Norske Skog ASA

Investor Presentation • May 22, 2025

Norske Skog Golbey

Strato – packaging paper from a world-class mill May 2025

▪ A project for the future

We create green value

Preparing and investing for the future

Diversification into the packaging market from pure newsprint ➢ Investment net EUR 320 million to enter the growing market for recyclable packaging paper

Develop additional activities around the green economy ➢ Produce green, renewable energy (GVE & biogas projects) ➢ Create synergies with our industrial neighbours (Ecoparc project)

Maintain a profitable high-performance core business

The conversion amounts to EUR 320 million

• Conversion of 250,000 tons newsprint machine (PM1) to 550,000 tons of containerboard (PPO)
• Modification of pulp production facilities to manufacture pulp exclusively from recycled raw materials
• Adjustment to the storage buildings for raw materials and shipping
• Modernising the steam production facilities
• Additions to the wastewater treatment plant
• Complex integration to existing facilities

Key figures 2023

70 Hectares Total surface area of the site

of EBITDA

380 Employees on permanent contracts + 30 apprentices

410 Million euros invested 2021-2025

Before transition (2022)

Production capacity Raw materials

PM1: 250,000 t / year

PM2 : 330,000 t / year

Wood: 500,000 t /year

Recovered paper: 500,000 t / year

After transition (2025+)

Production capacity Raw materials

PM1: 550,000 t / year

PM2 : 330,000 t / year

Wood: 0 t /year

Recovered paper (OCC): 1,600,000 t / year

Our product portfolio aligned to future demand

- For 30 years, newsprint was the main product at Golbey, from now on it will be packaging paper.

Golbey is a major industrial plant serving neighbouring industries

• Wood / sawmill chips
• Steam or heat
• Electricity
• Infrastructure: internal roads, water treatment plant, guardhouse
• Logistics: internal roads, railway link

Competitive advantages

- contributing to a strong position in the paper industry

▪ Strategic location

• Proximity to European Markets: The mill is located in the heart of Europe, providing excellent access to major markets like France, Germany, Belgium, and other neighboring countries. This reduces transport costs and ensures timely delivery.
• Transport Infrastructure: Épinal has strong connections via rail, road, and waterways, facilitating efficient inbound and outbound logistics.

▪ Access to raw materials

▪ Recycled Paper and containerboard corrugated (OCC) Supply: The mill has an integrated recycling facility, providing a steady supply of fiber for paper production. This also aligns with sustainability goals.

▪ State-of-the-Art technology

• Modern Production Facilities: Norske Skog Golbey is equipped with advanced machinery and production lines, enabling high-quality paper production with efficiency.
• Energy Efficiency: The mill has invested in cogeneration plants and renewable energy solutions, reducing energy costs and environmental impact.

▪ Skilled workforce and innovation

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• Experienced Team: The mill has a skilled workforce with expertise in paper production and innovation.
• R&D Focus: Continuous investments in research and development help improve products and processes, maintaining a competitive edge.

▪ Sustainability and environmental focus

• Circular Economy Practices: By utilizing recycled fibers and adopting eco-friendly production methods, the mill supports a circular economy model.
• Carbon Reduction Initiatives: The mill has implemented measures to reduce carbon emissions, making it attractive to environmentally conscious customers.

▪ Product portfolio and quality

• Specialized Products: Norske Skog Golbey focuses on producing newsprint and containerboard of high quality, catering to specific market needs.
• Customization Capability: The ability to produce tailored products adds value for customers and strengthens customer relationships.
• Cost competitiveness
  • Economies of Scale: As one of Europe's largest newsprint mills, it benefits from economies of scale in production.
  • Integrated Supply Chain: Efficient resource management and logistics minimize operational costs.
• Reputation and reliability
  • Norske Skog Brand: Being part of the Norske Skog Group, Golbey benefits from the parent company's global reputation for quality and reliability.
  • Long-Standing Relationships: The mill has established trust with customers and suppliers over decades.

Norske Skog Golbey is a highperformance industrial mill

Our daily challenge is to produce quality paper, at the best cost, within a reasonable delivery time, while reducing our environmental impact as much as possible.

Main markets newsprint 2024

- Robotic warehouse ensures just-in-time delivery across Europe