Sales by product* (%)
Sales by destination* (%)
Sales by source* (%)
Net operating assets** (ex corporate) (%)
* For the period ended March 2025.
** As at March 2025.
“Sappi uses renewable resources to make woodfibre-based products. We are a diversified, innovative and trusted leader focused on sustainable processes and products.”
Our packaging papers, graphic papers, pulp and biomaterials are manufactured from woodfibre sourced from sustainably managed forests, in production facilities which, in many cases use internally generated bio-energy. Many of our operations are self-sufficient.
Together with our partners, Sappi works to build a thriving world by acting boldly to support the planet, people and prosperity.
Adjusted EBITDA(1)
(Q2 FY2024: US$180 million)
Loss for the period
(Q2 FY2024: profit of US$29 million)
Net debt of
(Q2 FY2024: US$1,366 million)
Adjusted EPS(2)
(Q2 FY2024: 12 US cents)
(1) Adjusted EBITDA is EBITDA excluding special items and plantation fair value price adjustment.
(2) Adjusted EPS is EPS excluding special items and plantation fair value price adjustment.
| Quarter ended | Half-year ended | ||||
| Mar 2025 |
Mar 2024 |
Dec 2024 |
Mar 2025 |
Mar 2024 |
|
| Key figures (US$ million) | |||||
| Revenue | 1,347 | 1,352 | 1,363 | 2,710 | 2,624 |
| Operating profit (loss) excluding special items(1) | 19 | 116 | 132 | 151 | 202 |
| Special items – loss (gain)(2) | 17 | 46 | 11 | 28 | 225 |
| Adjusted EBITDA(3) (4) | 107 | 180 | 203 | 310 | 310 |
| EBITDA excluding special items(1) | 90 | 183 | 202 | 292 | 339 |
| Profit (Loss) for the period | (20) | 29 | 70 | 50 | (97) |
| Basic earnings per share (US cents) | (3) | 5 | 12 | 8 | (17) |
| Adjusted EPS (US cents)(3) (4) | 1 | 12 | 14 | 15 | 17 |
| Net debt(3) | 1,670 | 1,366 | 1,406 | 1,670 | 1,366 |
| Key ratios (%) | |||||
| Operating profit (loss) excluding special items to revenue | 1.4 | 8.6 | 9.7 | 5.6 | 7.7 |
| Operating profit (loss) excluding special items to capital employed (ROCE)(3) (4) | 1.9 | 13.0 | 13.4 | 7.4 | 11.2 |
| Adjusted EBITDA to revenue(3) | 7.9 | 13.3 | 14.9 | 11.4 | 11.8 |
| EBITDA excluding special items to revenue | 6.7 | 13.5 | 14.8 | 10.8 | 12.9 |
| Net debt to EBITDA excluding special items | 2.6 | 2.2 | 1.9 | 2.6 | 2.2 |
| Covenant leverage ratio(3) | 2.4 | 2.3 | 1.8 | 2.4 | 2.3 |
| Interest cover(3) | 9.4 | 9.9 | 10.8 | 9.4 | 9.9 |
| Net asset value per share (US cents)(3) | 407 | 387 | 407 | 407 | 387 |
(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 March 2024.
Sales by product* (%)
Sales by destination* (%)
Sales by source* (%)
Net operating assets** (ex corporate) (%)
* For the period ended March 2025.
** As at March 2025.