Borregaard Asa · OSL:BRG
Borregaard Asa — Q3 2026 Earnings Presentation
25 slides from Borregaard Asa's earnings presentation, Oct 28, 2026
Slide 1: 3rd Quarter 2026
3rd Quarter 2026 Oslo, 28 October 2026
Slide 2: Agenda
Agenda Tom Erik Foss-Jacobsen, CEO Highlights Business segments Outlook Per Bjarne Lyngstad, CFO Financial performance 2
Slide 3: Highlights – 3rd quarter 2026
Highlights – 3rd quarter 2026 All-time high EBITDA1 of 557 mNOK and EBITDA margin1 of 29.4% Improved results across all business areas, all-time high result in BioMaterials Strong operational performance at the Sarpsborg site Savings from cost improvement programme and energy system optimisa
Slide 4: BioSolutions markets – Q3
BioSolutions markets – Q3 NOK per mtds ‘000 mtds 2025 Average gross sales price1 Sales volume 18 000 2026 100 90 94 16 000 81 84 81 78 75 13 364 14 000 75 11 833 12 193 11 578 11 392 11 214 12 000 10 770 50 10 000 8 000 25 6 000 0 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Q1 Q2 Q3 Q4 Sales price and
Slide 5: BioMaterials markets – Q3
BioMaterials markets – Q3 NOK per mt ‘000 mt 2025 Average gross sales price1 Sales volume 22 000 50 2026 41,8 43,8 40,3 38,6 20 000 40 37,9 37,0 17 897 17 588 17 697 17 536 18 000 31,2 16 106 16 285 30 15 682 16 000 20 14 000 12 000 10 10 000 0 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Q1 Q2 Q3 Q4 S
Slide 6: Fine Chemicals markets – Q3
Fine Chemicals markets – Q3 mNOK 2025 Operating revenues – quarter 2026 300 250 220 198 200 179 168 167 172 156 150 100 50 0 Q1 Q2 Q3 Q4 Operating revenues include fine chemical intermediates and bioethanol Fine chemical intermediates Higher deliveries Selective price increases Bioethanol High
Slide 7: Outlook
Outlook BioSolutions Sales volume in Q4 expected to be 75,000-80,000 tonnes Product mix broadly in line with Q4-25 BioMaterials Sales volume in Q4 expected to be 35,000-37,000 tonnes Share of highly specialised grades expected to be in line with Q4-25 Fine Chemicals Deliveries of bioethano
Slide 8: Financial performance Q3-26
Financial performance Q3-26
Slide 9: Borregaard key figures – Q3
Borregaard key figures – Q3 2025 mNOK Operating revenues 2025 mNOK EBITDA1 2025 % EBITDA margin1 2026 35 2 500 2026 600 2026 29,4 30 25,5 25,1 557 2 000 500 25 522 515 511 2 114 2 045 2 036 24,4 24,5 2 005 20 1 894 400 21,3 22,1 440 1 833 1 799 428 15 405 1 500 NOK 300 10 EPS cumulative Q1 Q2 7,03 Q
Slide 10: BioSolutions key figures – Q3
BioSolutions key figures – Q3 mNOK 2025 Operating revenues 1 250 2026 1 000 1179 1149 1153 1067 1059 1023 1009 750 • Revenues 3% below Q3-25, mainly due to lower sales volume 500 250 0 Q1 Q2 Q3 Q4 mNOK 2025 400 2026 • Selective price increases 300 349 EBITDA1 338 306 277 284 • Savings from the cost
Slide 11: BioMaterials key figures – Q3
BioMaterials key figures – Q3 mNOK 2025 Operating revenues 800 2026 600 689 729 741 773 709 679 582 • Revenues 22% above Q3-25 400 • Higher deliveries of speciality cellulose 200 0 Q1 Q2 Q3 Q4 mNOK 2025 • All-time high result for BioMaterials 200 2026 210 • Higher deliveries and strong production EB
Slide 12: Fine Chemicals key figures – Q3
Fine Chemicals key figures – Q3 mNOK 2025 Operating revenues 250 2026 200 220 150 179 168 198 167 172 • Revenues 3% above Q3-25 100 156 • Higher deliveries 50 0 Q1 Q2 Q3 Q4 mNOK 2025 2026 • Higher deliveries and selective price increases for 75 66 fine chemical intermediates EBITDA1 50 58 63 49 51 •
Slide 13: Currency impact
Currency impact 2025 mNOK Hedging effects2 on EBITDA1 2026 NOK vs Borregaard’s main currencies3 96 100 74 75 57 98 96,2 50 100 16 25 102 100,7 0 101,6 101,8 -25 104 105,6 -50 -21 -24 -34 106 -75 108,6 108 109,3 -100 -125 -95 110 Q1 Q2 Q3 Q4 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Net FX EBITDA1
Slide 14: Cash flow, investments and NIBD
Cash flow, investments and NIBD Increase mNOK Cash flow from operating activities mNOK Investments NIBD1 change 700 400 383 2 200 Decrease 350 2 100 600 123 2 000 500 300 1 900 31 250 557 53 400 194 92 1 800 695 200 161 168 2 141 300 160 1 700 168 150 106 423 419 449 56 260 1 600 33 1 855 200 100 96
Slide 15: Questions?
