Good morning and welcome to this presentation of SCA's 2025 year-end report. With me here today, I have President and CEO Ulf Larsson and CFO Andreas Ewertz to go through the results and take your questions.

Over to you Ulf.

Thank you Anders, and also from my side, good morning. Very warm welcome to the presentation of SCA's result for the full year and the fourth quarter 2025.

During 2025, SCA showed resilience. Despite increasing wood raw material costs, a challenging market environment, and a currency headwind, we reached 6.6 billion SEK on an EBITDA level, and by that, an EBITDA margin of 32% for the year.

Our high degree of self-sufficiency in strategic areas continued to be an important factor to mitigate higher costs. Harvesting from our own forest increased and reached 5.4 million cubic meters during '25, partly offsetting the higher cost of wood raw materials.

SCA continued to gradually increase production in the sites where strategic investments have been made, and this has resulted in higher the delivery volumes in comparison to last year, driven by the new paper machine in Obbola, the grading mill in Bollsta sawmill, the biorefinery in Gothenburg, and so on. These investments will contribute to increased productivity and cash flow generation during upcoming years.

The book value of SCA forest assets decreased slightly compared to last year and amounted to 104 billion SEK at the end of 2025. As you already know, SCA bases the valuation of the forest on complete transactions in the region where SCA owns land.

Turning over to some financial KPIs related to the full year '25. As already said, our EBITDA reached 6.6 billion SEK for '25, which corresponds to a 32% EBITDA margin.

Our industrial return on capital employed came out to 4% for the full year '25, and the leverage was at 1.7 after having finalized our big strategic investments. The proposed dividend for the AGM to decide on is 3 SEK per share, and this is in line with our aspiration to provide a long-term stable and over time increasing dividend to our shareholders.

We handed out 3 SEK per share also last year. Finally, earnings per share was 4.56 SEK.

This slide will give you an overview of KPIs for the fourth quarter of '25, and our EBITDA reached 1.2 billion SEK during the fourth quarter, which gave us an EBITDA margin of 25%, driven by a negative currency effect and lower selling prices. Our net debt to equity remains on a solid level of 11%.

I will now give some comments for each segment, starting with Forest. Stable harvesting levels from our own forest have contributed to balanced supply of wood raw materials through our industries during the period.

Excuse me. We have seen a continuous long-term trend of increasing prices for both pulpwood and sawlogs.

As can be seen in the graph in the bottom left, regarding pulpwood, we have now passed the peak, and prices have continued to come down during the quarter. Demand for sawlogs continued to be high, especially for spruce logs.

When one compares Q4 '25 with Q4 '24, sales were up 10%, while EBITDA was up 3%, mainly due to higher prices for wood raw materials. The storm in mid Sweden during the end of the year had a limited impact on SCA land.

We estimate that approximately 100,000 cubic meters has fallen. When we widen the scope to Sweden, we estimate that around 10 million cubic meters has fallen, and the majority in Gävleborg and in Dalarna County.

I guess we have also another 3 to 4 million cubic meters in Finland. SCA will prioritize harvesting windfall volumes to support private forest owners, and this might have a minor impact on the total level of harvesting from our own forest during 2026.

Harvesting activities in windfall areas will primarily be carried out from Q2 and forward. Windfall volumes will contribute to an increased availability of wood raw materials in this region.

Over to Wood. In general, we still have a slow underlying market for solid wood products.

We continue to note signs of improvement in the repair and remodeling segment, as well as a decreased production level in Germany, generating better supply and demand balance, especially for spruce. Stock levels remain on the high side among producers for pine, but are on normal levels for spruce.

Stock levels at customers continue to be on the low side. SCA had strong deliveries in the fourth quarter, resulting in a seasonally low stock level of sawn goods for us at the end of 2025.

The price for solid wood products decreased by 5% in the fourth quarter of '25 in comparison with the third quarter same year. This development is in line with what I said when I presented the report for the third quarter.

As expected, the cost for sawlogs has increased from the third to the fourth quarter, and we also expect them to continue to increase going into the first quarter '26. Sales were up 5% lower in comparison with the same quarter last year.

EBITDA margin decreased from 17% to 6% due to higher raw material costs and a negative currency effect. Today's stock level of solid wood products in Sweden and Finland is described at the top left on this slide, and is shown in relation to the average for the last 5 years.

