Q1
Interim report January-March 2026
Sequential volume uplift with challenged profitability
Key highlights
Sequential sales volume growth of 9%
EBITDA margin declined to 5%, mainly due to weak profitability in Region Europe
Another strong quarter for Region North America, despite difficult weather conditions
Cash conversion of 55%
Accelerated cost-saving program delivery, positive Q1 impact of SEK 100 million
Quarterly data
Net sales decreased by 11% to SEK 9,825 million (11,101)
Adjusted EBITDA* SEK 525 million (1,388)
Adjusted EBITDA margin* 5% (13)
Operating profit/loss SEK -229 million (638) including items impacting comparability of SEK -47 million (-)
Net profit/loss SEK -219 million (415)
Earnings per share SEK -0.88 (1.67)
Outlook for Q2
Benefits from lower pulpwood prices and cost-saving program but challenging market conditions in Europe
Solid market conditions in North America
Broad-based price increases in both regions to mitigate cost inflation for chemicals and logistics
Sequentially higher annual maintenance shutdown costs
Key figures* | ||||
Q1 | Q1 | Q4 | ||
SEKm | 2026 | 2025 | Change | 2025 |
Net sales | 9,825 | 11,101 | -11% | 9,238 |
Adjusted EBITDA | 525 | 1,388 | -62% | 818 |
Operating profit | -229 | 638 | -136% | 395 |
Adjusted operating profit | -182 | 638 | -129% | 123 |
Net profit | -219 | 415 | -153% | 304 |
Adjusted EBITDA margin, % | 5 | 13 | 9 | |
Adjusted operating profit margin, % | -2 | 6 | 1 | |
Adjusted ROCE, % | 1 | 7 | 4 | |
Cash flow from operating activities | 261 | 573 | -54% | 418 |
Interest-bearing net debt/adjusted EBITDA | 1.9 | 1.0 | 1.5 | |
Earnings per share, SEK | -0.88 | 1.67 | 1.22 | |
* For key figures and a reconciliation of alternative performance measures including adjusted EBITDA, adjusted operating profit, adjusted EBITDA margin, adjusted operating profit margin, adjusted ROCE and interest-bearing net debt/adjusted EBITDA, see pages 14-16.
Comments by the CEO
The first quarter result of 2026 was once again characterized by different market realities in our two regions. Continued strong performance in North America while Region Europe was as expected weak. Encouragingly, we achieved significant sequential volume growth across both regions but profitability was challenging due to price pressure and cost headwinds. Geopolitical events continue to create unpredictability and uncertainty. We have managed the impact from the Middle East conflict well and have not experienced any production or delivery disturbances. Our cost-saving program is ahead of plan, and all planned staff reductions have now been completed. The cash conversion for the first quarter was solid and improved versus the same period last year.
Region North America had another solid quarter with sequential volume uplift across all categories. Pulp prices were up while pricing remained stable for other products. Profitability reached 16% EBITDA margin. Unusually challenging weather conditions during the quarter led to unplanned production downtime, higher energy and logistics costs. Navigating through weather challenges, we once again proved our value proposition by being a local partner with predictable deliveries to our customers. We continued to make progress on our packaging materials evolution journey and reached all-time high sales.
As expected, Region Europe's EBITDA margin was weak (2%) with pricing pressure, currency headwind, loss of emission rights and higher maintenance cost. Our sales volumes increased significantly (+11% versus Q4) across most categories. Liquid packaging board showed particularly strong performance with a net sales growth of 17%, partly due to better-than-expected pull from Asia but also due to low Q4 deliveries. The volume increase should also be seen in the light of supply chain uncertainties linked to the Middle East conflict and inventory adjustment ahead of anticipated price increases from Q2. Despite the volume uplift, we don't see clear evidence of a consumer-driven market recovery so far in 2026.
It is obvious that the European paper and packaging sector is fighting deep structural imbalances. Overcapacity is now the new normal versus being a short-term cyclical phenomena. Further consolidation and capacity rationalization seem inevitable within our sector to restore a healthier balance between supply and demand and lift profitability to a more sustainable level in our capital-intensive sector.
Our priorities for 2026 remain. We stay firm to our Way Forward strategy and focus on items we can control. We have a strong business in North America that we continue to build on with our Evolution program to shift our portfolio towards packaging materials. We will in 2026 upgrade our machines at Quinnesec and Escanaba to further enable board production. As a domestic producer, we have an excellent position in North America to offer our customer base high-performance products with short lead times, and we see further potential to strengthen our position.
In Europe, where the market sentiment is more challenging, we take decisive actions to improve cost competitiveness by reducing both variable and fixed costs while remaining a relevant and value-adding partner for our customers. We stay disciplined about working capital and maintain a prudent capex plan. We target to deliver fixed cost savings of around MSEK 150 in the second quarter and in total MSEK 550 for the full year of 2026, ahead of our ingoing plan.
For the second quarter, we expect to restore a strong underlying profitability level (excluding maintenance shutdown impact) in North America. Our order books remain solid, and we have recently announced price increases to mitigate variable cost inflation. For Region Europe, we expect further cost reliefs from lower Nordic pulpwood prices and our cost-saving program. We have announced several rounds of broad-based price increases to mitigate cost inflation on logistics and chemicals in the wake of the conflict in the Middle East.
Our balance sheet remains healthy, and our financing position strengthened in the first quarter with a successful issue of new long-term financing despite geopolitical uncertainty. Subject to AGM approval, dividend of approximately MSEK 500 or SEK 2:00 per share will be distributed to our shareholders in the second quarter.
Ivar Vatne
President and CEO
First quarter
Sales and resultsNet sales for the first quarter decreased by 11% to SEK 9,825 million (11,101), negatively impacted by currency changes. The currency-neutral net sales declined by 6% compared with the first quarter last year due to negative price changes and lower sales volumes. The sales volumes totaled 899 ktons (912). Production was curtailed in both regions during the first quarter.
Adjusted EBITDA amounted to SEK 525 million (1,388), corresponding to a margin of 5% (13). The deteriorated result was mainly due to lower sales prices, higher costs for annual maintenance shutdowns, the loss of free emission allowances, a negative impact from inventory revaluation and lower fixed cost absorption in production.
Annual maintenance shutdown was carried out at Skärblacka during the first quarter with a cost impact of SEK 184 million (40).
The net result from emission rights had an impact of SEK -12
(110) million.
Items classified as affecting comparability in the first quarter, reported under Other, amounted to SEK -47 million (-) and were related to the exit from the joint venture together with Viken Skog AS.
Market development and outlookIn the first quarter of 2026, market conditions were weak for Region Europe with price declines in all product categories. The oversupply of some of the board products that Billerud produces in this region remained. In North America, market conditions were normal. Prices for graphic and label paper were unchanged, while the market price for pulp increased.
For the second quarter of 2026, Billerud expects challenging market conditions with subdued demand in Europe, and solid market conditions in North America. Price increases will be implemented for most products in both regions to mitigate increased logistics and chemical costs. Region Europe is expected to benefit from lower pulpwood costs and the cost-saving program. Costs for annual maintenance stops will increase compared with the previous quarter.
Adjusted EBITDA, SEKm and adjusted EBITDA margin, %
912
1,058
818
525
5
9
9
11
13
1,388
Events in the quarterOn 29 January, Billerud decided to withdraw from the joint venture formed in 2022 together with Viken Skog AS to establish bleached chemi-thermomechanical pulp (BCTMP) production at Viken Skog's facility in Follum, Norway. The reason for the decision is the lengthy environmental permit process and changed market conditions. The exit from the joint venture had a non-cash result impact of SEK -47 million in the first quarter of 2026, which is classified as an item affecting comparability.
