SCA Q3 2026 Results: EBITDA Reaches SEK 1.63 Billion as Containerboard Earnings Rebound

Svenska Cellulosa Aktiebolaget (SCA) reported net sales of SEK 5.248 billion for the third quarter of 2026, up 5% from SEK 4.993 billion in the same period last year. EBITDA amounted to SEK 1.631 billion, broadly in line with the SEK 1.644 billion reported a year earlier, as higher delivery volumes and lower planned maintenance costs offset lower selling prices and negative currency effects.

Compared with the second quarter of 2026, SCA delivered a stronger performance. EBITDA increased from SEK 1.303 billion to SEK 1.631 billion, while the EBITDA margin improved to 31.1% from 25.3%.

For the first nine months of 2026, however, the group continued to face pressure on earnings. EBITDA declined 24% to SEK 4.041 billion from SEK 5.328 billion in the corresponding period of 2025, reflecting lower selling prices, negative exchange-rate effects and higher raw-material costs.

The results highlight the importance of SCA's integrated forest-based value chain, which provides access to wood raw materials, fuel, energy and logistics. While this integration helps mitigate cost pressures, the company continues to operate in a challenging market environment.

Key financial results

SCA's third-quarter performance was broadly stable year on year, with a clear improvement compared with the preceding quarter.

For January–September 2026, net sales totalled SEK 15.141 billion, compared with SEK 15.534 billion in the prior-year period. EBITDA fell to SEK 4.041 billion from SEK 5.328 billion, and the EBITDA margin declined to 26.7% from 34.3%.

Operating profit for the first nine months decreased to SEK 2.314 billion from SEK 3.735 billion, while earnings per share fell to SEK 2.38 from SEK 3.87.

SCA's third-quarter EBITDA remained nearly unchanged year on year, but the decline in the nine-month result shows that the recovery in the latest quarter has not fully offset earlier pressure.

Containerboard leads the quarterly improvement

SCA's Containerboard segment delivered one of the strongest performances in the third quarter, supported by higher selling prices, improved market conditions and increased delivery volumes.

Net sales increased 12% to SEK 1.973 billion from SEK 1.755 billion in the third quarter of 2025. EBITDA more than doubled to SEK 446 million from SEK 194 million, while operating profit reached SEK 239 million compared with an operating loss of SEK 4 million a year earlier.

The EBITDA margin rose to 22.6% from 11.0%.

Further kraftliner price increases implemented during the quarter supported selling prices. Demand for packaging paper also benefited from stronger industrial production and continued demand from e-commerce and consumables markets.

Deliveries of kraftliner increased 9% to 250,000 tonnes from 230,000 tonnes in the prior-year quarter.

Compared with the second quarter of 2026, the segment's EBITDA increased substantially from SEK 135 million. This was one of the key contributors to the group's stronger sequential earnings.

Despite the quarterly recovery, nine-month Containerboard EBITDA declined 23% to SEK 685 million from SEK 884 million, indicating that year-to-date profitability remains below the previous year's level.

Renewable energy benefits from high fuel prices

SCA's Renewable Energy segment also recorded stronger year-on-year results, benefiting from favourable conditions in bioenergy and wind power.

Third-quarter revenue increased 27% to SEK 478 million from SEK 377 million. EBITDA rose to SEK 201 million from SEK 79 million, while operating profit increased to SEK 159 million from SEK 61 million.

The EBITDA margin reached 42.1%, compared with 21.0% a year earlier.

High fuel prices continued to support earnings in renewable energy, while demand for solid biofuels remained robust for the season. Deliveries of bioenergy increased 14% to 677 GWh, and deliveries of renewable electricity from SCA's own wind production rose to 60 GWh from 12 GWh.

For the first nine months of 2026, Renewable Energy EBITDA increased 108% to SEK 624 million from SEK 300 million.

The segment's performance partly offset weaker earnings in other parts of SCA's forest-based industrial operations.

Forest segment earnings decline year on year

SCA's Forest segment continued to generate a substantial contribution to group earnings, although profitability decreased compared with the third quarter of 2025.

Net sales were SEK 2.363 billion, down 1% from SEK 2.390 billion. EBITDA declined to SEK 702 million from SEK 912 million, while operating profit fell to SEK 633 million from SEK 841 million.

