Annual financial statement
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for the period ended September 2025 Fourth Quarter Results
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“Sappi uses renewable resources to make woodfibre-based products. We are a diversified, innovative and trusted leader focused on sustainable processes and products.” Our packaging papers, graphic papers, pulp and biomaterials are manufactured from woodfibre sourced from sustainably managed forests, in production facilities which, in many cases use internally generated bio-energy. Many of our operations are self-sufficient. Together with our partners, Sappi works to build a thriving world by acting boldly to support the planet, people and prosperity. Quarter ended Year ended Sept 2025 Sept 2024 Jun 2025 Sept 2025 Sept 2024 Key figures (US$ million) Revenue 1,389 1,464 1,321 5,420 5,458 Operating profit (loss) excluding special items(1) 30 120 (5) 176 407 Special items – loss (gain)(2) 140 (3) 2 170 225 Adjusted EBITDA(3) 111 226 80 501 684 EBITDA excluding special items(1) 116 195 71 479 685 Profit (Loss) for the period (194) 79 (33) (177) 33 Basic earnings (loss) per share (US cents) (32) 13 (5) (29) 6 Adjusted EPS (loss) (US cents)(3) (3) 15 (4) 8 41 Net debt(3) 1,920 1,422 1,947 1,920 1,422 Key ratios (%) Operating profit (loss) excluding special items to revenue 2.2 8.2 (0.4) 3.2 7.5 Operating profit (loss) excluding special items to capital employed (ROCE)(3) 2.8 12.4 (0.5) 4.3 10.8 Adjusted EBITDA to revenue(3) 8.0 15.4 6.1 9.2 12.5 EBITDA excluding special items to revenue 8.4 13.3 5.4 8.8 12.6 Net debt to EBITDA excluding special items 4.0 2.1 3.5 4.0 2.1 Covenant leverage ratio(3) 3.6 2.0 2.9 3.6 2.0 Interest cover(3) 6.1 10.9 7.6 6.1 10.9 Net asset value per share (US cents)(3) 382 430 406 382 430 (1) Refer to note 2 to the group results for the reconciliation of Adjusted EBITDA, EBITDA excluding special items and operating profit excluding special items to operating profit by segment and profit for the period. (2) Refer to note 2 to the group results for details on special items. (3) Refer to supplemental information for the definition of the term.
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Sales by source* (%) ● North America 32 ● Europe 41 ● South Africa 27 Sales by destination* (%) ● North America 30 ● Europe 36 ● South Africa 10 ● Asia and other 24 Sales by product* (%) ● Coated paper 39 ● Uncoated paper 4 ● Speciality papers 29 ● Containerboard 6 ● Dissolving pulp 21 ● Paper pulp 1 Summary for the year Summary for the quarter Adjusted EBITDA(1) US$501 million (FY24: US$684 million) Loss for the period US$177 million (FY24: profit US$33 million) Adjusted EPS(2) 8 US cents (FY24: 41 US cents) Net debt of US$1,920 million (FY24: US$1,422 million) Adjusted EBITDA(1) US$111 million (Q4 FY24: US$226 million) Loss for the period US$194 million (Q4 FY24: profit US$79 million) Adjusted EPS(2) 3 US cents loss (Q4 FY24: 15 US cents profit) * For the period ended September 2025. ** As at September 2025. (1) Adjusted EBITDA is EBITDA excluding special items and plantation fair value price adjustment. (2) Adjusted EPS is EPS excluding special items and plantation fair value price adjustment. Net operating assets** (ex corporate) (%) ● North America 36 ● Europe 26 ● South Africa 38 2025 Fourth Quarter Results 1
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Year ended September 2025(3) disrupted production and impacted efficiencies in North America. Amid these operational and macroeconomic headwinds, the group remained committed to optimising asset utilisation across all regions, advancing cost- efficiency initiatives, and maintaining strict financial discipline. Market sentiment in the textile and apparel sector, a key driver of DWP demand, softened during the year as ongoing US-China trade tensions and tariff announcements heightened uncertainty and disrupted global supply chains. Furthermore, the price differential between DWP and bleached hardwood kraft (BHK) pulp prompted Chinese swing mills to increase output beyond typical (3) “Year-on-year” or “prior/previous/last year” is a comparison between FY2025 versus FY2024. (1) Adjusted EBITDA is EBITDA excluding special items and plantation fair value price adjustment. A key highlight for the year was the completion of the Somerset Mill PM2 conversion and expansion project in North America. Although the start-up was delayed, the technical ramp-up is exceeding expectations with excellent initial market feedback of product quality. Our two state-of-the-art paperboard machines at the Somerset Mill position the business competitively in the North American paperboard market. In Europe, we made further progress towards our strategic rationalisation objectives to improve capacity utilisation. From an operations perspective, scheduled maintenance shuts in South Africa extended beyond planned timelines in the second quarter, and the Somerset Mill PM2 shut and subsequent start-up The group delivered Adjusted EBITDA(1) of US$501 million for FY2025. Following a strong start to the financial year, market conditions deteriorated substantially from the second quarter, driven by heightened uncertainty stemming from persistent global trade tensions which precipitated a broad- based economic slowdown and weakening of consumer confidence. The deteriorating macroeconomic environment placed downward pressure on selling prices across all our market segments. In addition, a significant weakening of the US Dollar negatively impacted earnings in South Africa and translation of our Euro-denominated debt. Global paper markets remained oversupplied, creating headwinds for our paper businesses. Despite these challenges, dissolving wood pulp (DWP) and packaging and speciality papers sales volumes increased year-on-year, and market share gains were achieved in the graphic papers segment. The forestry fair value price adjustment for the year was a loss of US$22 million due to stagnant market prices and persistent inflationary cost pressures. 2 2025 Fourth Quarter Results
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(4) Market price for imported hardwood dissolving wood pulp into China issued daily by the CCF Group. (5) High yield pulp = BCTMP bleached chemi-thermomechanical pulp. levels, while some non-integrated viscose staple fibre (VSF) producers substituted DWP with BHK pulp. This combination of weaker textile fibre prices and low paper pulp prices drove a substantial decline in the hardwood DWP market price(4) through the year from a peak of US$970 per ton in the first quarter to a low of US$798 per ton in July 2025. As tariff uncertainties subsided and VSF operating rates improved steadily through the second half of the year, demand for DWP strengthened leading to a modest price recovery to end the year at US$818 per ton. Despite these difficult market dynamics, demand for Sappi’s DWP remained robust. Annualised sales volumes for the pulp segment were slightly down compared to last year, largely due to an intentional reduction in North America as we reduced external sales of high yield pulp(5) and increased internal integration into our Somerset Mill. DWP sales volumes increased by 2% on the back of improved production in South Africa but the benefits were offset by increased costs and negative exchange rate impacts which adversely