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Svenska Cellulosa AB
Quarterly Report • Oct 24, 2025
2964_10-q_2025-10-24_67d544a4-a28b-4d0a-a266-66917d8e31d0.pdf
Quarterly Report
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January-September 2025 compared with January-September 2024
- Net sales increased to SEK 15,534m (15,097). The increase was mainly explained by higher selling prices and higher delivery volumes, which were offset by negative exchange rate effects.
- EBITDA amounted to SEK 5,328m (5,494). The decrease was primarily due to negative exchange rate effects and higher raw material costs, although these were offset by higher selling prices and higher delivery volumes. High rate of self-sufficiency in wood raw material remained a key component for reducing the impact of rising raw material costs.
- EBITDA margin was 34.3% (36.4).
- Operating profit decreased to SEK 3,735m (3,914).
- Operating cash flow increased to SEK 2,549m (1,911)
- Earnings per share was SEK 3.87 (4.01).
July–September 2025 compared with July–September 2024
- Net sales decreased to SEK 4,993m (5,248). Lower selling prices and negative exchange rate effects were offset by higher delivery volumes.
- EBITDA declined to SEK 1,644m (2,010) and the EBITDA margin was 32.9% (38.3). The decrease was primarily attributable to negative exchange rate effects, planned maintenance stops and lower selling prices.
July–September 2025 compared with April–June 2025
- Net sales decreased to SEK 4,993m (5,380). The sales decrease was due to lower delivery volumes and lower selling prices.
- EBITDA declined to SEK 1,644m (2,033) and the EBITDA margin was 32.9% (37.8). The decrease was mainly due to planned maintenance stops, lower selling prices and lower delivery volumes.
KEY FIGURES
| Quarter | Jan-Sep | |||||||
|---|---|---|---|---|---|---|---|---|
| SEKm | 2025:3 | 2024:3 | % | 2025:2 | % | 2025 | 2024 | % |
| Net sales | 4,993 | 5,248 | -5 | 5,380 | -7 | 15,534 | 15,097 | 3 |
| EBITDA | 1,644 | 2,010 | -18 | 2,033 | -19 | 5,328 | 5,494 | -3 |
| EBITDA margin, % | 32.9 | 38.3 | 37.8 | 34.3 | 36.4 | |||
| Operating profit | 1,112 | 1,476 | -25 | 1,504 | -26 | 3,735 | 3,914 | -5 |
| Net Profit | 832 | 1,070 | -22 | 1,088 | -24 | 2,720 | 2,819 | -4 |
| Earnings per share SEK 1 | 1.19 | 1.52 | 1.55 | 3.87 | 4.01 | |||
| Operating cash flow | 1,111 | 708 | 953 | 2,549 | 1,911 | |||
| Net Debt / EBITDA (LTM) | 1.7x | 1.6x | 1.8x | 1.7x | 1.6x |
1 There are no dilution effects.
SUMMARY OF THE THIRD QUARTER OF 2025
SCA's earnings in the third quarter declined year-on-year and compared with the preceding quarter. This earnings trend was mainly attributable to the completion of planned maintenance stops, lower selling prices and negative exchange rate effects.
The uncertain market situation characterized by a weak economic environment, trade barriers, and currency fluctuations, continues to affect market conditions. The forest industry is generally encountering a challenging market with soft underlying demand in many product areas.
The supply of wood raw material to SCA's industries was stable in the quarter. The limited supply of wood raw material together with high demand has led to a gradual increase in prices in recent years. However, the availability of pulpwood improved and market prices for pulpwood fell slightly in the quarter. Demand for sawlogs remained high, particularly for spruce logs.
Selling prices for solid-wood products decreased somewhat compared with the preceding quarter, driven primarily by higher supply. Demand remained cautious due to the uncertain market situation. SCA's focus on strong and long-term customer relationships contributed to a delivery volume in line with the year-earlier quarter. However, delivery volumes declined seasonally compared with the preceding quarter. Producer stocks in Sweden were largely unchanged during the quarter, while customer stocks are estimated to have remained low.
Average selling prices in the Pulp segment decreased slightly compared with the preceding quarter. Selling prices for NBSK pulp in Europe and China were stable at low levels, while prices for NBSK pulp in the US fell during the third quarter. Demand for pulp improved slightly in China during the quarter but was weak in both Europe and the US. SCA's delivery volumes for the third quarter were lower compared with the preceding quarter and year-onyear. Global producer stocks increased during the quarter.
SCA's average selling prices for packaging material decreased slightly compared with the preceding quarter. Production in the Containerboard segment was at a favorable level during the quarter, but was restricted by planned maintenance stops at the Obbola and Munksund mills. Demand for packaging paper was soft in the quarter, mainly driven by weak industrial production among customers, which was partly offset by stronger demand in e-commerce and consumables. SCA's delivery volumes were slightly lower than in the preceding quarter, but increased year-on-year. European producer stocks continued to increase during the third quarter.
Demand for solid biofuels was lower in the third quarter compared with the preceding quarter, while the biofuel market improved during the same comparative period. Electricity prices in northern Sweden remained low during the third quarter. SCA's leasehold business in wind power remained stable and at the end of the third quarter about 20% of installed wind power capacity in Sweden was on SCA's land.
GROUP
1,000 3,000 4,000 5,000 6,000 2024:3 2024:4 2025:1 2025:2 2025:3 Net sales SEKm
SALES AND OPERATING PROFIT
January-September 2025 compared with January-September 2024
Net sales increased to SEK 15,534m (15,097), an increase of 3%, of which price/mix accounted for +3%, volume +3% and currency -3%.
EBITDA amounted to SEK 5,328m (5,494), corresponding to an EBITDA margin of 34.3% (36.4). The decrease was primarily attributable to negative exchange rate effects and higher raw material costs, which were offset by higher selling prices and higher delivery volumes. Good cost control due to the high rate of self-sufficiency in primarily wood raw material reduced the impact of increased costs. The cost of planned maintenance stops was SEK 312m (151).
EBITDA excluding the revaluation of biological assets was SEK 3,984m (4,109).
Operating profit decreased to SEK 3,735m (3,914).
10 20 30 40 50 1,000 1,500 2,000 2,500 EBITDA & margin SEKm %
0
0
July–September 2025 compared with July–September 2024
Net sales amounted to SEK 4,993m (5,248), a decrease of 5%, of which currency accounted for -4%, price/mix -2% and volume +1%.
EBITDA decreased to SEK 1,644m (2,010), corresponding to an EBITDA margin of 32.9% (38.3). The decrease was primarily attributable to negative exchange rate effects, higher cost for planned maintenance stops of SEK 287m (122), lower selling prices and higher raw material costs.
EBITDA excluding the revaluation of biological assets decreased to SEK 1,193m (1,549).
Operating profit was SEK 1,112m (1,476).
