SCA Reports Resilient 2025 Results Despite Challenging Market Conditions

Sundsvall, Sweden – January 2026 – Svenska Cellulosa Aktiebolaget SCA (publ) reported stable net sales and strong cash generation for the full year 2025, supported by higher delivery volumes and operational efficiency, despite continued headwinds from unfavorable currency movements and elevated raw material costs.

Net sales for the full year amounted to SEK 20.4 billion, broadly in line with the prior year. EBITDA totaled SEK 6.6 billion, corresponding to an EBITDA margin of 32.1%, reflecting the company’s integrated value chain and high self-sufficiency in wood raw materials. Operating profit reached SEK 4.4 billion, while operating cash flow remained solid at SEK 3.1 billion.

Earnings per share amounted to SEK 4.56, and the Board of Directors has proposed an unchanged dividend of SEK 3.00 per share, underscoring SCA’s commitment to stable shareholder returns.

During the year, SCA continued to ramp up previously completed strategic investments in pulp, packaging materials, solid wood products, and renewable energy. These investments are expected to gradually strengthen cash flow generation and enhance long-term competitiveness.

SCA maintained a strong financial position, ending the year with net debt of SEK 10.9 billion and a net debt/EBITDA ratio of 1.7x. The Group also continued disciplined cost control and organizational adjustments aligned with market conditions.

Looking ahead, SCA remains focused on long-term growth in renewable, fiber-based products, continued development of its forest assets, and selective investments in renewable energy projects.

🔍 KEY EXTRACTED UPDATES (FOR INVESTORS & ANALYSTS)

1. Capital Expenditure & Projects

• Strategic capital expenditure (2025): SEK 1.27 billion

• Focus areas:

  • Pulp capacity and efficiency

  • Containerboard (kraftliner) expansion

  • Renewable energy and biofuels

• Wind power projects:

  • Total decided investments: SEK 1.72 billion over two years

  • Remaining contracted commitments at year-end: SEK 145 million

2. Shutdowns & Maintenance

• Planned maintenance stops (2025 total impact): SEK 510 million

• Major shutdown:

  • Östrand pulp mill (Q4 2025)

• Forecast maintenance cost 2026: SEK 475 million (pulp and containerboard)

3. Dividends

• Proposed dividend: SEK 3.00 per share (unchanged year-on-year)

• Total dividend payout in 2025: SEK 2.1 billion

4. Staffing & Cost Control

• No large-scale layoffs announced.

• Management confirms:

  • Gradual staff level adjustments aligned with market conditions

  • Continued focus on efficiency and cost discipline

5. Mergers & Acquisitions

• No acquisitions or disposals completed in 2025

• Business and asset acquisitions: SEK 0

• Strategy remains focused on organic growth and investment ramp-ups

6. Forest & Asset Update

• Forest asset value: SEK 103.8 billion (down from SEK 107.3bn YoY)

• Decrease driven by:

  • Lower market prices for forest transactions

  • Partly offset by increased standing timber volume

• Biological asset revaluation positively impacted EBITDA by SEK 1.78 billion