SCA (SCA) Q4 2025 earnings summary

Executive summary

• 2025 was marked by challenging markets, high raw material costs, and negative currency effects, but cost control and self-sufficiency in wood supply helped mitigate impacts.

• Net sales for 2025 were SEK 20,427m, up 1% year-over-year, with higher volumes and prices offset by currency headwinds.

• EBITDA declined 8% to SEK 6,564m, mainly due to negative exchange rates and higher raw material costs, partially offset by higher volumes and prices.

• Operating profit fell 12% to SEK 4,432m, and net profit dropped 12% to SEK 3,205m; EPS was SEK 4.56.

• Strategic investments in production sites led to higher delivery volumes and are expected to drive future productivity and cash flow.

Financial highlights

• Full-year net sales were SEK 20,427m, up 1%; EBITDA fell 8% to SEK 6,564m (32.1% margin); EBIT was SEK 4,432m.

• Net profit for 2025 was SEK 3,205m, or SEK 4.56 per share.

• Q4 EBITDA was SEK 1,236m (25.2% margin), down 25% year-over-year, impacted by lower prices and negative currency.

• Operating cash flow for the year was SEK 3,078m.

• Dividend proposal of SEK 3.00 per share, unchanged from prior year.

Outlook and guidance

• Market conditions remain challenging with continued low demand, high raw material costs, and currency headwinds expected.

• Strategic investments are expected to support higher delivery volumes and future cash flow.

• Minor decrease in own forest harvesting in 2026 to support private owners after storm windfalls.

• CapEx for 2026 estimated at SEK 1.5bn, with strategic CapEx spillover of SEK 400-500m.

• Company continues to focus on cost control and adapting staff levels to market conditions.