Arctic Paper S.a. · GPW:ATC
Arctic Paper — Q2 2026 Earnings Presentation
25 slides from Arctic Paper's earnings presentation, 2026
Slide 1: Financial results Q2 2026
Financial results Q2 2026
Slide 2: Disclaimer
DISCLAIMER Please read the information below carefully This presentation (the ‘Presentation’) the regulated market, in particular the appearance of unexpected facts or is no certainty that the estimates, was prepared by Arctic Paper SA (the regulated market operated by the W arsaw circumstances whic
Slide 3: Agenda
Agenda 1 Pulp 4 Power 2 Paper 5 Financial performance 3 Packaging 6 Focus 3 Q2 2026 www.arcticpaper.com
Slide 4: Summary Q2 2026
SUMMARY Q2 2026 Arctic Paper Group Q2 2026 vs. Q2 2025 Net sales EBITDA Paper/Pulp EBITDA (PLN mn) (PLN mn) (PLN mn) 750.8 833.5 8.6 0.01 -8/16 6/-6 (Q2 2026) (Q2 2025) (Q2 2026) (Q2 2025) (Q2 2026) (Q2 2025) Net debt/EBITDA* 0.51x - 0.38x (EOP Q2 2026) (EOP Q2 2025) • last 12 months based on Paper
Slide 5: Summary H1 2026
SUMMARY H1 2026 Arctic Paper Group H1 2026 vs. H1 2025 Net sales EBITDA Paper/Pulp EBITDA (PLN mn) (PLN mn) (PLN mn) 1 564.8 1 656.2 11.1 22.9 14/-3 38/-16 (H1 2026) (H1 2025) (H1 2026) (H1 2025) (H1 2026) (H1 2025) Net debt/EBITDA* 0.51x - 0.38x (EOP H1 2026) (EOP H1 2025) • last 12 months based on
Slide 6: Pulp
PULP 6 Q2 2026 www.arcticpaper.com
Slide 7: Pulp market - summary
PULP MARKET - SUMMARY • Gradual increase of NBSK pulp prices in USD, • Weakening of the SEK against the USD • Gradual decline in wood prices in Sweden, in line with our expectations • Cash flow and capital efficiency remain key priorities • Cost-saving programme progressing according to plan 7 Q2 20
Slide 8: Market data: European pulp prices
PULP PIX INDEXES EUROPE (USD PER TONNE) MARKET DATA 1 6531 651 NBSK [USD] Pulp – European pulp prices 1 617 BHKP [USD] 1 568 1 546 1 559 1 499 1 483 1 496 1 399 1 241 1 244 1 439 1 408 AVERAGE PRICE Q2 2026 COMPARED TO Q2 2025 1 148 1 262 1 280 1 220 1 160 1 120 1 100 NBSK (long fiber): 4,6% higher
Slide 9: Operating data: pulp production & deliveries
PULP PRODUCTION (1,000 TONNE) OPERATING DATA Pulp production & deliveries 91 91 92 90 92 86 90 83 81 75 73 Q2 2026 total production: 92k tons 13% higher than in Q1 2026 2% higher than in Q2 2025 PULP DELIVERIES (1,000 TONNE) Q2 2026 total deliveries: 85k tons 89 91 90 91 85 85 85 82 83 6% lower than
Slide 10: Operating data: revenue and prices
PULP SALES REVENUE (SEK mn) OPERATING DATA 711 726 726 Revenue and prices 626 587 612 612 Total revenue Q2 2026 (SEK 612mn) Decreased by 1,5% compared to Q1 2026 PULP SALES REVENUE PER TONNE (SEK) Average price in Q2 2026 (SEK 7.2k per tonne) 8 599 7 969 8 025 6 914 7 226 Increased by 4,5% compared
Slide 11: Paper
PAPER 11 Q2 2026 www.arcticpaper.com
Slide 12: Paper market - summary
PAPER MARKET - SUMMARY • Paper sales volumes stable • Strong competition between paper companies for orders in a difficult market • No visible recovery in paper demand across Europe • Pulp prices reached their maximum at the end of Q2, beginning of Q3 there was a tendency for BHKP pulp prices to fal
Slide 13: Market data: fine paper average market prices
