Borregaard Asa · OSL:BRG
Borregaard Asa — Investor Presentation (October 2026)
57 slides from Borregaard Asa's investor presentation, October 2026
Slide 1: Business model, businesses & strategy
October 2026 Business model, businesses & strategy
Slide 2: 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
Slide 3: Contents
Contents Borregaard’s business model and strategy 4 Sustainability and innovation 13 BioSolutions – Biopolymers and Biovanillin 18 BioMaterials – Speciality cellulose 31 Fine chemical intermediates and Bioethanol 40 Financials 41 3
Slide 4: Borregaard investor message | Business model & strategy
Borregaard investor message | Business model & strategy Unique integrated biorefinery Renewable raw material into high value products Full raw material utilisation A highly diversified business model creates resilience BIOPOLYMERS & BIOVANILLIN 30% LIGNIN Specialised high-value positions Glo
Slide 5: Borregaard at a glance
Borregaard at a glance EMPLOYEES PRODUCTION Biopolymers i! Oi ( Biovanillin 800 100 G i G i Speciality cellulose PRODUCTS APPLICATIONS peciality cel Cellulose fibrils OD DE > fi & Bioethanol an 1 1 8 0 Fine chemical intermediates Ee = sl g eS HH @ 69 BORREGAARD IN THE WORLD FINANCIAL FIGURES we “ Bu
Slide 6: The specialisation strategy
The specialisation strategy | Business model & strategy Specialisation in global niches Markets with high barriers to entry Leading market positions through application knowledge and proximity to markets Diversified market strategy and global market positions secure maximum flexibility Strong
Slide 7: One of the world’s most advanced biorefineries
One of the world’s most advanced biorefineries | Business model & strategy B I O P O LY M E R S BIOVANILLIN SPECIALITY CELLULOSE CELLULOSE FIBRILS BIOETHANOL Concrete additives Food Construction materials Adhesives Biofuel Animal feed Perfumes Filters Coatings Disinfectants Agrochemicals
Slide 8: Global niche player with a market driven organisation
Global niche player with a market driven organisation |Business model & strategy Asia Construction Chemical/ Chemical/ Construction 25% 16% Others Others Construction Chemicals/other Sales Europe 38% 28% distribution 45% End markets 28% 2025 2025 Agriculture Agriculture Americas1 25% Agriculture 29%
Slide 9: Global niche player with a market driven organisation
Global niche player with a market driven organisation | Business model & strategy BioSolutions 56%1 BioMaterials 35%1 FineChemicals 9%1 Market and technology leader in Leading speciality cellulose supplier Leading producer of fine chemical lignin-based biopolymers Pioneer in cellulose fibril
Slide 10: A hard-to-replicate manufacturing platform
A hard-to-replicate manufacturing platform | Business model & strategy GLOBAL Production close to customers Lignin plants across continents provide supply security in all key markets Flexibility between manufacturing units, products and markets Production and raw material can be shifted across manuf
Slide 11: Strategic priorities
Strategic priorities | Business model & strategy 1. Specialisation Higher-value applications and stronger market positions 2. Capacity Debottlenecking and increased capacity for speciality products 3. Geographic scaling Scaling proven products in underpenetrated geographies 4. Productivity and cost
Slide 12: Same strategy. Sharper priorities. Greater value creation.
