Arctic Paper S.a. · GPW:ATC
Arctic Paper — Q3 2025 Earnings Presentation
26 slides from Arctic Paper's earnings presentation, Nov 6, 2025
Slide 1: Financial results Q3 2025
Financial results Q3 2025
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 Paper 4 Energy 2 Pulp 5 Financial performance 3 Packaging 6 Focus 3 Q3 2025 www.arcticpaper.com
Slide 4: Summary Q3 2025
SUMMARY Q3 2025 Arctic Paper Group Q3 2025 vs. Q3 2024 Net sales EBITDA Net debt/EBITDA* (PLN mn) (PLN mn) 796.2 819.3 38.9 77.3 1.54x - 0.08x (Q3 2025) (Q3 2024) (Q3 2025) (Q3 2024) (EOP Q3 2025) (EOP Q3 2024) • last 12 months 4 Q3 2025 www.arcticpaper.com
Slide 5: Market Summary Q3 2025
MARKET SUMMARY Q3 2025 Continued low global demand for pulp, paper, and packaging • Persistently high wood prices in Scandinavia • Turbulence in U.S. trade/tariff policy • Uncertainty regarding the rules and implementation timeline of the EU Deforestation Regulation (EUDR) • Growing import of pape
Slide 6: Pulp
PULP 6 Q3 2025 www.arcticpaper.com
Slide 7: Market Data: European pulp prices
PULP PIX INDEXES EUROPE (USD PER TONNE) MARKET DATA Pulp – European pulp prices 1 612 1 567 1 548 1 5511 496 1 498 1 483 1 429 1 370 1 397 1 240 1 244 1 440 1 380 1 380 AVERAGE PRICE Q3 2025 COMPARED TO Q3 2024 1 280 1 147 1 261 1 220 1 160 NBSK (long fiber): 6% lower 1 117 1 001 1 000 1 000 BHKP (s
Slide 8: Currencies Development
CURRIENCIES DEVELOPMENT USD/SEK, EUR/SEK USD/SEK – development EUR/SEK – development 11,25 11,00 11,50 10,75 10,50 11,25 10,25 10,00 11,00 9,75 9,50 9,25 10,75 USD/SEK EUR/SEK 8 Q3 2025 www.arcticpaper.com
Slide 9: Operating Data: Pulp production & deliveries
PULP PRODUCTION (1,000 TONNE) OPERATING DATA Pulp production & deliveries 90 93 91 90 91 87 89 91 86 84 80 75 73 73 Q3 2025 total production: 73k tons 19% LOWER THAN IN Q2 2025 19% LOWER THAN IN Q3 2024 PULP DELIVERIES (1,000 TONNE) 102 Q3 2025 total deliveries: 76k tons 91 87 90 89 87 85 83 16% LOW
Slide 10: Operating Data: Revenue and prices
PULP SALES REVENUE (SEK mn) OPERATING DATA 744 693 688 686 686 652 Revenue and prices 574 574 Total revenue Q3 2025 (SEK 574mn) DECREASED BY 21% COMPARED TO Q2 2025 PULP SALES REVENUE PER TONNE (SEK) Average price in Q3 2025 (SEK 7.5k per tonne) 8 356 8 532 7 661 7 896 7 523 DECREASED BY 6% COMPARED
Slide 11: Paper
PAPER 11 Q3 2025 www.arcticpaper.com
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 SEP 2025 COMPARED TO JUN 2025 1100 UWF average price change -3,1% 1000 CWF average price change -3,5% 900 800 700 SEP 2025 COMPARED TO SEP 2024 600 UWF average price change -7,0% CWF average price c
Slide 13: Operating Data: Production capacity and sales volume
PRODUCTION CAPACITY FOR ARCTIC PAPER MILLS OPERATING DATA 85% 86% 83% 71% 74% 73% 66% 70% 66%70% 69% 55% Average Q3 2025 use of production capacity: 83% 10% HIGHER THAN Q2 2025 Q3 2025 total sales volume: 129k tons 8% HIGHER THAN IN Q2 2025 PAPER SALES VOLUME 168 144 125 119 129 129 117 113 108 113
