Billerud posts third quarter earnings beat on Europe strength

Billerud reported third quarter earnings before interest, taxes, depreciation and amortization of SEK1,032 million, exceeding analyst expectations of SEK1,006 million by 3%.

The figure marked an increase from SEK661 million in the second quarter of 2026.

The company’s European operations generated SEK734 million in EBITDA, beating the consensus estimate of SEK682 million by 8%.

The performance reflected cost savings, lower pulpwood expenses and improved market conditions in virgin containerboard and kraft paper segments.

North American operations delivered SEK472 million in EBITDA, falling short of the SEK541 million consensus by 13%. The region faced operational challenges during maintenance periods and logistics issues.

For the fourth quarter of 2026, Billerud expects solid conditions in North America and stable European markets. The company anticipates positive pricing will offset energy-related input cost increases. Nordic pulpwood costs are expected to remain stable, with lower maintenance-related headwinds compared to the third quarter.

Billerud reduced its 2026 capital expenditure guidance to SEK2.4 billion from SEK2.6 billion. The company provided 2027 capital expenditure guidance of SEK2.6 billion.

Analyst consensus estimates for 2026 full-year EBITDA stand at SEK3.4 billion, with 2027 consensus at SEK4.8 billion.