Billerud-Positive momentum into Q3’26-07/19/2026

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Billerud-Positive momentum into Q3’26-07/19/2026

Billerud

QUARTERLY REVIEW | 19 JUL 2026

Positive momentum into Q3’26 Target price (SEK) 94

We reiterate Buy after Billerud’s Q2’26 report, with target price of SEK Share price (SEK) 69

94 (92). Profitability will continue to strengthen into Q3’26, and the

Billerud share price typically performs well during times of rising

indicators.

Stronger than expected in Q2’26

Billerud delivered a stronger result than expected in Q2’26, driven by a rebound Forecast changes

in earnings in Europe while North America continued to perform well. Cost savings % 2026e 2027e 2028e

are coming along according to plan. Billerud are evaluating opportunities to play Revenues 2 2 2

an active role in addressing industry challenges.

EBITDA 34 13 1

Improvements continue EBIT adj NM 45 2

Billerud sees somewhat improved market conditions and strong order books and EPS reported NM 57 2

expects positive pricing impact in both Region Europe and Region North America EPS adj NM 57 2

with overall flat input cost development. The June NIER indicators confirmed Source: Pareto Securities

strengthened conditions throughout Q2, and July numbers are due at the end of

the month. Ticker BILL.ST, BILL SS

We reiterate Buy Sector Pulp & Paper

Shares fully diluted (m) 248.7

The Billerud share typically performs well in times of rising indicators regarding

Market cap (SEKm) 17,086

selling price expectations, and we expect no exception for the current cycle. We

have raised our target price to SEK 94 (92) due to estimate revisions as the Net debt (SEKm) 6,003

rebound in Q2’26 was stronger than anticipated. Minority interests (SEKm) 0

Enterprise value 26e (SEKm) 23,089

Free float (%) 84

Total Return Index

SEKm 2024 2025 2026e 2027e 2028e 80