Svenska Cellulosa Ab Sca Class A · OMXSTO:SCA_A
Svenska Cellulosa Ab Sca Class A — SCA — Q3 2026 Earnings Presentation
23 slides from Svenska Cellulosa Ab Sca Class A's earnings presentation, Oct 23, 2026
Slide 1: Interim Report Presentation Q3 2026
Interim Report Presentation Q3 2026 October 23, 2026
Slide 2: Ulf Larsson, CEO
Ulf Larsson, CEO
Slide 3: Summary Q3 2026
Summary Q3 2026 Result increased sequentially and was in line with Q3 2025 • Sales +5% vs Q3 2025 • EBITDA -1% vs Q3 2025 Mixed market conditions • Strong containerboard market with higher prices • Continued strong result for Renewable Energy • Still weak market conditions for Pulp and Wood 3
Slide 4: SCA's performance Q3 2026
SCA’s performance Q3 2026 EBITDA (SEKm) Industrial ROCE 1 EBITDA (SEKm) and EBITDA margin 1,631 0.5% 2,010 2,033 -1% 1,649 1,651 1,644 1,631 EBITDA margin Net debt/EBITDA 31.1% 2.0x 1,303 1,236 1,107 38% 38% 32% 32% 33% 31% EBIT margin Net debt/Equity 25% 23% 25% 20.0% 10.4% Q3 '24 Q4 '24 Q1 '25 Q2
Slide 5: Forest Q3 2026 vs. Q3 2025
Forest Q3 2026 vs. Q3 2025 Net sales (SEKm) EBITDA (SEKm) EBITDA margin -1% -23% Balanced availability of wood raw material 2,390 2,363 912 38.2% 702 29.7% Sales down 1% - Lower prices on pulpwood + Higher delivery volumes to SCAs industries EBITDA down 23% Q3 2025 Q3 2026 Q3 2025 Q3 2026 Q3 2025 Q3
Slide 6: Wood Q3 2026 vs. Q3 2025
Wood Q3 2026 vs. Q3 2025 Net sales (SEKm) EBITDA (SEKm) EBITDA margin -6% -50% Sales down 6% 1,544 232 15.0% 1,446 - Lower delivery volumes 117 8.1% EBITDA down 50% - Increased cost for wood raw materials - Lower delivery volumes Q3 2025 Q3 2026 Q3 2025 Q3 2026 Q3 2025 Q3 2026 - Higher distribution
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 Spruce 3,000 190 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 Q3 2026 vs. Q3 2025
Pulp Q3 2026 vs. Q3 2025 Net sales (SEKm) EBITDA (SEKm) EBITDA margin +7% -18% 242 Sales up 7% 1,764 14.6% 1,651 198 + Higher delivery volumes 11.2% - Lower prices EBITDA down 18% - Lower prices + Lower cost for raw materials Q3 2025 Q3 2026 Q3 2025 Q3 2026 Q3 2025 Q3 2026 + Strong production Price
Slide 9: Pulp market development
Pulp market development NBSK pulp price (USD/t) vs deliveries (Mt) Hardwood pulp inventories (days of supply) 16 1,800 80 1,600 70 15 1,400 60 Average 50 14 1,200 40 1,000 13 30 800 20 Apr-18 Jul-18 Oct-18 Apr-19 Jul-19 Oct-19 Apr-20 Jul-20 Oct-20 Apr-21 Jul-21 Oct-21 Apr-22 Jul-22 Oct-22 Apr-23 Jul
Slide 10: Containerboard Q3 2026 vs. Q3 2025
Containerboard Q3 2026 vs. Q3 2025 Net sales (SEKm) EBITDA (SEKm) EBITDA margin +12% +130% Strong market development for containerboard 1,973 446 22.6% 1,755 Sales up 12% + Higher delivery volumes 194 11.0% + Higher prices EBITDA up 130% + Lower cost for planned maintenance stops Q3 2025 Q3 2026 Q3
Slide 11: Containerboard market development
