Arctic Paper S.a. · GPW:ATC
Arctic Paper — Q4 2025 Earnings Presentation
30 slides from Arctic Paper's earnings presentation, 2026
Slide 1: Preliminary Financial results Q4 2025
Preliminary Financial results Q4 2025
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 Paper 4 Energy 2 Pulp 5 Financial performance 3 Packaging 6 Focus 3 Q4 2025 www.arcticpaper.com
Slide 4: Summary Preliminary Q4 2025
SUMMARY PRELIMINARY Q4 2025 Arctic Paper Group Q4 2025 vs. Q4 2024 Net sales EBITDA Paper/Pulp EBITDA (PLN mn) (PLN mn) (PLN mn) 745.1 810.8 -33.5 38.8 36/-70 46/-7 (Q4 2025) (Q4 2024) (Q4 2025) (Q4 2024) (Q4 2025) (Q4 2024) Net debt/EBITDA* -0.01x -0.59x (EOP Q4 2025) (EOP Q4 2024) • last 12 months
Slide 5: Pulp
PULP 5 Q4 2025 www.arcticpaper.com
Slide 6: Market Data: European pulp prices
PULP PIX INDEXES EUROPE (USD PER TONNE) MARKET DATA Pulp – European pulp prices 1 612 1 567 1 5481 551 1 483 1 496 1 499 1 429 1 397 1 370 1 240 1 244 1 440 1 380 AVERAGE PRICE Q4 2025 COMPARED TO Q4 2024 1 280 1 147 1 261 1 220 1 160 NBSK (long fiber): 1,6% lower 1 117 1 100 1 001 1 000 BHKP (short
Slide 7: Currencies Development
CURRENCIES DEVELOPMENT USD/SEK, EUR/SEK USD/SEK – development EUR/SEK – development 11,25 11,50 11,00 11,25 -6% 10,75 11,00 10,50 -20% 10,75 10,25 10,50 10,00 9,75 10,25 9,50 10,00 9,25 9,75 USD/SEK EUR/SEK 7 www.arcticpaper.com
Slide 8: NBSK PIX Price index development – impact of FX
NBSK PIX Price index DEVELOPMENT – impact of FX IN SEK, USD PER TONNE NBSK PIX Price index (in SEK, USD PER TONNE) [SEK] [USD] 18 000 1 504 1 499 1 600 1 400 17 000 16 525 1 200 16 000 -16% 1 000 15 000 800 13 767 600 14 000 400 13 000 200 12 000 0 NBSK [SEK] NBSK [USD] 8 Q4 2025 www.arcticpaper.com
Slide 9: Operating Data: Pulp production & deliveries
PULP PRODUCTION (1,000 TONNE) OPERATING DATA Pulp production & deliveries 91 91 90 84 86 83 80 83 75 73 75 Q4 2025 total production: 83k tons 13% HIGHER THAN IN Q3 2025 10% HIGHER THAN IN Q4 2024 PULP DELIVERIES (1,000 TONNE) Q4 2025 total deliveries: 85k tons 91 90 89 85 82 83 85 85 11% HIGHER THAN
Slide 10: Operating Data: Revenue and prices
PULP SALES REVENUE (SEK mn) OPERATING DATA 711 726 Revenue and prices 637 626 587 626 587 Total revenue Q4 2025 (SEK 587mn) INCREASED BY 2% COMPARED TO Q3 2025 PULP SALES REVENUE PER TONNE (SEK) Average price in Q4 2025 (SEK 6.9k per tonne) 8 599 7 538 8 025 7 969 DECREASED BY 8% COMPARED TO Q3 2025
Slide 11: Paper
PAPER 11 Q4 2025 www.arcticpaper.com
Slide 12: Market Data: Fine paper average market prices
GRAPHIC FINE PAPER PRICES – GERMAN MARKET MARKET DATA Fine paper average market prices 1400 1300 1200 DEC 2025 COMPARED TO SEP 2025 1100 UWF average price change -2,5% 1000 CWF average price change -0,2% 900 800 700 DEC 2025 COMPARED TO DEC 2024 600 UWF average price change -8,3% CWF average price c
Slide 13: Operating Data: capacity use and sales volume
PRODUCTION CAPACITY FOR ARCTIC PAPER MILLS OPERATING DATA 86% 83% 84% 70% 74% 73% 66% 70% 69% Average Q4 2025 use of production capacity: 84% 15% HIGHER THAN Q4 2024 Q4 2025 total sales volume: 120k tons 4% HIGHER THAN IN Q4 2024 PAPER SALES VOLUME 144 129 125 116 119 120 116 120 113 114 112 13 Q4 2
Slide 14: Operating Data: Paper sales revenue