Slide 14: Operating Data: Paper sales revenue
PAPER SALES REVENUE (PLN mn) OPERATING DATA 1 042 722 701 590 562 579 576 562 576 Total revenue Q3 2025 (PLN 576mn) INCREASED BY 4,5% COMPARED TO Q2 2025 Average price Q3 2025 (PLN 4.46k) PAPER SALES REVENUE PER TONNE (PLN k)* DECREASED BY 3,4% COMPARED TO AVERAGE IN Q2 2025 6,19 6,39 5,46 4,87 5,01
Slide 15: Products
PRODUCTS ADVANCED OFFSET MOST COMPLETE MATT BIGGEST UNCOATED PRODUCTION COATED PAPER ASSORTMENT DESIGN BRAND IN HEART OF EUROPE • Top 3 brands in revenue share • No 1 in European High Quality Bookpaper Sales • No 1 in European Design Paper Sales 15 Q3 2025 www.arcticpaper.com
Slide 16: Markets: Geographical split of sales
MARKETS Geographical split of sales - Q3 2025 Outside Europe 4% Germany Poland Austria & CE UK & IE The Nordics Baltics Rest of Europe 21% 16% 12% 10% 8% 7% 9% France Benelux 9% 4% 16 Q1 Q3 2023 2025 www.arcticpaper.com www.arcticpaper.com
Slide 17: Client Structure
CLIENT STRUCTURE Market segments/products portfolio/target grups Printing Houses Customers who purchase the Group’s paper products directly. Merchants Brand Owners Customers who purchase, stock and distribute Indirect customers, who use our products. the Group’s paper for resale to other users. Publ
Slide 18: Packaging
PACKAGING 18 Q3 2025 www.arcticpaper.com
Slide 19: 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 production in Kostrzyn is now operational after a period of 0 trimming 2018 2019 2020 202
Slide 20: Power
POWER 20 Q3 2025 www.arcticpaper.com
Slide 21: Energy Segment - Ongoing Projects
ENERGY SEGMENT - ONGOING PROJECTS • Arctic Group has over 30 MW of PV installed capacity • Modernisation of biomass boiler (Grycksbo) according to the plan – start up end of 2025 - to reduce energy cost for paper production process • Wood pellet production line with capacity 50 kt/y (Grycksbo) accor
Slide 22: Financial Performance
FINANCIAL PERFORMANCE 22 Q3 2025 www.arcticpaper.com
Slide 23: EBITDA Evolution 2018 – 2025 (PLN mn)
EBITDA EVOLUTION 2018 – 2025 (PLN mn) 1 000 Q3 2025 EBITDA PLN 38.9mn 800 PLN 39mn HIGHER THAN Q2 2025 600 PLN 38mn LOWER THAN Q3 2024 400 200 0 2018 2019 2020 2021 2022 2023 2024 2025* -200 Paper Segment Pulp Segment * rolling 12 months 23 Q3 2025 www.arcticpaper.com
Slide 24: Net Debt/EBITDA 2021 – 2025
NET DEBT/EBITDA 2021 – 2025 Strong financial position 1,54 1,18 0,66 0,69 0,36 0,33 -0,02 -0,08 0,00 -0,22 -0,19 -0,28 -0,27 -0,30 -0,59 -0,73 -0,77 * rolling 12 months 24 Q3 2025 www.arcticpaper.com
Slide 25: Focus
FOCUS • Maximizing the use of emerging opportunities to develop sales in non-European markets • Taking advantage of new market opportunities resulting from decreasing competition in Europe • Continuation of implementing cost reduction and efficiency improvement program across the pulp, paper and ene
Slide 26: 4P For Future Arctic
4P For Future Arctic Paper Packaging Pulp Power 26 Q3 2025 www.arcticpaper.com