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Norske Skog ASA
Quarterly Report • Jul 15, 2025
3687_rns_2025-07-15_e65cfc8d-1d06-4455-997d-17606f79afda.pdf
Quarterly Report
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INTRODUCTION
Norske Skog is a producer of packaging paper and publication paper across four mills in Europe. Packaging paper includes testliner and fluting and publication paper includes newsprint and magazine paper. The annual production capacity of packaging paper is 0.8 million tonnes, and the annual production capacity of publication paper is 1.3 million tonnes. Packaging paper and publication paper are sold through sales offices and agents.
Norske Skog has approximately 1 700 employees and the parent company, Norske Skog ASA, a public limited liability company, is incorporated in Norway and has its head office in Oslo. The company is listed on Oslo Stock Exchange with the ticker NSKOG.
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REPORT OF THE BOARD OF DIRECTORS FOR THE SECOND QUARTER OF 2025
o EBITDA of NOK 106 million in the quarter
- Increasing market share despite challenging markets and low industry utilisation rates
- Better than expected contribution from energy refund and energy contract mechanisms in the quarter
o Maintaining capital and liquidity position
- Proceeds from sale of Norske Skog Boyer, CO2 allowances, and energy refund received in the quarter
- Agreement with lenders to revise loan repayment schedules and release restricted cash accounts
o Start of containerboard production at Norske Skog Golbey PM1
- Paper on reel successfully achieved and first volumes delivered to customers
- Expect to achieve full utilisation during first half of 2027
o Implementing profitability improvement initiatives
- Optimising fibre mix at Norske Skog Bruck PM4 to enhance product quality and reduce cost
- Upgrade at Norske Skog Skogn PM1 to enable switching between newsprint and book paper during 2026
o Reviewing future opportunities at Norske Skog Saugbrugs
- BCTMP project put on hold due to challenging markets and size of investment
- Decision on potential Norske Skog Saugbrugs PM6 restart to be taken during the second half of 2025
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KEY FIGURES
| RESTATED | RESTATED | ||||
|---|---|---|---|---|---|
| NOK MILLION | Q2 2025 | Q1 2025 | Q2 2024 | YTD 2025 | YTD 2024 |
| INCOME STATEMENT | |||||
| Total operating income | 2 389 | 3 101 | 2 746 | 5 491 | 4 996 |
| EBITDA* | 106 | 612 | 464 | 718 | 615 |
| EBITDA margin (%) | 4.5 | 19.7 | 16.9 | 13.1 | 12.3 |
| Operating earnings | 74 | 489 | 389 | 564 | 298 |
| Profit/loss before income taxes | 49 | 442 | 341 | 490 | 47 |
| Profit/loss for the period from continuing operations | 80 | 436 | 275 | 516 | 35 |
| Profit/loss for the period from discontinued operations | -2 | -35 | -30 | -37 | -118 |
| Profit/loss for the period | 78 | 401 | 245 | 479 | -83 |
| Earnings per share (NOK) continuing operations | 0.95 | 5.14 | 3.24 | 6.08 | 0.41 |
| Earnings per share (NOK) | 0.92 | 4.72 | 2.89 | 5.64 | -0.98 |
| BALANCE SHEET | |||||
| Non-current assets | 10 480 | 10 023 | 9 660 | 10 480 | 9 660 |
| Current assets | 3 588 | 4 363 | 5 540 | 3 588 | 5 540 |
| Total assets | 14 068 | 14 386 | 15 201 | 14 068 | 15 201 |
| Equity | 5 877 | 5 646 | 6 138 | 5 877 | 6 138 |
| Equity ratio (%) | 41.8 | 39.2 | 40.4 | 41.8 | 40.4 |
| Net interest-bearing debt | 3 960 | 4 087 | 2 970 | 3 960 | 2 970 |
| CASH FLOW | |||||
| Net cash flow from operating activities | 327 | -172 | 299 | 154 | 229 |
| Net cash flow from investing activities | -177 | 189 | -104 | 13 | -482 |
| Net cash flow from financing activities | -171 | -38 | 683 | -209 | 564 |
Prior periods are restated due to the segment publication paper Australasia being classified as held for sale from fourth quarter 2024 * As defined in Alternative performance measures
Total operating income decreased from NOK 3 101 million in the previous quarter to NOK 2 389 million in the current quarter. EBITDA decreased from NOK 612 million in the previous quarter to NOK 106 million in the current quarter. This resulted in the EBITDA margin decreasing from 19.7% to 4.5%. This is further commented upon under the section on segment information.
Total assets decreased from NOK 14 386 million in the previous quarter to NOK 14 068 million in the current quarter. Equity increased from NOK 5 646 million in the previous quarter to NOK 5 877 million in the current quarter. This resulted in the equity ratio increasing from 39.2% to 41.8%.
Net interest-bearing debt decreased from NOK 4 087 million in the previous quarter to NOK 3 960 million in the current quarter.
Net cash flow from operating activities increased from NOK -172 million in the previous quarter to NOK 327 million in the current quarter. This is further commented upon under the section on cash flow.
Net cash flow from investing activities decreased from NOK 189 million in the previous quarter to NOK -177 million in the current quarter. This was mainly due to receipt of NOK 560 million of insurance proceeds following final insurance settlement at Norske Skog Saugbrugs in the previous quarter. Purchases of property, plant and equipment and intangible assets decreased from NOK 372 million in the previous quarter to NOK 255 million in the current quarter.
Net cash flow from financing activities decreased from NOK -38 million in the previous quarter to NOK -171 million in the current quarter.
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SEGMENT INFORMATION
PUBLICATION PAPER
| NOK MILLION | Q2 2025 | Q1 2025 | Q2 2024 | YTD 2025 | YTD 2024 |
|---|---|---|---|---|---|
| Operating revenue | 1 950 | 2 152 | 2 053 | 4 102 | 4 009 |
| Other operating income | 79 | 626 | 461 | 705 | 563 |
| Total operating Income | 2 029 | 2 778 | 2 514 | 4 807 | 4 572 |
| Distribution costs | -212 | -228 | -222 | -440 | -435 |
| Cost of materials | -1 152 | -1 415 | -1 271 | -2 567 | -2 418 |
| Employee benefit expenses | -330 | -312 | -367 | -641 | -724 |
| Other operating expenses | -163 | -175 | -192 | -338 | -366 |
| EBITDA | 172 | 649 | 464 | 821 | 630 |
| EBITDA margin (%) | 8.5 | 23.3 | 18.4 | 17.1 | 13.8 |
| Restructuring expenses | 0 | -3 | 0 | -3 | -6 |
| Depreciation | -87 | -87 | -88 | -174 | -174 |
| Derivatives and other fair value adjustment | 87 | 2 | 46 | 89 | -68 |
| Operating earnings | 172 | 562 | 423 | 734 | 381 |
| Production (1 000 tonnes) | 272 | 274 | 279 | 545 | 551 |
| Deliveries (1 000 tonnes) | 266 | 273 | 279 | 539 | 541 |
| Production / capacity (%) | 89 | 91 | 87 | 90 | 86 |
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The segment consists of Norske Skog's operations in the publication paper market with mills in Norway, France, and Austria. Annual production capacity is approximately 1.3 million tonnes.
Total operating income decreased from the previous quarter mainly due to recognition of NOK 560 million relating to the final insurance settlement at Norske Skog Saugbrugs in the previous quarter.
There were slightly lower deliveries in the quarter, mainly due to both planned and unplanned stops. Prices achieved in the quarter were slightly lower.
PUBLICATION PAPER PUBLICATION PAPER TOTAL OPERATING INCOME EBITDA
materials due to higher recognised contribution from energy refund and energy contract mechanisms of approximately NOK 85 million, seasonally lower energy prices, and improved operational efficiency. This was partly offset by higher prices for both recycled fibre and virgin fibre.
Distribution costs were in line with the previous quarter. Lower cost of
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PACKAGING PAPER
| NOK MILLION | Q2 2025 | Q1 2025 | Q2 2024 | YTD 2025 | YTD 2024 |
|---|---|---|---|---|---|
| Operating revenue | 224 | 210 | 182 | 434 | 322 |
| Other operating income | 45 | 44 | 26 | 89 | 62 |
| Total operating Income | 269 | 255 | 207 | 523 | 384 |
| Distribution costs | -29 | -29 | -25 | -58 | -48 |
| Cost of materials | -184 | -143 | -124 | -327 | -230 |
| Employee benefit expenses | -61 | -76 | -41 | -137 | -81 |
| Other operating expenses | -47 | -42 | -15 | -88 | -30 |
| EBITDA | -52 | -35 | 2 | -87 | -5 |
| EBITDA margin (%) | -19.4 | -13.6 | 0.8 | -16.6 | -1.3 |
| Depreciation | -30 | -32 | -29 | -61 | -58 |
| Operating earnings | -82 | -67 | -27 | -148 | -63 |
| Production (1 000 tonnes) | 51 | 47 | 40 | 98 | 80 |
| Deliveries (1 000 tonnes) | 47 | 48 | 41 | 95 | 79 |
| Production / capacity (%) | 96 | 100 | 87 | 98 | 87 |
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The segment consists of Norske Skog's operations in the packaging paper market with mills in France and Austria. Annual production capacity is approximately 0.8 million tonnes when full utilisation is reached.
Norske Skog Bruck PM3 achieved EBITDA in the quarter of NOK 26 million. Achieved higher prices in the quarter following price increase announcements through the first half of 2025.
Recycled paper (OCC) prices were higher in the quarter, mitigating increases in the containerboard price.
Norske Skog Golbey PM1 started production in the end of May and produced approximately 4 000 tonnes in the quarter and delivered approximately 300 tonnes to customers. Expect utilisation of 20-30% in the third quarter of 2025 and full utilisation in the first half of 2027.
First deliveries from Norske Skog Golbey PM1 expected to receive a lower average sales price in initial months due to trial deliveries and exports.
Some fixed costs were capitalised in the quarter prior to start-up of production at Norske Skog Golbey PM1.