Same strategy. Sharper priorities. Greater value creation. | Business model & strategy Proven and resilient platform Unique biorefinery model based on renewable raw materials Highly diversified business model Strong market positions in specialised niches Scaling specialisation for greater valu
Slide 13: Sustainability built into our market offering
Sustainability built into our market offering | Sustainability RESPONSIBLE INPUT EFFICIENT PROCESS CUSTOMER VALUE Renewable and certified raw materials Resource-efficient low-emission operations Products with documented benefits 100% certified or controlled wood Targeted CO2 reductions Favorab
Slide 14: Climate change and the environment – targets and ratings
Climate change and the environment – targets and ratings | Sustainability Science Based Targets for GHG emissions Approved by Science Based Targets initiative in 2022 Targeted reductions in GHG emissions (scope 1 and 2): o 42% absolute reduction by 2030 (base year = 2020) o Net-zero target, 90%
Slide 15: Climate transition plan
Climate transition plan | Sustainability 15
Slide 16: Market driven innovation
Market driven innovation | Innovation ≈100 employees in R&D and innovation R&D centres in Norway, USA and India 32 PhDs Significant R&D and innovation efforts 2025: NOK 222 million (≈3% of revenues) Innovation rate of 11%1 in 2025 16 1 Share of sales revenues from new products and applicat
Slide 17: Overview of innovation portfolio
Overview of innovation portfolio | Innovation Application-oriented innovation Process-oriented innovation Business development Crop protection, plant Process improvements Disruptive innovation nutrition, feed Capacity, quality, sustainability New processes and products Batteries, pigments, inks, Cel
Slide 18: BioSolutions in Borregaard
BioSolutions in Borregaard | BioSolutions KEY ATTRACTIONS High performance Tailor-made Cost competitive Multifunctional and robust Sustainable Unique application expertise Dispersing agent/ Crystal growth Binding agent Flavours & fragrances Multifunctional rheology control control Anim
Slide 19: Market diversification: 600 products to 2,800 customers
Market diversification: 600 products to 2,800 customers | BioSolutions BIOSOLUTIONS PROPERTIES AND APPLICATIONS REVENUE BY END-MARKET AND REGION 2025 • Ceramics By end-market By sales distribution Binding agent • Dust solutions RoW 2% • Feed Construction • Granulated limestone 15% Other Americas • C
Slide 20: Strong position in a complex competitive landscape
Strong position in a complex competitive landscape | BioSolutions Lignosulfonates Borregaard is the clear global leader (largest supplier, technology leader) Borregaard clear #1 Other suppliers: Domsjö, Sappi, Nippon, other local producers* Synthetics Global multinational supply, fossil-based, broad
Slide 21: Global lignin supply
Global lignin supply | BioSolutions By Sales volume Others Borregaard Russia RYAM Lenzing Burgo Hood Caima Nippon Domsjö Sappi Global lignin supply approx. 900 kmtds • Borregaard manufacturing facilities Others | Source: Borregaard estimates 21
Slide 22: Strong foundation, significant potential
Strong foundation, significant potential | BioSolutions Specialisation is an important driver Sales revenues (mNOK) Share of sales volume (2025) of growth 2 400 2 200 28% Specialities 2 000 Value creation comes from moving up 1 800 the value ladder - not adding volume 1 600 1 400 1 200 43% Industria
Slide 23: Lignin – a sustainable and flexible raw material
Lignin – a sustainable and flexible raw material | BioSolutions Product performance depends on the pulping process and the raw material Sulphite pulping process Versatile lignin used in a variety of products/applications Biochemicals Quality depends on the chemicals base Incineration Lignin Wa
Slide 24: A broad product portfolio for growth in agriculture
A broad product portfolio for growth in agriculture | BioSolutions Plant nutrition Crop protection Feed Biostimulants Micronutrients Fertiliser & Granulated Pesticides Biocontrol Adjuvants Animal feed seed coating fertilisers Nutrient use Ready-to-use Binder Binder Dispersant Dispersant
Slide 25: Plant nutrition – A key growth area
Plant nutrition – A key growth area | BioSolutions Crop Performance – Sales revenues (NOK) Biostimulants Micronutrients Fertiliser coating EU CE-marked products Ready-to-use solution Yield increase Key focus areas Innovation Performance Scale-up Crop Protection Plant Nutrition Field-validated claims
Slide 26: Animal feed – A proven platform for further growth
Animal feed – A proven platform for further growth | BioSolutions Feed – Sales revenues (NOK) Pelleted feed Feed emulsions Bypass proteins Better pellets, lower energy Animal-free emulsifier for Formaldehyde-free protein speciality feed protection Key focus areas Innovation Performance Scale-up New
Slide 27: Borregaard – the only producer of wood-based vanillin
