Net sales increased 9% to SEK 1,819m (1,674). The increase was primarily related to higher selling prices. EBITDA increased 89% to SEK 451m (239). The increase was mainly related to higher selling prices and lower costs related to the continued ramp-up of Obbola, which were offset by higher raw material costs. 17% Share of EBITDA Jan-Jun 2025* 0 500 1,000 1,500 2,000 2024:2 2024:3 2024:4 2025:1 2025:2 Net sales SEKm 0 10 20 30 40 50 0 100 200 300 400 500 2024:2 2024:3 2024:4 2025:1 2025:2 EBITDA & margin %SEKm
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S C A H a l f - y e a r r e p o r t – J a n u a r y 1 – J u n e 3 0 , 2 0 2 5 9 SVENSKA CELLULOSA AKTIEBOLAGET SCA (publ), Skepparplatsen 1, 851 88 SUNDSVALL. www.sca.com. Corp. Reg. No. 556012-6293 * share calculated of total EBITDA excluding central costs RENEWABLE ENERGY SCA produces tall oil, green electricity, refined and unrefined biofuels and liquid biofuels. SCA is one of Europe’s largest producers of bioenergy, with annual production of about 11 TWh. SCA’s industries and wind farm produce green electricity corresponding to approximately 1% of Swedish electricity consumption. SCA leases out land for the production of wind power and develops wind power projects on its own land, for sale and for the growth of the leasehold business. Quarter Jan-Jun SEKm 2025:2 2024:2 % 2025:1 % 2025 2024 % Revenue1 494 448 10 603 -18 1,097 1,084 1 EBITDA 87 85 2 134 -35 221 262 -16 Depreciation and amortization -18 -18 0 -18 0 -36 -37 -3 Operating profit 69 67 3 116 -41 185 225 -18 EBITDA margin, %2 17.8 19.1 22.2 20.2 24.2 Operating margin, %2 14.0 15.0 19.1 16.9 20.7 Return on capital employed, % 8.8 12.9 16.8 12.8 25.4 Deliveries, renewable electricity from own wind production, GWh 17 31 -45 49 -65 66 76 -13 1 Income consists av net sales and other operating income 2 EBITDA and operating profit as share of income January–June 2025 compared with January–June 2024 Income was in line with the year-earlier period and amounted to SEK 1,097m (1,084). Higher deliveries of bioenergy were offset by lower selling prices for tall oil and electricity. EBITDA declined 16% to SEK 221m (262). The EBITDA margin was 20.2% (24.2). The decrease was primarily attributable to lower selling prices and higher raw material costs. April–June 2025 compared with April–June 2024 Income increased 10% to SEK 494m (448). The increase was primarily attributable to higher delivery volumes for bioenergy. EBITDA increased 2% to SEK 87m (85). Higher deliveries of bioenergy and higher earnings in biofuels were offset by lower electricity prices and lower selling prices in bioenergy. April–June 2025 compared with January–March 2025 Income decreased 18% to SEK 494m (603). The decrease was primarily attributable to seasonally lower delivery volumes for bioenergy. EBITDA declined 35% to SEK 87m (134). The decrease was primarily attributable to seasonally lower demand for bioenergy. 5% Share of EBITDA Jan-Jun 2025* 0 100 200 300 400 500 600 700 2024:2 2024:3 2024:4 2025:1 2025:2 Income SEKm 0 10 20 30 0 50 100 150 2024:2 2024:3 2024:4 2025:1 2025:2 EBITDA & margin %SEKm
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S C A H a l f - y e a r r e p o r t – J a n u a r y 1 – J u n e 3 0 , 2 0 2 5 10 SVENSKA CELLULOSA AKTIEBOLAGET SCA (publ), Skepparplatsen 1, 851 88 SUNDSVALL. www.sca.com. Corp. Reg. No. 556012-6293 Board of Directors’ assurance The Board of Directors and President certify that the half-year report gives a true and fair view of the Parent Company’s and the Group’s operations, financial position and results, and describes material risks and uncertainties facing the Parent Company and the companies included in the Group. Sundsvall, July 25, 2025 SVENSKA CELLULOSA AKTIEBOLAGET SCA (publ) Helena Stjernholm Niclas Andersson Åsa Bergman Roger Boström Chairman of the Board Board Member Board Member Board Member, appointed by the employees appointed by the employees Lennart Evrell Annemarie Gardshol Carina Håkansson Maria