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Sappi (SAP) investor relations material
Sappi Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 earnings summary4 Feb, 2026
Executive summary
Q1 FY2026 faced challenging market conditions, with profitability impacted by a $160/ton drop in DWP prices, adverse exchange rates, and weak demand in North America, resulting in adjusted EBITDA of $90 million, down from $203 million year-over-year.
Net loss for the period was $37 million, compared to a profit of $70 million in Q1 FY2025, with basic EPS at a loss of 6 US cents.
Group-wide cost-saving initiatives and energy refunds in Europe partially offset negative impacts.
Strategic focus remains on debt reduction, operational efficiency, and portfolio optimization.
Financial highlights
Adjusted EBITDA for Q1 FY2026 was $90 million, significantly lower year-over-year, mainly due to pricing declines across all segments, especially DWP.
Net debt stood at $1,951 million, with net debt to adjusted EBITDA ratio at 4.9x, within revised covenants.
CapEx guidance for FY2026 was reduced to $260 million, focusing solely on maintenance and regulatory needs.
Cash on hand was $143 million, and undrawn RCF was $608 million.
Adjusted EPS dropped to 14 US cents from 90 US cents year-over-year.
Outlook and guidance
Adjusted EBITDA for Q2 FY2026 is expected to be lower than Q1, with ongoing pricing challenges in DWP and continued cost-saving focus.
DWP demand remains robust, but pricing is under pressure due to seasonal slowdowns in China.
Capex for FY2026 further reduced to $260 million, focused on essential maintenance and regulatory activities.
Further negative plantation fair value adjustments are expected for the remainder of the year.
Macroeconomic and geopolitical headwinds are expected to persist, with continued focus on cost discipline and operational efficiency.
Explain the valuation gap for UPM JV assets?
What drives the increased leverage ratio?
Impact of ZAR/USD on SA DWP profitability?
What is the plan to reduce net debt below 5x?
What specific actions accelerate PM2 ramp-up?
How will cost savings mitigate SA business pressure?
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Next Sappi earnings date
Q2 20267 May, 2026
Sappi
Next Sappi earnings date
Q2 20267 May, 2026
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Frequently asked questions
Sappi Limited is a global leader proider materials derived from woodfiber-based renewable resources. The company stands out for its commitment to sustainable processes and innovation, aiming to foster a more circular economy. Sappi's diverse product portfolio includes dissolving pulp, graphic papers, packaging and specialty papers, casting and release papers, market pulp, biomaterials, and bio-energy. These products are in large part manufactured from woodfibre sourced from sustainably managed forests and plantations. The company is headquartered in Johannesburg, South Africa, and its shares are listed on the OTC Markets under the symbol SPPJY.
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