Slides
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Interim Report Presentation Q3 2026 October 23, 2026
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Ulf Larsson, CEO
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Summary Q3 2026 Result increased sequentially and was in line with Q3 2025 • Sales +5% vs Q3 2025 • EBITDA -1% vs Q3 2025 Mixed market conditions • Strong containerboard market with higher prices • Continued strong result for Renewable Energy • Still weak market conditions for Pulp and Wood 3
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2,010 1,649 1,651 2,033 1,644 1,236 1,107 1,303 1,631 38% 32% 32% 38% 33% 25% 23% 25% 31% Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 Q3 '26 SCA’s performance Q3 2026 EBITDA (SEKm) and EBITDA margin -1% 4 EBITDA margin 31.1% Industrial ROCE 1 0.5% Net debt/EBITDA 2.0x EBITDA (SEKm) 1,631 1. LTM EBIT margin 20.0% Net debt/Equity 10.4%
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5 Forest Q3 2026 vs. Q3 2025 Net sales (SEKm) EBITDA (SEKm) EBITDA margin Balanced availability of wood raw material Sales down 1% - Lower prices on pulpwood + Higher delivery volumes to SCAs industries EBITDA down 23% - Lower prices for pulpwood - Higher fuel prices Price development – Pulpwood and Sawlogs Q3 2025 Q3 2026 2,390 2,363 -1% 912 702 Q3 2025 Q3 2026 -23% Q3 2025 Q3 2026 38.2% 29.7% 90 100 110 120 130 140 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 Q3 '26 Pulpwood Sawlogs
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6 Wood Q3 2026 vs. Q3 2025 Net sales (SEKm) EBITDA (SEKm) EBITDA margin Price development – Solid Wood Products Sales down 6% - Lower delivery volumes EBITDA down 50% - Increased cost for wood raw materials - Lower delivery volumes - Higher distribution cost Q3 2025 Q3 2026 1,544 1,446 -6% 232 117 Q3 2025 Q3 2026 -50% Q3 2025 Q3 2026 15.0% 8.1% 80 90 100 110 120 130 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 Q3 '26 Price index SEK
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1,000 2,000 3,000 4,000 5,000 7 Wood market development • Slightly lower prices in Q3 compared to Q2 • Production in Sweden and Finland on normal levels • 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. 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 Jul-26 Pine Spruce Price development sawn pine and spruce, Swedish export price (index) Spruce Pine 0 500 1,000 1,500 2,000 2,500 3,000 3,500
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8 Pulp Q3 2026 vs. Q3 2025 Net sales (SEKm) EBITDA (SEKm) EBITDA margin Price development – NBSK Sales up 7% + Higher delivery volumes - Lower prices EBITDA down 18% - Lower prices + Lower cost for raw materials + Strong production + Repayment of tariffs Q3 2025 Q3 2026 1,651 1,764 +7% 242 198 Q3 2025 Q3 2026 -18% Q3 2025 Q3 2026 14.6% 11.2% 40 50 60 70 80 90 100 110 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 Q3 '26 Price index SEK
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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 Jul-26 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 Jul-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 decreased slightly during the quarter, whereas prices in China declined and then rebounded towards the end of the 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)
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10 Containerboard Q3 2026 vs. Q3 2025 Price development – Kraftliner Net sales (SEKm) EBITDA (SEKm) EBITDA margin Strong market development for containerboard Sales up 12% + Higher delivery volumes + Higher prices EBITDA up 130% + Lower cost for planned maintenance stops + Higher prices + Lower cost for raw materials + Repayment of tariffs - Negative currency effects Q3 2025 Q3 2026 1,755 1,973 +12% 194 446 Q3 2025 Q3 2026 +130% Q3 2025 Q3 2026 11.0% 22.6% 60 70 80 90 100 110 120 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 Q3 '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 Jul-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 • Positive box demand growth • Strong Containerboard deliveries and increased prices • Stock levels slightly higher than historical average, but seasonally on a normal level 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 Jul-26 4.0 4.2 4.3 4.5 4.6 4.8 4.9 500 600 700 800 900 1,000 1,100 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 Jul-26 Unbleached kraftliner price Euwid (LHS) Kraftliner deliveries Europe (RHS)
