Slides
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Year - end Presentation 2025 January 30, 2026
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Ulf Larsson, CEO
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Summary 2025 3 Challenging market with low demand combined with negative currency effects and high raw material costs Good cost control and high degree of self sufficiency with higher harvesting volumes from own forest Increased delivery volumes driven by continued ramp-up of strategic investments Lower profitability compared to last year • EBITDA decreased 8% to SEK 6.6bn • EBITDA margin of 32.1% Value of forest assets decreased to SEK 104 bn 3,761 5,252 5,319 4,440 9,109 10,194 6,807 7,143 6,564 23% 28% 27% 24% 48% 49% 38% 35% 32% 2017 2018 2019 2020 2021 2022 2023 2024 2025 EBITDA (SEKm) and EBITDA margin -8% Note: Excluding effect of one-off items related to discontinuation of publication paper in 2020.
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SCA’s performance 2025 Note: Figures in brackets refer to 2024. 1. ROCE for the industrial segments; Wood, Pulp, Containerboard and Renewable Energy. EBITDA margin 32% Industrial ROCE 1 4% Net debt/EBITDA 1.7x EBITDA (SEKm) 6,564 EPS (SEK) 4.56 Proposed dividend (SEK) 3.00 (7,143) (35%) (7%) 4 (1.5x) (5.18) (3.00)
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1,635 1,596 1,888 2,010 1,649 1,651 2,033 1,644 1,236 37% 35% 36% 38% 32% 32% 38% 33% 25% Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 SCA’s performance Q4 2025 EBITDA (SEKm) and EBITDA margin -25% 5 EBITDA margin 25.2% Industrial ROCE 1 4.4% Net debt/EBITDA 1.7x EBITDA (SEKm) 1,236 1. LTM EBIT margin 14.2% Net debt/Equity 10.8%
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6 Forest Q4 2025 vs. Q4 2024 Net sales (SEKm) EBITDA (SEKm) EBITDA margin Stable wood supply to industries Balanced availability of pulpwood, but continued tight supply of sawlogs Sales up 10% + Higher prices + Higher delivery volumes EBITDA up 3% + Higher prices The storm in mid Sweden during the end of the year had a limited impact on SCA land Price development – Pulpwood and Sawlogs Q4 2024 Q4 2025 2,323 2,544 +10% 901 927 Q4 2024 Q4 2025 +3% Q4 2024 Q4 2025 38.8% 36.4% 90 100 110 120 130 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Pulpwood Sawlogs
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The storm in mid Sweden during the end of the year had a limited impact on SCA land Limited impact on SCAs own forest • Windfalls estimated to be around 0.1-0.2m m3sk • Majority of windfall volumes to be harvested in 2026 Total estimated windfalls of 8-10m m3sk in Sweden • Majority in Gävleborg and east Dalarna county • 0.5m m3sk in northern Sweden, mainly along the coast SCA will prioritize harvesting of windfall volumes, to support private forest owners • Possible minor impact on harvesting of own forest • Harvesting of windfall volumes primarily from Q2 and forward Harvesting of windfall volumes will contribute to increased availability of wood raw materials 7Source: Skogsstyrelsen.
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8 Wood Q4 2025 vs. Q4 2024 Net sales (SEKm) EBITDA (SEKm) EBITDA margin Price development – Solid Wood Products Increased costs for sawlogs and negative currency effects Sales down 5% - Negative currency effects + Higher prices EBITDA down 67% - Increased cost for wood raw materials - Negative currency effects + Higher prices Q4 2024 Q4 2025 1,416 1,350 -5% 234 78 Q4 2024 Q4 2025 -67% Q4 2024 Q4 2025 16.6% 5.8% 80 90 100 110 120 130 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Price index SEK
