Billerud (BILL) Kepler Cheuvreux Autumn Conference 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.

Financial performance and goals

• 2024 net sales reached SEK 43.5 billion with EBITDA of SEK 5.2 billion and a 12% margin.

• Financial targets include EBITDA margin above 11%, ROCE above 15%, and cash conversion over 80%.

• Net debt/EBITDA maintained at 1.1x after dividend payout; capex guidance for 2025 reduced to SEK 3.1 billion.

Regional strategies and operations

• Europe: World-leading producer of premium board and paper from fresh fibers, with six integrated mills and SEK 28.3 billion in net sales.

• North America: Leading domestic supplier with SEK 12.1 billion in net sales, focusing on graphic and specialty papers and evolving toward packaging materials.

• Clarified roles for each product category to maximize business performance and drive value in selected applications.