PACKAGING PAPER PACKAGING PAPER
TOTAL OPERATING INCOME EBITDA
NORSKE SKOG QUARTERLY REPORT – SECOND QUARTER 2025 (UNAUDITED)
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OTHER ACTIVITIES
| NOK MILLION | Q2 2025 | Q1 2025 | Q2 2024 | YTD 2025 | YTD 2024 |
|---|---|---|---|---|---|
| Total operating income | 239 | 208 | 189 | 447 | 348 |
| EBITDA | -14 | -2 | -1 | -16 | -10 |
Operating income in other activities mainly consist of sourcing solutions and non-paper related operations.
Other activities include unallocated headquarter costs. The unallocated headquarter costs are estimated to be EBITDA negative by approximately NOK 40 million annually but are not uniformly distributed throughout the quarters of the year.
DISCONTINUED OPERATIONS
PUBLICATION PAPER AUSTRALASIA
| NOK MILLION | Q2 2025 | Q1 2025 | Q2 2024 | YTD 2025 | YTD 2024 |
|---|---|---|---|---|---|
| Total operating income | 0 | 444 | 472 | 444 | 909 |
| EBITDA | 0 | -21 | 6 | -21 | -68 |
| EBITDA margin (%) | 0.0 | -4.7 | 1.3 | -4.7 | -7.5 |
| Operating earnings | -2 | -30 | -25 | -32 | -111 |
| Profit/loss from discontinued operations | -2 | -35 | -30 | -37 | -118 |
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The segment was discontinued in the quarter following the initiation of a concrete sales process in December 2024. The sale was closed in April 2025
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CASH FLOW
| NOK MILLION | Q2 2025 | Q1 2025 | Q2 2024 | YTD 2025 | YTD 2024 |
|---|---|---|---|---|---|
| EBITDA continuing operations | 106 | 612 | 464 | 718 | 615 |
| EBITDA discontinued operations | 0 | -21 | 6 | -21 | -68 |
| Change in working capital | 285 | -126 | 201 | 159 | 130 |
| Restructuring payments | -1 | -3 | -6 | -4 | -20 |
| Gain and losses from divestments | -3 | 0 | 0 | -4 | 46 |
| Insurance compensation from property damage | 0 | -560 | -338 | -560 | -390 |
| Net financial items | -52 | -61 | -52 | -113 | -103 |
| Taxes paid | -1 | -4 | 15 | -5 | 13 |
| Other items | -8 | -8 | 9 | -16 | 6 |
| Net cash flow from operating activities | 327 | -172 | 299 | 154 | 229 |
| Purchases of property, plant and equipment and intangible assets | |||||
| -255 | -372 | -442 | -626 | -781 | |
| -whereof maintenance capex | -36 | -65 | -57 | -101 | -89 |
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Net cash flow from operating activities was NOK 327 million in the quarter.
The operating cash flow was positively impacted by a decrease in working capital of NOK 285 million, mainly due to sale of CO2 allowances and receipt of energy support.
Net financial items in the quarter relate mainly to interest payments.
Maintenance capex of NOK 36 million relates to ordinary maintenance in the quarter, a decrease from the previous quarter.
Purchases of property, plant and equipment and intangible assets mainly relate to investments in the packaging paper project at Norske Skog Golbey and ongoing work at Norske Skog Saugbrugs.
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OUTLOOK
Uncertainty and profitability pressure in both the market for publication paper and packaging paper is expected to continue due to raw material price volatility, excess production capacity, and constantly changing operating conditions. Norske Skog maintains significant emphasis on reducing the production costs and working capital to maintain its competitive position in this environment.
The remaining gross investment at Norske Skog Golbey is expected to be EUR 20-25 million, and the mill is expected to receive additional
EUR 52 million in investment grants and energy certificates during 2025 to 2027. Production of recycled containerboard at Norske Skog Golbey (PM1) is expected to reach full utilisation during the first half of 2027.
Norske Skog monitors its capital and liquidity position closely and has several ongoing initiatives to secure the financial performance and competitive position going forward.
SKØYEN, 14 JULY 2025 THE BOARD OF DIRECTORS OF NORSKE SKOG ASA
Arvid Grundekjøn Trude Ulven Terje Sagbakken Chair Board member Board member
Christoffer Bull Eva Karlsson Berg Geir Drangsland Board member Board member CEO
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NORSKE SKOG – QUARTERLY REPORT - SECOND QUARTER 2025 (UNAUDITED)
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INTERIM FINANCIAL STATEMENTS, SECOND QUARTER OF 2025 CONDENSED CONSOLIDATED INCOME STATEMENT
| RESTATED | RESTATED | |||||
|---|---|---|---|---|---|---|
| NOK MILLION | NOTE | Q2 2025 | Q1 2025 | Q2 2024 | YTD 2025 | YTD 2024 |
| Operating revenue | 2 264 | 2 430 | 2 259 | 4 694 | 4 372 | |
| Other operating income | 126 | 671 | 487 | 797 | 624 | |
| Total operating income | 4 | 2 389 | 3 101 | 2 746 | 5 491 | 4 996 |
| Distribution costs | -242 | -257 | -247 | -498 | -483 | |
| Cost of materials | -1 424 | -1 609 | -1 410 | -3 034 | -2 673 | |
| Employee benefit expenses | -409 | -411 | -428 | -820 | -851 | |
| Other operating expenses | -208 | -213 | -196 | -421 | -375 | |
| Restructuring expenses | 0 | -3 | 0 | -3 | -9 | |
| Depreciation | 5 | -119 | -121 | -119 | -240 | -236 |
| Derivatives and other fair value adjustments | 6 | 87 | 1 | 44 | 88 | -71 |
| Operating earnings | 74 | 489 | 389 | 564 | 298 | |
| Share of profit in associated companies and joint ventures |
0 | 0 | -25 | 0 | -30 | |
| Financial items | 7 | -26 | -48 | -24 | -73 | -221 |
| Profit/loss before income taxes | 49 | 442 | 341 | 490 | 47 | |
| Income taxes | 32 | -6 | -66 | 26 | -12 | |
| Profit/loss from continuing operations | 80 | 436 | 275 | 516 | 35 | |
| Profit/loss from discontinued operations | -2 | -35 | -30 | -37 | -118 | |
| Profit/loss for the period | 78 | 401 | 245 | 479 | -83 | |
| Earnings per share from continuing operations | ||||||
| Basic earnings per share (NOK) | 0.95 | 5.14 | 3.24 | 6.08 | 0.41 | |
| Diluted earnings per share (NOK) | 0.95 | 5.14 | 3.24 | 6.08 | 0.41 | |
| Earnings per share | ||||||
| Basic earnings per share (NOK) | 0.92 | 4.72 | 2.89 | 5.64 | -0.98 | |
| Diluted earnings per share (NOK) | 0.92 | 4.72 | 2.89 | 5.64 | -0.98 |
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
| RESTATED | RESTATED | ||||
|---|---|---|---|---|---|
| NOK MILLION | Q2 2025 | Q1 2025 | Q2 2024 | YTD 2025 | YTD 2024 |
| Profit/loss from continuing operations | 80 | 436 | 275 | 516 | 35 |
| Profit/loss from discontinued operations | -2 | -35 | -30 | -37 | -118 |
| Items that may be reclassified subsequently to profit or loss Currency translation differences |
154 | -143 | -113 | 11 | 47 |
| Tax expense on translation differences | 0 | 0 | 0 | 0 | 0 |
| Other comprehensive continuing operations | 154 | -143 | -113 | 11 | 40 |
| Other comprehensive discontinued operations | 0 | 4 | 1 | 4 | 20 |
| Total comprehensive income for the period | 231 | 262 | 133 | 493 | -23 |
NORSKE SKOG QUARTERLY REPORT – SECOND QUARTER 2025 (UNAUDITED)
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CONDENSED CONSOLIDATED BALANCE SHEET
| NOK MILLION | NOTE | 30 JUN 2025 | 31 MAR 2025 | 31 DEC 2024 | 30 JUN 2024 |
|---|---|---|---|---|---|
| Deferred tax asset | 116 | 115 | 111 | 189 | |
| Intangible assets | 5 | 20 | 19 | 11 | 12 |
| Property, plant and equipment | 5 | 10 147 | 9 697 | 9 723 | 9 234 |
| Investments in associated companies and joint ventures | 15 | 15 | 15 | 51 | |
| Other non-current assets | 6 | 182 | 176 | 177 | 174 |
| Total non-current assets | 10 480 | 10 023 | 10 037 | 9 660 | |
| Inventories | 1 579 | 1 450 | 1 390 | 1 523 | |
| Trade and other receivables | 820 | 1 198 | 1 253 | 1 069 | |
| Other current assets | 6 | 72 | 64 | 29 | 164 |
| Cash and cash equivalents | 1 116 | 1 051 | 1 127 | 2 784 | |
| Total current assets excluding assets classified as held for sale | 3 588 | 3 763 | 3 800' | 5 540 | |
| Assets held for sale | 0 | 600 | 631 | 0 | |
| Total current assets | 3 588 | 4 363 | 4 430 | 5 540 | |
| Total assets | 14 068 | 14 386 | 14 467 | 15 201 | |
| Paid-in equity | 8 | 8 860 | 8 860 | 8 860 | 8 860 |
| Retained earnings | -2 984 | -3 215 | -3 476 | -2 723 | |
| Total equity | 5 877 | 5 646 | 5 384 | 6 138 | |
| Employee benefit obligations | 290 | 285 | 296 | 290 | |
| Deferred tax liability | 182 | 209 | 207 | 204 | |
| Interest-bearing non-current liabilities | 7 | 4 665 | 4 408 | 4 475 | 4 184 |
| Other non-current liabilities | 6 | 467 | 449 | 525 | 596 |
| Total non-current liabilities | 5 604 | 5 351 | 5 503 | 5 275 | |
| Trade and other payables | 1 921 | 1 986 | 2 118 | 2 076 | |
| Tax payable | 8 | 8 | 11 | 14 | |
| Interest-bearing current liabilities | 7 | 411 | 730 | 771 | 1 569 |
| Other current liabilities | 6 | 246 | 231 | 218 | 128 |
| Total current liabilities excluding assets classified as held for sale | 2 587 | 2 955 | 3 118 | 3 789 | |
| Liabilities relating to assets classified as held for sale | 0 | 434 | 462 | 0 | |
| Total current liabilities | 2 587 | 3 389 | 3 580 | 3 789 | |
| Total liabilities | 8 191 | 8 740 | 9 083 | 9 063 | |
| Total equity and liabilities | 14 068 | 14 386 | 14 467 | 15 201 |
SKØYEN, 14 JULY 2025 THE BOARD OF DIRECTORS OF NORSKE SKOG ASA
Arvid Grundekjøn Trude Ulven Terje Sagbakken Chair Board member Board member
Christoffer Bull Eva Karlsson Berg Geir Drangsland Board member Board member CEO
NORSKE SKOG – QUARTERLY REPORT - SECOND QUARTER 2025 (UNAUDITED)
