Billerud reported higher volumes but sharply lower profitability in the first quarter of 2026, reflecting pricing pressure and cost headwinds across its operations.
Net sales decreased 11% year-on-year to SEK 9.8 billion, while adjusted EBITDA fell to SEK 525 million from SEK 1.39 billion a year earlier. The EBITDA margin declined to 5% from 13%.
Sequential sales volumes increased by 9%, but the improvement was not enough to offset lower selling prices, higher maintenance costs and weaker fixed cost absorption in production.
Operating profit turned negative at SEK -229 million, compared with a profit of SEK 638 million in the same period last year.
Performance diverged by region. North America delivered another solid quarter with a 16% EBITDA margin, while Europe remained under pressure, with profitability impacted by pricing pressure, currency effects and higher costs.
The company said geopolitical events continue to create uncertainty, although operations were not directly disrupted during the quarter.
For buyers and converters, the results highlight a challenging environment where volumes are improving but profitability remains under pressure.
Billerud is a Sweden-based producer of paper and packaging materials, serving customers globally.
