Nordic Paper Holding AB — Q1 2025 Earnings Presentation
16 slides from Nordic Paper Holding AB's earnings presentation, Apr 29, 2025
Slide 1: Stable performance in the first quarter
Stable performance in the first quarter Nordic Paper interim report Q1 2025 Anita Sjölander, CEO Niclas Eriksson, CFO Henrik Essén, Head of IR
Slide 2: Stable performance in the first quarter
Stable performance in the first quarter • Overall healthy demand • Net sales increased 6% to SEK 1,277m (1,209m). • Sales prices 6% higher than Q1 2024. • EBITDA at SEK 231m (231m) and margin of 18.1% (19.1%). • Strong performance in Natural Greaseproof, again with new records for net sales, EBITDA
Slide 3: Net sales increased 6% while EBITDA remained unchanged
Net sales increased 6% while EBITDA remained unchanged SEK SEK 1,277 m 1400 1,209 m 35 1200 30 1000 25 ✓ Net sales SEK 1,277m (+6%) 800 20 ✓ EBITDA SEK 231m (0%) 600 15 ✓ EBITDA margin 18.1% (-1.0 p.p.) 400 10 200 5 0 0 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2023 2024 2025 Net sales, SEKm EBITDA margin,%
Slide 4: Decrease in sales volumes from all-time-high of Q1 2024
Decrease in sales volumes from all-time-high of Q1 2024 -4% ktonnes 90 80 70 60 50 40 30 20 10 0 Q2 2023 Q3 Q4 Q1 2024 Q2 Q3 Q4 Q1 2025
Slide 5: Kraft Paper - Increased net sales but lower EBITDA
Kraft Paper - Increased net sales but lower EBITDA SEKm Kraft Paper net sales and EBITDA margin % 800 40 700 35 ✓ Net sales SEK 625m, an increase by 5% compared to Q1 2024. 600 30 500 25 ✓ Sales volumes decreased 5% from the all-time- high level of Q1 2024. 400 20 300 15 ✓ Sales prices 6% higher com
Slide 6: Natural Greaseproof excels
Natural Greaseproof excels Natural Greaseproof net sales and EBITDA margin SEKm % 800 40 ✓ Net sales increased by 7% to SEK 669m, a 700 35 new quarterly record. 600 30 ✓ Sales prices 7% up compared to Q1 2024 and 500 25 sales volumes unchanged. 400 20 ✓ In total slight negative impact on EBITDA 300
Slide 7: Strong price performance drives higher net sales
Strong price performance drives higher net sales Net sales bridge Q1 2025 SEKm 78 7 1 277 1 209 -17 Net sales Volume and Price Currency Net sales Q1 2024 product mix Q1 2025
Slide 8: Higher sales prices mitigate higher costs and currency effects
Higher sales prices mitigate higher costs and currency effects SEKm EBITDA bridge Q1 2025 78 -41 -11 231 4 -13 231 -16 EBITDA Volume and Price Variable costs Fixed costs Currency Other EBITDA Q1 2024 product mix Q1 2025
Slide 9: Nordic Paper has low net exposure to USD
Nordic Paper has low net exposure to USD Net exposure by main currency, rolling 12 month backwards, April 2024-March 2025 160 • Main currency exposure in EUR/SEK. 140 • Term loan converted to EUR during the first 120 quarter reduces EUR exposure. Local currency, million • Purchasing in USD mitigates
Slide 10: Strong net sales in the quarter increase working capital
Strong net sales in the quarter increase working capital Working capital Cash flow from operating activities SEKm % SEKm SEKm 12m 750 15 400 800 600 14 300 600 450 13 200 400 300 12 100 200 150 11 0 0 0 10 -100 -200 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2024 2025 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2024 2025 Working capital,
Slide 11: Stable financial position
Stable financial position SEKm 1400 4,5 4 1200 ✓ Net debt increased to SEK 1,285m (957m) 3,5 1000 impacted by investments in Bäckhammar. 3 800 2,5 ✓ Net debt/EBITDA 1.6 (1.3) 600 2 1,5 400 1 200 0,5 0 0 Q2 2023 Q3 Q4 Q1 2024 Q2 Q3 Q4 Q1 2025 Net debt, SEKm Net debt/EBITDA 12 m
Slide 12: Ongoing Bäckhammar investments proceeding according to plan
Ongoing Bäckhammar investments proceeding according to plan SEKm Investments 250 200 150 100 50 0 Q2 2023 Q3 Q4 Q1 2024 Q2 Q3 Q4 Q1 2025 Bäckhammar investments in Other investments wood room and electrostatic filter • The ongoing Bäckhammar investments are expected to add SEK 100m to EBITDA with ful
Slide 13: Decision on up to SEK 450m environmental investments at Bäckhammar
Decision on up to SEK 450 m environmental investments at Bäckhammar • Bäckhammar sources water from lake Vänern through a pipe and returns it through Visman stream. • Investments include a pipe for purified effluent water back to the lake. • Bäckhammar will disconnect from Visman, supporting its ret
Slide 14: Outlook
Outlook The company assesses that • demand for Nordic Paper products in Q2 will remain healthy. • product prices will increase slightly in Kraft Paper and remain unchanged in Natural Greaseproof. • raw material prices will in total be stable.
Slide 15: Q&A
Q&A
Slide 16: Summary
Summary • Overall demand remained healthy in the quarter and net sales increased by 6% to SEK 1,277m (1,209m). • Sales prices 6% higher than Q1 2024. • EBITDA at SEK 231m (231m), corresponding to a margin of 18.1% (19.1%). The company assesses that • demand for Nordic Paper products in Q2 will remai