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90 140 190 240 290 340 Feb-17 Aug-17 Feb-18 Aug-18 Feb-19 Aug-19 Feb-20 Aug-20 Feb-21 Aug-21 Feb-22 Aug-22 Feb-23 Aug-23 Feb-24 Aug-24 Feb-25 Aug-25 Pine Spruce 0 500 1,000 1,500 2,000 2,500 3,000 3,500 1,000 2,000 3,000 4,000 5,000 9 Wood market development • Lower prices in Q4 compared to Q3 • Normal production levels in Sweden and Finland • High inventory levels, mainly for pine products 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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10 Pulp Q4 2025 vs. Q4 2024 Net sales (SEKm) EBITDA (SEKm) EBITDA margin Price development – NBSK Sales down 14% - Lower prices - Negative currency effects Negative EBITDA development driven by - Lower prices - Negative currency effects - Higher cost for wood raw materials Planned maintenance stop in Östrand during the quarter Q4 2024 Q4 2025 2,052 1,758 -14% 286 -71 Q4 2024 Q4 2025 Q4 2024 Q4 2025 13.9% -4.1% 70 80 90 100 110 120 130 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Price index SEK
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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 Oct-25 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 Oct-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) 11 NBSK pulp price (USD/t) vs deliveries (Mt) Hardwood pulp inventories (days of supply) Softwood pulp inventories (days of supply) Pulp market development • European NBSK prices stable at low levels while prices in USA and China declined during the quarter • Activity increased in China during the quarter • Continued high producer inventory levels for softwood pulp • Normal producer inventory levels for hardwood pulp Source: PPPC. Average Average
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12 Containerboard Q4 2025 vs. Q4 2024 Price development – Kraftliner Net sales (SEKm) EBITDA (SEKm) EBITDA margin Sales up 8% + Higher delivery volumes - Negative currency effects - Lower prices EBITDA down 6% - Lower prices - Negative currency effects + Lower costs for planned maintenance stops Q4 2024 Q4 2025 1,618 1,744 +8% 242 227 Q4 2024 Q4 2025 -6% Q4 2024 Q4 2025 15.0% 13.0% 60 70 80 90 100 110 120 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '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 Oct-25 13 Containerboard market development Kraftliner inventories (days of supply) Price (EUR/t) vs Kraftliner deliveries (Mt) European Box demand (index) Source: Euwid, Numera, Cepi. Average • Demand of boxes moving sideways in Q4, full year positive growth • Small decrease of Containerboard prices in Q4 • Stock levels above historical average 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 Oct-25 Unbleached kraftliner price Euwid (LHS) Kraftliner deliveries Europe (RHS) 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 Oct-25
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14 Renewable energy Q4 2025 vs. Q4 2024 Income 1 (SEKm) EBITDA (SEKm) EBITDA margin 2 Solid biofuels + Higher delivery volumes - Lower prices Liquid biofuels + Higher prices for liquid biofuels + Higher delivery volumes Wind - Lower deliveries + Higher electricity prices Income up 9% EBITDA up 58% 531 577 Q4 2024 Q4 2025 +9% 90 142 Q4 2024 Q4 2025 +58% Q4 2024 Q4 2025 16.8% 24.5% 1. Income comprises net sales and other operating income. 2. EBITDA as share of income.
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Andreas Ewertz , CFO
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276 291 324 366 395 388 372 0 100 200 300 400 500 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 16 3 - year average forest price decreased 4% in 2025 1-year average 3-year average – used for valuation of forest assets Forest land prices – average in areas where SCA owns forest land (SEK/m3) Average prices from Svefa and Ludvig & Co.
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17 SCAs forest assets valued at SEK 104bn Decrease in three-year average transaction prices partly mitigated by continued growth Average three year transaction price • 372 SEK/m3fo in Sweden at Dec 31, 2025 • 44 EUR/m3fo in Baltics at Dec 31, 2025 Standing volume increased to 277m m3fo • Net growth of ~2.5m m3fo SCAs forest assets valued SEK 103.8bn Market price in Sweden 1 (SEK/m3fo) -16 Standing volume (m m3fo) 261 267 271 274 277 2021 2022 2023 2024 2025 324 366 395 388 372 2021 2022 2023 2024 2025 84.5 97.9 107.5 107.3 103.8 2021 2022 2023 2024 2025 Forest asset (SEKbn) +2.5 -3.6 1. Three-year average in SCAs region in Sweden.
