Billerud Ab · OMXSTO:BILL
Billerud Ab — BillerudKorsnäs — Q4 2025 Earnings Presentation
21 slides from Billerud Ab's earnings presentation, Jan 30, 2026
Slide 1: Continued strong North America contribution and decisive actions to strengthen Europe
Continued strong North America contribution and decisive actions to strengthen Europe Year-end report January–December 2025 Ivar Vatne Andrei Krés President & CEO CFO 30 January 2026
Slide 2: Performance and key highlights Full year 2025
YEAR-END REPORT JANUARY-DECEMBER 2025 Performance and key highlights Full year 2025 SEKm 2025 Change Another year with different market realities in our 2 regions vs 2024 Net sales 40,488 -7% North America: Another excellent performance (EBITDA 20%) Adjusted EBITDA 4,176 -19% Adjusted EBITDA margin
Slide 3: Performance and key highlights Q4 2025
YEAR-END REPORT JANUARY-DECEMBER 2025 Performance and key highlights Q4 2025 SEKm Q4-25 Change Change Currency-neutral sales decline of 14%, mainly driven by lower vs Q3-25 vs Q4-24 board sales in Europe and Asia Net sales 9,238 -7% -19% Adjusted EBITDA 818 -23% -43% Another excellent profitability
Slide 4: Q4: Solid situation in the US - weak conditions for Region Europe
YEAR-END REPORT JANUARY-DECEMBER 2025 Q4: Solid situation in the US - weak conditions for Region Europe No significant changes expected short term Sales split, %1 Food & Drink Printing & Publishing Papers Consumer & Luxury Industrial LPB (8.6bn) 100% Cartonboard (2.4bn) 25% 75% Containerboard (5.0bn
Slide 5: Accelerating Nordic pulpwood price declines
YEAR-END REPORT JANUARY-DECEMBER 2025 Accelerating Nordic pulpwood price declines SEK/m3sub Softwood pulpwood SEK/m3sub Hardwood pulpwood 800 800 700 700 600 600 500 500 400 400 300 300 200 200 2022-Q1 2022-Q2 2022-Q3 2022-Q4 2023-Q1 2023-Q2 2023-Q3 2023-Q4 2024-Q1 2024-Q2 2024-Q3 2024-Q4 2025-Q1 20
Slide 6: On track with our Evolution program in North America
YEAR-END REPORT JANUARY-DECEMBER 2025 On track with our Evolution program in North America Qualification of packaging materials Escanaba Woodyard Upgrade
Slide 7: Topline decline driven by FX headwinds and weaker Europe volumes, partly offset by pricing
YEAR-END REPORT JANUARY-DECEMBER 2025 Full year ‘25: Topline decline driven by FX headwinds and weaker Europe volumes, partly offset by pricing Net sales, SEKm -7% 43 454 1% -4% 40 488 -4% 0% FY 2024 Currency Price Volume Mix FY 2025 impact
Slide 8: Profitability deterioration through FX headwinds and volume decline
YEAR-END REPORT JANUARY-DECEMBER 2025 Full year ‘25: Profitability deterioration through FX headwinds and volume decline. Pricing offset input cost inflation Adj EBITDA, SEKm -19% 712 5,167 -157 -322 -534 4,081 95 4,176 -606 -137 -42 FY 2024 Currency Pricing excl. Pulp Net Pulp Pricing Volume & Mix
Slide 9: Net sales decline due to volume slowdown and currency effects
YEAR-END REPORT JANUARY-DECEMBER 2025 Q4’25: Net sales decline due to volume slowdown and currency effects Net sales, SEKm -20% 11 468 -6% -1% 9 238 -10% -0% Q3’24 Currency Price Volume Mix Q3’25 impact
Slide 10: Reduced profitability due to volume decline, FX headwind and weaker pulp pricing
YEAR-END REPORT JANUARY-DECEMBER 2025 Q4’25: Reduced profitability due to volume decline, FX headwind and weaker pulp pricing Adj EBITDA, SEKm -43% 1,443 -139 -31 -78 23 805 13 818 -386 -27 Q4 2024 Currency Pricing excl. Pulp Net Pulp Pricing Volume & Mix Net of Raw Other Q4 Adj. for Maintenance Q4
Slide 11: Europe
YEAR-END REPORT JANUARY-DECEMBER 2025 REGION Europe
Slide 12: Region Europe
YEAR-END REPORT JANUARY-DECEMBER 2025 • Currency-neutral topline decline of 18% due to lower volumes and negative price impact Region • Accelerating pulpwood cost relief Europe • Weak market conditions with negative pricing impact to continue into Q1 • Secured LPB volumes for 2026 in line with 2025
Slide 13: North America
YEAR-END REPORT JANUARY-DECEMBER 2025 REGION North America
Slide 14: Region North America
YEAR-END REPORT JANUARY-DECEMBER 2025 • Currency-neutral topline decline of 1% due to lower pulp prices Region • Excellent profitability driven by lower costs and favorable category mix North • Operating rates increased to 79% (68%) in Q4 America • • Solid performance expected to continue into Q1 On
Slide 15: Input costs
YEAR-END REPORT JANUARY-DECEMBER 2025 GROUP Input costs
Slide 16: Lower input costs in Europe starting to materialize
YEAR-END REPORT JANUARY-DECEMBER 2025 Lower input costs in Europe starting to materialize Wood cost relief to continue into Q1 Fiber Chemicals Energy Logistics Europe North America Trend arrows refer to input cost development during Q4’25 vs Q3’25
Slide 17: Cost saving program on track for 2026
YEAR-END REPORT JANUARY-DECEMBER 2025 Cost saving program on track for 2026 Annualized savings of SEK 800m with full effect at the end of 2026 Expected savings of SEK 500m in 2026 vs 2025 Union negotiations largely completed Q1 cost reductions of SEK 40m accelerating into Q2
Slide 18: Significantly improved cash conversion in 2025; new and reduced CAPEX guidance for 2026
YEAR-END REPORT JANUARY-DECEMBER 2025 Significantly improved cash conversion in 2025 New and reduced CAPEX guidance for 2026 SEKm Q4 2025 Q4 2024 2025 2024 Profit before tax 334 1,030 890 2,248 Adjustments for non-cash items 584 582 2,666 2,343 Increased operating cash flow despite lower profit Tax
Slide 19: Billerud exits the JV with Viken Skog for BCTMP production at Follum
YEAR-END REPORT JANUARY-DECEMBER 2025 Billerud exits the JV with Viken Skog for BCTMP production at Follum Original plan to start-up BCTMP production at the Follum site in Norway - JV with Viken Skog AS Billerud to exit due to changed market conditions and a lengthy environmental permit process Appr
Slide 20: Outlook for Q1 2026
YEAR-END REPORT JANUARY-DECEMBER 2025 Outlook for Q1 2026 Sustained solid performance in North America Continued weak market conditions in Europe and Asia with negative pricing impact Lower pulpwood costs Loss of free emission rights and sequentially higher planned maintenance costs
Slide 21: YEAR-END REPORT JANUARY-DECEMBER 2025
YEAR-END REPORT JANUARY-DECEMBER 2025