Quarter ended		Reviewed Year ended
US$ million	Note	Sept 2025	Sept 2024	Sept 2025	Sept 2024
Revenue		1,389	1,464	5,420	5,458
Cost of sales		1,274	1,251	4,883	4,682
Gross profit		115	213	537	776
Selling, general and administrative expenses		83	111	367	403
Other operating (income) expenses		135	(21)	156	191
Share of (profit) loss from equity-accounted investees		7	–	8	–
Operating profit (loss)	3	(110)	123	6	182
Net finance costs		24	17	89	67
Finance costs		30	25	112	104
Finance income		(3)	(6)	(15)	(28)
Net foreign exchange gain		(3)	(2)	(8)	(9)
Profit (Loss) before taxation		(134)	106	(83)	115
Taxation	8	60	27	94	82
Profit (Loss) for the period		(194)	79	(177)	33
Basic earnings (loss) per share (US cents)	4	(32)	13	(29)	6
Weighted average number of shares in issue (millions)		604.6	599.4	603.9	582.4
Diluted earnings (loss) per share (US cents)	4	(32)	13	(29)	6
Weighted average number of shares on fully diluted basis (millions)		607.1	605.2	607.9	588.2

	Quarter ended		Reviewed Year ended
US$ million	Sept 2025	Sept 2024	Sept 2025	Sept 2024
Profit (Loss) for the period	(194)	79	(177)	33
Other comprehensive income, net of tax
Items that will not be reclassified subsequently to profit or loss	18	(1)	16	(1)
Actuarial gains (losses) on post-employment benefit funds	24	1	22	1
Tax effect	(6)	(2)	(6)	(2)
Items that may be reclassified subsequently to profit or loss	29	69	(31)	120
Exchange differences on translation of foreign operations	31	56	(34)	103
Movements in hedging reserves	(2)	14	1	19
Tax effect	–	(1)	2	(2)
Total comprehensive income for the period	(147)	147	(192)	152

		Reviewed
US$ million	Note	Sept 2025	Sept 2024
ASSETS
Non-current assets		4,333	4,208
Property, plant and equipment		3,414	3,241
Right-of-use assets		103	79
Plantations		560	562
Deferred tax assets	8	24	76
Goodwill and intangible assets		87	95
Equity-accounted investees		12	11
Other non-current assets		133	144
Current assets		1,739	1,998
Inventories	8	823	836
Trade and other receivables	8	682	771
Derivative financial assets	5	6	18
Taxation receivable		9	6
Cash and cash equivalents	7	219	317
Assets held for sale	9	–	50
Total assets		6,072	6,206
EQUITY AND LIABILITIES
Shareholders' equity
Ordinary shareholders' interest		2,308	2,578
Non-current liabilities		2,310	2,299
Interest-bearing borrowings	7	1,546	1,537
Lease liabilities	7	96	74
Deferred tax liabilities		437	433
Defined benefit and other liabilities		231	255
Current liabilities		1,454	1,329
Interest-bearing borrowings	7	469	107
Lease liabilities	7	26	21
Overdrafts		2	–
Trade and other payables	8	898	1,110
Provisions	8	40	8
Derivative financial liabilities	5	4	17
Taxation payable		15	66
Total equity and liabilities		6,072	6,206
Number of shares in issue at balance sheet date (millions)		604.6	599.4

	Quarter ended		Reviewed Year ended
US$ million	Sept 2025	Sept 2024	Sept 2025	Sept 2024
Profit (Loss) for the period	(194)	79	(177)	33
Adjustment for:
Depreciation, fellings and amortisation	105	94	373	351
Taxation	60	27	94	82
Net finance costs	24	17	89	67
Defined post-employment benefits paid	(7)	(5)	(22)	(24)
Plantation fair value adjustment	(31)	2	(71)	(108)
Asset impairments	68	(26)	70	(24)
Goodwill impairment	6	–	6	–
Write-down of held-for-sale assets	–	–	4	–
(Profit) Loss on disposal of held-for-sale assets	–	–	–	(10)
Net restructuring charge	39	(8)	39	134
(Profit) Loss on disposal and written-off assets	10	2	10	3
Other non-cash and other items(1)	24	(3)	28	46
Cash generated from operations	104	179	443	550
(Increase) Decrease in working capital	59	73	(89)	29
Closure and restructuring costs paid	(3)	(43)	(7)	(280)
Finance costs paid	(29)	(16)	(100)	(69)
Finance income received	4	6	16	28
Taxation (paid) refund	(16)	(20)	(90)	(50)
Dividend paid	–	–	(85)	(84)
Cash (utilised by) generated from operating activities	119	179	88	124
Cash utilised in investing activities	(83)	(214)	(457)	(430)
Capital expenditure	(84)	(210)	(496)	(458)
Insurance proceeds received	1	–	1	–
Proceeds on disposal of assets	–	–	4	5
Proceeds on held-for-sale assets	2	–	46	46
Movements to non-current and intangible asset	(2)	(4)	(12)	(23)
Net cash (utilised) generated	36	(35)	(369)	(306)
Cash effects of financing activities	(24)	(29)	263	4
Proceeds from interest-bearing borrowings	4	2	661	297
Repayment of interest-bearing borrowings	(21)	(25)	(373)	(269)
Share repurchases	–	–	–	–
Capital lease repayments	(7)	(6)	(25)	(24)
Net movement in cash and cash equivalents	12	(64)	(106)	(302)
Cash and cash equivalents at beginning of period	203	365	317	601
Translation effects	4	16	8	18
Cash and cash equivalents at end of period	219	317	219	317

(1)

Other non-cash and other items include accruals for closure costs at Lanaken of US$Nil million (2024: US$30 million) (€28 million), non-cash movements in the defined benefit liabilities and plan assets of US$22 million (2024: US$13 million) and share-based charges of US$7 million (2024: US$6 million).

