Slides
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October 24, 2025
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Solid result in a challenging environment EBITDA decreased 18% vs Q3 2024 • Planned maintenance stops at three mills • Lower prices in the Pulp segment • Negative currency effects Sales decreased 5% vs Q3 2024 • Price/mix -2%, volume +1%, currency -4% 3
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1,417 1,635 1,596 1,888 2,010 1,649 1,651 2,033 1,644 33% 37% 35% 36% 38% 32% 32% 38% 33% Q3 '23 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 EBITDA (SEKm) and EBITDA margin -18% 4 EBITDA margin 32.9% Industrial ROCE 1 6.1% Net debt/EBITDA 1.7x EBITDA (SEKm) 1,644 1. LTM EBIT margin 22.3% Net debt/Equity 11.2%
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5 Net sales (SEKm) EBITDA (SEKm) EBITDA margin Stable wood supply to industries Sales up 14% + Higher prices + Higher delivery volumes EBITDA up 17% + Higher prices Price development – Pulpwood and Sawlogs Q3 2024 Q3 2025 2,099 2,390 +14% 777 912 Q3 2024 Q3 2025 +17% Q3 2024 Q3 2025 37.0% 38.2% 90 100 110 120 130 Q3 '23 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Pulpwood Sawlogs
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6 Net sales (SEKm) EBITDA (SEKm) EBITDA margin Price development – Solid Wood Products Increased cost for sawlogs Sales up 1% + Higher prices - Negative currency effects EBITDA down 19% - Increased cost for wood raw materials - Negative currency effects + Higher prices Q3 2024 Q3 2025 1,524 1,544 +1% 288 232 Q3 2024 Q3 2025 -19% Q3 2024 Q3 2025 18.9% 15.0% 80 90 100 110 120 130 Q3 '23 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '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 Jul-25 Pine Spruce 0 500 1,000 1,500 2,000 2,500 3,000 1,000 2,000 3,000 4,000 5,000 7 • Lower prices in Q3 compared to Q2 • Normal production levels in Sweden and Finland, but lower in Germany • New US tariffs in place for wood products, 10% on imports from Europe and ~45% on imports from Canada 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 21% - Lower prices - Lower delivery volumes - Negative currency effects EBITDA down 57% - Lower prices - Negative currency effects - Higher cost for wood raw materials + Lower energy costs Q3 2024 Q3 2025 2,085 1,651 -21% 562 242 Q3 2024 Q3 2025 -57% Q3 2024 Q3 2025 27.0% 14.6% 70 80 90 100 110 120 130 Q3 '23 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Price index SEK
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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 Jul-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 Jul-25 600 800 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) 9 NBSK pulp price (USD/t) vs deliveries (Mt) Hardwood pulp inventories (days of supply) Softwood pulp inventories (days of supply) • NBSK prices stable at low levels • Higher demand in China during the quarter • Higher producer inventory levels for softwood pulp • Normal producer inventory levels for hardwood pulp 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 10% + Higher delivery volumes + Higher prices - Negative currency effects EBITDA down 39% - Planned maintenance stops in both Munksund and Obbola - Negative currency effects - Higher cost for wood raw materials Q3 2024 Q3 2025 1,597 1,755 +10% 318 194 Q3 2024 Q3 2025 -39% Q3 2024 Q3 2025 19.9% 11.0% 60 70 80 90 100 110 120 Q3 '23 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '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 Jul-25 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 Jul-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 Jul-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 • Demand of boxes continued to be soft during Q3 • Containerboard prices decreased in Q3 • Stock levels above historical average
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12 Income 1 (SEKm) EBITDA (SEKm) EBITDA margin 2 Solid biofuels - Lower prices - Lower delivery volumes Liquid biofuels + Higher production in the biorefinery - Lower prices for tall oil Wind - Lower electricity prices Income down 13% EBITDA down 20% 435 377 Q3 2024 Q3 2025 -13% 99 79 Q3 2024 Q3 2025 -20% Q3 2024 Q3 2025 22.9% 21.0% 1. Income comprises net sales and other operating income. 2. EBITDA as share of income.
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14 Quarter SEKm Q3 2025 Q3 2024 Change Net sales 4,993 5,248 -5% EBITDA 1,644 2,010 -18% EBITDA margin 32.9% 38.3% -5.4 p.p. Depreciation and impairment -532 -534 0% EBIT 1,112 1,476 -25% EBIT margin 22.3% 28.1% -5.8 p.p. Financial items -103 -131 Profit before tax 1,009 1,345 -25% Tax -177 -275 Profit for the period 832 1,070 -22% Earnings per share, SEK 1.19 1.52
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15 777 901 879 1,070 912 37% 39% 35% 42% 38% Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 2,099 2,323 2,486 2,542 2,390 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 ContainerboardPulpForest Wood Renewable Energy EBITDA (SEKm) and EBITDA margin Net Sales (SEKm) 288 234 236 310 232 19% 17% 16% 18% 15% Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 1,524 1,416 1,498 1,733 1,544 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 562 286 320 261 242 27% 14% 17% 15% 15% Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 2,085 2,052 1,940 1,794 1,651 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 318 242 239 451 194 20% 15% 14% 25% 11% Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 1,597 1,618 1,674 1,819 1,755 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 99 90 134 87 79 23% 17% 22% 18% 21% Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 435 531 603 494 377 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Note: Renewable Energy includes both net sales and other operating income.
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16 SEK 5,248m -2% +1% -4% SEK 4,993m 0 1,000 2,000 3,000 4,000 5,000 6,000 Net sales Q3 2024 Price/Mix Volume Currency Net sales Q3 2025 -5% Lower prices for Pulp
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17 SEK 2,010m -99 +14 -57 +37 -169 -92 SEK 1,644m 0 500 1,000 1,500 2,000 2,500 3,000 EBITDA Q3 2024 Price/Mix Volume Raw material Energy Currency Other EBITDA Q3 2025 -18% EBITDA margin 38.3% EBITDA margin 32.9% Higher cost for wood raw material mitigated by high degree of self-sufficiency Lower prices for Pulp Planned maintenance stops
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18 Quarter SEKm Q3 2025 Q3 2024 EBITDA 1,644 2,010 Revaluation of biological assets and other non cash flow items -446 -469 Operating cash surplus 1,198 1,541 Change in working capital 296 -600 Current capital expenditures -302 -381 Other operating cash flow -81 148 Operating cash flow 1,111 708 Strategic capital expenditures -130 -155 Jan – Sep 2025 2024 5,328 5,494 -1,339 -1,453 3,989 4,041 -840 -1,330 -885 -630 285 -170 2,549 1,911 -1,106 -502
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19 SEKm Sep 30, 2025 Dec 31, 2024 Forest assets 107,995 107,329 Working capital 5,597 4,768 Deferred tax relating to forest assets -21,293 -21,155 Other capital employed 23,920 23,978 Total capital employed 116,219 114,920 Net debt 11,734 10,885 Net debt/EBITDA 1.7x 1.5x Equity 104,485 104,035 Net debt/Equity 11% 11%
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Solid result in a challenging environment EBITDA decreased 18% vs Q3 2024 • Planned maintenance stops at three mills • Lower prices in the Pulp segment • Negative currency effects Sales decreased 5% vs Q3 2024 • Price/mix -2%, volume +1%, currency -4% 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.