Jonsson Board Member Board Member Board Member Board Member appointed by the employees Martin Lindqvist Anders Sundström Barbara Milian Thoralfsson Board Member Board Member Board Member Ulf Larsson President and CEO and Board member Review report Svenska Cellulosa Aktiebolaget SCA (publ), corp. reg. no. 556012-6293 Introduction We have reviewed the condensed interim report (half-year report) for Svenska Cellulosa Aktiebolaget SCA (publ) at June 30, 2025 and for the six-month period then ended. The Board of Directors and the President and CEO are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review. Scope of review We conducted our review in accordance with the International Standard on Review Engagements, ISRE 2410 Review of Interim Financial Statements Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and other generally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act regarding the Group, and in accordance with the Swedish Annual Accounts Act regarding the Parent Company. Stockholm, July 25, 2025 Ernst & Young AB Fredrik Norrman Authorized Public Accountant Auditor in charge
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S C A H a l f - y e a r r e p o r t – J a n u a r y 1 – J u n e 3 0 , 2 0 2 5 11 SVENSKA CELLULOSA AKTIEBOLAGET SCA (publ), Skepparplatsen 1, 851 88 SUNDSVALL. www.sca.com. Corp. Reg. No. 556012-6293 FINANCIAL STATEMENTS CONDENSED CONSOLIDATED INCOME STATEMENT Quarter Jan-Jun SEKm 2025:2 2024:2 % 2025:1 % 2025 2024 % Net sales 5,380 5,291 2 5,161 4 10,541 9,849 7 Other income 712 798 -11 858 -17 1,570 1,877 -16 Change in inventories 151 -68 74 104 225 97 132 Change in value in biological assets 448 462 -3 445 1 893 924 -3 Raw materials and consumables -1,420 -1,167 22 -1,625 -13 -3,045 -2,579 18 Personnel costs -771 -751 3 -707 9 -1,478 -1,457 1 Other operating expenses -2,461 -2,628 -6 -2,553 -4 -5,014 -5,156 -3 Result from associated companies and JV -6 -49 -2 -8 -71 EBITDA 2,033 1,888 8 1,651 23 3,684 3,484 6 Depreciation, amortization and impairment -529 -527 0 -532 -1 -1,061 -1,046 1 Operating profit 1,504 1,361 11 1,119 34 2,623 2,438 8 Financial items -114 -144 -114 -228 -267 Profit before tax 1,390 1,217 14 1,005 38 2,395 2,171 10 Income tax -302 -257 -205 -507 -422 Net Profit for the period 1,088 960 13 800 36 1,888 1,749 8 Earnings attributable to: Owners of the parent 1,088 960 800 1,888 1,749 Non-controlling interests 0 - 0 0 - Margins, % EBITDA margin 37.8 35.7 32.0 34.9 35.4 Operating margin 28.0 25.7 21.7 24.9 24.8 Net margin 20.2 18.1 15.5 17.9 17.8
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S C A H a l f - y e a r r e p o r t – J a n u a r y 1 – J u n e 3 0 , 2 0 2 5 12 SVENSKA CELLULOSA AKTIEBOLAGET SCA (publ), Skepparplatsen 1, 851 88 SUNDSVALL. www.sca.com. Corp. Reg. No. 556012-6293 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Quarter Jan-Jun SEKm 2025:2 2024:2 2025:1 2025 2024 Profit for the period 1,088 960 800 1,888 1,749 Other comprehensive income for the period: Items that may not be reclassified to the income statement Change in value land assets -241 -205 -191 -432 -411 Revaluation of defined benefit pension plans -339 -165 238 -101 389 Income tax attributable to components of other comprehensive income 128 77 -10 118 5 Total -452 -293 37 -415 -17 Items that have been or may be reclassified subsequently to the income statement Cash flow hedges -49 -30 371 322 -312 Hedge cost -2 2 -9 -11 11 Translation differences in foreign operations 85 -55 -195 -110 86 Income tax attributable to components of other comprehensive income 20 5 -75 -55 62 Total 54 -78 92 146 -153 Other comprehensive income for the period, net of tax -398 -371 129 -269 -170 Total comprehensive income for the period 690 589 929 1,619 1,579 Total comprehensive income attributable to: Owners of the parent 690 589 929 1,619 1,579 Non-controlling interests 0 - 0 0 - CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Jan-Jun SEKm 2025 2024 Attributable to owners of the parent Value, beginning of the period 104,035 104,284 Total comprehensive income for the period 1,619 1,579 Cash flow hedge transferred to cost of hedged investments 32 1 Tax on cash flow hedge transferred to cost of hedged investments -7 0 Cash dividend -2,107 -1,931 Acquisition of non-controlling interests 0 -12 Value, end of the period 103,572 103,921 Non-controlling interests Value, beginning of the period - - Total comprehensive income for the period 0 - Capital contribution from non-controlling interest 15 - Value, end of the period 15 - Total equity, value end of period 103,587 103,921