Change in net sales (%)
2024:3 2024:4 2025:1 2025:2 2025:3
| 2509 vs 2409 |
2025:3 vs 2024:3 |
2025:3 vs 2025:2 |
|
|---|---|---|---|
| Total | 3 | -5 | -7 |
| Price/mix | 3 | -2 | -3 |
| Volume | 3 | 1 | -4 |
| Currency | -3 | -4 | 0 |
July–September 2025 compared with April–June 2025
Net sales amounted to SEK 4,993m (5,380), a decrease of 7%, of which volume accounted for -4%, price/mix -3% and currency 0%.
EBITDA decreased 19% to SEK 1,644m (2,033), corresponding to an EBITDA margin of 32.9% (37.8). The change was primarily attributable to higher costs for planned maintenance stops of SEK 287m (25), lower selling prices and lower delivery volumes.
EBITDA excluding the revaluation of biological assets decreased to SEK 1,193m (1,585).
Operating profit was SEK 1,112m (1,504).
400 1,000 1,200 1,400 2024:3 2024:4 2025:1 2025:2 2025:3 Operating cashflow SEKm
CASH FLOW
January-September 2025 compared with January-September 2024
The operating cash surplus amounted to SEK 3,989m (4,041). The cash flow effect of changes in working capital was SEK -840m (-1,330). Current capital expenditures, net, amounted to SEK -885m (-630). Other operating cash flow was SEK 285m (-170), primarly currency hedges related to working capital. Operating cash flow increased to SEK 2,549m (1,911) (see Note 10).
Strategic capital expenditures totaled SEK -1,106m (-502) and tax paid amounted to SEK -216m (-143) for the period. See page 13.
FINANCING
At September 30, 2025, net debt totaled SEK 11,734m, a decrease during the quarter of SEK 1,224m. Net debt in relation to EBITDA amounted to 1.7x, compared with 1.8x in the preceding quarter. The debt/equity ratio amounted to 11.2% compared with 12.5% in the preceding quarter.
At September 30, 2025, gross debt amounted to SEK 15,262m with an average maturity of 3.8 years (including the lease liability). The loan structure consists of bilateral bank loans and bonds. Unutilized credit facilities amounted to SEK 6,000m at September 30, 2025 and mature in 2029.
In the first three quarters of 2025, financial items totaled SEK -331m compared with SEK -398m in the year-earlier period.
EQUITY
January–September 2025
Equity increased by SEK 450m during the period, to SEK 104,485m at September 30, 2025. Equity increased due to comprehensive income for the period of SEK 2,510m, and decreased due to the dividend of SEK 2,107m. Other items increased by SEK 47m.
TAX
January-September 2025 compared with January-September 2024
The Group's tax expense amounted to SEK 684m (697), corresponding to an effective tax rate of 20.1% (19.8).
CURRENCY EXPOSURE AND CURRENCY HEDGING
Due to a high proportion of exports, SCA's operations are sensitive to currency fluctuations. About 85% of sales are priced in currencies other than SEK, primarily EUR, USD and GBP. Most purchasing is conducted in SEK, while some purchasing is carried out in foreign currencies.
To mitigate the effects of a weaker SEK, balance sheet items in foreign currency are hedged, as well as major decided and contracted expenses in foreign currency for investments in non-current assets. Added to this, a share of future net flows in the main currencies is hedged and, in some cases, for special order flows. At September 30, the company had hedged roughly the following shares of the expected net exposure from sales minus purchases.
| Share of expected net exposure, % | |||||
|---|---|---|---|---|---|
| Currency | Average rate |
2025:4 | 2026:1 | 2026:2 | 2026:3 |
| USD | 10.03 | 65 | 50 | 30 | 10 |
| EUR | 11.10 | 80 | 65 | 50 | 25 |
PLANNED MAINTENANCE STOPS
In the third quarter of 2025, planned maintenance stops were carried out at both the Obbola and Munksund paper mills (Containerboard segment). One planned maintenance stop at the Östrand pulp mill (Pulp segment) began at the end of the quarter. The estimated effect of the planned maintenance stops on earnings, calculated as the sum of the direct cost of the maintenance and lower fixed cost coverage from reduced capacity utilization during the stops, is shown in the table below.
| Actual | |||||
|---|---|---|---|---|---|
| SEKm | 2024:1 | 2024:2 | 2024:3 | 2024:4 | Total |
| Pulp | 0 | 29 | 35 | 215 | 279 |
| Containerboard | 0 | 0 | 87 | 123 | 210 |
| Total | 0 | 29 | 122 | 338 | 489 |
| Actual | Forecast | ||||
|---|---|---|---|---|---|
| SEKm | 2025:1 | 2025:2 | 2025:3 | 2025:4 | Total |
| Pulp | 0 | 25 | 83 | 180 | 288 |
| Containerboard | 0 | 0 | 204 | 0 | 204 |
| Total | 0 | 25 | 287 | 180 | 492 |
* share calculated of total EBITDA excluding central costs
EBITDA & margin
FOREST
SCA is Europe's largest private forest owner with a holding of 2.7 million hectares of forest land in Northern Sweden and the Baltic region. SCA's unique forest holding is a growing resource that provides access to highquality forest raw materials while absorbing a net of more than 10% of Sweden's fossil CO₂ emissions.
| Quarter | Jan-Sep | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| 2025: | |||||||||
| SEKm | 2025:3 | 2024:3 | % | 2 | % | 2025 | 2024 | % | |
| Net sales | 2,390 | 2,099 | 14 | 2,542 | -6 | 7,418 | 6,507 | 14 | |
| EBITDA | 912 | 777 | 17 | 1,070 | -15 | 2,861 | 2,630 | 9 | |
| Depreciation and amortization | -71 | -63 | 13 | -64 | 11 | -199 | -185 | 8 | |
| Operating profit | 841 | 714 | 18 | 1,006 | -16 | 2,662 | 2,445 | 9 | |
| EBITDA margin, % | 38.2 | 37.0 | 42.1 | 38.6 | 40.4 | ||||
| Operating margin, % | 35.2 | 34.0 | 39.6 | 35.9 | 37.6 | ||||
| Return on capital employed, % | 3.8 | 3.2 | 4.6 | 4.0 | 4.1 | ||||
| Harvesting of own forest in Sweden, thousand | |||||||||
| m3 sub | 1,235 | 1,162 | 6 | 1,727 | -28 | 3,926 | 3,690 | 6 | |
| Revaluation of biological assets1 | 451 | 461 | -2 | 448 | 1 | 1,344 | 1,385 | -3 |
1 Revaluation of biological assets are included in EBITDA.
The Forest segment includes net sales from timber sourced from SCA's own forests, and from timber purchased from other forest owners, which is sold internally to SCA's industrial operations. The pricing is based on an average of SCA's externally sourced timber prices.