impacted the profitability of the segment. Global demand across packaging and speciality papers markets remained subdued throughout the year, weighed down by persistent macroeconomic challenges and cautious consumer spending. Intense competition across all product categories, exacerbated by ongoing market oversupply, placed considerable pressure on pricing. Europe in particular struggled with weak demand as many product categories have yet to recover to pre-Covid levels. In North America, results were impacted by deliberate product mix adjustments to lay the foundation for growth ahead of the Somerset Mill PM2 start-up, as well as by discounted sales associated with initial start-up volumes. In South Africa, demand for containerboard strengthened in the second half of the year, supported by a robust citrus season, although sales were constrained by low inventory levels following the extended maintenance shut at the Ngodwana Mill in the second quarter. Overall sales volumes for the segment increased by 8% year-on-year, primarily driven by higher volumes from improved containerboard demand in South Africa and incremental paperboard volumes from Somerset Mill PM2 start-up in North America. However, lower prices and higher costs led to margin decline for the segment. The graphic papers segment continued to operate within a structurally declining market, with global oversupply amplifying competitive pricing pressure. Ongoing uncertainty surrounding US tariffs added further complexity, disrupting trade flows and intensifying market challenges. In North America, the delayed start-up of Somerset Mill PM2 caused operational disruptions, leading to reduced production and higher costs for the site’s remaining graphic papers asset. Paper prices in the region were resilient despite ongoing declines in demand, supported by tighter regional supply following the PM2 conversion and higher tariffs on imported paper. Conversely, in Europe, significant market oversupply and an influx of Asian volumes, driven by shifts in trade patterns following the US tariff 2025 Fourth Quarter Results 3
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Year ended September 2025(3) continued (3) “Year-on-year” or “prior/previous/last year” is a comparison between FY2025 versus FY2024. measures, resulted in notable pricing pressure. In South Africa, demand for newsprint and office paper remained weak, with heightened competition from imports constraining profitability. Despite these conditions, Sappi’s graphic papers sales volumes outperformed the broader market contraction, reflecting the success of strategic initiatives to defend and expand market share. Special items for the year reduced earnings by US$170 million related to asset impairments and restructuring costs, primarily associated with the European business. Net finance costs for the year increased to US$89 million due to higher debt levels. As a result of these special items and the increase in finance costs, the group made a loss of US$177 million. Cash flow and debt Net cash utilised for FY2025 was US$369 million due to the lower profitability, a working capital outflow of US$89 million, a dividend payment of US$85 million and capital expenditure of US$496 million. Capital expenditure for the year was slightly below guidance of US$500 million and included US$228 million associated with the Somerset Mill PM2 conversion and expansion project. Net debt at financial year-end increased to US$1,920 million (FY2024: US$1,422 million) as a result of the increased cash utilised by the operations and the higher capital expenditure associated with the Somerset Mill PM2 project. In addition, a negative currency translation effect on our Euro-denominated debt being converted at a higher rate, increased net debt notionally by a further US$73 million for the year. At year-end, liquidity remained healthy with cash on hand of US$219 million and US$602 million from unutilised committed revolving credit facilities (RCF) in South Africa and Europe. In March 2025, Sappi successfully completed a €300 million bond issuance of 4.500% sustainability-linked senior notes due in 2032. The net proceeds from the offering were used to redeem all of Sappi’s outstanding senior notes due in 2026, with an aggregate principal amount of €240 million, with the remaining funds to be used for general corporate purposes. The increase in net debt and lower earnings over the last three quarters has resulted in an increase in the leverage ratio close to our debt covenant of 4x. Our banking group has unanimously supported increasing our leverage covenant levels for the next 12 months to provide additional headroom during this temporary period of elevated leverage. Our primary focus in fiscal 2026 will be to reduce net debt and leverage towards our stated targets. 4 2025 Fourth Quarter Results
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Fourth quarter September 2025(6) Despite the overall volume growth, segment profitability declined compared to last year due to significant pricing headwinds in all markets. Graphic papers volumes declined by 11% compared to the prior year. In North America, volumes decreased by 26% year-on-year, largely due to the conversion of Somerset Mill PM2 to paperboard and low inventory levels. However, after the PM2 conversion and the introduction of tariffs on imported products, the North American domestic market tightened, supporting stable prices and healthy graphic papers margins. In stark contrast, Europe remained substantially oversupplied. Our sales volumes declined by 5% year-on-year, outperforming the broader market, but a significant drop in prices compared to the previous year had a negative impact on segment profitability. Adjusted earnings per share(2) for the quarter was a loss of 3 US cents, which was substantially below the profit of 15 US cents in the prior year and indicative of the weaker operating environment. Special items for the quarter reduced earnings by US$140 million due to asset impairments and restructuring costs of US$107 million. Demand for DWP strengthened during the quarter in line with the typical seasonal uptick in the textile value chain. The hardwood DWP market price recovered marginally, but the rally was tempered by increased market supply and persistently weak textile fibre prices. Sales volumes for the pulp segment were 2% higher than the prior year. North American volumes were intentionally reduced due to increased internal integration of high yield pulp into our Somerset Mill and increased swing from DWP to paper pulp at the Cloquet Mill. Sales volumes in South Africa were 11% above the prior year, reflective of the much-improved operational stability in the region. Higher year-on-year sales volumes were insufficient to offset the materially lower prices which reduced profitability for the segment. Sales volumes in the packaging and speciality papers segment increased by 11% year-on-year, driven by a modest recovery of 8% in Europe and a 22% rise in North America, attributable to incremental paperboard sales following the Somerset Mill PM2 start-up. In South Africa, strong seasonal demand from the citrus market supported containerboard sales volumes. The group delivered an Adjusted EBITDA of US$111 million for the fourth quarter, an improvement on the prior quarter and aligned with expectations. Despite the lack of improvement in underlying market fundamentals, the quarter-on-quarter performance benefited from the absence of maintenance shuts and the resulting increase in sales volumes for the pulp and packaging and speciality papers segments. (6) “Year-on-year” or “prior/previous/last year” is a comparison between Q4 FY2025 versus Q4 FY2024; “Quarter-on- quarter” or “prior/previous/last quarter” is a comparison between Q4 FY2025 and Q3 FY2025. (2) Adjusted EPS is EPS excluding special items and plantation fair value price adjustment. 2025 Fourth Quarter Results 5
