Rottneros AB swung to a negative result in Q4 2025 as weak pulp markets and a stronger Swedish krona eroded prices and margins.
Net turnover fell 6% to 587 MSEK despite higher sales volumes, while EBITDA dropped to –190 MSEK, from a 10 MSEK profit a year earlier.
Net prices in USD declined 4–8% from Q4 2024 across segments. Currency effects compounded the pressure, with prices down a further 16–19% in SEK. Sold volumes jumped 17% to 84,900 tonnes, driven by 8% growth in sulphate pulp within niche markets and a 38% increase in CTMP sales, partly reflecting volumes shifted from the third quarter. Production rose to 82,500 tonnes, although Vallvik Mill’s annual maintenance shutdown reduced output as planned.
Cost controls helped cushion the blow. Fixed cost reductions exceeded targets, reaching 45 MSEK on an annual basis. Wood raw material prices also began to fall after peaking in mid-2025, supported by increased supply following storm Johannes. Working capital was reduced by 154 MSEK, to 375 MSEK at year-end. The equity-to-assets ratio held steady at 60%, while available liquidity stood at 190 MSEK, after a profitability covenant breach led to 150 MSEK being excluded from available financing.
CEO Lennart Eberleh highlighted several operational gains. Vallvik Mill set a new annual production record of 233,000 tonnes, up 6% year over year. Safety performance improved further, with only two accidents involving sick leave in 2025. At Rottneros Mill, recent investments lifted efficiency when operating at full capacity, supporting priority European markets.
Demand for niche long-fiber chemical pulp remains stable despite elevated inventories and soft NBSK prices at €690 per tonne. Producers have announced price increases for long-fiber pulp in the first quarter of 2026.
The Board of Directors has proposed no dividend for 2025.
Rottneros is a Sweden-based pulp producer specializing in high-quality mechanical and chemical pulp. The group operates production sites in Sweden and Finland and serves customers in packaging, paper, and specialty applications.
Source: Rottneros
