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Investor Presentation Investor Presentation Investor Relations January 30, 2020 A strong and integrated value chain Sales 1) (SEKbn) EBITDA 1) (SEKbn) 19.6 5.3 EBITDA margin 1) Industrial ROCE 2) Forest Renewable Wood energy 27% 12% Forestland Net growth Pulp Paper 2.6m ha 4.0m m3fo Note: 1) 2019. 2) ROCE for the industrial segments; Wood, Pulp and Paper. 2 Excluding effects from changed accounting method for valuation of forest assets. Europe’s largest private forest owner Sawmill Forestland Pulp mill Kraftliner mill 6% Publication Paper mill 2.6m ha of Sweden Pellet production SCA’s forest Productive forestland Munksund 2.0m ha Obbola Rundvik Stugun Bollstabruk Standing volume 1) Gällö Härnösand Östrand Tunadal 252m m3fo Ortviken Note: 1) Including forest holdings in the Baltics. 3 We use the Electricity Wind turbines entire tree Heat Bioenergy Logging residue & wood fuel Pellets Tall oil, Liquid biofuels black liquor & bark Pulp & paper mills Pulp Pulpwood Paper Wood-chips Bark & sawdust Sawmills Solid-wood products Sawlogs 4 Integrated value chain drives profitability EBITDA margin 30% 30% 25% 25% 20% 20% 15% 15% 10% 10% 5% 5% 0% 0% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Nordic peer 1 Nordic peer 2 Nordic peer 3 Nordic peer 4 Nordic peer 5 SCA 5 We deliver sustainable development Fossil-free world Valuable forests Efficient Responsibility for people use of resources and the community Profitable growth Values The green carbon cycle For a fossil-free society CO2 2 We borrow biomass from CO2 the forest’s green carbon cycle to make products … Forestry Other sectors 1 Growing trees build wood, using carbon dioxide from the atmosphere 3 … which replaces fossil-based products. Fossil carbon under ground 2 SCA’s forests bind CO and Replaces 2 Higher growth enables more substitution – 5 renewable alternatives replace fossil Mt CO replace fossil based products 2 based products SCA’s renewable Non-renewable 1 products products Binds net Growing forests bind CO2 – 4 active forest management Bioenergy Fossil increases growth Mt CO2 fuels Fertilization Operations Paper Plastic Contorta pine 3 Solid-wood Investments and products Concrete innovation reduce Active silviculture carbon emissions Low Emissions 0.9 Improved SCA’s climate benefits amount to seedlings Mt CO2 8 million tonnes of CO2 per annum, which is more than the total emissions from all the truck traffic and domestic air travel in Sweden* * Source: Swedish Environmental Protection Agency 8 Global trends favoring fiber based renewable materials Growing Growing Eco-awareness population and demand for middle class virgin fiber Increased demand for E-commerce renewable materials 9 Profitable growth strategy Invest in integrated value chain: Increased • Grow Pulp value from • Grow Kraftliner each tree • Renewable energy new segment • Reduce exposure to Publication Paper Growing Increase forest holdings: renewable • Increase growth and harvesting level forest asset • Acquire forest land • Optimize nature conservation 10 Cash flow funded growth opportunities Value Biorefinery optionality Östrand – further capacity increase ROCE Biofuel production 2023 from CTO Kraftliner expansion Research and development 20192021/22 Opportunity to Leverage further increase Pilot plant Acquisition of 2022 capacity at forest land Östrand 8.0 TWh wind Joint venture with 20182019 power on SCA land St1 signed New 725 ktpa 3 Credit rating Increase share 100 000 m paper machine in biofuels 20152018 of WT Kraftliner Obbola Östrand SEK 7.5bn expansion investment Integrated Target of 100k ha Wind power on SCA in the Baltics value chain land is expected to 30k ha acquired increase to 8.0 TWh YTD 2019 in 2022 Decided or completed projects SEK 200m New long-term investment target of 11 TWh Potential projects +50kt WT Kraftliner SEK 8bn from summer 2019 investment Production started in June 2018 Time 11 Forest Europe’s largest private forest owner Sales (SEKm) Forest holdings located close to SCA’s industry Sawmill Pulp mill 6% • 2.6m ha forestland Kraftliner mill of Sweden 6,956 Publication Paper Pellet production • 2.0m ha productive forestland SCA’s forest EBITDA (SEKm) • 252m m3fo standing volume 1) Munksund ~50% of wood raw material needs are provided 1,740 for by wood from SCA’s own forest Obbola Rundvik Young forest yields high growth Stugun Bollstabruk EBITDA margin Gällö Härnösand • 10.5m m3fo gross growth Östrand Tunadal 25% • 5.2m m3fo annual harvesting (4.3m m3sub) Ortviken Financials refer to 2019. 