A new global function for Innovation, Product & Application Development (IPAD) was established to strengthen Billerud's competitiveness and promote innovation synergies between the regions. The Global IPAD function is headed by Anna Jonhed, Vice President Global Innovation.
Billerud continued to strengthen its position as a leading producer of MG paper and installed a new Yankee cylinder on paper machine PM8 in the Skärblacka mill during the first quarter. This investment will ensure stable and sustainable production and is aligned with our strategic focus on quality, operational reliability and increased competitiveness in high-quality kraft papers and medical applications.
Events after the quarterOn 7 April, Billerud's nomination committee announced their proposal to the Annual General Meeting 2026 that Magnus Nicolin shall be elected new board chairman. Magnus Nicolin has been a member of Billerud's board since 2022 and currently serves as chairman of the boards in Munters AB and Hexatronic Group AB and as board member of FAM AB. Jan Svensson, who has been chairman of Billerud's board since 2021, will leave the board on 26 May, 2026.
The nomination committee also proposes that Bernd Eikens shall be elected as new member of the board. Bernd Eikens holds the position as Group CEO of Meyer Shipyards and is advisory board member of Koehler Paper AG, board member of Valmet Oy as well as deputy chairman of the supervisory board of Johann Bunte Bauunternehmung SE. His prior experience includes several senior executive positions in UPM-Kymmene Oyj.
The nomination committee further proposes re-election of the board members Regi Aalstad, Andreas Blaschke, Florian Heiserer, Gunilla Saltin and Victoria Van Camp.
Q1 -25 Q2 -25 Q3 -25 Q4 -25 Q1 -26
Region Europe
Key figures Quarter Full yearSEKm | Q1 -26 | Q1 -25 | Q4 -25 | 2025 |
Net sales | 6,191 | 7,130 | 5,798 | 25,640 |
of which liquid packaging board | 2,206 | 2,425 | 1,887 | 8,621 |
of which containerboard | 1,162 | 1,355 | 1,159 | 4,982 |
of which kraft and specialty paper | 893 | 1,010 | 836 | 3,633 |
of which sack paper | 738 | 917 | 705 | 3,258 |
of which cartonboard | 525 | 705 | 466 | 2,434 |
of which market pulp | 564 | 631 | 669 | 2,436 |
Net operating expenses | -6,070 | -6,076 | -5,439 | -23,242 |
EBITDA | 121 | 1,054 | 359 | 2,398 |
EBITDA margin, % | 2 | 15 | 6 | 9 |
Operating profit/loss | -409 | 563 | -136 | 416 |
Operating margin, % | -7 | 8 | -2 | 2 |
Sales volumes, ktonnes | 660 | 670 | 595 | 2,515 |
Net sales for the first quarter amounted to SEK 6,191 million (7,130), negatively impacted by currency changes. Compared with the same quarter last year, net sales excluding currency effects decreased by 7% mainly because of negative price changes and lower sales volume.
EBITDA decreased to SEK 121 million (1,054), corresponding to an EBITDA margin of 2% (15). The deteriorated result was mainly because of lower net sales, higher costs for maintenance shutdowns due to the changed maintenance schedule, loss of free emission rights from 2026, as well as a negative impact from inventory revaluation.
Annual maintenance shutdown was carried out at Skärblacka with a cost impact of SEK 184 million. During the same period last year, the maintenance shutdown in Gruvön had a cost impact of SEK 40 million.
The net result from emission rights was SEK -12 million (110) in the first quarter.
Market-related production curtailments were implemented mainly at the board mills during the first quarter.
Market developmentDuring the first quarter of 2026, market conditions were weak for Region Europe with subdued demand and price pressure. Sales prices decreased for all product categories. Overcapacity remained for cartonboard and white top kraftliner. A tendency to build inventory was noted among customers in anticipation of price increases and cost inflation following increased geopolitical and energy cost uncertainty.
About Region Europe
Region Europe includes the board and paper products made of virgin fibre that are manufactured at the mills Gruvön, Gävle, Frövi/Rockhammar, Skärblacka and Karlsborg in Sweden and Pietarsaari in Finland. In these mills, Billerud produces liquid packaging board, kraft paper, containerboard, cartonboard, sack paper and market pulp. These materials are sold in Europe and the rest of the world. Total production capacity is around 3.1 million tons per year.
Share of Group's net sales
Q1 2026
63%
EBITDA, SEKm and EBITDA margin, %
1,200 1,054
1,000
35
30
652
25
800
20
600
333
359
15
400
10
121
2
Q1 -25 Q2 -25 Q3 -25 Q4 -25 Q1 -26
200
5
0
0
5
6
10
15
Region North America
Key figures Quarter Full yearSEKm | Q1 -26 | Q1 -25 | Q4 -25 | 2025 |
Net sales | 2,748 | 3,190 | 2,742 | 11,783 |
of which graphic paper | 1,927 | 2,133 | 1,950 | 8,268 |
of which label paper | 502 | 628 | 496 | 2,130 |
of which market pulp | 263 | 428 | 251 | 1,296 |
of which containerboard and cartonboard | 56 | - | 45 | 89 |
Net operating expenses | -2,295 | -2,510 | -2,204 | -9,476 |
EBITDA | 453 | 680 | 538 | 2,307 |
EBITDA margin, % | 16 | 21 | 20 | 20 |
Operating profit/loss | 302 | 479 | 386 | 1,618 |
Operating margin, % | 11 | 15 | 14 | 14 |
Sales volumes, ktonnes | 239 | 242 | 231 | 956 |
Net sales for the first quarter amounted to SEK 2,748 million (3,190), negatively affected by currency changes. Net sales excluding currency effects increased by 1%, mainly due improved sales mix.
EBITDA decreased to SEK 453 million (680), corresponding to an EBITDA margin of 16%
(21). The lower result was due to higher input costs and negative currency effects. Energy and logistics costs increased due to difficult weather conditions during the period.
Billerud continued to run numerous customer trials for containerboard and cartonboard and sold 6 ktons of these products during the first quarter.
Market developmentDuring the first quarter of 2026, market conditions for graphic paper and packaging materials in North America were normal. US trade policies have provided Billerud as a domestic producer with a competitive advantage in this market. Prices for graphic and label papers were stable during the period, while the market price for pulp increased.
About Region North America
Region North America includes the products made of virgin fibre manufactured at the Escanaba and Quinnesec mills in Michigan, US and the operations at the sheeting facility Wisconsin Rapids in Wisconsin, US. Billerud produces graphic and label paper, market pulp, containerboard (white kraftliner) and cartonboard in this region and sells these materials primarily in the US market. Total annual production capacity is around
1.1 million tons of paper and around 0.2 million tons of pulp.
Share of Group's net sales Q1 2026
28%
EBITDA, SEKm and EBITDA margin, %
2,000
33
1,800
28
1,600
21 22
680
23
1,400
20
1,200
622 16
467
16
453
18
1,000
538
13
800
600
8
400
3
200
0
-2
Q1 -25 Q2 -25 Q3 -25 Q4 -25 Q1 -26
Other
Sales and resultsNet sales for the first quarter amounted to SEK 886 million (781). The increase was due to positive net result from currency hedging and revaluation of accounts receivables, which more than offset lower sales in wood sourcing operations.
EBITDA amounted to SEK -96 million (-346). The result improvement was primarily due to a positive net result from currency hedging and revaluation of accounts receivables as well as lower costs in Group functions. EBITDA includes a capital loss related to the exit of the joint venture with Viken Skog AS of SEK 47 million (-), which has been classified as an item effecting comparability.