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S C A H a l f - y e a r r e p o r t – J a n u a r y 1 – J u n e 3 0 , 2 0 2 5 13 SVENSKA CELLULOSA AKTIEBOLAGET SCA (publ), Skepparplatsen 1, 851 88 SUNDSVALL. www.sca.com. Corp. Reg. No. 556012-6293 CONDENSED CONSOLIDATED BALANCE SHEET SEKm Jun 30, 2025 Dec 31, 2024 ASSETS Non-current assets Intangible assets 1,401 1,025 Buildings, land, machinery and equipment 25,120 25,239 Forest assets 107,760 107,329 of which land assets 46,506 46,974 of which biological assets 61,254 60,355 Right-of-use assets 512 573 Other non-current assets 3,780 3,797 Total non-current assets 138,573 137,963 Current assets Inventories 5,835 5,730 Trade receivables 3,799 3,279 Other current receivables 1,193 963 Cash and cash equivalents 74 1,328 Total current assets 10,901 11,300 Total assets 149,474 149,263 EQUITY AND LIABILITIES Equity Owners of the Parent Share capital 2,350 2,350 Share premium 6,830 6,830 Reserves 35,205 35,367 Retained earnings including net profit for the period 59,187 59,488 Non-controlling interests 15 - Total equity 103,587 104,035 Non-current liabilities Non-current financial liabilities 11,950 11,519 Provisions for pensions 411 325 Deferred tax liabilities 24,604 24,348 Other non-current liabilities and other provisions 61 58 Total non-current liabilities 37,026 36,250 Current liabilities Current financial liabilities 3,300 3,064 Trade payables 3,832 4,440 Other current liabilities and other provisions 1,729 1,474 Total current liabilities 8,861 8,978 Total liabilities 45,887 45,228 Total liabilities and equity 149,474 149,263
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S C A H a l f - y e a r r e p o r t – J a n u a r y 1 – J u n e 3 0 , 2 0 2 5 14 SVENSKA CELLULOSA AKTIEBOLAGET SCA (publ), Skepparplatsen 1, 851 88 SUNDSVALL. www.sca.com. Corp. Reg. No. 556012-6293 CONSOLIDATED CASH FLOW STATEMENT Jan-Jun SEKm 2025 2024 Operating activities Profit before tax 2,395 2,171 of which received interest 4 6 of which paid interest -226 -298 Adjustment for non-cash items 1 193 178 Change in liabilities regarding restructuring costs -9 -7 Paid and received tax -149 -6 Cash flow from operating activities before changes in working capital 2,430 2,336 Cash flow from changes in working capital Change in inventories -107 -155 Change in operating receivables -518 -690 Change in operating liabilities -14 -253 Cash flow from operating activities 1,791 1,238 Investing activities Company and asset acquisitions 0 -88 Current capital expenditures in intangible and tangible assets -573 -543 Sale of tangible assets 31 402 Strategic capital expenditures in intangible and tangible assets -976 -347 Acquisition and disposal of financial asset -27 -8 Cash flow from investing activities -1,545 -584 Financing activities Loans raised 1,617 2,139 Amortization of debt -894 -794 Amortization of debt, leasing -111 -106 Dividend -2,107 -1,931 Cash flow from financing activities -1,495 -692 Net cash flow for the period -1,249 -38 Cash and cash equivalents at the beginning of the period 1,328 502 Translation differences in cash and cash equivalents -5 2 Cash and cash equivalents at the end of the period 74 466 1 Depreciation/amortization and impairment of non-current assets 1,061 1,046 Fair-value measurement of biological assets -893 -924 Gains/loss on assets sales and swaps of assets 44 -82 Unrealized result on hedged items -120 54 Accrued interest 3 12 Other 98 72 Total 193 178
