SCA (SCA) Q3 2026 earnings summary

Executive summary

• Q3 EBITDA was SEK 1,631m, down 1% YoY and up from SEK 1,303m QoQ; Containerboard and Renewable Energy strengthened while Pulp and Wood remained weak.

• Jan-Sep earnings weakened as lower selling prices, adverse FX and higher raw-material costs outweighed higher delivery volumes.

Financial highlights

• Q3 net sales were SEK 5,248m, up 5% YoY; volume rose 9%, while price/mix fell 3% and currency had a negative 1% impact.

• Q3 EBITDA was SEK 1,631m vs. SEK 1,644m; margin was 31.1% vs. 32.9%. Price/mix reduced EBITDA by SEK 144m, while volume added SEK 53m.

• Q3 EBIT was SEK 1,047m, down 6%; net profit was SEK 772m, down 7%, and EPS was SEK 1.10 vs. SEK 1.19.

• Jan-Sep net sales fell 3% to SEK 15,141m; EBITDA declined 24% to SEK 4,041m, and operating profit fell 38% to SEK 2,314m.

• Jan-Sep net profit was SEK 1,675m vs. SEK 2,720m; EPS was SEK 2.38 vs. SEK 3.87.

Outlook and guidance

• Sawlog and pulpwood costs fell ~5% QoQ in Q3; a further 4%-5% decline is expected in Q4, with costs expected to be broadly flat in Q1 2027.

• Containerboard demand is forecast to improve; kraftliner price increases are expected to flow into Q4 results as implementation continues.

• The Östrand NBSK maintenance stop began late in Q3, with most of the stop in Q4 and lower Q4 volumes expected; Obbola needs another year to reach 700,000 tonnes and above.

• Q4 planned maintenance-stop costs are forecast at SEK 235m; full-year 2026 planned maintenance-stop costs are forecast at SEK 505m.

• Solid wood demand is expected to remain stable but seasonally weaker; near-term market prices are expected unchanged, with storm-log quality posing limited downside risk.