13 Note: 1) Including forest holdings in the Baltics. Forest assets create value in several ways Harvesting Net growth Land value Positive climate effect 14 Profitable growth since 1950 1) Standing volume SCA Growing Harvest plan SCA IncreasingIncreasing Land value Sweden Increasing million m3fo asset base million m3sub cashcash flow flow SEK/m3fo (real value) land value +70% +120% +265% 4.3 407 249 146 2.0 >6,000% nominal increase 111 1950 2019 1950 2019 1950 2018 Note: 1) Average price Sweden, real price (2018 price level). Source Lantmäteriet. 15 Excludes forest holdings in the Baltics. Significant real growth of 3.7% Forest growth metrics (m m3fo) Gross growth of standing forest 10.5 Natural losses and pre-commercial thinning -1.3 Real growth rate of 3.7% (in relation to the standing Available growth of standing forest 9.2 volume of 249m m3fo in Sweden) (1) Current cash flow Annual harvesting -5.2 New harvesting plan every 8-10 years Harvesting increase to >7m m3fo in 2114 Annual net increase of standing forest 4.0 Future cash flow Note: 1) Corresponding to approximately 4.3m m3sub. 16 Limited supply of wood raw material Estimated change in harvesting potential 2016-2025 (softwood sawlogs) Demand of wood products growing faster than supply CAGR 2017-2025e ~2.0% • Insect damage in Canada +15m m3 • Harvesting restrictions in China -16m m3 +1m m3 • Limited potential for new softwood +15m m3 plantations in South America +7m m3 +17m m3 • Limited forest infrastructure in Russia ~0.5% +1m m3 +2m m3 Global harvest ‘17 Harvesting potential Demand growth ~725m m3 softwood sawlogs softwood sawn timber Source: Timwood. 17 Forest – strategic direction 1 Maximize growth and long-term harvesting potential 2 Preserve the forest’s biodiversity and contribute to a positive impact on the climate 3 Increase the forest holding 18 Wood Leading European wood producer Sales (SEKm) 5 modern and well invested sawmills 2.2m m3 6,325 2 painting and 8 planing facilities capacity Own distribution network EBITDA (SEKm) 420k Focus on value added products Munksund 789 • Wood industry – customers are mainly manufacturers of furniture, doors, windows, flooring and roofs 330k 560k Rundvik • Building materials trade – customers mainly include 330k Bollstabruk EBITDA margin building materials chains in Scandinavia, the UK and Gällö France Tunadal 540k 12% 3 Capacity (m /year) Financials refer to 2019. 20 Attractive market outlook for wood products Strong global softwood demand m m3 450 ~2% 3.1% CAGR 400 CAGR Good level of building activity in the US Other 350 Softwood import increasing in China 300 Asia 250 Increased R&R in Europe and the US 200 Europe Strong European construction market 150 (incl. RU) 100 North 50 America 0 2012 2018 2025e Source: Timwood, Skogsindustrierna, UNECE. 21 One of the largest and most efficient sawmill operations in Europe From 11 to 5 highly automated and efficient sawmills 2007 2019 SEK ~2.5 bn invested 2.2m m3 2009-2019 1.8m m3 Boden Vilhelmina 11 5 Munksund Munksund sawmills sawmills Jämtlamell Holmsund Rundvik Rundvik Gällö Gällö Bollsta Bollsta Graninge Tunadal Tunadal 2007 2019 Tjärnvik Average capacity/ 160k 430k mill: (m3/year) 22 Long-term profitable growth with focus on value added products Wood sales (SEKbn) +9 % p.a. Profitable growth 6.6 Higher and more stable margins over a business 4.5 cycle Customized products 1.1 based on customer insights 1998 2008 2018 Wholesalers Wood Industry Building Materials Trade 23 Product innovation Pine heartwood decking Outdoor cladding with concealed fitting 24 Wood – strategic direction 1 Strengthen SCA’s integrated value chain – sawlogs give the largest revenue from a tree 2 Continued profitable growth through: • Value-added and customized products • Volume growth in sawmill capacity − Opportunity to increase volumes at Bollsta sawmill 3 Production optimization to achieve the highest level of efficiency 25 Pulp High quality NBSK pulp producer Sales (SEKm) High quality bleached softwood kraft pulp (NBSK) • Focus on high strength properties 1.0Mt 4,377 capacity • Capacity: 900 kt/year (2020) • The pulp is used in tissue, packaging, publication paper EBITDA (SEKm) and filters Chemical thermomechanical pulp (CTMP) 983 • Capacity: 100 kt/year • The pulp is used in packaging and hygiene products EBITDA margin Net producer of green electricity 22% • 1.2 TWh/year (2020) Östrand Financials refer to 2019. 27 Increasing pulp demand driven by a growing tissue market Limited softwood pulp supply growth Tissue demand driving growth Global pulp market (demand Mt) Softwood pulp capacity (Mt) Index (global market) Limited new CAGR capacity Östrand, ~3% 0.1 Äänekoski 180 5 28 28 2 28 Tissue consumption 160 25 26 24 Total: 66 140 120 34 100 Bleached Softwood Kraft Bleached Hardwood Kraft Sulfite Unbleached Kraft 80 Mechanical pulp 2008 2013 2018 2020e 2023e 2008 2010 2012 2014 2016 2018 2020e 2022e Source: CEPI, RISI, PPPC, SCA. 28 World’s largest NBSK pulp line in operation Total capacity (tonnes/year) Production began in June 2018 New
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