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S C A H a l f - y e a r r e p o r t – J a n u a r y 1 – J u n e 3 0 , 2 0 2 5 15 SVENSKA CELLULOSA AKTIEBOLAGET SCA (publ), Skepparplatsen 1, 851 88 SUNDSVALL. www.sca.com. Corp. Reg. No. 556012-6293 NOTES 1. ACCOUNTING PRINCIPLES This interim report has been prepared in accordance with IAS 34 and recommendation RFR 1 of the Swedish Corporate Reporting Board and RFR 2 for the Parent Company. Applied accounting principles are described in detail in SCA’s Annual Report for 2024. New or revised IFRSs and interpretations from IFRIC have not had and are not expected to have any material effect on the Group’s or the Parent Company’s financial statements. 2. RISKS AND UNCERTAINTIES SCA’s risk exposure and risk management are described on pages 67–75 of SCA’s 2024 Annual Report. Tariffs and increased trade barriers create uncertainty and risk affecting market conditions going forward. 3. REVENUE FROM CONTRACTS WITH CUSTOMERS Net sales by segment Jan-Jun 2025 SEKm Forest Wood Pulp Containerboard Renewable Energy Eliminations Total Sweden 4,951 1,197 525 260 3 -4,948 1,988 Germany - 38 302 755 - 1,095 USA - 166 705 169 - 1,040 United Kingdom - 301 146 543 - 990 Rest of Europe 77 788 1,346 1,526 - 3,737 Asia - 454 621 46 - 1,121 Rest of world - 287 89 194 - 570 Total Group 5,028 3,231 3,734 3,493 3 -4,948 10,541 Jan-Jun 2024 SEKm Forest Wood Pulp Containerboard Renewable Energy Eliminations Total Sweden 4,315 1,004 659 216 24 -4,322 1,896 Germany - 34 323 759 - 1,116 USA - 176 688 122 - 986 United Kingdom - 255 141 516 - 912 Rest of Europe 93 620 1,567 1,249 - 3,529 Asia - 333 413 168 - 914 Rest of world - 177 130 189 - 496 Total Group 4,408 2,599 3,921 3,219 24 -4,322 9,849 4. FOREST VALUATION Accounting principles The accounting principles for forest assets are described in Note D3 of SCA’s Annual Report for 2024. Key assessments and assumptions SCA bases its valuation of forest assets on forest transactions in the areas where SCA owns forest assets. The market prices assessed by SCA comprise an average based on forest transactions over the last three years. In the first half of the year, seasonally few forest transactions are completed in northern Sweden, which led to limited supporting data for calculation of an average market price. On account of the limited statistical data, SCA has not adjusted the average market price. To determine the change in value of biological assets, a valuation model is used based on discounted cash flows, with the value mainly impacted by timber prices, harvesting costs, harvested volume and the discount rate. The value of land assets is calculated as the total value of forest assets based on forest transactions less the value of the biological assets. At December 31, 2024, the expected total standing timber volume was estimated at approximately 274 million m3fo, of which about 8 million m3fo in the Baltic region. The three-year average market price used in valuation of SCA’s forest assets at December 31, 2024 was SEK 388/m3fo for the Swedish holdings and EUR 44.0/m3fo for the Baltic holdings. The total value of forest assets was SEK 107,329m. At December 31, 2025, the standing volume of the forest holding is estimated at approximately 277 million m³fo, of which about 8 million m³fo in the Baltic region. The estimated change in value driven by the growth of standing timber volume is accrued over the course of the year. At June 30, 2025, approximately 50% of the expected annual change in value was recognized. The change in value of biological assets was SEK 893m at June 30, 2025 and is recognized in the income statement on the line item for change in value in biological assets. The change in value pertaining to land amounted to SEK -432m and is recognized as other comprehensive income with no effect on profit for the year. Other items, including investments, amounted to SEK -30m. At June 30, 2025, the total value of forest assets amounted to SEK 107,760m.
