Billerud Ab · OMXSTO:BILL
Billerud Ab — Kepler Cheuvreux Autumn Conference 2025
16 slides from Billerud Ab's conference presentation, Sep 10, 2025
Slide 1: Kepler Cheuvreux Autumn Conference 2025, Paris
Kepler Cheuvreux Autumn Conference 2025, Paris 2025-09-10 Andrei Krés, CFO & Lena Schattauer, IR Director
Slide 2: Leader in high performance paper and packaging materials
Leader in high performance paper and packaging materials Serving customers in 100+ countries on six continents Industry know-how and production expertise to develop and produce outstanding material quality Net sales EBITDA 12% 43.5 5.2 SEKbn SEKbn Served markets Head office Production unit Regional
Slide 3: Strong positions in core markets due to our superior product performance and manufacturing expertise
Strong positions in core markets due to our superior product performance and manufacturing expertise Liquid Packaging packaging Fluting Liner Kraft Fluting paper Cartonboard Liner Sack paper Kraft paper Cartonboard boardBoard (aseptic) Region Europe ## 111 #3 2 #2 #5 3 #3 5 #2 Europe Europe Europe E
Slide 4: Financial goals with focus on profitability and asset efficiency
Financial goals with focus on profitability and asset efficiency FINANCIAL GOALS POLICY SAFETY & CLIMATE IMPACT EBITDA Cash Net debt / CO2e reduction ROCE Dividend ratio LTIFR margin conversion EBITDA by 2030 >50% of net >11% >15% >80% <2.5 <1.5 42% reduction* profit *2022 as base year, Scope 1 and
Slide 5: Billerud's strategy – Our Way Forward
Billerud’s strategy – Our 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 S
Slide 6: World leading producer of premium board and paper made of fresh fibers in six integrated mills
Region Europe: World leading producer of premium board and paper made of fresh fibers in six integrated mills Net sales by product category1 SEK 28.3 bn Liquid packaging board, 36% Containerboard, 19% Sack paper, 12% Cartonboard, 10% 12% Net sales1 EBITDA margin1 Kraft & specialty paper, 14% Market
Slide 7: We have clarified roles for each product category
We have clarified roles for each product category Liquid packaging board Maintain strong position Focused Cartonboard and coated liner Accelerate growth category positions SC fluting Drive value in selected applications MG paper Drive value with focus on medical/hygiene Sack paper Optimize target ap
Slide 8: To strengthen our performance we will focus on four selective levers
To strengthen our performance we will focus on four selective levers 01 02 03 04 Secure cost Step change in Fuel momentum Be the preferred competitive mill operating from efficiency choice for our access to fiber in efficiency enhancement customers the Nordics program Region Europe EBITDA >15% over
Slide 9: A leading domestic supplier with attractive location and cost position
Region North America: A leading domestic supplier with attractive location and cost position Split by product category1 SEK 12.1 bn Graphic paper, 69% Specialty paper, 18% 18% Net sales1 EBITDA margin1 Market pulp, 13% Escanaba, MI 660 ktons Capacity per year Wisconsin Rapids, WI Quinnesec, MI 320 k
Slide 10: Increasing capacity utilization by expanding into paperboard
Increasing capacity utilization by expanding into paperboard ktons 1,200 1,000 Paperboard 800 Specialty label papers 600 Graphic paper 400 200 Market pulp 0 2025 2026 2027 2028 2029 2030 10
Slide 11: Our capability, unique geography and industry structure give us the right to win in North America
Our capability, unique geography and industry structure give us the right to win in North America Optimize capacity utilization and strengthen profitability Evolve towards Commitment to packaging Region North America graphic and materials with specialty papers modest capex EBITDA >18% over a busines
Slide 12: Q2 2025: Continued outstanding performance in the US while navigating weakening market in Europe
Q2 2025: Continued outstanding performance in the US while navigating weakening market in Europe 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% Adj
Slide 13: Q2 2025: Excellent cash conversion in the quarter
Q2 2025: Excellent cash conversion in the quarter Q2 Q2 Jan-Jun Jan-Jun SEKm 2025 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 Leverage maintained at lo
Slide 14: Q2: Solid situation in US, while weakened conditions in Europe
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) 80% 10% 10% Kraft & Specialty P
Slide 15: Outlook for Q3 2025
Outlook for Q3 2025 Continued solid conditions in Region North America Weak conditions in Region Europe Stable input costs
Slide 16: BILLERUD
BILLERUD