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Market conditions in Europe remained challenging with a continuing high level of competition against the backdrop of an oversupplied and weak demand environment. Pricing was adversely impacted and resulted in an Adjusted EBITDA loss for the quarter. The weak operating conditions have underscored the need for continued proactive measures to strengthen our competitive position. During the quarter, the consultation process for the closure of 175,000 tpa of capacity at Kirkniemi Mill was concluded, and good progress was made on consultations to close two machines at the Alfeld Mill and to reduce shifts at the Ehingen Mill. These initiatives will lower fixed costs and enhance capacity utilisation as we strategically carousel sales volumes across our remaining paper operations. Sales volumes in the packaging and speciality papers segment improved by 8% compared to last year driven primarily by increased sales of label paper as we ramped up our wet strength label offering. Although paperboard demand remained stable and flexible packaging, especially in the dairy segment, showed gradual signs of recovery, other categories struggled in the difficult economic environment. Selling prices were 8% below the prior year, which significantly impacted profitability. Graphic papers sales volumes were in line with the previous quarter but remained 5% below the levels of the prior year. Although market share increased, profitability remained under pressure due to weak regional demand, compounded by tariffs imposed on our exports to the US, global supply chain redirections, and persistent market overcapacity, which together drove an 11% year-on-year decline in overall segment pricing. Variable costs for the fourth quarter decreased 7% year-on-year driven by lower purchased pulp and chemicals partially offset by higher wood and energy costs. Fixed costs were 2% above last year. Operating review for the quarter Quarter ended € million Sept 2025 Jun 2025 Mar 2025 Dec 2024 Sept 2024 Volumes sold – tons (000’s) 479 479 491 465 488 Revenue 483 503 523 517 541 Operating profit (loss) excluding special items (31) (19) 4 13 14 Operating profit (loss) excluding special items to revenue (%) (6.4) (3.8) 0.8 2.5 2.6 Adjusted EBITDA (6) 4 25 35 36 Adjusted EBITDA to revenue (%) (1.2) 0.8 4.8 6.8 6.7 RONOA pa (%) (10.9) (6.4) 1.4 4.6 5.1 EUROPE 6 2025 Fourth Quarter Results
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NORTH AMERICA Quarter ended US$ million Sept 2025 Jun 2025 Mar 2025 Dec 2024 Sept 2024 Volumes sold – tons (000’s) 359 326 362 371 389 Revenue 429 404 440 458 474 Operating profit (loss) excluding special items (3) (21) 5 47 47 Operating profit (loss) excluding special items to revenue (%) (0.7) (5.2) 1.1 10.3 9.9 Adjusted EBITDA 28 5 29 71 71 Adjusted EBITDA to revenue (%) 6.5 1.2 6.6 15.5 15.0 RONOA pa (%) (0.7) (4.9) 1.2 12.3 13.1 Profitability in the North American region improved modestly compared to the prior quarter but remained significantly below the levels achieved in the prior year. The graphic papers segment delivered a solid performance despite lower sales volumes, supported by a tighter domestic supply-demand balance and the resulting resilience in pricing. However, this improvement was offset by weaker results in the packaging and speciality papers segment, which was affected by the ramp-up of the Somerset Mill PM2 machine. Additionally, reduced pulp sales volumes and softer market pricing further weighed on overall regional profitability. Sales volumes for packaging and speciality papers increased 22% compared to the previous year as production at the Somerset Mill stabilised and the PM2 ramp-up progressed through the quarter. Despite the higher sales, segment profitability remained below last year’s levels, primarily due to lower pricing in weak market conditions and higher costs. The cost increase was in line with expectations and reflected operational inefficiencies and limited fixed cost absorption during the transitional PM2 ramp-up phase. Although demand for graphic papers continues to decline in North America, Sappi’s strategic decision to reduce exposure to the segment through the conversion of Somerset Mill PM2 has significantly improved the domestic supply-demand balance. Combined with the tariffs imposed on imports, this has created a strong pricing environment that supported improved profitability for the segment. Demand for Sappi’s DWP remained robust, underpinned by strong seasonal demand from the VSF sector. However, substantially weaker pricing negatively affected the pulp segment’s profitability. Sales volumes in the pulp segment were 19% below last year but this was driven by an intentional reduction in external sales of high-yield pulp and a shift from DWP to paper pulp to strengthen internal integration at the Somerset and Cloquet Mills. Variable costs for the fourth quarter increased by 6% year-on-year driven by operational inefficiencies with raw material costs largely stable. Fixed costs were 3% below the prior year due to personnel cost savings. 2025 Fourth Quarter Results 7
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SOUTH AFRICA Quarter ended ZAR million Sept 2025 Jun 2025 Mar 2025 Dec 2024 Sept 2024 Volumes sold – tons (000’s) 751 644 690 665 707 Revenue 6,936 6,334 6,598 6,312 7,165 Operating profit (loss) excluding special items 1,121 550 148 1,234 963 Operating profit (loss) excluding special items to revenue (%) 16.2 8.7 2.2 19.6 13.4 Adjusted EBITDA 1,486 1,172 883 1,663 2,033 Adjusted EBITDA to revenue (%) 21.4 18.5 13.4 26.3 28.4 RONOA pa (%) 13.8 6.7 1.8 15.3 12.0 The South African region delivered a satisfactory performance within the context of challenging global paper market conditions, weaker DWP pricing, and adverse US$/ZAR exchange rate movements affecting the pulp segment. Profitability improved compared to the previous quarter but remained below the exceptional levels achieved in the prior year. A positive plantation fair value price adjustment of ZAR90 million in the fourth quarter was insufficient to offset the losses in prior quarters. The net adjustment for the fiscal year was a loss of ZAR408 million. Demand for Sappi’s DWP remained strong, supported by robust seasonal demand from the VSF sector. Sales volumes were 11% higher year-on-year, reflecting more stable operations during the quarter. However, margins in the pulp segment came under pressure as lower global US$ DWP pricing, combined with a weaker US$/ZAR exchange rate, drove ZAR-denominated prices 14% below the prior year. Containerboard demand during the quarter was healthy as the citrus season concluded with citrus production significantly higher than last year. Although domestic demand in South Africa remained strong, weakness in global containerboard markets led to low-priced imports intensifying competition in the local market towards the end of the quarter. Profitability of the segment benefited from 2% higher sales volumes and a 4% rise in selling prices compared to the prior year. Office paper and newsprint markets remained subdued and were further challenged by increased competition from imports. Higher year-on-year selling prices were insufficient to offset lower sales volumes, which reduced profitability of the graphic papers segment. Variable costs for the fourth quarter were 3% above the prior year primarily driven by higher wood and chemical costs. Fixed costs were 8% lower than last year due to lower personnel costs. Operating review for the quarter continued 8 2025 Fourth Quarter Results