As mentioned earlier, we note that the inventory level is on the high side, especially for pine, while the SCA level is seasonally low. As can be seen in the diagram to the bottom left, the Swedish and Finnish sawmill production has been on a normal level during '25.

In the diagram to the top right, we can note that the price decreased during the fourth quarter. The decrease in pine has been higher in comparison with spruce.

Coming into the next quarter, I estimate the price on average will be unchanged in comparison with the fourth quarter, with a stronger tendency for spruce related to a better balance. Going forward, we will closely monitor the market development in Continental Europe that is impacted by lower production, not the least in Germany.

Coming over to Pulp. When comparing Q4 '25 with Q4 '24, sales were down 14%, mainly due to lower prices and a negative currency effect.

The negative EBITDA development was also driven by lower prices and a negative currency effect. The cost for the planned maintenance stop in Q4 '25 was 198 million SEK compared to 250 million SEK in Q4 '24.

Global demand for pulp was at a healthy level during the first quarter of '25. During the second quarter, the market changed, with reduced demand, and prices came under pressure, much due to uncertainty related to US tariffs.

During the third and fourth quarter, prices on NBSK pulp was stable at low levels. On the demand side, we saw an increased activity in China.

The weakening of the US dollar in relation to the Swedish krona, which started already in Q1, continued to have a negative impact on the price in SEK also in Q4. Tariffs on NBSK pulp from the European Union to the US were removed during the third quarter.

This allows us to maintain a competitive offering to the US. Market rebates are expected to increase by low single digits in the US and mid single digits in Europe.

PIX prices are expected to start to increase to compensate for the rebate. Looking at CTMP, prices were mostly unchanged in Europe and Asia at low levels during the fourth quarter.

Inventories of softwood pulp were on a high level during the fourth quarter. Hardwood inventories, on the contrary, were on average.

CTMP inventories came down during the quarter to more normal level. Moving over to Containerboard.

Sales were up 8% in Q4 in comparison with the same period last year, driven by higher delivery volumes, somewhat mitigated by lower prices and a negative currency effect. EBITDA was down by 6%, driven by lower prices and a negative currency effect.

We have seen box demand moving sideways in Q4, but still with a positive development on year-to-date basis of around 1.5%. The retail business remains a positive driver.

On the other side, we continue to see a weak European manufacturing industry, which, for the moment, has a negative impact on the demand. European demand of containerboard has developed like the box demand and has moved sideways in the last quarter compared to Q4 '24, but with slight growth for the full year.

During Q4, we saw some closures of capacity in testliner, although not yet enough to balance the capacity started up in previous quarters. As can be seen in the graph, kraftliner inventories remain above average level in Q4.

Prices for brown kraftliner in Central Europe decreased during Q4 with €20 a ton, while white kraftliner has remained stable. We can see another negative price adjustment of €20 a ton in January.

On the other hand, we now hear announcements of around €100 a ton price increase for testliner, and if that succeed, I guess we will have a price push also in kraftliner at a later stage. Finally, I will say some words about Renewable Energy.

In Renewable Energy, we have had a strong quarter compared to the same period last year, mainly due to high production and stronger margins in our, with St1, jointly owned biorefinery in Gothenburg. In addition, we have had higher production and stronger deliveries in solid biofuels.

Electricity prices continued to be low during the fourth quarter, but slightly higher than same period last year. Low electricity prices in the market impact on our wind business negatively, but is positive for SCA as a net buyer of electricity.

SCA land lease business increased to 10.6 terawatt-hours according to plan. This is equal to 20% of installed capacity of wind power in Sweden.

The Fasikan wind farm was taken over by SCA by the end of 2025 and is now ramping up production. With Fasikan adding to our current power production within the group, we increase our self-sufficiency rate to approximately 100%.

The market for solid biofuels in northern Sweden continues to be weak, but stable. This fact increases our European export share, and by that, a somewhat reduced margin.

For liquid biofuels, we have seen continuous higher margins compared to previous quarters. The main reasons for are European countries implementing RED III and better control mechanism within EU regarding imported products and feedstocks.

We expect market volatility in renewable fuels to remain high as Europe ramps up the blending mandates, both in HVO and SAF. By that, Andreas, I hand over to you.

Thank you Ulf, and good morning, everybody. I'll start off with the forest valuation.

The 3-year average price, which we use in the forest valuation to get enough transactions, decreased by 4% to 372 SEK per cubic meters. The 1-year average increased slightly, and the market activity during the year was on a normal level.