Revaluation of forest assets
The value of SCA's total forest assets is based on the market price of forest transactions in the areas where SCA owns forests applied on SCA's standing volume. To determine the change in value of biological assets, a valuation model is used based on discounted cash flows. See Note 4.
January-September 2025 compared with January-September 2024
Net sales increased 14% to SEK 7,418m (6,507), primarily attributable to higher selling prices for sawlogs and pulpwood, and higher delivery volumes to SCA's industries.
EBITDA increased 9% to SEK 2,861m (2,630). The increase was primarily attributable to higher selling prices for sawlogs and pulpwood.
EBITDA excluding the revaluation of biological assets was SEK 1,517m (1,245).
July–September 2025 compared with July–September 2024
Net sales increased 14% to SEK 2,390m (2,099), primarily related to higher selling prices for sawlogs and pulpwood.
EBITDA increased 17% to SEK 912m (777). The increase was mainly attributable to higher selling prices.
EBITDA excluding the revaluation of biological assets was SEK 461m (316).
July–September 2025 compared with April–June 2025
Net sales declined 6% to SEK 2,390m (2,542), mainly related to lower delivery volumes as a result of planned maintenance stops at SCA's industries.
EBITDA declined 15% to SEK 912m (1,070). The decrease was primarily attributable to a seasonably lower share of harvesting from SCA-owned forest and lower delivery volumes to SCA's industries.
EBITDA excluding the revaluation of biological assets was SEK 461m (622).
* share calculated of total EBITDA excluding central costs
10 15 100 300 400 EBITDA & margin % SEKm
2024:3 2024:4 2025:1 2025:2 2025:3
0
0
WOOD
SCA is one of Europe's leading suppliers of wood-based products for the wood industry and building materials trade, with an annual production capacity of 2.2 m3of solid-wood products. SCA has five cost-efficient sawmills located close to its forest holdings in Northern Sweden, as well as wood processing and distribution to the building materials trade in Scandinavia and France.
| Quarter | Jan-Sep | |||||||
|---|---|---|---|---|---|---|---|---|
| SEKm | 2025:3 | 2024:3 | % | 2025:2 | % | 2025 | 2024 | % |
| Net sales | 1,544 | 1,524 | 1 | 1,733 | -11 | 4,775 | 4,123 | 16 |
| EBITDA | 232 | 288 | -19 | 310 | -25 | 778 | 693 | 12 |
| Depreciation and amortization | -73 | -73 | 0 | -73 | 0 | -217 | -212 | 2 |
| Operating profit | 159 | 215 | -26 | 237 | -33 | 561 | 481 | 17 |
| EBITDA margin, % | 15.0 | 18.9 | 17.9 | 16.3 | 16.8 | |||
| Operating margin, % | 10.3 | 14.1 | 13.7 | 11.7 | 11.7 | |||
| Return on capital employed, % | 17.4 | 22.7 | 25.4 | 19.6 | 13.3 | |||
| Deliveries, wood products, thousand m3 | 532 | 533 | 0 | 568 | -6 | 1,624 | 1,452 | 12 |
January-September 2025 compared with January-September 2024
Net sales increased 16% to SEK 4,775m (4,123). The change was primarily attributable to higher delivery volumes and higher selling prices.
EBITDA increased 12% to SEK 778m (693). The increase was mainly explained by higher selling prices and higher delivery volumes, which were offset by higher raw material costs and negative exchange rate effects.
July–September 2025 compared with July–September 2024
Net sales were in line with the year-earlier period and amounted to SEK 1,544m (1,524). Higher selling prices were offset by negative exchange rate effects.
EBITDA declined 19% to SEK 232m (288). The decrease was mainly attributable to higher raw material costs and negative exchange rate effects, which were offset by higher selling prices.
July–September 2025 compared with April–June 2025
Net sales decreased 11% to SEK 1,544m (1,733), which was mainly due to lower delivery volumes and lower selling prices.
EBITDA declined 25% to SEK 232m (310). The decrease was primarily attributable to lower selling prices and higher raw material costs.
* share calculated of total EBITDA excluding central costs
EBITDA & margin
PULP
SCA produces Northern bleached softwood kraft pulp (NBSK) at Östrand pulp mill and chemi-thermomechanical pulp (CTMP) at the Ortviken site in Sundsvall with a total capacity of more than 1 million tonnes per year, which is expected to increase to 1.2 million tonnes. The Östrand pulp mill is one of the largest and most cost-efficient production lines for NBSK in the world and is also a net producer of green electricity and produces biochemicals such as tall oil and turpentine.
| Quarter | Jan-Sep | |||||||
|---|---|---|---|---|---|---|---|---|
| SEKm | 2025:3 | 2024:3 | % | 2025:2 | % | 2025 | 2024 | % |
| Net sales | 1,651 | 2,085 | -21 | 1,794 | -8 | 5,385 | 6,006 | -10 |
| EBITDA | 242 | 562 | -57 | 261 | -7 | 823 | 1,394 | -41 |
| Depreciation and amortization | -164 | -171 | -4 | -166 | -1 | -502 | -508 | -1 |
| Operating profit | 78 | 391 | -80 | 95 | -18 | 321 | 886 | -64 |
| EBITDA margin, % | 14.6 | 27.0 | 14.5 | 15.3 | 23.2 | |||
| Operating margin, % | 4.7 | 18.8 | 5.3 | 5.9 | 14.8 | |||
| Return on capital employed, % | 3.3 | 16.0 | 4.0 | 4.6 | 8.1 | |||
| Deliveries, pulp, thousand tonnes | 223 | 240 | -7 | 242 | -8 | 722 | 731 | -1 |
January-September 2025 compared with January-September 2024
Net sales declined 10% to SEK 5,385m (6,006), mainly driven by negative exchange rate effects and lower selling prices.
EBITDA declined 41% to SEK 823m (1,394). The EBITDA margin was 15.3% (23.2). Negative exchange rate effects, higher costs for wood raw material and lower selling prices had a negative impact on earnings. The cost of planned maintenance stops was SEK 108m (64).
July–September 2025 compared with July–September 2024
Net sales declined 21% to SEK 1,651m (2,085). The decline was attributable to lower selling prices, lower delivery volumes and negative exchange rate effects.
EBITDA declined 57% to SEK 242m (562). The decrease was related to lower selling prices, negative exchange rate effects and higher costs for wood raw material. The cost of planned maintenance stops was SEK 83m (35).
July–September 2025 compared with April–June 2025
Net sales declined 8% to SEK 1,651m (1,794). The decline was mainly attributable to lower delivery volumes and lower selling prices.
EBITDA declined 7% to SEK 242m (261). The decrease was primarily related to higher costs for planned maintenance stops of SEK 83m (25) and lower selling prices, which were offset by lower raw material costs.
