Billerud has presented its interim report for January to September 2025. The company reports lower consolidated sales for Q3, but at the same time a sequentially higher adjusted EBITDA margin, very strong cash conversion and a savings programme that is expected to generate SEK 800 million annually.
In the third quarter, sales fell to SEK 9.905 billion (-8 %), adjusted EBITDA totalled SEK 1.058 billion and the adjusted EBITDA margin was SEK 11 %. Operating profit totalled SEK 9m; cash conversion reached SEK 139 %. For Q4, Billerud expects continued robust conditions in North America and a continued weak environment in Europe.
Regional development and market situation
In North America, Billerud is benefiting from favourable market conditions and additional customer interest since the introduction of US import tariffs; adjusted for currency effects, net sales there grew by 4 % and the EBITDA margin was 16 %. In Europe, weak demand for packaging, cost inflation, currency effects and structural overcapacity in the board segment had a negative impact; the EBITDA margin was 10 %.
For Q4, the company anticipates price and demand pressure in Europe, particularly for board and containerboard, while graphic and label papers in North America remain solid.
Savings programme and portfolio progress
Billerud launched a Group-wide savings programme in September, which is expected to make a significant positive contribution from Q1 2026 and take full effect by the end of 2026; up to 650 jobs could be eliminated. Restructuring costs of SEK 350 million were recognised in Q3. At the same time, the company is pushing ahead with the portfolio shift in the USA towards packaging materials: according to the company, the new Tribute and Voyager products are gaining traction and the first deliveries of white kraftliner and cardboard produced in the USA have been made.
Products, maintenance and investments
To strengthen the packaging business in demanding applications, Billerud introduced two new cardboard grades: Crownboard light and Crownboard carry (high strength, e.g. for beverage multipacks). Planned downtime had a negative impact of around SEK 361 million in Q3. The US investment initiative „Evolution“ to enable board qualities in Escanaba/Quinnesec is making progress, the company concludes.
Source: Billerud
