SCA (SCA) investor relations material

Executive summary

• Mixed market conditions in Q2 2026: pulp and solid wood products faced weak demand, while Renewable Energy delivered record results and Containerboard saw improved demand and pricing.

• Net sales for Q2 2026 were SEK 5,153m, down 4% year-over-year, mainly due to lower prices and negative currency effects, partially offset by higher volumes.

• EBITDA for Q2 2026 was SEK 1,303m, down 36% year-over-year, with a margin of 25.3%.

• Q2 2026 saw sequential improvement over Q1, with net sales up 9% and EBITDA up 18%, driven by higher delivery volumes and selling prices.

• Focus remains on cash flow, with expectations that Q3 will be sequentially stronger than Q2, driven by price increases and lower raw material costs.

Financial highlights

• EBITDA: SEK 1,303m for Q2 2026, down 36% year-over-year; margin at 25.3%.

• Net profit: SEK 523m for Q2 2026, or SEK 0.74 per share; EBIT: SEK 724m.

• Net sales: SEK 5,153m for Q2 2026, down 4% year-over-year; negative impacts from prices and currency, partially offset by higher volumes.

• Operating cash flow: SEK 953m for Q2 2026; SEK 1,015m for H1 2026.

• Earnings per share: SEK 0.74 for Q2 2026, down from SEK 1.55.

Outlook and guidance

• Q3 expected to be stronger than Q2, with positive order inflow in Containerboard and stable demand in solid wood products.

• Price increases in Containerboard to impact results in H2 2026; raw material costs, especially wood, expected to decline 3%-5% in Q3 and further in Q4.

• Renewable Energy margins remain volatile, dependent on fuel prices; market volatility expected to persist as Europe implements new blending mandates.

• Ongoing cost control and cash flow measures remain a focus amid challenging market conditions.

• Box demand is improving, with stock levels returning to historical averages.