* share calculated of total EBITDA excluding central costs
Net sales
EBITDA & margin
CONTAINERBOARD
SCA produces kraftliner, renewable packaging paper, at the paper mills in Munksund and Obbola. SCA is Europe's largest independent producer of kraftliner, with a total capacity of more than 865,000 tonnes per year, which is expected to increase to 1,140,000 tonnes by 2026.
| Quarter | Jan-Sep | |||||||
|---|---|---|---|---|---|---|---|---|
| SEKm | 2025:3 | 2024:3 | % | 2025:2 | % | 2025 | 2024 | % |
| Net sales | 1,755 | 1,597 | 10 | 1,819 | -4 | 5,248 | 4,816 | 9 |
| EBITDA | 194 | 318 | -39 | 451 | -57 | 884 | 690 | 28 |
| Depreciation and amortization | -198 | -201 | -1 | -198 | 0 | -594 | -594 | 0 |
| Operating profit | -4 | 117 | 253 | 290 | 96 | 202 | ||
| EBITDA margin, % | 11.0 | 19.9 | 24.8 | 16.8 | 14.3 | |||
| Operating margin, % | -0.2 | 7.3 | 13.9 | 5.5 | 2.0 | |||
| Return on capital employed, % | -0.2 | 4.3 | 9.3 | 3.1 | 1.7 | |||
| Deliveries, kraftliner, thousand tonnes | 230 | 208 | 11 | 236 | -3 | 702 | 684 | 3 |
January-September 2025 compared with January-September 2024
Net sales increased 9% to SEK 5,248m (4,816). Higher selling prices and higher delivery volumes had a positive impact on net sales, which were offset by negative exchange rate effects.
EBITDA increased 28% to SEK 884m (690). The increase was mainly attributable to higher selling prices and higher delivery volumes, which were offset by higher raw material costs and negative exchange rate effects. The cost of planned maintenance stops was SEK 204m (87).
July–September 2025 compared with July–September 2024
Net sales increased 10% to SEK 1,755m (1,597). The increase mainly relates to higher delivery volumes and higher selling prices, which were offset by negative exchange rate effects.
EBITDA declined 39% to SEK 194m (318). The change was primarily attributable to higher costs for planned maintenance stops of SEK 204m (87) higher raw material costs and negative exchange rate effects.
July–September 2025 compared with April–June 2025
Net sales decreased 4% to SEK 1,755m (1,819). The decrease was primarily attributable to lower delivery volumes.
EBITDA declined 57% to SEK 194m (451). The decrease was primarily related to higher costs for planned maintenance stops of SEK 204m (0).
* share calculated of total EBITDA excluding central costs
EBITDA & margin
RENEWABLE ENERGY
SCA produces tall oil, green electricity, refined and unrefined biofuels and liquid biofuels. SCA is one of Europe's largest producers of bioenergy, with annual production of about 11 TWh. SCA's industries and wind farm produce green electricity corresponding to approximately 1% of Swedish electricity consumption. SCA leases out land for the production of wind power and develops wind power projects on its own land, for sale and for the growth of the leasehold business.
| Quarter | Jan-Sep | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| SEKm | 2025:3 | 2024:3 | % | 2025:2 | % | 2025 | 2024 | % | ||
| Revenue1 | 377 | 435 | -13 | 494 | -24 | 1,474 | 1,519 | -3 | ||
| EBITDA | 79 | 99 | -20 | 87 | -9 | 300 | 361 | -17 | ||
| Depreciation and amortization | -18 | -18 | 0 | -18 | 0 | -54 | -55 | -2 | ||
| Operating profit | 61 | 81 | -25 | 69 | -12 | 246 | 306 | -20 | ||
| EBITDA margin, %2 | 21.0 | 22.9 | 17.8 | 20.4 | 23.8 | |||||
| Operating margin, %2 | 16.1 | 18.6 | 14.0 | 16.8 | 20.1 | |||||
| Return on capital employed, % | 7.4 | 14.7 | 8.8 | 11.0 | 21.7 | |||||
| Deliveries, renewable electricity from own | ||||||||||
| wind production, GWh | 12 | 32 | -63 | 17 | -29 | 78 | 108 | -28 |
Income consists av net sales and other operating income
January-September 2025 compared with January-September 2024
Income decreased 3% to SEK 1,474m (1,519). The decrease was mainly related to lower selling prices, which were offset by higher delivery volumes of bioenergy.
EBITDA declined 17% to SEK 300m (361). The EBITDA margin was 20.4% (23.8). The decrease was primarily attributable to lower selling prices.
July–September 2025 compared with July–September 2024
Income decreased 13% to SEK 377m (435). The decrease was primarily attributable to lower selling prices and lower delivery volumes.
EBITDA declined 20% to SEK 79m (99). Lower selling prices were offset by the continued rampup of the biorefinery in Gothenburg.
July–September 2025 compared with April–June 2025
Income decreased 24% to SEK 377m (494). The decrease was primarily related to lower delivery volumes of bioenergy.
EBITDA declined 9% to SEK 79m (87). The decrease was primarily attributable to lower delivery volumes of bioenergy.
