Norske Skog ASA

Investor Presentation • Sep 19, 2023

Carnegie Forest Seminar

19 September 2023

Five high quality industrial sites

Saugbrugs PM6 temporarily idled following rockslide on 27 April

Eleven paper machines with supporting infrastructure for energy, fibre and water

Five paper machines Pure-play publication paper machines and exploring future alternatives

Four paper machines

Packaging strategy underway with conversion of two paper machines from publication paper to containerboard

Two paper machines Gradual regional exit with sale of Albury, Tasman, Nature's Flame and forest assets

Enabling the circular economy

Continuous work to improve environmental reporting and footprint

Scope 1 Scope 2 Per tonne produced

3 1) Industry recycling rate in 2022 (CEPI)

Investing for growth

Energy and containerboard investment programmes near completion

Significant growth investments executed since 2020… … with earnings uplift ahead

• Maintenance capex
• Expansion capex

European shift into packaging

Strategic shift into packaging paper underpinned by energy investments

P Projects at Norske Skog Bruck completed P Projects at Norske Skog Golbey completed during Q2 2024

Waste-to-energy boiler

• Started Q2 2022
• Net capex EUR 72m
• Capacity 50 MW (heat)

Containerboard conversion

• Started Q1 2023
• Net capex EUR 120m
• Capacity 210kt

Biomass boiler JV

• Starting Q2 2024
• Equity share EUR 7m
• Capacity 125 MW

Green Valley Energie is a JV between Norske Skog (10%), Veolia (10%) and Pearl Infrastructure (80%), where Norske Skog will be sole offtake of steam under a competitive long-term contract

Containerboard conversion

• Starting Q2 2024
• Net capex EUR 265m
• Capacity 550kt

Comfortable financial position

Liquidity position well beyond remaining net capex requirements

6

Positive cash flows

Maintaining positive cash flows through the cycles

Volatile and uncertain energy and raw material costs

Paper prices follow input cost development

Norske Skog well positioned on the cash cost curve

Demand stabilising following significant recent decline

Weak containerboard market as a result of low demand and excess capacity

Bruck containerboard production cost to improve as machine is ramping up

Outlook

• Raw material and energy costs stabilising, but development remains uncertain
• Paper prices influenced by lower input costs and weak market balance
• Containerboard prices with signs of stabilising, but still a challenging market
• Further capacity closures and industry consolidation required in all markets
• Introduction of Norske Skog Bruck in the recycled containerboard market well underway, but expect negative EBITDA from packaging paper segment in 2023 as production ramps up
• Maintaining a healthy balance sheet, strong liquidity position, and low production costs

We create

green value

Norske Skog ASA Postal address: P.O. Box 294 Skøyen, 0213 Oslo, Norway Visitors: Sjølyst Plass 2, 0278 Oslo, Norway

Phone: +47 22 51 20 20 Email: info@norskeskog.com Email: ir@norskeskog.com

This presentation contains statements regarding the future in connection with Norske Skog's growth initiatives, profit figures, outlook, strategies and objectives . All statements regarding the future are subject to inherent risks and uncertainties, and many factors can lead to actual profits and developments deviating substantially from what has been expressed or implied in such statements .