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Third quarter results

for the period ended June 2026

Third 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) excluding special items

US$53 million

(Q3 FY25: US$80 million)

Loss for the period

US$181 million

(Q3 FY25: US$33 million loss)

Adjusted EPS(2) excluding special items

8 US cents loss

(Q3 FY25: 4 US cents loss)

Net debt of

US$1,997 million

(Q3 FY25: US$1,947 million)

(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 June 2026.

** As at June 2026.

  Quarter ended   Nine months ended
  Jun
2026		 Jun
2025		 Mar
2026		   Jun
2026		 Jun
2025
Key figures (US$ million)            
Revenue 1,334 1,321 1,334   3,955 4,031
Operating profit (loss) excluding special items(1) (177) (5) (133)   (311) 146
Special items – loss (gain)(2) 26 2 289   332 30
Adjusted EBITDA(3) 53 80 52   195 390
EBITDA excluding special items(1) (99) 71 (49)   (67) 363
Profit (Loss) for the period (181) (33) (413)   (631) 17
Basic earnings (loss) per share (US cents) (30) (5) (68)   (104) 3
Adjusted EPS (loss) (US cents)(3) (8) (4) (8)   (19) 11
Net debt(3) 1,997 1,947 1,964   1,997 1,947
Key ratios (%)            
Operating profit (loss) excluding special items to revenue (13.3) (0.4) (10.0)   (7.9) 3.6
Operating profit (loss) excluding special items to capital employed (ROCE)(3) (18.6) (0.5) (13.1)   (10.4) 4.6
Adjusted EBITDA to revenue(3) 4.0 6.1 3.9   4.9 9.7
EBITDA excluding special items to revenue (7.4) 5.4 (3.7)   (1.7) 9.0
Net debt to Adjusted EBITDA 6.5 3.2 5.9   6.5 3.2
Covenant leverage ratio(3) 6.9 2.9 6.1   6.9 2.9
Interest cover(3) 0.5 7.6 2.4   0.5 7.6
Net asset value per share (US cents)(3) 294 406 311   294 406

(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.