Billerud Ab · OMXSTO:BILL
Billerud Ab — Investor Day (December 2024)
93 slides from Billerud Ab's investor day presentation, Dec 2, 2024
Slide 1: Capital Markets Day 2024 – Evolve & Strengthen
Capital Markets Day 2024 “Evolve & Strengthen” .
Slide 2: Agenda
Agenda Embed sustainability in Our Way Forward 13:00 Ivar Vatne, CEO 14:45 everything we do Ulrika Wedberg, EVP Sustainability Region North America – Evolve Financial targets and capital 13:30 Doug Schwartz, President North America 14:55 allocation Brian Boland, SVP Marketing North America Andrei Kr
Slide 3: Our Way Forward
Our Way Forward Ivar Vatne CEO General
Slide 4: This is Billerud…
This is Billerud…
Slide 5: This is Billerud…
This is Billerud… Materials used by millions of people all over the world, every day Industry know-how and production expertise to develop and produce outstanding material quality Dedicated to a future where lighter, stronger, more durable, and sustainable materials are the norm, not the exception 5
Slide 6: We supply customers in over 100 countries
This is Billerud… We supply customers in over 100 countries 6
Slide 7: We are a primary fiber producer in ~20% of the global paper and board universe
This is Billerud… We are a primary fiber producer and operate in ~20% of the global paper and board universe Global paper and board Primary fiber paper and board Primary fiber paper Specialty and board – Eur & NA Mechanical labels papers Middle East & Africa Tissue Newsprint Other Europe 455 Primary
Slide 8: The expansion to North America has fundamentally strengthened Billerud
This is Billerud… The expansion to North America has fundamentally strengthened Billerud Net sales (SEK bn) 12 12 12 31 30 30 26 24 2020 2021 2022 2023 R12M Q3 '24 Region North America Region Europe & Other 8
Slide 9: …enabling a well diversified business
This is Billerud… …enabling a well diversified business Net sales by region Net sales by product category Net sales by channel / customer Market pulp, Other, 6% Other, 6% 11% Medical & Cartonboard, Liquid packaging hygiene, 2% 7% board, 24% Industrial, 18% Sack paper, Region North Food & 8% America,
Slide 10: Strong positions in core markets
This is Billerud… 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 Euro
Slide 11: We asked our customers…
We asked our customers… “ What are the first attributes you spontaneously think of when hearing the name Billerud? ”
Slide 12: We are known for our high-quality products
This is Billerud… We are known for our high-quality products “ Quality. The products that we “ buy from Billerud are recognized as market leaders. They always maintain - Cartonboard Customer excellent quality. - Containerboard Customer “ I consider them to be the best. - Paper Customer “ Product qua
Slide 13: …empowered by our solid assets
This is Billerud… …empowered by our solid assets Asset Quality 600 Cartonboard Large and modern assets 500 Pulp mills ktons Number of Recovery boiler start-up LPB pulp lines (latest rebuild) Large and modern assets Machine capacity, ktons Gruvön 670 3 2000 (2024) 400 Gävle 700 3 1968 (2010), 1987 (2
Slide 14: Key deliverables in recent years
Key deliverables in recent years
Slide 15: Our relative profitability position has strengthened within the industry
Key deliverables in recent years Our relative profitability position has strengthened within the industry Adj EBITDA % R12M Billerud Peer group average 25% 20% 15% 10% 5% 2019/Q4 2020/Q4 2021/Q4 2022/Q4 2023/Q4 Peer group: Stora Enso Packaging Materials, MetsäBoard, Holmen Board & Paper, SCA Contain
Slide 16: Gruvön KM7 ramp-up has gained excellent momentum
Key deliverables in recent years Gruvön KM7 ramp-up has gained excellent momentum and there is still more growth potential KM7 production volumes ktons Coated materials Uncoated materials 2nd quality 500 400 300 200 100 0 2019 2020 2021 2022 2023 2024 Estimate 16
Slide 17: Efficiency enhancement program delivering ahead of time
Key deliverables in recent years Efficiency enhancement program delivering ahead of time Program impact (SEK M) 1,225 190 initiatives Target: 220 across all functions 1,500 m SEK (run-rate by Q4’25) 190 200 50% of impact 615 delivered from cross- 215 functional activities 175 95 130 >200 employees Q
