Arctic Paper S.a. · GPW:ATC
Arctic Paper — Q1 2026 Earnings Presentation
26 slides from Arctic Paper's earnings presentation, 2026
Slide 1: Financial results Q1 2026
Financial results Q1 2026
Slide 2: Disclaimer
DISCLAIMER Please read the information below carefully This presentation (the ‘Presentation’) the regulated market, in particular the appearance of unexpected facts or is no certainty that the estimates, was prepared by Arctic Paper SA (the regulated market operated by the W arsaw circumstances whic
Slide 3: Agenda
Agenda 1 Pulp 4 Power 2 Paper 5 Financial performance 3 Packaging 6 Focus 3 Q1 2026 www.arcticpaper.com
Slide 4: Summary Q1 2026
SUMMARY Q1 2026 Arctic Paper Group Q1 2026 vs. Q1 2025 Net sales EBITDA Paper/Pulp EBITDA (PLN mn) (PLN mn) (PLN mn) 814.0 822.8 2.6 22.9 22/-19 33/-10 (Q1 2026) (Q1 2025) (Q1 2026) (Q1 2025) (Q1 2026) (Q1 2025) Net debt/EBITDA* 0.62x - 0.45x (EOP Q1 2026) (EOP Q1 2025) • last 12 months based on Pap
Slide 5: Pulp
PULP 5 Q1 2026 www.arcticpaper.com
Slide 6: Pulp market - summary
PULP MARKET - SUMMARY • Gradual increase of NBSK pulp prices in USD, • Weakening of the USD against the SEK, • Gradual decline in wood prices in Sweden, • Cold weather in January and February constrained production at Vallvik Mill, resulting in a 10% decline in output, • Cash flow and capital effici
Slide 7: Market data: European pulp prices
PULP PIX INDEXES EUROPE (USD PER TONNE) MARKET DATA NBSK [USD] 1 653 Pulp – European pulp prices 1 617 1 559 BHKP [USD] 1 568 1 546 1 496 1 483 1 499 1 370 1 399 1 241 1 244 1 439 1 148 AVERAGE PRICE Q1 2026 COMPARED TO Q1 2025 1 280 1 262 1 280 1 220 1 160 NBSK (long fiber): 4,5% higher 1 120 1 100
Slide 8: Operating data: pulp production & deliveries
PULP PRODUCTION (1,000 TONNE) OPERATING DATA Pulp production & deliveries 91 91 90 84 86 83 86 81 81 75 73 Q1 2026 total production: 81k tons 2% lower than in Q4 2025 5% lower than in Q1 2025 PULP DELIVERIES (1,000 TONNE) Q1 2026 total deliveries: 90k tons 90 89 91 90 90 85 82 83 83 6% higher than i
Slide 9: Operating data: revenue and prices
PULP SALES REVENUE (SEK mn) OPERATING DATA 688 686 Revenue and prices 652 622 652 622 574 Total revenue Q1 2026 (SEK 622mn) Increased by 6% compared to Q4 2025 PULP SALES REVENUE PER TONNE (SEK) Average price in Q1 2026 (SEK 6.9k per tonne) 8 356 7 896 7 661 7 523 6 913 At the same level as in Q4 20
Slide 10: Paper
PAPER 10 Q1 2026 www.arcticpaper.com
Slide 11: Paper market - summary
PAPER MARKET - SUMMARY • Paper sales volumes increased by 10% • Increased market share in the European coated and uncoated paper markets • No visible recovery in paper demand across Europe • Pulp prices for both NBSK and BHKP have continued to increase since the beginning of the year • Higher logist
Slide 12: Market data: fine paper average market prices
GRAPHIC FINE PAPER PRICES – GERMAN MARKET MARKET DATA Fine paper average market prices 1400 1300 1200 MAR 2026 compared to DEC 2025 1100 UWF average price change +1,2% 1000 CWF average price change +0,1% 900 800 700 MAR 2026 compared to MAR 2025 600 UWF average price change -5,1% CWF average price c
Slide 13: Operating data: production capacity and sales volume
