Billerud AB Reports Challenging Q3 2025 Amid European Market Weakness, Strong North American Performance

Billerud AB reported an 8% decline in net sales to SEK 9,905 million for Q3 2025, driven by lower sales volumes and currency headwinds, mainly affecting Europe. Currency-neutral sales declined by 4%. Despite these challenges, adjusted EBITDA remained solid at SEK 1,058 million with an 11% margin, showing sequential improvement. North America delivered strong performance, benefiting from favorable market dynamics including positive effects from U.S. import tariffs and increased customer demand, with a 16% EBITDA margin. Europe faced subdued packaging demand, cost inflation, and structural overcapacity, causing production curtailments and operational challenges, including maintenance stops impacting costs. Billerud launched an SEK 800 million annual cost-saving program targeting improved competitiveness and operational efficiency, with full effects expected by the end of 2026. Innovation continued with new cartonboard grades for recyclable packaging. The company maintained excellent cash conversion at 139% and remains focused on portfolio evolution and long-term strategic growth.