Key figures (including currency hedging etc) Quarter Full yearSEKm | Q1 -26 | Q1 -25 | Q4 -25 | 2025 |
Net sales | 886 | 781 | 698 | 3,065 |
Net operating expenses | -982 | -1,127 | -505 | -3,672 |
EBITDA | -96 | -346 | 193 | -607 |
Operating profit | -122 | -404 | 145 | -804 |
Cash flow and financial position
The operating cash flow after investments in tangible and non-current intangible assets amounted to SEK -127 million (179) in the first quarter of 2026. The reduction was attributable to lower cash flow from operating activities, mainly due to lower profit before tax, while investments were slightly lower compared to the same period last year.
Cash conversion was 55% (41) in the first quarter.
Condensed cash flow statement QuarterSEKm | Q1 -26 | Q1 -25 |
Profit before tax | -261 | 527 |
Adjustments for non-cash items | 620 | 575 |
Tax paid | -22 | -33 |
Cash flow from changes in working capital | -76 | -496 |
Cash flow from operating activities | 261 | 573 |
Investments in tangible and non-current intangible assets | -388 | -394 |
Operating cash flow after investments in tangible and non-current intangible assets | -127 | 179 |
On 31 March 2026, the interest-bearing debt amounted to SEK 7,635 million (6,967). Interest-bearing debt increased by SEK 768 million during the first quarter of 2026. Under the MTN program, SEK 1,250 million in bond loans were repaid and new bond loans of SEK 1,250 million were issued during the quarter. The Group repaid commercial papers of SEK 880 million and issued new commercial papers of SEK 1,690 million during the first quarter.
Share of Group's net sales Q1 2026
9%
Debt portfolio and maturity profile on 31 March 2026 Maturity, years TotalLoan | Limit, SEKm | 0-1 | 1-2 | 2- | utilised | ||
Syndicated credit facilities Term loans | 5,500 | 97 | 49 | 1,700 | - 1,846 |
Bond loans within MTN program | 7,000 | - | 1,250 | 1,250 | 2,500 1.0 |
Other bond loans | - | - | 1,600 | 1,600 0.6 | |
Commercial paper | 4,000 | 1,689 | 1,689 0.4 | ||
Group total | 1,786 | 1,299 | 4,550 | 7,635 0.0 | |
Future interest payments | 214 | 201 | 319 | 734 |
The interest-bearing net debt on 31 March 2026 amounted to SEK 6,236 million (5,398). The net interest-bearing debt in relation to EBITDA at the end of the period was 2.0 (1.0). The net interest-bearing debt in relation to adjusted EBITDA was 1.9 (1.0).
Investments and capital employedInvestments in tangible and non-current intangible assets during the first quarter of 2026 amounted to SEK 388 million (394).
During 2026, investments in tangible and non-current intangible assets are expected to amount to approximately SEK 2.6 billion. Of this amount, SEK 2.0 billion is attributable to maintenance investments (so called "base capex") and SEK 0.6 billion to strategic capital expenditures. Strategic capital expenditures include, among others, investments for the Evolution program and harmonization of processes, described on page 8 in this report.
Capital employed on 31 March 2026 amounted to SEK 34,031 million (34,129). Return on capital employed (ROCE) for the last twelve months amounted to 1% (8). Adjusted ROCE for the same period was 1% (7).
Return on equity was 0% (7) for the last twelve-months period.
Net debt/Adjusted EBITDA
1.9
2.0
1.5
1.8
1.6
1.1
1.2
1.4
1.0
1.2
0.8
0.2
Q1 -25 Q2 -25 Q3 -25 Q4 -25 Q1 -26
Adjusted return on capital employed, %
8
7
7
7
6
6
5
4
4
3
2
1
1
0
Q1 -25 Q2 -25 Q3 -25 Q4 -25 Q1 -26
Other information
Cost-saving programOn 18 September 2025, Billerud initiated a cost-saving program targeting annualized savings of SEK 800 million from 2027. The program focuses on reducing fixed costs through strict cost prioritization, streamlined ways of working and personnel reductions across all functions in Region Europe and Group functions globally.
In the first quarter of 2026, the personnel reductions under this program were completed and cost savings of around SEK 100 million were delivered. For the second quarter, the cost-saving program is expected to generate savings of SEK 150 million. The program is expected to deliver cost savings of SEK 300 million during the second half of 2026 and the total positive impact for 2026 compared to 2025 is expected to be SEK 550 million.
The Evolution programThe Evolution program is Billerud's strategic initiative to evolve towards the production of packaging materials in North America while remaining committed to graphic paper. The program entails investments in the US mills to enhance production capabilities of white kraftliners (containerboard) and solid bleached board (cartonboard). The program investments are estimated to total SEK 1.4 billion during 2024-2027, whereof SEK 1.2 billion refers to upgrades of the Escanaba mill and SEK 0.2 billion to upgrades of the Quinnesec mill. During 2026, the planned investments under this program are estimated to SEK 400 million and includes improved roll handling capacity.
Harmonization of processesA multi-year project in Billerud will harmonize processes and implement a new global ERP system. The platform is planned to be rolled out gradually in the entire operations. In 2026, the project focuses on implementations at Gävle mill.
Emission rightsBillerud will not receive any free emission allowances in 2026. According to a proposed regulation change from the Swedish Ministry of Climate and Enterprise it is expected that the company will be included in EU ETS1 again from 1 October 2026. The current proposal would imply retroactive re-entry from 1 January 2026. Billerud will not receive free emission allowances entering EU ETS1, however, Billerud would be obliged to purchase emission allowances for its fossil emissions from 2026 and onwards.
Currency hedgingCurrency hedging had a net sales impact of SEK 64 million
(50) in the first quarter compared to no currency hedging. Outstanding forward exchange contracts on 31 March 2026 had a market value of SEK 4 million, of which SEK 21 million is the portion of the contracts matched by trade receivables that affected earnings in the first quarter. Accordingly, other contracts had a market value of SEK -17 million.
Hedged portion of forecast currency flowsCurrency | Q2-26 Q3-26 Q4-26 Q1-27 Q2-27 | Total 15 months | ||||
EUR Share* | 71% | 71% | 68% | 48% | 0% | 52% |
Rate | 11.06 | 10.98 | 11.07 | 10.83 | 11.00 | |
USD Share* | 81% | 81% | 34% | 10% | 0% | 41% |
Rate | 9.72 | 9.32 | 9.18 | 8.96 | 9.44 | |
GBP Share* | 69% | 69% | 50% | 35% | 0% | 45% |
Rate | 12.38 | 12.27 | 12.21 | 12.22 | 12.29 | |
Market value of currency contracts** | 18 | -7 | 0 | -7 | - | 4 |
* Share of net currency flow.
** On 31 March 2026.
TaxThe tax expense for the first quarter 2026 amounted to SEK
-42 million (income) (112), equal to approximately 16% (21) of the profit/loss before tax.
Parent companyThe parent company Billerud AB (publ) includes head office and support functions.
The operating profit/loss for the first quarter of 2026 was SEK -16 million (-315). The operating result includes the effects of hedging contracts and revaluations of trade receivables.
The parent company hedges both its own and the Group's net currency flows. The parent company's result includes the results of these hedging measures. These effects were SEK 64 million (50) for the first quarter of 2026.
Cash and bank balances, and short-term investments amounted to SEK 1,395 million (1,189) on 31 March 2026.
The average number of employees on 31 March 2026 was 85 (185). The reduced number of employees compared with last year was mainly due to the transfer of employees from the parent company to Billerud Europe AB during the fourth quarter of 2025.
