BillerudKorsnäs AB (publ)

Q3 delivered “close to expectations” and turned back to growth (profitability recovery trend continues) - Net sales: +3% vs. prior year (+2% currency-neutral) and up sequentially. - Drivers: Volume growth in both regions (Europe +5% volume, North America +2%), and positive pricing momentum in most categories (though total pricing remains negative, especially in Europe). - EBITDA / margins: EBITDA roughly flat YoY (headwinds offset by savings + volume), but sequentially EBITDA up >50%. - Europe momentum standout: Europe EBITDA margin in Q3 highest since beginning of 2025 (driven by pricing + cost actions).

Europe: cost actions are “sticky,” but demand is still mixed; Q4 volume expectations tempered - Savings program: cost out measures on variable + fixed costs are on track to deliver ~SEK 550m in 2026 cost savings, with impact extending into 2027. - Sequential improvement: Europe volumes +7% sequentially, strong in containerboard and sack. - Demand backdrop: sentiment improved but consumer demand muted; luxury still weak. Food & beverages + industrial normalizing, especially helpful for Europe. - Q4 outlook on volumes: management expects somewhat lower volumes in Q4 as customers manage year-end inventories / working capital (orders coming in late; strong order books still support delivery but volumes likely slightly down vs Q3).

North America: program Evolution milestone reached; profitability strong but operations had “one-off-ish” challenges - Operational / operational performance: Q3 15% EBITDA margin; sequential deliveries stable despite challenges. - Evolution / Capabilities: at Escanaba installed new equipment (roll handling, roll wrap, winders, sheet dewatering upgrades) enabling heavy basis weight production—supports shift toward packaging materials. - Commercial: record sales quarter in Q3, expecting to exceed in Q4. - Challenges noted: downtime/efficiency impacts tied to Escanaba ramp after annual shut and packaging materials ramp; management expects further step-up in performance in Q4 (improving into early October), but did not quantify precisely.