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12 Renewable energy Q3 2026 vs. Q3 2025 Income 1 (SEKm) EBITDA (SEKm) EBITDA margin 2 Higher result mainly driven by liquid biofuels Liquid biofuels + Increased prices + Higher production in the biorefinery Wind + Higher delivery volumes + Increased electricity prices Solid biofuels + Higher delivery volumes Income up 27% EBITDA up 154% 377 478 Q3 2025 Q3 2026 +27% 79 201 Q3 2025 Q3 2026 +154% Q3 2025 Q3 2026 21.0% 42.1% 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 Q3 2026 Q3 2025 Change Net sales 5,248 4,993 5% EBITDA 1,631 1,644 -1% EBITDA margin 31.1% 32.9% -1.8p.p. Depreciation and impairment -584 -532 10% EBIT 1,047 1,112 -6% EBIT margin 20.0% 22.3% -2.3p.p. Financial items -102 -103 Profit before tax 945 1,009 -6% Tax -173 -177 Profit for the period 772 832 -7% Earnings per share, SEK 1.10 1.19
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15 912 927 884 866 702 38% 36% 35% 35% 30% Q3 '25 Q4 '25 Q1 '26 Q2 '26 Q3 '26 2,390 2,544 2,547 2,480 2,363 Q3 '25 Q4 '25 Q1 '26 Q2 '26 Q3 '26 ContainerboardPulpForest Wood Renewable Energy EBITDA (SEKm) and EBITDA margin Net Sales (SEKm) Development per segment and quarter 232 78 49 89 117 15% 6% 4% 6% 8% Q3 '25 Q4 '25 Q1 '26 Q2 '26 Q3 '26 1,544 1,350 1,303 1,524 1,446 Q3 '25 Q4 '25 Q1 '26 Q2 '26 Q3 '26 242 -71 40 107 198 15% -4% 3% 6% 11% Q3 '25 Q4 '25 Q1 '26 Q2 '26 Q3 '26 1,651 1,758 1,623 1,735 1,764 Q3 '25 Q4 '25 Q1 '26 Q2 '26 Q3 '26 194 227 104 135 446 11% 13% 6% 7% 23% Q3 '25 Q4 '25 Q1 '26 Q2 '26 Q3 '26 1,755 1,744 1,735 1,828 1,973 Q3 '25 Q4 '25 Q1 '26 Q2 '26 Q3 '26 79 142 206 217 201 21% 25% 31% 42% 42% Q3 '25 Q4 '25 Q1 '26 Q2 '26 Q3 '26 377 577 662 519 478 Q3 '25 Q4 '25 Q1 '26 Q2 '26 Q3 '26 Note: Renewable Energy includes both net sales and other operating income.
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16 Net sales Q3 2026 vs. Q3 2025 SEK 4,993m -3% 9% -1% SEK 5,248m 0 1,000 2,000 3,000 4,000 5,000 6,000 Net sales Q3 2025 Price/Mix Volume Currency Net sales Q3 2026 5% Lower prices for Pulp, higher prices in Containerboard Higher volumes for Pulp and Containerboard, lower volumes in Wood
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17 EBITDA Q3 2026 vs. Q3 2025 SEK 1,644m -154 +53 +7 -4 -57 +142 SEK 1,631m 0 500 1,000 1,500 2,000 EBITDA Q3 2025 Price/Mix Volume Raw material Energy Currency Other EBITDA Q3 2026 -1% EBITDA margin 32.9% EBITDA margin 31.1% Lower prices for Pulp, higher prices in Containerboard Lower costs for planned maintenance stops and repayment of tariffs, offset by higher distribution cost
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18 Cash flow Quarter SEKm Q3 2026 Q3 2025 EBITDA 1,631 1,644 Revaluation of biological assets and other non cash flow items -497 -446 Operating cash surplus 1,134 1,198 Change in working capital -322 296 Current capital expenditures -365 -302 Other operating cash flow -21 -81 Operating cash flow 426 1,111 Strategic capital expenditures -104 -130 Jan – Sep 2026 2025 4,041 5,328 -1,474 -1,339 2,567 3,989 -67 -840 -830 -885 -229 285 1,441 2,549 -312 -1,106
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19 Balance sheet SEKm Sep 30, 2026 Dec 31, 2025 Forest assets 104,694 103,766 Working capital 5,418 5,344 Deferred tax relating to forest assets -20,653 -20,467 Other capital employed 22,899 23,817 Total capital employed 112,358 112,460 Net debt 10,627 10,939 Net debt/EBITDA 2.0x 1.7x Equity 101,731 101,521 Net debt/Equity 10% 11%
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Summary Ulf Larsson, CEO
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Summary Q3 2026 Result increased sequentially and was in line with Q3 2025 • Sales +5% vs Q3 2025 • EBITDA -1% vs Q3 2025 Mixed market conditions • Strong containerboard market with higher prices • Continued strong result for Renewable Energy • Still weak market conditions for Pulp and Wood 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.