PAPER SALES REVENUE (PLN mn) OPERATING DATA 581 574 576 552 576 518 518 Total revenue Q4 2025 (PLN 518mn) DECREASED BY 10% COMPARED TO Q3 2025 Average price Q4 2025 (PLN 4.38k) PAPER SALES REVENUE PER TONNE (PLN k)* DECREASED BY 1,8% COMPARED TO AVERAGE IN Q3 2025 5,14 5,04 4,97 4,62 4,38 * price ch
Slide 15: Modernisation of Paper Machine No 9 in Grycksbo
MODERNISATION OF PAPER MACHINE No 9 IN GRYCKSBO • This investment permanently improves competitiveness. • It reduces costs by SEK 9 million annually. • It enhances safety and improves working conditions for operating personnel. 15 Q4 2025 www.arcticpaper.com
Slide 16: Products
PRODUCTS ADVANCED OFFSET MOST COMPLETE MATT BIGGEST UNCOATED PRODUCTION COATED PAPER ASSORTMENT DESIGN BRAND IN HEART OF EUROPE • Top 3 brands in revenue share • No 1 in European High Quality Bookpaper Sales • No 1 in European Design Paper Sales 16 Q4 2025 www.arcticpaper.com
Slide 17: Client Structure
CLIENT STRUCTURE Market segments/products portfolio/target grups Printing Houses Customers who purchase the Group’s paper products directly. Merchants Brand Owners Customers who purchase, stock and distribute Indirect customers, who use our products. the Group’s paper for resale to other users. Publ
Slide 18: Markets: Geographical split of sales
MARKETS Geographical split of sales – Q4 2025 Outside Europe 4% Germany Poland The Nordics Austria & CE France Baltics Rest of Europe 19% 19% 11% 10% 8% 7% 9% UK & IE Benelux 10% 3% 18 Q1 Q4 2023 2025 www.arcticpaper.com www.arcticpaper.com
Slide 19: Packaging
PACKAGING 19 Q4 2025 www.arcticpaper.com
Slide 20: 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 production in Kostrzyn is now operational after a period of 0 trimming 2018 2019 2020 202
Slide 21: Power
POWER 21 Q4 2025 www.arcticpaper.com
Slide 22: Energy Segment – Project BIO25
ENERGY SEGMENT – PROJECT BIO25 • Project BIO25 (modernization of the power plant and construction of a new wood pellet production facility) in Grycksbo was completed by the end of December. • The switch to cheaper biofuel reduces energy costs by approximately SEK 50 million annually. • Pellet produc
Slide 23: www.arcticpaper.com
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Slide 24: www.arcticpaper.com
24 www.arcticpaper.com
Slide 25: www.arcticpaper.com
25 www.arcticpaper.com
Slide 26: Financial Performance
FINANCIAL PERFORMANCE 26 Q4 2025 www.arcticpaper.com
Slide 27: EBITDA Evolution 2018 – 2025 (PLN mn)
EBITDA EVOLUTION 2018 – 2025 (PLN mn) 1 000 Q4 2025 EBITDA PLN -33.5mn 800 PLN 72mn LOWER THAN Q3 2025 600 PLN 72mn LOWER THAN Q4 2024 400 200 0 2018 2019 2020 2021 2022 2023 2024 2025* -200 Paper Segment Pulp Segment * rolling 12 months 27 Q4 2025 www.arcticpaper.com
Slide 28: Net Debt/EBITDA 2021 – 2025 (Paper Segment)
NET DEBT/EBITDA 2021 – 2025 (Paper Segment) Strong financial position 0,75 0,57 0,49 0,47 0,37 0,36 0,03 -0,10 -0,01 -0,17 -0,22 -0,19 -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 29: Outlook and Focus
OUTLOOK AND FOCUS • Pulp wood prices started to go down at the end of last year. A SEK 50/m3 reduction in wood purchasing prices: ~5 MSEK lower cost per month • Personell reductions made during 2025´will cut fixed costs 2026’ by 45 MSEK • Chemical cost’ project was done in pulp mills last year will
Slide 30: 4P For Future Arctic
4P For Future Arctic Paper Packaging Pulp Power 30 Q4 2025 www.arcticpaper.com