Slide 18: Expansion into North America - a success
Key deliverables in recent years Expansion into North America - a success North America Cash Flow (USD m) 4 3 5 13 4 2 ~60% of net acquisition price in 2.5 years 4 3 12 141 3 2 2 1 1 2022 Q2-Q4 2023 Q1-Q4 2024 Q1-Q3 Total OCF Pension contribution CAPEX Net cash flow Net acquisition price 18 18 1. Op
Slide 19: New recovery boiler in Frövi completed
Key deliverables in recent years New recovery boiler in Frövi completed • On time, on specifications, on budget, done safely • Increased efficiency • Improved environmental performance • A platform for further growth 19
Slide 20: Changing conditions
Changing conditions
Slide 21: The operating environment has changed – in Europe in particular
The operating environment has changed – in Europe in particular Fiber situation in Overcapacity New EU Industry Nordics is under concerns in some legislation consolidation pressure segments 21
Slide 22: The entire European pulp & paper industry is under structural pressure
The entire European pulp & paper industry is under structural pressure EBITDA % Profitability of European packaging peer group 2015-2024 30% 25% 1. Announced growth investments 20% Average Europe “Normal level” 15% 2. Cancellation of 10% several projects 3. Efficiency investments 5% 0% 2015/Q1 2015/
Slide 23: The long-term potential of fiber based packaging is significant
However, the long-term potential of fiber based packaging is significant Annual growth 588 4.1% 485 2023 2028 Global packaging market, fiber (USD bn) Source: Smithers, Billerud analysis 23 23
Slide 24: Our Way Forward
Our Way Forward
Slide 25: Billerud's strategy
Billerud’s strategy 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 performa
Slide 26: Updated targets with focus on profitability and asset efficiency
Updated targets 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 27: This is Billerud going forward...
This is Billerud going forward... • Predictability of our strategic choices • Continued leader in high performance paper and packaging materials • Industry leading sustainability performance • Stronger focus on value creation • Profitability over sales growth • Adapt capacity to run at higher effici
Slide 28: Region North America – Evolve
Region North America – Evolve Doug Schwartz President North America Brian Boland SVP Marketing North America General
Slide 29: We have the capacity to supply over 1 million tons of paper and market pulp
We have the capacity to supply over 1 million tons of paper and market pulp per year Split by product category1 SEK 11.7 bn Graphic paper, 70% Specialty paper, 17% 16% Net sales1 EBITDA margin1 Market pulp, 13% Escanaba, MI 660 ktons Capacity per year Wisconsin Rapids, WI Quinnesec, MI 320 ktons 430
Slide 30: Access to abundant low-cost fiber in the upper Midwest
Access to abundant low-cost fiber in the upper Midwest Net Annual Increment (NAI), removal and surplus Regional fiber procurement costs Michigan Upper Peninsula & WI Northeast 160 12 140 140 120 10 120 111 104 8 100 million m3/a 6.3 85 USD/m3 6 80 68 70 68 5.1 60 4 1.2 40 2 4.3 2.1 2.2 20 0 Accessib
Slide 31: Our capability, unique geography and industry structure give us the right to win
Our capability, unique geography and industry structure give us the right to win Optimize capacity utilization and strengthen profitability Evolve towards Commitment to packaging graphic and materials with specialty papers EBITDA >18% over modest capex a business cycle 31 31
Slide 32: 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 32
Slide 33: What is Coated freesheet (CFS)?
What is Coated freesheet (CFS)? Coated freesheet papers are used in high quality printed communications, including direct mail, brochures, catalogs, magazines, corporate collateral, and books
Slide 34: We are a market leader in North American produced coated freesheet
We are a market leader in North American produced coated freesheet Coated freesheet is in secular decline Majority of CFS capacity held by two producers NA CFS demand, m metric tons 2,500 Producer 2 9% 2,000 CAGR = -5% 1,500 Billerud 41% 1,000 500 0 Producer 1 50% Source: Numera Analytics, Fastmarke
Slide 35: What are specialty label papers?
