| Year | Percent |
|---|---|
| 2021: 8% | 8 |
| 2022: 18% | 18 |
| 2023: 2% | 2 |
| 2024: 8% | 8 |
| 2025: 4% | 4 |
Financial targets
Billerud has financial targets for growth and profitability, coupled with principles governing the company’s indebtedness and dividends to shareholders.
See also: Financial data and key figures
The return on capital employed in 2025 was 4%, which was a below-target performance. The decline compared with 2024 was because of the lower operating profit.
11
Target>11%
4
Outcome 2025: 4%
The EBITDA margin in 2025 was 10%, below the level that is targeted to be reached over a business cycle. The margin declined in Region Europe and increased in Region North America.
15
Target>15%
10
Outcome 2025: 10%
Cash conversion improved in 2025, and the target was almost achieved. Despite lower profit before tax, cash flow from operating activities increased, mainly due to positive changes in working capital.
80
Target: >80%
77
Outcome 2025: 77%
The interest-bearing net debt to EBITDA ratio was 1.5 at year-end 2025, which means that the target level was met by a good margin.
2.5
Target: <2.5
1.5
Outcome 2025: 1.5
The proposed dividend for 2025 of SEK 2.00 corresponds to around 70% of the net profit. This level is in line with the dividend policy.
50
Target: >50%
70
Outcome 2025: 70%