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Sappi (SAP) investor relations material
Sappi Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary6 Nov, 2025
Executive summary
The year was marked by global economic weakness, trade tensions, and excess supply, leading to sharp declines in market conditions and downward pressure on selling prices, especially in dissolving pulp and paper segments.
Despite challenges, year-on-year growth was achieved in dissolving pulp (DWP) and packaging volumes, with market share gains in graphic papers.
Strategic rationalisation in Europe and the successful completion of the Somerset PM2 conversion and expansion were key operational highlights.
Cost rationalization and productivity improvements were implemented across all regions.
Financial highlights
Lower selling prices across all segments were the main driver of reduced profitability year-over-year, with adjusted EBITDA for FY25 at $501 million, down from $684 million in FY24.
Variable costs declined sequentially, with energy and pulp prices easing and 3-6% reductions across regions.
CapEx was higher in the year (EUR 360 million), mainly due to Somerset investment, but is expected to decrease to EUR 290 million in 2026 and remain below EUR 300 million in 2027.
Net debt began to decline, with Q4 FY25 net debt at $1,920 million and expectations for continued reduction.
Outlook and guidance
Market conditions remain challenging but are expected to improve gradually through 2026, with DWP prices stabilizing and a slight uptick anticipated.
Adjusted EBITDA for Q1 2026 is projected to be below the reported quarter due to an 18-day maintenance shut at Somerset, impacting results by about $20 million.
No new major projects or expansionary capex planned; focus remains on ramping up existing investments and reducing debt below $1 billion over the medium term.
Expectations for Europe EBITDA turnaround
PM2 ramp-up strategy given market oversupply
Key drivers for sub-$1B debt target by FY29
What specific actions drive Europe's EBITDA turnaround?
What underpins PM2 ramp-up confidence given market?
What profitability level is needed for debt target?
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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.
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