Billerud AB
BILL
ISIN SE0000862997 / Valor 1313926
Billerud AB
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About company
Billerud AB is a Swedish industrial company that develops and manufactures fiber‑based packaging materials and paper products for consumer and industrial customers. Its product range includes various paperboards, sack and kraft papers, and specialty papers used by brand owners, converters and packagers across sectors such as food and beverage, e‑commerce, and industrial goods, and it also supplies process pulp. The company operates pulp and paper mills in the Nordic region, offers packaging design and converting services alongside raw materials, and sells its products internationally; it is publicly traded on Nasdaq Stockholm.
Summarized from source with an LLMView SourceSector: Non-Energy MaterialsLatest Results (24.05.2026):
Billerud AB – Q4 2025: Results were mixed across regions. For the fourth quarter of 2025 Billerud AB reported net sales down 19% to SEK 9,238m and adjusted EBITDA down 43% to SEK 818m (adjusted EBITDA margin 9%). Operating profit fell to SEK 395m and net profit to SEK 304m (EPS SEK 1.22). North America continued to deliver strong profitability while Europe saw weak demand and oversupply; the Board proposes a SEK 2.00 dividend per share.
Headline numbers (Q4 2025)
Net sales Q4: SEK 9,238m (-19% vs Q4 2024). Adjusted EBITDA Q4: SEK 818m (-43%), adjusted EBITDA margin 9% (13). Operating profit Q4: SEK 395m (-64%). Net profit Q4: SEK 304m (-62%), EPS SEK 1.22 (3.24).
Full-year snapshot (2025)
Net sales FY 2025: SEK 40,488m (-7%). Adjusted EBITDA FY: SEK 4,176m (-19%), adjusted EBITDA margin 10%. Net profit FY: SEK 711m (-59%). Capex 2025: SEK 2,656m. FY net result from emission rights: +SEK 507m.
Regional performance — North America
Region North America remained strong in Q4 with an EBITDA margin of about 20% and sustained solid market conditions. The CEO notes the region contributed roughly half of Group EBITDA in 2025 while representing ~one third of net sales; ongoing Evolution investments in US mills continue.
Regional performance — Europe
Region Europe was the primary drag: weak board demand, oversupply and negative price/mix effects. Q4 Europe sales fell and EBITDA dropped to SEK 359m (margin 6%). Production was curtailed to match demand.
Cash flow and balance sheet
Operating cash flow after investments in Q4: SEK -491m (Q4 2024: +1,106m); cash conversion Q4: 38% (95%). Interest‑bearing net debt at 31 Dec 2025: SEK 6,082m; net debt / adjusted EBITDA ~1.5x. Liquidity includes available facilities and commercial paper activity in Q4.
Capital allocation & dividend
The Board proposes a dividend of SEK 2.00 per share for 2025 (previous year SEK 3.50), roughly 70% of net profit. 2026 capex guidance ~SEK 2.6bn (approx. SEK 0.6bn strategic, SEK 2.0bn maintenance).
Cost actions and outlook
A cost saving program launched Sept 2025 targets up to 650 positions, SEK 350m restructuring charged in Q3 and expected annualized savings SEK 800m from 2027 (target SEK 500m in 2026). Outlook: continued weak Q1 2026 in Europe, sustained solid North America and lower Nordic pulpwood costs expected to accelerate.
Other notable items
Q4 included a positive revaluation of biological assets in an associated company (classified as item affecting comparability) of SEK +272m. Billerud will not receive emission rights from 2026 onwards. On 29 Jan 2026 Billerud decided to exit the Viken Skog BCTMP JV; estimated non‑cash item ~SEK -50m to be reported in Q1 2026.
Summarized from source with an LLMView SourceKey figures
Performance
Volatility
1653 M
Market cap (USD)
574,793
Daily traded volume (Shares)
101.3 / 99.4
1 day high/low (USD)
52 weeks high/low (USD)
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Ratings & reviews
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