Holding of treasury sharesBillerud's holding of treasury shares was unchanged during the first quarter of 2026. On 31 March 2026, the number of own shares was 906,501, corresponding to around 0.4% of the total amount of shares. The total number of shares was 249,611,422 and the number of shares on the market was 248,704,921.
There will not be any transfer of shares to participants in the performance-based long term share program decided by the AGM 2023, since the threshold level for the target of this program was not achieved.
2026 AGM and proposed dividendThe 2026 Annual General Meeting will be held at 7A Posthuset, Vasagatan 28 in Stockholm on May 26, at 15:00 CEST. The convening notice with information on how and when to provide notification of participation is available on Billerud's website: https://www.billerud.com/about-us/corporate-governance/general-meetings.
The Board of Directors proposes a dividend of SEK 2.00 (3.50) per share for the year 2025. The proposal entails a total share dividend of SEK 497 million, corresponding to around 70% of the net profit. The proposed record date is 28 May, and the dividend payment is estimated to take place on 2 June.
Risks and uncertaintiesBillerud is exposed to risks that could impact its ability to achieve its objectives. The strategic risks include risks related to political initiatives, laws, rules and/or regulations, reputational risks, business risks, risks relating to the economic outlook, market and sales, as well as risks such as geopolitics, cybercrime and security. Billerud is also exposed to execution risks that could impact the company's ability to achieve established objectives in daily operations as well as compliance and regulatory risks, and information and communication risks.
Demand for Billerud's products is affected by factors such as GDP growth, market trends, customer preferences, competition, and the development of new products and production capacity. A severe economic downturn could have a negative impact on the demand for Billerud's products. Competition and the development of production capacity and its impact on the balance between supply and demand also affect Billerud's business. Heightened geopolitical uncertainty and changing trade policies affect the macroeconomy and business conditions. Billerud continuously monitors market and geopolitical developments and evaluates impacts and implements appropriate mitigation measures to address the identified risks.
As a large international company, Billerud is exposed to financial risks related to currency, financing, liquidity, interest rates, energy price, financial credit- and customer credit risks. Billerud has significant net exposure in foreign currencies, primarily EUR, USD and GBP. To mitigate the consequences of currency exposure, the company can hedge forecasted net flows in foreign currencies.
A detailed risk description including a sensitivity analysis with estimated profit impact of changed sales volumes, exchange rates, loan rates, and input prices is provided on pages 38-41 in the 2025 Annual Report. Detailed information about the Group's financial risks and risk management is provided on pages 172-175 in the 2025 Annual Report.
Related-party transactionsNo transactions took place between Billerud and related parties that have significantly affected the Group's position and earnings.
Solna, 28 April, 2026
Billerud AB (publ)
Ivar Vatne
President and CEO
Group
Condensed income statement Quarter Full yearSEKm | Q1 -26 | Q4 -25 | Q1 -25 | 2025 |
Net sales | 9,825 | 9,238 | 11,101 | 40,488 |
Other operating income | 59 | 62 | 94 | 248 |
Change in inventories | -254 | -306 | 320 | -49 |
Raw materials and consumables | -5,530 | -4,492 | -6,181 | -21,101 |
Other external costs | -2,126 | -2,231 | -2,309 | -9,303 |
Employee benefits expense | -1,459 | -1,478 | -1,648 | -6,509 |
Depreciation, amortization and impairment of non-current assets | -707 | -695 | -750 | -2,868 |
Change in value of biological assets | - | 14 | - | 14 |
Profit/Loss from participations in associated companies | -37 | 283 | 11 | 310 |
Operating profit/loss | -229 | 395 | 638 | 1,230 |
Financial net | -32 | -61 | -111 | -340 |
Profit/Loss before tax | -261 | 334 | 527 | 890 |
Taxes | 42 | -30 | -112 | -179 |
Profit/Loss from continuing operations | -219 | 304 | 415 | 711 |
Profit/Loss attributable to: | ||||
Owners of the parent company | -219 | 304 | 415 | 711 |
Non-controlling interests | - | - | - | - |
Net profit/loss for the period | -219 | 304 | 415 | 711 |
Basic earnings per share, SEK | -0.88 | 1.22 | 1.67 | 2.86 |
Diluted earnings per share, SEK | -0.88 | 1.22 | 1.67 | 2.86 |
SEKm | Q1 -26 | Q4 -25 | Q1 -25 | 2025 |
Net profit/loss for the period | -219 | 304 | 415 | 711 |
Other comprehensive income | ||||
Items that will not be reclassified to profit or loss | ||||
Revaluation of forest land | - | -14 | - | -14 |
Actuarial gains or losses on defined benefit pension plans | -23 | 76 | -47 | 20 |
Change in fair value of shareholding in Other holdings | -2 | 1 | 2 | 3 |
Equity-accounted investees - share of Other comprehensive income | - | 154 | - | 154 |
Tax attributable to items not to be reclassified to profit or loss | 9 | -49 | 12 | -35 |
Total items that will not be reclassified to profit or loss | -16 | 168 | -33 | 128 |
Items that have been or may be reclassified subsequently to profit or loss | ||||
Differences arising from the translation of foreign operations' accounts | 262 | -184 | -852 | -1,501 |
Change in fair value of cash flow hedges | 27 | -166 | 276 | 370 |
Tax attributable to items that have been or may be reclassified subsequently to profit or loss | -5 | 34 | -58 | -76 |
Total items that have been or may be reclassified subsequently to profit or loss | 284 | -316 | -634 | -1,207 |
Total comprehensive income for the period | 49 | 156 | -252 | -368 |
Attributable to: | ||||
Owners of the parent company | 49 | 156 | -252 | -368 |
Non-controlling interests | - | - | - | - |
Total comprehensive income for the period | 49 | 156 | -252 | -368 |
