Svenska Cellulosa Ab Sca Class A · OMXSTO:SCA_A
Svenska Cellulosa Ab Sca Class A — Svenska Cellulosa Aktiebolaget SCA — Q2 2026 Earnings Presentation
23 slides from Svenska Cellulosa Ab Sca Class A's earnings presentation, Jul 22, 2026
Slide 1: Interim Report Presentation Q2 2026
Interim Report Presentation Q2 2026 July 22, 2026
Slide 2: Ulf Larsson, CEO
“2 = UIf Larsson, CEO
Slide 3: Summary Q2 2026
Summary Q2 2026 Mixed market conditions: • Weak market for Pulp and Wood • Record results Renewable Energy • Improving demand and prices for Containerboard Sales decreased 4% vs Q2 2025 • Price/mix -4%, volume 4%, currency -4% EBITDA decreased 36% vs Q2 2025 3
Slide 4: SCA's performance Q2 2026
SCA’s performance Q2 2026 EBITDA (SEKm) Industrial ROCE 1 EBITDA (SEKm) and EBITDA margin 1,303 -0.2% 2,010 2,033 -36% 1,888 1,649 1,651 1,644 EBITDA margin Net debt/EBITDA 25.3% 2.1x 1,303 1,236 1,107 38% 38% 36% 32% 32% 33% EBIT margin Net debt/Equity 25% 23% 25% 14.0% 10.7% Q2 '24 Q3 '24 Q4 '24 Q
Slide 5: Forest Q2 2026 vs. Q2 2025
Forest Q2 2026 vs. Q2 2025 Net sales (SEKm) EBITDA (SEKm) EBITDA margin -19% -2% Balanced availability of wood raw material 2,542 2,480 1,070 42.1% 866 34.9% Sales down 2% - Lower delivery volumes to SCAs sawmills EBITDA down 19% - Higher fuel prices Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 -
Slide 6: Wood Q2 2026 vs. Q2 2025
Wood Q2 2026 vs. Q2 2025 Net sales (SEKm) EBITDA (SEKm) EBITDA margin -12% -71% Sales down 12% 1,733 310 17.9% 1,524 - Lower delivery volumes 5.8% EBITDA down 71% 89 - Increased cost for wood raw materials - Lower delivery volumes Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 - Negative currency e
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 Q2 2026 vs. Q2 2025
Pulp Q2 2026 vs. Q2 2025 Net sales (SEKm) EBITDA (SEKm) EBITDA margin -3% -59% 261 Sales down 3% 1,794 1,735 14.5% - Lower prices - Negative currency effects 107 6.2% + Higher delivery volumes EBITDA down 59% - Lower prices Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 - Negative currency effects
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 50 Average 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 Q2 2026 vs. Q2 2025
Containerboard Q2 2026 vs. Q2 2025 Net sales (SEKm) EBITDA (SEKm) EBITDA margin 0% -70% Stable sales 1,819 1,828 451 24.8% + Higher delivery volumes - Lower prices - Negative currency effects 135 7.4% EBITDA down 70% - Planned maintenance stop in Obbola Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 202
Slide 11: Containerboard market development
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 Source: Euwid, Numera, Cepi. Jul-19 Apr-19 Oct-19 Jul-19 Jan-20 Oct-19 Jan-20 Apr-20 Apr-20 Jul-20 Jul-20 Average Oct-20 Oct-20 Jan-21 Jan-21 Apr-21 Apr-21 Jul-21 Jul-21 Kraftl
Slide 12: Renewable energy Q2 2026 vs. Q2 2025
Renewable energy Q2 2026 vs. Q2 2025 Income 1 (SEKm) EBITDA (SEKm) EBITDA margin 2 +5% +149% High prices for liquid biofuels 494 519 217 41.8% Liquid biofuels + Higher prices for liquid biofuels 87 17.8% + Higher delivery volumes of tall oil Wind + Higher electricity prices Q2 2025 Q2 2026 Q2 2025 Q
Slide 13: Andreas Ewertz, CFO
Andreas Ewertz , CFO
Slide 14: Income statement
Income statement Quarter SEKm Q2 2026 Q2 2025 Change Net sales 5,153 5,380 -4% EBITDA 1,303 2,033 -36% EBITDA margin 25.3% 37.8% -12.5 p.p. Depreciation and impairment -579 -529 9% EBIT 724 1,504 -52% EBIT margin 14.0% 28.0% -14.0 p.p. Financial items -90 -114 Profit before tax 634 1,390 -54% Tax -1
Slide 15: Development per segment and quarter
Development per segment and quarter Forest Wood Pulp Containerboard Renewable Energy Net Sales (SEKm) 2,542 2,544 2,547 2,480 2,390 1,794 1,819 1,755 1,744 1,735 1,828 1,733 1,544 1,651 1,758 1,623 1,735 1,524 1,350 1,303 577 662 494 519 377 Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q
Slide 16: Net sales Q2 2026 vs. Q2 2025
Net sales Q2 2026 vs. Q2 2025 Lower prices for Pulp Higher volumes for Pulp and Containerboard and Containerboard 6,000 SEK 5,380m -4% 4% -4% SEK 5,153m 5,000 4,000 3,000 2,000 -4% 1,000 0 Net sales Q2 2025 Price/Mix Volume Currency Net sales Q2 2026 16
Slide 17: EBITDA Q2 2026 vs. Q2 2025
EBITDA Q2 2026 vs. Q2 2025 Lower prices for Pulp and Containerboard SEK 2,033m -229 2,000 Planned maintenance stops +32 -154 and higher fuel costs +21 -204 -196 1,500 SEK 1,303m 1,000 EBITDA margin EBITDA margin 500 -36% 37.8% 25.3% 0 EBITDA Q2 2025 Price/Mix Volume Raw material Energy Currency Othe
Slide 18: Cash flow
Cash flow Quarter Jan – June SEKm Q2 2026 Q2 2025 2026 2025 EBITDA 1,303 2,033 2,410 3,684 Revaluation of biological assets and other non cash flow items -498 -446 -977 -893 Operating cash surplus 805 1,587 1,433 2,791 Change in working capital -43 -286 255 -1,136 Current capital expenditures -285 -
Slide 19: Balance sheet
Balance sheet SEKm Jun 30, 2026 Dec 31, 2025 Forest assets 104,393 103,766 Working capital 5,091 5,344 Deferred tax relating to forest assets -20,579 -20,467 Other capital employed 23,148 23,817 Total capital employed 112,053 112,460 Net debt 10,859 10,939 Net debt/EBITDA 2.1x 1.7x Equity 101,194 10
Slide 20: Summary
Summary Ulf Larsson, CEO WSCA
Slide 21: Summary Q2 2026
Summary Q2 2026 Mixed market conditions: • Weak market for Pulp and Wood • Record results Renewable Energy • Improving demand and prices for Containerboard Sales decreased 4% vs Q2 2025 • Price/mix -4%, volume 4%, currency -4% EBITDA decreased 36% vs Q2 2025 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
Svenska Cellulosa Aktiebolaget SCA — Q2 2026 Earnings Presentation on 6ix