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Outlook Challenging global macroeconomic conditions and persistent geopolitical tensions continue to disrupt market stability, creating ongoing supply and demand imbalances across our industry. In addition, heightened trade tensions and the resulting realignment of supply chains are introducing additional costs and uncertainty. While these conditions have created a more complex operating environment, we remain confident in the underlying strength of our business and the resilience of our operations. Sappi’s immediate focus remains on internal levers within the company’s control. Our “Back to Basics” focus is to reduce debt and strengthening the balance sheet through targeted cost savings initiatives and operational efficiency improvements. To support our commitment to reducing debt, we have adjusted our capital expenditure downward to below US$300 million per annum for the next two years, with no expansionary capex anticipated during this period and FY2026 capex expected to be in the region of US$290 million. In addition, the board of directors made the decision in FQ3 to suspend the dividend for fiscal 2025 to preserve cash. We anticipate that DWP market conditions will remain stable through the first quarter, supported by high VSF operating rates and relatively low inventory levels across the value chain. Demand for Sappi’s DWP is expected to remain robust but the significant differential between DWP and paper pulp prices, together with subdued textile fibre pricing, could slow the recovery of DWP prices. Additionally, the continued weakness of the US Dollar against the South African Rand could negatively impact profitability in South Africa. Our long-term outlook for our sustainably produced packaging and speciality papers products remains positive. Sales volumes in this segment are expected to increase steadily as the Somerset Mill PM2 ramp-up progresses in North America. However, underlying margins are likely to remain below historical levels as global markets continue to face subdued demand driven by macroeconomic challenges and persistent oversupply. We maintain a strong competitive position in both South Africa and North America and continue to actively manage capacity utilisation in Europe. In South Africa, containerboard demand typically softens in the first quarter due to seasonal factors, but strong agricultural forecasts for 2026 are expected to support demand through the year. Nonetheless, the continued weakness in global packaging markets present a risk to pricing dynamics in the South African region. In the short term, our North American strategy focuses on balancing trade-offs between price and volume as PM2 production ramps up. We will leverage the swing capability of the Somerset Mill PM1 machine and favourable graphic papers pricing to optimise the product mix and maximise profitability in the region. We expect global graphic papers demand to continue declining by approximately 6% to 8% per annum. Our strategic focus in this segment remains to proactively manage capacity utilisation. Following the successful conversion of Somerset Mill PM2 in North America and the anticipated capacity reductions at the Kirkniemi and Ehingen Mills in Europe, we are well positioned to meet our customers’ needs while fully utilising our assets to maximise cash generation. 2025 Fourth Quarter Results 9
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The conclusion of restructuring initiatives in Europe is anticipated to occur in the second quarter. Prices for certain of our key raw materials remain relatively low at present, and we will actively pursue opportunities for further cost savings. However, ongoing trade tensions continue to pose a risk due to their potential impact on global inflation. A maintenance shut is scheduled for the Somerset Mill (7) in the first quarter which will reduce earnings by approximately US$20 million. We anticipate that the plantation fair value price adjustment will be marginally positive. Taking into account the confluence of market factors and the scheduled maintenance shut at the Somerset Mill, we anticipate that the Adjusted EBITDA(1) for the first quarter of FY2026 will be below that of the fourth quarter of FY2025. Sappi is a well-capitalised business with a proven ability to adapt and respond to market cycles. Our recent strategic growth investments in packaging and speciality papers and DWP have strengthened our portfolio and position us well to benefit from a market recovery. We remain committed to navigating the current operating environment with discipline and transparency, prioritising cash generation to reinforce our balance sheet and further enhance our financial resilience. On behalf of the board SR Binnie GT Pearce Director Director 05 November 2025 Outlook continued (7) The Somerset Pulp Mill has 18-month intervals between shuts and the last shut was in Q3 of FY2024. (1) Adjusted EBITDA is EBITDA excluding special items and plantation fair value price adjustment. 10 2025 Fourth Quarter Results
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Forward-looking statements Certain statements in this release that are neither reported financial results nor other historical information, are forward- looking statements, including but not limited to statements that are predictions of or indicate future earnings, savings, synergies, events, trends, plans or objectives. The words “believe”, “anticipate”, “expect”, “intend”, “estimate”, “plan”, “assume”, “positioned”, “will”, “may”, “should”, “risk” and other similar expressions, which are predictions of or indicate future events and future trends and which do not relate to historical matters, identify forward-looking statements. In addition, this document includes forward-looking statements relating to our potential exposure to various types of market risks, such as interest rate risk, foreign exchange rate risk and commodity price risk. You should not rely on forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are in some cases beyond our control and may cause our actual results, performance or achievements to differ materially from anticipated future results, performance or achievements expressed or implied by such forward- looking statements (and from past results, performance or achievements). Certain factors that may cause such differences include but are not limited to: • the highly cyclical nature of the pulp and paper industry (and the factors that contribute to such cyclicality, such as levels of demand, production capacity, production, input