SEKm | 31 Mar 2026 | 31 Mar 2025 | 31 Dec 2025 |
Intangible assets Tangible assets, including Right of use assets Other non-current assets | 2,429 29,514 2,109 | 2,295 29,718 1,960 | 2,383 29,476 2,080 |
Total non-current assets | 34,052 | 33,973 | 33,939 |
Intangible assets | 306 | 162 | 311 |
Inventories | 6,130 | 6,541 | 6,413 |
Accounts receivable | 4,175 | 4,626 | 3,710 |
Other current assets | 2,256 | 1,813 | 1,735 |
Cash and cash equivalents | 1,890 | 2,142 | 1,281 |
Total current assets | 14,757 | 15,284 | 13,450 |
Total assets | 48,809 | 49,257 | 47,389 |
Equity attributable to owners of the parent company | 27,795 | 28,731 | 27,743 |
Non-controlling interests | - | - | - |
Total equity | 27,795 | 28,731 | 27,743 |
Interest-bearing liabilities | 5,849 | 3,695 | 4,646 |
Lease liabilities | 333 | 333 | 330 |
Provisions for pensions | 539 | 591 | 543 |
Other liabilities and provisions | 290 | 324 | 254 |
Deferred tax liabilities | 3,714 | 3,769 | 3,661 |
Total non-current liabilities | 10,725 | 8,712 | 9,434 |
Interest-bearing liabilities | 1,786 | 3,272 | 2,221 |
Lease liabilities | 192 | 206 | 196 |
Accounts payables | 5,076 | 5,021 | 4,626 |
Other liabilities and provisions | 3,235 | 3,315 | 3,169 |
Total current liabilities | 10,289 | 11,814 | 10,212 |
Total equity and liabilities | 48,809 | 49,257 | 47,389 |
SEKm | 2026 | 2025 | 2025 |
Opening balance | 27,743 | 28,979 | 28,979 |
Comprehensive income for the period | 49 | -252 | -368 |
Share-based payment to be settled in equity instruments | 3 | 4 | 2 |
Dividend to owners of the parent company | - | - | -870 |
Closing balance equity | 27,795 | 28,731 | 27,743 |
Equity attributable to: | |||
Owners of the parent company | 27,795 | 28,731 | 27,743 |
Non-controlling interests | - | - | - |
Closing balance equity | 27,795 | 28,731 | 27,743 |
SEKm | Q1 -26 | Q4 -25 | Q1 -25 | 2025 |
Operating activities | ||||
Profit before tax | -261 | 334 | 527 | 890 |
Adjustments for non-cash items* | 620 | 584 | 575 | 2,666 |
Tax paid | -22 | 7 | -33 | -257 |
Cash flow from changes in working capital | -76 | -507 | -496 | -132 |
Cash flow from operating activities | 261 | 418 | 573 | 3,167 |
Investing activities | ||||
Investments in tangible and non-current intangible assets | -388 | -909 | -394 | -2,656 |
Disposal of property, plant and equipment | - | -1 | 3 | 22 |
Acquisition of financial assets/contribution to associated companies/other holdings | - | -1 | - | -4 |
Dividend from associated companies | - | - | - | 23 |
Cash flow from investing activities | -388 | -911 | -391 | -2,615 |
Financing activities | ||||
Change in interest-bearing liabilities | 712 | 120 | -478 | -753 |
Dividend | - | - | - | -870 |
Cash flow from financing activities | 712 | 120 | -478 | -1,623 |
Total cash flow for the period | 585 | -373 | -296 | -1,071 |
Cash and cash equivalents at start of period | 1,281 | 1,662 | 2,561 | 2,561 |
Translation differences in cash and cash equivalents | 24 | -8 | -123 | -209 |
Cash and cash equivalents at the end of the period | 1,890 | 1,281 | 2,142 | 1,281 |
SEKm | Q1 -26 | Q4 -25 | Q1 -25 | 2025 |
Depreciation, amortization and impairment of non-current assets | 707 | 695 | 750 | 2,868 |
Financial items | -73 | 33 | -50 | 28 |
Disposal of non-current assets | -1 | - | -2 | -24 |
Pensions and other provisions | -65 | -32 | -6 | 293 |
Unrealized result from emission rights | 12 | 195 | -110 | -177 |
Share of profit/loss in associates | 37 | -283 | -11 | -310 |
Share based payments | 3 | -10 | 4 | 2 |
Revaluation of biological assets | - | -14 | - | -14 |
Total non-cash items | 620 | 584 | 575 | 2,666 |
Notes
Note 1: Accounting policiesThe interim report for the Group is prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. The accounting policies applied in this interim report are the same as those used in the annual
report for 2025, see pages 152-154 and pages 208-209 for definitions of key figures. The interim report for the parent company is prepared in accordance with the Swedish Annual Accounts Act.
Note 2: Financial assets and liabilitiesFair value hedging instruments | Fair value through other comprehensive income | Amortized costs | Total carrying amount | Fair value | |
Valuation classification | Level 2 | Level 3 | |||
Group 31 March 2026 | |||||
Other shares and participations | 14 | 14 | 14 | ||
Long-term receivables | 91 | 145 | 236 | 236 | |
Accounts receivable | 4,175 | 4,175 | 4,175 | ||
Other receivables | 226 | 863 | 1,089 | 1,089 | |
Cash and cash equivalents | 1,890 | 1,890 | 1,890 | ||
Total financial assets | 317 | 14 | 7,073 | 7,404 | 7,404 |
Non-current interest-bearing liabilities | 6,182 | 6,182 | 6,189 | ||
Current interest-bearing liabilities | 1,978 | 1,978 | 1,978 | ||
Accounts payables | 5,076 | 5,076 | 5,076 | ||
Other liabilities | 192 | 407 | 599 | 599 | |
Total financial liabilities | 192 | - | 13,643 | 13,835 | 13,842 |
Fair value hedging instruments | Fair value through other comprehensive income | Amortized costs | Total carrying amount | Fair value | |
Valuation classification | Level 2 | Level 3 | - | ||
Group 31 December 2025 | |||||
Other shares and participations | 16 | 16 | 16 | ||
Long-term receivables | 30 | 136 | 166 | 166 | |
Accounts receivable | 3,710 | 3,710 | 3,710 | ||
Other receivables | 196 | 668 | 864 | 864 | |
Cash and cash equivalents | 1,281 | 1,281 | 1,281 | ||
Total financial assets | 226 | 16 | 5,795 | 6,037 | 6,037 |
Non-current interest-bearing liabilities | 4,976 | 4,976 | 5,026 | ||
Current interest-bearing liabilities | 2,417 | 2,417 | 2,452 | ||
Accounts payables | 4,626 | 4,626 | 4,626 | ||
Other liabilities | 81 | 415 | 496 | 496 | |
Total financial liabilities | 81 | - | 12,434 | 12,515 | 12,600 |
Other disclosures in accordance with IAS 34.16A can be found on the pages prior to the income statement and the statement of comprehensive income.
Information regarding significant events after the quarter can be found on page 3, operating segments on pages 4-6, financing on pages 6-7 and seasonal effects on page 17.
