Improved earnings due to lower costs
NET TURNOVER was 570 (574) MSEK. Sales volume and currency were slightly higher than in the third quarter of 2025, while sales prices were slightly lower.
EBITDA was 26 (-21) MSEK, an improvement of 47 MSEK. Focus on costs and lower variable costs contributed to the positive earnings performance.
THE NET PRICE for NBSK in SEK was 1 percent lower than in the third quarter of 2025. The price of CTMP was 5 percent higher. Compared with the second quarter of 2026, the price in SEK increased by 1 percent for NBSK and 4 percent for CTMP.
VOLUME PRODUCED amounted to 79,300 (72,900) tonnes. Sulphate pulp production was at the same level as in the corresponding quarter of 2025. CTMP production was higher but continues to be adjusted in line with market demand. Vallvik Mill started the annual maintenance shutdown at the end of September.
SOLD VOLUME amounted to 77,500 (76,300) tonnes, an increase of 2 percent. The increase came from CTMP, while the total supply volume of sulphate pulp was lower than in the same quarter in 2025.
NET INCOME for the quarter totalled -15 (-52) MSEK. Earnings per share were -0.06 (-0.20) SEK.
BALANCE SHEET: The equity/assets ratio was 61 (63) percent, and available liquidity amounted to 129 (406) MSEK. Net debt totalled 456 (273) MSEK.
CASH FLOW from operating activities for January-September amounted to -94 (-70) MSEK. Investments amounted to 23 (102) MSEK.
Comments by the CEO
Continuing to move in the right direction
Despite the turbulent environment, the business continued to develop in the right direction in the third quarter. Production was stable and demand in our niches remained good, while lower costs were a key factor in the earnings improvement compared with last year. The focus on cost-effectiveness, high production availability, and improved cash flow is continuing.
Turnover decreased by 1 percent compared with the third quarter last year. The decline was mainly due to somewhat lower sales prices, while delivery volumes increased by 2 percent. As previously, we experienced significant customer interest in our selected niches. The strengthening of the USD had some positive impact on turnover and earnings. The average exchange rate was 9.65 SEK/USD, 1 percent higher than the level in the corresponding quarter of 2025 and a 3 percent increase on the previous quarter of 2026.
Production during the quarter was largely as planned and was 9 percent higher than in the same period in 2025. Production at Vallvik Mill amounted to 58,100 tonnes, 1 percent higher than a year ago. Like last year, production in Vallvik was affected by the annual maintenance shutdown, which started at the end of September. Rottneros Mill's production of CTMP amounted to 21,200 tonnes, compared with 15,400 tonnes in the same quarter of 2025. The market is characterized by overcapacity, and production is adjusted according to demand, electricity price fluctuations, and profitability. The maintenance shutdown during the summer holiday period was successful and went according to plan.
EBITDA in the quarter showed clearly positive performance, owing mainly to the favourable development of costs, and amounted to 26 MSEK. This was a 47 MSEK improvement on the same period last year. Variable costs were reduced by 51 MSEK. This was mainly due to the lower pulp wood price. An increased supply of wood, combined with lower demand, resulted in another quarter of favourable price development. However, we also saw indications that the decline in the price is levelling off. The sale of emission allowances had a positive 8 MSEK effect on earnings.
Fixed costs in the third quarter were affected by the annual maintenance shutdown at Vallvik Mill. The third quarter of this year had a higher percentage of fixed costs than last year. The shutdown was mainly carried out in October and went as planned. The mill once again produced at full scale in the middle of the month.
Balance sheet and cash flow in focus
Tied-up capital and cash flow remain top priorities. The investment rate has therefore been reduced compared with recent years. Investments during the first nine months decreased to 23 MSEK, a decrease of 79 MSEK compared with the same period last year. For the full year, investments are expected to total approximately 60 MSEK, compared with 166 MSEK in 2025.
The balance sheet should always have a strong equity/assets ratio. At the end of the quarter, the ratio was 61 percent, comfortably exceeding the long-term target of at least 50 percent. Available liquidity amounted to 129 MSEK, a decrease of 42 MSEK in the quarter. The main reason was the build-up of chemical pulp inventory ahead of the annual autumn maintenance shutdown, as well as loan repayments of 17 MSEK.
The market is moving sideways
The pulp market went sideways, as in the previous quarter. The market balance is still characterised by overcapacity, despite some capacity adjustments having been made. The business climate for our unbleached chemical pulp (UKP) remained favourable, partly due to high demand in our niche electrotechnical applications. The long-term, overarching challenge of a growing supply of market pulp from China remains, contributing to fierce competition in the European market.
We are satisfied with performance in the quarter. Employee safety remains at the top of our agenda. This work has been very successful, and there have consequently been few lost-time incidents. Our clear focus on working systematically to constantly drive efficiencies and increase production availability is yielding results and will continue to do so. There is also significant potential for further developing our niche strategy in the long term, particularly by deepening our knowledge of customers' products and their needs.
Per Bjurbom
President and CEO
(For full report, see attached pdf)
This information is such information that Rottneros AB is required to disclose in accordance with the EU Market Abuse Regulation and the Securities Market Act. The information was submitted for publication on 22 October 2026 at 07.30 by the contact person below. This report has been prepared in both a Swedish and an English version. In the event of deviations between the two, the Swedish version shall prevail.
Invitation to Rottneros' presentation of interim report Q3 2026
All participants can follow the presentation via the web link:
Rottneros - Q3 2026 Presentation - Finwire
The presentation will be held in English. Questions can be asked in English or Swedish via the link in advance or during the presentation.
You can also watch the presentation afterwards on Rottneros' webpage.
Reports and presentations
For further information please contact:
Per Bjurbom, President and CEO
+46 (0) 270 622 65, per.bjurbom@rottneros.com
Monica Pasanen, CFO
+46 (0) 270 622 70, monica.pasanen@rottneros.com
Rottneros AB (publ)
Box 144, 826 23 Söderhamn
+46 (0)270 622 00
rottneros.com
info@rottneros.com
Rottneros is an independent producer of market pulp. The Group comprises the parent company Rottneros AB, listed on Nasdaq Stockholm, and its subsidiaries Rottneros Bruk AB and Vallviks Bruk AB, with operations involving the production and sale of market pulp. The Group also includes Rottneros Packaging AB, a molded fiber solutions provider, the wood procurement company SIA Rottneros Baltic in Latvia, and the forestry operator Nykvist Skogs AB. The Group has approximately 253 employees and a turnover of approximately 2,4 billion SEK.
