Billerud AB (publ) (BLRDY) Q3 2025 Earnings Call Transcript

Operator

Good day, and thank you for standing by. Welcome to the Billerud Q3 Report 2025. [Operator Instructions] Please be advised today’s conference is being recorded. I would now like to hand the conference over to your first speaker today, Lena Schattauer, Head of IR. Please go ahead.

Lena Schattauer
Head of Investor Relations & Director Investor Relations

Good morning, and welcome to Billerud’s Q3 2025 Earnings Call. As usual, our President and CEO, Ivar Vatne; and our CFO, Andrei Kres, will give you an overview of the results and the highlights in the third quarter. The presentation will be followed by a Q&A session.

So with that, I hand over to Ivar to begin.

Ivar Vatne
President & CEO

Thank you, Lena, and good morning, everyone, and thanks for listening in this early Thursday morning. Yet again, it’s a tale of 2 stories for our quarterly report, summarized quite well in the heading here on the slide.

It’s been a quarter that landed quite close to our expectations with another strong quarter for our Region North America, while weak market conditions are weighing down on Region Europe.

Let’s get into the details. So next slide, please. And if we start from the top, net sales is down 8% versus a year ago, where half of that decline is currency related and most of the remaining decline is due to lower sales volume in Europe.

Our