Key figures Quarter Full yearQ1 -26 | Q4 -25 | Q1 -25 | 2025 | |
EBITDA margin, % | 5 | 12 | 13 | 10 |
Adjusted EBITDA margin, % | 5 | 9 | 13 | 10 |
Operating margin, % | -2 | 4 | 6 | 3 |
Adjusted operating margin, % | -2 | 1 | 6 | 3 |
Cash conversion, % | 55 | 38 | 41 | 77 |
Return (rolling 12 months) | ||||
Return on capital employed, % (ROCE) | 1 | 4 | 8 | 4 |
Adjusted Return on capital employed, % (adj ROCE) | 1 | 4 | 7 | 4 |
Return on equity, % | 0 | 3 | 7 | 3 |
Capital structure at end of period | ||||
Capital employed, SEKm | 34,031 | 33,825 | 34,129 | 33,825 |
Working capital, SEKm | 4,555 | 4,524 | 4,926 | 4,524 |
Equity attributable to owners of the parent company, SEKm | 27,795 | 27,743 | 28,731 | 27,743 |
Interest-bearing net debt, SEKm | 6,236 | 6,082 | 5,398 | 6,082 |
Net debt/equity ratio | 0.22 | 0.22 | 0.19 | 0.22 |
Interest-bearing net debt / EBITDA over 12 months | 2.0 | 1.5 | 1.0 | 1.5 |
Interest-bearing net debt / Adjusted EBITDA over 12 months | 1.9 | 1.5 | 1.0 | 1.5 |
Key figures per share | ||||
Earnings per share, SEK | -0.88 | 1.22 | 1.67 | 2.86 |
Adjusted earnings per share, SEK | -0.69 | 0.13 | 1.67 | 2.88 |
Dividend (for the financial year) per share, SEK | - | - | - | 2.00* |
Other key figures | ||||
Working capital as percentage of net sales, % | 12 | 12 | 10 | 11 |
Investments in tangible and non-current intangible assets, SEKm | 388 | 909 | 394 | 2,656 |
Average number of employees | 5,464 | - | 5,890 | 5,652 |
* Board of Directors' proposal
Reconciliation of alternative performance measures Quarter Full yearItems affecting comparability*, SEKm | Q1 -26 | Q4 -25 | Q1 -25 | 2025 |
Revaluation of biological assets in associated companies (Profit from participations in associated companies) Restructuring cost (Employee benefits expense) Capital loss from the divestment of Billerud Viken AS (Profit/Loss from participations in associated companies) | - -47 | -272 - - | - - - | -272 350 - |
Total items affecting comparability EBITDA, SEKm and EBITDA margin, % | 47 | -272 | - | 78 |
Operating profit | -229 | 395 | 638 | 1,230 |
Depreciation, amortizations and impairment of non-current assets | 707 | 695 | 750 | 2,868 |
EBITDA, SEKm | 478 | 1,090 | 1,388 | 4,098 |
Net sales | 9,825 | 9,238 | 11,101 | 40,488 |
EBITDA margin, % Adjusted EBITDA, SEKm and adjusted EBITDA margin, % | 5 | 12 | 13 | 10 |
EBITDA | 478 | 1,090 | 1,388 | 4,098 |
Items affecting comparability* | 47 | -272 | - | 78 |
Adjusted EBITDA, SEKm | 525 | 818 | 1,388 | 4,176 |
Net sales | 9,825 | 9,238 | 11,101 | 40,488 |
Adjusted EBITDA margin, % Operating margin, % | 5 | 9 | 13 | 10 |
Operating profit | -229 | 395 | 638 | 1,230 |
Net sales | 9,825 | 9,238 | 11,101 | 40,488 |
Operating margin, % Adjusted operating profit, SEKm and adjusted operating margin, % | -2 | 4 | 6 | 3 |
Operating profit | -229 | 395 | 638 | 1,230 |
Items affecting comparability* | 47 | -272 | - | 78 |
Adjusted operating profit, SEKm | -182 | 123 | 638 | 1,308 |
Net sales | 9,825 | 9,238 | 11,101 | 40,488 |
Adjusted operating margin, % Cash conversion, % | -2 | 1 | 6 | 3 |
Cash flow from operating activities | 261 | 418 | 573 | 3,167 |
EBITDA, SEKm | 478 | 1,090 | 1,388 | 4,098 |
Cash conversion, % Return on capital employed, % | 55 | 38 | 41 | 77 |
Operating profit over 12 months*** | 363 | 1,230 | 2,752 | 1,230 |
Average capital employed over 12 months** | 33,719 | 33,778 | 34,010 | 33,778 |
Return on capital employed, % Adjusted return on capital employed, % | 1 | 4 | 8 | 4 |
Adjusted operating profit over 12 months*** | 487 | 1,308 | 2,498 | 1,308 |
Average capital employed over 12 months** | 33,719 | 33,778 | 34,010 | 33,778 |
Adjusted return on capital employed, % Return on equity, % | 1 | 4 | 7 | 4 |
Net profit attributed to owners of the parent company over 12 months *** | 77 | 711 | 1,848 | 711 |
Average shareholders´ equity attributed to owners of the parent company ** | 27,887 | 28,124 | 27,909 | 28,124 |
Return on equity, % | 0 | 3 | 7 | 3 |
Net debt/equity ratio | Q1 -26 | Q4 -25 | Q1 -25 | 2025 |
Interest-bearing net debt | 6,236 | 6,082 | 5,398 | 6,082 |
Total equity | 27,795 | 27,743 | 28,731 | 27,743 |
Net debt/equity ratio Interest-bearing net debt / EBITDA, multiple | 0.22 | 0.22 | 0.19 | 0.22 |
Interest-bearing net debt | 6,236 | 6,082 | 5,398 | 6,082 |
EBITDA over 12 months*** | 3,188 | 4,098 | 5,644 | 4,098 |
Interest-bearing net debt / EBITDA, multiple Interest-bearing net debt / Adjusted EBITDA, multiple | 2.0 | 1.5 | 1.0 | 1.5 |
Interest-bearing net debt | 6,236 | 6,082 | 5,398 | 6,082 |
Adjusted EBITDA over 12 months*** | 3,312 | 4,176 | 5,390 | 4,176 |
Interest-bearing net debt / Adjusted EBITDA, multiple Adjusted earnings per share, SEK | 1.9 | 1.5 | 1.0 | 1.5 |
Profit attributed to owners of the parent company, SEKm | -219 | 304 | 415 | 711 |
Items affecting comparability, attributed to owners of the parent company, SEKm * | 47 | -272 | - | 6 |
Adjusted profit attributed to owners of the parent company, SEKm | -172 | 32 | 415 | 717 |
Weighted number of outstanding shares, thousands | 248,705 | 248,705 | 248,705 | 248,705 |
Adjusted earnings per share, SEK Working capital as percentage of net sales, % | -0.69 | 0.13 | 1.67 | 2.88 |
Average working capital for the period | 4,540 | 4,477 | 4,641 | 4,513 |
Annualized net sales | 39,301 | 36,953 | 44,403 | 40,488 |
Working capital as percentage of net sales, % | 12 | 12 | 10 | 11 |
* Revenue = -, Cost = +
** Average for the five latest quarters.
***12 months is calculated by adding accumulated amounts for the current year plus full previous year, minus prior year's accumulated amounts for periods exceeding 12 months from the balance sheet date.
Capital employed, SEKm | 31 Mar 2026 | 31 Mar 2025 | 31 Dec 2025 |
Total assets | 48,809 | 49,257 | 47,389 |
Accounts payables | -5,076 | -5,021 | -4,626 |
Other liabilities and provisions | -3,525 | -3,639 | -3,423 |
Deferred tax liabilities | -3,714 | -3,769 | -3,661 |
Non-current receivables (interest-bearing) | -573 | -557 | -573 |
Cash and Cash equivalents | -1,890 | -2,142 | -1,281 |
Capital employed | 34,031 | 34,129 | 33,825 |
Working capital, SEKm | 31 Mar 2026 | 31 Mar 2025 | 31 Dec 2025 |
Inventories | 6,130 | 6,541 | 6,413 |
Accounts receivables | 4,175 | 4,626 | 3,710 |
Other current receivables and current intangible assets | 2,562 | 1,975 | 2,045 |
Accounts payables | -5,076 | -5,021 | -4,626 |
Other current liabilities and provisions | -3,235 | -3,315 | -3,169 |
-Reduction of current provisions | 333 | 29 | 368 |
-Reduction of tax liabilities/receivables | -334 | 91 | -217 |
Working capital | 4,555 | 4,926 | 4,524 |
Interest-bearing net debt, SEKm | 31 Mar 2026 | 31 Mar 2025 | 31 Dec 2025 |
Provisions for pensions | 539 | 591 | 543 |
Interest bearing non-current liabilities | 5,849 | 3,695 | 4,646 |
Non-current lease liabilities | 333 | 333 | 330 |
Interest bearing current liabilities | 1,786 | 3,272 | 2,221 |
Current lease liabillities | 192 | 206 | 196 |
Non-current receivables (interest-bearing) | -573 | -557 | -573 |
Cash and Cash equivalents | -1,890 | -2,142 | -1,281 |
Interest-bearing net debt | 6,236 | 5,398 | 6,082 |
Seasonal effects
Billerud's business is to a relatively limited extent subject to seasonal fluctuations. Periodical maintenance shutdowns have the largest impact, as they involve each unit stopping production for around one week. The loss of production results in lower deliveries over an extended period before, during and after the shutdown. It should also be noted that the Group usually has a somewhat higher cost level in the fourth quarter than in previous quarters.