GRAPHIC FINE PAPER PRICES – GERMAN MARKET MARKET DATA Fine paper average market prices 1400 1300 1200 JUN 2026 compared to MAR 2026 1100 UWF average price change +2,4% 1000 CWF average price change +2,4% 900 800 700 JUN 2026 compared to JUN 2025 600 UWF average price change -2,1% CWF average price c
Slide 14: Operating data: production capacity and sales volume
PRODUCTION CAPACITY FOR ARCTIC PAPER MILLS OPERATING DATA 83% 84% 80% 74% 73% 77% 66% 70% 69% Average Q2 2026 use of production capacity: 77% +3% higher than in Q2 2025 Q2 2026 total sales volume: 118k tons -1,4% lower than in Q2 2025 PAPER SALES VOLUME 137 129 125 119 120 119 116 118 118 114 112 14
Slide 15: Operating data: paper sales revenue
PAPER SALES REVENUE (PLN mn) OPERATING DATA 574 576 552 518 552 514 514 Total revenue Q2 2026 (PLN 514mn) Decreased by 10% compared to Q1 2026 PAPER SALES REVENUE PER TONNE (PLN k)* Average price Q2 2026 (PLN 4.37k) 5,04 4,97 4,62 Increased by 4,1% compared to average in Q1 2026 4,38 4,37 * price ch
Slide 16: Markets: geographical split of sales H1 2026
MARKETS Geographical split of sales – H1 2026 Outside Europe 4% Germany Poland Austria & CE The Nordics France Baltics Rest of Europe 19% 17% 11% 10% 8% 6% 11% UK & IE Benelux 10% 4% 16 Q1 Q2 2023 2026 www.arcticpaper.com www.arcticpaper.com
Slide 17: Packaging
PACKAGING 17 Q2 2026 www.arcticpaper.com
Slide 18: Development: packaging paper sales
PACKAGING PAPER SALES DEVELOPMENT (t) DEVELOPMENT 20 000 STABLE SALES OF PACKAGING PAPERS 16 000 Munken Kraft Uncoated packaging paper 12 000 G-Flexmatt 8 000 Coated packaging paper 4 000 The moulded fibre tray The pulp tray production facility in Kostrzyn has entered 0 commercial production. The tr
Slide 19: Power
POWER 19 Q2 2026 www.arcticpaper.com
Slide 20: Power segment
POWER SEGMENT • Construction of an electrical boiler is underway in Kostrzyn. It will use lower-cost renewable electricity during periods of low energy prices. The boiler is scheduled to become operational in Q2 2027. • Sales of pellets produced at the Grycksbo mill to external customers have commen
Slide 21: Financial performance
FINANCIAL PERFORMANCE 21 Q2 2026 www.arcticpaper.com
Slide 22: EBITDA evolution 2019 – 2026 (PLN mn)
EBITDA EVOLUTION 2019 – 2026 (PLN mn) 1 000 Q2 2026 EBITDA PLN 8.6mn 800 PLN 6mn higher than in Q1 2026 600 PLN 9mn higher than in Q2 2025 400 200 0 2019 2020 2021 2022 2023 2024 2025 2026* -200 Paper Segment Pulp Segment * rolling 12 months 22 Q2 2026 www.arcticpaper.com
Slide 23: Net debt/EBITDA 2021 – 2026 (Paper Segment)
NET DEBT/EBITDA 2021 – 2026 (Paper Segment) Strong financial position 0,75 0,57 0,62 0,51 0,47 0,36 0,03 -0,01 -0,17 -0,22 -0,19 -0,10 -0,27 -0,41 -0,38 -0,47 -0,45 -0,59 -0,77 -0,76 * rolling 12 months based on Paper Segment only (according completed in Q42025 new refinancing facility definition) 2
Slide 24: Capex 2024 - 2026
CAPEX 2024 - 2026 Capex by segment( kPLN) 450 000 400 000 350 000 300 000 250 000 200 000 150 000 100 000 50 000 - 2024 2025 H1 2026 2026* Paper Pulp Power Packaging * Estimated amount for the whole 2026 24 Q2 2026 www.arcticpaper.com
Slide 25: Outlook and focus
OUTLOOK AND FOCUS • Continued uncertainty driven by geopolitical tensions, trade barriers and weak market demand • High crude oil prices are expected to increase transportation costs and chemical prices, as many chemicals are crude oil based • Expected decline in BHKP pulp prices by the end of the y