	Reviewed Year ended
US$ million	Sept 2025	Sept 2024
Balance – beginning of period	2,578	2,445
Profit (Loss) for the period	(177)	33
Other comprehensive income for the period	(15)	119
Issue of shares	–	59
Dividend – 14 US cents (2024: 15 US cents)	(85)	(84)
Share-based payment reserve	7	6
Balance – end of period	2,308	2,578
Comprising
Ordinary share capital and premium	808	815
Non-distributable reserves	135	124
Foreign currency translation reserves	(247)	(217)
Hedging reserves	(39)	(41)
Retained earnings	1,651	1,897
Total equity	2,308	2,578

(this information has not been audited or reviewed)

General definitions

Adjusted EBITDA – EBITDA excluding special items and the plantation fair value price adjustment

Average – averages are calculated as the sum of the opening and closing balances for the relevant period divided by two

Capital employed – shareholders’ equity plus net debt

Covenant leverage ratio – net debt divided by last 12 months’ EBITDA excluding special items as defined by our bank covenants

EBITDA excluding special items – earnings before interest (net finance costs), taxation, depreciation, amortisation and special items

Adjusted EPS – earnings per share excluding special items, the plantation fair value price adjustment, special finance costs and special tax items

Fellings – the amount charged against the income statement representing the standing value of the plantations harvested

Headline earnings – as defined in circular 1/2023, as issued by the South African Institute of Chartered Accountants, separates from earnings all separately identifiable remeasurements. It is not necessarily a measure of sustainable earnings. It is a Listings Requirement of the JSE Limited to disclose headline earnings per share

Interest cover – last 12 months’ EBITDA excluding special items to net interest adjusted for refinancing costs

NBSK – Northern Bleached Softwood kraft pulp. One of the main varieties of market pulp, produced from coniferous trees (ie spruce, pine) in Scandinavia, Canada and northern USA. The price of NBSK is a benchmark widely used in the pulp and paper industry for comparative purposes

Net assets – total assets less total liabilities

Net asset value per share – net assets divided by the number of shares in issue at balance sheet date

Net debt – current and non-current interest-bearing borrowings and lease liabilities, bank overdrafts less cash and cash equivalents

Net debt to EBITDA excluding special items – net debt divided by the last 12 months’ EBITDA excluding special items

Net operating assets – total assets (excluding deferred tax assets and cash) less current liabilities (excluding interest-bearing borrowings, lease liabilities and overdraft)

Operating profit – profit from business operations before deduction of net finance costs and taxes

Non-GAAP measures – the group believes that it is useful to report certain non-GAAP measures for the following reasons:

• these measures are used by the group for internal performance analysis
• the presentation by the group’s reported business segments of these measures facilitates comparability with other companies in our industry, although the group’s measures may not be comparable with similarly titled profit measurements reported by other companies
• it is useful in connection with discussion with the investment analyst community and debt rating agencies

These non-GAAP measures should not be considered in isolation or construed as a substitute for GAAP measures in accordance with IFRS

ROCE – annualised return on average capital employed. Operating profit excluding special items divided by average capital employed

RONOA – return on average net operating assets. Operating profit excluding special items divided by average net operating assets

Special items – special items cover those items which management believe are material by nature or amount to the operating results and require separate disclosure. Such items would generally include profit or loss on disposal of property, investments and businesses, asset impairments, restructuring charges, non-recurring integration costs related to acquisitions, financial impacts of natural disasters and settlement gains or losses on defined benefit obligations

The above financial measures are presented to assist our shareholders and the investment community in interpreting our financial results. These financial measures are regularly used and compared between companies in our industry

Summary Rand convenience translation

	Quarter ended		Year ended
	Sept 2025	Sept 2024	Sept 2025	Sept 2024
Key figures: (ZAR million)
Revenue	24,501	26,317	97,927	101,168
Operating profit excluding special items(1)	529	2,157	3,180	7,544
Special items – (gains) losses(1)	2,469	(54)	3,072	4,171
EBITDA excluding special items(1)	2,046	3,505	8,654	12,697
Profit for the period	(3,422)	1,420	(3,198)	612
Basic earnings per share (SA cents)	(566)	237	(530)	105
Net debt(1)	33,163	24,339	33,163	24,339
Key ratios: (%)
Operating profit excluding special items to revenue	2.2	8.2	3.2	7.5
Operating profit excluding special items to capital employed (ROCE)(1)	2.8	12.6	4.5	11.2
EBITDA excluding special items to revenue	8.4	13.3	8.8	12.6

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

The above financial results have been translated into Rands from US Dollars as follows:

• assets and liabilities at rates of exchange ruling at period-end; and
• income, expenditure and cash flow items at average exchange rates.

Exchange rates

	Sept 2025	Jun 2025	Mar 2025	Dec 2024	Sept 2024
Exchange rates:
Period-end rate: US$1 = ZAR	17.2722	17.8328	18.4211	18.7964	17.1162
Average rate for the quarter: US$1 = ZAR	17.6392	18.2970	18.5004	17.8818	17.9763
Average rate for the year to date: US$1 = ZAR	18.0678	18.2231	18.1837	17.8818	18.5357
Period-end rate: €1 = US$	1.1727	1.1720	1.0828	1.0408	1.1164
Average rate for the quarter: €1 = US$	1.1689	1.1336	1.0518	1.0678	1.0986
Average rate for the year to date: €1 = US$	1.1057	1.0844	1.0600	1.0678	1.0843

Sappi share price – September 2023 to September 2025