2 EBITDA and operating profit as share of income
FINANCIAL STATEMENTS
CONDENSED CONSOLIDATED INCOME STATEMENT
| Quarter | Jan-Sep | |||||||
|---|---|---|---|---|---|---|---|---|
| SEKm | 2025:3 | 2024:3 | % | 2025:2 | % | 2025 | 2024 | % |
| Net sales | 4,993 | 5,248 | -5 | 5,380 | -7 | 15,534 | 15,097 | 3 |
| Other income | 594 | 724 | -18 | 712 | -17 | 2,164 | 2,601 | -17 |
| Change in inventories | -96 | -25 | 284 | 151 | 129 | 72 | 79 | |
| Change in value in biological assets | 451 | 461 | -2 | 448 | 1 | 1,344 | 1,385 | -3 |
| Raw materials and consumables | -1,162 | -1,268 | -8 | -1,420 | -18 | -4,207 | -3,847 | 9 |
| Personnel costs | -648 | -622 | 4 | -771 | -16 | -2,126 | -2,079 | 2 |
| Other operating expenses | -2,481 | -2,502 | -1 | -2,461 | 1 | -7,495 | -7,658 | -2 |
| Result from associated companies and JV | -7 | -6 | -6 | -15 | -77 | |||
| EBITDA | 1,644 | 2,010 | -18 | 2,033 | -19 | 5,328 | 5,494 | -3 |
| Depreciation, amortization and impairment | -532 | -534 | 0 | -529 | 1 | -1,593 | -1,580 | 1 |
| Operating profit | 1,112 | 1,476 | -25 | 1,504 | -26 | 3,735 | 3,914 | -5 |
| Financial items | -103 | -131 | -114 | -331 | -398 | |||
| Profit before tax | 1,009 | 1,345 | -25 | 1,390 | -27 | 3,404 | 3,516 | -3 |
| Income tax | -177 | -275 | -302 | -684 | -697 | |||
| Net Profit for the period | 832 | 1,070 | -22 | 1,088 | -24 | 2,720 | 2,819 | -4 |
| Earnings attributable to: | ||||||||
| Owners of the parent | 832 | 1,070 | 1,088 | 2,720 | 2,819 | |||
| Non-controlling interests | 0 | - | 0 | 0 | - | |||
| Earnings per share SEK - owners of the parent1 | 1.19 | 1.52 | 1.55 | 3.87 | 4.01 | |||
| Margins, % EBITDA margin |
32.9 | 38.3 | 37.8 | 34.3 | 36.4 | |||
| Operating margin | 22.3 | 28.1 | 28.0 | 24.0 | 25.9 | |||
| Net margin | 16.7 | 20.4 | 20.2 | 17.5 | 18.7 |
1 See note 8 for further information
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
| Quarter | Jan-Sep | |||||
|---|---|---|---|---|---|---|
| SEKm | 2025:3 | 2024:3 | 2025:2 | 2025 | 2024 | |
| Profit for the period | 832 | 1,070 | 1,088 | 2,720 | 2,819 | |
| Other comprehensive income for the period: | ||||||
| Items that may not be reclassified to the income statement | ||||||
| Change in value land assets | -179 | -205 | -241 | -611 | -616 | |
| Revaluation of defined benefit pension plans | 376 | -8 | -339 | 275 | 381 | |
| Income tax attributable to components of other comprehensive income | -60 | 44 | 128 | 58 | 49 | |
| Total | 137 | -169 | -452 | -278 | -186 | |
| Items that have been or may be reclassified subsequently to the income statement |
||||||
| Cash flow hedges | -64 | 121 | -49 | 258 | -191 | |
| Hedge cost | -1 | 1 | -2 | -12 | 12 | |
| Translation differences in foreign operations | -27 | -19 | 85 | -137 | 67 | |
| Income tax attributable to components of other comprehensive income | 14 | -25 | 20 | -41 | 37 | |
| Total | -78 | 78 | 54 | 68 | -75 | |
| Other comprehensive income for the period, net of tax | 59 | -91 | -398 | -210 | -261 | |
| Total comprehensive income for the period | 891 | 979 | 690 | 2,510 | 2,558 | |
| Total comprehensive income attributable to: | ||||||
| Owners of the parent | 891 | 979 | 690 | 2,510 | 2,558 | |
| Non-controlling interests | 0 | - | 0 | 0 | - |
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
| Jan-Sep | ||
|---|---|---|
| SEKm | 2025 | 2024 |
| Attributable to owners of the parent | ||
| Value, beginning of the period | 104,035 | 104,284 |
| Total comprehensive income for the period | 2,510 | 2,558 |
| Cash flow hedge transferred to cost of hedged investments | 40 | 0 |
| Tax on cash flow hedge transferred to cost of hedged investments | -8 | 0 |
| Cash dividend | -2,107 | -1,931 |
| Acquisition of non-controlling interests | 0 | -12 |
| Value, end of the period | 104,470 | 104,899 |
| Non-controlling interests | ||
| Value, beginning of the period | - | - |
| Total comprehensive income for the period | 0 | - |
| Capital contribution from non-controlling interest | 15 | - |
| Value, end of the period | 15 | - |
| Total equity, value end of period | 104,485 | 104,899 |
CONDENSED CONSOLIDATED BALANCE SHEET
| ASSETS Non-current assets Intangible assets 1,316 Buildings, land, machinery and equipment 25,027 Forest assets 107,995 of which land assets 46,262 of which biological assets 61,733 Right-of-use assets 483 Other non-current assets 4,028 Total non-current assets 138,849 Current assets Inventories 6,009 Trade receivables 3,498 Other current receivables 1,108 Cash and cash equivalents 626 Total current assets 11,241 Total assets 150,090 EQUITY AND LIABILITIES Equity Owners of the Parent Share capital 2,350 Share premium 6,830 Reserves 34,970 Retained earnings including net profit for the period 60,320 |
1,025 25,239 107,329 46,974 60,355 573 3,797 137,963 |
|---|---|
| 5,730 | |
| 3,279 | |
| 963 | |
| 1,328 | |
| 11,300 | |
| 149,263 | |
| 2,350 | |
| 6,830 | |
| 35,367 | |
| 59,488 | |
| Non-controlling interests 15 |
- |
| Total equity 104,485 |
104,035 |
| Non-current liabilities | |
| Non-current financial liabilities 13,596 |
11,519 |
| Provisions for pensions 281 |
325 |
| Deferred tax liabilities 24,773 |
24,348 |
| Other non-current liabilities and other provisions 57 |
58 |
| Total non-current liabilities 38,707 |
36,250 |
| Current liabilities | |
| Current financial liabilities 1,385 |
3,064 |
| Trade payables 3,972 |
4,440 |
| Other current liabilities and other provisions 1,541 |
1,474 |
| Total current liabilities 6,898 |
8,978 |
| Total liabilities 45,605 |
45,228 |
| Total liabilities and equity 150,090 |
149,263 |
CONSOLIDATED CASH FLOW STATEMENT
| Jan-Sep | ||
|---|---|---|
| SEKm | 2025 | 2024 |
| Operating activities | ||
| Profit before tax | 3,404 | 3,516 |
| of which received interest | 5 | 8 |
| of which paid interest | -324 | -452 |
| Adjustment for non-cash items 1 | 262 | 177 |
| Change in liabilities regarding restructuring costs | -11 | -14 |
| Paid and received tax | -216 | -143 |
| Cash flow from operating activities before changes in working capital | 3,439 | 3,536 |
| Cash flow from changes in working capital | ||
| Change in inventories | -282 | -162 |
| Change in operating receivables | -287 | -712 |
| Change in operating liabilities | 145 | -629 |
| Cash flow from operating activities | 3,015 | 2,033 |
| Investing activities | ||
| Company and asset acquisitions | 0 | -98 |
| Current capital expenditures in intangible and tangible assets | -1,033 | -926 |
| Sale of tangible assets | 210 | 422 |
| Strategic capital expenditures in intangible and tangible assets | -1,106 | -502 |
| Acquisition and disposal of financial asset | -10 | -12 |
| Cash flow from investing activities | -1,939 | -1,116 |
| Financing activities | ||
| Loans raised | 3,403 | 2,140 |
| Amortization of debt | -2,902 | -1,265 |
| Amortization of debt, leasing | -167 | -159 |
| Dividend Cash flow from financing activities |
-2,107 -1,773 |
-1,931 -1,215 |
| Net cash flow for the period | -697 | -298 |
| Cash and cash equivalents at the beginning of the period | 1,328 | 502 |
| Translation differences in cash and cash equivalents | -5 | 1 |
| Cash and cash equivalents at the end of the period | 626 | 205 |
| 1 Depreciation/amortization and impairment of non-current assets | 1,593 | 1,580 |
| Fair-value measurement of biological assets | -1,344 | -1,385 |
| Gains/loss on assets sales and swaps of assets | 64 | -89 |
| Unrealized result on hedged items | -143 | 3 |
| Accrued interest Other |
-9 101 |
1 67 |
| Total | 262 | 177 |
NOTES
1. ACCOUNTING PRINCIPLES
This interim report has been prepared in accordance with IAS 34 and recommendation RFR 1 of the Swedish Corporate Reporting Board and RFR 2 for the Parent Company. Applied accounting principles are described in detail in SCA's Annual Report for 2024. New or revised IFRSs and interpretations from IFRIC have not had and are not expected to have any material effect on the Group's or the Parent Company's financial statements.
