Billerud Ab · OMXSTO:BILL
Billerud Ab — DNB Carnegie Nordic Forest Conference 2025
15 slides from Billerud Ab's conference presentation, Nov 12, 2025
Slide 1: DNB Carnegie Nordic Forest Conference
DNB Carnegie Nordic Forest Conference 2025-11-12 Ivar Vatne, President & CEO
Slide 2: Our purpose
Our purpose We make high performance packaging materials for a low carbon society
Slide 3: Serving 100+ markets from operations in two regions
Serving 100+ markets from operations in two regions with strong positions in attractive categories Region North America Net sales, SEKbn* 42.7 Graphic paper Label paper Graphic paper Liner & Cartonboard EBITDA margin* #1 North America #2 North America New 11% Region Europe Liquid Liquid packaging Pa
Slide 4: We are facing different market realities in our two regions
We are facing different market realities in our two regions North America Europe • Solid market conditions • Muted consumption • Favorable market dynamics for US • Overcapacity in board (new capacity based production and reversal of trade flows) - Reliability and predictability - Improved competitiv
Slide 5: Billerud's Way Forward
Billerud’s Way Forward Safety first: We choose to be safe every day Our purpose guides us: We make high performance packaging materials for a low carbon society We lean on our values: “We care for each other” and “We do what we say” Region North Region Europe: America: Commitment to Strengthen perfo
Slide 6: Region North America: Cost and service leading domestic supplier of graphic and label paper
Region North America: Cost and service leading domestic supplier of graphic and label paper Split by product category1 SEK 12.2 bn Graphic paper, 69% 19% Net sales1 Label paper, 19% EBITDA margin1 Market pulp, 12% Escanaba, MI 660 ktons Capacity per year Wisconsin Rapids, WI Quinnesec, MI 320 ktons
Slide 7: Our Evolution journey towards packaging material in North America is progressing
Our Evolution journey towards packaging material in North America is progressing Tons (cumulative) 12,000 High commercial interest for our new Tribute® white kraftliners and Voyager 10,000 solid bleached board 8,000 Order intake and number of deliveries 6,000 are increasing 4,000 Evolution investmen
Slide 8: Region Europe: Leader in virgin fiber packaging material
Region Europe: Leader in virgin fiber packaging material, produced in six pulp-integrated, efficient and versatile mills Net sales by product category1 SEK 27.3 bn Liquid packaging board, 34% Sack paper, 13% 11% Net sales1 Containerboard, 20% Cartonboard, 10% EBITDA margin1 Kraft & specialty paper,
Slide 9: Competitiveness is depending on several factors
Competitiveness is depending on several factors Products & Cost efficiency customers Value proposition Product offering to what Service, quality, reliability, Mill cost efficiency customer base. Barriers to speed to market, sustainability vs competition (cost curve) entry indicate pricing power foot
Slide 10: To strengthen performance in Europe we maintain relentless focus on what is in our control
To strengthen performance in Europe we maintain relentless focus on what is in our control Reduce costs Improve Secure cost Innovate through new ways mill efficiency competitive wood and sharpen our of working, and swiftly adjust and increase fiber product offering and simplification and and optimiz
Slide 11: Launched cost saving program to improve profitability and competitiveness
Launched cost saving program to improve profitability and competitiveness Annualized savings of SEK 800m with full effect at the end of 2026 Cost measures in Region Europe and Group functions Reduction of up to 650 positions Expected savings of SEK 500m during 2026, with sequential impact from Q1 on
Slide 12: Significant declines in pulpwood prices from Q2'25 peak levels
Significant declines in pulpwood prices from Q2’25 peak levels Broad-based declines across Nordics and Baltics -9-12% Downward momentum likely to continue due to good availability and supply/demand balance -6-15% -10-12% -5-20% Road-side prices, % decline from peak levels recorded during Q2, 2025 As
Slide 13: Outlook for Q4 2025
Outlook for Q4 2025 Continued strong performance in North America Weak market conditions in Europe Lower pulpwood costs in Europe
Slide 14: Billerud is well positioned to weather the industry storm and emerge stronger
Billerud is well positioned to weather the industry storm and emerge as a more competitive and stronger company • Well balanced portfolio - Regional - Category - Channel • Focused and niched player in the high-performance packaging material universe • Low debt leverage • Clear regional priorities at
Slide 15: BILLERUD
BILLERUD
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