Svenska Cellulosa SCA AB

Latest Results (16.11.2025):

Svenska Cellulosa SCA AB’s interim report for Q3 2025 reveals a mixed performance where the company experienced declining profitability metrics against both the same period last year and the previous quarter. While Jan–Sep 2025 saw a slight increase in overall net sales driven by higher selling prices and delivery volumes, the Q3 segment was adversely affected by planned maintenance stops, negative exchange rate effects, and lower selling prices, which weighed on EBITDA, operating profit, and earnings per share.

Net Sales Performance

In Q3 2025, net sales decreased to SEK 4,993m from SEK 5,248m in Q3 2024, mainly due to lower selling prices and negative exchange rate effects, although partially offset by higher delivery volumes. In the broader Jan–Sep comparison, net sales increased modestly to SEK 15,534m from SEK 15,097m.

EBITDA Impact

EBITDA for Q3 2025 declined to SEK 1,644m from SEK 2,010m, with margins dropping to 32.9% compared to 38.3% in Q3 2024. The decrease is attributed primarily to negative exchange rate effects, planned maintenance stops, and lower selling prices, while overall performance in the Jan–Sep period also saw a slight decline in EBITDA.

Operating Profit and Earnings per Share

Operating profit in the Jan–Sep period fell to SEK 3,735m from SEK 3,914m, and Q3 performance showed a similar downward trend with operating profit dropping approximately 25% year-on-year. This decline is paralleled in earnings per share, which decreased from SEK 4.01 to SEK 3.87 in Q3 2025.

Cash Flow and Operational Insights

Operating cash flow improved notably in the Jan–Sep period, increasing to SEK 2,549m from SEK 1,911m compared to the same period last year, indicating stronger liquidity management despite the challenges faced in Q3. Additionally, stable wood raw material supplies and a high rate of self-sufficiency helped mitigate some of the rising raw material cost pressures.