Billerud Ab · OMXSTO:BILL
Billerud Ab — Q3 2026 Earnings Presentation
16 slides from Billerud Ab's earnings presentation, Oct 22, 2026
Slide 1: Sales growth and continued profitability recovery
Sales growth and continued profitability recovery Interim report January–September 2026 Ivar Vatne Andrei Krés President & CEO CFO 22 October 2026
Slide 2: Performance and key highlights Q3 2026
INTERIM REPORT JANUARY-SEPTEMBER 2026 Performance and key highlights Q3 2026 Q3-26 Change Change SEKm vs Q2-26 vs Q3-25 Sales growth in both regions Net sales 10,166 +3% +3% Adjusted EBITDA 1,032 +56% -2% Positive pricing impact across most categories Adjusted EBITDA margin 10% +3 pp -1 pp Adjusted
Slide 3: Milestone in our North American Evolution journey
INTERIM REPORT JANUARY-SEPTEMBER 2026 Milestone in our North American Evolution journey – key technical upgrades completed phase # 1 Packaging materials, Region North America (locally produced) ktons Q3 '25 Q4 '25 Q1 '26 Q2 '26 Q3 ’26 Sales volume 3 4 6 9 11 Annualized 10 16 23 36 44 Enhanced produc
Slide 4: Continued solid market fundamentals for Region North America
INTERIM REPORT JANUARY-SEPTEMBER 2026 Continued solid market fundamentals for Region North America Slightly improved conditions for Region Europe North America Europe Asia & RoW Net sales per geography SEK 12.8bn SEK 16.5bn SEK 8.1bn % of total Net sales1) 34% 45% 21% Germany, Italy, Sweden China, T
Slide 5: Back to sales growth with higher volumes in both regions
INTERIM REPORT JANUARY-SEPTEMBER 2026 Back to sales growth with higher volumes in both regions Net sales, SEKm +3% 4% 10 166 0% 9 905 0% -1% Q3’25 Currency Price Volume Mix Q3’26 impact
Slide 6: Fixed cost savings and higher volumes more than offset negative pricing
INTERIM REPORT JANUARY-SEPTEMBER 2026 Fixed cost savings and higher volumes more than offset negative pricing and loss of emission rights Adj EBITDA, SEKm -2% 150 1,058 45 1,074 120 1,032 -64 -50 -42 -105 -80 Q3 2025 Currency Pricing excl. Pulp Volume & Mix Raw Materials Emission Rights Cost saving
Slide 7: Region Europe
INTERIM REPORT JANUARY-SEPTEMBER 2026 Region Europe
Slide 8: Region Europe
INTERIM REPORT JANUARY-SEPTEMBER 2026 • Continued profitability recovery supported by price increases and successful execution of cost saving program Region • Sequentially higher sales volumes across most product categories Europe • Pulpwood prices expected to remain on current level for Q4 • Lower
Slide 9: Region North America
INTERIM REPORT JANUARY-SEPTEMBER 2026 Region North America
Slide 10: Region North America
INTERIM REPORT JANUARY-SEPTEMBER 2026 • Stable sales volumes despite operational challenges in the quarter Region • Operating rates at 93% North • Strong order books into Q4 America • • Pricing actions offsetting fuel price driven cost inflation Lower maintenance activity in Q4 21 22 19 20 18 18 16
Slide 11: Input costs
INTERIM REPORT JANUARY-SEPTEMBER 2026 GROUP Input costs
Slide 12: Q3: Overall flat input cost development in the quarter
INTERIM REPORT JANUARY-SEPTEMBER 2026 Q3: Overall flat input cost development in the quarter Fiber Chemicals Energy Logistics Europe North America Trend arrows refer to input cost development during Q3-26 vs Q2-26
Slide 13: Q4: Continued input cost inflation driven by elevated fuel prices and higher energy costs
INTERIM REPORT JANUARY-SEPTEMBER 2026 Q4: Continued input cost inflation driven by elevated fuel prices and higher energy costs Fiber Chemicals Energy Logistics Europe North America Trend arrows refer to expected input cost development in Q4-26 vs Q3-26
Slide 14: Strong cash conversion reducing leverage
INTERIM REPORT JANUARY-SEPTEMBER 2026 Strong cash conversion reducing leverage Cash flow and cash conversion Strong cash conversion of 127% in Q3 28 95 41 131 139 38 55 97 127 1.7 1.3 Net debt/EBITDA 2.0x 1.1 1.2 1.0 0.6 0.6 0.7 0.6 0.4 0.4 0.2 0.3 0.3 Reduced 2026 capex due to phasing of Evolution
Slide 15: Outlook for Q4 2026
INTERIM REPORT JANUARY-SEPTEMBER 2026 Outlook for Q4 2026 Stable market conditions in both regions Positive pricing expected to offset input cost inflation Reduced impact from maintenance shutdowns
Slide 16: INTERIM REPORT JANUARY-SEPTEMBER 2026
INTERIM REPORT JANUARY-SEPTEMBER 2026