Billerud Korsnas

• Higher sales volumes in both regions compared to last quarter, offset by price and mix deterioration
• Sequentially lower input costs and lower fixed cost than normalized level
• Efficiency enhancement program on track – delivered SEK 175 million in the quarter
• Earnings per share positively impacted by recognition of tax credits in the US
• Strong operating cash flow with tight control on working capital
• Frövi recovery boiler project completed on time, spec and budget

Net sales for the third quarter declined by 14% to SEK 10,210 million (11,814). The organic* and currency-neutral
net sales declined by 16% due to negative price and mix changes and lower sales volumes. The Group’s total sales
volumes were 890 ktons (945), negatively impacted by low demand and production curtailments in mainly North
America.