The valuation of SCA's forest assets decreased to 104 billion in 2025. The decrease in the 3-year average price was partly offset by continued increase in standing volume to 277 million cubic meters.

Biological assets increased by just below 1.8 billion, driven by increasing long-term prices for wood raw materials and higher standing volume due to the net growth, while the value of the land decreased due to lower prices for forest land. Prices for wood materials continued to increase.

The slide shows the index price development for sawlogs and pulpwood paid by SCA's industries delivered to site. Prices are at a record high level with a continued tight market for sawlogs, especially on spruce, while the balance of pulpwood has improved.

If we move on to the income statement and focus on the full year to the right, net sales were stable at around 20 billion. Higher delivery volumes and higher prices were offset by negative currency effects.

EBITDA increased 8% to just below 6.6 billion, driven by negative currency effects and higher raw material costs, which were partly offset by high delivery volumes and somewhat higher prices. The EBITDA margin was 32%.

EBIT decreased to 4.4 billion, and financial items totaled -443 million. With an effective tax rate of just below 20%, bringing net profit to 3.2 billion or 4.56 SEK per share.

If we look at the fourth quarter to the left, EBITDA totaled 1.2 billion and was affected by a planned maintenance stop in Östrand by 198 million. Net profit for the quarter totaled 485 million or 0.69 SEK per share.

Looking at the dividend, the board has proposed a dividend of 3 SEK per share, which is unchanged from the previous year. On the next slide, we have the financial development by segment for the full year.

Starting with the Forest segment to the left, net sales increased to just below 10 billion, and EBITDA increased to 3.8 billion, driven by higher prices for pulpwood and sawlog, and increased harvesting from SCA's own forest. In Wood, net sales increased to 6.1 billion, driven by higher delivery volumes and higher prices, which was offset by negative currency effects.

EBITDA increased to 856 million, corresponding to a margin of 14%, and was negatively impacted by higher costs for sawlogs. In Pulp, net sales decreased to 7.1 billion due to lower prices and negative currency effects.

EBITDA decreased to 752 million, corresponding to a margin of 11%. The decrease was mainly related to lower prices, negative currency effects, and higher costs for pulpwood.

In Containerboard, net sales increased to 7 billion, driven by higher volumes from Obbola and higher prices. EBITDA increased to 1.1 billion, corresponding to a margin of 16%.

In Renewable Energy, EBITDA was stable and totaled 442 million, corresponding to a margin of 22%. The market for liquid biofuels improved during the later part of the year, while electricity prices continued to be low.

Moving on to the quarter. On the next slide, we have the sales bridge between Q4 last year and Q4 this year.

Prices decreased 6% with lower prices in pulp and containerboard. Volumes increased by 7% due to higher volumes in mainly containerboard, but also pulp.

Lastly, currency had a negative impact of 6%, bringing net sales to 4.9 billion. Moving on to the EBITDA bridge, and starting to the left, price/mix had a negative impact of 370 million, and higher volumes had a positive impact of 77 million.

Higher cost for raw materials had a negative impact of 37 million, which was mitigated by a high degree of self-sufficiency in wood raw materials. We had a positive impact from energy of 41 million and a negative impact from currency of 269 million.

Others was impacted by lower costs from planned maintenance stops. In total, EBITDA decreased to 1.2 billion, corresponding to a margin of 25%.

Looking at the cash flow, we had an operating cash flow of 3.1 billion for the year and 529 million in the quarter. As other operating cash flow relates mostly to working capital currency hedges and should be seen together with changes in working capital.

Moving on to the balance sheet. The value of the forest assets decreased to 104 billion.

Working capital decreased compared to the previous quarter, but increased year on year to 5.3 billion. In the quarter, we have increased our harvesting rights of especially spruce sawlogs for 2026 from private forest owners, which increased both inventories and payables, but no impact on the quarter's cash flow.

Capital employed decreased to 112 billion, and net debt totaled 10.9 billion, and we have now almost finalized our large ongoing investment projects. Equity totaled 102 billion, and net debt to equity was 11%.

Thank you. With that, I'll hand back to you, Ulf.

Try to summarize 2025, I think we have delivered a solid result given the current market situation. When we compare 2025 with 2024, we are negatively impacted by almost 1 billion related to currency and also to raw material costs.

