Billerud Q1 EBITDA Misses, Shares Slide 13%

Billerud AB reported Q1 adjusted EBITDA of SEK 525 million, missing consensus of SEK 689 million, driving a 13% share drop.
Net sales fell 11% YoY to SEK 9,825 million and adjusted EBITDA margin shrank to 5% from 13% last year.
Europe EBITDA was SEK 121 million versus SEK 153 million consensus, hurt by pricing pressure, weak demand and cost inflation.
CEO Ivar Vatne warned of overcapacity in European paper sector; Q2 outlook includes lower pulpwood costs, price hikes and a SEK 500 million dividend.