Svenska Cellulosa Ab Sca Class A · OMXSTO:SCA_A
Svenska Cellulosa Ab Sca Class A — Svenska Cellulosa Aktiebolaget SCA — Q4 2025 Earnings Presentation
29 slides from Svenska Cellulosa Ab Sca Class A's earnings presentation, Jan 30, 2026
Slide 1: Year-end Presentation 2025
Year -end Presentation 2025 January 30, 2026
Slide 2: Ulf Larsson, CEO
Ulf Larsson, CEO
Slide 3: Summary 2025
Summary 2025 EBITDA (SEKm) and EBITDA margin Challenging market with low demand combined with negative currency effects and high raw material costs 10,194 -8% Good cost control and high degree of self sufficiency with 9,109 higher harvesting volumes from own forest Increased delivery volumes driven
Slide 4: SCA's performance 2025
SCA’s performance 2025 EBITDA (SEKm) Industrial ROCE 1 Proposed dividend (SEK) 6,564 4% 3.00 (7,143) (7%) (3.00) EBITDA margin Net debt/EBITDA EPS (SEK) 32% 1.7x 4.56 (35%) (1.5x) (5.18) Note: Figures in brackets refer to 2024. 4 1. ROCE for the industrial segments; Wood, Pulp, Containerboard and Re
Slide 5: SCA's performance Q4 2025
SCA’s performance Q4 2025 EBITDA (SEKm) Industrial ROCE 1 EBITDA (SEKm) and EBITDA margin 1,236 4.4% 2,010 -25% 2,033 1,888 1,635 1,649 1,651 1,644 EBITDA margin Net debt/EBITDA 1,596 25.2% 1.7x 1,236 37% 38% 38% 35% 36% 32% 32% 33% EBIT margin Net debt/Equity 25% 14.2% 10.8% Q4 '23 Q1 '24 Q2 '24 Q3
Slide 6: Forest Q4 2025 vs. Q4 2024
Forest Q4 2025 vs. Q4 2024 Net sales (SEKm) EBITDA (SEKm) EBITDA margin +10% +3% Stable wood supply to industries 2,544 901 927 38.8% 2,323 36.4% Balanced availability of pulpwood, but continued tight supply of sawlogs Sales up 10% + Higher prices + Higher delivery volumes Q4 2024 Q4 2025 Q4 2024 Q4
Slide 7: The storm in mid Sweden had a limited impact on SCA land
The storm in mid Sweden during the end of the year had a limited impact on SCA land Limited impact on SCAs own forest • Windfalls estimated to be around 0.1-0.2m m3sk • Majority of windfall volumes to be harvested in 2026 Total estimated windfalls of 8-10m m3sk in Sweden • Majority in Gävleborg and
Slide 8: Wood Q4 2025 vs. Q4 2024
Wood Q4 2025 vs. Q4 2024 Net sales (SEKm) EBITDA (SEKm) EBITDA margin -5% -67% Increased costs for sawlogs and negative 1,416 1,350 234 16.6% currency effects Sales down 5% - Negative currency effects 78 5.8% + Higher prices Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 EBITDA down 67% - Increased
Slide 9: Wood market development
Wood market development Stock of sawn pine and spruce wood, Sweden and Finland (k m3) Price development sawn pine and spruce, Sweden (index) 5,000 Normalized monthly level 340 290 4,000 240 Spruce 3,000 190 Pine 140 2,000 90 Aug-17 Aug-18 Aug-19 Aug-20 Aug-21 Aug-22 Aug-23 Aug-24 Aug-25 Feb-17 Feb-1
Slide 10: Pulp Q4 2025 vs. Q4 2024
Pulp Q4 2025 vs. Q4 2024 Net sales (SEKm) EBITDA (SEKm) EBITDA margin -14% Sales down 14% 2,052 286 13.9% 1,758 - Lower prices - Negative currency effects Negative EBITDA development driven by - Lower prices -71 -4.1% - Negative currency effects Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 - High
Slide 11: Pulp market development
Pulp market development NBSK pulp price (USD/t) vs deliveries (Mt) Hardwood pulp inventories (days of supply) 15.5 1,800 80 15.0 1,600 70 14.5 1,400 60 14.0 1,200 50 Average 13.5 1,000 40 13.0 800 30 12.5 600 20 Jul-17 Jul-18 Jul-19 Jul-20 Jul-21 Jul-22 Jul-23 Jul-24 Jul-25 Apr-17 Apr-18 Apr-19 Apr-
Slide 12: Containerboard Q4 2025 vs. Q4 2024
Containerboard Q4 2025 vs. Q4 2024 Net sales (SEKm) EBITDA (SEKm) EBITDA margin +8% -6% Sales up 8% 1,744 242 15.0% 1,618 227 13.0% + Higher delivery volumes - Negative currency effects - Lower prices EBITDA down 6% - Lower prices Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 - Negative currency e
Slide 13: 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 Source: Euwid, Numera, Cepi. Apr-19 Jan-19 Jul-19 Apr-19 Oct-19 Jul-19 Oct-19 Jan-20 Jan-20 Apr-20 Apr-20 Jul-20 Jul-20 Oct-20 Oct-20 Jan-21 Jan-21 Apr-21 Apr-21 Kraftliner inventories (days
