Kvartalsrapport Q4 2025

===== SIDA 1 =====

Current report no. 06/2026 
 
Dated: February 19th 2026 
 
Subject: Preliminary financial results of Arctic Paper S.A. and Arctic Paper 
Group for the Q4 of 2025 and 2025  
 
General legal basis: 
Art. 17 sec. 1 of MAR – Inside information 
 
Content: 
Management Board of Arctic Paper S.A.(“Company”, “Issuer”) in reference with obtaining 
today an information about the value of preliminary selected financial data, herewith 
announces selected preliminary financial results of the Arctic Paper S.A. Group (the "Group") 
and the Issuer for the Q4 of 2025 and annual 2025: 
 
 
Financial Results of Q4 2025: 
Arctic Paper S.A. Group: 
- Consolidated estimated sales revenues 745.1 mln PLN,  
- Consolidated estimated net loss 75.4 mln PLN, 
 
Arctic Paper S.A. 
- Standalone estimated sales revenues 4.6 mln PLN, 
- Standalone estimated net loss 18.0 mln PLN,  
 
Financial Results of 2025: 
Arctic Paper S.A. Group: 
- Consolidated estimated sales revenues 3,197.6 mln PLN,  
- Consolidated estimated net loss 175.4 mln PLN,  
 
Arctic Paper S.A. 
- Standalone estimated sales revenues 63.5 mln PLN,  
- Standalone estimated net profit 16.1 mln PLN.  
 
 
 
Detailed selected preliminary  consolidated results of the Arctic Paper S.A. Group are 
presented in the attachment to this report.

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The fourth quarter of 2 025 was another period of challenging market conditions . Weak 
demand and intense competition exerted constant pressure on prices, while elevated raw 
material prices and significant exchange rate fluctuations further impacted the Group's 
results. In the pul p segment, wood prices remained unsatisfactorily high, significantly 
impacting profitability in the pulp segment. 
 
The above financial results are estimates obtained during the preparation of t he financial 
statements for 2025 . The final standalone and consolidated results will be published in the 
annual report and may, to a limited extent, differ from the amounts presented above. 
 
Publication of the Company’s standalone annual report of 2025  and consolidated annual 
report of the Arctic Paper S.A. Group of 2025, together with the auditor's opinions, will take 
place on April 21
st, 2026. 
 
Specific legal basis:  
Art. 17 sec. 1 of Regulation (EU) No. 596/2014 of the European Parliament and of the 
Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 
2003/6/EC of the European Parli ament and of the Council and Commission Directives 
2003/124/EC, 2003/125/EC and 2004/72/EC. 
 
 
 
 
 
 
 
 
 
 
 
 
 
Attachment no 1 to the Curre nt report no.  6/2026 dated February 19th 2026

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Table 1: Preliminary selected items of consolidated statement of profit and loss  
PLN ‘000 
YTD 
2025 
YTD 
2024 
      
Sales revenues 3 197 594 3 434 693  
EBIT (166 018) 184 294  
EBITDA 28 279 298 596  
Net profit/ (loss) (175 365) 161 105  
   
Net profit / (loss) for the reporting period attributable to the 
shareholders of the Parent Entity (99 681) 154 457  
 
Table 2: Preliminary selected consolidated balance sheet items  
 
PLN ‘000 31.12.2025 31.12.2024 
        
Fixed assets 1 643 086 1 492 328 
Current assets, whereof 1 033 319 1 264 634 
Cash and cash equivalents 151 642 287 583 
Total assets 2 676 405  2 756 962  
      
Equity 1 697 441 1 768 722 
Short-term liabilities 776 136 612 680 
Long-term liabilities 202 828 375 560 
Total equity and liabilities 2 676 405 2 756 962 
 
 
Table 3: Preliminary selected items of the consoli dated cash flow statements  
 
PLN ‘000 
YTD 
2025 
YTD 
2024 
        
Cash flows from operating activities 118 332 188 395 
Cash flows from investing activities (302 041)  (416 630)  
Cash flows from financing activities 43 951  22 835  
Total cash flows (139 758)  (205 400)