Planned maintenance shutdownsIn addition to ongoing maintenance during production, Billerud's production units normally require more extensive maintenance at some time during the year. Maintenance requires the production of pulp, paper and board to stop. The main financial impact from a maintenance shutdown comprises of production volume losses arising from the shutdown and increased fixed costs, mainly maintenance and overtime costs, as well as a certain portion of variable
costs including higher consumption of electricity and wood when production is restarted. The effects of shutdowns on earnings vary depending on volume losses, extent of measures carried out, their nature, and the actual length of the shutdown.
The estimated earnings impact of a maintenance shutdown is an indicative impact of a normal shutdown performed in average market conditions, compared with a quarter during which no periodic maintenance shutdown takes place. The estimated cost impact of a maintenance shutdown is calculated as the sum of the fixed costs for the maintenance, increased variable costs associated with the shutdown, and lower fixed cost coverage from reduced capacity utilization during the stops.
The cost impact of the maintenance shutdown at Skärblacka during the first quarter of 2026 was SEK 184 million.
Estimated cost impact from planned maintenance shutdowns Production units Estimated cost impact Breakdown of cost impact Planned dates of maintenance shutdownSEKm | Region Europe | Region North America | 2026 | 2025 | 2024 | |
Gävle | ~ 170 | 100% | 0% | Q3 | Q3 | Q3 |
Gruvön | ~ 240 | 100% | 0% | Q2 | Q1-Q2 | Q2 |
Frövi | ~ 100 | 100% | 0% | Q4 | Q4 | Q4 |
Skärblacka | ~ 160 | 100% | 0% | Q1 | Q2 | Q2 |
Karlsborg | ~ 100 | 100% | 0% | Q3 | Q3 | Q3 |
Pietarsaari | ~ 30 | 100% | 0% | Q2 | - | Q2 |
Rockhammar | ~ 10 | 100% | 0% | Q2 | Q2 | - |
Escanaba | ~ 90 | 0% | 100% | Q3 | Q3 | Q3-Q4 |
Quinnesec | ~ 120 | 0% | 100% | Q2 | - | Q2 |
Key Figures - Definitions and purpose
Adjusted key figures Adjusted key figures on EBITDA, Operating profit, Return on capital employed and Earnings per share provide a better understanding of the underlying business performance and enhance comparability from period to period, when the effect of items affecting comparability are adjusted for. Items affecting comparability can include additional project costs for major projects, major restructuring/write downs/revaluations, litigations, specific impact due to strategic decisions, and significant earnings effects from acquisition and disposals.
EBITDA Operating profit before depreciation, amortization and impairment on non-current intangible, tangible assets and right of use assets. EBITDA is a central measure of operating performance, to assess the performance over time. EBITDA margin, % EBITDA as a percentage of net sales. The measure is used in review as well as for benchmarking with peer companies. Adjusted EBITDA Operating profit before depreciation, amortization and impairment on non-current intangible, tangible assets and right of use assets adjusted for items affecting comparability. Adjusted EBITDA is relevant for assessing performance excluding items affecting comparability. Adjusted EBITDA margin, % Adjusted EBITDA as a percentage of net sales. The measure is used for assessing profitability excluding items affecting comparability. Operating margin, % Operating profit as a percentage of net sales. Operating margin shows the percentage of revenue remaining as operating profit after deducting operating expenses. The measure is used for performance monitoring as well as for benchmarking with peer companies. Adjusted operating profit Operating profit adjusted for items affecting comparability. The measure is used for assessing performance excluding items affecting comparability. Adjusted operating margin, % Adjusted operating profit as a percentage of net sales. The measure is used for assessing performance excluding items affecting comparability. Return on capital employed (ROCE), % Adjusted Return on capital employed (ROCE), %Operating profit calculated over 12 months as a percentage of average capital employed calculated per quarter for the last 5 quarters. 12 months is calculated by adding accumulated amounts for the current year plus full previous year, minus prior year´s accumulated amounts for periods exceeding 12 months from the balance sheet date. The return on capital employed is a measure that shows how effectively total net operating assets are used in order to generate return in the operating business. The measure takes capital invested in the operating activities into account and is used for business performance monitoring and benchmarking with peer companies.
Adjusted operating profit calculated over 12 months as a percentage of average capital employed calculated per quarter for the last 5 quarters. 12 months is calculated by adding accumulated amounts for the current year plus full previous year, minus prior year´s accumulated amounts for periods exceeding 12 months from the balance sheet date. The measure is used for assessing the return on net operating assets excluding items affecting comparability.
Return on equity, % Profit calculated over 12 months, attributable to owners of the parent company, as a percentage of average shareholders' equity calculated per quarter, attributable to owners of the parent company. 12 months is calculated by adding accumulated amounts for the current year plus full previous year, minus prior year´s accumulated amounts for periods exceeding 12 months from the balance sheet date. The measure represents total profitability compared to the equity invested by the parent company's shareholders. Capital employed Total assets less accounts payables, other liabilities and provisions, deferred tax liabilities, non-current receivables (interest-bearing) and cash and cash equivalents. Capital employed is used to quantify the net total assets used in the operating business and is used as a component in measuring operating profitability. Working capital Inventories, accounts receivables, other current receivables and current intangible assets (emission rights) less accounts payables, other current liabilities and reduction of tax liabilities/receivables. The measure shows the amount of current net assets that is tied up in the business. Together with non-current assets, working capital constitutes the operating capital employed to generate operating returns. Interest-bearing net debt The sum of provisions for pensions, interest-bearing liabilities and leasing liabilities less interest-bearing non-current receivables and cash and cash equivalents. The measure is used to quantify the debt financing, taken the amount of financial assets into account. The measure is used as a component in measuring financial risk. Net debt/equity ratio Interest-bearing net debt divided by equity. The ratio shows the mix between interest-bearing net debt and equity financing. A higher ratio means higher financial leverage and may have positive effects on return on equity but imply a higher financial risk. Interest-bearing net debt/EBITDA, multiple Interest-bearing net debt/adjusted EBITDA, multipleInterest bearing net debt at the end of the period divided by EBITDA for the last 12 months. 12 months is calculated by adding accumulated amounts for the current year plus full previous year, minus prior year´s accumulated amounts for periods exceeding 12 months from the balance sheet date. The measure shows the size of the interest-bearing net debt compared to the repayment capacity. A higher (lower) ratio indicates a higher (lower) risk.
Interest bearing net debt at the end of the period divided by adjusted EBITDA for the last 12 months. 12 months is calculated by adding accumulated amounts for the current year plus full previous year, minus prior year´s accumulated amounts for periods exceeding 12 months from the balance sheet date. The measure is used for assessing the repayment capacity excluding items affecting comparability.
(Basic) earnings per share Profit attributable to owners of the parent, divided by the average number of outstanding ordinary shares in the market. Adjusted earnings per share Profit attributable to owners of the parent adjusted for items affecting comparability after tax, divided by the average number of outstanding ordinary shares in the market. The measure is used for assessing earnings per share excluding items affecting comparability. Working capital as percentage of net sales, % Operating cash flow after investments in tangible and non-current intangible assetsAverage working capital is calculated by using the average of all quarterly periods during the interim period from the beginning of the financial year, divided by annualized net sales. Annual net sales are calculated by dividing the net sales for the most recent interim period from the beginning of the financial year by the number of months in this interim period and multiplying by twelve. Working capital in relation to net sales shows how effectively the working capital is used. A lower percentage means less capital is tied up to generate a given amount of revenue, and an increased ability to internally finance growth and return to shareholders.
Cash flow from the operating activities, including investments in tangible and non-current intangible assets. The measure shows cash flow generated in the operating business, which provides the amount of cash flows available to repay debt, acquire and invest in other businesses and pay dividends to the shareholders.