Questions? Tom Erik Foss-Jacobsen, CEO Per Bjarne Lyngstad, CFO Please note that you can submit questions online during the webcast 15
Slide 16: Appendix
Appendix
Slide 17: Borregaard – key figures
Borregaard – key figures Amounts in NOK million Q3-26 Q3-25 Change YTD-26 YTD-25 Change Operating revenues 1 894 1 799 5% 6 013 5 880 2% EBITDA 1 557 440 27 % 1 500 1 473 2% Depreciation property, plant and equipment -149 -146 -449 -431 Amortisation intangible assets 0 -1 0 -4 Other income and expen
Slide 18: Operating revenues and EBITDA per segment
Operating revenues and EBITDA1 per segment Amounts in NOK million Amounts in NOK million Operating revenues Q3-26 Q3-25 Change EBITDA 1 Q3-26 Q3-25 Change Borregaard 1 894 1 799 5% Borregaard 557 440 27 % BioSolutions 1 023 1 059 -3 % BioSolutions 284 277 3% BioMaterials 709 582 22 % BioMaterials 21
Slide 19: Balance sheet
Balance sheet Amounts in NOK million 30.9.2026 30.6.2026 31.12.2025 Assets: Intangible assets 69 73 79 Property, plant and equipment 5 261 5 243 5 255 Right-of-use assets 424 408 445 Other assets 685 559 493 Investments in associate companies 22 18 270 Non-current assets 6 461 6 301 6 542 Inventorie
Slide 20: Cash flow
Amounts in NOK million Q3-26 Q3-25 YTD-26 YTD-25 FY-2025 Cash flow Amounts in NOK million Profit before taxes 394 247 579 892 864 Amortisation, depreciation and impairment charges 149 147 449 435 591 Change in net working capital, etc -33 47 81 -181 -124 Dividend/share of profit from associate compa
Slide 21: Net financial items & net interest-bearing debt
Net financial items & net interest-bearing debt1 Amounts in NOK million Net financial items Q3-26 Q3-25 YTD-26 YTD-25 Net interest expenses -30 -35 -89 -108 Currency gain/loss 9 0 11 -9 Share of profit/-loss from an associate -1 -9 -365 -35 Other financial items, net 8 -2 1 6 Net financial items -14
Slide 22: Currency hedging strategy
Currency hedging strategy Purpose is to delay effects of currency fluctuations and secure competitiveness Hedging based on expected EBITDA1 impact2 Base hedge: 75%/50% on a rolling basis for 6/9 months for major currencies Extended hedge: 75%/50% of the next 24/36 months if USD and EUR are above
Slide 23: Credit facilities, solidity and debt
Credit facilities, solidity and debt Long-term credit facilities Debt and undrawn facilities • 1,500 mNOK revolving credit facilities, maturity 2031, margin 30.09.2026 linked to sustainability targets 4 000 • 500 mNOK 5-year green bonds, maturity 2028 (issued June 2023) 3 600 • 46 mUSD 10-year loan,
Slide 24: Alternative performance measures
Alternative performance measures In the discussion of the reported operating results, financial position and cash flows, Borregaard refers to certain measures which are not defined by generally accepted accounting principles (GAAP) such as IFRS. Borregaard management makes regular use of these Alter
Slide 25: Important notice
Important notice This presentation is being made only to, and is only directed at, persons to whom such presentation may lawfully be communicated (’relevant persons’). Any person who is not a relevant person should not act or rely on this presentation or any of its contents. This presentation does n