59 slides from Svenska Cellulosa Ab Sca Class A's investor presentation, Oct 24, 2025
Slide 1: Investor Relations October 2025
Investor Relations Oktober, 2025
Slide 2: A strong and integrated value chain
A strong and integrated value chain Sales (SEKbn) EBITDA (SEKbn) 20.2 7.1 EBITDA margin Industrial ROCE 1 35% 7% Climate benefit Net growth in forest 12.3 m t CO2 2.8 m m3fo Note: Logistics are reported as a part of relevant segments. Financials refer to 2024. 2 1. ROCE for the industrial segments;
Slide 3: Europe's largest private forest owner
Europe’s largest private forest owner Sawmill Forestland Pulp mill 6% Kraftliner mill 2.7 m ha of Sweden Pellet production SCA’s forest Productive forestland Munksund 2.1 m ha Obbola Rundvik Stugun Bollstabruk Standing volume 1 Gällö Härnösand 274 Östrand Tunadal m m3fo Ortviken 1. Including forest
Slide 4: Strategy communicated in 2017
Strategy communicated in 2017 Invest in integrated value chain: Increased • Grow Pulp value from • Grow Kraftliner each tree • Develop Renewable energy • Reduce exposure to Publication Paper Growing Increase forest holdings: renewable • Increase growth and harvesting level forest asset • Acquire
Slide 5: Project portfolio delivered
Project portfolio delivered Value ~80% completed Acquire forest land Liquid biofuels 9,5 TWh wind power on SCA land Sundsvall Harbour Own 2019→2021/22 Target 100k ha wind power forest land in Restructuring Sundsvall →2022 Kraftliner the Baltic expansion Partnership with states, ~80
Slide 6: SCA has an integrated value chain with high degree of self sufficiency
SCA has an integrated value chain with high degree of self sufficiency ~60% ~80% >100% ~45% ~40% Wood sourcing Electricity usage Solid biofuels SCA Logistics 1) Transportation fuel 11 M m3 2 TWh 11 TWh 3 SEKbn 130 kt External District heating suppliers External exposure Sold externally (e.g. pellets
Slide 7: SCA contributes to a fossil free society
SCA contributes to a fossil free society Replaces 7.4 Stores 0.7 Mt CO2 Mt CO2 Binds net 2 3 5.1 SCA’s renewable products Carbon is stored in renewable Mt CO2 replace non-renewable products during the lifecycle products 1 Operations Growing forests bind CO2 – active forest management Bioenergy incre
Slide 8: Strategy for profitable growth
Strategy for profitable growth Maintain a high degree of self sufficiency: High degree • High and balanced degree of self sufficiency in wood raw material, energy and logistics of self sufficiency Increased Invest in integrated value chain: value from • Grow pulp, containerboard and wood each tr
Slide 9: Project portfolio – prioritized opportunities
Project portfolio – prioritized opportunities Value 2 Decided and ongoing projects 3 Organic growth Growing forest assets Renewable fuels Further potential Containerboard & Pulp Grow Wood Wind power Increased forest Acquire ownership in Baltics forest land Bio refinery and Nordic C
Slide 10: Forest
Forest @®SCA
Slide 11: Europe's largest private forest owner
Europe’s largest private forest owner Sales (SEKm) Forest holdings located close to SCA’s industry Sawmill 6% 8,830 Pulp mill • 2.7m ha forestland Kraftliner mill Pellet production of Sweden SCA’s forest • 2.1m ha productive forestland EBITDA (SEKm) • 274m m3fo standing volume Munksund 3,531 ~50% of
Slide 12: Forest assets create value in several ways
Forest assets create value in several ways Harvesting Net growth Land value Positive climate effect 12
Slide 13: Profitable growth since 1950
Profitable growth since 1950 Standing volume SCA Growing Harvest plan own forest Increasing Increasing Land value Sweden 1 Increasing million m3fo asset base million m3sub cash cashflow flow SEK/m3fo (real value) land value +82% +144% +382% 266 4.8 535 146 2.0 111 1950 2024 1950 2024 1950 2024 1. Av
Slide 14: Forest Total Return
Forest Total Return CAGR of 10% since 1956 Forest Total Return index Sweden (1956-2024) 1 Increasing cash flow 60,000 • Harvesting provides raw materials to the CAGR industries and generates cash flow 10% CAGR 2004-2024 − Cash flow: ~3% CAGR 50,000 7% 2 Growing asset base • Forest growth exceeds har
Slide 15: Significant real growth
Significant real growth Forest growth metrics (m m3fo) Gross growth of standing forest 10.5 Natural losses and pre-commercial thinning -1.4 Available growth of standing forest 9.1 1 Current cash flow Annual harvesting -6.4 New harvesting plan every 8-10 years Annual net increase of standing forest 2
Slide 16: Increase in both standing volume and harvesting level