What are specialty label papers? Our specialty label papers include face stock and release liner base papers for pressure sensitive, glue- applied and thermal applications
Slide 36: We will grow our position in label materials
We will also grow our position as a top North American producer of label materials The specialty label market will grow North American market leader in specialty label papers NA demand, m metric tons 740 Producer 1 720 (import) CAGR = 2% Billerud, 700 34% 680 660 640 620 Producer 6 600 Producer 5 58
Slide 37: Well positioned to displace import volume
We are well positioned to displace import volume as regionalization will likely grow in importance Import volumes fill over 25% of NA market demand Imports Imports Domestic Domestic shipments shipments Coated Specialty freesheet label Sources: NPR, CNN, IndustryWeek, FreightWaves, AP News, WSJ, AWA,
Slide 38: Evolution towards paperboard
Evolution towards paperboard
Slide 39: White linerboards – an attractive opportunity
White linerboards – an attractive opportunity North America Growth Target market market size position by 2030 1.5m 2% ~7% share per year tons 120 ktons Our opportunity • One producer ~75% of capacity • Imports ~300 ktons per year • No new capacity announcements • Independent and integrated converter
Slide 40: Growth in white cartonboards
Growth in white cartonboards driven by plastic substitution and consumer preferences North America Growth Target market market size position by 2030 3.6m 2% ~2% share per year tons 100 ktons Our opportunity • Top 3 producers ~75% of capacity • Competitor mills in the US South • Imports ~500 ktons pe
Slide 41: Kraftliner is among the largest product categories in NA
Kraftliner is among the largest product categories in NA North America Growth Target market market size position by 2030 13m 2% <1% share per year tons 100 ktons Our opportunity • Top 4 producers ~90% board, ~80% converting capacity • Consolidated market • No new capacity announcements • Competitor
Slide 42: Midwest: some 145 prospective customers
Midwest: some 145 prospective customers consuming nearly 7 m tons of paperboard per year Our strengths: Midwest presence • Highly competitive asset base • Service proximity • Machine flexibility reduces supply risk Superior product performance • Superior printing surface • Strong sustainability perf
Slide 43: Modest and scalable investments for growth
Modest and scalable investments for growth Escanaba Mill Quinnesec Mill SEK 1.2 bn SEK 0.2 bn ________ ________ Woodyard upgrade, increase paper basis weights, Increase paper basis weights, sheet handling roll handling, brown pulp to paper machine 43
Slide 44: Objective to evolve
Objective to evolve mill Competitive asset base Abundant low-cost fiber Low capital intensity Evolution to paperboard fills Midwest advantage Sustainability leadership capacity 44
Slide 45: Region Europe – Strengthen
Region Europe – Strengthen Ivar Vatne CEO Gert Larsson SVP Operations Europe General
Slide 46: Capacity over 3 million tons from 6 production units
We have the capacity to supply over 3 million tons from 6 production units to our diverse customer base Net sales by product category1 SEK 27 bn Liquid packaging board, 35% Containerboard, 20% Sack paper, 11% Cartonboard, 10% 12% Net sales1 EBITDA margin1 Kraft & specialty paper, 14% Market pulp, 10
Slide 47: There has been a structural change in the industry in Europe
There has been a structural change in the industry in Europe Fiber cost increases Additional capacity installed in Nordics The impact on wood supply from the sanctions on Russia Nordic countries, m tons of market pulp, paper and board capacity 35 Roundwood, 34 million m3 sub Woodchips, Finland 33 4.