2. RISKS AND UNCERTAINTIES
SCA's risk exposure and risk management are described on pages 67–75 of SCA's 2024 Annual Report. Tariffs and increased trade barriers create uncertainty and risk affecting market conditions going forward. During the first three quarters of 2025, tariffs have not had any material impact on the result.
3. REVENUE FROM CONTRACTS WITH CUSTOMERS
Net sales per region
| Jan-Sep 2025 | |||||||
|---|---|---|---|---|---|---|---|
| SEKm | Forest | Wood | Pulp | Containerboard | Renewable Energy | Eliminations | Total |
| Sweden | 7,300 | 1,662 | 801 | 372 | 5 | -7,297 | 2,843 |
| Germany | - | 55 | 414 | 1,138 | - | 1,607 | |
| USA | - | 256 | 1,042 | 226 | - | 1,524 | |
| United Kingdom | - | 435 | 210 | 818 | - | 1,463 | |
| Rest of Europe | 118 | 1,205 | 1,966 | 2,266 | - | 5,555 | |
| Asia | - | 742 | 758 | 92 | - | 1,592 | |
| Rest of world | - | 420 | 194 | 336 | - | 950 | |
| Total Group | 7,418 | 4,775 | 5,385 | 5,248 | 5 | -7,297 | 15,534 |
| Jan-Sep 2024 | |
|---|---|
| -------------- | -- |
| SEKm | Forest | Wood | Pulp | Containerboard | Renewable Energy | Eliminations | Total |
|---|---|---|---|---|---|---|---|
| Sweden | 6,382 | 1,354 | 1,004 | 329 | 27 | -6,382 | 2,714 |
| Germany | - | 66 | 515 | 1,163 | - | 1,744 | |
| USA | - | 310 | 1,060 | 171 | - | 1,541 | |
| United Kingdom | - | 400 | 210 | 776 | - | 1,386 | |
| Rest of Europe | 125 | 1,004 | 2,340 | 1,934 | - | 5,403 | |
| Asia | - | 674 | 692 | 204 | - | 1,570 | |
| Rest of world | - | 315 | 185 | 239 | - | 739 | |
| Total Group | 6,507 | 4,123 | 6,006 | 4,816 | 27 | -6,382 | 15,097 |
4. FOREST VALUATION
Accounting principles
The accounting principles for forest assets are described in Note D3 of SCA's Annual Report for 2024.
Key assessments and assumptions
SCA bases its valuation of forest assets on forest transactions in the areas where SCA owns forest assets. The market prices assessed by SCA comprise an average based on forest transactions over the last three years. To determine the change in value of biological assets, a valuation model is used based on discounted cash flows, with the value mainly impacted by timber prices, harvesting costs, harvested volume and the discount rate. The value of land assets is calculated as the total value of forest assets based on forest transactions less the value of the biological assets.
At December 31, 2024, the expected total standing timber volume was estimated at approximately 274 million m3 fo, of which about 8 million m3 fo in the Baltic region. The three-year average market price used in valuation of SCA's forest assets at December 31, 2024 was SEK 388/m3 fo for the Swedish holdings and EUR 44.0/m3 fo for the Baltic holdings. The total value of forest assets was SEK 107,329m. At December 31, 2025, the standing volume of the forest holding is estimated at approximately 277 million m³fo, of which about 8 million m³fo in the Baltic region. The estimated change in value driven by the growth of standing timber volume is accrued over the course of the year. At September 30, 2025, approximately three-quarters of the expected annual change in value was recognized. The change in value of biological assets was SEK 1,344m at September 30, 2025 and is recognized in the income statement on the line item for change in value in biological assets. The change in value pertaining to land amounted to SEK -611m and is recognized as other comprehensive income with no effect on profit for the year. Other items, including investments, amounted to SEK -67m. At September 30, 2025, the total value of forest assets amounted to SEK 107,995m.
Forest assets
| SEKm | Sep 30, 2025 | Dec 31, 2024 |
|---|---|---|
| Forest assets in Sweden | 103,877 | 103,145 |
| Forest assets in the Baltic states | 4,118 | 4,184 |
| Totalt value of forest assets | 107,995 | 107,329 |
| Deferred tax on forest assets | 21,293 | 21,155 |
5. OTHER PROVISIONS
Accounting principles
The accounting principles for other provisions are described in detail in Note D8 of SCA's 2024 Annual Report.
| SEKm | Environment | Other | Total |
|---|---|---|---|
| Value January 1, 2025 | 206 | 23 | 229 |
| Provisions | 46 | - | 46 |
| Utilization | -150 | -11 | -161 |
| Value September 30, 2025 | 102 | 12 | 114 |
| Provisions comprise: | |||
| Long-term component | 56 | ||
| Short-term component | 58 |
6. RELATED PARTY TRANSACTIONS
During the period, no transactions took place between SCA and related parties with any material impact on the company's financial position or results.