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CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
| NOK MILLION | Q2 2025 | Q1 2025 | Q2 2024 | YTD 2025 | YTD 2024 |
|---|---|---|---|---|---|
| Cash generated from operations | 2 844 | 3 022 | 3 291 | 5 866 | 6 007 |
| Cash used in operations | -2 465 | -3 129 | -2 955 | -5 594 | -5 688 |
| Cash flow from currency hedges and financial items | -13 | -19 | -15 | -32 | -28 |
| Interest payments received | 14 | 10 | 19 | 24 | 40 |
| Interest payments made | -53 | -52 | -56 | -105 | -115 |
| Taxes paid | -1 | -4 | 15 | -5 | 13 |
| Net cash flow from operating activities 1) | 327 | -172 | 299 | 154 | 229 |
| Purchases of property, plant and equipment and intangible assets | -255 | -372 | -442 | -626 | -781 |
| Sales of property, plant and equipment and intangible assets | 0 | 1 | 0 | 1 | 0 |
| Proceeds from property damage insurance | 0 | 560 | 338 | 560 | 390 |
| Sales of shares in companies and other financial instruments | 79 | 0 | 0 | 79 | -91 |
| Net cash flow from investing activities | -177 | 189 | -104 | 13 | -482 |
| New loans raised | 0 | 126 | 1 437 | 126 | 1 437 |
| Repayments of loans | -171 | -164 | -754 | -335 | -872 |
| Net cash flow from financing activities | -171 | -38 | 683 | -209 | 564 |
| Foreign currency effects on cash and cash equivalents | 1 | -21 | -9 | -19 | 9 |
| Total change in cash and cash equivalents | -19 | -41 | 869 | -61 | 321 |
| Cash and cash equivalents at start of period | 1 136 | 1 177 | 1 915 | 1 177 | 2 463 |
| Cash and cash equivalents | 1 116 | 1 051 | 2 784 | 1 116 | 2 784 |
| Cash and cash equivalents included in assets held for sale | 0 | 84 | 0 | 0 | 0 |
| Cash and cash equivalents at end of period | 1 116 | 1 136 | 2 784 | 1 116 | 2 784 |
| 1) Reconciliation of net cash flow from operating activities | |||||
| Profit/loss before income taxes from continuing operations | 49 | 442 | 341 | 490 | 47 |
| Profit/loss before income taxes from discontinued operations | -2 | -35 | -30 | -37 | -118 |
| Change in working capital | 285 | -126 | 201 | 159 | 130 |
| Change in restructuring provisions | -1 | 0 | -6 | -1 | -7 |
| Depreciation and impairments | 121 | 130 | 150 | 251 | 275 |
| Derivatives and other fair value adjustments unrealised | -88 | -2 | -44 | -90 | 71 |
| Gain and losses from divestment of business activities and PPE | -3 | 0 | 0 | -4 | 46 |
| Insurance compensation from property damage | 0 | -560 | -338 | -560 | -390 |
| Net financial items without cash effect | -26 | -8 | 1 | -34 | 155 |
| Taxes paid | -1 | -4 | 15 | -5 | 13 |
| Change in pension obligations and other employee benefits | -7 | -6 | -6 | -13 | -14 |
| Adjustment for other items | -1 | -1 | 15 | -1 | 20 |
| Net cash flow from operating activities | 327 | -172 | 299 | 154 | 229 |
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN GROUP EQUITY
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| PAID-IN | OTHER PAID-IN |
RETAINED | ||
|---|---|---|---|---|
| NOK MILLION | EQUITY | EQUITY | EARNINGS TOTAL EQUITY | |
| Equity 1 January 2024 | 6 611 | 2 249 | -2 700 | 6 161 |
| Profit/loss for the period | 0 | 0 | -328 | -328 |
| Other comprehensive income for the period | 0 | 0 | 171 | 171 |
| Equity 31 March 2024 | 6 611 | 2 249 | -2 856 | 6 004 |
| Profit/loss for the period | 0 | 0 | 245 | 245 |
| Other comprehensive income for the period | 0 | 0 | -111 | -111 |
| Equity 30 June 2024 | 6 611 | 2 249 | -2 723 | 6 138 |
| Profit/loss for the period | 0 | 0 | -899 | -898 |
| Other comprehensive income for the period | 0 | 0 | 145 | 145 |
| Equity 31 December 2024 | 6 611 | 2 249 | -3 476 | 5 384 |
| Profit/loss for the period | 0 | 0 | 401 | 401 |
| Other comprehensive income for the period | 0 | 0 | -139 | -139 |
| Equity 31 March 2025 | 6 611 | 2 249 | -3 215 | 5 646 |
| Profit/loss for the period | 0 | 0 | 78 | 78 |
| Other comprehensive income for the period | 0 | 0 | 153 | 153 |
| Equity 30 June 2025 | 6 611 | 2 249 | -2 984 | 5 877 |
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NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
1. GENERAL INFORMATION
Norske Skog ASA ("the company") and its subsidiaries ("the group" or "Norske Skog") produce, distribute and sell publication paper and packaging paper. This includes newsprint, magazine paper and recycled containerboard.
All amounts in the interim financial statements are presented in NOK million unless otherwise stated. Due to rounding, there may be differences in the summation of columns and rows.
The table below shows the applied average (un-weighted monthly) foreign exchange rates per quarter and the closing exchange rate at month ends for the most important currencies for the group.
| Q2 2025 | Q1 2025 | 30 JUN 2025 | 31 MAR 2025 | 31 DEC 2024 | |
|---|---|---|---|---|---|
| AUD | 6.60 | 6.95 | 6.59 | 6.59 | 7.03 |
| EUR | 11.67 | 11.65 | 11.83 | 11.41 | 11.80 |
| GBP | 13.75 | 13.94 | 13.83 | 13.66 | 14.22 |
| USD | 10.30 | 11.08 | 10.10 | 10.55 | 11.35 |
2. ACCOUNTING POLICIES
The interim financial statements of Norske Skog have been prepared in accordance with IAS 34 Interim Financial Reporting. The interim financial statements do not include all information required for full annual financial statements and should be read in conjunction with the consolidated financial statements for 2024. The interim financial statements are unaudited.
The accounting policies applied in the preparation of the interim financial statements are consistent with those applied in the preparation of the consolidated financial statements for the year ended
31 December 2024, except for the adaptation of amended standards and new interpretations, which are mandatory from 1 January 2025. These changes are described in the consolidated financial statements for 2024.
The group has not early adopted any standard, interpretation or amendment that has been issued but is not yet mandatory.
3. ESTIMATES, JUDGEMENTS AND ASSUMPTIONS
Preparation of interim financial statements in accordance with IFRS implies use of estimates, which are based on judgements and assumptions that affect the application of accounting principles and the reported amounts of assets, liabilities, revenues and expenses. Actual amounts might differ from such estimates.
Recoverable amount of intangible assets and property, plant and equipment
Property, plant and equipment are tested for possible impairment charges whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. A prolonged decrease in prices or demand beyond the historical level could be an indicator of impairment and an impairment test will be prepared. The recoverable amount is the higher of an asset's fair value, less sales costs or its value in use. Value in use is the present value of the future cash flow expected to be derived from a cash-generating unit. The key drivers of profitability in the industry and thus asset values for Norske Skog are product prices relative to production costs.
Accounting treatment of physical energy contracts and other financial instruments
Norske Skog's portfolio of commodity contracts consists mainly of physical contracts that are settled through physical delivery. Embedded derivatives in commodity contracts are measured at fair value and embedded derivatives that are not traded in an active marked, are assessed through valuation techniques. The fair value of embedded derivatives in physical contracts vary depending on changes in currency and price indexes.
Commodity contracts that fail to meet the "own-use exemption" criteria in IFRS 9 Financial instruments – recognition and measurement are recognised in the balance sheet and valued at fair value.
The group uses its judgement to select a variety of methods and make assumptions that are mainly based on market conditions existing at each balance sheet date. See Note 21 in the consolidated financial statements for 2024 for more information regarding the calculation of fair value of derivatives.
See Note 3 in the consolidated financial statements for 2024 for a more thorough description of important accounting estimates and assumptions impacting the preparation of financial statements.
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4. OPERATING SEGMENTS
The activities of the Norske Skog group are separated into two operating segments, publication paper and packaging paper which is in line with how the group is managed internally. Norske Skog's chief operating decision maker is corporate management, who distribute resources and assesses performance of the group's operating segments. Norske Skog has an integrated strategy across the two segments to maximise profits. The optimisation is carried out through coordinated sales and operational planning. The regional planning, in combination with structured sales and operational processes, ensures maximisation of profit.
Publication paper includes newsprint and magazine paper. Newsprint includes standard newsprint and improved newsprint used in newspapers, inserts, catalogues etc. Magazine paper includes the paper qualities supercalendered (SC) and lightweight coated (LWC). Magazine paper is used in magazines, catalogues, and advertising materials.
The publication paper segment encompasses production and sale of newsprint and magazine paper in Europe. All four European industrial sites and the regional sales organisation are included in the operating segment publication paper.
