BillerudKorsnäs Interim report January-June 2022

Record financial performance in a milestone quarter

*All-time high sales, EBITDA and operating cash flow
*First quarter where Verso was included – net sales growth 75%
*Strong organic growth, both in Europe 17% and North America 19%
*Price and mix improvements more than offset the cost inflation
*Excellent cash delivery and strong balance sheet position

*Net sales grew by 75% to SEK 11 408 million (6 504), whereof Billerud North America accounted for SEK 3 738 million
*Adjusted EBITDA* increased to SEK 2 267 million (883), whereof Billerud North America accounted for SEK 704 million. The adjusted EBITDA margin was 20% (14%)
*Operating profit was SEK 1 609 million (404)
*Net profit was SEK 1 419 million (311)
*Earnings per share amounted to SEK 6.83 (1.50)

Comments by the CEO
BillerudKorsnäs is now a significantly larger company with Billerud North America’s (formerly Verso’s) result included from 1 April 2022. Performance in the second quarter was outstanding across all geographies, with total net sales of around SEK 11.4 billion. This was also the first quarter with a considerably broader product portfolio, manufacturing on two continents and as many as 5 900 employees. This creates a platform for future sustainable and profitable growth.

The financial result in the second quarter was excellent. Compared with last year, net sales excluding currency effects, the acquisition of Verso and the divestment of Beetham grew by 17%. At the same time, the acquired business’ currency neutral sales grew by 19%. The EBITDA margin remained strong, driven by production stability and price and mix improvements, resulting in record operatin

Despite the recessionary threat, the business remains strong both in Europe and North America. In the second quarter, we have seen high demand for all our products and prices have remained strong. Our mix continues to improve, hand in hand with the production optimization and stability across our sites. Most of our products are used for essential applications and we will continue to proactively balance cost increases with prices and mix. Demand for our products continues to be solid.

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