Billerud Ab · OMXSTO:BILL
Billerud Ab — BillerudKorsnäs — Q2 2025 Earnings Presentation
16 slides from Billerud Ab's earnings presentation, Jul 18, 2025
Slide 1: Continued outstanding performance in the US while navigating weakening market in Europe
Continued outstanding performance in the US while navigating weakening market in Europe Interim report January–June 2025 Ivar Vatne Andrei Krés President & CEO CFO 18th July 2025
Slide 2: Performance and key highlights
INTERIM REPORT JANUARY-JUNE 2025 Performance and key highlights Q2 2025 SEKm Q2-25 Change Change vs Q1-25 vs Q2-24 Flat currency-neutral net sales development Net sales 10,244 -8% -5% EBITDA margin of 22% in North America, highest since Q4’22 Adjusted EBITDA 912 -34% -9% Adjusted EBITDA margin 9% -4
Slide 3: Evolution program in North America exceeding expectations
INTERIM REPORT JANUARY-JUNE 2025 Evolution program in North America exceeding expectations 1,000 tons of bleached liner (Tribute®) and low-grammage cartonboard (Voyager®) sold to customers ~50 ongoing product trials with existing and new customers – bigger than expected commercial interest Evolution
Slide 4: Solid situation in US, weakened conditions in Europe
INTERIM REPORT JANUARY-JUNE 2025 Q2: Solid situation in US, while weakened conditions in Europe Not expecting recovery in the coming quarter (Q3) Sales split, %1 Food & Drink Printing & Publishing Papers Consumer & Luxury Industrial LPB (10.1bn) 100% Cartonboard (2.7bn) 25% 75% Containerboard (5.5bn
Slide 5: Sales decline driven by unfavorable currency and lower volume
INTERIM REPORT JANUARY-JUNE 2025 Q2’25: Sales decline driven by unfavorable currency and lower volume Net sales, SEKm -5% 10 764 2% 0% 10 244 -5% -3% Q2’24 Currency Price Volume Mix Q2’25 impact
Slide 6: Pricing more than compensating input cost inflation
INTERIM REPORT JANUARY-JUNE 2025 Q2’25: Pricing more than compensating input cost inflation Volume growth in North America offset by decline in Europe Adj EBITDA, SEKm -9% 267 1 003 -127 134 912 -40 778 -199 -19 -108 Q2 2024 Currency Pricing excl. Pulp Volume & Mix Net of Fixed Cost Other Q2 Adj. fo
Slide 7: Europe
INTERIM REPORT JANUARY-JUNE 2025 REGION Europe
Slide 8: Region Europe
INTERIM REPORT JANUARY-JUNE 2025 • Macro uncertainty – muted consumer demand and overcapacity Region • Sequentially weaker sales volumes across most categories • Europe • Partially implemented price increases and stable input costs in Q2 Gävle and Karlsborg maintenance shutdowns in Q3 (SEK 280m) SEK
Slide 9: North America
INTERIM REPORT JANUARY-JUNE 2025 REGION North America
Slide 10: Region North America
INTERIM REPORT JANUARY-JUNE 2025 • Outstanding quarter with broad-based strong financial performance Region • Highest EBITDA margin since Q4-22 North • Positive sequential pricing impact in Graphic paper America • • Operating rate increased to 76% Escanaba maintenance shutdown in Q3 (SEK 160m) SEKm
Slide 11: Input costs
INTERIM REPORT JANUARY-JUNE 2025 GROUP Input costs
Slide 12: Reduced input costs driven by lower energy prices in Europe
INTERIM REPORT JANUARY-JUNE 2025 Reduced input costs driven by lower energy prices in Europe Stable cost development expected into Q3 Fiber Chemicals Energy Logistics Europe North America
Slide 13: Excellent cash conversion in the quarter
INTERIM REPORT JANUARY-JUNE 2025 Excellent cash conversion in the quarter Jan-Jun Jan-Jun SEKm Q2 2025 Q2 2024 2025 2024 Profit before tax 77 87 604 473 Cash flow from operating activities more than Adjustments for non-cash items 603 717 1,178 1,186 doubled vs year ago Tax paid -211 -194 -244 -329 L
Slide 14: We continue to relentlessly focus on items that we control
INTERIM REPORT JANUARY-JUNE 2025 We continue to relentlessy focus on items that we control Continue to further challenge our fixed cost base Protect cash flow - target cash conversion >80% Drive profitable mix Mill efficiency and supply chain reliability
Slide 15: Outlook for Q3 2025
INTERIM REPORT JANUARY-JUNE 2025 Outlook for Q3 2025 Continued solid conditions in Region North America Weak conditions in Region Europe Stable input costs
Slide 16: INTERIM REPORT JANUARY-JUNE 2025
INTERIM REPORT JANUARY-JUNE 2025