Packaging paper was established as a new reporting segment from 2023. The segment includes Norske Skog's production of recycled containerboard, mainly the grades testliner 3 and fluting. Testliner 3 and fluting are used by corrugators as outer and inner layers of packaging material. The segment comprises PM3 at Norske Skog Bruck and PM1 at Norske Skog Golbey.
Activities in the group that do not fall into the operating segments are presented under other activities. This includes corporate functions, sourcing solutions and other holding company activities.
| PUBLICATION PAPER |
PACKAGING PAPER |
OTHER ACTIVITIES |
ELIMINATIONS | NORSKE SKOG GROUP |
|---|---|---|---|---|
| 1 950 | 224 | 237 | -147 | 2 264 |
| 79 | 45 | 2 | 0 | 126 |
| 2 029 | 269 | 239 | -147 | 2 389 |
| -212 | -29 | 0 | 0 | -242 |
| -1 152 | -184 | -213 | 124 | -1 424 |
| -330 | -61 | -18 | 0 | -409 |
| -163 | -47 | -22 | 23 | -208 |
| 172 | -52 | -14 | 0 | 106 |
| -87 | -30 | -3 | 0 | -119 |
| 87 | 0 | 0 | 0 | 87 |
| 172 | -82 | -16 | 0 | 74 |
| 100 | 100 | 41 | 100 | |
| Q1 2025 | PUBLICATION PAPER |
PACKAGING PAPER |
OTHER ACTIVITIES |
ELIMINATIONS | NORSKE SKOG GROUP |
|---|---|---|---|---|---|
| Operating revenue | 2 152 | 210 | 208 | -139 | 2 430 |
| Other operating income | 626 | 44 | 0 | 0 | 671 |
| Total operating income | 2 778 | 255 | 208 | -139 | 3 101 |
| Distribution costs | -228 | -29 | 0 | 0 | -257 |
| Cost of materials | -1 415 | -143 | -166 | 114 | -1 609 |
| Employee benefit expenses | -312 | -76 | -24 | 0 | -411 |
| Other operating expenses | -175 | -42 | -21 | 25 | -213 |
| EBITDA | 649 | -35 | -2 | 0 | 612 |
| Restructuring expenses | -3 | 0 | 0 | 0 | -3 |
| Depreciation | -87 | -32 | -2 | 0 | -121 |
| Derivatives and other fair value adjustments | 2 | 0 | -1 | 0 | 1 |
| Operating earnings | 562 | -67 | -6 | 0 | 489 |
| Share of operating revenue from external parties (%) | 100 | 100 | 36 | 100 |
NORSKE SKOG – QUARTERLY REPORT - SECOND QUARTER 2025 (UNAUDITED)
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| Q2 2024 | PUBLICATION PAPER |
PACKAGING PAPER |
OTHER ACTIVITIES |
ELIMINATIONS | NORSKE SKOG GROUP |
|---|---|---|---|---|---|
| Operating revenue | 2 053 | 182 | 189 | -165 | 2 259 |
| Other operating income | 461 | 26 | 0 | 0 | 487 |
| Total operating income | 2 514 | 207 | 189 | -165 | 2 746 |
| Distribution costs | -222 | -25 | 0 | 0 | -247 |
| Cost of materials | -1 271 | -124 | -152 | 137 | -1 410 |
| Employee benefit expenses | -367 | -41 | -20 | 0 | -428 |
| Other operating expenses | -192 | -15 | -18 | 28 | -196 |
| EBITDA | 464 | 2 | -1 | 0 | 464 |
| Depreciation | -88 | -29 | -2 | 0 | -119 |
| Derivatives and other fair value adjustments | 46 | 0 | -3 | 0 | 44 |
| Operating earnings | 423 | -27 | -6 | 0 | 389 |
| Share of operating revenue from external parties (%) | 100 | 100 | 20 | 100 |
| YTD 2025 | PUBLICATION PAPER |
PACKAGING PAPER |
OTHER ACTIVITIES |
ELIMINATIONS | NORSKE SKOG GROUP |
|---|---|---|---|---|---|
| Operating revenue | 4 102 | 434 | 444 | -286 | 4 694 |
| Other operating income | 705 | 89 | 3 | 0 | 797 |
| Total operating income | 4 807 | 523 | 447 | -286 | 5 491 |
| Distribution costs | -440 | -58 | 0 | 0 | -498 |
| Cost of materials | -2 567 | -327 | -378 | 238 | -3 034 |
| Employee benefit expenses | -641 | -137 | -41 | 0 | -820 |
| Other operating expenses | -338 | -88 | -43 | 48 | -421 |
| EBITDA | 821 | -87 | -16 | 0 | 718 |
| Restructuring expenses | -3 | 0 | 0 | 0 | -3 |
| Depreciation | -174 | -61 | -5 | 0 | -240 |
| Derivatives and other fair value adjustments | 89 | 0 | -1 | 0 | 88 |
| Operating earnings | 734 | -148 | -22 | 0 | 564 |
| Share of operating revenue from external parties (%) | 100 | 100 | 39 | 100 |
| PUBLICATION | PACKAGING | OTHER | NORSKE SKOG |
||
|---|---|---|---|---|---|
| YTD 2024 | PAPER | PAPER | ACTIVITIES | ELIMINATIONS | GROUP |
| Operating revenue | 4 009 | 322 | 347 | -306 | 4 372 |
| Other operating income | 563 | 62 | 1 | -2 | 624 |
| Total operating income | 4 572 | 384 | 348 | -308 | 4 996 |
| Distribution costs | -435 | -48 | 0 | 0 | -483 |
| Cost of materials | -2 418 | -230 | -275 | 250 | -2 673 |
| Employee benefit expenses | -724 | -81 | -48 | 2 | -851 |
| Other operating expenses | -366 | -30 | -35 | 56 | -375 |
| EBITDA | 630 | -5 | -10 | 0 | 615 |
| Restructuring expenses | -6 | 0 | -3 | 0 | -9 |
| Depreciation | -174 | -58 | -4 | 0 | -236 |
| Derivatives and other fair value adjustments | -68 | 0 | -3 | 0 | -71 |
| Operating earnings | 381 | -63 | -20 | 0 | 298 |
| Share of operating revenue from external parties (%) | 100 | 100 | 21 | 100 |
NORSKE SKOG QUARTERLY REPORT – SECOND QUARTER 2025 (UNAUDITED)
16
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| SEGMENT OTHER ACTIVITIES | Q2 2025 | Q1 2025 | Q2 2024 | YTD 2025 | YTD 2024 |
|---|---|---|---|---|---|
| OTHER OPERATING REVENUE | |||||
| Corporate functions | 21 | 22 | 24 | 43 | 49 |
| Sourcing solutions | 218 | 186 | 165 | 403 | 299 |
| Total | 239 | 208 | 189 | 447 | 348 |
| EBITDA | |||||
| Corporate functions | -17 | -6 | -1 | -23 | -12 |
| Sourcing solutions | 4 | 3 | 0 | 7 | 2 |
| Total | -14 | -2 | -1 | -16 | -10 |
5. PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS
| JAN-JUN 2025 | PROPERTY, PLANT AND EQUIPMENT |
RIGHT-OF-USE ASSETS |
TOTAL PROPERTY PLANT AND EQUIPMENT |
INTANGIBLE ASSETS |
|---|---|---|---|---|
| Carrying value at start of period | 9 635 | 88 | 9 723 | 11 |
| Additions* | 628 | 22 | 651 | 12 |
| Depreciation | -221 | -16 | -237 | -3 |
| Impairments | -11 | 0 | -11 | 0 |
| Disposals | -7 | 3 | -4 | 3 |
| Currency translation differences | 29 | -3 | 26 | 0 |
| Carrying value at end of period | 10 052 | 94 | 10 147 | 20 |
*The difference between additions and the line Purchases of property, plant and equipment and intangible assets in the condensed consolidated statement of cash flows is due to right-of-use assets, accruals for payments and other additions with no cash impact.
PER OPERATING SEGMENTS
| TOTAL PROPERTY PLANT AND 30 JUN 2025 EQUIPMENT |
INTANGIBLE ASSETS |
|---|---|
| Publication paper 2 988 |
4 |
| Packaging paper 7 149 |
0 |
| Other activities 10 |
16 |
| Total 10 147 |
20 |
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6. ENERGY CONTRACTS, DERIVATIVES AND FINANCIAL INSTRUMENTS CARRIED AT FAIR VALUE
| ASSETS | LIABILITIES | |||
|---|---|---|---|---|
| 30 JUN 2025 | CURRENT NON-CURRENT | CURRENT NON-CURRENT | ||
| Energy contracts and embedded derivatives in energy contracts (level 3) | 64 | 0 | 119 | 170 |
| Other derivatives and financial instruments carried at fair value (level 2) | 7 | 0 | 16 | 0 |
| Total | 71 | 0 | 136 | 170 |
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Norske Skog's portfolio of commodity contracts consists mainly of physical energy contracts some of which contain embedded derivatives related to currency. Certain energy contracts are measured at fair value. The fair value of commodity contracts is especially sensitive to future changes in energy prices in the region they cover.
The contract prices for energy in Norway are sensitive to change in publication paper prices and pulpwood prices. Externally forecasted price increases/decreases for paper increases/decreases the cost of energy. Contract prices vs market prices for energy have developed in opposite directions in the relevant energy areas in Norway, while a weaker NOK has impacted embedded derivatives negatively. There has been a net positive change in the fair value of the contracts and embedded derivatives in the quarter of NOK 88 million.
Changes in the value of energy contracts, commodity contracts and embedded derivatives in contracts are presented in the income statement line Derivatives and other fair value adjustments. A sensitivity analysis of the impact on profit after tax of fluctuations in energy prices, currency and price indices is given in Note 5 in the consolidated financial statements for 2024.
Financial derivative contracts are accounted for at fair value and changes in contracts are presented in the income statement under financial items. A sensitivity analysis of the impact on profit after tax of fluctuations in currency is given in Note 5 in the consolidated financial statements for 2024.
The valuation techniques used are described in Note 21 in the consolidated financial statement for 2024.