costs including raw material, energy and employee costs, and pricing); • the impact on our business of adverse changes in global economic conditions; • unanticipated production disruptions (including as a result of planned or unexpected power outages); • changes in environmental, tax and other laws and regulations; • adverse changes in the markets for our products; • the emergence of new technologies and changes in consumer trends including increased preferences for digital media; • consequences of our leverage, including as a result of adverse changes in credit markets that affect our ability to raise capital when needed; • adverse changes in the political situation and economy in the countries in which we operate or the effect of governmental efforts to address present or future economic or social problems; • the impact of restructurings, investments, acquisitions, dispositions and other strategic initiatives (including related financing), any delays, unexpected costs or other problems experienced in connection with dispositions or with integrating acquisitions or implementing restructurings or other strategic initiatives, and achieving expected savings and synergies; • currency fluctuations. We undertake no obligation to publicly update or revise any of these forward- looking statements, whether to reflect new information or future events or circumstances or otherwise. 2025 Fourth Quarter Results 11
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Condensed group income statement Quarter ended Reviewed Year ended US$ million Note Sept 2025 Sept 2024 Sept 2025 Sept 2024 Revenue 1,389 1,464 5,420 5,458 Cost of sales 1,274 1,251 4,883 4,682 Gross profit 115 213 537 776 Selling, general and administrative expenses 83 111 367 403 Other operating (income) expenses 135 (21) 156 191 Share of (profit) loss from equity-accounted investees 7 – 8 – Operating profit (loss) 3 (110) 123 6 182 Net finance costs 24 17 89 67 Finance costs 30 25 112 104 Finance income (3) (6) (15) (28) Net foreign exchange gain (3) (2) (8) (9) Profit (Loss) before taxation (134) 106 (83) 115 Taxation 8 60 27 94 82 Profit (Loss) for the period (194) 79 (177) 33 Basic earnings (loss) per share (US cents) 4 (32) 13 (29) 6 Weighted average number of shares in issue (millions) 604.6 599.4 603.9 582.4 Diluted earnings (loss) per share (US cents) 4 (32) 13 (29) 6 Weighted average number of shares on fully diluted basis (millions) 607.1 605.2 607.9 588.2 12 2025 Fourth Quarter Results
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Condensed group statement of other comprehensive income Quarter ended Reviewed Year ended US$ million Sept 2025 Sept 2024 Sept 2025 Sept 2024 Profit (Loss) for the period (194) 79 (177) 33 Other comprehensive income, net of tax Items that will not be reclassified subsequently to profit or loss 18 (1) 16 (1) Actuarial gains (losses) on post-employment benefit funds 24 1 22 1 Tax effect (6) (2) (6) (2) Items that may be reclassified subsequently to profit or loss 29 69 (31) 120 Exchange differences on translation of foreign operations 31 56 (34) 103 Movements in hedging reserves (2) 14 1 19 Tax effect – (1) 2 (2) Total comprehensive income for the period (147) 147 (192) 152 2025 Fourth Quarter Results 13
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Reviewed US$ million Note Sept 2025 Sept 2024 ASSETS Non-current assets 4,333 4,208 Property, plant and equipment 3,414 3,241 Right-of-use assets 103 79 Plantations 560 562 Deferred tax assets 8 24 76 Goodwill and intangible assets 87 95 Equity-accounted investees 12 11 Other non-current assets 133 144 Current assets 1,739 1,998 Inventories 8 823 836 Trade and other receivables 8 682 771 Derivative financial assets 5 6 18 Taxation receivable 9 6 Cash and cash equivalents 7 219 317 Assets held for sale 9 – 50 Total assets 6,072 6,206 EQUITY AND LIABILITIES Shareholders′ equity Ordinary shareholders’ interest 2,308 2,578 Non-current liabilities 2,310 2,299 Interest-bearing borrowings 7 1,546 1,537 Lease liabilities 7 96 74 Deferred tax liabilities 437 433 Defined benefit and other liabilities 231 255 Current liabilities 1,454 1,329 Interest-bearing borrowings 7 469 107 Lease liabilities 7 26 21 Overdrafts 2 – Trade and other payables 8 898 1,110 Provisions 8 40 8 Derivative financial liabilities 5 4 17 Taxation payable 15 66 Total equity and liabilities 6,072 6,206 Number of shares in issue at balance sheet date (millions) 604.6 599.4 Condensed group balance sheet 14 2025 Fourth Quarter Results
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Condensed group statement of cash flows Quarter ended Reviewed Year ended US$ million Sept 2025 Sept 2024 Sept 2025 Sept 2024 Profit (Loss) for the period (194) 79 (177) 33 Adjustment for: Depreciation, fellings and amortisation 105 94 373 351 Taxation 60 27 94 82 Net finance costs 24 17 89 67 Defined post-employment benefits paid (7) (5) (22) (24) Plantation fair value adjustment (31) 2 (71) (108) Asset impairments 68 (26) 70 (24) Goodwill impairment 6 – 6 – Write-down of held-for-sale assets – – 4 – (Profit) Loss on disposal of held-for-sale assets – – – (10) Net restructuring charge 39 (8) 39 134 (Profit) Loss on disposal and written-off assets 10 2 10 3 Other non-cash and other items(1) 24 (3) 28 46 Cash generated from operations 104 179 443 550 (Increase) Decrease in working capital 59 73 (89) 29 Closure and restructuring costs paid (3) (43) (7) (280) Finance costs paid (29) (16) (100) (69) Finance income received 4 6 16 28 Taxation (paid) refund (16) (20) (90) (50) Dividend paid – – (85) (84) (1) Other non-cash and other items include accruals for closure costs at Lanaken of US$Nil million (2024: US$30 million) (€28 million), non-cash movements in the defined benefit liabilities and plan assets of US$22 million (2024: US$13 million) and share-based charges of US$7 million (2024: US$6 million). 2025 Fourth Quarter Results 15
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Quarter ended Reviewed Year ended US$ million Sept 2025 Sept 2024 Sept 2025 Sept 2024 Cash (utilised by) generated from operating activities 119 179 88 124 Cash utilised in investing activities (83) (214) (457) (430) Capital expenditure (84) (210) (496) (458) Insurance proceeds received 1 – 1 – Proceeds on disposal of assets – – 4 5 Proceeds on held-for-sale assets 2 – 46 46 Movements to non-current and intangible asset (2) (4) (12) (23) Net cash (utilised) generated 36 (35) (369) (306) Cash effects of financing activities (24) (29) 263 4 Proceeds from interest-bearing borrowings 4 2 661 297 Repayment of interest-bearing borrowings (21) (25) (373) (269) Share repurchases – – – – Capital lease repayments (7) (6) (25) (24) Net movement in cash and cash equivalents 12 (64) (106) (302) Cash and cash equivalents at beginning of period 203 365 317 601 Translation effects 4 16 8 18 Cash and cash equivalents at end of period 219 317 219 317 Condensed group statement of cash flows continued 16 2025 Fourth Quarter Results
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Condensed group statement of changes in equity Reviewed Year ended US$ million Sept 2025 Sept 2024 Balance – beginning of period 2,578 2,445 Profit (Loss) for the period (177) 33 Other comprehensive income for the period (15) 119 Issue of shares – 59 Dividend – 14 US cents (2024: 15 US cents) (85) (84) Share-based payment reserve 7 6 Balance – end of period 2,308 2,578 Comprising Ordinary share capital and premium 808 815 Non-distributable reserves 135 124 Foreign currency translation reserves (247) (217) Hedging reserves (39) (41) Retained earnings 1,651 1,897 Total equity 2,308 2,578 2025 Fourth Quarter Results 17