On the positive side now, I can see that our strategic investments, they have started to deliver, and it will be interesting to see when we have a turning point in the market, what kind of leverage we will get from those investments. By that, I think that we open up for questions.

Yes, good morning. Thank you very much for the presentation.

Just two questions on storm Johannes, where you've given us some very useful color, but just to get your perspective on how things develop from here. Assuming we do have the additional wood supply coming to the market, shall we expect to see an acceleration in the decline in pulpwood prices?

What would it mean for sawlog prices that have remained stubbornly high? Then second and related to the storm, harvest costs were a bit higher in Q4.

Going into Q2, where you expect to focus on harvesting winter fall volumes, how should we expect your harvesting cost to develop in Q2 and Q3 this year, and would that have a meaningful impact on your P&L? Thank you.

If we start with the cost. As I said, not more than 100,000 cubic meters has fallen on SCA land, and of course, when you take care of that part, that will increase the cost, but that's a minor part of the harvesting we do on our own land.

For private forest owners, okay, we will have increasing costs, and typically, the forest owner has to pay for the increasing cost level, so that will be no major impact on SCA in that perspective. When it comes to prices, as you say, for pulpwood prices, they have already start to decline, and that will step by step come into the accounts of companies as we have a lagging effect, of course, but that will continue.

That will be positively helped by this storm, that's for sure. When it comes to sawlogs, I guess the main part of what has fallen is pine, and maybe we start to see decreasing prices for pine, and that will also I think after a while come also for spruce, but during the first quarter, at least for SCA, we have to take care of what we bought already in the fourth and third quarter, and that mean increasing sawlog costs in the first quarter, but then I guess we start to see some decreases also for sawlogs.

As it is just now, I guess it will be, at least in the second quarter, an oversupply of pulpwood, while it will be a little bit more stabilized situation for sawlogs.

Very clear. Just so go on.

No, that's my view, more or less.

Very useful. Just one follow-up on pulpwood.

What sort of cost development into your industries should we expect for Q1 versus Q4?

On pulpwood, it's a low single-digit decline, around 2% maybe.

On the other hand, for sawlogs, I guess we will have almost 10,

7 8%,

price increase. Then, step by step, we will see reducing prices.

Yeah, 7, 8%.

Got it. Clear.

Thank you very much.

Thank you.

Good morning, and thank you very much for taking my questions. Just firstly, on currency, I know you give in the statement, you give the average hedging rates.

It looks like those are still meaningfully ahead of latest spot market rates. As things stand, should we continue to expect sort of a sequential currency headwind over the next couple of quarters, I guess particularly on the pulp segment given the movement of the dollar?

Then secondly, sorry if I missed it, but have you given or can you share your thoughts on CapEx for 2026, and any early thoughts on where that might go to in 2027 as you complete wrapping up any final expansionary projects? Thank you.

Yes, I'll start with the currency. You're absolutely right.

We have, for next year on average, we hedge about 50% of our net currency exposure. Once those hedges goes out, of course, if the dollar stays at the same level, that will be a headwind.

If you look at our dollar exposure, if you include the indirect effects, meaning that we might sell in SEK or euro in pulp, but the price also depends on the PIX prices in dollar, if you include that indirect effect, our dollar exposure is around $700 million per year. Then on the CapEx side, our early estimate on current CapEx is around 1.5 billion for next year.

Strategic CapEx, we have some spillover from this year to next year, expecting that to be around 400, maybe 500 million. After that, we have finished basically all of our strategic CapEx that we're currently decided on.

Many thanks. Then just briefly on pulpwood, as you acknowledge, it's coming down.

I just wondered, are you seeing at all any of your customers start to pressure you to pass those costs on in terms of lowering your prices in any of the industrial output grades? Thanks.

Prices are already very very low at the moment for finished products. I think this lower cost will, of course, help our margins.

Great. Thank you.

Best of luck in the quarter.

Thank you.

Thank you very much and good morning. First question I have is related to harvesting volumes.

You have nicely increased those in line with with your guidance a few years ago and landed at 5.4 now in 2025. What is the best guess for 2026 and 2027?

Is it roughly harvesting volumes in line with what you achieved in 2025 or is it higher or lower? What are the key sort of reasons for that?

If we start with that one, we will I guess we might see a minor decrease from our own forest as we now have to support private forest owners in our region, and we have some also agreements in place already, which is long-term good for us. We will place some of our resources in south from Sundsvall in Gävleborg and even further south to help.

