Billerud (BILL) Q3 2026 earnings summary

Executive summary

• Q3 net sales rose 3% YoY to SEK 10,166m; adjusted EBITDA was SEK 1,032m, down 2% YoY and up 56% sequentially, with a 10% margin and 127% cash conversion.

• Higher volumes, pricing actions and cost savings supported profitability recovery, especially in Europe; results were broadly in line with expectations.

Financial highlights

• Net sales increased 3% YoY to SEK 10,166m; the sales bridge included volume +3%, mix +4%, price flat and currency impact -1%.

• Adjusted EBITDA was SEK 1,032m, down 2% YoY and up 56% QoQ; adjusted EBITDA margin was 10%, versus 11% a year earlier.

• Adjusted operating profit was SEK 311m versus SEK 9m; net profit was SEK 212m versus a SEK 63m loss, and EPS was SEK 0.85.

• Cash flow from operating activities was SEK 1,306m, up 33% YoY; operating cash flow after investments was SEK 712m versus SEK 270m.

• 9M net sales fell 5% YoY to SEK 29,825m and adjusted EBITDA was SEK 2,218m versus SEK 3,358m.

Outlook and guidance

• Q4 market conditions are expected to remain stable in both regions; positive pricing is expected to offset higher input costs, particularly energy and fuel.

• Q4 input-cost headwinds are expected at SEK 60m sequentially, with roughly two-thirds from logistics; pricing is expected to improve ~1% sequentially in each region.

• Europe volumes may ease as customers manage year-end inventories; order books remain solid and selective pricing opportunities remain.

• Cost-saving program remains on track for SEK 550m in 2026, with another SEK 250m targeted for 2027; Q4 savings impact is expected at SEK 150m.

• Nordic pulpwood prices are expected to remain stable; lower Q4 maintenance activity will reduce shutdown impacts, while the Frövi shutdown is expected to cost SEK 80m.