Sappi Q1 Report 2022

Highlights Q1 FY22

• Performance exceeded expectations
• EBITDA* US$240m Up 36% from prior quarter
• Profit for the quarter US$123m PS* 20 US cents
• Robust market demand in all product segments
• Higher selling prices offset rising costs
• Additional trading week EBITDA impact US$25 million
• Pulp volumes +48% q-o-q; more shipping capacity secured for South African exports
• Leverage covenant was reduced to 2.9 times at the end of the quarter; substantial improvement on the 6.2 times in the equivalent quarter of the prior year