Presentation (q1 2026 presentation)

‌Sequential volume uplift with challenged profitability

Interim report January-March 2026

Ivar Vatne

President & CEO

Andrei Krés

CFO

28 April 2026

‌INTERIM REPORT JANUARY-MARCH 2026

Performance and key highlights

Sequential sales volume growth of 9%

EBITDA margin declined to 5%, mainly due to weak profitability in Region Europe

Another strong quarter for Region North America, despite difficult weather conditions

Cash conversion of 55%

Accelerated cost-saving program delivery, positive Q1 impact of SEK 100 million

Q1 2026

‌INTERIM REPORT JANUARY-MARCH 2026

Solid market sentiment in North America. Although strong start, no clear evidence of a consumer-driven recovery in Region Europe

1) Net Sales in 2025 for Region Europe and Region North America. Does not include Currency hedging and Other, not allocated to end-use segments..

‌INTERIM REPORT JANUARY-MARCH 2026

Net sales decline due to stronger SEK and lower pricing

Net sales, SEKm

-11%

11 101

-6%

-3%

9 825

-1%

-1%

Q1'25 Currency

impact

Price Volume Mix Q1'26

‌INTERIM REPORT JANUARY-MARCH 2026

Lower profitability driven by lower prices and input cost headwind

Adj EBITDA, SEKm

-62%

1,388

-130

-245

-30

111

-75

-122

-130

669

-98

525

-144

Q1 2025 Currency Pricing excl. Pulp

Adj. EBITDA%

Volume & Mix Raw Materials Emission

Rights

Fixed Cost Inventory revaluation

Other Q1'26 Adj. for

maintenance deviation

Maintenance Shutodwn

Q1 2026

‌INTERIM REPORT JANUARY-MARCH 2026

Region

Europe

‌INTERIM REPORT JANUARY-MARCH 2026

Region

Europe

• Strong sequential volume uplift across most categories (+11%)

• Profitability impacted by loss of emission rights, pricing pressure and currency headwind

• Cost-saving program ahead of plan

• Pulpwood costs continuing to decline

• Broad-based price increases implemented from Q2

63%

Share of net sales

Q1 2026

14

1,035

2 116

13

902

11

700

11

784

9

630

16

1,106

12

888

15

1,054

5

333

10

652

6

359

121

2

Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26

EBITDA, SEKm EBITDA margin, %

‌INTERIM REPORT JANUARY-MARCH 2026

Region

North

America

‌INTERIM REPORT JANUARY-MARCH 2026

Region

North America

• Higher input costs in Q1 due to challenging weather conditions

• Price increases announced across all graphical and label grades

• Containerboard and Cartonboard sales volumes continue to ramp up

• Strong underlying profitability expected into Q2

28%

Share of net sales

Q1 2026

19

16 16

18 18 19

21 22

20

16 16

641

8

205

467

11

306

447

563 575 606

680 622

467

538

453

Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26

EBITDA, SEKm EBITDA margin, %

‌INTERIM REPORT JANUARY-MARCH 2026

GROUP

Input costs

‌INTERIM REPORT JANUARY-MARCH 2026

Q1: Higher than expected input costs in both regions

Europe

Logistics

Energy

Chemicals

Fiber

North America

Trend arrows refer to input cost development during Q1-26 vs Q4-25

‌INTERIM REPORT JANUARY-MARCH 2026

Q2: Nordic pulpwood declining, while cost inflation on chemicals and logistics due to Middle East conflict

Europe

Logistics

Energy

Chemicals

Fiber

North America

Trend arrows refer to expected input cost development in Q2-26 vs Q1-26

‌INTERIM REPORT JANUARY-MARCH 2026

Middle East conflict to have indirect consequences through cost inflation

Delivery challenges managed with no impact

• No significant exposure through sales to the region

• No disturbances to supplies or sales deliveries

  Expect cost inflation on freight, chemicals and wood transports

• High uncertainty around inflation magnitude

Broad-based price increases in both regions announced during Q1

to compensate for cost increases Further price increases to be announced

‌INTERIM REPORT JANUARY-MARCH 2026

Cost-saving program ahead of plan

All planned staff reductions completed per end of Q1-'26

Expected 2026 cost savings of SEK 550m (vs 2025)

Cost savings vs same period last year, SEKm

Annualized savings of SEK 800m with full effect at start of 2027

‌INTERIM REPORT JANUARY-MARCH 2026

Improved cash conversion with strong working capital discipline Leverage remains below target

Cash flow and cash conversion

17

77

28

95

41

131

139

38

55

Cash conversion of 55% in Q1, 2026 target of 80%

Leverage remains below target, with stable net debt level

0.7

0.2 0.1

-0.5

0.4

-0.1

1.7

1.1

1.2

1.0

0.6 0.6

0.2 0.3

0.4 0.3

-0.1

-0.5

Successful issue of long-term financing in Q1, no bond

maturities until 2028

Dividend payout of SEK 497m (SEK 2.0/share) in

Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26

Operating cash flow, SEKbn Operating cash flow after investments, SEKbn Cash conversion, %

Net debt and Net debt/EBITDA

Q2*

1.9

1.6

6.2 6.6

6.9

1.5

5.3 5.4

1.2

1.1

5.8 5.6 6.1

6.2

1.5

2.0

1.0

1.0

* Subject to AGM approval in May

Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26

Net debt, SEKbn Net debt to adj EBITDA, multiple

‌INTERIM REPORT JANUARY-MARCH 2026

Outlook for

Q2 2026

Benefits from lower pulpwood prices and cost-saving program but challenging market conditions in Europe

Solid market conditions in North America

Broad-based price increases in both regions to mitigate cost

inflation for chemicals and logistics

Sequentially higher annual maintenance shutdown costs

‌INTERIM REPORT JANUARY-MARCH 2026