7. FINANCIAL INSTRUMENTS BY CATEGORY
SCA's policies for the recognition of derivatives and hedge accounting are presented in SCA's 2024 Annual Report, Note E6.
| Measure | |||
|---|---|---|---|
| SEKm | ment level | Sep 30, 2025 | Dec 31, 2024 |
| Financial assets measured at fair value in the income statement | |||
| Derivatives - Current financial assets | 2 | 0 | 1 |
| Derivatives - Other current receivables | 2 | 114 | 8 |
| Total | 114 | 9 | |
| Financial liabilities measured at fair value in the income statement | |||
| Derivatives - Current financial liabilities | 2 | 1 | 3 |
| Derivatives - Other current liabilities | 2 | 8 | 45 |
| Total | 9 | 48 | |
| Financial assets measured at fair value through other comprehensive income | |||
| Equity instruments | 3 | 25 | 14 |
| Total | 25 | 14 | |
| Financial liabilities measured at amortized cost | |||
| Non-current financial liabilities excluding leasing | - | 13,257 | 11,107 |
| Non-current financial liabilities, leasing | - | 326 | 402 |
| Current financial liabilities excluding leasing | - | 1,196 | 2,857 |
| Current financial liabilities, leasing | - | 189 | 204 |
| Total | 14,968 | 14,570 | |
| Derivatives used for hedge accounting | |||
| Non-current financial assets | 2 | 21 | 39 |
| Other non-current assets | 2 | 9 | 0 |
| Other current receivables | 2 | 124 | 22 |
| Total | 154 | 61 | |
| Derivatives used for hedge accounting | |||
| Non-current financial liabilities | 2 | 13 | 10 |
| Other non-current liabilities | 2 | 1 | - |
| Other current liabilities | 2 | 26 | 225 |
| Total | 40 | 235 |
The fair value of trade receivables, other current and non-current receivables, cash and cash equivalents, and trade payables is estimated to be equal to their carrying amount. The total fair value of current and non-current financial liabilities, excluding lease liabilities, was SEK 14,462m (13,851). The value of electricity derivatives is based on published prices in an active market. Other financial instruments are marked to market, based on prevailing currency and interest rates on the balance sheet date. The fair value of debt instruments is determined using valuation models, such as discounting future cash flows at quoted market rates for the respective maturity.
8. SHARE DISTRIBUTION AND EARNINGS PER SHARE
| Share distribution | Quarter | Jan-Sep | |||
|---|---|---|---|---|---|
| 2025:3 | 2024:3 | 2025:2 | 2025 | 2024 | |
| Number of A shares | 62,866,430 | 63,949,802 | 62,866,430 | 62,866,430 | 63,700,307 |
| Number of B shares | 639,476,059 | 638,392,687 | 639,476,059 | 639,476,059 | 638,642,182 |
| Registered number of shares | 702,342,489 | 702,342,489 | 702,342,489 | 702,342,489 | 702,342,489 |
At the end of the period, the proportion of Class A shares was 9.0%. No shares were converted during the third quarter. During the first nine months of the year, 833,877 Class A shares were converted to Class B shares at the request of shareholders. The total number of votes in the company amounts to 1,268,140,359.
| Earnings per share | Quarter | Jan-Sep | ||||
|---|---|---|---|---|---|---|
| 2025:3 | 2024:3 | 2025:2 | 2025 | 2024 | ||
| Profit for the year attributable to owners of the Parent, SEKm | 832 | 1,070 | 1,088 | 2,720 | 2,819 | |
| Profit for the year per share non-controlling interest, SEKm | 0 | - | 0 | 0 | - | |
| Average number of shares, millions | 702 | 702 | 702 | 702 | 702 | |
| Earnings per share, SEK - owners of the Parent | 1.19 | 1.52 | 1.55 | 3.87 | 4.01 |
9. CONTINGENT LIABILITIES AND COMMITMENTS
| SEKm | Parent | Subsidiaries | |||
|---|---|---|---|---|---|
| Contingent liabilities | Sep 30, 2025 | Dec 31, 2024 | Sep 30, 2025 | Dec 31, 2024 | |
| Guarantees for | |||||
| subsidiaries | 702 | 1,552 | 21 | 25 | |
| associates | 208 | 250 | 5 | 5 | |
| customers and others | - | - | 32 | 28 | |
| Other contingent liabilities | 2 | 2 | 25 | 26 | |
| Total | 912 | 1,804 | 83 | 84 |
SCA has a decided investment in wind power projects totaling SEK 1,715m over a two-year period. As of September 30, 2025, SEK 220m remained as contracted commitments compared with SEK 1,125m in the yearearlier period and SEK 55m (115) in trade payables. The commitments pertain entirely to non-current assets.
SCA has, through a wholly owned subsidiary, undertaken to repay debt raised by a joint venture. At September 30, 2025, the SCA Group's undertaking amounted to SEK 118m compared with SEK 85m in the year-earlier period.
10. ALTERNATIVE PERFORMANCE MEASURES
For definitions of alternative performance measures, refer to SCA's 2024 Annual Report, pages 95–97.
| Operating cash flow | Quarter | Jan-Sep | ||||
|---|---|---|---|---|---|---|
| SEKm | 2025:3 | 2024:3 | 2025:2 | 2025 | 2024 | |
| EBITDA | 1,644 | 2,010 | 2,033 | 5,328 | 5,494 | |
| Changes in biological assets and other non cash flow items | -446 | -469 | -446 | -1,339 | -1,453 | |
| Operating cash surplus | 1,198 | 1,541 | 1,587 | 3,989 | 4,041 | |
| Change in working capital | 296 | -600 | -286 | -840 | -1,330 | |
| Current capital expenditures, net 1 | -302 | -381 | -338 | -885 | -630 | |
| Other operating cash flow | -81 | 148 | -10 | 285 | -170 | |
| Operating cash flow | 1,111 | 708 | 953 | 2,549 | 1,911 | |
| 1 Including following values from new leasing contracts: |
-22 | -18 | -28 | -63 | -126 |
Capital structure
| SEKm | Sep 30, 2025 | Dec 31, 2024 |
|---|---|---|
| Total assets | 150,090 | 149,263 |
| Financial assets | -3,528 | -4,023 |
| Long term, non-interest bearing liabilities | -24,830 | -24,406 |
| Short term, non-interest bearing liabilities | -5,513 | -5,914 |
| Total capital employed | 116,219 | 114,920 |
| Net debt, SEKm | 11,734 | 10,885 |
| Net debt/EBITDA (LTM) 1 | 1.7x | 1.5x |
| Equity, SEKm | 104,485 | 104,035 |
| Net debt/Equity (%) | 11.2 | 10.5 |
| 1 Last Twelve Months |