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60 70 80 90 100 110 120 130 140 150 160 18 Wood raw material price development Pulp wood Sawlogs Wood raw material prices to SCAs industries (index)
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19 Income statement Quarter Full year SEKm Q4 2025 Q4 2024 Change 2025 2024 Change Net sales 4,893 5,135 -5% 20,427 20,232 +1% EBITDA 1,236 1,649 -25% 6,564 7,143 -8% EBITDA margin 25.2% 32.1% -6.9 p.p. 32.1% 35.3% -3.2 p.p. EBIT 697 1,113 -37% 4,432 5,027 -12% EBIT margin 14.2% 21.7% -7.5 p.p. 21.7% 24.8% -3.1 p.p. Financial items -102 -108 -433 -506 Profit before tax 595 1,005 -41% 3,999 4,521 -12% Tax -110 -185 -794 -882 Profit for the period 485 820 -41% 3,205 3,639 -12% Earnings per share, SEK 0.69 1.17 4.56 5.18
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1.50 1.75 2.00 2.25 2.50 2.75 3.00 3.00 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 1 1 2 2 3 3 4 20 Proposed dividend per share (SEK) 3.00 Proposed Dividend 1.00 (3.00) +0.25 +0.25 +0.25 +0.25 +0.25 +0.25 0.00
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21 Contribution by segment Net sales (SEKbn) EBITDA (SEKbn) and EBITDA margin 0.79 0.66 2.90 1.95 0.55 0.93 0.86 12% 10% 41% 29% 11% 17% 14% 2019 2020 2021 2022 2023 2024 2025 1.74 2.21 2.60 2.60 3.51 3.53 3.79 25% 34% 42% 39% 45% 40% 38% 2019 2020 2021 2022 2023 2024 2025 0.98 0.61 2.01 2.88 1.21 1.68 0.75 23% 14% 35% 40% 18% 21% 11% 2019 2020 2021 2022 2023 2024 2025 6.96 6.49 6.15 6.71 7.75 8.83 9.96 2019 2020 2021 2022 2023 2024 2025 6.33 6.30 7.08 6.75 5.16 5.54 6.13 2019 2020 2021 2022 2023 2024 2025 4.38 4.43 5.74 7.21 6.89 8.06 7.14 2019 2020 2021 2022 2023 2024 2025 9.23 7.92 5.46 6.82 5.85 6.43 6.99 2019 2020 2021 2022 2023 2024 2025 PulpForest Wood 2.06 1.19 1.71 2.79 1.21 0.93 1.11 22% 15% 31% 41% 21% 15% 16% 2019 2020 2021 2022 2023 2024 2025 Note: Publication Paper included in Containerboard figures up to and including 2020. Renewable Energy is a new segment from January 1, 2023 and includes both net sales and other operating income. Forest, Wood, Pulp and Kraftliner for years 2017-2020 includes comparative Energy operations. Renewable Energy reported separately 2021-2025. Containerboard 1.26 1.55 1.88 2.05 2.05 2019 2020 2021 2022 2023 2024 2025 0.25 0.36 0.69 0.45 0.44 20% 23% 37% 22% 22% 2019 2020 2021 2022 2023 2024 2025 Renewable Energy
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22 Net sales Q4 2025 vs. Q4 2024 SEK 5,135m -6% +7% -6% SEK 4,893m 0 1,000 2,000 3,000 4,000 5,000 6,000 Net sales Q4 2024 Price/Mix Volume Currency Net sales Q4 2025 -5% Lower prices for Pulp and Containerboard Higher volumes for Containerboard and Pulp
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23 EBITDA Q4 2025 vs. Q4 2024 SEK 1,649m -317 +77 -37 +41 -269 +92 SEK 1,236m 0 500 1,000 1,500 2,000 EBITDA Q4 2024 Price/Mix Volume Raw material Energy Currency Other EBITDA Q4 2025 -25% EBITDA margin 32.1% EBITDA margin 25.2% Higher cost for wood raw material mitigated by high degree of self-sufficiency Lower prices for Pulp and Containerboard
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24 Cash flow Quarter SEKm Q4 2025 Q4 2024 EBITDA 1,236 1,649 Revaluation of biological assets and other non cash flow items -462 -443 Operating cash surplus 774 1,206 Change in working capital 250 889 Current capital expenditures -513 -479 Other operating cash flow 18 -340 Operating cash flow 529 1,276 Strategic capital expenditures -167 -187 Jan – Dec 2025 2024 6,564 7,143 -1,801 -1,896 4,763 5,247 -590 -441 -1,398 -1,109 303 -510 3,078 3,187 -1,273 -689
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25 Balance sheet SEKm Dec 31, 2025 Dec 31, 2024 Forest assets 103,766 107,329 Working capital 5,344 4,768 Deferred tax relating to forest assets -20,467 -21,155 Other capital employed 23,817 23,978 Total capital employed 112,460 114,920 Net debt 10,939 10,885 Net debt/EBITDA 1.7x 1.5x Equity 101,521 104,035 Net debt/Equity 11% 11%
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Summary Ulf Larsson, CEO
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Summary 2025 27 Challenging market with low demand combined with negative currency effects and high raw material costs Good cost control and high degree of self sufficiency with higher harvesting volumes from own forest Increased delivery volumes driven by continued ramp-up of strategic investments Lower profitability compared to last year • EBITDA decreased 8% to SEK 6.6bn • EBITDA margin of 32.1% Value of forest assets decreased to SEK 104 bn 3,761 5,252 5,319 4,440 9,109 10,194 6,807 7,143 6,564 23% 28% 27% 24% 48% 49% 38% 35% 32% 2017 2018 2019 2020 2021 2022 2023 2024 2025 EBITDA (SEKm) and EBITDA margin -8% Note: Excluding effect of one-off items related to discontinuation of publication paper in 2020.
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Q&A
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Europe’s largest private forest owner 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.