SCA (SCA) Q4 2025 earnings summary

Executive summary

• 2025 was marked by challenging markets, high raw material costs, and negative currency effects, but cost control and increased self-sufficiency in wood supply helped mitigate impacts.

• Net sales for 2025 were SEK 20,427m, up 1% year-over-year, with higher volumes and prices offset by currency headwinds.

• EBITDA declined 8% to SEK 6,564m, with a 32.1% margin, mainly due to negative exchange rates and higher raw material costs, partially offset by higher volumes and prices.

• Net profit for 2025 was SEK 3,205m, or SEK 4.56 per share, down 12% year-over-year.

• Dividend proposal remains at SEK 3.00 per share, unchanged from last year.

Financial highlights

• Full-year net sales stable at SEK 20,427m; EBITDA down 8% to SEK 6,564m; EBIT down to SEK 4,432m.

• Q4 2025 net sales decreased 5% year-over-year to SEK 4,893m; Q4 EBITDA dropped 25% to SEK 1,236m (25.2% margin).

• Operating cash flow for 2025 was SEK 3,078m.

• Net debt/EBITDA was 1.7x at year-end; net debt at SEK 10,939m; net debt/equity stable at 11%.

• Equity decreased by SEK 2,514m to SEK 101,521m, mainly due to dividend payments and lower comprehensive income.

Outlook and guidance

• Market conditions remain challenging with continued low demand and high raw material costs expected.

• Several major investments are ramping up, expected to support future cash flow and competitiveness.

• Minor decrease in own forest harvesting in 2026 to support private owners after storm damage.

• Pulpwood prices expected to decline further due to oversupply; sawlog prices to rise 7-8% in Q1 2026, then gradually decrease.

• CapEx for 2026 estimated at SEK 1.5bn plus SEK 400-500m strategic spillover; no major new strategic investments planned.