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7. FINANCIAL ITEMS AND DEBT REPAYMENTS
FINANCIAL ITEMS
| RESTATED | RESTATED | ||||
|---|---|---|---|---|---|
| NOK MILLION | Q2 2025 | Q1 2025 | Q2 2024 | YTD 2025 | YTD 2024 |
| Net interest expenses | -40 | -43 | -26 | -84 | -64 |
| Currency gains/losses* | 37 | 18 | 55 | 56 | -85 |
| Other financial items | -23 | -22 | -54 | -45 | -73 |
| Total financial items | -26 | -48 | -24 | -73 | -221 |
*Currency gains/losses on trade receivables and trade payables are reported as operating revenue and cost of materials respectively.
FINANCING
Norske Skog is financed through various loan facility agreements in the parent and subsidiary companies. The outstanding amounts at the end of the quarter were as follows.
Norske Skog ASA had a senior unsecured bond with an outstanding amount of NOK 1 400 million.
Norske Skog Golbey SAS had outstanding debt financing of EUR 174 million, of which EUR 163 million relates to the containerboard line and is fully guaranteed by Norske Skog ASA.
Norske Skog Bruck GmbH had outstanding debt financing of EUR 83 million, of which EUR 53 million relates to the containerboard line and is fully guaranteed by Norske Skog ASA and EUR 30 million relates to the waste-to-energy boiler and is guaranteed by Norske Skog ASA up to an amount of EUR 20 million.
Norske Skog Skogn AS had outstanding debt financing of NOK 500 million.
Saugbrugs Bioenergi AS, a fully owned subsidiary of Norske Skog Saugbrugs AS, had outstanding debt financing of NOK 46 million.
The remaining financing arrangements includes leasing, factoring, and other credit facilities at the mill level.
The financing covenants applicable to Norske Skog on a consolidated basis are (i) freely available and unrestricted cash and cash equivalents of minimum NOK 100 million, (ii) EBITDA* to net interest costs of minimum 2.0:1, (iii) book equity to total assets of minimum 25%, and (iv) minimum LTM EBITDA* of NOK 400 million. In addition, there are various company specific financial covenants applicable to the subsidiaries acting as borrowers under the respective credit facilities.
*The EBITDA used in the financial covenants' calculations may differ from the EBITDA shown in the financial reporting due to adjustment requirements in the financing agreements.
BONDS
| MILLION | MATURITY | CURRENCY | INTEREST RATE |
NOMINAL VALUE |
AMOUNT OUTSTANDING 30 JUN 2025 |
|---|---|---|---|---|---|
| NSKOG03 | June 2029 | NOK | NIBOR +4.5% |
1 600 | 1 400 |
DEBT REPAYMENT SCHEDULE*
| NOK MILLION | 2025 | 2026 | 2027 | 2028 | 2029- |
|---|---|---|---|---|---|
| Bonds | 0 | 0 | 0 | 0 | 1 400 |
| Debt to credit institutions | 150 | 547 | 712 | 1 134 | 1 056 |
| Total | 150 | 547 | 712 | 1 134 | 2 456 |
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*Not including items relating to leases.
Total debt listed in the repayment schedule differs from the carrying value in the balance sheet. This is due to the amortised cost principle.
Debt repayment in the third quarter 2025 amounts to NOK 58 million and relates to repayment of project debt at Norske Skog Golbey and Norske Skog Bruck.
Financed amounts from securitisation arrangements is classified as interest-bearing current liabilities. New loans are initiated on a consecutive basis based on new trade receivables included under the securitisation agreement. The liability is in its nature current, and Norske Skog does not have an unconditional right to defer settlement beyond twelve months. The liabilities are liabilities that are settled through its normal operating cycle. The corresponding trade receivable is derecognised when the customer pays it.
NORSKE SKOG – QUARTERLY REPORT - SECOND QUARTER 2025 (UNAUDITED)
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8. PRINCIPAL SHAREHOLDERS
| NUMBER OF SHARES | OWNERSHIP % | |
|---|---|---|
| BYGGMA ASA | 17 430 431 | 20.55 |
| UBS Europe SE | 8 922 000 | 10.52 |
| DRANGSLAND KAPITAL AS | 5 316 148 | 6.27 |
| VERDIPAPIRFONDET FONDSFINANS NORGE | 3 100 000 | 3.65 |
| INTERTRADE SHIPPING AS | 3 000 000 | 3.54 |
| VOLDSTAD EIENDOM AS | 2 607 476 | 3.07 |
| J.P. Morgan SE | 1 700 853 | 2.00 |
| State Street Bank and Trust Comp | 1 459 613 | 1.72 |
| MP PENSJON PK | 1 301 515 | 1.53 |
| Goldman Sachs & Co. LLC | 902 561 | 1.06 |
| Nordnet Bank AB | 900 855 | 1.06 |
| The Bank of New York Mellon SA/NV | 873 023 | 1.03 |
| INAK 3 AS | 700 000 | 0.83 |
| Pershing Securities Limited | 688 585 | 0.81 |
| J.P. Morgan SE | 566 669 | 0.67 |
| Saxo Bank A/S | 529 250 | 0.62 |
| SES AS | 500 000 | 0.59 |
| GÅSØ NÆRINGSUTVIKLING AS | 425 000 | 0.50 |
| MIDDELBOE AS | 420 187 | 0.50 |
| SPAREBANK 1 MARKETS AS | 390 000 | 0.46 |
| Other shareholders | 33 104 069 | 39.02 |
| Total | 84 838 235 | 100.00 |
The data is extracted from VPS 14 July 2025. Whilst every reasonable effort is made to verify all data, VPS cannot guarantee the accuracy of the analysis.
NORSKE SKOG QUARTERLY REPORT – SECOND QUARTER 2025 (UNAUDITED)
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9. THE NORSKE SKOG SHARE
| 30 JUN 2025 | 31 MAR 2025 | 31 DEC 2024 | 30 JUN 2024 | |
|---|---|---|---|---|
| Share price (NOK) | 22.40 | 20.78 | 24.50 | 43.26 |
| Book value of equity per share (NOK) | 69.27 | 66.55 | 63.46 | 72.35 |
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10. RELATED PARTIES
Investor AS and subsidiaries Drangsland Kapital AS and Byggma ASA are related parties to Norske Skog through the ownership in Norske Skog ASA and the CEO Geir Drangsland being the ultimate owner for these companies.
There have not been any transactions with related parties in 2025.
11. EVENTS AFTER THE BALANCE SHEET DATE
There have been no events after the balance sheet date with significant impact on the interim financial statements for the second quarter of 2025.
NORSKE SKOG – QUARTERLY REPORT - SECOND QUARTER 2025 (UNAUDITED)
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12. HISTORICAL FIGURES
| RESTATED | RESTATED | ||||
|---|---|---|---|---|---|
| INCOME STATEMENT | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 |
| Total operating income | 2 389 | 3 101 | 2 666 | 2 511 | 2 746 |
| Variable costs* | -1 666 | -1 866 | -1 968 | -1 808 | -1 657 |
| Fixed costs* | -617 | -624 | -665 | -615 | -624 |
| EBITDA | 106 | 612 | 33 | 88 | 464 |
| Restructuring expenses | 0 | -3 | -5 | -2 | 0 |
| Depreciation | -119 | -121 | -123 | -122 | -119 |
| Impairments | 0 | 0 | -121 | 0 | 0 |
| Derivatives and other fair value adjustment | 87 | 1 | -137 | 30 | 44 |
| Operating earnings | 74 | 489 | -353 | -5 | 389 |
| Share of profit in associated companies and joint ventures | 0 | 0 | 0 | -36 | -25 |
| Financial items | -26 | -48 | -117 | -103 | -24 |
| Profit/loss before income taxes | 49 | 442 | -470 | -144 | 341 |
| Income taxes | 32 | -6 | -85 | 3 | -66 |
| Profit/loss from continuing operations | 80 | 436 | -555 | -141 | 275 |
* As defined in Alternative performance measures
| SEGMENT INFORMATION | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 |
|---|---|---|---|---|---|
| Publication paper | |||||
| Total operating income | 2 029 | 2 778 | 2 369 | 2 224 | 2 514 |
| EBITDA | 172 | 649 | 40 | 99 | 464 |
| Deliveries (1 000 tonnes) | 266 | 273 | 291 | 283 | 279 |
| Packaging paper | |||||
| Total operating income | 269 | 255 | 218 | 249 | 207 |
| EBITDA | -52 | -35 | 3 | 8 | 2 |
| Deliveries (1 000 tonnes) | 47 | 48 | 41 | 42 | 41 |
| Other activities | |||||
| Total operating income | 239 | 208 | 233 | 225 | 189 |
| EBITDA | -14 | -2 | -10 | -19 | -1 |
| DISCONTINUED OPERATIONS | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 |
| Publication paper Australasia | |||||
| Total operating income | 0 | 444 | 459 | 496 | 472 |
| EBITDA | 0 | -21 | -15 | 3 | 6 |
| Deliveries (1 000 tonnes) | 0 | 57 | 57 | 61 | 60 |
NORSKE SKOG QUARTERLY REPORT – SECOND QUARTER 2025 (UNAUDITED)
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| BALANCE SHEET | 30 JUN 2025 | 31 MAR 2025 | 31 DEC 2024 | 30 SEP 2024 | 30 JUN 2024 |
|---|---|---|---|---|---|
| Total non-current assets | 10 480 | 10 023 | 10 037 | 10 132 | 9 660 |
| Inventories | 1 579 | 1 450 | 1 390 | 1 649 | 1 523 |
| Trade and other receivables | 820 | 1 198 | 1 253 | 1 235 | 1 069 |
| Cash and cash equivalents | 1 116 | 1 051 | 1 127 | 1 605 | 2 784 |
| Other current assets | 72 | 664 | 659 | 202 | 164 |
| Total current assets | 3 588 | 4 363 | 4 430 | 4 692 | 5 540 |
| Total assets | 14 068 | 14 386 | 14 467 | 14 824 | 15 201 |
| Total equity | 5 877 | 5 646 | 5 384 | 6 132 | 6 138 |
| Total non-current liabilities | 5 604 | 5 351 | 5 503 | 5 739 | 5 275 |
| Trade and other payables | 1 921 | 1 986 | 2 118 | 2 169 | 2 076 |
| Other current liabilities | 666 | 969 | 1 000 | 783 | 1 712 |
| Total current liabilities | 2 587 | 3 389 | 3 580 | 2 952 | 3 789 |
| Total liabilities | 8 191 | 8 740 | 9 083 | 8 691 | 9 063 |
| Total equity and liabilities | 14 068 | 14 386 | 14 467 | 14 824 | 15 201 |
| CASH FLOW | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 |
|---|---|---|---|---|---|
| Reconciliation of net cash flow from operating activities | |||||
| EBITDA from continuing operations | 106 | 612 | 33 | 88 | 464 |
| EBITDA from discontinued operations | 0 | -21 | -15 | 3 | 6 |
| Change in working capital | 285 | -126 | 94 | -261 | 201 |
| Payments made relating to restructuring activities | -1 | -3 | -11 | -11 | -6 |
| Gain and losses from divestment | -3 | 0 | 0 | -2 | 0 |
| Insurance compensation from property damage | 0 | -560 | -33 | -25 | -338 |
| Cash flow from net financial items | -52 | -61 | -61 | -51 | -52 |
| Taxes paid | -1 | -4 | -7 | -5 | 15 |
| Other | -8 | -8 | 29 | -7 | 9 |
| Net cash flow from operating activities | 327 | -172 | 28 | -272 | 299 |
| Purchases of property, plant and equipment and intangible assets | -255 | -372 | -462 | -316 | -442 |
| Proceeds from property damage insurance | 0 | 560 | 33 | 25 | 338 |
| Net divestments | 78 | 1 | 1 | 2 | 0 |
| Net cash flow from investing activities | -177 | 189 | -428 | -289 | -104 |
| Net cash flow from financing activities | -171 | -38 | -33 | -635 | 683 |
| Foreign currency effects on cash and cash equivalents | 1 | -21 | 6 | 18 | -9 |
| Total change in cash and cash equivalents | -19 | -41 | -428 | -1 179 | 869 |
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Statement from the Board of Directors and CEO
in compliance with section 5-6 in the securities trading act
We declare that to the best of our knowledge, the condensed consolidated interim financial statements for the period 1 January to 30 June 2025 have been prepared in accordance with IAS 34 – Interim Financial Reporting and that the information in the condensed financial statements give a true and fair view of the Norske Skog group's assets, liabilities, financial position and result as a whole.
