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Arctic Paper (ARP) investor relations material

Arctic Paper Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary6 Nov, 2025

Executive summary

  • Q3 2025 net sales were PLN 796.2 million, down 2.8% year-over-year, reflecting lower demand, price declines, and currency effects.

  • EBITDA for Q3 2025 was PLN 38.9 million, down 49.7% year-over-year but improved sequentially from Q2 2025, indicating operational stability.

  • The pulp segment contributed negatively for the first time, while the paper segment showed stabilization and growth in volumes.

  • Cost reduction and efficiency programs are underway, targeting annual savings of PLN 45–50 million, with main effects expected in 2026.

  • The Group’s financial position remains solid, with net debt/EBITDA at 1.5–1.54x.

Financial highlights

  • Q3 2025 sales revenue: PLN 796.2 million (down 2.8% YoY, down 4.5% QoQ).

  • EBITDA: PLN 38.9 million (down 49.7% YoY), margin 4.9%.

  • Net debt/EBITDA ratio increased to 1.54x at Q3 2025 end, up from 0.08x a year earlier.

  • Refinancing completed ahead of schedule, with favorable terms and lower interest rates.

  • CapEx reduced from over PLN 420 million in 2024 to below PLN 300 million in 2025, and planned below PLN 200 million in 2026.

Outlook and guidance

  • No recovery in European demand is expected before late 2025 or early 2026.

  • Efficiency programs and cost reduction initiatives are expected to generate annual savings of PLN 45–50 million from 2026.

  • Revenues from new business areas (packaging and pellets) are projected to increase EBITDA by PLN 20 million.

  • CapEx expenditures will be reduced for 2026 and 2027.

  • Focus remains on maximizing sales outside Europe and continuing cost and efficiency programs.

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Frequently asked questions

Arctic Paper S.A. produces and sells paper for the printing industry in Europe and internationally. The company offers uncoated graphic paper primarily for use by printers, advertising agencies, and publishers; and is also involved in the wholesale of uncoated graphic paper to other European countries. In addition, it engages in the production of pre-printing papers; conversion of paper; technical support and design services; and marketing activities.

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