Billerud Ab · OMXSTO:BILL
Billerud Ab — BillerudKorsnäs — Q3 2025 Earnings Presentation
18 slides from Billerud Ab's earnings presentation, Oct 23, 2025
Slide 1: Continued strong performance in the US while addressing weak market in Europe
Continued strong performance in the US while addressing weak market in Europe Interim report January–September 2025 Ivar Vatne Andrei Krés President & CEO CFO 23rd October 2025
Slide 2: Performance and key highlights Q3 2025
INTERIM REPORT JANUARY-SEPTEMBER 2025 Performance and key highlights Q3 2025 SEKm Q3-25 Change Change Currency-neutral net sales growth in North America vs Q2-25 vs Q3-24 Net sales 9,905 -3% -8% Lower sales volumes in Europe Adjusted EBITDA 1,058 +16% -32% Adjusted EBITDA margin 11% +2 pp -3 pp Sequ
Slide 3: Q3: Solid situation in US - weak conditions in Europe
INTERIM REPORT JANUARY-SEPTEMBER 2025 Q3: Solid situation in US - weak conditions in Europe Most sales channels remain challenging in the near future Sales split, %1 Food & Drink Printing & Publishing Papers Consumer & Luxury Industrial LPB (10.1bn) 100% Cartonboard (2.7bn) 25% 75% Containerboard (5
Slide 4: Europe: Navigating through adverse industry conditions
INTERIM REPORT JANUARY-SEPTEMBER 2025 Europe: Navigating through adverse industry conditions Overcapacity in Muted board Currency consumption (new capacity High Nordic headwind and reversal of pulpwood pricing trade flows)
Slide 5: Launched cost saving program to improve profitability and competitiveness
INTERIM REPORT JANUARY-SEPTEMBER 2025 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 2
Slide 6: Our Evolution journey towards packaging material in North America is progressing
INTERIM REPORT JANUARY-SEPTEMBER 2025 Our Evolution journey towards packaging material in North America is progressing Tons (cumulative) 12,000 10,000 8,000 6,000 4,000 2,000 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Packaging Grades
Slide 7: Net sales decline due to FX headwind and lower sales volumes in Europe
INTERIM REPORT JANUARY-SEPTEMBER 2025 Q3’25: Net sales decline due to FX headwind and lower sales volumes in Europe Net sales, SEKm -8% 10 798 -4% -1% 9 897 -3% 0% Q3 2024 Currency Price Volume Mix Q3 2025 impact
Slide 8: Cost inflation, FX headwind and pulp pricing reduced profitability
INTERIM REPORT JANUARY-SEPTEMBER 2025 Q3’25: Cost inflation, FX headwind and pulp pricing reduced profitability Adj EBITDA, SEKm -32% 1 555 71 -93 -79 -63 -161 1 071 1 058 -80 -79 -13 Q3 2024 Currency Pricing Net Pulp Volume & Mix Net of Raw Fixed Cost Other Q3 Adj. for Maintenance Q3 2025 excl. Pul
Slide 9: Europe
INTERIM REPORT JANUARY-SEPTEMBER 2025 REGION Europe
Slide 10: Region Europe
INTERIM REPORT JANUARY-SEPTEMBER 2025 • Sales declined across most categories Region • Sequentially lower maintenance in Q4 (SEK 100m) Europe • Pulpwood cost relief to materialize from Q4 and onward (inventory revaluation impact of approx. SEK -70m in Q4 vs Q3) • Soft order books within Board in Q4
Slide 11: North America
INTERIM REPORT JANUARY-SEPTEMBER 2025 REGION North America
Slide 12: Region North America
INTERIM REPORT JANUARY-SEPTEMBER 2025 • Weaker USD impacted the result Region • 4% volume growth driven by both Graphic paper and Label paper North • Price increases on Graphic paper from 1st October America • Operating rate maintained at 75% SEKm Q3-25 Q3-24 Change Net sales 2,960 3,138 -6% Graphic
Slide 13: Input costs
INTERIM REPORT JANUARY-SEPTEMBER 2025 GROUP Input costs
Slide 14: Overall stable cost situation in Q3
INTERIM REPORT JANUARY-SEPTEMBER 2025 Overall stable cost situation in Q3 Wood cost relief to be offset by higher seasonal energy costs in Q4 Fiber Chemicals Energy Logistics Europe North America Trend arrows refer to input cost development during Q3’25 vs Q2’25
Slide 15: Significant declines in pulpwood prices from peak levels
INTERIM REPORT JANUARY-SEPTEMBER 2025 Significant declines in pulpwood prices from peak levels Broad-based declines across Nordics and Baltics -9-12% Downward momentum likely to continue due to -6-15% good availability and supply/demand balance -10-12% -39-56% Road-side prices, % decline from peak l
Slide 16: Continued excellent cash conversion
INTERIM REPORT JANUARY-SEPTEMBER 2025 Continued excellent cash conversion Strategic CAPEX phasing into 2026 Jan-Sep Jan-Sep SEKm Q3 2025 Q3 2024 2025 2024 Profit before tax -48 745 556 1,218 Cash conversion >130% with strong focus Adjustments for non-cash items 904 575 2,082 1,761 on working capital
Slide 17: Outlook for Q4 2025
INTERIM REPORT JANUARY-SEPTEMBER 2025 Outlook for Q4 2025 Continued strong performance in North America Weak market conditions in Europe Lower pulpwood costs in Europe
Slide 18: INTERIM REPORT JANUARY-SEPTEMBER 2025
INTERIM REPORT JANUARY-SEPTEMBER 2025