Slides
Page 1
Sales growth and continued profitability recovery Interim report January–September 2026 Ivar Vatne President & CEO Andrei Krés CFO 22 October 2026
Page 2
Performance and key highlights Q3 2026 INTERIM REPORT JANUARY-SEPTEMBER 2026 SEKm Q3-26 Change vs Q2-26 Change vs Q3-25 Net sales 10,166 +3% +3% Adjusted EBITDA 1,032 +56% -2% Adjusted EBITDA margin 10% +3 pp -1 pp Adjusted operating profit (adj EBIT) 311 n/a -13% Adjusted operating profit margin 3% +4 pp -1 pp Cash flow from operating activities 1,306 +103% +33% Cash conversion 127% +30 pp -12 pp EPS (SEK) 0.85 n/a n/a Sales growth in both regions Positive pricing impact across most categories Continued EBITDA margin improvement in Region Europe Successful upgrade of assets in North America Strong cash conversion of 127%
Page 3
Milestone in our North American Evolution journey – key technical upgrades completed phase # 1 INTERIM REPORT JANUARY-SEPTEMBER 2026 ktons Q3 '25 Q4 '25 Q1 '26 Q2 '26 Q3 ’26 Sales volume 3 4 6 9 11 Annualized 10 16 23 36 44 Packaging materials, Region North America (locally produced) Enhanced production capabilities in roll handling / roll wrap / winder station arms to different dimensions
Page 4
1) Net Sales in 2025 for Region Europe and Region North America. Does not include Currency hedging and Other, not allocated to end-use segments. Continued solid market fundamentals for Region North America Slightly improved conditions for Region Europe Net sales per geography % of total Net sales1) SEK 12.8bn 34% SEK 16.5bn 45% SEK 8.1bn 21% Main markets US, Canada Germany, Italy, Sweden Spain, UK, Finland China, Turkey, Mexico, South Africa, India Billerud's conditions Q3 Normal Normalizing Normal Food & beverages (~50%) Normal Normalizing Normal Printing & publishing (~20%) Normal Consumer & luxury (~10%) Normal Weak Weak Industrial (~20%) Normal Normalizing Normal EuropeNorth America Asia & RoW INTERIM REPORT JANUARY-SEPTEMBER 2026
Page 5
Back to sales growth with higher volumes in both regions INTERIM REPORT JANUARY-SEPTEMBER 2026 Net sales, SEKmNet sales, SEKm +3% Q3’25 Currency impact Price Volume Mix Q3’26 9 905 0% -1% 4% 0% 10 166
Page 6
Fixed cost savings and higher volumes more than offset negative pricing and loss of emission rights INTERIM REPORT JANUARY-SEPTEMBER 2026 Adj EBITDA, SEKm Adj. EBITDA% 11% 10% -2% 11% 1,058 1,074 1,032120 45 150 Q3 2025 Currency Pricing excl. Pulp Volume & Mix Raw Materials Emission Rights Cost saving program Other Q3’26 Adj. for maintenance deviation Maintenance Shutdown Q3 2026 -50 -80 -105 -64 -42
Page 7
Region Europe INTERIM REPORT JANUARY-SEPTEMBER 2026
Page 8
INTERIM REPORT JANUARY-SEPTEMBER 2026 • Continued profitability recovery supported by price increases and successful execution of cost saving program • Sequentially higher sales volumes across most product categories • Pulpwood prices expected to remain on current level for Q4 • Lower maintenance activity and selective price opportunities into Q4 Share of net sales Q3 2026 Region Europe 63% 902 700 784 630 1,106 888 1,054 333 652 359 121 465 734 13 11 11 9 16 12 15 5 10 6 2 8 12 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 EBITDA, SEKm EBITDA margin, %
Page 9
INTERIM REPORT JANUARY-SEPTEMBER 2026 Region North America
Page 10
INTERIM REPORT JANUARY-SEPTEMBER 2026 • Stable sales volumes despite operational challenges in the quarter • Operating rates at 93% • Strong order books into Q4 • Pricing actions offsetting fuel price driven cost inflation • Lower maintenance activity in Q4 Region North America Share of net sales Q3 2026 31% 467 306 447 563 575 606 680 622 467 538 453 399 472 16 11 16 18 18 19 21 22 16 20 16 13 15 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 EBITDA, SEKm EBITDA margin, %
Page 11
Input costs INTERIM REPORT JANUARY-SEPTEMBER 2026 GROUP
Page 12
Fiber Chemicals Energy Logistics Europe North America INTERIM REPORT JANUARY-SEPTEMBER 2026 Trend arrows refer to input cost development during Q3-26 vs Q2-26 Q3: Overall flat input cost development in the quarter
Page 13
Q4: Continued input cost inflation driven by elevated fuel prices and higher energy costs Fiber Chemicals Energy Logistics Europe North America INTERIM REPORT JANUARY-SEPTEMBER 2026 Trend arrows refer to expected input cost development in Q4-26 vs Q3-26
Page 14
Strong cash conversion reducing leverage INTERIM REPORT JANUARY-SEPTEMBER 2026 Strategic capex: SEK 0.5bn Base capex: SEK 2.1bn CAPEX of SEK 2.6bn in 2027 Strong cash conversion of 127% in Q3 Net debt/EBITDA 2.0x Reduced 2026 capex due to phasing of Evolution program 6.9 5.3 5.4 5.8 5.6 6.1 6.2 6.6 5.9 1.5 1.0 1.0 1.1 1.2 1.5 1.9 2.2 2.0 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Net debt and Net debt/adj EBITDA Net debt, SEKbn Net debt to adj EBITDA, multiple 0.4 1.7 0.6 1.2 1.0 0.4 0.3 0.6 1.3 -0.1 1.1 0.2 0.6 0.3 -0.5 -0.1 0 0.7 28 95 41 131 139 38 55 97 127 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Cash flow and cash conversion Operating cash flow, SEKbn Operating cash flow after investments, SEKbn Cash conversion, % Strategic capex: SEK 0.4bn Base capex: SEK 2.0bn CAPEX of SEK 2.4bn in 2026
Page 15
Outlook for Q4 2026 INTERIM REPORT JANUARY-SEPTEMBER 2026 Stable market conditions in both regions Positive pricing expected to offset input cost inflation Reduced impact from maintenance shutdowns
Page 16
INTERIM REPORT JANUARY-SEPTEMBER 2026