First quarter results

for the period ended December 2025

First quarter financial results conference call

Register to participate (1)
Join webcast (2)

(1) Use this option to ask questions and participate in an interactive session.

(2) Use this option to listen to results presentation, no ability to ask questions.

Sappi uses renewable resources to make woodfibre-based products. We are a diversified, innovative and trusted leader focused on sustainable processes and products, and are building a circular economy that benefits the world.

Our pulp, packaging and speciality papers, graphic papers and biomaterials are manufactured from woodfibre sourced from sustainably managed forests, in production facilities which, in many cases use internally generated bioenergy. Many of our operations are energy self sufficient.

We have manufacturing operations on three continents and sell our products in more than 150 countries. Our global presence allows us to optimise for different markets, while sharing best practices and the latest technological achievements.

Together with our partners, we work to build a thriving world by acting boldly to support Prosperity, People and Planet while upholding our Principles.

Summary for the quarter

Adjusted EBITDA(1)

US$90 million

(Q1 FY25: US$203 million)

Loss for the period

US$37 million

(Q1 FY25: profit of US$70 million)

Net debt of

US$1,951 million

(Q1 FY25: US$1,406 million)

Adjusted EPS(2)

3 US cents loss

(Q1 FY25: 14 US cents profit)

(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.

Sales by product* (%)

Sales by destination* (%)

Sales by source* (%)

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

*   For the period ended December 2025.

** As at December 2025.

  Quarter ended
  Dec
2025
Dec
2024
Sept
2025
Key figures (US$ million)      
Revenue 1,287 1,363 1,389
Operating profit (loss) excluding special items(1) (1) 132 30
Special items – loss (gain)(2) 17 11 140
Adjusted EBITDA(3) 90 203 111
EBITDA excluding special items(1) 81 202 116
Profit (Loss) for the period (37) 70 (194)
Basic earnings (loss) per share (US cents) (6) 12 (32)
Adjusted EPS (loss) (US cents)(3) (3) 14 (3)
Net debt(3) 1,951 1,406 1,920
Key ratios (%)      
Operating profit (loss) excluding special items to revenue (0.1) 9.7 2.2
Operating profit (loss) excluding special items to capital employed (ROCE)(3) (0.1) 13.4 2.8
Adjusted EBITDA to revenue(3) 7.0 14.9 8.0
EBITDA excluding special items to revenue 6.3 14.8 8.4
Net debt to EBITDA excluding special items 5.5 1.9 4.0
Covenant leverage ratio(3) 4.9 1.8 3.6
Interest cover(3) 4.2 10.8 6.1
Net asset value per share (US cents)(3) 385 407 382

(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.