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S C A H a l f - y e a r r e p o r t – J a n u a r y 1 – J u n e 3 0 , 2 0 2 5 16 SVENSKA CELLULOSA AKTIEBOLAGET SCA (publ), Skepparplatsen 1, 851 88 SUNDSVALL. www.sca.com. Corp. Reg. No. 556012-6293 Forest assets SEKm Jun 30, 2025 Dec 31, 2024 Forest assets in Sweden 103,633 103,145 Forest assets in the Baltic states 4,127 4,184 Totalt value of forest assets 107,760 107,329 Deferred tax on forest assets 21,249 21,155 5. OTHER PROVISIONS Accounting principles The accounting principles for other provisions are described in detail in Note D8 of SCA’s 2024 Annual Report. SEKm Environment Other Total Value January 1, 2025 206 23 229 Provisions 32 - 32 Utilization -9 -9 -18 Reclassifications -55 - -55 Value June 30, 2025 174 14 188 Provisions comprise: Long-term component 56 Short-term component 132 6. RELATED PARTY TRANSACTIONS During the period, no transactions took place between SCA and related parties with any material impact on the company’s financial position or results. 7. FINANCIAL INSTRUMENTS BY CATEGORY SCA’s policies for the recognition of derivatives and hedge accounting are presented in SCA’s 2024 Annual Report, Note E6. SEKm Measure- ment level Jun 30, 2025 Dec 31, 2024 Financial assets measured at fair value in the income statement Derivatives - Current financial assets 2 0 1 Derivatives - Other current receivables 2 95 8 Total 95 9 Financial liabilities measured at fair value in the income statement Derivatives - Current financial liabilities 2 0 3 Derivatives - Other current liabilities 2 14 45 Total 14 48 Financial assets measured at fair value through other comprehensive income Equity instruments 3 25 14 Total 25 14 Financial liabilities measured at amortized cost Non-current financial liabilities excluding leasing - 11,581 11,107 Non-current financial liabilities, leasing - 348 402 Current financial liabilities excluding leasing - 3,104 2,857 Current financial liabilities, leasing - 196 204 Total 15,229 14,570 Derivatives used for hedge accounting Non-current financial assets 2 16 39 Other non-current assets 2 2 0 Other current receivables 2 242 22 Total 260 61 Derivatives used for hedge accounting Non-current financial liabilities 2 20 10 Other non-current liabilities 2 5 - Other current liabilities 2 65 225 Total 90 235
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S C A H a l f - y e a r r e p o r t – J a n u a r y 1 – J u n e 3 0 , 2 0 2 5 17 SVENSKA CELLULOSA AKTIEBOLAGET SCA (publ), Skepparplatsen 1, 851 88 SUNDSVALL. www.sca.com. Corp. Reg. No. 556012-6293 The fair value of trade receivables, other current and non-current receivables, cash and cash equivalents, and trade payables is estimated to be equal to their carrying amount. The total fair value of current and non-current financial liabilities, excluding lease liabilities, was SEK 14,694m (13,851). The value of electricity derivatives is based on published prices in an active market. Other financial instruments are marked to market, based on prevailing currency and interest rates on the balance sheet date. The fair value of debt instruments is determined using valuation models, such as discounting future cash flows at quoted market rates for the respective maturity. 8. SHARE DISTRIBUTION AND EARNINGS PER SHARE Share distribution Quarter Jan-Jun 2025:2 2024:2 2025:1 2025 2024 Number of A shares 62,866,430 63,949,802 62,866,430 62,866,430 63,700,307 Number of B shares 639,476,059 638,392,687 639,476,059 639,476,059 638,642,182 Registered number of shares 702,342,489 702,342,489 702,342,489 702,342,489 702,342,489 At the end of the period, the proportion of Class A shares was 9.0%. No shares were converted during the second quarter. In the first half of the year, a total of 833,877 Class A shares were converted to Class B shares at the request of shareholders. The total number of votes in the company amounts to 1,268,140,359. Earnings per share Quarter