| Return on capital employed | Quarter | LTM 1 | Full year | ||
|---|---|---|---|---|---|
| % | 2025:3 | 2024:3 | 2025:2 | Sep 30, 2025 | 2024 |
| Return on capital employed | 3.8 | 5.1 | 5.2 | 4.2 | 4.4 |
| Return on capital employed, industrial | 4.5 | 11.7 | 8.9 | 6.1 | 7.3 |
Working capital
1Last Twelve Months
| SEKm | Sep 30, 2025 | Dec 31, 2024 |
|---|---|---|
| Inventories | 6,009 | 5,730 |
| Trade receivable | 3,498 | 3,279 |
| Other current receivables | 1,019 | 803 |
| Trade payable | -3,708 | -3,774 |
| Other current liabilities | -1,221 | -1,270 |
| Working capital | 5,597 | 4,768 |
Net debt
| SEKm | Sep 30, 2025 | Dec 31, 2024 |
|---|---|---|
| Surplus in funded pension plans | 2,656 | 2,448 |
| Non-current financial assets | 158 | 155 |
| Current financial assets | 88 | 92 |
| Cash and cash equivalents | 626 | 1,328 |
| Financial receivables | 3,528 | 4,023 |
| Non-current financial liabilities | 13,596 | 11,519 |
| Provisions for pensions | 281 | 325 |
| Current financial liabilities | 1,385 | 3,064 |
| Financial liabilities | 15,262 | 14,908 |
| Net debt | -11,734 | -10,885 |
11. QUARTERLY DATA BY SEGMENT
| NET SALES | Quarter | |||||
|---|---|---|---|---|---|---|
| SEKm | 2025:3 | 2025:2 | 2025:1 | 2024:4 | 2024:3 | 2024:2 |
| Forest | 2,390 | 2,542 | 2,486 | 2,323 | 2,099 | 2,239 |
| Wood | 1,544 | 1,733 | 1,498 | 1,416 | 1,524 | 1,506 |
| Pulp | 1,651 | 1,794 | 1,940 | 2,052 | 2,085 | 2,147 |
| Containerboard | 1,755 | 1,819 | 1,674 | 1,618 | 1,597 | 1,584 |
| Renewable energy | 2 | 1 | 2 | 5 | 3 | 6 |
| Intra-group deliveries | -2,349 | -2,509 | -2,439 | -2,279 | -2,060 | -2,191 |
| Total net sales | 4,993 | 5,380 | 5,161 | 5,135 | 5,248 | 5,291 |
| EBITDA | Quarter | |||||
| SEKm | 2025:3 | 2025:2 | 2025:1 | 2024:4 | 2024:3 | 2024:2 |
| Forest | 912 | 1,070 | 879 | 901 | 777 | 883 |
| Wood | 232 | 310 | 236 | 234 | 288 | 294 |
| Pulp | 242 | 261 | 320 | 286 | 562 | 509 |
| Containerboard | 194 | 451 | 239 | 242 | 318 | 231 |
| Renewable energy | 79 | 87 | 134 | 90 | 99 | 85 |
| Other | -15 | -146 | -157 | -104 | -34 | -114 |
| Total EBITDA | 1,644 | 2,033 | 1,651 | 1,649 | 2,010 | 1,888 |
| EBITDA MARGIN | Quarter | |||||
| % | 2025:3 | 2025:2 | 2025:1 | 2024:4 | 2024:3 | 2024:2 |
| Forest | 38.2 | 42.1 | 35.3 | 38.8 | 37.0 | 39.4 |
| Wood | 15.0 | 17.9 | 15.8 | 16.6 | 18.9 | 19.6 |
| Pulp | 14.6 | 14.5 | 16.5 | 13.9 | 27.0 | 23.7 |
| Containerboard | 11.0 | 24.8 | 14.2 | 15.0 | 19.9 | 14.6 |
| Renewable energy1 | 21.0 | 17.8 | 22.2 | 16.8 | 22.9 | 19.1 |
| EBITDA margin | 32.9 | 37.8 | 32.0 | 32.1 | 38.3 | 35.7 |
| Operating profit | Quarter | |||||
| SEKm | 2025:3 | 2025:2 | 2025:1 | 2024:4 | 2024:3 | 2024:2 |
| Forest | 841 | 1,006 | 815 | 837 | 714 | 821 |
| Wood | 159 | 237 | 165 | 161 | 215 | 222 |
| Pulp | 78 | 95 | 148 | 111 | 391 | 341 |
| Containerboard | -4 | 253 | 41 | 46 | 117 | 33 |
| Renewable energy | 61 | 69 | 116 | 71 | 81 | 67 |
| Other | -23 | -156 | -166 | -113 | -42 | -123 |
| Total operating profit | 1,112 | 1,504 | 1,119 | 1,113 | 1,476 | 1,361 |
| 1 EBITDA as share of Revenue. | ||||||
| Renewable energy's income amounted to | 377 | 494 | 603 | 531 | 435 | 448 |
PARENT COMPANY CONDENSED INCOME STATEMENT
| Jan-Sep | |||
|---|---|---|---|
| SEKm | 2025 | 2024 | |
| Other operating income | 260 | 256 | |
| Other operating expenses | -189 | -185 | |
| Personnel costs | -66 | -84 | |
| EBITDA | 5 | -13 | |
| Depreciation and impairment | -81 | -73 | |
| Operating profit | -76 | -86 | |
| Financial items | 69 | 162 | |
| Profit after financial items | -7 | 76 | |
| Appropriations | 1,017 | 1,387 | |
| Profit before tax | 1,010 | 1,463 | |
| Income tax | -209 | -302 | |
| Profit for the period | 801 | 1,161 |
Other operating income was mainly related to remuneration for the granting of felling rights for the Parent Company's forest assets. Other comprehensive income was the same as profit for the period.
CONDENSED BALANCE SHEET
| SEKm | Sep 30, 2025 | Dec 31, 2024 |
|---|---|---|
| Tangible non-current assets | 9,393 | 9,382 |
| Non-current financial assets | 12,276 | 12,153 |
| Total non-current assets | 21,669 | 21,535 |
| Current assets | 14,322 | 16,080 |
| Total assets | 35,991 | 37,615 |
| Restricted equity | 11,373 | 11,373 |
| Non-restricted equity | 7,210 | 8,516 |
| Total equity | 18,583 | 19,889 |
| Provisions | 1,782 | 1,777 |
| Non-current liabilities | 13,280 | 11,117 |
| Current liabilities | 2,346 | 4,832 |
| Total equity, provisions and liabilities | 35,991 | 37,615 |
INVITATION TO PRESS CONFERENCE
A webcast press conference will be held where this interim report will be presented by the President and CEO, Ulf Larsson, and by the CFO, Andreas Ewertz, on Friday, October 24 at 10:00 a.m.
The press conference will be webcast live at www.sca.com. It is also possible to participate by telephone by calling:
Sweden: +46 (0)8 505 204 24 UK: +44 (0)33 0551 0200 US: +1 786 697 3501
Specify "SCA".
For further information, please contact
Andreas Ewertz, CFO, +46 (0)60 19 31 97
Tommy Olofsson, Investor Relations Director, +46 (0)76 130 69 23
Anders Edholm, SVP Sustainability and Communications, +46 (0)60 19 32 12
Please note:
This is information that SCA is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. This report has been prepared in both Swedish and English versions. In case of variations in the content between the two versions, the Swedish version shall govern. The information was submitted for publication, through the agency of the contact person set out below, on October 24, 2025 at 8:00 a.m. CEST. The report has not been reviewed by the company's auditors. Anders Edholm, SVP Sustainability and Communications, +46 (0)60 19 32 12
FUTURE EVENTS
Year-end report, Q4 2025 Published on January 30, 2026 Annual General Meeting To be held on March 27, 2026 Interim report, Q1 2026 Published on April 24, 2026