Svenska Cellulosa Ab Sca Class A · OMXSTO:SCA_A
Svenska Cellulosa Ab Sca Class A — Svenska Cellulosa Aktiebolaget SCA — Q1 2025 Earnings Presentation
23 slides from Svenska Cellulosa Ab Sca Class A's earnings presentation, Apr 25, 2025
Slide 1: April 25, 2025
April 25, 2025
Slide 2: SCA Q1 2025
“SSCA
Slide 3: Q1 2025 highlights
Increased prices and higher delivery volumes compared to Q1 2024 High self sufficiency in wood raw materials, mitigating increasing costs EBITDA increased 3% vs Q1 2024 Sales increased 13% vs Q1 2024 • Price/mix +6%, volume +8%, currency -1% Tariff uncertainty 3
Slide 4: Group EBITDA, margins and key ratios
EBITDA (SEKm) Industrial ROCE 1 EBITDA (SEKm) and EBITDA margin 1,651 8.0% 2,055 +3% 2,010 1,888 1,700 1,649 1,651 1,635 EBITDA margin Net debt/EBITDA 1,596 1,417 32.0% 1.5x 43% 37% 37% 38% 35% 36% 33% 32% 32% EBIT margin Net debt/Equity 21.7% 10.5% Q1 '23 Q2 '23 Q3 '23 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q
Slide 5: Forest: stable wood supply, continued price increase
Net sales (SEKm) EBITDA (SEKm) EBITDA margin +15% -9% Stable wood supply to industries 2,486 970 44.7% 879 2,169 35.3% Continued price increase for wood raw material Sales up 15% + Higher prices + Higher delivery volumes Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 EBITDA, excluding capital gain
Slide 6: Wood: higher volumes and prices, increasing sawlog costs
Net sales (SEKm) EBITDA (SEKm) EBITDA margin +37% +113% Higher volumes and higher prices partly offset 1,498 236 15.8% by increasing costs for sawlogs 1,093 10.2% Sales up 37% 111 + Higher delivery volumes + Higher prices Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 EBITDA up 113% + Higher delive
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 4,000 290 3,000 240 Spruce 2,000 190 Pine 1,000 140 0 90 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 Jul-17 Jul-18 Jul-19 Jul-20
Slide 8: Pulp: sales up 9%, EBITDA down 1%
Net sales (SEKm) EBITDA (SEKm) EBITDA margin +9% -1% Sales up 9% 1,940 323 320 18.2% 1,774 16.5% + Higher delivery volumes driven by increasing CTMP- volumes EBITDA down 1% + Higher prices for NBSK - Higher cost for wood raw material Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 - Lower prices for
Slide 9: NBSK pulp price, deliveries and inventories
20 25 30 35 40 45 50 60 55 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 NBSK pulp price (USD/t) vs deliveries (Mt) Jan-21 Softwood pulp inventories (days of sup
Slide 10: Containerboard: sales up 2%, EBITDA up 70%
Net sales (SEKm) EBITDA (SEKm) EBITDA margin +2% +70% Sales up 2% 1,635 1,674 239 14.2% + Higher prices - Lower volumes 141 8.6% EBITDA up 70% + Higher prices - Higher cost for wood raw material Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Price development – Kraftliner 120 110 100 90 80 70 60 Q1
Slide 11: Containerboard market development
Containerboard market development Price (EUR/t) vs Kraftliner deliveries (Mt) European Box demand (index) 122 1,000 4.9 119 900 4.8 116 4.6 113 800 4.5 110 700 107 4.3 Unbleached kraftliner price Euwid (LHS) 104 600 4.2 Kraftliner deliveries Europe (RHS) 101 500 4.0 98 Jul-18 Jul-19 Jul-20 Jul-21 Ju
Slide 12: Renewable Energy: income down 5%, EBITDA down 24%
Income 1 (SEKm) EBITDA (SEKm) EBITDA margin 2 -5% -24% Solid biofuels 636 177 27.7% 603 - Lower volumes due to the mild winter 134 22.2% - Higher cost for raw material + Higher prices Liquid biofuels - Lower prices for tall oil Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Wind - Lower electricity
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Slide 14: Income statement Q1 2025
Quarter SEKm Q1 2025 Q1 2024 Change Net sales 5,161 4,558 13% EBITDA 1,651 1,596 3% EBITDA margin 32.0% 35.0% -3.0 p.p. Depreciation and impairment -532 -519 3% EBIT 1,119 1,077 4% EBIT margin 21.7% 23.6% -1.9 p.p. Financial items -114 -123 Profit before tax 1,005 954 5% Tax -205 -165 Profit for the
Slide 15: Net sales and EBITDA by segment per quarter
Forest Wood Pulp Containerboard Renewable Energy Net Sales (SEKm) 2,486 2,147 2,085 2,052 2,323 1,940 1,774 2,239 1,635 1,584 1,597 1,618 1,674 1,506 1,524 1,416 1,498 2,169 2,099 1,093 636 531 603 448 435 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 '24 '24 '24 '24 '25
Slide 16: Net sales bridge Q1 2024 to Q1 2025
Higher prices for Wood, Containerboard and NBSK SEK +8% -1% 5,161m SEK 6% 4,558m +13% Net sales Q1 2024 Price/Mix Volume Currency Net sales Q1 2025 16
Slide 17: EBITDA bridge Q1 2024 to Q1 2025
3,000 Higher cost for Higher prices Wood, 2,500 wood raw material Containerboard and NBSK Capital gain, sale of Henvålen Q1 2024 +64 -147 2,000 +325 +32 -22 -197 SEK SEK 1,596m 1,651m 1,500 1,000 EBITDA margin EBITDA margin +3% 500 35.0% 32.0% 0 EBITDA Q1 2024 Price/Mix Volume Raw material Energy Cu
Slide 18: Cash flow Q1 2025
Quarter SEKm Q1 2025 Q1 2024 EBITDA 1,651 1,596 Revaluation of biological assets and other non cash flow items -447 -547 Operating cash surplus 1,204 1,049 Change in working capital -850 -96 Current capital expenditures -245 16 Other operating cash flow 376 -292 Operating cash flow 485 677 Strategic
Slide 19: Capital employed, net debt and equity
SEKm Mar 31, 2025 Dec 31, 2024 Forest assets 107,361 107,329 Working capital 5,613 4,768 Deferred tax relating to forest assets -21,205 -21,155 Other capital employed 24,228 23,978 Total capital employed 115,997 114,920 Net debt 10,999 10,885 Net debt/EBITDA 1.5x 1.5x Equity 104,998 104,035 Net debt
Slide 20: Summary
Summary Ulf Larsson, CEO WSCA
Slide 21: Summary of Q1 2025
Increased prices and higher delivery volumes compared to Q1 2024 High self sufficiency in wood raw materials, mitigating increasing wood raw material costs EBITDA increased 3% vs Q1 2024 Sales increased 13% vs Q1 2024 • Price/mix +6%, volume +8%, currency -1% Tariff uncertainty 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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