Svenska Cellulosa Ab Sca Class A · OMXSTO:SCA_A
Svenska Cellulosa Ab Sca Class A — Svenska Cellulosa Aktiebolaget SCA — Q2 2025 Earnings Presentation
23 slides from Svenska Cellulosa Ab Sca Class A's earnings presentation, Jul 25, 2025
Slide 1: Interim Report, July 25, 2025
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Slide 2: Andreas Ewertz, CFO
Slide 3: EBITDA increased 8% vs Q2 2024
EBITDA increased 8% vs Q2 2024 • Higher prices in Containerboard and Wood • Strong production in Containerboard and Wood • Higher harvesting of own forest Sales increased 2% vs Q2 2024 • Price/mix +3%, volume +1%, currency -2% Tariff uncertainty – impacting mainly Pulp 3
Slide 4: EBITDA and EBITDA margin
EBITDA (SEKm) Industrial ROCE 1 EBITDA (SEKm) and EBITDA margin 2,033 7.9% 2,010 +8% 2,033 1,888 1,700 1,649 1,651 1,635 EBITDA margin Net debt/EBITDA 1,596 1,417 37.8% 1.8x 37% 37% 38% 38% 35% 36% 33% 32% 32% EBIT margin Net debt/Equity 28.0% 12.5% Q2 '23 Q3 '23 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q
Slide 5: Forest: Stable wood supply to industries
Net sales (SEKm) EBITDA (SEKm) EBITDA margin +14% +21% Stable wood supply to industries 2,542 1,070 42.1% 39.4% 2,239 883 Continued price increase for wood raw materials Sales up 14% + Higher prices EBITDA up 21% Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 + Higher prices Price development – Pul
Slide 6: Wood: Higher prices
Net sales (SEKm) EBITDA (SEKm) EBITDA margin +15% +5% Higher prices 1,733 310 19.6% 294 17.9% 1,506 Increased cost for sawlogs Sales up 15% + Higher delivery volumes + Higher prices Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 EBITDA up 5% Price development – Solid Wood Products + Higher prices +
Slide 7: Sawn wood stock, production and price development
Stock of sawn pine and spruce wood, Sweden and Finland (k m3) Price development sawn pine and spruce, Sweden (index) 5,000 Normalized monthly level 340 290 4,000 240 Spruce 3,000 190 Pine 140 2,000 90 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 J
Slide 8: Pulp: Sales down 16%, EBITDA down 49%
Net sales (SEKm) EBITDA (SEKm) EBITDA margin -16% -49% Sales down 16% 2,147 509 23.7% - Lower delivery volumes 1,794 - Lower prices 14.5% 261 - Negative currency effects EBITDA down 49% Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 - Higher cost for wood raw materials Price development – NBSK - Lo
Slide 9: NBSK pulp price, deliveries and inventories
25 30 35 40 45 50 55 60 20 12.5 13.0 13.5 14.0 14.5 15.0 15.5 Jan-17 Apr-17 Jul-17 Oct-17 Source: PPPC. Jan-18 Apr-18 Average Jul-18 Oct-18 Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 NBSK deliveries Jul-20 Oct-20 Jan-21 NBSK pulp price (USD/t) vs deliveries (Mt) Softwood pulp inventories (days of sup
Slide 10: Containerboard: Strong production and lower specific costs
Net sales (SEKm) EBITDA (SEKm) EBITDA margin +15% +95% Strong production and lower specific costs 1,819 451 24.8% 1,584 Sales up 15% 14.6% + Higher prices 231 + Higher delivery volumes EBITDA up 95% + Higher prices Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 + Higher delivery volumes Price devel
Slide 11: Kraftliner price, deliveries and inventories
20 30 35 45 50 25 40 1,000 500 600 700 800 900 Jan-18 Apr-18 Jan-18 Jul-18 Apr-18 Oct-18 Jul-18 Jan-19 Oct-18 Apr-19 Jan-19 Jul-19 Apr-19 Jul-19 Source: Euwid, Numera, Cepi. Oct-19 Oct-19 Jan-20 Jan-20 Apr-20 Apr-20 Jul-20 Jul-20 Oct-20 Oct-20 Jan-21 Jan-21 Apr-21 Apr-21 Kraftliner inventories (days
Slide 12: Renewable Energy
Income 1 (SEKm) EBITDA (SEKm) EBITDA margin 2 +10% +2% Solid biofuels 494 85 87 19.1% 448 17.8% - Higher cost for raw materials - Lower prices + Higher delivery volumes Liquid biofuels + Higher production in the biorefinery Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 - Lower prices for tall oil
Slide 13: Slide 13
Slide 14: Quarter income statement
Quarter SEKm Q2 2025 Q2 2024 Change Net sales 5,380 5,291 2% EBITDA 2,033 1,888 8% EBITDA margin 37.8% 35.7% +2.1 p.p. Depreciation and impairment -529 -527 0% EBIT 1,504 1,361 11% EBIT margin 28.0% 25.7% +2.3 p.p. Financial items -114 -144 Profit before tax 1,390 1,217 14% Tax -302 -257 Profit for
Slide 15: Net sales and EBITDA by segment
Forest Wood Pulp Containerboard Renewable Energy Net Sales (SEKm) 2,486 2,542 2,147 2,085 2,052 2,239 2,323 1,940 2,099 1,733 1,794 1,819 1,506 1,524 1,416 1,498 1,584 1,597 1,618 1,674 531 603 494 448 435 Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q2 '24 '24 '24 '25 '25
Slide 16: Net sales bridge Q2 2024 to Q2 2025
Higher prices for Wood and Containerboard SEK SEK 3% +1% -2% 5,380m 5,291m +2% Net sales Q2 2024 Price/Mix Volume Currency Net sales Q2 2025 16
Slide 17: EBITDA bridge Q2 2024 to Q2 2025
3,000 Higher cost for wood raw material Higher prices Wood and mitigated by high degree of self-sufficiency 2,500 Containerboard, lower for Pulp +76 -77 +55 -106 SEK SEK +174 +23 2,033m 2,000 1,888m 1,500 1,000 EBITDA margin EBITDA margin +8% 500 35.7% 37.8% 0 EBITDA Q2 2024 Price/Mix Volume Raw mat
Slide 18: Cash flow
Quarter Jan – June SEKm Q2 2025 Q2 2024 2025 2024 EBITDA 2,033 1,888 3,684 3,484 Revaluation of biological assets and other non cash flow items -446 -437 -893 -984 Operating cash surplus 1,587 1,451 2,791 2,500 Change in working capital -286 -634 -1,136 -730 Current capital expenditures -338 -265 -5
Slide 19: Capital employed, net debt and equity
SEKm Jun 30, 2025 Dec 31, 2024 Forest assets 107,760 107,329 Working capital 5,897 4,768 Deferred tax relating to forest assets -21,249 -21,155 Other capital employed 24,137 23,978 Total capital employed 116,545 114,920 Net debt 12,958 10,885 Net debt/EBITDA 1.8x 1.5x Equity 103,587 104,035 Net debt
Slide 20: Summary - Ulf Larsson, CEO
Summary Ulf Larsson, CEO WSCA
Slide 21: EBITDA increased 8% vs Q2 2024
EBITDA increased 8% vs Q2 2024 • Higher prices in Containerboard and Wood • Strong production in Containerboard and Wood • Higher harvesting of own forest Sales increased 2% vs Q2 2024 • Price/mix +3%, volume +1%, currency -2% Tariff uncertainty – impacting mainly Pulp 21
Slide 22: Q&A
Slide 23: Forward-looking statements
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 be
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