1
SCA Interim Report
1 January–31 March 2006
Jan Åström
President and CEO

2
Highlights
ƒ Profit before tax: SEK 1,569m
–In line with the fourth quarter
ƒ Strong volume development and positive price movements
ƒ SEK 170m in higher energy costs compared with previous quarter
ƒ Efficiency enhancement program is developing according to plan

Financial Summary
Net sales, SEKm
Profit before tax, SEKm
Q1 2006
25,400
1,569
Earnings per share, SEK 4.96
Change
Q/Q (%)
+1%
Change
Y/Y (1) (%)
+13%
0% +19%
-2% +19%
3
1 Excluding items affecting comparability

4
Group – Quarterly Development (1)
SEKm
35,000
30,000
25,000
20,000
15,000
10,000
5,000
0
14.1%
22,518
13.7%
23,986
14.3%
24,740
14.3%
25,141
Q1 2005 Q2 2005
1 Excluding items affecting comparability
Sales
Q3 2005 Q4 2005
EBITDA margin
13.9%
25,400
Q1 2006
8%
6%
4%
2%
0%
EBITDA (%)
18%
16%
14%
12%
10%

5
SCA Group Sales and EBIT
Q1 2006 compared with Q4 2005
Sales
SEKm
26,000
+212 -147 +117
+307
25,141
25,000
-230
24,000
23,000
22,000
Sales Q4
2005
Personal Care Tissue Packaging Forest
Products
Other
EBIT
SEKm
1,975 -20
2,000
1,800
1,600
1,400
1,200
1,000
EBIT Q4 2005 Personal Care
-79
+20
+24 +35
Tissue Packaging Forest
Products
Other
25,400
Sales Q1
2006
1,955
EBIT Q1 2006

6
SCA Group Sales and EBIT
Q1 2006 compared with Q1 2005 (1)
SEKm
Sales
+747
25,000 22,518 +886
+818
+616 -185
20,000
15,000
10,000
5,000
Sales Q1
2005
Personal Care Tissue Packaging Forest
Products
Other
EBIT
SEKm
2,000
1,500
1,662* +170
1,000
500
0
EBIT Q1 2005 Personal Care
-79
-20
+176 +46
Tissue Packaging Forest
Products
Other
1 Excluding items affecting comparability
25,400
Sales Q1
2006
1,955
EBIT Q1 2006

7
Energy Costs
ƒ Energy costs SEK 170m higher compared with Q4 2005
ƒ Lower expected prices and consumption in the second quarter
ƒ Price hedges in place for 2006:
–Electricity: ~50%
–Natural gas: ~30%

8
Cash Flow Analysis
Q1 2006 compared with Q1 2005
ƒ Operating cash flow SEK 593 (915)m
Š Higher operating cash surplus
Š Slightly increased current capex
Š Negative effect from increased working capital
Š Increased cash outflow related to structural costs
ƒ Cash flow before dividend SEK -351 (-688)m
Š Lower taxes paid
Š Lower strategic capex
ƒ Debt/equity ratio: 0.65 (0.66)

9
Personal Care – Quarterly Development
SEKm
6,000
5,000
4,000
3,000
2,000
1,000
16.8%
4,462
17.1%
4,727
17.7%
19.1%
5,026 5,136
0
Q1 2005 Q2 2005
Sales
Q3 2005 Q4 2005
EBITDA margin
17.8%
EBITDA (%)
5,348
8%
6%
4%
2%
0%
18%
16%
14%
12%
10%
Q1 2006
Q1/Q4 comments:
ƒ Sales: +4% as a result of higher volumes
ƒ Increased costs for oil-based raw materials and higher A&P spending led to a margin decline in the quarter

10
Personal Care
ƒ Incontinence products
Š Continued strong volume development in the first quarter
Š Strive for selective price increases to compensate for higher costs of input goods
ƒ Baby diapers
Š Solid development for the Libero brand in the Nordic region as well as in Russia, Hungary and Greece
Š Growth in retailers’ brands
ƒ Feminine hygiene products
Š “Secure Fit” launch – positive initial development in all markets

Tissue – Quarterly Development
11
SEKm
10,000
8,000
6,000
4,000
2,000
0
12.4%
7,144
Q1 2005
11.8%
7,531
12.6%
7,917
11.6%
8,109
Q2 2005
Sales
Q3 2005 Q4 2005
EBITDA margin
7,962
EBITDA (%)
14%
10.7% 12%
10%
8%
6%
4%
2%
Q1/Q4 comments:
ƒ Sales: -2% mainly due to seasonally lower volumes in
North America
(AFH)
ƒ Higher prices in
Consumer tissue
(SEK 70m) did not compensate for increased energy and raw material costs
0%
Q1 2006

12
Tissue
ƒ Consumer tissue
Š Price increases under implementation
Š Competitive situation remains – continued growth in retailers’ brands
Š Improvements in Mexico and South America
ƒ AFH-tissue
Š Price increases for premium and high quality products - pressure within basic qualities
Š Seasonal weak volumes in North America, however price increases from April have been accepted
Š Launch of the Tork brand in Mexico

Packaging – Quarterly Development
13
SEKm
12,000
10,000
8,000
6,000
4,000
2,000
0
11.8%
7,642
Q1 2005
EBITDA (%)
14%
11.4%
8,094
10.8%
8,351
10.2%
8,272
10.2%
12%
10%
8,389
8%
6%
4%
2%
0%
Q2 2005 Q3 2005
Sales
Q4 2005
EBITDA margin
Q1 2006
Q1/Q4 comments:
ƒ Sales +1% as a result of increased volumes and prices
ƒ Stable margin, positive effect from cost savings but higher energy costs

14
Packaging
ƒ Corrugated board
Š Good growth on key markets such as: Germany, France,
Italy and Sweden – supports upcoming price increases
Š Expansion of corrugated capacity in Russia and Eastern
Europe – to meet the high growth
ƒ Containerboard
Š Realized price increases of EUR 30 for both testliner and kraftliner
Š New price increases announced :
Š Testliner: EUR 30 from 1 May
Š Kraftliner: EUR 40 from 1 June
ƒ North America
Š Strong development within temperature controlled packaging

Forest Products – Quarterly Development
15
SEKm
5,000
4,000
19.6%
18.4%
21.4%
3,000
2,000
1,000
3,762
4,116
3,986
22.4%
EBITDA (%)
25%
21.0%
20%
4,071
15%
4,378
10%
5%
0
Q1 2005 Q2 2005
Sales
Q3 2005 Q4 2005
EBITDA margin
Q1 2006
0%
Q1/Q4 comments:
ƒ Sales: +8% as a result of strong volumes and higher prices
ƒ Negative margin impact from higher energy costs

16
Forest Products
ƒ Improved performance within publication papers
Š Good underlying demand
Š Higher overall prices, mainly Newsprint
Š Increased energy costs
ƒ Pulp, timber and solid-wood products
Š Favourable development in the pulp market resulted in increased prices
Š Favourable market development in solid-wood products, especially pine

17
Summary
Well positioned for improvements:
ƒ Positive price momentum
ƒ Lower energy costs
ƒ Efficiency enhancement program developing according to plan, gradual effects during 2006

18