Billerud Ab · OMXSTO:BILL
Billerud Ab — BillerudKorsnäs — Q1 2025 Earnings Presentation
15 slides from Billerud Ab's earnings presentation, Apr 29, 2025
Slide 1: Encouraging start of the year with stronger profitability and cash generation
Encouraging start of the year with stronger profitability and cash generation Interim report January-March 2025 Ivar Vatne Andrei Krés President & CEO CFO 29th of April 2025
Slide 2: Performance and key highlights Q1 2025
INTERIM REPORT JANUARY-MARCH 2025 Performance and key highlights Q1 2025 Q1-25 Change Change Excellent earnings and higher volumes in Region North America SEKm vs Q4-24 vs Q1-24 Net sales 11,101 -3% +7% Strengthened profitability in Region Europe Adjusted EBITDA 1,388 -4% +19% % of net sales 13% 0 p
Slide 3: Mostly normalized conditions during Q1, stable sentiment expected in Q2
INTERIM REPORT JANUARY-MARCH 2025 Mostly normalized conditions during Q1 Expect stable market sentiment throughout Q2 Sales split, %1 Food & Drink Printing & Publishing Papers Consumer & Luxury Industrial LPB (10.1bn) 100% Cartonboard (2.7bn) 25% 75% Containerboard (5.5bn) 80% 10% 10% Kraft & Specia
Slide 4: With regards to tariffs, Billerud is well-positioned
INTERIM REPORT JANUARY-MARCH 2025 With regards to tariffs, Billerud is well-positioned North America: • Local production in the US with available capacity • High service level and reliable supply chain • Imported volumes approx. 25% in North American paper segments • Limited purchases of imported in
Slide 5: Sales growth driven by increased volume in North America and improved pricing in Europe
INTERIM REPORT JANUARY-MARCH 2025 Q1’25: Sales growth driven by increased volume in North America and improved pricing in Europe Net sales, SEKm +7% +2% 11 101 +5% 10 423 0% Q1 2024 Currency Pricing Volume/Mix Q1 2025 rates
Slide 6: Strengthened profitability with pricing more than offsetting input cost increase
INTERIM REPORT JANUARY-MARCH 2025 Q1’25: Strengthened profitability with pricing more than offsetting input cost increase Adj EBITDA, SEKm +19% 405 42 100 1 428 1 388 1 166 - 219 - 16 - 40 - 50 Q1 2024 Currency Pricing Volume & Net of raw Fixed costs Other Q1 2025 Maintenance Q1 2025 excl. pulp Mix
Slide 7: Region Europe
INTERIM REPORT JANUARY-MARCH 2025 REGION Europe
Slide 8: Region Europe
INTERIM REPORT JANUARY-MARCH 2025 • All categories except LPB growing vs year ago Region • Significantly improved profitability Europe • • Higher prices offsetting higher input costs Higher prices and lower input costs into Q2 • Extensive maintenance schedule in Q2 SEKm Q1-25 Q1-24 Change Net sales
Slide 9: Region North America
INTERIM REPORT JANUARY-MARCH 2025 REGION North America
Slide 10: Region North America
INTERIM REPORT JANUARY-MARCH 2025 • Highest sales volumes since Q4-22 Region • Excellent profit delivery driven by higher volumes North • Operating rate at 74% America • Positive Graphic pricing impact into Q2 SEKm Q1-25 Q1-24 Change Net sales 3,190 2,763 +15% Graphic paper 2,133 1,962 +9% Specialty
Slide 11: Significant milestone on our Evolve journey: first sale of US-produced containerboard
INTERIM REPORT JANUARY-MARCH 2025 Significant milestone on our Evolve journey First sale of US-produced containerboard Coated liner, Tribute® produced and delivered to customers Several ongoing trials with existing and new customers Evolution investment program progressing as per plan
Slide 12: Overall flat cost development in the quarter
INTERIM REPORT JANUARY-MARCH 2025 Overall flat cost development in the quarter Lower costs into Q2 driven by lower energy prices Fiber Chemicals Energy Logistics Europe North America
Slide 13: Improved cash conversion in the quarter
INTERIM REPORT JANUARY-MARCH 2025 Improved cash conversion in the quarter SEKm Q1-25 Q1-24 Profit before tax 527 386 Significantly improved ROCE vs year ago Adjustments for non-cash items 575 469 Tax paid -33 -135 Leverage maintained at 1.0x EBITDA Cash flow from changes in working capital -496 -525
Slide 14: Outlook for Q2 2025
INTERIM REPORT JANUARY-MARCH 2025 Outlook for Q2 2025 Continued solid market sentiment in North America and well positioned for tariffs Normal market conditions for most products in Europe Higher sales prices and lower input costs Extensive maintenance schedule
Slide 15: INTERIM REPORT JANUARY-MARCH 2025
INTERIM REPORT JANUARY-MARCH 2025