10 million cubic meters in a rather limited area, that's quite a lot, and that will, of course, need some extra resources to take care of it. We also have to fight against the time because now we had more or less 1 meter snow, which it's not so easy to go in there and start to do the harvesting operations.

I guess we will have a peak in the second quarter, and as fast as possible to avoid getting the wood destroyed, bluestain and things like that. That might have a minor impact on our own forest.

For the full year, roughly the same, most likely lower, perhaps?

It is around this level.

All right. Thanks.

In terms of the European softwood pulp sales, can you share some light on the discounts you have agreed for 2026, helping out with with modeling here? Also, in terms of the list prices, where are they now at the end of January, and what's the outlook for the next month or two?

Just so we understand how the net price of pulp look is.

Sorry, I didn't care. Was it pulp or was it solid wood products?

On pulp, I guess the discounts, the annual discounts for the year has been up a bit, and

yeah. You're right.

PIX prices, they were on $1,500 and now they have started to increase, and I guess we will end up in $1,550, maybe in at the end of January, and we start to by that start to compensate for increasing rebates, but we will, as you can calculate, we will not do it in one quarter. I guess we will see another price increase in February, and I guess also we will see a third price increase in March, and at that time, I guess we have at least compensated for increasing rebates.

That's the case. If you compare sequentially, if you compare Q1 with Q4, I guess we will have a lower price.

We will have a lower price in Q1 in comparison with with Q4. In addition, you also have a stronger SEK against dollar, which will have an impact also.

That's harder to predict, but that's the case as it is just now.

Ulf guided previously on that the rebates in the US is increases low single digits, while in Europe, it's mid single digits. That's the general market's rebates.

I understand. Thank you very much.

Thank you.

Yes, hi, everyone. It's Johannes.

I have two questions. The first one is on containerboard.

You did pretty well on volumes there, shipments, at least compared to my expectations. Could you share some color on that sort of ramp-up of volumes, and were you able to sell the new incremental volumes at market terms, or did you have to sort of give hefty discounts there, if you could give some color there, please?

We are happy with the ramp-up in Obbola, and as I said also before, we are close to 600,000 tons in 2025, which is according to plan. We will continue that work also going in now to 2026.

It's more a question about mix. As it is just now with the current market situation in Europe, it's not possible to deliver the extra volume, to say, in Europe, so that we have to find places overseas, and by that, of course, we have as it is just now, substantially lower margin.

Again, our main focus just now is the ramp-up, and then I guess we are looking forward to the point when the market turns, because then we will have a good leverage also from those volumes. As it is just now, we are impacted price-wise due to the mix, geographical mix.

Okay. Then thank you.

That's clear. My second question is more on capital allocation, and of course, this is more of a question for the board, but I try to ask it to you, Ulf, anyway, but the sort of SCA's way of distributing cash to shareholder has always been traditional dividends, but in the light that strategic CapEx is now coming to an end, and in light of the share price valuation, have you sort of more intense discussions about share buybacks going forward, if you could elaborate on that question, please?

As you say, that's a question for our owners and the board, and I think it was a sign of stability to keep the dividend at the level we had last year. That's a sign of I believe that we are now at the bottom of this business cycle.

It's volatile, and now we are at the bottom. Also, we know that we are well prepared when the market turns.

We have done big investments now, and we have ramped up them in a rather good way. We are looking forward now to see increasing prices and then leverage from those investments.

As Andreas said, we have no big investments in plan now coming years, then let's see what kind of discussion we will have at that time. For now, we are happy to deliver the same dividend as we did last year.

Thank you.

Good morning. Three questions from me.

The first one is actually carrying on from Johannes' question a little bit here about capital allocation, but I'm not going to ask you about share buybacks. Given kind of weak markets, structural challenges, and that the energy segment, at least in my book, doesn't look as attractive as it did a few years back, where do you see your potential to sort of structurally grow earnings in the coming years?

Where could you invest to drive your growth? That's my first question.

Do you want me to ask the other ones as well or

No, if we can take the first one first. I'm happy.

Again, as we said, just now, we are in a challenging market environment. As we have done a lot of big investments.

We will grow our volumes. We have been growing our volumes also in both '24 and '25.

