Svenska Cellulosa Ab Sca Class A · OMXSTO:SCA_A
Svenska Cellulosa Ab Sca Class A — Svenska Cellulosa Aktiebolaget SCA — Q1 2026 Earnings Presentation
23 slides from Svenska Cellulosa Ab Sca Class A's earnings presentation, Apr 24, 2026
Slide 1: Interim Report Presentation Q1 2026
Interim Report Presentation Q1 2026 April 24, 2026
Slide 2: Ulf Larsson, CEO
UIE. Larss on; CEO”
Slide 3: Summary Q1 2026
Summary Q1 2026 Challenging market for the industrial segments, while Renewable energy delivered record result High degree of self sufficiency in wood raw materials, energy and logistics mitigated increased costs EBITDA decreased 33% vs Q1 2025 Sales decreased 8% vs Q1 2025 • Price/mix -4%, volume 0
Slide 4: SCA's performance Q1 2026
SCA’s performance Q1 2026 EBITDA (SEKm) Industrial ROCE 1 EBITDA (SEKm) and EBITDA margin 1,107 2.1% 2,010 2,033 -33% 1,888 1,649 1,651 1,644 EBITDA margin Net debt/EBITDA 1,596 23.4% 2.0x 1,236 1,107 38% 38% 35% 36% 32% 32% 33% EBIT margin Net debt/Equity 25% 23% 11.5% 11.9% Q1 '24 Q2 '24 Q3 '24 Q4
Slide 5: Forest Q1 2026 vs. Q1 2025
Forest Q1 2026 vs. Q1 2025 Net sales (SEKm) EBITDA (SEKm) EBITDA margin +2% +1% Balanced availability of wood raw material 2,486 2,547 879 884 35.3% 34.7% Sales up 2% + Higher prices EBITDA up 1% + Higher prices Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Price development – Pulpwood and Sawlogs
Slide 6: Wood Q1 2026 vs. Q1 2025
Wood Q1 2026 vs. Q1 2025 Net sales (SEKm) EBITDA (SEKm) EBITDA margin -13% -79% Increased costs for sawlogs and lower 1,498 236 15.8% delivery volumes 1,303 Sales down 13% - Lower delivery volumes 49 3.8% Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 EBITDA down 79% - Increased cost for wood raw m
Slide 7: Wood market development
Wood market development Stock of sawn pine and spruce wood, Sweden and Finland (k m3) Price development sawn pine and spruce, Swedish export price (index) 5,000 Normalized monthly level 340 290 4,000 240 3,000 Spruce 190 Pine 140 2,000 90 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-2
Slide 8: Pulp Q1 2026 vs. Q1 2025
Pulp Q1 2026 vs. Q1 2025 Net sales (SEKm) EBITDA (SEKm) EBITDA margin -16% -88% 320 Sales down 16% 1,940 16.5% - Lower prices 1,623 - Negative currency effects EBITDA down 88% 40 2.5% - Lower prices - Negative currency effects Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Price development – NBSK
Slide 9: Pulp market development
Pulp market development NBSK pulp price (USD/t) vs deliveries (Mt) Hardwood pulp inventories (days of supply) 16.0 1,800 80 15.5 70 1,600 15.0 1,400 60 14.5 Average 50 14.0 1,200 13.5 40 1,000 13.0 30 800 12.5 20 Jul-18 Jul-19 Jul-20 Jul-21 Jul-22 Jul-23 Jul-24 Jul-25 Apr-18 Apr-19 Apr-20 Apr-21 Apr
Slide 10: Containerboard Q1 2026 vs. Q1 2025
Containerboard Q1 2026 vs. Q1 2025 Net sales (SEKm) EBITDA (SEKm) EBITDA margin +4% -56% Sales up 4% 1,674 1,735 239 14.2% + Higher delivery volumes - Lower prices 104 6.0% - Negative currency effects EBITDA down 56% - Lower prices Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 - Negative currency
Slide 11: Containerboard market development