We confirm that the interim report from the board of directors provides a true and fair view of the development and performance of the business and the position of the company and the group, as well as a description of the key risks and uncertainty factors which the group is facing.
SKØYEN, 14 JULY 2025 THE BOARD OF DIRECTORS OF NORSKE SKOG ASA
Arvid Grundekjøn Trude Ulven Terje Sagbakken
Chair Board member Board member
Christoffer Bull Eva Karlsson Berg Geir Drangsland Board member Board member CEO
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ALTERNATIVE PERFORMANCE MEASURES
The European Securities and Markets Authority's (ESMA) has defined guidelines for alternative performance measures (APM). An APM is defined as a financial measure of historical or future financial performance, financial position, or cash flows, other than a financial measure defined or specific in the applicable financial reporting framework (IFRS). The company uses EBITDA and EBITDA margin to measure operating performance on group level. It is the company's view that the APMs provide the investors relevant and specific operating figures which may enhance their understanding of the performance.
EBITDA, EBITDA margin, variable costs, fixed costs and net interest-bearing debt are defined by the company below.
EBITDA: Operating earnings for the period, before restructuring expenses, depreciation and amortization and impairment charges, derivatives and other fair value adjustments, determined on an entity, combined or consolidated basis. EBITDA is used for providing consisting information on operating performance and cash generating which is relative to other companies and frequently used by other stakeholders.
| RESTATED | RESTATED | ||||
|---|---|---|---|---|---|
| NOK MILLION | Q2 2025 | Q1 2025 | Q2 2024 | YTD 2025 | YTD 2024 |
| Operating earnings | 74 | 489 | 389 | 564 | 298 |
| Restructuring expenses | 0 | 3 | 0 | 3 | 9 |
| Depreciation | 119 | 121 | 119 | 240 | 236 |
| Derivatives and other fair value adjustments | -87 | -1 | -44 | -88 | 71 |
| EBITDA | 106 | 612 | 464 | 718 | 615 |
EBITDA margin: EBITDA/total operating income. EBITDA margins assist in providing a more comprehensive analysis of operating performance relative to other companies.
| RESTATED | |||||
|---|---|---|---|---|---|
| NOK MILLION | Q2 2025 | Q1 2025 | Q2 2024 | YTD 2025 | YTD 2024 |
| EBITDA | 106 | 612 | 464 | 718 | 615 |
| Total operating income | 2 389 | 3 101 | 2 746 | 5 491 | 4 996 |
| EBITDA margin | 4.5 % | 19.7 % | 16.9 % | 13.1 % | 12.3 % |
Variable costs: Distribution costs + cost of materials.
| RESTATED | |||||
|---|---|---|---|---|---|
| NOK MILLION | Q2 2025 | Q1 2025 | Q2 2024 | YTD 2025 | YTD 2024 |
| Distribution costs | 242 | 257 | 247 | 498 | 483 |
| Cost of materials | 1 424 | 1 609 | 1 410 | 3 034 | 2 673 |
| Variable costs | 1 666 | 1 866 | 1 657 | 3 532 | 3 156 |
Fixed costs: Employee benefit expenses + other operating expenses.
| RESTATED | RESTATED | ||||
|---|---|---|---|---|---|
| NOK MILLION | Q2 2025 | Q1 2025 | Q2 2024 | YTD 2025 | YTD 2024 |
| Employee benefit expenses | 409 | 411 | 428 | 820 | 851 |
| Other operating expenses | 208 | 213 | 196 | 421 | 375 |
| Fixed costs | 617 | 624 | 624 | 1 241 | 1 226 |
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24
NORSKE SKOG – QUARTERLY REPORT - SECOND QUARTER 2025 (UNAUDITED)
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Net interest-bearing debt: Net interest-bearing debt consists of bonds issued and other interest-bearing liabilities (current and non-current) reduced by cash and cash equivalent.
| NOK MILLION | 30 JUN 2025 | 31 MAR 2025 | 31 DEC 2024 | 30 JUN 2024 |
|---|---|---|---|---|
| Interest-bearing non-current liabilities | 4 665 | 4 408 | 4 475 | 4 184 |
| Interest-bearing current liabilities | 411 | 730 | 771 | 1 569 |
| Cash and cash equivalents | -1 116 | -1 051 | -1 127 | -2 784 |
| Net interest-bearing debt | 3 960 | 4 087 | 4 119 | 2 970 |
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Capital expenditure (Capex): Purchases of property, plant and equipment and intangible assets.
Maintenance capex: Capex required to maintain the group's current business.
Q2 2025 presentation
15 July 2025
Transformation journey Creating valuable products from wood fibre
Four high quality industrial sites
Nine paper machines with supporting infrastructure for energy, fibre, and water
Quarter highlights
Second quarter 2025
EBITDA of NOK 106m in the quarter
- Increasing market share despite challenging markets and low industry utilisation rates
- Better than expected contribution from energy refund and energy contract mechanisms in the quarter
Maintaining capital and liquidity position
- Proceeds from sale of Boyer, CO2 allowances, and energy refund received in the quarter
- Agreement with lenders to revise loan repayment schedules and release restricted cash accounts
Start of containerboard production at Golbey PM1
- Paper on reel successfully achieved and first volumes delivered to customers
- Expect to achieve full utilisation during H1 2027
Implementing profitability improvement initiatives
- Optimising fibre mix at Bruck PM4 to enhance product quality and reduce cost
- Upgrade Skogn PM1 to enable switching between newsprint and book paper during 2026
Reviewing future opportunities at Saugbrugs
- BCTMP project put on hold due to challenging markets and size of investment
- Decision on potential Saugbrugs PM6 restart to be taken during H2 2025
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4
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50
100
150 200
250
300
350
Key figures Second quarter 2025
EBITDA Pre-tax profit
Profit/loss pre-tax
1) LTM = Last Twelve Months. Note that the covenant adjusts for restructuring expenses and divestments
Financial position
Second quarter 2025
EBITDA to net cash interest cost group covenant of min. 2.0x 11.0x 9.8x 4.9x 7.9x 5.5x 0x 2x 4x 6x 8x 10x 12x
Q2'24 Q3'24 Q4'24 Q1'25 Q2'25
Interest coverage ratio
Cash Net debt 1
Unrestricted cash Restricted cash
NOKm (and leverage ratio) no group maintenance covenant
Note: Covenants calculated according to definitions in loan agreements
1) For Q2 2024, note that NOK 977m (NOK 1 005m including call premium and accumulated interest) was repaid following end of quarter as part of the bond refinancing. Pro forma, in Q2 2024 the cash position was NOK 1 779m of which NOK 584m was restricted
Segment financials Second quarter 2025
| NOK million | Q2'24 | Q3'24 | Q4'24 | Q1'25 | Q2'25 | |
|---|---|---|---|---|---|---|
| Deliveries, kt | 279 | 283 | 291 | 273 | 266 | |
| Operating revenue | 2 053 | 2 124 | 2 226 | 2 152 | 1 950 | |
| Other operating income | 461 | 100 | 143 | 626 | 79 | |
| Total operating income | 2 514 | 2 224 | 2 369 | 2 778 | 2 029 | |
| Publication | Distribution costs | 222 | 234 | 235 | 228 | 212 |
| paper | Cost of materials | 1 271 | 1 357 | 1 498 | 1 415 | 1 152 |
| Employee benefit expenses | 367 | 356 | 367 | 312 | 330 | |
| Other operating expenses | 192 | 178 | 229 | 175 | 163 | |
| EBITDA | 464 | 99 | 40 | 649 | 172 | |
| EBITDA margin | 18% | 4% | 2% | 23% | 8% | |
| Deliveries, kt | 41 | 42 | 41 | 48 | 47 | |
| Operating revenue | 182 | 212 | 187 | 210 | 224 | |
| Other operating income | 26 | 37 | 31 | 44 | 45 | |
| Total operating income | 207 | 249 | 218 | 255 | 269 | |
| Packaging | Distribution costs | 25 | 27 | 26 | 29 | 29 |
| paper | Cost of materials | 124 | 154 | 143 | 143 | 184 |
| Employee benefit expenses | 41 | 45 | 31 | 76 | 61 | |
| Other operating expenses | 15 | 15 | 16 | 42 | 47 | |
| EBITDA | 2 | 8 | 3 | -35 | -52 | |
| EBITDA margin | 1% | 3% | 1% | -14% | -19% | |
| Other | Total operating income | 189 | 225 | 233 | 208 | 239 |
| activities | EBITDA | -1 | -19 | -10 | -2 | -14 |
Publication paper
- Lower deliveries due to both planned and unplanned stops
- Slightly lower achieved prices
- Lower cost of materials due to (i) higher recognised contribution from energy refund and energy contract mechanisms of approximately NOK 85m, (ii) seasonally lower energy prices, (iii) improved operational efficiency. Partly offset by higher fibre prices
Packaging paper
- Bruck PM3 with positive EBITDA of NOK 26m in the quarter. Higher containerboard prices mitigated by increased cost of recycled paper
- Golbey PM1 production of approximately 4 000 tonnes and first customer deliveries of approximately 300 tonnes following start-up end of May. Expect utilisation of 20-30% in Q3 2025 and full utilisation in H1 2027
- First deliveries from Golbey PM1 expected to receive a lower average sales price in initial months due to trial deliveries and exports