Slide 48: Objective: Strengthen performance through existing asset base
48 Our objective: Strengthen performance through existing asset base EBITDA >15% over a business cycle 48 General
Slide 49: We have clarified roles for each category
We have clarified roles for each 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 applicatio
Slide 50: We excel in segments with high barriers to entry
We excel in segments with high barriers to entry – underpinned by attractive fundamentals and megatrends Selected examples Leader in high quality sack papers #1 in aseptic liquid packaging board #1 Nordic SC fluting Designed for a cement industry in rapid change Will your boxes make the journey? Qui
Slide 51: Our mills are flexible
51 Our mills are flexible – allowing us to maximize value from our asset base LPB Cartonboard Fluting Liner Sack paper Kraft paper Frövi / Rockhammar, SE Gruvön, SE Gävle, SE Karlsborg, SE Pietarsaari, FI Skärblacka, SE 51 General
Slide 52: Selective levers to strengthen performance
These are the selective levers we will focus on to strengthen performance: 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 52
Slide 53: Secure cost competitive access to fiber
1. Secure cost competitive access to fiber in the Nordics Secure cost competitive access to fiber Objective: Reduce average cost of wood Cost 1 Partnerships Secure volumes to avoid exposure to high-cost imports / spot market prices 3 2 Fiber optimization (efficiency and mix) Grow private forest owne
Slide 54: Billerud and Sveaskog establish partnership
1. Secure cost competitive access to fiber in the Nordics Billerud and Sveaskog establish partnership Gradually increase wood purchases Signed letter of intent across Sweden – including partnering Fuelling our joint sustainability agenda to create stronger ties to utilize Marma Skog forest holdings
Slide 55: Grow with private forest owners
1. Secure cost competitive access to fiber in the Nordics Grow with private forest owners % of fiber purchases from private forest owners 16% 15% 14% Picture of a real private forest owner 13% 12% 2022 2023 2024 Estimate Long term target is 25% of total fiber purchases 55
Slide 56: Increase fiber efficiency and optimize fiber mix
1. Secure cost competitive access to fiber in the Nordics Increase fiber efficiency and optimize fiber mix Develop and improve Increase flexibility in Reduce fiber losses existing products fiber mix 56
Slide 57: Growth without need for new capital investments
2.Step change in mill operating efficiency Growth without need for new capital investments Safety performance Cost efficiency Production efficiency `! Customer satisfaction and Sustainability reliability 57
Slide 58: Billerud Production System (BPS)
2.Step change in mill operating efficiency Improved efficiency by implementing the Billerud Production System (BPS) World class manufacturing Total BPS is based on 4 integrated dimensions productive that are all critical for success Lean maintenance Operating Management Mindset and Leadership proces
Slide 59: Starting to see results in 2024
12 2.Step change in mill operating efficiency 59 Starting to see results in 2024 BPS was designed during 2023 In 2024 we started the process to implement new ways of working in the mills All mills will be up and running in 2025 OEE % +2 ppts 2023 2024 FC 2025 BPS 2026 BPS 2027 BPS Targeted imp
Slide 60: Replacement recovery boiler in Gävle
2.Step change in mill operating efficiency The only planned sizable investment is a replacement recovery boiler in Gävle We are exploring different options Decision planned to be made in 2027 60 General
Slide 61: Fuel momentum from our efficiency enhancement program
3. Fuel momentum from our efficiency enhancement program Fuel momentum from our efficiency enhancement program Pricing Value Fixed cost excellence engineering optimization • Value based pricing • Unlock potential across • Int./ext. benchmarks • Target pricing solution functional silos • Preventive m
Slide 62: We are the preferred customer choice
4. Be the preferred choice for our customers We are the preferred customer choice Outstanding Easy to do Most sustainable products business with 62 General
Slide 63: Outstanding products through innovation led customer dialogue
4. Be the preferred choice for our customers Outstanding products through innovation led customer dialogue Superior packaging materials e.g. strength, porosity, hygienic Renewable and sustainable alternatives to plastics e.g. barrier and base papers Sustainable and efficient usage of materials e.g.