PRODUCTION CAPACITY FOR ARCTIC PAPER MILLS OPERATING DATA 86% 83% 84% 80% 74% 73% 66% 70% 69% Average Q1 2026 use of production capacity: 80% +6% higher than in Q1 2025 Q1 2026 total sales volume: 137k tons +10% higher than in Q1 2025 PAPER SALES VOLUME 144 137 137 129 125 125 119 120 112 116 114 13
Slide 14: Operating data: paper sales revenue
PAPER SALES REVENUE (PLN mn) OPERATING DATA 701 579 576 573 579 573 562 Total revenue Q1 2026 (PLN 573mn) Increased by 11% compared to Q4 2025 PAPER SALES REVENUE PER TONNE (PLN k)* Average price Q1 2026 (PLN 4.19k) 4,87 5,01 4,65 Decreased by 4,3% compared to average in Q4 2025 4,46 4,19 * price ch
Slide 15: Markets: geographical split of sales
MARKETS Geographical split of sales – Q1 2026 Outside Europe 4% Germany Poland Austria & CE The Nordics France Baltics Rest of Europe 20% 16% 12% 10% 9% 7% 8% UK & IE Benelux 10% 4% 15 Q1 Q1 2023 2026 www.arcticpaper.com www.arcticpaper.com
Slide 16: Market share in Europe
MARKET SHARE IN EUROPE 16 Q1 Q1 2023 2026 www.arcticpaper.com www.arcticpaper.com
Slide 17: Packaging
PACKAGING 17 Q1 2026 www.arcticpaper.com
Slide 18: Development: packaging paper sales
PACKAGING PAPER SALES DEVELOPMENT (t) DEVELOPMENT 20 000 STABLE SALES OF PACKAGING PAPERS 16 000 Munken Kraft Uncoated packaging paper 12 000 G-Flexmatt 8 000 Coated packaging paper 4 000 The moulded fibre tray The pulp tray production facility in Kostrzyn has entered 0 commercial production. The tr
Slide 19: Power
POWER 19 Q1 2026 www.arcticpaper.com
Slide 20: Power segment
POWER SEGMENT • Pellet production line in operation • Suspension of investments in new el. energy generation sites due to market and regulatory unpredictability of PV farms. • Offer for investors regarding the location of a data center at the Kostrzyn mill site (20 MW grid connection) 20 Q1 2026 www
Slide 21: Financial performance
FINANCIAL PERFORMANCE 21 Q1 2026 www.arcticpaper.com
Slide 22: EBITDA evolution 2018 – 2026 (PLN mn)
EBITDA EVOLUTION 2018 – 2026 (PLN mn) 1 000 Q1 2026 EBITDA PLN 2.6mn 800 PLN 21mn higher than in Q4 2025 600 PLN 20mn lower than in Q1 2025 400 200 0 2019 2020 2021 2022 2023 2024 2025 2026* -200 Paper Segment Pulp Segment * rolling 12 months 22 Q1 2026 www.arcticpaper.com
Slide 23: Net debt/EBITDA 2021 – 2026 (Paper Segment)
NET DEBT/EBITDA 2021 – 2026 (Paper Segment) Strong financial position 0,75 0,57 0,62 0,49 0,47 0,36 0,03 -0,01 -0,17 -0,22 -0,19 -0,10 -0,27 -0,41 -0,38 -0,47 -0,45 -0,59 -0,77 -0,76 * rolling 12 months based on Paper Segment only (according completed in Q42025 new refinancing facility definition) 2
Slide 24: Capex 2024 - 2026
CAPEX 2024 - 2026 Capex by segment( kPLN) 450 000 400 000 350 000 300 000 250 000 200 000 150 000 100 000 50 000 - 2024 2025 Q1 2026 2026* Paper Pulp Power Packaging * Estimated amount for the whole 2026 24 Q1 2026 www.arcticpaper.com
Slide 25: Outlook and focus
OUTLOOK AND FOCUS • Continued uncertainty driven by geopolitical tensions, trade barriers and weak market demand • Paper price increase implemented from April • Another paper price increase announced effective from June • Expected stabilization of pulp prices for Q3 and Q4 • High crude oil prices ar
Slide 26: 4P For Future Arctic
4P For Future Arctic Paper Packaging Pulp Power 26 Q1 2026 www.arcticpaper.com