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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Sappi
Sappi (SAP) investor relations material
Sappi Q4 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2026 earnings summary6 Nov, 2026
Executive summary
FY26 Adjusted EBITDA was $294 million, down 41% YoY, amid market, cost and currency headwinds; Q4 Adjusted EBITDA improved sequentially to $99 million from $53 million.
FY26 net loss widened to $747 million from $177 million, primarily reflecting impairments and forestry fair-value losses.
Stronger H2 DWP pricing, North American packaging performance and Somerset PM2’s ramp-up supported Q4 improvement.
Financial highlights
FY26 revenue was $5.277 billion and Adjusted EBITDA was $294 million, versus $5.458 billion and $501 million in FY25.
Q4 revenue was $1.322 billion; net loss was $116 million versus $194 million in Q4 FY25, and Adjusted EPS was a loss of 3 US cents in both periods.
FY26 special items reduced earnings by $405 million, including $319 million of impairments; forestry fair-value adjustment was a $269 million loss.
Q4 reported operating loss was $60 million; operating profit excluding special items was $13 million.
Outlook and guidance
Q1 FY27 Adjusted EBITDA is expected below Q4, reflecting planned maintenance, seasonal demand and elevated oil-related input and logistics costs.
Q1 maintenance is expected to affect earnings by $41 million; DWP pricing momentum continued into October, with higher-price benefits phased in subject to contract lags.
FY27 capital expenditure is estimated at $240 million, focused on maintenance, compliance, reliability and business continuity.
FY27 cost-saving targets total ~$150 million, including ~€50 million in Europe, ~$43 million in North America and ZAR770 million in Southern Africa.
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Latest events from Sappi
- Record FY22 profitability funded deleveraging and a strategic shift toward packaging and speciality papers.SAP
Q4 2022 - Pandemic-driven losses outweighed packaging growth; FY2021 recovery remained conditional.SAPQ4 2020
- FY21 returned to profit, but inflation and logistics constrained the recovery.SAPQ4 2021
- Q3 FY26 saw a $181M net loss, but North American profitability improved; Q4 EBITDA is set to rise.SAPQ3 2026
- Earnings and EBITDA fell sharply on lower prices and impairments; outlook remains cautious.SAPQ2 2026
- Earnings and margins declined sharply amid weak demand, lower prices, and higher leverage.SAPQ1 2026
- FY2025 earnings fell and net debt rose amid weak markets; cost cuts and deleveraging take priority.SAPQ4 2025
- Pulp strength lifted FY24 EBITDA to $684m; FY25 capex is guided at $500m.SAPQ4 2024
- Q1 FY25 saw strong EBITDA, improved leverage, and higher capex for strategic projects.SAPQ1 2025
Next Sappi earnings date
Q1 20273 Feb, 2027
Sappi
Next Sappi earnings date
Q1 20273 Feb, 2027
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Frequently asked questions
Sappi Limited is a global leader proider materials derived from woodfiber-based renewable resources. The company stands out for its commitment to sustainable processes and innovation, aiming to foster a more circular economy. Sappi's diverse product portfolio includes dissolving pulp, graphic papers, packaging and specialty papers, casting and release papers, market pulp, biomaterials, and bio-energy. These products are in large part manufactured from woodfibre sourced from sustainably managed forests and plantations. The company is headquartered in Johannesburg, South Africa, and its shares are listed on the OTC Markets under the symbol SPPJY.