- Some fixed costs capitalised in the quarter prior to start-up of Golbey PM1
5
Loan facility agreements
Close relations to all lenders with shared understanding of fundamental growth journey
| Agreement with lenders to revise repayment schedules to align with containerboard ramp-up | ||||||||
|---|---|---|---|---|---|---|---|---|
| NOK million | H2 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | 2032+ |
| Scheduled loan installments per 31 March 2025 |
-342 | -600 | -946 | -625 | -1 684 | -281 | -256 | -79 |
| Scheduled loan installments per 30 June 2025 |
-150 | -547 | -712 | -1 134 | -1 734 | -330 | -303 | -89 |
| Change | 191 | 53 | 233 | -509 | -50 | -50 | -47 | -11 |
Change in EURNOK has increased the NOK amount to be repaid per 30 June 2025 vs. 31 March 2025
Aligning repayment terms
7
- Repayment schedules better aligned with production ramp-up at Golbey PM1
- Revised repayment schedules improving liquidity for next 30 months (end of 2027)
- Option to extend loan facility maturity date from 2028 to 2029 (NOK 350m)
| Main financing facilities as of Q2 2025 | |||||
|---|---|---|---|---|---|
| Golbey | Containerboard loans: EUR 163m (full parent guarantee) Maturities in Q3 2028 and Q1 2032 Floating rate: EURIBOR 6M + margins |
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| Bruck | Containerboard loans: EUR 53m (full parent guarantee) Maturities in Q2 2031 and Q4 2031 Floating rate: EURIBOR 6M + margins Waste-to-energy loan: EUR 30m (EUR 20m parent guarantee) Maturity in Q4 2028 Fixed rate |
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| Skogn | Green term loan: NOK 500m (no parent guarantee) Maturity in Q3 2028 (potential for extension to Q1 2029) Floating rate: NIBOR 3M + margin |
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| Parent (Norske Skog ASA) |
Senior unsecured bond: NOK 1 400m (maximum NOK 1 600m) Maturity in Q2 2029 Floating rate: NIBOR 3M + 450 bps |
||||
| Other | Other loans, leases, and factoring of EUR ~22m across Norske Skog |
Transformation through strategic projects
Strategic projects completed and production ramp-up on plan
Projects at Norske Skog Bruck completed Projects at Norske Skog Golbey completed
Containerboard production Started Q1 2023
- Full utilisation H2 2025
- Net capex EUR 120m
- Project debt EUR 53m
- Capacity 210kt
- Waste-to-energy boiler
- Started Q2 2022
- Full utilisation Q2 2023
- Net capex EUR 72m
- Project debt EUR 30m
- Capacity 50 MW
Containerboard production
- Started Q2 2025
- Full utilisation H1 2027
- Net capex EUR 320m
- Remaining capex EUR 20-25m
- Remaining grants: EUR 52m
- H2 2025: EUR 8m H1 2026: EUR 16m
- H1 2027: EUR 28m
- Project debt EUR 163m
- Capacity 550kt
Biomass boiler JV
- Started Q4 2024
- Full utilisation H1 2025
- Equity share EUR 5m
- 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 offtaker of steam under a competitive longterm contract
Reviewing future opportunities at Saugbrugs Decision on potential restart of PM6 in H2 2025
- Decision on potential restart of PM6, and closure of PM4 and PM5, to be taken during H2 2025. Increasing production capacity from 200kt to 240kt
- Expected net investment of NOK 300m and project period of 12-18 months
- PM6 expected to be a cost leading producer of uncoated mechanical paper (SC magazine paper)
- BCTMP project on hold due to investment size and challenging pulp markets
Publication paper market balance
Newsprint utilisation rates at manageable levels
Coated mechanical market balance Western Europe
10
9
Source: Numera UMI = Uncoated Mechanical Improved; UMO = Uncoated Mechanical Other
Publication paper cost curves
Norske Skog newsprint machines competitively positioned
Packaging paper market
Norske Skog increasing market share despite excess capacity in the industry
12 Source: Fastmarkets
11
Source: Fastmarkets 1) Excluding UMO grades
Raw materials Continued high costs for raw materials impacting profitability
Paper prices
Prices track marginal producer cash cost, increases required for all grades
Outlook Concluding remarks
15
Uncertain and volatile operating environment with continued pressure on profitability
- Significant emphasis on reducing production cost and working capital to maintain competitive position
- Golbey PM1 expected to reach full utilisation in H1 2027
- Expect EUR 20-25m of remaining gross capex at Golbey PM1 to be paid in H2 2025, and expect to receive EUR 52m in energy certificates and investment grants during 2025-27
- Monitoring capital and liquidity position closely with ongoing initiatives to secure financial performance and competitive position going forward
Press release
Norske Skog Golbey start-up paves the way for future growth
Norske Skog reported an EBITDA of NOK 106 million in the second quarter of 2025 down from NOK 612 million in the previous quarter, mainly due to the final insurance settlement of NOK 560 million at Norske Skog Saugbrugs in the previous quarter. Despite continued challenges in the global pulp and paper markets and low industry utilisation rates, Norske Skog continues to increase its market share across publication and packaging paper segments and marked the successful start-up of containerboard production at Norske Skog Golbey PM1 in France.
The major highlight of the quarter was the commissioning of PM1 at the Norske Skog Golbey mill. The machine produced its first paper reel at the end of May, with approximately 4 000 tonnes produced during the quarter. The ramp-up will involve continued customer testing, trial deliveries, and exports in the initial phase. Utilisation is expected to reach 20-30% in the third quarter of 2025.
"The start-up of PM1 at Golbey marks a key strategic milestone for Norske Skog. Despite encountering some projectrelated challenges, we have now successfully entered the ramp-up phase. We are confident that the machine will follow its planned utilisation curve and reach full capacity during the first half of 2027. This project strengthens our position in the containerboard market and represents an important step in our long-term transformation. In addition, the investment to convert one machine at Norske Skog Skogn from newsprint to book paper is part of our long-term transformation process of not being a pure publication paper supplier," says Geir Drangsland, CEO of Norske Skog.
In the second quarter of 2025, Norske Skog had total operating income of NOK 2 389 million down from NOK 3 101 million in the previous quarter. Operating earnings of NOK 74 million down from NOK 489 million in the previous quarter, and profit before income taxes of NOK 49 million down from NOK 442 million in the previous quarter. Equity increased from NOK 5 646 million in the previous quarter to NOK 5 877 million in the current quarter. This resulted in the equity ratio increasing from 39% to 42%. Net interest-bearing debt decreased from NOK 4 087 million in the previous quarter to NOK 3 960 million in the current quarter.
In publication paper, lower deliveries due to planned and unplanned stops and slightly weaker prices were offset by lower cost of materials.
In packaging paper, Norske Skog Bruck PM3 continued to perform well and delivered an EBITDA of NOK 26 million. The segment had a negative EBITDA of NOK 52 million due to relatively high fixed costs during the ramp-up phase at Norske Skog Golbey.
Norske Skog maintains a strong capital position. Proceeds from the sale of Boyer, sale of CO₂ allowances, and energy refund were received during the quarter. An agreement with lenders was reached to revise certain loan repayment schedules and release restricted cash accounts, supporting liquidity.
Norske Skog continues to evaluate strategic options at Norske Skog Saugbrugs, including a potential restart of PM6, closure of PM4 and PM5, and an increase in production capacity from 200 000 to 240 000 tonnes. A final decision is expected in the second half of 2025. The BCTMP project has been put on hold due to high investment requirements and challenging market conditions.
Geir Drangsland, CEO of Norske Skog, says: "Together with the management at Norske Skog Saugbrugs, we have thoroughly reviewed all strategic opportunities for the mill. The ongoing review of a potential restart of PM6 reflects
Norske Skog ASA
Sjølyst plass 2 P.O. Box 294 Skøyen, 0213 Oslo Norway www.norskeskog.com
our continued commitment to long-term industrial operations at Norske Skog Saugbrugs, while weighing sound financial discipline and a strong focus on future profitability."
At Norske Skog Skogn, modifications on PM1 are underway to enable flexible switching between newsprint and book paper from 2026, ensuring continued responsiveness to evolving market needs.