Slide 64: Example: QuickFill Plus
Example of superior packaging materials: QuickFill Plus 15% 38% faster dust filling reduction *vs standard high porosity paper 64
Slide 65: Example: Billerud Flute and Pure Performance
Example of efficient usage of materials: Billerud Flute and Pure Performance 15% 30% NO material CO2 product savings reduction waste *vs customers’ current fiber-based solution 65
Slide 66: Renewable and sustainable alternatives to plastics
66 Examples of renewables and sustainable alternatives to plastics: Kraft paper from Karlsborg with CrownBoard Craft from Frövi ConFlex Heatseal vs Est. 50% lower carbon footprint vs plastic wrapping Est. 50% less CO2e vs plastic wrap 66
Slide 67: Billerud (Europe) top performer in carbon production footprint
4. Be the preferred choice for our customers Billerud (Europe) is the top industry performer in terms of carbon production footprint Helping customers reach their own CO2e emissions per ton of production – Scope 1 & 2 Kg CO2e / ton product (2023) sustainability goals 250 233 EU Competitor 3 • Suppor
Slide 68: Easy to do business with
4. Be the preferred choice for our customers Easy to do business with customer centric focus and commitment Category and Dedicated technical Reliable, robust and sustainability expertise service and application efficient supply chain and advice development teams 68
Slide 69: Objective to strengthen
Objective to strengthen Clear role to strengthen Clear category choices underpinned Operating environment has changed performance from existing assets by attractive fundamentals Four clear priorities to improve Significant production flexibility Low capex profile performance 69
Slide 70: Embed sustainability in everything we do
Embed sustainability in everything we do Ulrika Wedberg EVP Sustainability General
Slide 71: Sustainable packaging materials – at the core of our business
Sustainable packaging materials – at the core of our business Ambitious Science Based Wood supply from Plastic to paper driving Targets since 2018 sustainable managed demand in both regions forests with biodiversity 71 71
Slide 72: EU regulations – opportunities for the business
EU regulations – opportunities for the business Products Fiber availability Packaging and Land Use, Land-use Packaging Waste Change and Forestry Regulation "PPWR" (Regulation) "LULUCF" European Deforestation Nature Restoration Law (Regulation) "EUDR“ (Regulation) "NRL“ 72 General
Slide 73: Significant CO2 reduction, greatest potential in North America
We plan significant reduction in CO2 and our greatest potential is in North America Fossil CO2 emissions* kton CO2 Scope 1 and 2 emissions -42% 1,200 Region Europe 1,000 28 800 600 400 Region North America 200 491 0 2022 2030 Total Region North America Region Europe * Kg/ton product, 2023 73
Slide 74: Biogenic carbon capture storage and usage
Biogenic carbon capture storage and usage – a future potential business opportunity Carbon capture at Billerud mills CO2 storage Carbon Removal Credits – “CRC” CCS eMethanol production CCU Renewable Hydrogen electricity production Sustainable aviation fuel production 74
Slide 75: Net zero carbon by 2040
We will set the bar higher towards 2040 NET ZERO CARBON BY 2040 It might sound ambitious – but that’s the point.
Slide 76: Financial targets and capital allocation
Financial targets and capital allocation Andrei Krés CFO General
Slide 77: Mixed financial performance in the wake of structural industry shifts
Mixed financial performance in the wake of structural industry shifts SEK bn R12M Adj EBITDA EBITDA Margin 9 Europe1 25% North America 8 Other2 7 20% 6 R12M Adj EBITDA margin 5 15% 4 3 10% 2 1 5% 0 -1 0% Q1 Q4 Q1 Q4 Q1 Q4 Q1 Q4 Q1 Q4 Q1 Q4 Q1 Q4 Q1 Q4 Q1 Q3 2016 2017 2018 2019 2020 2021 2022 2023 20
Slide 78: Return on capital employed impacted by strategic investments
Return on capital employed impacted by recent strategic investments and mixed profitability % Return on capital employed1 20 18 Covid 16 14 12 Gruvön KM7 investment 10 8 6 4 2 0 Q1 Q4 Q1 Q4 Q1 Q4 Q1 Q4 Q1 Q4 Q1 Q4 Q1 Q4 Q1 Q4 Q1 Q3 2016 2017 2018 2019 2020 2021 2022 2023 2024 78 1. Rolling 12 months