Borregaard – the only producer of wood-based vanillin | BioSolutions Vanilla Plant-based vanillin Fossil-based vanillin & ethyl vanillin Raw material Beans Ferulic acid Eugenol Borregaard Guaiacol/guethol lignin Natural/flavour Plant-based/natural raw material/ Key selling points Price profile susta
Slide 28: Geographic growth opportunities
Geographic growth opportunities | BioSolutions Asia – fastest growing region ≈60% of world population (4.8 billion) Solid growth across the region and in key applications Increased market presence in multiple countries o More technical and commercial resources o Increased R&D capability in Ind
Slide 29: High-value pipeline, clear priorities
High-value pipeline, clear priorities | BioSolutions New products Product line extension Emerging Stars Core Champions Existing markets Existing markets Granulated lignin Biostimulants Constrained Segments Mature Positions Emerging industrial specialities Gypsum boards Degree of market familiarity C
Slide 30: Strategic priorities towards 2030
Strategic priorities towards 2030 | BioSolutions Scale Core Champions Move up the value ladder Expand geographically Win more customers and expand Shift volumes towards higher-value Scale proven customer solutions proven positions supported by applications based on performance, in underpenetrated ma
Slide 31: Speciality cellulose industry
Speciality cellulose industry | BioMaterials OUR ORIGIN OUR PRODUCTS OUR APPLICATIONS END PRODUCTS IMPACTING LIVES Pharma Health & Wellbeing Ethers, MCC Tablets, capsules, supplements Food & Sustainable food ingredients Beverages Ice cream, sauces, bakery, dairy, sausage Ethers, casings casings, pla
Slide 32: The speciality cellulose industry (supply)
The speciality cellulose industry (supply) | BioMaterials Borregaard Bracell RYAM AustroCel Domsjö Specialities Commodities ZERO 1.4 mill tonne market Speciality ratio 100% 65% 50% 30% 30% 5 largest producers = Market share >80% of supply Feedstock SW HW SW/HW SW SW Concentrated market with changing
Slide 33: Speciality cellulose suppliers
Speciality cellulose suppliers | BioMaterials 9 wood pulp mills and several CLP suppliers with a total capacity of 1.6 million mt speciality cellulose1 Top players use textile and fluff markets as capacity filler Limited volumes from viscose pulp producers into speciality segments due to barri
Slide 34: Attractive niches support further specialisation
Attractive niches support further specialisation | BioMaterials Casings/Tire Filtration cord/Sponges 3% ETHERS 7% MCC 11% Acetate 40% NC 9% Ethers ACETATE 30% Growth in attractive niches Regulated ethers; food, pharma, personal care High and ultra-low viscosity industrial ethers Acetate; focus
Slide 35: Growth in premium ICE Bear applications
Growth in premium ICE Bear applications | BioMaterials Shift towards higher-value acetate niches Tonnes Ambition: Tripling from 2020 to 2030 Borregaard’s softwood high-purity platform enables participation 50 000 in the most demanding acetate applications 45 000 Successful execution so far suppo
Slide 36: Ether growth in regulated and selected industrial applications
Ether growth in regulated and selected industrial applications |BioMaterials Volume development in regulated applications +67% High barriers to entry Regulations and technical requirements excludes certain suppliers and raw materials in regulated applications Complete portfolio of industrial gra
Slide 37: Cellulose ethers: Targeted growth in regulated applications
Cellulose ethers: Targeted growth in regulated applications | BioMaterials Cellulose ether market by application Pharma/personal care Other Food BORREGAARD’S ETHER STRATEGY Focus on regulated applications like food, pharma and personal care Growth expected in the coming years Shift from industri
Slide 38: Sales distribution 2025
Sales distribution 2025 | BioMaterials Borregaard is positioned in high-end segments in Europe and Asia, with strong and long-lasting customer relationships Volume split % Geographical split (sales revenues) Americas 100% 9% 13% 90% 80% Asia Europe 33% 58% 70% 60% 50% 87% Customer base and concentra
Slide 39: More capacity. Improved mix. Higher value
More capacity. Improved mix. Higher value | Biomaterials CAPACITY EXPANSION Premium niches: ICE Bear and Premium niches: Regulated markets ICE Bear and Premium niches: Regulatedniches: Premium markets ICE Bear and ICE Bear and regulated markets regulated markets MIX SHIFT & EXPANSION Speciality appl
Slide 40: Fine Chemicals in Borregaard
Fine Chemicals in Borregaard | Fine Chemicals Fine chemical intermediates Bioethanol Leading producer of intermediates for contrast agents Leading producer of advanced bioethanol (2G) Production of C3 aminodiols and intermediates for Favourable climate footprint pharmaceutical products in Sa
Slide 41: Financial objectives and dividend policy
Financial objectives and dividend policy | Financials Financial objectives ROCE² >15% pre-tax over a business cycle IRR >15% pre-tax for expansion capex Average net working capital at 20% of operating revenues Replacement capex at depreciation level Maintain key financial ratios correspond