The results include changes in the value of biological assets, reflecting the accounting treatment of SCA's standing forest resources. EBITDA before the change in the value of biological assets amounted to SEK 289 million, compared with SEK 461 million a year earlier.

Lower selling prices and negative currency effects weighed on the year-on-year comparison. High fuel prices also continued to affect earnings in the Forest segment.

SCA's large forest holdings remain an important strategic advantage, providing an integrated supply of wood raw material for its industrial operations. However, the latest results demonstrate that the forest business remains exposed to market prices, harvesting volumes and operating costs.

Wood products face weaker volumes and higher raw-material costs

The Wood segment recorded lower sales and profitability during the quarter as reduced delivery volumes and higher raw-material costs affected performance.

Net sales declined 6% to SEK 1.446 billion from SEK 1.544 billion in the third quarter of 2025. EBITDA fell 50% to SEK 117 million from SEK 232 million, while operating profit decreased to SEK 43 million from SEK 159 million.

Deliveries of wood products declined 8% to 489,000 cubic metres from 532,000 cubic metres.

The company attributed the weaker performance primarily to lower delivery volumes, higher raw-material costs and increased distribution expenses. Slightly higher selling prices partly offset these pressures.

Demand in Europe remained normal for the season, with demand for spruce products stronger than for pine. However, a higher proportion of wind-felled timber of lower quality affected the product mix and selling prices.

The segment's nine-month EBITDA fell 67% to SEK 255 million, highlighting the continuing challenges in the solid wood products market.

Pulp earnings remain under pressure despite higher sales

SCA's Pulp segment reported higher third-quarter sales but lower EBITDA compared with the same period last year.

Net sales increased 7% to SEK 1.764 billion from SEK 1.651 billion. EBITDA declined 18% to SEK 198 million from SEK 242 million.

Higher delivery volumes supported revenue, while lower selling prices weighed on earnings. The cost of planned maintenance stops fell to SEK 52 million from SEK 83 million, partly mitigating the pressure.

Compared with the second quarter of 2026, EBITDA increased from SEK 107 million. Lower raw-material costs, higher delivery volumes, reduced distribution costs and an improved net energy impact contributed to the sequential improvement. A SEK 15 million refund of US tariffs paid also supported the comparison, partly offset by lower selling prices and higher planned maintenance costs.

The broader pulp market remained weak during the quarter. European northern bleached softwood kraft pulp prices declined slightly, while prices in China fell early in the quarter before subsequently increasing.

For the first nine months of 2026, Pulp segment EBITDA declined to SEK 345 million from SEK 823 million, reflecting the substantial pressure on year-to-date profitability.

Integrated operations help manage cost pressures

SCA continued to focus on cost control in a challenging operating environment. Its integrated business model links forest resources with wood products, pulp, containerboard and renewable energy, helping secure supplies of raw materials, fuel and energy.

The third-quarter results demonstrate the benefits of this structure, particularly as strong renewable energy earnings and the containerboard recovery helped offset weaker performance in wood products and pulp.

However, the company remains exposed to changes in selling prices, exchange rates, raw-material costs and energy markets. Lower maintenance costs and higher delivery volumes supported the latest quarter, but these benefits have not fully reversed the decline in year-to-date earnings.

Outlook: Containerboard recovery supports near-term performance

SCA's third-quarter results show an improvement in earnings momentum compared with the second quarter of 2026. Higher containerboard prices, stronger demand in packaging markets, lower industrial raw-material costs and seasonally lower expenses supported the increase in EBITDA.

Renewable Energy also continued to benefit from favourable bioenergy market conditions. In contrast, Wood and Pulp remained under pressure from weaker selling prices, higher costs and challenging market conditions.

For the remainder of 2026, the key factors to watch will be the sustainability of kraftliner price increases, demand for packaging paper, pulp-market developments, raw-material costs and the impact of currency movements.

SCA's integrated forest assets and renewable energy operations provide structural advantages, but the company's financial performance will continue to depend on its ability to protect margins across its industrial segments.

The third quarter points to a more favourable sequential trend, although the decline in nine-month EBITDA confirms that a broader recovery in profitability remains incomplete.