1

INTERIM REPORT JANUARY-MARCH 2014 2014-04-24 Per Lindberg, CEO and President, and Susanne Lithander, CFO

EVIDENCE OF STRENGTH

2

KEY HIGHLIGHTS Q1 2014 INTERIM REPORT NET SALES SEK 5 410 MILLION. ADJUSTED OPERATING PROFIT SEK 555 MILLION

5 181

4 755

5 410

4 400

4 600

4 800

5 000

5 200

5 400

5 600

Q1 13 Q4 13 Q1 14

Net sales, SEKm

3

4%

14%

438

232

555

0

100

200

300

400

500

600

Q1 13 Q4 13 Q1 14

Adj. op. profit, SEKm

27%

139%

All 2013 comparable numbers include Bomhus Energi AB.

KEY HIGHLIGHTS Q1 2014 INTERIM REPORT CASH FLOW SEK 385 MILLION. ROCE 7%, NET DEBT/EQUITY 0.78

277

148

385

0

100

200

300

400

Q1 13 Q4 13 Q1 14

Op. cash flow, SEKm

4

39%

160% 7

6

7

4

6

8

Q1 13 Q4 13 Q1 14

ROCE, %

0,86 0,85 0,78

0,00

0,30

0,60

0,90

Q1 13 Q4 13 Q1 14

Net debt/equity

All 2013 comparable numbers include Bomhus Energi AB.

STRONG SEK STILL CHALLENGING

5

TCW

inde

x*

Source: Riksbanken *Total Competitiveness Weights Index

100% OF FORECASTED NET FLOWS IN EUR HEDGED FOR 2014

90

95

100

105

110

115

120

2004 Q4 -05 Q4 -06 Q4 -07 Q4 -08 Q4 -09 Q4 -10 Q4 -11 Q4 -12 Q1 -14

BUSINESS AREA PACKAGING PAPER

6

Normal market situation for kraft and sack paper

Net sales MSEK 2 068

Operating profit MSEK 191

Operating margin 9%

Key take-away The order situation for kraft and sack paper is on a normal level. Prices in local currency were slightly down compared to previous quarter due to new capacity entering the market.

BUSINESS AREA CONSUMER BOARD

7

Stable and satisfactory market situation with normal seasonal variances

Net sales MSEK 1 949

Operating profit MSEK 233

Operating margin 12%

Key take-away Stable demand and continued global growth

BUSINESS AREA CONTAINERBOARD

8

Stable order book except for order intake on Liner

Net sales MSEK 792

Operating profit MSEK 117

Operating margin 15%

Key take-away Stable order intake except for Liner, which was weaker due to increased market competition Parts of Containerboard’s product range experienced increased price pressure in local currency

ON TRACK TO REACH SYNERGY TARGETS AHEAD OF PLAN ANNUAL PACE OF MSEK ~445 AS PER END OF Q1 2014

9 *Synergies and savings realised in the quarter, compared to if the synergy and savings programme had not been initiated.

0100200300400500600

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2013 2014

MSE

K

Quarterly synergies* Annual pace

Target

OUTLOOK

10

Demand and order situation is expected to remain stable during the second quarter 2014 for all business areas

Average prices in local currency are anticipated to stay on current level for the second quarter 2014 for all business areas

Wood prices are expected to stay on current level for the second quarter of 2014

The target of approximately SEK 530 million in annual synergies and savings is unchanged, and is expected to be reached by the end of 2014

ANNUAL GENERAL MEETING ON 6 MAY 2014

11

BillerudKorsnäs’ Annual General Meeting on 6 May 2014 at 14h00

Hotel Rival, Mariatorget Stockholm

Q&A

12

13