Rottneros (RROS) Q2 2026 earnings summary

Executive summary

• EBITDA returned to 31 MSEK in Q2 2026 after several negative quarters, driven by lower wood costs, cost control initiatives, and stable demand in prioritized niches.

• Maintained or increased market share in Europe and focused on high-value, climate-smart packaging and high-purity pulp for specialized markets.

• Cost reductions in both variable and fixed costs improved margins despite lower sales prices and volumes.

• Demand in prioritized chemical softwood pulp niches remained stable, with some improvement in CTMP demand.

Financial highlights

• Net turnover for Q2 2026 was 612 MSEK (down 16% year-over-year); rolling 12 months turnover was approximately 2,305 MSEK.

• EBITDA improved from -15 MSEK in Q2 2025 to 31 MSEK in Q2 2026; sequential improvement from -36 MSEK in Q1 2026.

• Free cash flow from operating activities was -81 MSEK for H1 2026, impacted by working capital and inventory buildup.

• Equity/assets ratio at 60% (up from 53%); available liquidity 171 MSEK; net debt at 431 MSEK.

Outlook and guidance

• No formal earnings guidance provided; profitability highly sensitive to wood, pulp, and currency rates.

• Investments for 2026 expected to total 60 MSEK, significantly reduced from 166 MSEK in 2025, to prioritize cash flow and balance sheet strength.

• Continued focus on cost efficiency, margin improvement, and stable demand in prioritized niches.