Slide 1: Q2 Report 2026
Q2 Report 2026
Slide 2: Highlights Q2
1 MSEK | - EBITDA Q2 Lower wood pric Highlights Q2 Stable demand in prioritised niches px ® ROTTNEROS
Slide 3: Rottneros
Rottneros ROTTNEROS Producer of softwood pulp for demanding customers Nasdaq Stockholm when it comes to purity and strength Since 1987 Small-cap Key figures • Net turnover 2 305 MSEK • Number employees 266 • Production volume 328 kton • 79% of pulp sales are generated from customers in prioritized n
Slide 4: Market
Market
Slide 5: Pulp Market
PULP MARKET A cyclical market SEK/tonne Pulp prices in SEK and days of stock Days stock 11 000 80 Exchange rate affecting 10 000 70 prices in SEK 9 000 60 8 000 50 Global producers’ stock 7 000 40 level for BSP 46 days 6 000 30 5 000 20 4 000 10 3 000 0 2019 2020 2021 2022 2023 2024 2025 2026 Days B
Slide 6: Production Europe
PRODUCTION EUROPE Compared to previous year 2% FY 2025 1-4 2026 1% Europe is Rottneros’ 0% main market -1% -2% -3% -4% 2025 - 2.5% -5% -6% 1-4 2026 - 1.7% -7% -8% -9% Newsprint Graphical paper Containerboard Other packaging Other Tissue Cartonboard Source: CEPI
Slide 7: Deliveries of Chemical Market Pulp
DELIVERIES OF CHEMICAL MARKET PULP Demand decrease by 2,3 % compared to previous year Other regions Europe FY 2025 1-5 2026 20% 22% 10% Latin America 5% 6% North America 0% 11% China 41% -5% -10% China’s share of the pulp market is -15% Europe China North America Latin America Other regions approx.
Slide 8: Europe is Rottneros' main market
EUROPE IS ROTTNEROS’ MAIN MARKET Production of paper and board in Europe decreased by -1.7% Jan-Apr 2026 Rottneros’ delivery volumes to Europe increased by 2.8% Jan-Jun 2026 * Deliveries based on turnover
Slide 9: Q2 2026 Lower costs, improved margins
Q2 2026 Lower costs, improved margins
Slide 10: EBITDA Q2 2026 vs. Q2 2025
EBITDA Q2 2026 VS. Q2 2025 (MSEK) 80 Lower prices, 22 stronger SEK 60 82 40 31 -33 Cost of wood 20 0 -20 -15 Fixed cost focus -40 -24 -1 -60 EBITDA Price Volume, Variable Fixed Other EBITDA Q2 2025 and change costs costs Q2 2026 currency inventory
Slide 11: EBITDA Jan-Jun 2026 vs. Jan-Jun 2025
EBITDA JAN-JUN 2026 VS. JAN-JUN 2025 (MSEK) 40 Lower prices, 48 stronger SEK 20 0 128 -35 -6 -20 Production lower -40 than planned -42 -60 -80 -100 Lower costs -120 -75 -140 -30 -160 EBITDA Price Volume, Variable Fixed Other EBITDA H1 2025 and change costs costs H1 2026 currency inventory
Slide 12: Wood is the single largest cost item
Wood is the single largest cost item Cost structure H1 2026 6% 1% Wood 19% Other variable Personnel 45% Other costs 11% Depreciation Financial net 18%
Slide 13: Balance Sheet
BALANCE SHEET MSEK % Operational cash flow Net debt Equity/assets % 600 100 500 90 Improved EBITDA 400 80 300 70 200 60 Increased working 100 50 capital 0 40 -100 30 -200 20 -300 10 Low investment level -400 0 -500 -10 -600 -20
Slide 14: Summary
SUMMARY
Slide 15: Trends favoring pulp
Trends favoring pulp ELECTRIFICATION SUSTAINABILITY E-COMMERCE TISSUE
Slide 16: Rottneros' pulp sales per application
Rottneros’ pulp sales per application Sales of pulp H1 2026 (FY 2025) FIBER CEMENT 3% 3% 4% PRINTING & WRITING (3) (3) OTHER (6%) CARTONBOARD TISSUE 18% 12% (24) (11%) 12% SPECIALITIES (12) 24% ELECTROTECHNICAL FILTER 24% (21) (20)
Slide 17: Summary
SUMMARY Good demand in niches Wood prices Cost reduction efforts continue Cos
Slide 18: Q&A
Q&A Per Bjurbom President and CEO Monica Pasanen CFO