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Notes to the condensed group results 1. Basis of preparation The condensed group financial statements for the year ended September 2025 have been prepared in accordance with the framework concepts and the measurement and recognition requirements of IFRS® Accounting Standards as issued by the International Accounting Standards Board, the Financial Pronouncements as issued by the Financial Reporting Standards Council and SAICA Financial Reporting Guides as issued by the Accounting Practices Committee, the JSE Listings Requirements, IAS 34 Interim Financial Reporting and the South African Companies Act. The accounting policies applied in the preparation of the condensed group financial statements are in terms of IFRS® Accounting Standards and are consistent with those applied in the previous annual financial statements. The group amended it’s fiscal year from using a 52/53 week year to using calendar month ends. The preparation of these condensed group financial statements was supervised by the Chief Financial Officer, GT Pearce, CA(SA) and were authorised for issue on 5 November 2025. The condensed group financial statements for the year ended September 2025 which includes the condensed group balance sheet, condensed group income statement, condensed group statements of other comprehensive income, changes in equity and cash flows and notes to the condensed group financial statements have been reviewed by KPMG Inc., who expressed an unmodified review conclusion. The auditor’s report should therefore be read in conjunction with these condensed group financial statements. Shareholders are therefore advised that in order to obtain a full understanding of the nature of the auditor’s engagement they should obtain a copy of the auditor’s report together with the accompanying financial information from the issuer’s registered office. 2. Segment information Quarter ended Year ended Metric tons (000’s) Sept 2025 Sept 2024 Sept 2025 Sept 2024 Volumes sold North America 359 389 1,418 1,410 Europe 479 488 1,914 1,969 South Africa – Pulp and paper 448 423 1,596 1,577 Forestry 303 284 1,154 1,011 Total 1,589 1,584 6,082 5,967 Which consists of: Pulp 381 374 1,425 1,445 Packaging and speciality papers 416 375 1,458 1,348 Graphic papers 489 551 2,045 2,163 Forestry 303 284 1,154 1,011 18 2025 Fourth Quarter Results
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2. Segment information continued Quarter ended Reviewed Year ended US$ million Sept 2025 Sept 2024 Sept 2025 Sept 2024 Revenue(1) North America 429 474 1,731 1,723 Europe 567 594 2,240 2,321 South Africa – Pulp and paper 374 378 1,377 1,349 Forestry 19 19 72 65 Total 1,389 1,465 5,420 5,458 Which consists of: Pulp 291 324 1,162 1,169 Packaging and speciality papers 509 469 1,814 1,697 Graphic papers 570 653 2,372 2,527 Forestry 19 19 72 65 Operating profit (loss) excluding special items North America (3) 47 28 110 Europe (34) 16 (36) 33 South Africa 63 54 169 252 Unallocated and eliminations(2) 4 3 15 12 Total 30 120 176 407 Which consists of: Pulp 31 40 115 171 Packaging and speciality papers (11) 31 (39) 66 Graphic papers 6 46 85 158 Unallocated and eliminations(2) 4 3 15 12 (1) Revenue is presented net of delivery costs where Sappi acts as an agent in the fulfilment of shipping and handling performance obligations. Prior periods have been adjusted. (2) Includes the group’s treasury operations and insurance captive. 2025 Fourth Quarter Results 19
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Notes to the condensed group results continued 2. Segment information continued Quarter ended Reviewed Year ended US$ million Sept 2025 Sept 2024 Sept 2025 Sept 2024 Special items – (gains) losses North America 1 1 3 12 Europe 109 (39) 120 158 South Africa 24 10 25 20 Unallocated and eliminations(2) 6 25 22 35 Total 140 (3) 170 225 Operating profit (loss) by segment North America (4) 46 25 98 Europe (143) 55 (156) (125) South Africa 39 44 144 232 Unallocated and eliminations(2) (2) (22) (7) (23) Total (110) 123 6 182 Adjusted EBITDA North America 28 71 133 201 Europe (5) 39 64 129 South Africa 84 112 288 340 Unallocated and eliminations(2) 4 4 16 14 Total 111 226 501 684 Which consists of: Pulp 54 102 228 284 Packaging and speciality papers 19 50 65 127 Graphic papers 34 70 192 259 Unallocated and eliminations(2) 4 4 16 14 (2) Includes the group’s treasury operations and insurance captive. 20 2025 Fourth Quarter Results
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2. Segment information continued Reconciliation of Adjusted EBITDA to profit for the period and operating profit excluding special items to operating profit. Quarter ended Reviewed Year ended US$ million Sept 2025 Sept 2024 Sept 2025 Sept 2024 Adjusted EBITDA 111 226 501 684 Plantation fair value price adjustment 5 (31) (22) 1 EBITDA excluding special items 116 195 479 685 Depreciation and amortisation (86) (75) (303) (278) Operating profit (loss) excluding special items 30 120 176 407 Special items – gains (losses) (140) 3 (170) (225) Net restructuring release (charge) (39) 8 (39) (134) Profit (loss) on disposal and written-off assets (10) (12) (10) (3) Goodwill impairment (6) – (6) – Asset (impairments) impairment reversal (68) 26 (70) 24 Write-down of held-for-sale assets – – (4) – Profit (Loss) on disposal of held-for-sale assets – 10 – 10 Written off other assets and expenses (8) – (8) – Insurance – 3 3 5 Fire, flood, storm and other events(3) (9) (32) (36) (127) Operating profit (loss) (110) 123 6 182 Net finance costs (24) (17) (89) (67) Profit (Loss) before taxation (134) 106 (83) 115 Taxation (60) (27) (94) (82) Profit (Loss) for the period (194) 79 (177) 33 (3) Included in fire, flood, storm and other events for the year ended September 2025 are Lanaken Mills closure costs of US$6 million, written off spare parts and machine clothing of US$4 million related to the Alfeld and Kirkniemi asset impairments, business interruption claims of US$14 million, fire damaged timber written off of US$4 million and corporate project costs of US$4 million. 2025 Fourth Quarter Results 21
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Notes to the condensed group results continued 2. Segment information continued Reviewed Year ended US$ million Sept 2025 Sept 2024 Net operating assets North America 1,744 1,494 Europe 1,245 1,263 South Africa 1,851 1,867 Unallocated and eliminations(2) 32 (12) Total 4,872 4,612 Reconciliation of net operating assets to total assets Segment assets 4,872 4,612 Deferred tax assets 24 76 Cash and cash equivalents 219 317 Trade and other payables 898 1,110 Provisions 40 8 Derivative financial instruments 4 17 Taxation payable 15 66 Total assets 6,072 6,206 (2) Includes the group's treasury operations and insurance captive. 22 2025 Fourth Quarter Results