Just now, we are 100% focused on delivering on those investments. Of course, we will come back when this is fully ramped up, and when we have started to see a slightly better market, and by that also a strong cash flow, then I think it's the time to come back to the development.

Just now, we are so focused to finalize what we have started.

Yes, right. My second question is maybe for Andreas.

Is there any impact from loss of emission rights on earnings in Q1 or for full-year 2026? If so, how much and where have they been recorded so far?

Look, we will have an impact if you look at '25 compared to '26, as now the new emission rules ETS is in place. That means that if you look at our four big mills, Obbola and Ortviken will still be part of the ETS system, while Östrand and Munksund, they are too good in their emissions, and therefore, they will strangely be removed from the system.

On Östrand, we don't have a surplus, so that doesn't matter, but on Munksund mill, we will lose our emission surplus, which is about 100,000 tons of emission rights each year. Then if you look historically back, publication paper, Ortviken was the biggest receiver of emission rights, but as we divested in or closed down in 2020, that had the biggest impact.

Now Munksund will be removed for next year.

If I may just ask a follow-up on Munksund, have you been selling the full sort of all the emission rights that you've been given each year? Have you sold them each year or have you built up a backlog or how should we calculate that?

Some, we sell internally to our logistics department, especially for 2025, when you have to buy emission rights for in the transportation sector. The rest, we have sold.

We will lose 100,000 tons going forward.

We should assume sort of a loss of 25,000 tons first quarter times whatever the average price was for emission rights?

Yes. That's correct.

Good. All right.

Just a final question, if I may, on I guess the wood segment. You mentioned this sort of dramatic or lower harvesting levels in Central Europe, I presume as a consequence of the bark beetle infestations there.

Sort of two questions there. How dramatic is this decline in harvesting levels in Central Europe?

Is there any sense that this is impacting or will impact sort of the long-term timber and sawn timber supply for that region? Is it a competitor that's disappearing?

I guess we see also as it is just now, the spruce market is substantially stronger than the pine market, and that's due to the balance, I would say. The production level in Germany has been also lower for a while now, and I guess one part of it is that it is trickier to get access to sawlogs, and of course, when you have a tighter balance, you have to pay more.

Then, as it is a marginal business, then they have in some areas taken curtailments. The long-term effect, typically, I guess it will be tougher to get access to raw material in that area, especially in the eastern part where they were heavily hit by the spruce beetle, and that is also long term, the estimation we've done is that as a producer, we will have a strong balance for solid wood products going forward.

Then, of course, it's also a volatile business. It will be impacted by the current business cycle, but we believe that solid wood products will be rather strong going forward as the material is needed.

Not the least if we shall have a chance to mitigate the climate change and so on. We have to use non-fossil products, and that will be good, I think, for that business going forward.

All right. Thank you.

Interesting. Yeah.

Those were all my questions. Thank you.

Thanks.

Cheers, gents. A couple of questions.

On containerboard. Obviously, we've seen some price hikes announced by some of the recycled players.

I'm curious what you make of the potential for price increases to come at market given the demand situation and oversupply. Is there more potential in kraftliner maybe given the market's a bit more balanced there?

My second question's on forest valuations. Given, obviously, wood prices potentially coming down and, obviously, rates going up as well, what are you seeing, hearing in your regions, in Sweden in general on the sort of trend for valuations?

Are you concerned about sort of more negative valuations as we go into 2026? Thanks.

If I take the containerboard market first, as I said, we have seen now some announcements. I don't know if testliner producers if they have come through with price increases, but they have asked for €100 a ton, and they certainly need it, as I think that testliner producers, they are bleeding just now.

Short term, we have seen gas prices coming up 30 35%, OCC prices still on the same level, but typically I guess they will also start to ask for more if testliner producers will come through with their attempts to reach higher prices. When that happen, then, of course, that will give a price push also for kraftliner in a later stage.

That is now needed in the market, but I guess we have a chicken race out there, as a lot of capacity has coming on stream for testliner, and so, don't know when it will happen, but it will happen, and we are at the bottom just now. That's my estimation.

If we look at forest valuation, I don't want to speculate going forward, but if you look at 2025, the activity was on a normal basis, and the 1-year average increased slightly during the year. For next year, we see in general that the Swedish economy is improving.

Wood raw material prices are coming down a bit, but usually, when you buy a forest asset, you have a 100-year view on the forest prices or the wood raw material price sets. It's the general long-term view that's the most important.

