Sappi

Sappi reported Q2 FY26 revenue of $1.334 billion, adjusted EBITDA of $52 million and a net loss of $413 million. FY2025 adjusted EBITDA was $501 million and the net loss was $177 million.S1S8

At March 2026, Sappi's debt comprised public bonds, OeKB term loans, securitised receivables, lease liabilities and short-term borrowings, with stated maturities from 2026 to 2032.S8S9

At March 2026, Sappi reported $632 million of undrawn committed revolving-credit capacity and $248 million of securitised receivables.S9

Sappi's UniCredit/Elektra asset-backed programme had a $328 million / EUR280 million limit at FY2025, with $243 million used, $304 million of pledged receivables and $86 million of remaining capacity subject to eligible receivables. The programme was extended to January 2028, and the transferred receivables remain on balance sheet because Sappi retains most market and credit risk.S8S9

In South Africa, Sappi sells qualifying rand receivables to Rand Merchant Bank while retaining 15% of credit risk after recoveries. FY2025 receivables sold were $70 million, and discounting is linked to three-month JIBAR plus a spread.S8

Commercial deliveries from Somerset PM2 had begun, with full-volume ramp-up planned through 2026. Sappi reported a $413 million Q2 FY26 loss and negotiated suspension of leverage-covenant testing until March 2027. It also signed binding agreements for a proposed European graphic-papers joint venture with UPM, subject to approvals.S1S6S7S10