Svenska Cellulosa Ab Sca Class A · OMXSTO:SCA_A
Svenska Cellulosa Ab Sca Class A — Svenska Cellulosa Aktiebolaget SCA — Q3 2025 Earnings Presentation
23 slides from Svenska Cellulosa Ab Sca Class A's earnings presentation, Oct 24, 2025
Slide 1: Interim Report, October 24, 2025
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Slide 2: Ulf Larsson, CEO
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Slide 3: Solid result in a challenging environment
Solid result in a challenging environment EBITDA decreased 18% vs Q3 2024 • Planned maintenance stops at three mills • Lower prices in the Pulp segment • Negative currency effects Sales decreased 5% vs Q3 2024 • Price/mix -2%, volume +1%, currency -4% 3
Slide 4: EBITDA (SEKm) and EBITDA margin
EBITDA (SEKm) Industrial ROCE 1 EBITDA (SEKm) and EBITDA margin 1,644 6.1% 2,010 -18% 2,033 1,888 1,635 1,649 1,651 1,644 EBITDA margin Net debt/EBITDA 1,596 1,417 32.9% 1.7x 37% 38% 38% 35% 36% 33% 32% 32% 33% EBIT margin Net debt/Equity 22.3% 11.2% Q3 '23 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25
Slide 5: Stable wood supply to industries
Net sales (SEKm) EBITDA (SEKm) EBITDA margin +14% +17% Stable wood supply to industries 2,390 912 37.0% 38.2% 2,099 777 Sales up 14% + Higher prices + Higher delivery volumes EBITDA up 17% Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 + Higher prices Price development – Pulpwood and Sawlogs 130 12
Slide 6: Increased cost for sawlogs
Net sales (SEKm) EBITDA (SEKm) EBITDA margin +1% -19% Increased cost for sawlogs 1,524 1,544 288 18.9% 232 15.0% Sales up 1% + Higher prices - Negative currency effects EBITDA down 19% Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 - Increased cost for wood raw materials - Negative currency effects
Slide 7: Sawn wood stock, price and production
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 340 290 4,000 240 Spruce 3,000 190 Pine 140 2,000 90 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 J
Slide 8: Sales down 21%, EBITDA down 57%
Net sales (SEKm) EBITDA (SEKm) EBITDA margin -21% -57% Sales down 21% 2,085 562 27.0% - Lower prices 1,651 - Lower delivery volumes 14.6% 242 - Negative currency effects EBITDA down 57% Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 - Lower prices Price development – NBSK - Negative currency effect
Slide 9: NBSK pulp price and inventories
NBSK pulp price (USD/t) vs deliveries (Mt) Hardwood pulp inventories (days of supply) 15.5 1,800 80 15.0 1,600 70 14.5 1,400 60 14.0 1,200 50 Average 13.5 1,000 40 13.0 800 30 12.5 600 20 Apr-17 Apr-18 Apr-19 Apr-20 Apr-21 Apr-22 Apr-23 Apr-24 Apr-25 Jul-17 Oct-17 Jul-18 Oct-18 Jul-19 Oct-19 Jul-20
Slide 10: Strong production and lower specific costs
Net sales (SEKm) EBITDA (SEKm) EBITDA margin +10% -39% Strong production and lower specific costs 1,755 318 19.9% 1,597 Sales up 10% 194 + Higher delivery volumes 11.0% + Higher prices - Negative currency effects EBITDA down 39% Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 - Planned maintenance s
Slide 11: Kraftliner price, inventories and box demand
20 25 30 35 40 45 50 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 Jul-19 Apr-19 Jul-19 Source: Euwid, Numera, Cepi. Oct-19 Oct-19 Jan-20 Jan-20 Apr-20 Apr-20 Jul-20 Jul-20 Oct-20 Oct-20 Jan-21 Jan-21 Apr-21 Apr-21 Kraftliner inventories (days
Slide 12: Renewable Energy: solid biofuels, liquid biofuels, wind
Income 1 (SEKm) EBITDA (SEKm) EBITDA margin 2 -13% -20% Solid biofuels 435 99 22.9% 377 21.0% - Lower prices 79 - Lower delivery volumes Liquid biofuels + Higher production in the biorefinery - Lower prices for tall oil Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Wind - Lower electricity prices
Slide 13: Slide 13
Slide 14: Quarter income statement, Q3 2025
Quarter SEKm Q3 2025 Q3 2024 Change Net sales 4,993 5,248 -5% EBITDA 1,644 2,010 -18% EBITDA margin 32.9% 38.3% -5.4 p.p. Depreciation and impairment -532 -534 0% EBIT 1,112 1,476 -25% EBIT margin 22.3% 28.1% -5.8 p.p. Financial items -103 -131 Profit before tax 1,009 1,345 -25% Tax -177 -275 Profit
Slide 15: Net sales and EBITDA by segment
Forest Wood Pulp Containerboard Renewable Energy Net Sales (SEKm) 2,486 2,542 2,390 2,085 2,052 2,323 1,940 2,099 1,733 1,794 1,819 1,755 1,524 1,416 1,498 1,544 1,651 1,597 1,618 1,674 531 603 494 435 377 Q3 Q4 Q1 Q2 Q3 Q3 Q4 Q1 Q2 Q3 Q3 Q4 Q1 Q2 Q3 Q3 Q4 Q1 Q2 Q3 Q3 Q4 Q1 Q2 Q3 '24 '24 '25 '25 '25
Slide 16: Net sales bridge Q3 2024 to Q3 2025
Lower prices for Pulp 6,000 SEK 5,248m -2% +1% -4% SEK 4,993m 5,000 4,000 3,000 2,000 -5% 1,000 0 Net sales Q3 2024 Price/Mix Volume Currency Net sales Q3 2025 16
Slide 17: EBITDA bridge Q3 2024 to Q3 2025
3,000 Higher cost for wood raw material mitigated by high degree of self-sufficiency Lower prices for Pulp 2,500 Planned maintenance stops SEK 2,010m -99 2,000 +14 -57 +37 -169 -92 SEK 1,644m 1,500 1,000 EBITDA margin EBITDA margin -18% 500 38.3% 32.9% 0 EBITDA Q3 2024 Price/Mix Volume Raw material
Slide 18: Cash flow, Q3 and Jan–Sep
Quarter Jan – Sep SEKm Q3 2025 Q3 2024 2025 2024 EBITDA 1,644 2,010 5,328 5,494 Revaluation of biological assets and other non cash flow items -446 -469 -1,339 -1,453 Operating cash surplus 1,198 1,541 3,989 4,041 Change in working capital 296 -600 -840 -1,330 Current capital expenditures -302 -381
Slide 19: Capital employed, net debt and equity
SEKm Sep 30, 2025 Dec 31, 2024 Forest assets 107,995 107,329 Working capital 5,597 4,768 Deferred tax relating to forest assets -21,293 -21,155 Other capital employed 23,920 23,978 Total capital employed 116,219 114,920 Net debt 11,734 10,885 Net debt/EBITDA 1.7x 1.5x Equity 104,485 104,035 Net debt
Slide 20: Summary
Summary Ulf Larsson, CEO WSCA
Slide 21: Solid result in a challenging environment
Solid result in a challenging environment EBITDA decreased 18% vs Q3 2024 • Planned maintenance stops at three mills • Lower prices in the Pulp segment • Negative currency effects Sales decreased 5% vs Q3 2024 • Price/mix -2%, volume +1%, currency -4% 21
Slide 22: Slide 22
Slide 23: This presentation may contain 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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