Nordic Paper Holding AB — Q2 2025 Earnings Presentation
17 slides from Nordic Paper Holding AB's earnings presentation, Jul 17, 2025
Slide 1: Stable performance in softening markets
Stable performance in softening markets Nordic Paper interim report Q2 2025 Anita Sjölander, CEO Niclas Eriksson, CFO Henrik Essén, Head of IR
Slide 2: Stable performance in softening markets
Stable performance in softening markets • Demand softened from healthy levels in the beginning of the year • Net sales decreased 6% to SEK 1,148m (1,225m). Excluding negative currency effects, net sales decreased by 1%. • Sales prices 3% higher than Q2 2024. • EBITDA at SEK 228m (280m), almost equal
Slide 3: EBITDA margin close to 20% despite decrease in net sales
EBITDA margin close to 20% despite decrease in net sales SEK 1400 1,225 m SEK 35 1,148m 1200 30 1000 25 ✓ Net sales SEK 1,148m (-6%) 800 20 ✓ EBITDA SEK 228m (-19%) 600 15 ✓ EBITDA margin 19.8% (-3.1 p.p.) 400 10 200 5 0 0 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 Net sales, SEKm EBITDA margin,%
Slide 4: Sales volumes above quarterly average in softening markets
Sales volumes above quarterly average in softening markets ktonnes -6% 90 80 70 Average quarterly 60 sales volume last two years 50 40 30 20 10 0 Q3 2023 Q4 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2
Slide 5: Kraft Paper – impacted by lower volume and currency
Kraft Paper – impacted by lower volume and currency SEKm Kraft Paper net sales and EBITDA margin % 800 40 ✓ Net sales SEK 588m, a decrease by 6% 700 35 compared to Q2 2024. Excluding negative 600 30 currency effects, the decrease was 2%. 500 25 ✓ Sales volumes decreased 6% from Q2 2024 400 20 ✓ Sale
Slide 6: Natural Greaseproof - high EBITDA margin despite currency and volume headwind
Natural Greaseproof - high EBITDA margin despite Natural Greaseproof net sales and EBITDA margin currency and volume headwind SEKm 800 % 40 700 35 ✓ Net sales decreased by 6% to SEK 578m. 600 30 Excluding negative currency effects, net 500 25 sales were unchanged. 400 20 ✓ Sales volumes decreased by
Slide 7: Higher prices but net sales decreased due to negative impact from volume and currency
Higher prices but net sales decreased due to negative impact from volume and currency Net sales bridge Q2 2025 SEKm 1 225 40 1 148 -55 -62 Net sales Volume and Price Currency Net sales Q2 2024 product mix Q2 2025
Slide 8: Lower volumes compared to the very strong Q2 24
Lower volumes compared to the very strong Q2 24 SEKm EBITDA bridge Q1 2025 280 40 -23 -39 11 228 -32 -9 EBITDA Volume and Price Variable costs Fixed costs Currency Other EBITDA Q2 2024 product mix Q2 2025
Slide 9: Strong price performance offsets lower volume and weaker currencies
Strong price performance offsets lower volume and weaker currencies Net sales bridge YTD 2025 SEKm 2 434 118 2 425 -55 -72 Net sales Volume and Price Currency Net sales YTD 2024 product mix YTD 2025
Slide 10: Price increases compensated for higher costs
Price increases compensated for higher costs SEKm EBITDA bridge YTD 2025 118 511 -63 -43 459 -36 -23 -5 EBITDA Volume and Price Variable costs Fixed costs Currency Other EBITDA YTD 2024 product mix YTD 2025
Slide 11: Working capital reduced from Q1 despite higher inventories and tax effects
Working capital reduced from Q1 25 despite higher inventories and tax effects 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 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Slide 12: Dividend of SEK 12 per share to be paid out in Q3
Dividend of SEK 12 per share to be paid out in Q3 SEKm 1400 4,5 4 1200 ✓ Net debt increased to SEK 1,274m (1,197m) 3,5 1000 impacted by investments in Bäckhammar. 3 800 2,5 ✓ Net debt/EBITDA 1.7 (1.5) 600 2 1,5 400 ✓ Long term financing entered into in the form of 1 200 a EUR 275 m term loan and a E
Slide 13: Ongoing Bäckhammar investments proceeding according to plan
Ongoing Bäckhammar investments proceeding according to plan SEKm Investments 250 200 150 100 50 0 Q3 2023 Q4 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Bäckhammar wood room and Bäckhammar Other electrostatic filter water handling investments • The ongoing Bäckhammar investments are expected to add SEK 100m to EBIT
Slide 14: Excellent climate performance in the quarter
Excellent climate performance in the quarter Fossil greenhouse gas emissions in scope 1 t CO2eq 12000 4,5 4 10000 ✓ Fossil emissions of greenhouse gases within 3,5 scope 1 amounted in the quarter to about 8000 3 2,5 4,000 t CO2eq, a decrease by 1,000 t from Q2 6000 2 2024 and more than 40% reduction
Slide 15: Outlook
Outlook The company assesses that • demand for Nordic Paper products in Q3 will continue to be weak. • there will be some sales price pressure in both segments. • prices for pulp and pulpwood will decrease compared to Q2. • there will be normal seasonal effects from maintenance stops in Q3 at all No
Slide 16: Q&A
Q&A
Slide 17: Summary
Summary • Demand softened from healthy levels in the beginning of the year • Net sales decreased 6% to SEK 1,148m (1,225m). Excluding negative currency effects, net sales decreased by 1%. • EBITDA at SEK 228m (280m). The company assesses that • demand for Nordic Paper products in Q3 will continue to