Rottneros Ab · OMXSTO:RROS

Rottneros Ab — Q2 2025 Earnings Presentation

19 slides from Rottneros Ab's earnings presentation, Aug 12, 2025

1. Slide 1: Q2 report 2025

   Q2 report 2025 August 12, 2025 Lennart Eberleh President and CEO Monica Pasanen CFO

2. Slide 2: Highlights Q2

   MSEK EBITDA Q2 2025 High raw material costs Highlights Q2 aw U O KTONNES Rights issue, High production, Q2 2025 approx. 300 MSEK px ® ROTTNEROS

3. Slide 3: Market

   Market High uncertainty

4. Slide 4: Supply and demand

   SUPPLY AND DEMAND Producers’ inventories and price USD/tonne Days of producers’ inventories 1 200 76 Excess supply, market curtailments 1 100 69 1 000 62 900 55 Good demand in our 800 48 niches 700 41 600 34 500 27 400 20 2018 2019 2020 2021 2022 2023 2024 2025 Days Net price (USD/tonne) Source: TTO

5. Slide 5: Pulp market

   PULP MARKET A cyclical market SEK/tonne Pulp prices in SEK SEK/tonne 11 000 11 000 Weaker demand 10 000 10 000 9 000 9 000 8 000 8 000 Uncertain exchange rates and tariffs 7 000 7 000 6 000 6 000 5 000 5 000 4 000 4 000 3 000 3 000 2019 2020 2021 2022 2023 2024 2025 Source: TTO, Riksbanken NBSK Euro

6. Slide 6: Production Europe

   PRODUCTION EUROPE Compared to previous year 15% 2024 Jan-May 2025 Europe is Rottneros’ 10% main market 5% 0% 2024 5.4% -5% Jan-May 2025 -0.9% -10% -15% Newsprint Other packaging Graphical paper Containerboard Other Tissue Cartonboard Source: CEPI

7. Slide 7: European paper and board production

   EUROPEAN PAPER AND BOARD PRODUCTION Source: Cepi, July 2025

8. Slide 8: Deliveries of chemical market pulp

   DELIVERIES OF CHEMICAL MARKET PULP Compared to previous year 2024 Jan - May 2025 15% Demand increased 10% by 3.0% 5% 0% China’s share of the pulp market is -5% approx. 40% -10% -15% Europe North America Latin America China Other markets Source: PPPC

9. Slide 9: Rottneros' pulp sales per application

   Rottneros’ pulp sales per application Sales of pulp Jan-Jun 2025 (FY 2024) 3% 4% PRINTING & WRITING FIBER CEMENT 4% (3) OTHER (1%) (3) CARTONBOARD TISSUE 10% (11%) 18% (22) 13% SPECIALITIES (13) 23% ELECTROTECHNICAL FILTER 25% (23) (22)

10. Slide 10: Result

    Result Strengthened balance sheet

11. Slide 11: EBITDA Q2 2025 vs. Q2 2024

    EBITDA Q2 2025 VS. Q2 2024 (MSEK) 80 Lower prices 65 60 40 -19 Cost of wood 20 -21 0 18 Write down of 140 -20 -15 -46 MSEK -12 -40 Q2 2024 Price Volume, Variable Fixed Other Q2 2025 and change costs costs currency finished goods

12. Slide 12: EBITDA Jan-Jun 2025 vs. Jan-Jun 2024

    EBITDA JAN-JUN 2025 VS. JAN-JUN 2024 (MSEK) 120 Lower prices 100 100 80 -9 -17 60 Cost of wood 40 20 0 -20 -83 Good production -40 2 -35 -42 -60 Jan-Jun 2024 Price Volume, Variable Fixed Other Jan-Jun 2025 and change costs costs currency finished goods

13. Slide 13: Higher wood costs

    Higher wood costs 3% 2% Variable costs for pulp Jan-Jun 2025 6% Wood 13% Chemicals Fuel Electricity Others 76%

14. Slide 14: Balance sheet

    BALANCE SHEET MSEK % 600 100 Operational cash flow Net debt Equity/assets % 500 90 Rights issue 400 80 300 70 200 60 100 50 Working capital 0 40 -100 30 -200 20 -300 10 Financing facilities -400 0 -500 -10 -600 -20

15. Slide 15: The way ahead

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16. Slide 16: Trends favoring pulp

    Trends favoring pulp RENEWABLE TISSUE E-COMMERCE SUSTAINABILITY ENERGY

17. Slide 17: Innovation and development

    INNOVATION AND DEVELOPMENT Rottneros Packaging JV Poland Blue Ocean Closures

18. Slide 18: Summary

    SUMMARY Rights issue Stable operations Wood raw material

19. Slide 19: Questions and answers

    Lennart Eberleh President and CEO Monica Pasanen CFO Questions and answers

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