Billerud AB Q1 Misses Estimates

Billerud AB posted Q1 adjusted EBITDA of SEK 525 million, 24% below consensus of SEK 689 million.
Net sales fell 11% YoY to SEK 9,825 million, while adjusted EBITDA margin contracted to 5% from 13% last year.
Europe region EBITDA was SEK 121 million versus consensus SEK 153 million, hit by pricing pressure, weak demand and cost inflation.
Company expects Q2 benefit from lower Nordic pulpwood prices and cost‑saving program delivering SEK 150 million, and plans SEK 500 million dividend pending approval.