Slide 42: Strong performance during a period with uncertainty
Strong performance during a period with uncertainty | Financials mNOK Operating revenues mNOK EBITDA¹ & EBITDA %¹ ROCE¹ and EPS² CAGR % 9 000 25,0 24,6 23,9 24,3 24,3 3.6% 25 7 846 20,0 8 000 7 617 7 713 2 000 1 874 1 878 1 905 18,1 18,3 7 132 1 781 17,1 6 881 1 750 1 643 17,5 15,7 15,8 7 000 20 1 5
Slide 43: Solid results in all business segments
Solid results in all business segments | Financials mNOK BioSolutions % mNOK BioMaterials % mNOK Fine Chemicals % EBITDA¹ & EBITDA %¹ EBITDA¹ & EBITDA %¹ 590 EBITDA¹ & EBITDA %¹ 1 400 60,0 600 50,0 600 50,0 534 1 209 42,2 42,1 1 200 495 1 104 1 095 50,0 500 500 40,0 36,4 40,0 986 427 434 1 000 915 4
Slide 44: Ambition for top-line growth
Ambition for top-line growth | Financials Ambition Top-line sensitivity – 1% change 5% annual growth over a business cycle (base year 2025) (excluding FX effects¹) Sales volume BioSolutions Sales volume Growth drivers BioMaterials Specialisation and mix improvements Sales price o Unique business m
Slide 45: EBITDA margin ambition
EBITDA margin ambition | Financials EBITDA sensitivity – 1% change Ambition (base year 2025) 25% EBITDA margin over a business cycle Sales price (excluding FX effects¹) BioSolutions Sales price BioMaterials How do we maintain and improve the EBITDA margin? Distribution costs Profitable top-line gr
Slide 46: Key cost items 2021-2025
Key cost items 2021-2025 | Financials % of total cost • 75%-85% sourced from Norway, the rest mainly from Sweden 100% Wood 9% 9% 12% 14% 15% • Annual price and volume contracts, mid-year adjustments occur 11% • Includes inbound logistics, ≈25% of wood cost 80% 16% 12% 9% 8% • Energy consumption: Hea
Slide 47: Key cost elements – sensitivity
Key cost elements – sensitivity | Financials Sensitivity – 1% change Uncertainty in cost elements (base year 2025) 2026 estimate Impact from ongoing wars and conflicts o LNG and European electricity prices Wood ≈-15% o Energy-intensive chemicals o Freight rates Energy 70-80% spot Other costs o W
Slide 48: FX impact and policy
FX impact and policy | Financials mNOK Hedging gain/losses on EBITDA1 Currency hedging strategy 200 Purpose is to delay effects of currency fluctuations and secure competitiveness 100 123 Hedging based on expected net cash flow (EBITDA1) 2 0 Base hedge: 75%/50% on a rolling basis for 6/9 month
Slide 49: Cash flow, NWC and investments
Cash flow, NWC and investments | Financials mNOK Cash flow from operating mNOK Average NWC % mNOK Investments activities 25,1 25,7 2000 1000 925 906 23,4 25,0 1800 2 000 22,5 900 861 1 640 838 1 563 1 800 20,3 1600 800 1 600 20,0 349 1 356 263 1400 700 288 425 1 400 1200 1 068 600 1 200 15,0 1000 50
Slide 50: Profitable climate investments
Profitable climate investments | Financials Completed and on-going investment projects CO₂ scope 1 and 2 (tCO₂e) Higher than expected reduction in CO₂ emissions and energy savings 197 So far, investment spending below initial transition plan forecast 200 Reduced CO₂ Saved energy Investment Compl
Slide 51: Investment forecast
Investment forecast1 | Financials Replacement investments 1250 Target: Replacement investments at depreciations level 1 000 +/-100 Profitable climate investments, supporting specialisation 1000 900 900 900 +/-200 +/-250 +/-250 Productivity improvements Maintain and improve valuable assets 45
Slide 52: Strong financial position
Strong financial position | Financials bNOK Cash flow from operating activities 2,0 Financial objectives Dividend policy 1,5 Net working capital 20% of revenues Pay regular and progressive dividends 1,0 Leverage ratio1 1.0 – 2.25 over time Annual dividend 40-60% of net profit 1,4 1,6 1,4 0,5 1,1 0,7
Slide 53: Capital structure – credit facilities and maturities
Capital structure – credit facilities and maturities | Financials Long-term credit facilities Leverage ratio and loan capacity mNOK Revolving credit facilities (RCF) in September 2026, 4 500 maturity 2031, margin linked to sustainability targets 4 000 40 mUSD term loan for LignoTech Florida (LTF
Slide 54: Value creation since IPO
Value creation since IPO | Financials mNOK 25 000 20 000 15 000 CAGR Share price, including reinvestment of 18.5% 10 000 dividend Enterprise value = 5 000 13.3% market cap + net debt 0 Net debt Market capitalisation Accumulated dividend 54
Slide 55: Highly experienced and proven management team
Highly experienced and proven management team | Management TOM ERIK FOSS-JACOBSEN PER BJARNE LYNGSTAD KNUT-HARALD BAKKE GISLE LØHRE JOHANSEN OLE GUNNAR JAKOBSEN CEO CFO EVP BioSolutions EVP Speciality Cellulose EVP Manufacturing and Technology 1st year in current position 27 years in current positio
Slide 56: Appendix – alternative performance measures
Appendix – 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
Slide 57: V4 Borregaard
V4 Borregaard