Increase in both standing volume Based on current technology and harvesting level Harvesting from own forest (m m3sub) Standing timber volume (m m3fo) +200% 350 +100% 6 300 5 250 4 200 3 150 2 100 Increasing cash flow Growing Growingasset assetbase base 1 50 0 0 1950 1960 1970 1980 1990 2000 2010 20
Slide 17: Forest land acquisitions in the Baltics
Forest land acquisitions in the Baltics – strengthen the fiber base for future projects 1 2 3 Strengthen our High growth SCA’s competence integrated value chain and resources • Strengthen the raw material supply • High growth – 2.5x northern Sweden • Harvesting volume and standing and maintain self-
Slide 18: Long term demand larger than supply
Long term demand larger than supply – Forest a strategic resource for the future Estimated change in harvesting potential 2021-2030e (softwood sawlogs) Demand of wood products limited by supply CAGR 2021-2030e • Russian invasion of Ukraine +1.7% +15m m3 • Insect damage in Europe -1 m m3 -7m m3 • Har
Slide 19: Forest – strategic direction
Forest – strategic direction 1 Increase growth and harvesting. 2 Strengthen competitiveness through increased productivity and efficiency. 3 Acquire forest in the Nordic and Baltic regions. 4 Increase the precision and quality of biodiversity conservation measures. 19
Slide 20: Wood
\Niood @®SCA
Slide 21: Leading European wood producer
Leading European wood producer Sales (SEKm) 5,539 5 modern and well invested sawmills 2 painting and 5 planing facilities 2.2m m capacity 3 EBITDA (SEKm) Own distribution network 400k 927 Munksund Focus on value added products • Adapted wood to the further processing industry 320k • Distribution of
Slide 22: Long-term structural drivers sustain softwood demand growth
Long-term structural drivers sustain softwood demand growth Underlying economic drivers Strong global softwood demand Economic growth: Continued increased living standard in m m3 several fast growing markets drives consumption of softwood ~2% 3% CAGR 400 CAGR Building activities: Recovery for both n
Slide 23: The Global Wood value chain
The Global Wood value chain Segment Value chain, integration and product group Consuming sector Sawn wood products Finished wood product End consumer (examples) channel ~20% Furniture ~12% ”Furniture-retail” Interior Decoration Living with Wood Solid Wooden Flooring Interior Cladding ~40% ~65% RMI (
Slide 24: SCA's position in the global wood value chain
SCA’s position in the global wood value chain Optimizing value and integration level Segment Sawn wood products Finished wood product End consumer SCA volume channel ~27% ~10% Furniture ”Furniture-retail” Living with Wood Solid Wooden Flooring Interior Cladding ~70% ~65% Boards Exterior Cladding ”DI
Slide 25: Wood – strategic direction
Wood – strategic direction 1 Continued profitable growth kept in balance with supply of raw materials. 2 Well-invested plants with world-class efficiency and competitiveness. 3 Maximize the value of SCA´s high-quality sawlogs through a high raw material yield and customized products. 25
Slide 26: Pulp
Pulp @®SCA
Slide 27: High quality pulp producer
High quality pulp producer Sales (SEKm) High quality bleached softwood kraft pulp (NBSK) 8,058 • Focus on high strength properties • Capacity: 900 kt/year 1.2Mt capacity • The pulp is used in tissue, packaging, publication paper EBITDA (SEKm) and filters 1,680 Chemical thermomechanical pulp (CTMP) •
Slide 28: SCA pulp portfolio
SCA pulp portfolio NBSK CTMP Produced by cooking wood chips in white liquor Produced by grinding wood chips in a refiner Gives pulp with long, strong fibers Gives shorter, stiffer fibers that provide absorption capacity, bulk and stiffness Provides high strength and brightness Lower consumption of w
Slide 29: Global pulp market 70 Mt of which 20 Mt addressable for SCA
Global pulp market 70 Mt of which 20 Mt adressable for SCA Global demand Virgin pulp Market pulp Adressable market SCA NBSK 415Mt 200Mt 68Mt 15Mt Other Softwood Europe 5 Mt China SBSK NA 2,5 Mt Core NBSK 15 Mt markets Integrated Market pulp Recycled Virgin pulp CTMP BHK CTMP 4.1Mt TMP Unbleached Oth
Slide 30: Softwood grows with 1.0-2.0% per year, limited new capacity
Softwood grows with 1.0-2.0% per year, limited new capacity New pulp capacity (k tonnes) 4000 2024 2025 2026-2029 3500 Softwood Uncertain softwood 3000 Hardwood 2500 Uncertain hardwood 2000 High-Yield (CTMP) Uncertain High-Yield 1500 Dissolving 1000 Unbleached 500 0 -500 -1000 Source: Brian McClay &
Slide 31: Northern Swedish fiber for premium pulp products
