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Second quarter results

for the period ended March 2026

Second quarter financial results conference call

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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$52 million

(Q2 FY25: US$107 million)

Loss for the period

US$413 million

(Q2 FY25: loss of US$20 million)

Net debt of

US$1,964 million

(Q2 FY25: US$1,670 million)

Adjusted EPS(2)

loss of 8 US cents

(Q2 FY25: profit of 1 US cent)

(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 March 2026.

** As at March 2026.

  Quarter ended   Half-year ended
  Mar
2026		 Mar
2025		 Dec
2025		   Mar
2026		 Mar
2025
Key figures (US$ million)            
Revenue 1,334 1,347 1,287   2,621 2,710
Operating profit (loss) excluding special items(1) (133) 19 (1)   (134) 151
Special items – loss (gain)(2) 289 17 17   306 28
Adjusted EBITDA(3) 52 107 90   142 310
EBITDA excluding special items(1) (49) 90 81   32 292
Profit (Loss) for the period (413) (20) (37)   (450) 50
Basic earnings (loss) per share (US cents) (68) (3) (6)   (74) 8
Adjusted EPS (loss) (US cents)(3) (8) 1 (3)   (11) 15
Net debt(3) 1,964 1,670 1,951   1,964 1,670
Key ratios (%)            
Operating profit (loss) excluding special items to revenue (10.0) 1.4 (0.1)   (5.1) 5.6
Operating profit (loss) excluding special items to capital employed (ROCE)(3) (13.1) 1.9 (0.1)   (6.6) 7.4
Adjusted EBITDA to revenue(3) 3.9 7.9 7.0   5.4 11.4
EBITDA excluding special items to revenue (3.7) 6.7 6.3   1.2 10.8
Net debt to EBITDA excluding special items 9.0 2.6 5.5   9.0 2.6
Covenant leverage ratio(3) 6.1 2.4 4.9   6.1 2.4
Interest cover(3) 2.4 9.4 4.2   2.4 9.4
Net asset value per share (US cents)(3) 311 407 385   311 407

(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.