Page 1

Interim report January - March 2021 Q1 " Continued good market outlook with increased prices for sawlogs , but lower prices for pulpwood . " SVEASKOG Net sales 1,693 MSEK ( 1,801 ) MSEK Q1 last year Operating profit from continuing operations 418 MSEK ( 466 ) MSEK Q1 last year Profit for the quarter 480 MSEK ( 515 ) MSEK Q1 last year SIGNIFICANT EVENTS > The market situation continued to be very good for the Swedish forest industry , where Sveaskog is an important supplier of wood raw materials . Decision to leave the Swedish Forest initiative , the background is that we want to communicate our own direction based on our core business , forestry . > New long - term focus adopted by the Board with targets for growth , timber harvest and biodiversity . > Continuing pandemic has limited impact on our operations and our profit . 1 JANUARY – 31 MARCH 2021 > Net sales decreased by six per cent to MSEK 1,693 ( 1,801 ) . Total delivery volumes were down by six nine per cent , while average prices of wood raw materials remained unchanged . > The operating profit decreased by ten per cent to MSEK 418 ( 466 ) . The reduced profit is due to lower delivery volumes . > The reported net change in value of standing timber was MSEK 118 ( 153 ) . > Profit for the quarter was MSEK 480 ( 515 ) , equivalent to SEK 4.05 ( 4.35 ) per share . MSEK Net sales Operating profit from continuing operations Change in value of forest assets Operating profit Profit before tax Profit for the period Cash flow from operating activities Earnings per share , SEK Performance measures¹ , Group Dividend yield , % ( target at least 4.5 % ) ¹ Net debt / equity ratio , multiple ( target 0.3-0.6 ) ¹ Return on operating capital , % Return on equity , % Interest coverage ratio , multiple² Equity ratio , % Net interest - bearing debt , MSEK Average number of employees Total delivery volume , thousand m³sub 3 months , Jan - March 2021 1,693 418 118 619 584 480 348 4.05 2020 1,801 466 153 683 652 515 35 4.35 1 ) The lower dividend yield and net debt / equity ratio for the quarter are explained primarily by changes in the accounting method for the valuation of forest assets . 2 ) Operating profit before change in value of forest assets excl . capital gains on property sales plus financial income divided by financial expenses . % -6 % -10 % -23 % -9 % -10 % -7 % 891 % -7 % 3 months , Jan - March 2021 2.4 0.12 28.0 25.8 7.6 68 Apr 2020 Mar 2021 6,489 1,072 12,446 13,757 13,600 10,832 936 91.48 7,270 778 2,810 2020 4.7 0.29 6.8 6.5 10.6 57 7,077 791 2,974 12 months 2020 6,597 1,120 12,481 13,821 13,668 10,867 623 91.78 12 months Apr 2020 Mar 2021 2.4 0.12 28.0 25.8 7.6 68 7,270 778 2,810 % -2 % -4 % 0 % 0 % 0 % 0 % 50 % 0 % 2020 2.4 0.13 28.2 26.2 7.6 68 7,613 827 10,629