SCA (SCAb.ST): In Line 2Q26 Numbers; Lower Wood Costs and Higher Energy Offset by Lower Forestry Earnings

Research evidence excerpt

SCA (SCAb.ST): In Line 2Q26 Numbers; Lower Wood Costs and Higher Energy Offset by Lower Forestry Earnings

Equity Research

22 July 2026 | 8:08AM BST

SCA (SCAb.ST): In Line 2Q26 Numbers; Lower Wood Costs and Higher

Energy Offset by Lower Forestry Earnings

Today (July 22), SCA reported second quarter Adj. EBITDA excl. revaluation of SEK Gabriel Simoes

+44(20)7051-6922 |

883mn +3% vs. Visible Alpha Consensus as Renewable energy posted strong earnings gabriel.simoes@gs.com

Goldman Sachs International

on sequentially higher prices in the liquid fuels business; this was somewhat offset by

Georgina Fraser, Ph.D.

a weaker performance in the forest and wood products divisions which suffered from +44(20)7552-5984 |

higher fuel/transport costs. georgina.fraser@gs.comGoldman Sachs International

Thomas Ward

+44(20)7051-2527 |

GS View: thomas.ward@gs.comGoldman Sachs International

We see this as a neutral print by SCA and do not expect significant revision in Marcus von Scheele

numbers for the year on the back of the results. Results came in broadly in line with +44(20)7774-7676marcus.vonscheele@gs.com|

consensus expectations, but the mix was significantly different vs. consensus, with Goldman Sachs International

misses in the Forestry and Wood segments offset by beats in Pulp and Renewable

Energies. We highlight that in the pulp division, the beat was mostly driven by the

stronger volumes and lower costs – with the latter signaling the falling wood prices

seen in the Nordics are passing through the company’s results at a stronger pace and

could be seen as a positive cross read for UPM and Stora Enso. In addition, we

highlight the results seen in the Renewable energy division, which posted a strong

beat vs. consensus, were likely influenced by a positive mix effect as the higher