Slides
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Interim Report Presentation Q2 2026 July 22, 2026
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Ulf Larsson, CEO
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Summary Q2 2026 Mixed market conditions: • Weak market for Pulp and Wood • Record results Renewable Energy • Improving demand and prices for Containerboard Sales decreased 4% vs Q2 2025 • Price/mix -4%, volume 4%, currency -4% EBITDA decreased 36% vs Q2 2025 3
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1,888 2,010 1,649 1,651 2,033 1,644 1,236 1,107 1,303 36% 38% 32% 32% 38% 33% 25% 23% 25% Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 SCA’s performance Q2 2026 EBITDA (SEKm) and EBITDA margin -36% 4 EBITDA margin 25.3% Industrial ROCE 1 -0.2% Net debt/EBITDA 2.1x EBITDA (SEKm) 1,303 1. LTM EBIT margin 14.0% Net debt/Equity 10.7%
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5 Forest Q2 2026 vs. Q2 2025 Net sales (SEKm) EBITDA (SEKm) EBITDA margin Balanced availability of wood raw material Sales down 2% - Lower delivery volumes to SCAs sawmills EBITDA down 19% - Higher fuel prices - Lower harvesting of own forest Price development – Pulpwood and Sawlogs Q2 2025 Q2 2026 2,542 2,480 -2% 866 Q2 2025 Q2 2026 1,070 -19% Q2 2025 Q2 2026 42.1% 34.9% 90 100 110 120 130 140 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 Pulpwood Sawlogs
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6 Wood Q2 2026 vs. Q2 2025 Net sales (SEKm) EBITDA (SEKm) EBITDA margin Price development – Solid Wood Products Sales down 12% - Lower delivery volumes EBITDA down 71% - Increased cost for wood raw materials - Lower delivery volumes - Negative currency effects Q2 2025 Q2 2026 1,733 1,524 -12% 310 89 Q2 2025 Q2 2026 -71% Q2 2025 Q2 2026 17.9% 5.8% 80 90 100 110 120 130 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 Price index SEK
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7 Wood market development • Higher prices in Q2 compared to Q1 • Continued lower production levels in Sweden and Finland • High inventory levels for pine products, normal for spruce products • SCA inventory on a balanced level 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 2017-2026. Source: Skogsindustrierna. Price development sawn pine and spruce, Swedish export price (index) Spruce Pine 90 140 190 240 290 340 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 Jan-26 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
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8 Pulp Q2 2026 vs. Q2 2025 Net sales (SEKm) EBITDA (SEKm) EBITDA margin Price development – NBSK Sales down 3% - Lower prices - Negative currency effects + Higher delivery volumes EBITDA down 59% - Lower prices - Negative currency effects + Higher delivery volumes + Lower cost for raw materials Q2 2025 Q2 2026 1,794 1,735 -3% 261 107 Q2 2025 Q2 2026 -59% Q2 2025 Q2 2026 14.5% 6.2% 60 70 80 90 100 110 120 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 Price index SEK
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20 25 30 35 40 45 50 55 60 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 Jan-26 Apr-26 9 NBSK pulp price (USD/t) vs deliveries (Mt) Hardwood pulp inventories (days of supply) Softwood pulp inventories (days of supply) Pulp market development • European net prices were stable in the quarter, realized prices increased due to price hikes during the first quarter • Continued high producer inventory levels for softwood pulp • Normal producer inventory levels for hardwood pulp Source: PPPC. Average Average 600 800 1,000 1,200 1,400 1,600 1,800 12 13 14 15 16 NBSK deliveries NBSK PIX Price Europe (RHS) 20 30 40 50 60 70 80 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 Jan-26 Apr-26
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10 Containerboard Q2 2026 vs. Q2 2025 Price development – Kraftliner Net sales (SEKm) EBITDA (SEKm) EBITDA margin Stable sales + Higher delivery volumes - Lower prices - Negative currency effects EBITDA down 70% - Planned maintenance stop in Obbola - Lower prices - Negative currency effects - Higher transportation costs + Lower cost for raw materials Q2 2025 Q2 2026 1,819 1,828 0% 451 135 Q2 2025 Q2 2026 -70% Q2 2025 Q2 2026 24.8% 7.4% 60 70 80 90 100 110 120 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 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 Jan-26 Apr-26 11 Containerboard market development Kraftliner inventories (days of supply) Price (EUR/t) vs Kraftliner deliveries (Mt) European Box demand (index) Source: Euwid, Numera, Cepi. Average • Successive price increases during the quarter, expected to be fully realized during the second half of the year • Box demand improving during the second quarter • Stock levels back to the 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 Jan-26 Apr-26 Unbleached kraftliner price Euwid (LHS) Kraftliner deliveries Europe (RHS) 92 95 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 Jan-26 Apr-26
