Sweden · Delayed Price · Currency is SEK Billerud AB Earnings Call Transcripts
Fiscal Year 2026
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Q2 saw improved profitability and strong cash conversion, with North America delivering robust sales and Europe showing sequential gains. Price increases and cost-saving measures are driving results, while Q3 is expected to benefit from further pricing and stable demand.
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Q1 2026 saw strong North American results but continued European challenges, with group profit down year-over-year due to price pressure, FX, and emission rights loss. Cost-saving programs are ahead of plan, and Q2 is expected to benefit from lower pulpwood costs and price increases.
Fiscal Year 2025
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North America delivered strong growth and profitability in 2025, while Europe struggled with weak demand, oversupply, and pricing pressure. Cost-saving measures and falling pulpwood prices are expected to provide significant relief in 2026, with a SEK 2 per share dividend proposed.
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Q3 2025 saw strong North American results offset by weak European markets, with net sales down 8% year-over-year. A SEK 800 million cost-saving program was launched, and lower pulp wood costs are expected to benefit results in 2026.
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North America delivered strong growth and profitability, while Europe faced weak demand, oversupply, and pricing pressure. Cash flow and balance sheet remain robust, with CapEx guidance lowered due to delayed North American investments.
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Q1 2025 saw 7% sales growth and strong profitability, with North America leading in volume and margin gains. Outlook for Q2 is stable, with price increases and heavy maintenance in Europe, while tariffs and consumer sentiment add uncertainty for H2.
Fiscal Year 2024
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2024 saw strong sales and profitability growth, led by North America, while Europe faced challenges from weak demand and high costs. Efficiency gains and price increases supported margins, with optimism for 2025 tempered by ongoing uncertainty and temporary Q1 volume dips in Europe.
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Management outlined a sharpened strategy focused on value over volume, with North America evolving toward packaging and Europe prioritizing efficiency and profitability. New financial targets include an EBITDA margin above 15% and a Net Zero goal by 2040, supported by modest CapEx and strong sustainability initiatives.
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Net sales grew 6% and EBITDA improved 33% year-over-year, driven by strong North America volumes and positive pricing in Europe. Market sentiment worsened in Europe, with cost inflation and lower volumes expected in Q4, while North America remains stable.
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Net sales rose 8% year-over-year, with strong profitability in both Europe and North America, driven by volume, mix, and efficiency gains. Q3 is expected to see further price increases offsetting input cost inflation, especially in Europe, with cautious optimism for continued market improvement.