We'll have to see, but this year was slightly up on the 1-year average, but the 3-year average decline.

Yeah. That makes sense.

Actually, just a follow-up on the wood prices. You're talking about sort of relatively modest declines.

Obviously, sort of prices being pretty flat so far for pulpwood. Given the decreases we've seen in Finland, I would have assumed that Sweden would have followed to a greater extent already.

Is there anything stopping prices sort of gaping down lower given the potential for arbitrage across the border? What are the thoughts there?

Pulpwood.

Sorry, what was it, wood raw materials? Was that the

Pulpwood.

Pulpwood.

Pulpwood.

We have seen pulpwood prices fallen also in our region, and as Andreas said, we will see some of it also in Q1, I guess, for pulpwood.

It's this lag effect, because what we harvest in Q1, we bought in Q2 and Q3 and Q4. You have this delay effect because you buy on stumpage the right to harvest from the private forest owners.

Also you cannot just follow public announcements as you also on top of that have different premiums and things like that, which is individual for yeah, for each buyer and for each market and so on. What you see announced will not be the exactly the same effect that you will have in the account, I guess.

You always have this lagging effect. Mhm.

We have the same journey, and, of course, now boosted by the windfalls we've seen in our region that will also have definitely an impact on pulpwood prices.

Actually, just final one, just on context. What is the total size of the market in Sweden in terms of pulpwood consumption per year?

How significant is that in the broader market?

Not sure.

I'm not sure, actually.

We have around 10 10% of the forest assets in Sweden, and we harvest around 5 million cubic meters from our own forest each each year, just so you have some kind of ballpark.

Was it the total harvesting volume in Sweden? Was that the question?

Exactly.

It's around 85 million cubic meters per year. Yeah.

Okay. It's roughly 10% additional supply.

Exactly, 10 15, 10 between, I guess, it will be 15%. Then also in addition, you have 3 to 4 million cubic meters on the Finnish side.

Yeah. Okay.

That's clear.

Yeah. Sorry, I didn't catch yeah.

Good morning. Thanks for taking my question.

I'd just like to follow up on sawn wood business. I just missed your commentary on what your expectation is of price declines quarter on quarter into Q1.

Just on your sawlogs, I know you said they're going to be up around 7%, but just to clarify that is Northern Sweden, I imagine. The rest of Sweden's sawlog prices are lower.

Just a clarification there.

Starting with the price development for finished products. As I said, from Q3 to Q4, the average price was down 5%.

From Q4 over to Q1 2026, I guess we will have a flat price development. What we didn't expect really was we have had another impact from a negative currency impact, of course, but I guess it will be close to zero.

On the other hand, for us, as I said, we will have close to 10, yeah, 7 8% you said, increasing log prices, and we cannot comment what will happen in other parts of Sweden. I guess the reason for that for us is that we thought it would be a very tight situation coming into the first quarter, now not the least for spruce logs.

We bought rather big volumes in the fourth quarter, and we couldn't know or expect that we should have a big windfall in our region between Christmas and New Year. If we would have knew that, then, of course, we should have acted differently.

Now we have to take care of what we bought.

Just a longer-term question on wood products. We've seen CBAM boosting the cost of cement, the cost of steel, imports restrictions, increasing prices of these construction raw materials.

Do we see wood as kind of an underappreciated beneficiary? When do people look at the construction costs of sawn wood and say, we should start using more of this product, or is that just too far away into the future?

Then, following up on containerboard, we've seen some of the US players talk about slightly better order books, slightly better demand. I'm just wondering, are you seeing any more positive trends in the containerboard and box side at this stage, or not yet?

Starting with solid wood products, I guess we are pretty positive to the future market for solid wood products. Then again, it's always a balance between what you have to pay for the raw material and what can you get out from the market.

As that's more than 70% of the cost for a sawmill is related to the raw material, of course. We feel that the demand for solid wood products, I guess it's okay as it is just now, and we see an improving trend also for coming quarters now, and let's see where we will end up.

I think

Q2 is usually a typically stronger quarter.

Structurally, I think that in many cases, people they try to turn also from fossil sides over to non-fossil materials, and that will also benefit the solid wood business going forwards. I think we are positive long term in this field.

Then about containerboard, if we look into last year, the consumption was up 1.5% during last year. Also when you look at the box demand, as you saw maybe on the slide I did show, the trend is positive.