Norske Skog has appealed the decision to the Norwegian Environment Agency of excluding Norske Skog Skogn and Norske Skog Saugbrugs from the EU Emissions Trading System (EU ETS) for the period 2026 to 2030 due to revised qualification criteria to the Ministry of Climate and Environment. Facilities exceeding 95% of emissions deriving from sustainable biomass will no longer qualify for free CO₂ allowances. Norske Skog is actively working to reverse this decision.
Outlook
Uncertainty and profitability pressure in both the market for publication paper and packaging paper is expected to continue due to raw material price volatility, excess production capacity, and constantly changing operating conditions. Norske Skog maintains significant emphasis on reducing the production costs and working capital to maintain its competitive position in this environment.
The remaining gross investment at Norske Skog Golbey is expected to be EUR 20-25 million, and the mill is expected to receive additional EUR 52 million in investment grants and energy certificates during 2025 to 2027. Production of recycled containerboard at Norske Skog Golbey (PM1) is expected to reach full utilisation during the first half of 2027. Norske Skog monitors its capital and liquidity position closely and has several ongoing initiatives to secure financial performance and competitive position going forward.
About Norske Skog
Norske Skog is a producer of packaging paper and publication paper across four mills in Europe. Packaging paper includes testliner and fluting and publication paper includes newsprint and magazine paper. The annual production capacity of packaging paper is 0.8 million tonnes, and the annual production capacity of publication paper is 1.3 million tonnes. Packaging paper and publication paper are sold through sales offices and agents. Norske Skog has approximately 1 700 employees and the parent company, Norske Skog ASA, a public limited liability company, is incorporated in Norway and has its head office in Oslo. The company is listed on Oslo Stock Exchange with the ticker NSKOG.
Presentation and quarterly material
The company will arrange a Teams-webinar today at 08:30 CEST, which can be attended by clicking the webinar link on the front page of the www.norskeskog.com.
The quarterly board of directors report, the presentation, the financial statements and the press releases are available on www.norskeskog.com, and published on www.newsweb.no under the ticker NSKOG. If you want to receive future Norske Skog press releases, please subscribe through the website of the Oslo Stock Exchange www.newsweb.no.
Norske Skog Communications and Public Affairs
For further information:
Norske Skog media: Norske Skog capital markets: Vice President Communication and Public Affairs Senior Vice President Corporate Finance Carsten Dybevig Even Lund Email: [email protected] Email: [email protected] Mob: +47 917 63 117 Mob: +47 906 12 919
Pressemelding
Oppstarten i Norske Skog Golbey legger grunnlag for fremtidig vekst
Norske Skog rapporterte en EBITDA på NOK 106 millioner i andre kvartal 2025, ned fra NOK 612 mill i forrige kvartal, hovedsakelig på grunn av det endelige forsikringsoppgjøret på NOK 560 mill ved Norske Skog Saugbrugs i forrige kvartal. Til tross for vedvarende utfordringer i det globale masse- og papirmarkedet samt lav kapasitetsutnyttelse i bransjen, fortsetter Norske Skog å øke sin markedsandel innen både publikasjons- og emballasjepapir. Norske Skog markerte en viktig milepæl med en vellykket oppstart av emballasjepapirproduksjon ved Norske Skog Golbey PM1 i Frankrike.
Høydepunktet i kvartalet var oppstarten av PM1 ved Norske Skog Golbey. Maskinen produserte sin første papirrull i slutten av mai, med en total produksjon på rundt 4 000 tonn i løpet av kvartalet. Oppstartsfasen vil innebære kundetesting, testleveranser og eksport. Kapasitetsutnyttelsen er forventet å nå 20-30 % i tredje kvartal 2025.
«Oppstarten av PM1 i Golbey markerer en viktig strategisk milepæl for Norske Skog. Til tross for enkelte utfordringer i prosjektfasen, er vi nå godt i gang med oppkjøringsfasen. Vi har stor tro på at maskinen vil følge den planlagte kurven for kapasitetsutnyttelse og nå full drift i løpet av første halvår 2027. Dette prosjektet styrker vår posisjon i markedet for emballasjepapir og representerer et viktig skritt i vår langsiktige transformasjon. I tillegg vil investeringen i å konvertere én maskin ved Norske Skog Skogn fra avispapir til bokpapir være en del av vår langsiktige transformasjon fra å være en ren publikasjonspapirleverandør,» sier Geir Drangsland, konsernsjef i Norske Skog.
I andre kvartal 2025 hadde Norske Skog en samlet driftsinntekt på NOK 2 389 millioner, ned fra NOK 3 101 millioner i forrige kvartal. Driftsresultatet utgjorde NOK 74 millioner, ned fra NOK 489 millioner, og resultat før skatt ble NOK 49 millioner, mot NOK 442 millioner i første kvartal. Egenkapitalen økte fra NOK 5 646 millioner til NOK 5 877 millioner, noe som ga en egenkapitalandel på 42 %, opp fra 39 % foregående kvartal. Netto rentebærende gjeld ble redusert fra NOK 4 087 millioner til NOK 3 960 millioner.
Innen publikasjonspapirsegmentet hadde Norske Skog lavere salgspriser og reduserte leveranser, som følge av både planlagte og uforutsette driftsstanser, som ble delvis oppveid av lavere kostnader på innsatsfaktorer. Innen emballasjepapir fortsatte Norske Skog Bruck PM3 å levere gode resultater og oppnådde en EBITDA på NOK 26 millioner. Segmentet hadde en negativ EBITDA på NOK 52 millioner som følge av relativt høye faste kostnader i oppstartsfasen ved Norske Skog Golbey.
Norske Skog opprettholder en solid kapitalposisjon. I løpet av kvartalet ble salgsprovenyet fra salget av Boyer, salg av CO₂-kvoter og overskuddsenergi mottatt. Det ble også inngått en avtale med långivere om å revidere visse nedbetalingsplaner og frigi bundne kontantmidler, noe som styrker konsernets likviditet.
Norske Skog fortsetter å evaluere strategiske alternativer for Norske Skog Saugbrugs, inkludert en mulig oppstart av PM6, nedleggelse av PM4 og PM5, samt en økning i produksjonskapasiteten fra 200 000 til 240 000 tonn. En endelig beslutning er forventet i løpet av andre halvår 2025. BCTMP-prosjektet er satt på vent grunnet høye investeringsbehov og utfordrende markedsforhold.
Geir Drangsland, konsernsjef i Norske Skog, sier:
Norske Skog ASA Sjølyst plass 2 P.O. Box 294 Skøyen, 0213 Oslo Norway www.norskeskog.com
«Sammen med ledelsen ved Norske Skog Saugbrugs har vi grundig vurdert alle strategiske muligheter for fabrikken. Den pågående vurderingen av en potensiell oppstart av PM6 gjenspeiler vårt fortsatte engasjement for en langsiktig industriell virksomhet ved Saugbrugs, støttet av solid finansiell disiplin og et sterkt fokus på fremtidig lønnsomhet.»
Ved Norske Skog Skogn pågår det nå modifikasjoner på PM1 for å muliggjøre fleksibel produksjon mellom avispapir og bokpapir fra 2026, noe som skal sikre evnen til å møte endrede markedsbehov.
Norske Skog har anket Miljødirektoratets beslutning om å utelukke Norske Skog Skogn og Norske Skog Saugbrugs fra EUs kvotehandelsystem (EU ETS) for perioden 2026 til 2030 til Klima- og miljødepartementet. Grunnen til ekskluderingen er reviderte kvalifikasjonskriterier, hvor anlegg med over 95 % av utslippene fra bærekraftig biomasse ikke lenger kvalifiserer for gratis tildeling av CO₂-kvoter. Norske Skog jobber aktivt for å få omgjort denne beslutningen.
Utsikter
Usikkerhet og lønnsomhetspress i markedene både for publikasjons- og emballasjepapir skyldes prisvolatilitet på råvarer, overkapasitet i bransjen og stadig skiftende politiske rammevilkår. Denne situasjonen forventes å vedvare fremover. Norske Skog vil nedlegge en betydelig innsats for å redusere produksjonskostnader og arbeidskapital for å opprettholde konkurranseposisjonen.
De gjenværende bruttoinvesteringene ved Norske Skog Golbey er forventet å være EUR 20-25 millioner og forventer å motta ytterligere EUR 52 millioner i investeringsstøtte og energisertifikater fra 2025 til 2027. Produksjonen av resirkulert emballasjepapir ved Norske Skog Golbey (PM1) forventes å nå full kapasitetsutnyttelse i løpet av første halvår 2027. Norske Skog følger nøye med på kapital- og likviditetssituasjon og har flere pågående initiativer for å sikre lønnsomheten og konkurransekraften fremover.
Om Norske Skog
Norske Skog er en produsent av emballasje- og publikasjonspapir på fire fabrikker i Europa. Emballasjepapir omfatter testliner og fluting, mens publikasjonspapir omfatter avis- og magasinpapir. Den årlige produksjonskapasiteten for emballasjepapir er 0,8 millioner tonn, og for publikasjonspapir 1,3 millioner tonn. Produktene selges gjennom egne salgsavdelinger og agenter. Norske Skog har rundt 1 700 ansatte, og morselskapet, Norske Skog ASA, er et allmennaksjeselskap registrert i Norge med hovedkontor i Oslo. Selskapet er notert på Oslo Børs under tickeren NSKOG.
Presentasjon og kvartalsmateriell
Selskapet vil arrangere et Teams-webinar i dag kl. 08:30 CEST, som kan følges ved å klikke på webinarlinken på forsiden av www.norskeskog.com. Kvartalsrapporten fra styret, presentasjonen, regnskapene og pressemeldingene er tilgjengelige på www.norskeskog.com, og publisert på www.newsweb.no under tickeren NSKOG. Hvis du ønsker å motta fremtidige pressemeldinger fra Norske Skog, vennligst abonner via nettsiden til Oslo Børs www.newsweb.no.
Norske Skog kommunikasjon og samfunnskontakt
For ytterligere informasjon:
Norske Skog media: Norske Skog kapitalmarkedet: Kommunikasjonsdirektør Direktør corporate finance Carsten Dybevig Even Lund E-post: [email protected] E-post: [email protected] Mob: +47 917 63 117 Mob: +47 906 12 919
