Billerud (BILL) Jefferies Paper & Packaging Summit Presentation summary

Market leadership and product portfolio

• Leading provider of high-performance paper and packaging materials, serving over 100 countries across six continents.

• Holds top market positions in Europe and North America for liquid packaging board, graphic paper, and specialty papers.

• Focuses on lighter, stronger, and more sustainable materials for diverse customer applications.

Strategic direction and operational focus

• Strategy emphasizes safety, sustainability, and evolving product mix toward packaging materials.

• North America: Commitment to graphic/specialty papers, evolving toward packaging, optimizing capacity and profitability.

• Europe: Strengthening performance through asset efficiency, cost-competitive fiber access, and customer focus.

Financial performance and goals

• 2024 net sales grew 20% year-over-year, with strong profit delivery in North America and improved profitability in Europe.

• Q4 2024 adjusted EBITDA margin at 13%, with cash conversion at 95% and net debt/EBITDA reduced to 1.0x.

• Financial targets include EBITDA margin >11%, ROCE >15%, cash conversion >80%, and net debt/EBITDA <2.5.