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12 Renewable energy Q2 2026 vs. Q2 2025 Income 1 (SEKm) EBITDA (SEKm) EBITDA margin 2 High prices for liquid biofuels Liquid biofuels + Higher prices for liquid biofuels + Higher delivery volumes of tall oil Wind + Higher electricity prices + Higher delivery volumes, driven by SCAs new wind farm that started up in January 2026 Solid biofuels + Higher prices - Lower delivery volumes Income up 5% EBITDA up 149% 494 519 Q2 2025 Q2 2026 +5% 87 217 Q2 2025 Q2 2026 +149% Q2 2025 Q2 2026 17.8% 41.8% 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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14 Income statement Quarter SEKm Q2 2026 Q2 2025 Change Net sales 5,153 5,380 -4% EBITDA 1,303 2,033 -36% EBITDA margin 25.3% 37.8% -12.5 p.p. Depreciation and impairment -579 -529 9% EBIT 724 1,504 -52% EBIT margin 14.0% 28.0% -14.0 p.p. Financial items -90 -114 Profit before tax 634 1,390 -54% Tax -111 -302 Profit for the period 523 1,088 -52% Earnings per share, SEK 0.74 1.55
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15 1,070 912 927 884 866 42% 38% 36% 35% 35% Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 2,542 2,390 2,544 2,547 2,480 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 ContainerboardPulpForest Wood Renewable Energy EBITDA (SEKm) and EBITDA margin Net Sales (SEKm) Development per segment and quarter 310 232 78 49 89 18% 15% 6% 4% 6% Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 1,733 1,544 1,350 1,303 1,524 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 261 242 -71 40 107 15% 15% -4% 3% 6% Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 1,794 1,651 1,758 1,623 1,735 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 451 194 227 104 135 25% 11% 13% 6% 7% Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 1,819 1,755 1,744 1,735 1,828 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 87 79 142 206 217 18% 21% 25% 31% 42% Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 494 377 577 662 519 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 Note: Renewable Energy includes both net sales and other operating income.
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16 Net sales Q2 2026 vs. Q2 2025 SEK 5,380m -4% 4% -4% SEK 5,153m 0 1,000 2,000 3,000 4,000 5,000 6,000 Net sales Q2 2025 Price/Mix Volume Currency Net sales Q2 2026 -4% Lower prices for Pulp and Containerboard Higher volumes for Pulp and Containerboard
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17 EBITDA Q2 2026 vs. Q2 2025 SEK 2,033m -229 +32 -154 +21 -204 -196 SEK 1,303m 0 500 1,000 1,500 2,000 EBITDA Q2 2025 Price/Mix Volume Raw material Energy Currency Other EBITDA Q2 2026 -36% EBITDA margin 37.8% EBITDA margin 25.3% Lower prices for Pulp and Containerboard Planned maintenance stops and higher fuel costs
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18 Cash flow Quarter SEKm Q2 2026 Q2 2025 EBITDA 1,303 2,033 Revaluation of biological assets and other non cash flow items -498 -446 Operating cash surplus 805 1,587 Change in working capital -43 -286 Current capital expenditures -285 -338 Other operating cash flow -31 -10 Operating cash flow 446 953 Strategic capital expenditures -78 -196 Jan – June 2026 2025 2,410 3,684 -977 -893 1,433 2,791 255 -1,136 -465 -583 -208 366 1,015 1,438 -208 -976
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19 Balance sheet SEKm Jun 30, 2026 Dec 31, 2025 Forest assets 104,393 103,766 Working capital 5,091 5,344 Deferred tax relating to forest assets -20,579 -20,467 Other capital employed 23,148 23,817 Total capital employed 112,053 112,460 Net debt 10,859 10,939 Net debt/EBITDA 2.1x 1.7x Equity 101,194 101,521 Net debt/Equity 11% 11%
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Summary Ulf Larsson, CEO
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Summary Q2 2026 Mixed market conditions: • Weak market for Pulp and Wood • Record results Renewable Energy • Improving demand and prices for Containerboard Sales decreased 4% vs Q2 2025 • Price/mix -4%, volume 4%, currency -4% EBITDA decreased 36% vs Q2 2025 21
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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.