Slide 14: Renewable energy Q4 2025 vs. Q4 2024
Renewable energy Q4 2025 vs. Q4 2024 Income 1 (SEKm) EBITDA (SEKm) EBITDA margin 2 +9% +58% Solid biofuels 577 142 24.5% 531 + Higher delivery volumes 90 16.8% - Lower prices Liquid biofuels + Higher prices for liquid biofuels + Higher delivery volumes Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025
Slide 15: Andreas Ewertz, CFO
Andreas Ewertz , CFO
Slide 16: 3-year average forest price decreased 4% in 2025
3-year average forest price decreased 4% in 2025 Forest land prices – average in areas where SCA owns forest land (SEK/m3) 500 395 388 400 1-year average 372 3-year average – used for valuation of forest assets 366 300 324 291 276 200 100 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Slide 17: SCA's forest assets valued at SEK 104bn
SCAs forest assets valued at SEK 104bn Market price in Sweden 1 Standing volume Forest asset (SEK/m3fo) (m m3fo) (SEKbn) Decrease in three-year average transaction +2.5 -3.6 -16 prices partly mitigated by continued growth 271 274 277 107.5 107.3 395 261 267 103.8 388 97.9 Average three year transact
Slide 18: Wood raw material price development
Wood raw material price development Wood raw material prices to SCAs industries (index) 160 Sawlogs 150 Pulp wood 140 130 120 110 100 90 80 70 60 18
Slide 19: Income statement
Income statement Quarter Full year SEKm Q4 2025 Q4 2024 Change 2025 2024 Change Net sales 4,893 5,135 -5% 20,427 20,232 +1% EBITDA 1,236 1,649 -25% 6,564 7,143 -8% EBITDA margin 25.2% 32.1% -6.9 p.p. 32.1% 35.3% -3.2 p.p. EBIT 697 1,113 -37% 4,432 5,027 -12% EBIT margin 14.2% 21.7% -7.5 p.p. 21.7% 2
Slide 20: Proposed Dividend
Proposed Dividend 4 1.00 +0.25 0.00 +0.25 3.00 3.00 +0.25 3 Proposed dividend per +0.25 2.75 share (SEK) 2.50 3 +0.25 2.25 3.00 2 +0.25 1.75 2.00 (3.00) 2 1.50 1 1 0 2017 2018 2019 2020 2021 2022 2023 2024 2025 20
Slide 21: Contribution by segment
Contribution by segment Forest Wood Pulp Containerboard Renewable Energy Net sales (SEKbn) 9.96 9.23 8.06 8.83 7.92 7.08 6.75 7.21 6.89 7.14 7.75 6.82 6.99 6.96 6.33 6.30 6.13 6.43 6.49 6.15 6.71 5.74 5.85 5.16 5.54 5.46 4.38 4.43 1.88 2.05 2.05 1.26 1.55 2019 2020 2021 2022 2023 2024 2025 2019 2020
Slide 22: Net sales Q4 2025 vs. Q4 2024
Net sales Q4 2025 vs. Q4 2024 Lower prices for Pulp Higher volumes for and Containerboard Containerboard and Pulp 6,000 SEK 5,135m -6% +7% -6% SEK 5,000 4,893m 4,000 3,000 2,000 -5% 1,000 0 Net sales Q4 2024 Price/Mix Volume Currency Net sales Q4 2025 22
Slide 23: EBITDA Q4 2025 vs. Q4 2024
EBITDA Q4 2025 vs. Q4 2024 Lower prices for Pulp 2,000 and Containerboard Higher cost for wood raw material mitigated by high degree of self-sufficiency SEK 1,649m -317 1,500 +77 -37 +41 -269 SEK +92 1,236m 1,000 EBITDA margin EBITDA margin 500 -25% 32.1% 25.2% 0 EBITDA Q4 2024 Price/Mix Volume Raw
Slide 24: Cash flow
Cash flow Quarter Jan – Dec SEKm Q4 2025 Q4 2024 2025 2024 EBITDA 1,236 1,649 6,564 7,143 Revaluation of biological assets and other non cash flow items -462 -443 -1,801 -1,896 Operating cash surplus 774 1,206 4,763 5,247 Change in working capital 250 889 -590 -441 Current capital expenditures -513
Slide 25: Balance sheet
Balance sheet SEKm Dec 31, 2025 Dec 31, 2024 Forest assets 103,766 107,329 Working capital 5,344 4,768 Deferred tax relating to forest assets -20,467 -21,155 Other capital employed 23,817 23,978 Total capital employed 112,460 114,920 Net debt 10,939 10,885 Net debt/EBITDA 1.7x 1.5x Equity 101,521 10
Slide 26: Summary
Summary Ulf Larsson, CEO WSCA
Slide 27: Summary 2025
Summary 2025 EBITDA (SEKm) and EBITDA margin Challenging market with low demand combined with negative currency effects and high raw material costs 10,194 -8% Good cost control and high degree of self sufficiency with 9,109 higher harvesting volumes from own forest Increased delivery volumes driven
Slide 28: Q&A
Q&A
Slide 29: 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 — Q4 2025 Earnings Presentation on 6ix