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3. Operating profit (loss) Quarter ended Reviewed Year ended US$ million Note Sept 2025 Sept 2024 Sept 2025 Sept 2024 Included in operating profit are the following items: Depreciation and amortisation 86 75 303 278 Fair value adjustment on plantations (included in cost of sales) Fellings 19 19 70 73 Growth (26) (29) (93) (107) Price (5) 31 22 (1) (12) 21 (1) (35) Net restructuring charge (release) 8 39 (8) 39 134 (Profit) Loss on disposal and written- off assets 10 2 10 3 Asset impairments (impairment reversal)(1) 68 (26) 70 (24) Write-down of held-for-sale assets – – 4 – (Profit) Loss on disposal of held-for-sale assets – – – (10) Goodwill impairment(1) 6 – 6 – Insurance – (3) (3) (5) (1) Due to a deteriorating macroeconomic environment, the group impaired property, plant and equipment at its Kirkniemi Mill of US$7 million, Alfeld Mill of US$5 million, Westbrook Mill of US$4 million, Ngodwana Mill of US$5 million and a further impairment of US$55 million for our mechanical coated and packaging and specialities cash-generating units (CGU) with our European operations. The CGU impairments were based on value in use. These amounts are included in Other operating expenses in the income statement. 2025 Fourth Quarter Results 23
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Notes to the condensed group results continued 4. Earnings per share Quarter ended Reviewed Year ended US$ million Sept 2025 Sept 2024 Sept 2025 Sept 2024 Basic earnings (loss) per share (US cents) (32) 13 (29) 6 Headline earnings (loss) per share (US cents) (19) 9 (15) 1 Adjusted EPS (US cents) (3) 15 8 41 Weighted average number of shares in issue (millions) 604.6 599.4 603.9 582.4 Diluted earnings (loss) per share (US cents) (32) 13 (29) 6 Diluted headline earnings (loss) per share (US cents) (19) 9 (15) 1 Weighted average number of shares on fully diluted basis (millions) 607.1 605.2 607.9 588.2 Calculation of headline earnings (loss) Profit (Loss) for the period (194) 79 (177) 33 (Profit) Loss on disposal and write-off of property, plant and equipment 10 2 10 3 Asset impairments (impairment reversal) 68 (26) 70 (24) Goodwill impairment 6 – 6 – (Profit) Loss on disposal of held-for-sale assets – – – (10) Write-down of held-for- sale assets – – 4 – Tax effect of above items (4) (1) (4) 3 Headline earnings (loss) (114) 54 (91) 5 Calculation of adjusted earnings (loss) Profit (Loss) for the period (194) 79 (177) 33 Special items and plantation fair value price adjustment after tax 123 6 172 206 Gross amount 135 28 192 224 Tax effect (12) (22) (20) (18) Tax special items 52 5 52 (1) Adjusted earnings (loss) (19) 90 47 238 24 2025 Fourth Quarter Results
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5. Financial instruments The group’s financial instruments that are measured at fair value on a recurring basis consist of derivative financial instruments and investment funds. These have been categorised in terms of the fair value measurement hierarchy as established by IFRS 13 Fair Value Measurement per the table below. Fair value(1) Reviewed US$ million Classification Fair value hierarchy Sept 2025 Sept 2024 Investment funds (2) FV through OCI Level 1 5 5 Derivative financial assets FV through PL Level 2 6 18 Derivative financial liabilities FV through PL Level 2 4 17 (1) The fair value of the financial instruments are equal to their carrying value. (2) Included in other non-current assets. There have been no transfers of financial assets or financial liabilities between the categories of the fair value hierarchy. The fair value of all external over-the-counter derivatives is calculated based on the discount rate adjustment technique. The discount rate used is derived from observable rates of return for comparable assets or liabilities traded in the market. The credit risk of the external counterparty is incorporated into the calculation of fair values of financial assets and own credit risk is incorporated in the measurement of financial liabilities. The change in fair value is therefore impacted by the following inputs, the movement of the interest rate curves, by the volatility of the applied credit spreads, and by any changes to the credit profile of the involved parties. There are no financial assets and liabilities that have been remeasured to fair value on a non-recurring basis. The carrying amounts of other financial instruments which include cash and cash equivalents, trade and other receivables, certain investments, trade and other payables and current interest-bearing borrowings approximate their fair values. 2025 Fourth Quarter Results 25
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Notes to the condensed group results continued 6. Capital commitments Reviewed US$ million Sept 2025 Sept 2024 Contracted 62 254 62 254 7. Interest-bearing borrowings, lease liabilities and cash and cash equivalents Reviewed US$ million Sept 2025 Sept 2024 Non-current and current interest-bearing borrowings 2,015 1,644 Non-current and current lease liabilities and bank overdrafts 124 95 Less: Cash and cash equivalents (219) (317) Net debt 1,920 1,422 As at September 2025 the group was in compliance with its debt covenants: Covenant leverage ratio 3.6 2.0 Interest cover 6.1 10.9 8. Material balance sheet movements Since the 2024 financial year-end, the Euro and the ZAR have strengthened and weakened by approximately 5.0% and 0.9% respectively against the US Dollar, the group’s presentation currency. This has resulted in an increase of the group’s European assets and liabilities and a decrease of the group’s South African assets and liabilities, which are held in the aforementioned functional currency, on translation to the presentation currency at period-end. Inventories, trade and other receivables, and trade and other payables The decrease in inventories, trade and other receivables and trade and other payables is largely attributable to weaker trading conditions and seasonal working capital movements. Interest-bearing borrowings In March 2025, the group raised €300 million 4.5% sustainability-linked senior notes due in 2032 of which the proceeds were used to redeem all the outstanding senior notes due 2026 in an aggregate principal amount of €240 million. Provisions Due to a deterioration in market conditions, restructuring costs of US$39 million were raised in the fourth quarter within our European operations. 26 2025 Fourth Quarter Results
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9. Assets held for sale During the year the group sold items of property, plant and equipment classified as held for sale related to the closure of our Lanaken Mill within our European segment for US$43 million (€40 million) for US$Nil profit. The remaining held-for-sale assets were written down by US$4 million (€4 million) to their fair value less costs to sell and sold for US$1 million (€1 million) for US$Nil profit. In March 2025, the group transferred US$2 million into held-for-sale assets relating to its Lomati Mill within its South African segment and which were sold in September 2025 for US$Nil profit. 10. Related parties There has been no material change, by nature or amount, in transactions with related parties since the 2024 financial year-end. 11. Events after balance sheet date There have been no reportable events that occurred between the balance sheet date and the date of authorisation for issue of these financial statements. 12. Accounting standards, interpretations and amendments to existing standards that are not yet effective There has been no significant change to management’s estimates in respect of new accounting standards, amendments and interpretations to existing standards that have been published which are not yet effective and which have not yet been adopted by the group. 2025 Fourth Quarter Results 27
