Swedish paper and packaging company Billerud reported Q3, 2025 earnings of SEK1,058 million, exceeding consensus estimates by 27% and showing improvement from the SEK912 million in the first quarter of 2025. The European segment delivered EBITDA of SEK652 million, surpassing analyst expectations of SEK481 million despite challenging market conditions, downtime, and oversupply issues. Third-quarter shipments totaled 624,000 tons, which represents a 9% decrease compared to the five-year average.North American operations contributed SEK467 million to EBITDA, beating consensus of SEK434 million, supported by solid conditions in graphic and label paper markets. U.S. tariffs have provided additional support for domestic producers.