Cash conversion, % Cash flow from operating activities divided by EBITDA. This measure is used for assessing the generation of cash of the operating profit before depreciation, amortization and impairment of non-current assets.Parent company
SEKm | Q1 -26 | Q1 -25 | |
Operating income* | 176 | -57 | 531 |
Operating expenses | -192 | -258 | -803 |
Operating profit/loss | -16 | -315 | -272 |
Financial income and expenses | -92 | -101 | 5,853 |
Profit/Loss after financial income and expenses | -108 | -416 | 5,581 |
Appropriations | - | - | 400 |
Profit/loss before tax | -108 | -416 | 5,981 |
Taxes | 13 | 86 | -5 |
Net profit/loss for the period | -95 | -330 | 5,976 |
* Including currency hedging etc.
Condensed balance sheet Quarter Full year 2025SEKm | 31 Mar 2026 | 31 Mar 2025 | 31 Dec 2025 |
Non-current assets Current assets | 21,667 15,839 | 16,263 19,278 | 21,662 14,933 |
Total assets | 37,506 | 35,541 | 36,595 |
Shareholders' equity | 17,650 | 12,308 | 17,742 |
Untaxed reserves | 1,405 | 1,405 | 1,405 |
Provisions | 315 | 316 | 324 |
Liabilities | 18,136 | 21,512 | 17,124 |
Total equity and liabilities | 37,506 | 35,541 | 36,595 |
Quarterly data
Billerud's packaging material business is governed in two operating segments based on the region in which the products are manufactured: Region Europe and Region North America.
Other includes Procurement & Wood Supply in Europe, ScandFibre Logistics AB, Consolidated Waterpower Company, rental operations, dormant companies, idle assets, income from sale of businesses, items affecting comparability and costs due to increased investments in the production structure.
Other also includes Group-wide functions, Group eliminations and profit/loss from participation in associated companies. Currency hedging etc. includes results from hedging of the Group's net currency flows and revaluation of accounts receivables as well as payments from customers. The two last mentioned are presented separately as currency hedging etc. The part of the currency exposure that relates to changes in exchange rates when invoicing and purchasing are included in the regions' profit/loss.
Quarterly net sales per region and for the GroupSEKm | 2026 Q1 | Q4 | Q3 | 2025 | Q2 | Q1 | Q4 | 2024 Q3 | Q2 |
Region Europe | 6,191 | 5,798 | 6,231 | 6,481 | 7,130 | 7,431 | 6,980 | 7,011 | |
Region North America | 2,748 | 2,742 | 2,960 | 2,891 | 3,190 | 3,175 | 3,138 | 3,046 | |
Other | 779 | 661 | 681 | 802 | 949 | 826 | 701 | 759 | |
Currency hedging, etc. | 107 | 37 | 33 | 70 | -168 | 36 | -21 | -52 | |
Total Group | 9,825 | 9,238 | 9,905 | 10,244 | 11,101 | 11,468 | 10,798 | 10,764 | |
2026 | 2025 | 2024 | |||||||
SEKm | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | |
Region Europe | 121 | 359 | 652 | 333 | 1,054 | 888 | 1,106 | 630 | |
Region North America | 453 | 538 | 467 | 622 | 680 | 606 | 575 | 563 | |
Other | -204 | 156 | -443 | -115 | -178 | 286 | -105 | -257 | |
Currency hedging, etc. | 108 | 37 | 32 | 72 | -168 | 36 | -21 | -52 | |
Total Group | 478 | 1,090 | 708 | 912 | 1,388 | 1,816 | 1,555 | 884 | |
2026 | 2025 | 2024 | ||||||||||||||
% | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | ||||||||
Region Europe | 2 | 6 | 10 | 5 | 15 | 12 | 16 | 9 | ||||||||
Region North America | 16 | 20 | 16 | 22 | 21 | 19 | 18 | 18 | ||||||||
Group | 5 | 12 | 7 | 9 | 13 | 16 | 14 | 8 | ||||||||
Region Europe Region North America Other
Currency hedging, etc. Total Group Maintenance shutdowns
Items affecting comparability
EBITDA Q1 Q4 Q3 Q2305
453
-157
108
709-184
-47
478455
538
-116
37
914-96
272
1,090911
569
-93
32
1,419-361
-350
708714
622
-115
72
1,293-381
-
912 Q11,094
680
-178
-168
1,428-40
-
1,388 Q4977
626
-87
36
1,552-109
373
1,816 Q31,368
661
-105
-21
1,903-348
-
1,555 Q21,026
682
-138
-52
1,518-515
-119
884 Adjusted quarterly EBITDA margin, excluding planned maintenance shutdowns, per region and for the Group2026 | 2025 | 2024 | ||||||||||||||
% | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | ||||||||
Region Europe | 5 | 8 | 15 | 11 | 15 | 13 | 20 | 15 | ||||||||
Region North America | 16 | 20 | 19 | 22 | 21 | 20 | 21 | 22 | ||||||||
Total Group | 7 | 10 | 14 | 13 | 13 | 14 | 18 | 14 | ||||||||
2026 | 2025 | 2024 | |||||||
SEKm | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | |
Region Europe | -409 | -136 | 153 | -164 | 563 | 408 | 629 | 161 | |
Region North America | 302 | 386 | 314 | 439 | 479 | 406 | 387 | 376 | |
Other | -230 | 108 | -490 | -159 | -236 | 241 | -144 | -314 | |
Currency hedging, etc. | 108 | 37 | 32 | 72 | -168 | 36 | -21 | -52 | |
Total Group | -229 | 395 | 9 | 188 | 638 | 1,091 | 851 | 171 | |
2026 | 2025 | 2024 | ||||||||||||||
% | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | ||||||||
Region Europe | -7 | -2 | 2 | -3 | 8 | 5 | 9 | 2 | ||||||||
Region North America | 11 | 14 | 11 | 15 | 15 | 13 | 12 | 12 | ||||||||
Total Group | -2 | 4 | 0 | 2 | 6 | 10 | 8 | 2 | ||||||||
2026 | 2025 | 2024 | ||||||||||||
ktonnes | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | ||||||
Region Europe | 660 | 595 | 624 | 626 | 670 | 706 | 662 | 675 | ||||||
Region North America | 239 | 231 | 246 | 237 | 242 | 234 | 236 | 220 | ||||||
Total Group | 899 | 826 | 870 | 863 | 912 | 940 | 898 | 895 | ||||||
Annual General Meeting 26 May 2026
Q2 2026 report 17 July 2026
Q3 2026 report 22 October 2026
PresentationBillerud's interim report for January-March 2026 will be presented on Tuesday 28 April at 9:30 CEST in a webcasted telephone conference, that can be followed on: https://edge.media-server.com/mmc/p/suu9k7sw
To participate via telephone, and thereby be able to ask questions, please register here: https://register-conf.media-server.com/register/BIbe4c8d697ebc4862b7abf44000f27a96
For further informationAndrei Krés, CFO, +46 8 553 335 72
Lena Schattauer, Director Investor Relations, +46 8 553 335 10 ir@billerud.com
The report has not been reviewed by the company's auditors. The English version is a translation of the Swedish original.
Billerud Aktiebolag (publ) • Postal address: Box 703, SE-169 27 Solna, Sweden • Visitors' address: Evenemangsgatan 17
Company reg. no. 556025-5001 • Tel +46 8 553 335 00
www.billerud.com
This information constituted inside information prior to publication. This is information that Billerud AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 07.00 CEST on 28 April 2026.
Interim report Billerud Aktiebolag (publ) January-March 2026