Then again, I think what is harming the balance just now is that we have seen a lot of new capacity coming on stream not for testliner. The only capacity in kraftliner is what we are providing the market ourselves from Obbola, but otherwise in testliner, we have seen a lot of capacity coming on stream.

Some has been closed, and I guess some more capacity will be closed. I guess we have, for that reason, a little bit of chicken race just now out there, and let's see how and when that will end up.

I guess, but then you asked about the consumption. Honestly, it is a rather slow market out there, at least for us being in Europe, and might be a little bit better in US and also in other regions where we have a slightly better demand.

Again, the price is, of course, lower when we have to go overseas with our volumes. That has also impacted the result for us as we are now ramping up Obbola.

Thank you.

That was not a very clear answer, but it was a trial, at least, so.

Good morning. Thank you for taking my questions.

I have two of them. Firstly, can you talk a bit about the adverse mix impact that you highlighted for your pulp and the containerboard business, especially over the last couple of quarters?

Do you expect that to continue in 2026, given the weakest demand that we're seeing in Europe? Just to follow up, what are your expectations on CTMP pricing in the near term?

Can you repeat the first question, please?

Just asking about the adverse mix impact on your pulp and containerboard.

Okay. Yeah.

What we saw especially in Q4, as Ulf mentioned, we had lower delivery volumes in Europe due to a weaker market, which means that we sold a larger part in Q4 in overseas market. I think that was partly because the weak market, but also because that customers knew that the rebates were going to increase at the beginning of the year.

They ordered as little as possible, of course, during the quarter, since they know there will be rebates kicking in the first of January. I think you might have some positive effect there, but the weak market, we still expect that in Q1.

The second one was around CTMP, I don't know if I get you right, but the demand is still slow on CTMP, and I think we and also other producers are taking curtailments now when we have a high energy price, and so we do a marginal calculation, and by that, we have a reduced capacity as it is just now from Ortviken. Price-wise, we have not seen any increasing rebates in '26 in comparison with '25, the price is more or less sideways.

The business we have in Europe is, yeah, it's okay, but then again, it's tough for us to come from Europe over to Asia, not the least, and make some money on it, we monitor this carefully, and we do this marginal calculation where we have to calculate on the marginal wood cost and also marginal energy cost for CTMP.

Sure. If I can just squeeze one more in, and this is regarding the first quarter of '26.

I appreciate there are a number of moving parts, but can you help us understand sequentially how we should think about the first quarter, especially given the declining prices, negative FX, but some support from the pulpwood cost side of things? Is it fair to assume a very similar EBITDA in Q1 despite having a zero maintenance?

We don't give a direct guidance, but if you just look at the moving parts, we had a maintenance stop in the fourth quarter, and we won't have any maintenance stops in Q1. On the pulp side, we see no maintenance stop, but increased in rebates and negative currency effects as a negative, and that's positive slightly lower pulpwood costs.

In containerboard, it's as Ulf mentioned, it's in the beginning of the quarter this -€20 per ton in prices. Then we'll have to see if this testliner prices goes through, and that might have a positive impact if it goes through at the end of the quarter or Q2.

Then in solid wood products, we see fairly stable prices, a bit better on spruce, but increasing sawlog prices. Then in Forest, we harvest seasonally a bit lower in Q1 compared to Q4.

Then other costs, OCC is slightly cheaper. Also transportation costs has gone down slightly.

Sure. Thank you.

Just a quick question regarding harvesting. If you could elaborate a little bit on the harvesting volumes over sort of the next few years, and also with regards to biological assets, what kind of long sort of term growth rate you see regarding harvesting specifically?

Thank you.

As I said, this year we reached 5.4 million cubic meters, and I guess next year, we will, yeah, if not do that, as we have to support some forest owners in the windfall areas, we will do that, of course, but we will remain on around 5 million cubic meters.

On biological assets, we expect it to be slightly lower the revaluation next year compared to this year, but we look at the long-term average trend price of wood raw material prices, and that will still increase. Even if the prices go down next year, the long-term average will still go up, but the impact will be a bit lower next year compared to this year.

On the volumes in that calculation? Long term.

No, the prices will go up, and the volumes is based on our latest harvesting calculation. That will be unchanged.

Thanks. Thanks.

That concludes our presentation of the year-end report. Welcome back in April for our first quarter report.

Thank you, ladies and gentlemen.