Northern Swedish fiber for premium pulp products 1 Premium strength 2 Wet strength 3 Filter application 4 Custom-made grades 31
Slide 32: CTMP improves customer product properties at lower cost
CTMP improves customer product properties at lower cost Cost-cutting for customer Product properties Replaces more expensive pulp 1 High bulk and bending rigidity Lower weight at a given strength Board Good smell and taste properties provides a lower production cost 2 Increased absorption per kg Tis
Slide 33: Increased CTMP production
Increased CTMP prodution New CTMP line at Ortviken started up year-end 2022 • Top quartile in cost position • Capacity of 300kt CTMP improves customer product properties at lower cost • Cost-cutting for customer, replaces more expensive pulp • High share of growth with existing customers • Product d
Slide 34: Pulp – strategic direction
Pulp – strategic direction 1 Continue to strengthen competitiveness through increased productivity. 2 Realize the full potential of the new CTMP mill in Ortviken. 3 Maximize the value of by-products such as electricity, crude tall oil and district heating. 34
Slide 35: Containerboard
Containerboard @®SCA
Slide 36: Leading kraftliner supplier
Leading kraftliner supplier Sales (SEKm) No.1 independent producer of Kraftliner in Europe 6,434 • Strong Nordic fresh fiber for high quality packaging • Capacity: 1,140 kt/year (year 2026) • Products: brown and white-top kraftliner for consumer and EBITDA (SEKm) transport packaging, including speci
Slide 37: Discontinuities in economy effect containerboard demand short-term but long-term trend resilient
Discontinuities in economy effects containerboard demand short-term but long-term trend resilient Global containerboard demand (Mt) 250,000 CAGR ~3% +80 Mt Resilient demand during 200,000 corona pandemic Financial crisis 150,000 100,000 50,000 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Slide 38: Long-term structural trends drive growth
Long-term structural trends drive growth Kraftliner demand growth Economic drivers 3 4 5 1• Industrial production Favorable trends 2• Consumer spending Kraftliner 1 2 Structural growth 3• E-commerce Underlying growth 4• Changes in retail 5• Sustainable packaging 2005 2019 38
Slide 39: SCA focuses on the European kraftliner market
SCA focuses on the European kraftliner market Containerboard global demand Kraftliner global demand Kraftliner European demand 160Mt 35Mt 5Mt SCA’s core markets SemiChem CIS & China Asia Turkey Africa Australia White-Top Kraftliner Latin Europe Kraftliner America Testliner 5 Mt 35 Mt Unbleached Kraf
Slide 40: Kraftliner for packaging that requires strength
Kraftliner for packaging that requires strength SCA’s strong fiber suitable for kraftliner applications Applications Containerboard Applications Kraftliner 1 Climate variations in 25% industrial supply chain and fresh food Other Industrial 2 Other Long distance transport Consumer products Fresh food
Slide 41: Containerboard – strategic direction
Containerboard – strategic direction 1 Realize the full potential of the new paper machine in Obbola. 2 Continue to offer the market’s best service and product range. 3 Continue to evaluate an expansion of the Munksund paper mill with a focus on speciality products, such as white-top and wet-strengt
Slide 42: Renewable energy
Renewable energy @®SCA
Slide 43: Leading producer of renewable energy
Leading producer of renewable energy Pellet production Sales (SEKm) Wind farm SCA is a leading producer of renewable energy 2,050 • • 20% of Sweden’s wind power capacity installed at SCA’s land Leading European producer of bioenergy • of which 9 TWh used internally EBITDA (SEKm) • Produces ~1% of Sw
Slide 44: Net Zero policy will shape demand for renewables
Net Zero policy will shape demand for renewables SCA has competitive Global CO2 emissions pathways to Net Zero Global energy supply towards Net Zero advantages in… <2.0° 1 Wind Net zero by 2060 scenario 1.5° Net zero by 2050 scenario 2 Biofuels Predictions in line with IPCC 2021 special report on gl
Slide 45: Renewable demand is growing significantly
Renewable demand is growing significantly 1 2 3 Renewable hydrogen and E-fuels Global consumption, Mt , Wind CAGR (+11%) E-fuels Total CAGR (+8%) Drivers of growth Drivers of growth Drivers of growth LV transportation, Aviation, maritime & Industrial feedstock, maritime, industry processe & heating
Slide 46: SCA uniquely positioned to capitalize on transformation towards renewables
