Billerud Ab · OMXSTO:BILL
Billerud Ab — BillerudKorsnäs — Q2 2026 Earnings Presentation
17 slides from Billerud Ab's earnings presentation, Jul 17, 2026
Slide 1: Sequentially improved profitability and strong cash conversion
Sequentially improved profitability and strong cash conversion Interim report January–June 2026 Ivar Vatne Andrei Krés President & CEO CFO 17 July 2026
Slide 2: Performance and key highlights
INTERIM REPORT JANUARY-JUNE 2026 Performance and key highlights Q2 2026 SEKm Q2-26 Change Change Strong sales growth in North America, confirming our vs Q1-26 vs Q2-25 attractive market position Net sales 9,834 0% -4% EBITDA improvement in Europe, both sequentially and versus last year Adjusted EBIT
Slide 3: Our cost-saving program proceeding well
INTERIM REPORT JANUARY-JUNE 2026 Our cost-saving program proceeding well Implemented a leaner organization and simplified ways of working from Q2 Expect 2026 cost savings of SEK 550m (vs 2025) Cost savings vs same period last year, SEKm Q1-26 Q2-26 Q3-26 Q4-26 100 150 150 150 Annualized savings of S
Slide 4: Gaining momentum in North America to gradually shift our portfolio towards packaging materials
INTERIM REPORT JANUARY-JUNE 2026 Gaining momentum in North America to gradually shift our portfolio towards packaging materials Strong interest in our coated liner proposition Tribute® – exceeding our expectations. Expanding offering to uncoated liner Selective asset upgrade in Q3 to enable addition
Slide 5: Continued solid market sentiment in North America
INTERIM REPORT JANUARY-JUNE 2026 Continued solid market sentiment in North America Slightly improved conditions for Region Europe North America Europe Asia & RoW Net sales per geography SEK 12.8bn SEK 16.5bn SEK 8.1bn % of total Net sales1) 34% 45% 21% Germany, Italy, Sweden China, Turkey, Mexico, M
Slide 6: Net sales decline due to lower sales prices and negative FX impact
INTERIM REPORT JANUARY-JUNE 2026 Net sales decline due to lower sales prices and negative FX impact Net sales, SEKm -4% 10 244 0% -2% 0% 9 833 -2% Q2’25 Currency Price Volume Mix Q2’26 impact
Slide 7: Fixed cost savings, lower input costs and mix improvements mostly offset negative pricing and loss of emission rights
INTERIM REPORT JANUARY-JUNE 2026 Fixed cost savings, lower input costs and mix improvements mostly offset negative pricing and loss of emission rights Adj EBITDA, SEKm -28% 912 100 150 723 -125 661 65 -40 -62 -135 -205 Q2 2025 Currency Pricing Volume & Mix Raw Materials Emission Rights Cost saving O
Slide 8: Region Europe
INTERIM REPORT JANUARY-JUNE 2026 Region Europe
Slide 9: Region Europe
INTERIM REPORT JANUARY-JUNE 2026 • Improved EBITDA both sequentially and versus last year Region • Price, mix improvement and fixed cost reductions more than offset sequentially lower sales volumes Europe • Nordic pulpwood cost relief • Solid order books and pricing carry over impact for Q3 16 15 13
Slide 10: Region North America
INTERIM REPORT JANUARY-DECEMBER 2024 Region North America
Slide 11: Region North America
INTERIM REPORT JANUARY-JUNE 2026 • Strongest sales volumes since Q4-’22 Region • Operating rates in Q2 at 94% North • Earnings impacted by planned maintenance shutdown at Quinnesec America • • Continued favorable market conditions – strong order books into Q3 Earlier announced price increases fully
Slide 12: Input costs
INTERIM REPORT JANUARY-JUNE 2026 GROUP Input costs
Slide 13: Q2: Lower Nordic pulpwood and energy costs partly offset by cost inflation in chemicals and logistics
INTERIM REPORT JANUARY-JUNE 2026 Q2: Lower Nordic pulpwood and energy costs partly offset by cost inflation in chemicals and logistics Fiber Chemicals Energy Logistics Europe North America Trend arrows refer to input cost development during Q2-26 vs Q1-26
Slide 14: Q3: Overall flat input costs in an unpredictable environment
INTERIM REPORT JANUARY-JUNE 2026 Q3: Overall flat input costs in an unpredictable environment Fiber Chemicals Energy Logistics Europe North America Trend arrows refer to expected input cost development in Q3-26 vs Q2-26
Slide 15: Strong cash conversion supporting continued solid balance sheet
INTERIM REPORT JANUARY-JUNE 2026 Strong cash conversion supporting continued solid balance sheet Cash flow and cash conversion 77 28 95 41 131 139 38 55 97 1.7 Cash conversion improved to 97% in Q2 1.2 1.1 1.0 0.7 0.6 0.6 0.6 0.4 0.4 0.2 0.3 0.3 0.1 Leverage remains below target 0 -0.1 -0.1 -0.5 Unc
Slide 16: Outlook for Q3 2026
INTERIM REPORT JANUARY-JUNE 2026 Outlook for Q3 2026 Continued solid market conditions for Region North America Uncertain market strength, but slightly improved conditions for Region Europe Positive pricing impact in both regions
Slide 17: INTERIM REPORT JANUARY-JUNE 2026
INTERIM REPORT JANUARY-JUNE 2026