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Business Philosophy6 Jul 2023
The Rise and Fall of Ivar Kreuger and Swedish Match
On November 7, 2022 it became clear that a subsidiary of the American tobacco giant Philip Morris would become the majority owner of Swedish Match.
SCA (SCA) investor relations material
SCA Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary24 Oct, 2025
Executive summary
Q3 2025 delivered solid results despite a challenging market, with high self-sufficiency and effective cost mitigation, though EBITDA fell 18% year-over-year due to maintenance stops, lower pulp prices, and negative currency effects.
Net sales for Q3 2025 declined 5% year-over-year to SEK 4,993m, mainly due to negative currency effects and lower prices, partially offset by higher delivery volumes.
For Jan–Sep 2025, net sales rose 3% year-over-year to SEK 15,534m, driven by higher prices and volumes, but EBITDA for the period was down 3% due to higher raw material costs and currency headwinds.
Focus remains on ramping up major investment projects, with no new large projects planned.
Financial highlights
Q3 2025 EBITDA was SEK 1,644m (margin 32.9%), down 18% year-over-year; EBIT was SEK 1,112m (margin 22.3%).
Net profit for Q3 2025 was SEK 832m, or SEK 1.19 per share; effective tax rate just below 20%.
Operating cash flow for Q3 2025 increased to SEK 1,111m; for Jan–Sep 2025, it was SEK 2,549m.
Net debt at quarter-end was SEK 11,734m; net debt/EBITDA at 1.7x; net debt/equity at 11.2%.
EBITDA margin for Jan–Sep 2025 was 34.3% (down from 36.4%).
Outlook and guidance
Market conditions remain uncertain due to weak economic environment, trade barriers, and currency volatility.
Pulp wood prices expected to remain flat in Q4, with a slow decline into Q1 2026; saw log costs to continue rising into Q4 and peak in Q1 2026.
CapEx for 2025 guided at SEK 2.8 billion, with strategic CapEx to decrease in 2026.
Expectation of increased cash flow capacity as ramp-up projects complete; CapEx to come down next year.
Market for pulp and containerboard expected to move sideways in Q4, with potential for upward trend in pulp and continued price pressure in solid wood products.
Pulpwood cost impact on Q4/Q1 industrial costs?
Obbola's 2026 volume strategy in weak market?
EU-US wood tariffs: global trade impact?
Capital allocation post-project ramp-up?
US wood tariffs: SCA's competitive advantage?
Pulp market rebalancing: What's needed?
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Q4 202530 Jan, 2026
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Frequently asked questions
Svenska Cellulosa Aktiebolaget SCA, a forest products company, develops, produces, and sells forest, wood, pulp, and containerboard products. . It offers bleached mechanical pulp, bleached chemical pulp, unbleached kraft pulp, newsprint, magazine paper, tissue paper, linerboard, corrugating medium, and fluting; permanent packaging material; cellulose fibre for production of insulation panels for construction applications; and newsprint for graphic printers. The company is based in Sundsvall, Sweden.
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