SCA uniquely positioned to capitalize on transformation towards renewables Wind power Biofuels E-fuels Ownership of land with Access to sustainable Access to low-cost good wind conditions biomass feedstock renewable energy SCA Current land lease agreements Existing infrastructure Access to biogenic
Slide 47: SCA's wind strategy for profitable growth
SCAs wind strategy for profitable growth Working with three different business models to create maximum value Wind electricity producer Project development Land lease • Own project development • SCA leases out land areas Value • High degree of self on SCA land well-suited for electricity creation su
Slide 48: SCA grows in wind power
SCA grows in wind power Invests in wind power project and secures high degree of self sufficiency 2,500 2,500 Wind lease Wind power investment of SEK 1.7 bn made 2023 Series 1 2,000 2,000 Fasikan Series 2 100% degree of self sufficiency in electricity 1,637 1,582 Skogberget Series 3 • Production cap
Slide 49: SCA is a leading producer of solid biofuels
SCA is a leading producer of solid biofuels Yearly pellets production of 350k tonnes • ~20% market share in Sweden 2.0 TWh external deliveries of wood pellets and unrefined residual products • Customers mainly in Northern Sweden and Europe Maintained leading position in Northern Sweden enables futur
Slide 50: The market for renewable liquid fuels is expected to grow
The market for renewable liquid fuels is expected to grow EU potential ramp-up of sustainable aviation fuel 2020-2050 1 Greenhouse gas reduction quotas will Mt/year increase as Europe redirects 60 ~10% total EU jet fuel demand ~75% total EU jet fuel demand 50 2 Available biomass will not be sufficie
Slide 51: SCA and St1 creating two companies
SCA and St1 creating two companies – from forest to fuel station Ownership structure maximizes value creation Leading Nordic supplier Access to market, Biorefinery Gothenburg biorefinery of liquid biofuel biorefinery and customers Tall oil, Europe’s largest Access to feed stock and biomass priva
Slide 52: Production of liquid biofuels
Production of liquid biofuels Biorefinery in Gothenburg commissioned year-end 2023 • Jointly owned with St1 • Yearly capacity of 200 kt (SCA share 50 kt) Flexible design allowing the use of a wide range of feedstocks Capable of meeting current and future specifications of renewable fuels • Includes
Slide 53: Renewable energy – strategic direction
Renewable energy – strategic direction 1 Wind power • Invest in SCA’s own wind power production to achieve a high degree of self-sufficiency in electricity. • Develop a project portfolio for divestment or investment. • Maximize wind power on SCA’s land and increase lease income. 2 Liquid biofuels •
Slide 54: Share information
Share information @®SCA
Slide 55: Constantly changing world – but the forest always creates value
Constantly changing world – but the forest always creates value SCA is ramping up the newly commissioned strategic investments in Pulp, SCA took the first step towards Containerboard and Renewable becoming a consumer goods company Energy, creating value in and from with the acquisition of the Swedis
Slide 56: SCA's total shareholder return
SCA’s total shareholder return Total shareholder return (TSR) since 2017 350 325 300 275 250 126% 225 122% Index 200 113% 175 150 23% 125 -4% 100 -14% 75 -46% 50 jun-17 nov-17 apr-18 sep-18 feb-19 jul-19 dec-19 maj-20 okt-20 mar-21 aug-21 jan-22 jun-22 nov-22 apr-23 sep-23 feb-24 jul-24 dec-24 maj-2
Slide 57: Shareholder structure
Shareholder structure SCA’s largest shareholders as of September 30, 2025 # Shareholder Capital Votes Number of shareholders 1 ~110,000 Industrivärden 12.0% 29.7% 2 Norges Bank 7.1% 9.6% 3 AMF Pension & Fonder 9.5% 7.0% 4 Handelsbanken Pensionsstiftelse 1.4% 3.5% 5 BlackRock 5.0% 2.8% 6 Swedish owne
Slide 58: Investments in value chain and forest growth has enabled increasing dividend
Investments in value chain and forest growth has enabled increasing dividend Investment in integrated value Investment in forest growth Stable and increasing chain (Capacity, k tonnes) (Standing volume, m m3fo) dividend (SEK/share)1) 4 1.00 Pulp Containerboard 1,500 Paper 2,400 3.00 Sweden Baltics 1
Slide 59: Forward-looking statements
This presentation may contain forward-looking statements. Such statements are based on our current expectations and are subject to certain risks and uncertainties that could negatively affect our business. Please read SCA’s most recent annual report for a better understanding of these risks and unce