Jan-Jun 2025:2 2024:2 2025:1 2025 2024 Profit for the year attributable to owners of the Parent, SEKm 1,088 960 800 1,888 1,749 Profit for the year per share non-controlling interest, SEKm 0 - 0 0 - Average number of shares, millions 702 702 702 702 702 Earnings per share, SEK - owners of the Parent 1.55 1.37 1.14 2.69 2.49 9. CONTINGENT LIABILITIES AND COMMITMENTS SEKm Parent Subsidiaries Contingent liabilities Jun 30, 2025 Dec 31, 2024 Jun 30, 2025 Dec 31, 2024 Guarantees for subsidiaries 716 1,552 35 25 associates 209 250 5 5 customers and others - - 32 28 Other contingent liabilities 2 2 25 26 Total 927 1,804 97 84 SCA has a decided investment in wind power projects totaling SEK 1,715m over a two-year period. As of June 30, 2025, SEK 286m remained as contracted commitments compared with SEK 1,208m in the year-earlier period and SEK 31m (34) in trade payables. The commitments pertain entirely to non-current assets. SCA has, through a wholly owned subsidiary, undertaken to repay debt raised by a joint venture. At June 30, 2025, the SCA Group’s undertaking amounted to SEK 119m compared with SEK 80m in the year-earlier period. 10. ALTERNATIVE PERFORMANCE MEASURES For definitions of alternative performance measures, refer to SCA’s 2024 Annual Report, pages 95–97. Operating cash flow Quarter Jan-Jun SEKm 2025:2 2024:2 2025:1 2025 2024 EBITDA 2,033 1,888 1,651 3,684 3,484 Changes in biological assets and other non cash flow items -446 -437 -447 -893 -984 Operating cash surplus 1,587 1,451 1,204 2,791 2,500 Change in working capital -286 -634 -850 -1,136 -730 Current capital expenditures, net 1 -338 -265 -245 -583 -249 Other operating cash flow -10 -26 376 366 -318 Operating cash flow 953 526 485 1,438 1,203 1 Including following values from new leasing contracts: -28 -21 -12 -40 -108
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S C A H a l f - y e a r r e p o r t – J a n u a r y 1 – J u n e 3 0 , 2 0 2 5 18 SVENSKA CELLULOSA AKTIEBOLAGET SCA (publ), Skepparplatsen 1, 851 88 SUNDSVALL. www.sca.com. Corp. Reg. No. 556012-6293 Capital structure SEKm Jun 30, 2025 Dec 31, 2024 Total assets 149,474 149,263 Financial assets -2,703 -4,023 Long term, non-interest bearing liabilities -24,665 -24,406 Short term, non-interest bearing liabilities -5,561 -5,914 Total capital employed 116,545 114,920 Net debt, SEKm 12,958 10,885 Net debt/EBITDA (LTM) 1 1.8x 1.5x Equity, SEKm 103,587 104,035 Net debt/Equity (%) 12.5 10.5 1 Last Twelve Months Return on capital employed Quarter LTM 1 Full year % 2025:2 2024:2 2025:1 Jun 30, 2025 2024 Return on capital employed 5.2 4.7 3.9 4.5 4.4 Return on capital employed, industrial 8.9 9.0 6.0 7.9 7.3 1 Last Twelve Months Working capital SEKm Jun 30, 2025 Dec 31, 2024 Inventories 5,835 5,730 Trade receivable 3,799 3,279 Other current receivables 1,092 803 Trade payable -3,591 -3,774 Other current liabilities -1,238 -1,270 Working capital 5,897 4,768 Net debt SEKm Jun 30, 2025 Dec 31, 2024 Surplus in funded pension plans 2,386 2,448 Non-current financial assets 156 155 Current financial assets 87 92 Cash and cash equivalents 74 1,328 Financial receivables 2,703 4,023 Non-current financial liabilities 11,950 11,519 Provisions for pensions 411 325 Current financial liabilities 3,300 3,064 Financial liabilities 15,661 14,908 Net debt -12,958 -10,885
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S C A H a l f - y e a r r e p o r t – J a n u a r y 1 – J u n e 3 0 , 2 0 2 5 19 SVENSKA CELLULOSA AKTIEBOLAGET SCA (publ), Skepparplatsen 1, 851 88 SUNDSVALL. www.sca.com. Corp. Reg. No. 556012-6293 11. QUARTERLY DATA BY SEGMENT NET SALES Quarter SEKm 2025:2 2025:1 2024:4 2024:3 2024:2 2024:1 Forest 2,542 2,486 2,323 2,099 2,239 2,169 Wood 1,733 1,498 1,416 1,524 1,506 1,093 Pulp 1,794 1,940 2,052 2,085 2,147 1,774 Containerboard 1,819 1,674 1,618 1,597 1,584 1,635 Renewable energy 1 2 5 3 6 18 Intra-group deliveries -2,509 -2,439 -2,279 -2,060 -2,191 -2,131 Total net