First Quarter 2022 Operating Results: Sales of $5.1 billion in the first quarter of 2022 increased 7 percent compared to the year-ago period. Changes in foreign currency exchange rates reduced sales 2 percent. Organic sales increased 10 percent as net selling prices rose 6 percent, volumes grew 2 percent and product mix increased sales 2 points. In North America, organic sales increased 13 percent in consumer products and increased 5 percent in K-C Professional. Outside North America, organic sales rose 10 percent in developing and emerging (D&E) markets and 8 percent in developed markets. First quarter operating profit was $693 million in 2022 and $770 million in 2021. Results in 2022 include the net benefit of the acquisition of a controlling interest of Thinx and 2021 results include charges related to the 2018 Global Restructuring Program.

The geopolitical situation has changed dramatically. Our thoughts are with the Ukrainian people and everyone else impacted by the war in Ukraine. Ahlstrom-Munksjö is following the situation closely. We have initiated a centralized crisis alert team on the first day of the invasion to carry out our Business Contingency and Preparedness Response Plan. Our primary focus is on the safety and well-being of our 87 employees in our Tver plant in Russia, and that manufacturing, and customer service continue in normal order. Of Ahlstrom-Munksjö’s 45 manufacturing and converting facilities globally, one is located in Russia, in the city of Tver. The factory is part of the company’s Glass Fiber Tissue business, which operates a similar production facility in Finland in the city of Karhula. Ahlstrom-Munksjö has recently started the construction works of a new line in Madisonville, Kentucky, U.S. Russia represented 1.3% and Ukraine 0.1% of Group's pro forma net sales of EUR 3,077 million in 2021.

Comments by the CEO (Ivar Vatne): Quarter one was a solid quarter for Billerud and an encouraging start of the year. Despite significant FX headwind, primarily driven by the strengthening of SEK versus the USD, we delivered strong profitability growth in both regions and improved cash flow compared to last year. The financial performance in the quarter was in line with our own expectations. Region North America continues to deliver outstanding results. Capacity utilization at the mills has increased, and sales volumes reached their highest quarterly level in more than two years, leading to an impressive EBITDA margin of 21%. A significant milestone on our Evolve journey towards packaging materials was reached at the beginning of the year, as we produced and sold our first white kraftliner from our Quinnesec mill under the brand Tribute®. This was an important step in our journey towards locally produced packaging materials in North America. We are now actively engaged in sales dialogues and product trials with numerous packaging manufacturers and new customers. We are also progressing as per plan on our evolution investment program that will further enable large-scale paperboard production in the future.