First quarter results
for the period ended December 2024

First quarter financial results conference call

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“Sappi is a leading global provider of everyday materials made from woodfibre-based renewable resources. As a diversified, innovative and trusted leader focused on sustainable processes and products, we are building a more circular economy by making what we should, not just what we can.”

Our raw material offerings (such as dissolving pulp, wood pulp, biomaterials and timber) and end-use products (packaging papers, speciality papers, graphic papers, casting and release papers and forestry products) are manufactured from woodfibre sourced from sustainably managed forests and plantations, in production facilities powered, in many cases, with bio-energy from steam and existing waste streams.

Together with our partners, Sappi works to build a thriving world by acting boldly to support the planet, people and prosperity.

Highlights for the quarter

Adjusted EBITDA(1)

US$203 million

(Q1 FY24: US$130 million)

Profit for the period

US$70 million

(Q1 FY24: loss of US$126 million)

Net debt of

US$1,406 million

(Q1 FY24: US$1,216 million)

Adjusted EPS(2)

14 US cents

(Q1 FY24: 5 US cents)

(1) Adjusted EBITDA is EBITDA excluding special items and plantation fair value price adjustment.

(2) Adjusted EPS is EPS excluding special items and plantation fair value price adjustment.

  Quarter ended
  Dec 2024 Dec 2023 Sept 2024
Key figures (US$ million)      
Sales 1,363 1,272 1,464
Operating profit (loss) excluding special items(1) 132 86 120
Special items – loss (gain)(2) 11 179 (3)
Adjusted EBITDA(3) (4) 203 130 226
EBITDA excluding special items(1) 202 156 195
Profit (Loss) for the period 70 (126) 79
Basic earnings per share (US cents) 12 (23) 13
Adjusted EPS (US cents)(3) (4) 14 5 15
Net debt(3) 1,406 1,216 1,422
Key ratios (%)      
Operating profit (loss) excluding special items to sales 9.7 6.8 8.2
Operating profit (loss) excluding special items to capital employed (ROCE)(3) (4) 13.4 9.8 12.4
Adjusted EBITDA to sales(3) 14.9 10.2 15.4
EBITDA excluding special items to sales 14.8 12.3 13.3
Net debt to EBITDA excluding special items 1.9 2.0 2.1
Covenant leverage ratio(3) 1.8 2.0 2.0
Interest cover(3) 10.8 9.8 10.9
Net asset value per share (US cents)(3) 407 404 430

(1) Refer to note 2 to the group results for the reconciliation of Adjusted EBITDA, EBITDA excluding special items and operating profit excluding special items to operating profit by segment and profit for the period.

(2) Refer to note 2 to the group results for details on special items.

(3) Refer to supplemental information for the definition of the term.

(4) The Adjusted EBITDA definition was introduced in September 2024 and comparatives have been included for December 2023.

Sales by product* (%)

Sales by destination* (%)

Sales by source* (%)

Net operating assets** (ex corporate) (%)

*   For the period ended December 2024.

** As at December 2024.