sales 5,380 5,161 5,135 5,248 5,291 4,558 EBITDA Quarter SEKm 2025:2 2025:1 2024:4 2024:3 2024:2 2024:1 Forest 1,070 879 901 777 883 970 Wood 310 236 234 288 294 111 Pulp 261 320 286 562 509 323 Containerboard 451 239 242 318 231 141 Renewable energy 87 134 90 99 85 177 Other -146 -157 -104 -34 -114 -126 Total EBITDA 2,033 1,651 1,649 2,010 1,888 1,596 EBITDA MARGIN Quarter % 2025:2 2025:1 2024:4 2024:3 2024:2 2024:1 Forest 42.1 35.3 38.8 37.0 39.4 44.7 Wood 17.9 15.8 16.6 18.9 19.6 10.2 Pulp 14.5 16.5 13.9 27.0 23.7 18.2 Containerboard 24.8 14.2 15.0 19.9 14.6 8.6 Renewable energy1 17.8 22.2 16.8 22.9 19.1 27.7 EBITDA margin 37.8 32.0 32.1 38.3 35.7 35.0 Operating profit Quarter SEKm 2025:2 2025:1 2024:4 2024:3 2024:2 2024:1 Forest 1,006 815 837 714 821 910 Wood 237 165 161 215 222 44 Pulp 95 148 111 391 341 154 Containerboard 253 41 46 117 33 -54 Renewable energy 69 116 71 81 67 158 Other -156 -166 -113 -42 -123 -135 Total operating profit 1,504 1,119 1,113 1,476 1,361 1,077 1 EBITDA as share of Revenue. Renewable energy's income amounted to 494 603 531 435 448 636
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S C A H a l f - y e a r r e p o r t – J a n u a r y 1 – J u n e 3 0 , 2 0 2 5 20 SVENSKA CELLULOSA AKTIEBOLAGET SCA (publ), Skepparplatsen 1, 851 88 SUNDSVALL. www.sca.com. Corp. Reg. No. 556012-6293 PARENT COMPANY CONDENSED INCOME STATEMENT Jan-Jun SEKm 2025 2024 Other operating income 154 175 Other operating expenses -109 -127 Personnel costs -46 -57 EBITDA -1 -9 Depreciation and impairment -54 -48 Operating profit -55 -57 Financial items 35 145 Profit after financial items -20 88 Appropriations 927 826 Profit before tax 907 914 Income tax -187 -189 Profit for the period 720 725 Other operating income was mainly related to remuneration for the granting of felling rights for the Parent Company’s forest assets. Other comprehensive income was the same as profit for the period. CONDENSED BALANCE SHEET SEKm Jun 30, 2025 Dec 31, 2024 Tangible non-current assets 9,384 9,382 Non-current financial assets 12,267 12,153 Total non-current assets 21,651 21,535 Current assets 14,345 16,080 Total assets 35,996 37,615 Restricted equity 11,373 11,373 Non-restricted equity 7,129 8,516 Total equity 18,502 19,889 Provisions 1,780 1,777 Non-current liabilities 11,608 11,117 Current liabilities 4,106 4,832 Total equity, provisions and liabilities 35,996 37,615
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S C A H a l f - y e a r r e p o r t – J a n u a r y 1 – J u n e 3 0 , 2 0 2 5 21 SVENSKA CELLULOSA AKTIEBOLAGET SCA (publ), Skepparplatsen 1, 851 88 SUNDSVALL. www.sca.com. Corp. Reg. No. 556012-6293 INVITATION TO PRESS CONFERENCE A webcast press conference will be held where this interim report will be presented by the President and CEO, Ulf Larsson, and by the CFO, Andreas Ewertz, on Friday, July 25 starting at 10:00 a.m. The press conference will be webcast live at www.sca.com. It is also possible to participate by telephone by calling: Sweden: +46 (0)8 505 204 24 UK: +44 (0)33 0551 0200 US: +1 786 697 3501 Specify “SCA Q2”. For further information, please contact Andreas Ewertz, CFO, +46 (0)60 19 31 97 Tommy Olofsson, Investor Relations Director, +46 (0)76 130 69 23 Anders Edholm, SVP Sustainability and Communications, +46 (0)60 19 32 12 Please note: This is information that SCA is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. This report has been prepared in both Swedish and English versions. In case of variations in the content between the two versions, the Swedish version shall govern. The information was submitted for publication, through the agency of the contact person set out below, on July 25, 2025 at 8:00 a.m. CEST. The report has been reviewed by the company’s auditors. Anders Edholm, SVP Sustainability and Communications, +46 (0)60 19 32 12 FUTURE EVENTS Interim report, Q3 2025 Published on October 24, 2025 Year-end report, Q4 2025 Published on January 30, 2026