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Supplemental information (this information has not been audited or reviewed) Headline earnings – as defined in circular 1/2023, as issued by the South African Institute of Chartered Accountants, separates from earnings all separately identifiable remeasurements. It is not necessarily a measure of sustainable earnings. It is a Listings Requirement of the JSE Limited to disclose headline earnings per share Interest cover – last 12 months’ EBITDA excluding special items to net interest adjusted for refinancing costs NBSK – Northern Bleached Softwood kraft pulp. One of the main varieties of market pulp, produced from coniferous trees (ie spruce, pine) in Scandinavia, Canada and northern USA. The price of NBSK is a benchmark widely used in the pulp and paper industry for comparative purposes Net assets – total assets less total liabilities Net asset value per share – net assets divided by the number of shares in issue at balance sheet date General definitions Adjusted EBITDA – EBITDA excluding special items and the plantation fair value price adjustment Average – averages are calculated as the sum of the opening and closing balances for the relevant period divided by two Capital employed – shareholders’ equity plus net debt Covenant leverage ratio – net debt divided by last 12 months’ EBITDA excluding special items as defined by our bank covenants EBITDA excluding special items – earnings before interest (net finance costs), taxation, depreciation, amortisation and special items Adjusted EPS – earnings per share excluding special items, the plantation fair value price adjustment, special finance costs and special tax items Fellings – the amount charged against the income statement representing the standing value of the plantations harvested 28 2025 Fourth Quarter Results
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These non-GAAP measures should not be considered in isolation or construed as a substitute for GAAP measures in accordance with IFRS ROCE – annualised return on average capital employed. Operating profit excluding special items divided by average capital employed RONOA – return on average net operating assets. Operating profit excluding special items divided by average net operating assets Special items – special items cover those items which management believe are material by nature or amount to the operating results and require separate disclosure. Such items would generally include profit or loss on disposal of property, investments and businesses, asset impairments, restructuring charges, non-recurring integration costs related to acquisitions, financial impacts of natural disasters and settlement gains or losses on defined benefit obligations The above financial measures are presented to assist our shareholders and the investment community in interpreting our financial results. These financial measures are regularly used and compared between companies in our industry Net debt – current and non-current interest-bearing borrowings and lease liabilities, bank overdrafts less cash and cash equivalents Net debt to EBITDA excluding special items – net debt divided by the last 12 months’ EBITDA excluding special items Net operating assets – total assets (excluding deferred tax assets and cash) less current liabilities (excluding interest- bearing borrowings, lease liabilities and overdraft) Operating profit – profit from business operations before deduction of net finance costs and taxes Non-GAAP measures – the group believes that it is useful to report certain non-GAAP measures for the following reasons: • these measures are used by the group for internal performance analysis • the presentation by the group’s reported business segments of these measures facilitates comparability with other companies in our industry, although the group’s measures may not be comparable with similarly titled profit measurements reported by other companies • it is useful in connection with discussion with the investment analyst community and debt rating agencies 2025 Fourth Quarter Results 29
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Supplemental information continued (this information has not been audited or reviewed) Summary Rand convenience translation Quarter ended Year ended Sept 2025 Sept 2024 Sept 2025 Sept 2024 Key figures: (ZAR million) Revenue 24,501 26,317 97,927 101,168 Operating profit excluding special items(1) 529 2,157 3,180 7,544 Special items – (gains) losses(1) 2,469 (54) 3,072 4,171 EBITDA excluding special items(1) 2,046 3,505 8,654 12,697 Profit for the period (3,422) 1,420 (3,198) 612 Basic earnings per share (SA cents) (566) 237 (530) 105 Net debt(1) 33,163 24,339 33,163 24,339 Key ratios: (%) Operating profit excluding special items to revenue 2.2 8.2 3.2 7.5 Operating profit excluding special items to capital employed (ROCE)(1) 2.8 12.6 4.5 11.2 EBITDA excluding special items to revenue 8.4 13.3 8.8 12.6 (1) Refer to supplemental information for the definition of the term. The above financial results have been translated into Rand from US Dollar as follows: • assets and liabilities at rates of exchange ruling at period-end; and • income, expenditure and cash flow items at average exchange rates. 30 2025 Fourth Quarter Results
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Exchange rates Sept 2025 Jun 2025 Mar 2025 Dec 2024 Sept 2024 Exchange rates: Period-end rate: US$1 = ZAR 17.2722 17.8328 18.4211 18.7964 17.1162 Average rate for the quarter: US$1 = ZAR 17.6392 18.2970 18.5004 17.8818 17.9763 Average rate for the year to date: US$1 = ZAR 18.0678 18.2231 18.1837 17.8818 18.5357 Period-end rate: €1 = US$ 1.1727 1.1720 1.0828 1.0408 1.1164 Average rate for the quarter: €1 = US$ 1.1689 1.1336 1.0518 1.0678 1.0986 Average rate for the year to date: €1 = US$ 1.1057 1.0844 1.0600 1.0678 1.0843 Sappi share price – September 2023 to September 2025 September 2023 70 60 50 40 30 20 10 0 December 2023 March 2024 September 2024 June 2024 December 2024 March 2025 June 2025 September 2025 Supplemental information continued (this information has not been audited or reviewed) 2025 Fourth Quarter Results 31
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Our purpose Sappi exists to build a thriving world by unlocking the power of renewable resources to benefit people, communities and the planet. Sappi has a primary listing on the JSE Limited and a Level 1 ADR programme that trades in the over-the-counter market in the United States JSE Sponsor: Rand Merchant Bank (a division of FirstRand Bank Limited) This report is available on the Sappi website: www.sappi.com Registration number: 1936/008963/06 JSE code: SAP ISIN code: ZAE000006284 South Africa Computershare Investor Services (Pty) Ltd Rosebank Towers 15 Biermann Avenue Rosebank 2196 South Africa Private Bag X9000 Saxonwold, 2132 South Africa www.computershare.com United States ADR Depositary The Bank of New York Mellon Investor Relations PO Box 11258 Church Street Station New York, NY10286-1258 Tel +1 610 382 7836 32 2025 Fourth Quarter Results
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