25 30 35 40 45 50 20 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 Source: Euwid, Numera, Cepi. Apr-19 Jul-19 Jul-19 Oct-19 Oct-19 Jan-20 Jan-20 Apr-20 Apr-20 Jul-20 Jul-20 Oct-20 Oct-20 Jan-21 Jan-21 Average Apr-21 Apr-21 Jul-21 Jul-21 Kraftl
Slide 12: Renewable energy Q1 2026 vs. Q1 2025
Renewable energy Q1 2026 vs. Q1 2025 Income 1 (SEKm) EBITDA (SEKm) EBITDA margin 2 +10% +54% SCAs new wind farm started up in January 662 206 31.1% 603 Solid biofuels 22.2% 134 + Higher delivery volumes - Higher cost for wood raw materials Liquid biofuels + Higher prices for liquid biofuels Q1 2025
Slide 13: Andreas Ewertz, CFO
Andreas Ewertz , CFO
Slide 14: Income statement
Income statement Quarter SEKm Q1 2026 Q1 2025 Change Net sales 4,740 5,161 -8% EBITDA 1,107 1,651 -33% EBITDA margin 23.4% 32.0% -8.6 p.p. Depreciation and impairment -564 -532 6% EBIT 543 1,119 -51% EBIT margin 11.5% 21.7% -10.2 p.p. Financial items -86 -114 Profit before tax 457 1,005 -55% Tax -77
Slide 15: Development per segment and quarter
Development per segment and quarter Forest Wood Pulp Containerboard Renewable Energy Net Sales (SEKm) 2,486 2,542 2,390 2,544 2,547 1,940 1,794 1,819 1,755 1,744 1,735 1,733 1,544 1,651 1,758 1,623 1,674 1,498 1,350 1,303 603 577 662 494 377 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q
Slide 16: Net sales Q1 2026 vs. Q1 2025
Net sales Q1 2026 vs. Q1 2025 Lower prices for Pulp and Containerboard, higher for Wood 6,000 SEK 5,161m -4% SEK 0% -4% 5,000 4,740m 4,000 3,000 2,000 -8% 1,000 0 Net sales Q1 2025 Price/Mix Volume Currency Net sales Q1 2026 16
Slide 17: EBITDA Q1 2026 vs. Q1 2025
EBITDA Q1 2026 vs. Q1 2025 Lower prices for Pulp 2,000 and Containerboard Higher cost for wood raw material mitigated by high degree of self-sufficiency SEK 1,651m -255 1,500 +7 -111 +34 -203 SEK -16 1,107m 1,000 EBITDA margin EBITDA margin 500 -33% 32.0% 23.4% 0 EBITDA Q1 2025 Price/Mix Volume Raw
Slide 18: Cash flow
Cash flow Quarter SEKm Q1 2026 Q1 2025 EBITDA 1,107 1,651 Change in value of biological assets and other non cash flow items -479 -447 Operating cash surplus 628 1,204 Change in working capital 298 -850 Current capital expenditures -180 -245 Other operating cash flow -177 376 Operating cash flow 569
Slide 19: Balance sheet
Balance sheet SEKm Mar 31, 2026 Dec 31, 2025 Forest assets 104,073 103,766 Working capital 5,047 5,344 Deferred tax relating to forest assets -20,519 -20,467 Other capital employed 23,473 23,817 Total capital employed 112,074 112,460 Net debt 11,942 10,939 Net debt/EBITDA 2.0x 1.7x Equity 100,132 10
Slide 20: Summary
Summary Ulf Larsson, CEO WSCA
Slide 21: Summary Q1 2026
Summary Q1 2026 Challenging market for the industrial segments, while Renewable energy delivered record result High degree of self sufficiency in wood raw materials, energy and logistics mitigated increased costs EBITDA decreased 33% vs Q1 2025 Sales decreased 8% vs Q1 2025 • Price/mix -4%, volume 0
Slide 22: Q&A
Q&A
Slide 23: Europe's largest private forest owner
Europe’s largest private forest owner 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 SC
Svenska Cellulosa Aktiebolaget SCA — Q1 2026 Earnings Presentation on 6ix