Slide 79: We have a strong balance sheet
We have a strong balance sheet Balanced debt maturity profile and diversified Net debt leverage well below target loan portfolio1 SEK bn SEK bn Commercial paper 8.0 2.5 8.0 1.1 7.0 2.5 2.0 7.0 Term loans Medium term notes 1.9 2.0 2.4 6.0 6.0 1.6 1.6 1.5 5.0 1.5 5.0 Other bond loans Undrawn 4.0 4.0 R
Slide 80: Made possible by prudent capital allocation
Made possible by prudent capital allocation Capital allocation 5 years1 SEK bn 2 2 34 1 1 55 13 perating surplus Base cape trategic cape Net M hareholder hareholder Working capital Net debt contributions distributions 1. Q4-2019 – Q3-2024 80
Slide 81: High level of shareholder remuneration
While maintaining high level of shareholder remuneration SEK/share 8.0 37% Average dividend pay-out 7.0 ratio 76% 2.0 6.0 5.0 88% 136% 54% 4.0 3.0 5.5 65% 2.0 4.3 4.3 4.3 1.0 2.0 0.0 2020 2021 2022 2023 2024 Dividend Extra dividend 81
Slide 82: New financial targets focusing on profitability and asset efficiency
New financial targets focusing 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 • Return on capital employed
Slide 83: Returns and profitability over a business cycle
The aim to achieve returns and profitability over a business cycle Illustrative ROCE >11% EBITDA >15% Year 1 Year 2 Year 3 Year 4 83
Slide 84: Two regions facing different end market and input cost conditions
Our two regions are facing different end market and input cost conditions Europe cost development North America cost development 180 180 170 170 160 160 150 150 140 140 130 130 120 120 110 110 100 100 90 90 80 80 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Slide 85: Profitability levers differ by region
Profitability levers differ due to different cost structure and capacity utilization Europe cost composition North America cost composition Fixed costs Fixed costs 25% 44% Variable Variable costs 56% costs 75% Capacity utilization Capacity utilization 2022 2023 2024 2022 2023 2024 87% 85% 85% 89% 57
Slide 86: We target an EBITDA > SEK 6 bn per year
We target an EBITDA > SEK 6 bn per year Volume Cost >15% recovery inflation Pricing & mix European optimization emission Next step 2.0 – 2.5 >18% allowances1 efficiency Mill enhancement 10% efficiency Wood supply North optimization 1.9 America Evolution 4.3 – 4.8 >15% 3.2 EBITDA (SEK bn) ~ -2% of -1
Slide 87: Disciplined capital allocation with selected strategic opportunities
We will maintain disciplined capital allocation with selected strategic opportunities Free cash flow allocation priorities 1 Maintain sound financial position to execute on dividend policy 2 Evolve North American assets towards packaging materials with modest capex level 3 Disciplined capex in Europ
Slide 88: Strategic capex concentrated to 2025
Strategic capex concentrated to 2025 Escanaba Mill Quinnesec Mill SEK 1.2 bn SEK 0.2 bn ________ ________ 2024 2025 2026 2024 2025 2026 0.2 1.0 0.2 Woodyard upgrade, increase paper basis weights, Increase paper basis weights, roll handling roll handling, brown pulp to paper machine 88
Slide 89: Mid-term base capex of SEK 2.2 bn per year
Mid-term base capex of SEK 2.2 bn per year and select strategic capex focusing on North America SEK bn 4 3 Depreciation ~2.8 1.1 1.2 1.0 0.3 0.4 0.2 2 2.2 2.2 2.2 2.2 2.2 1 2 0 2022 2023 2024 2025 2026 2027 Base capex Strategic capex Depreciation 89
Slide 90: Succeeding with our financial ambition
Succeeding with our financial ambition will maintain strong Billerud and is an attractive value proposition Europe Strengthen performance through existing asset base EBITDA Cash ROCE margin conversion Disciplined Continued strong Billerud capital >11% >15% >80% allocation focusing on value creation
Slide 91: Concluding Remarks
Concluding Remarks Ivar Vatne CEO General
Slide 92: Key takeaways
Key takeaways • We have strong market positions and flexibility in our production • Long-term demand for fiber-based packaging is solid and growing • A more predictable Billerud and Our Way Forward: – Evolve the product mix towards Paperboard in North America – Strengthen our performance from existi
Slide 93: BILLERUD
BILLERUD