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About the company Segezha

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Segezha Group is one of Russia's largest forest industry holdings: timber harvesting and the production of sawn timber, paper, packaging and plywood. The company operates along a vertical chain from the logging site to the finished sack. Its shares trade on the Moscow Exchange under the ticker SGZH.

What the company does

The forest industry is a series of processing stages applied to a single raw material. Logs become sawn timber, wood chips and pulpwood become pulp and paper, and paper becomes sacks and packaging. The further down the processing chain, the higher the value added and the lower the dependence on exchange prices for raw materials.

Historically, a significant share of output was exported to Europe — a market that was close in logistics terms and paid a premium for quality. Its closure in 2022 forced a pivot to China and the Middle East: prices there are lower and the delivery distance is several times longer, and both factors hit the margin at the same time.

A separate burden is the debt taken on to build capacity before the markets shifted. It is being serviced on revenue that turned out lower than planned, and so it determines the group's financial position more than its operating results do.

Business lines

  • Paper and packaging

    Sack paper and paper sacks — highly processed, high value-added products.

  • Sawn timber

    Boards and beams for construction, supplied to the domestic and export markets.

  • Plywood and boards

    Products for furniture manufacturing and construction.

  • Timber harvesting

    The group's own raw material base, which supplies its processing stages.

History

  1. 1939The pulp and paper mill in Segezha is launched — the historical foundation of the group.
  2. 2014The asset becomes part of a large investment holding company.
  3. 2021Share offering on the Moscow Exchange.
  4. 2022The closure of the European market forces a redirection of sales to Asia, with longer logistics.

Business review

Strengths and weaknesses describe the business itself. Opportunities and threats describe what may happen around it.

Strengths

  • Its own timber resource base and a full processing cycle.
  • Products with stable long-term demand.

Weaknesses

  • Debt that significantly exceeds operating profit: servicing it eats up the result.
  • The pivot to the east lengthened the delivery distance and lowered the selling price.
  • An additional share issue was required, which diluted the stakes of existing shareholders.

Opportunities

  • Highly processed products — paper and packaging — are less sensitive to raw material prices.
  • The group's own timber resource base supplies its processing stages without the need to buy wood.
  • Growth of the packaging market in Asia opens up new sales destinations.
  • A weaker rouble improves the economics of exports.

Threats

  • The loss of the European market is structural: Asian prices are lower and the delivery distance is several times longer.
  • The debt burden is being serviced on revenue below the planned level and determines the group's financial position.
  • Sawn timber prices are volatile and depend on the global construction cycle.
  • Logistics to Asia are expensive and constrained by the throughput capacity of the eastern routes.

Frequently asked questions

What does Segezha Group do?

The company harvests timber and processes it: it produces sawn timber, paper, paper sacks, plywood and boards. The chain runs from its own logging site to the finished product.

Why do highly processed products matter more than raw materials?

Because the price of a log is set by the exchange market, while the price of a paper sack is set by a contract with the buyer. The further down the processing chain, the more stable the margin and the lower the dependence on swings in commodity prices.

Why did the closure of the European market hit so hard?

Europe was close in logistics terms and paid a premium for quality. The pivot to Asia means a longer delivery distance and a lower price — both factors squeeze the margin at the same time, while the infrastructure was built for the old routes.

Information as of 20 August 2026

Business description and risk factors. Not investment advice.

Issuer profile

What the company does

The company is classified under the «Industrials» sector, using the taxonomy we apply when comparing securities with one another.

The same sector holds 22 issuers on the platform, and their figures are computed by one method — so this company's revenue, profit and leverage can be compared with them directly.

The company is registered in Russia and identified in regulatory disclosure by tax number 9703024202. That number locates its statements in state registries regardless of how its name is spelled — and the spelling differs even between official documents.

Listed securities

The issuer has 15 securities listed: 1 share class, 14 bond issues. All are shown on this page, including those trading in different modes and different currencies.

A further 1 security have already matured or been delisted. They stay in the list below deliberately: together they show how long the company has been borrowing on the market and how regularly it repays.

Across Moscow Exchange quotation list levels the securities split as follows: 1 at level 1, 14 at level 3. The level reflects how strict the disclosure, turnover and track-record requirements the issue meets are — not how attractive the investment is.

Bond issues

The nearest issue matures on 18 February 2027 and the farthest on 11 April 2040. That spread means the issuer borrows both short and long, and the yields of these issues will differ for the simple reason that the money is lent for different terms.

The largest issue by face value is RU000A1041B2, with a face value of 1,000.00 ₽ per bond, maturing on 29 October 2036. Bond prices in the order book are quoted as a percentage of face value, so a quote of 98.4 means 98.4 % of that amount rather than an absolute price.

Dividend history

The issuer has made 2 payouts whose record date has already passed. Recommendations and forecasts are not counted here.

The most recent payout was 0.64 ₽ per security with a record date of 2 June 2022. That is the amount before tax: the broker withholds it on crediting, so less arrives in the account.

Financial statements

The most recent annual report we hold is for 2025 under IFRS. The standard is named for a reason: IFRS and RAS compute the same quantities by different rules, disagree by design and are never averaged.

Revenue for 2025 was 89.20B ₽.

That is 12.5 % less than in 2024, when revenue was 101.90B ₽. The comparison stays within one reporting standard — otherwise the decline could turn out to be a change of accounting rules and nothing more.

2025 closed with a loss of −88.30B ₽.

Equity stands at 236.00M ₽ against total assets of 141.70B ₽. The difference between the two is the company's liabilities, and the larger it is relative to equity, the more the business depends on borrowed money.

This section is assembled from our own data on the company's securities, dividends and financial statements. It is a description, not a recommendation.

Securities of this issuer

Shares1

Bonds15