20 25 30 35 40 45 50 1,000 1,100 500 600 700 800 900 Jan-18 Apr-18 Jan-18 Jul-18 Apr-18 Oct-18 Jul-18 Jan-19 Oct-18 Apr-19 Jan-19 Apr-19 Source: Euwid, Numera, Cepi. Jul-19 Oct-19 Jul-19 Jan-20 Oct-19 Apr-20 Jan-20 Apr-20 Jul-20 Jul-20 Oct-20 Oct-20 Jan-21 Jan-21 Apr-21 Apr-21 Jul-21 Jul-21 Oct-21 O
Slide 12: Renewable energy Q3 2026 vs. Q3 2025
Renewable energy Q3 2026 vs. Q3 2025 Income 1 (SEKm) EBITDA (SEKm) EBITDA margin 2 +27% +154% Higher result mainly driven by liquid biofuels 478 201 42.1% 377 Liquid biofuels + Increased prices 21.0% 79 + Higher production in the biorefinery Wind + Higher delivery volumes Q3 2025 Q3 2026 Q3 2025 Q3
Slide 13: Andreas Ewertz, CFO
i a ih Andreas Eerie. CFO USSCA
Slide 14: Income statement
Income statement Quarter SEKm Q3 2026 Q3 2025 Change Net sales 5,248 4,993 5% EBITDA 1,631 1,644 -1% EBITDA margin 31.1% 32.9% -1.8p.p. Depreciation and impairment -584 -532 10% EBIT 1,047 1,112 -6% EBIT margin 20.0% 22.3% -2.3p.p. Financial items -102 -103 Profit before tax 945 1,009 -6% Tax -173 -
Slide 15: Development per segment and quarter
Development per segment and quarter Forest Wood Pulp Containerboard Renewable Energy Net Sales (SEKm) 2,544 2,547 2,480 2,390 2,363 1,973 1,651 1,758 1,623 1,735 1,764 1,755 1,744 1,735 1,828 1,544 1,524 1,446 1,350 1,303 577 662 519 478 377 Q3 Q4 Q1 Q2 Q3 Q3 Q4 Q1 Q2 Q3 Q3 Q4 Q1 Q2 Q3 Q3 Q4 Q1 Q2 Q
Slide 16: Net sales Q3 2026 vs. Q3 2025
Net sales Q3 2026 vs. Q3 2025 Lower prices for Pulp, Higher volumes for Pulp higher prices in and Containerboard, Containerboard lower volumes in Wood 6,000 SEK SEK 9% -1% 5,248m 4,993m -3% 5,000 4,000 3,000 2,000 5% 1,000 0 Net sales Q3 2025 Price/Mix Volume Currency Net sales Q3 2026 16
Slide 17: EBITDA Q3 2026 vs. Q3 2025
EBITDA Q3 2026 vs. Q3 2025 Lower costs for planned maintenance stops and Lower prices for Pulp, repayment of tariffs, offset by higher prices in higher distribution cost Containerboard 2,000 SEK SEK 1,644m -154 +142 1,631m +53 +7 -4 -57 1,500 1,000 EBITDA margin EBITDA margin 500 -1% 32.9% 31.1% 0 E
Slide 18: Cash flow
Cash flow Quarter Jan – Sep SEKm Q3 2026 Q3 2025 2026 2025 EBITDA 1,631 1,644 4,041 5,328 Revaluation of biological assets and other non cash flow items -497 -446 -1,474 -1,339 Operating cash surplus 1,134 1,198 2,567 3,989 Change in working capital -322 296 -67 -840 Current capital expenditures -36
Slide 19: Balance sheet
Balance sheet SEKm Sep 30, 2026 Dec 31, 2025 Forest assets 104,694 103,766 Working capital 5,418 5,344 Deferred tax relating to forest assets -20,653 -20,467 Other capital employed 22,899 23,817 Total capital employed 112,358 112,460 Net debt 10,627 10,939 Net debt/EBITDA 2.0x 1.7x Equity 101,731 10
Slide 20: Summary
Summary Ulf Larsson, CEO WSCA
Slide 21: Summary Q3 2026
Summary Q3 2026 Result increased sequentially and was in line with Q3 2025 • Sales +5% vs Q3 2025 • EBITDA -1% vs Q3 2025 Mixed market conditions • Strong containerboard market with higher prices • Continued strong result for Renewable Energy • Still weak market conditions for Pulp and Wood 21
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