Norske Skog ASA

Investor Presentation • Oct 24, 2025

Transformation journey

Creating valuable products from wood fibre

Strategic transition 2026-27 Harvest 2023-25 Ramp-up Publication paper Packaging paper Other activities 2020-22 Invest

• Growing packaging paper producer
• RCCM capacity: 760kt (ramp-up)
• Leading publication paper producer
• Newsprint capacity: 840kt
• LWC magazine capacity: 265kt
• SC magazine capacity: 200kt
• 2024 CDP Climate Change Score "A-"

Four high quality industrial sites

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

Quarter highlights

Third quarter 2025

Pre-tax profit of NOK 120m in the quarter and NOK 610m year-to-date, EBITDA of NOK 38m in the quarter

• Lower prices for pulpwood and recovered paper partly mitigating price decreases
• Production ramp-up at Golbey PM1 impacting profitability temporarily
• Positive impact from higher valuation of Norwegian power contracts

Formal takeover of containerboard machine PM1 at Golbey

• Golbey PM1 containerboard production of 28kt and deliveries of 24kt during the quarter
• Expect continuous ramp-up towards full utilisation during H1 2027

Implementing profitability improvement initiatives

• Variable and fixed costs under review across all mills to maintain profitability
• Opportunities to reduce working capital position under continuous review

Reviewing future opportunities at Saugbrugs

Decision on potential re-start of Saugbrugs PM6 expected by end of year

Key figures

Third quarter 2025

Financial position

Third quarter 2025

Q3'24 Q4'24 Q1'25 Q2'25 Q3'25

Interest coverage ratio

0x

Segment financials

Third quarter 2025

	NOK million	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25
Publication paper	Deliveries, kt	283	291	273	266	267
	Operating revenue	2 124	2 226	2 152	1 950	1 914
	Other operating income	100	143	626	79	57
	Total operating income	2 224	2 369	2 778	2 029	1 971
	Distribution costs	234	235	228	212	217
	Cost of materials	1 357	1 498	1 415	1 152	1 151
	Employee benefit expenses	356	367	312	330	306
	Other operating expenses	178	229	175	163	154
	EBITDA	99	40	649	172	143
	EBITDA margin	4%	2%	23%	8%	7%
Packaging paper	Deliveries, kt	42	41	48	47	71
	Operating revenue	212	187	210	224	291
	Other operating income	37	31	44	45	66
	Total operating income	249	218	255	269	357
	Distribution costs	27	26	29	29	43
	Cost of materials	154	143	143	184	271
	Employee benefit expenses	45	31	76	61	82
	Other operating expenses	15	16	42	47	56
	EBITDA	8	3	-35	-52	-95
	EBITDA margin	3%	1%	-14%	-19%	-26%
Other	Total operating income	225	233	208	239	221
activities	EBITDA	-19	-10	-2	-14	-10

Publication paper

• Decrease in achieved price in line with market development
• Cost of materials at similarly low level to the previous quarter supported by (i) lower fibre prices, (ii) recognised energy refunds, and (iii) improved operational efficiency
• Reduction in fixed costs in the quarter

Packaging paper

• Bruck PM3 with EBITDA of NOK 5m in the quarter, decrease due to lower containerboard prices not offset by reduction in cost of recycled paper
• Golbey PM1 production of 28kt, deliveries of 24kt, and EBITDA of NOK -99m in the quarter. Expect full utilisation in H1 2027
• Deliveries from Golbey PM1 in 2025 expected to receive a lower average sales price in initial months due to trial deliveries and exports
• Remaining capex at Golbey of EUR 15m, and energy certificates and grants of EUR 50m

Publication paper market balance

Newsprint utilisation rates at manageable levels

Newsprint market balance Western Europe Uncoated mechanical market balance Western Europe

Thousand tonnes and change in demand (and utilisation rate) Thousand tonnes and change in demand (and utilisation rate) Thousand tonnes and change in demand (and utilisation rate)

Coated mechanical market balance Western Europe

Publication paper cost curves

Norske Skog newsprint machines competitively positioned

Packaging paper market

Norske Skog increasing market share despite excess capacity in the industry

RCCM market balance Western Europe

Thousand tonnes and change in demand (and utilisation rate)

¹⁾ Latest data prior to start-up of Golbey PM1

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

• Uncertain and volatile operating environment with continued pressure on profitability
• Ongoing initiatives to reduce production cost and working capital to maintain competitive position
• Significant emphasis on Golbey PM1 ramp-up with expected full utilisation in H1 2027
• Expect EUR 15m of remaining gross capex at Golbey and expect to receive EUR 50m in energy certificates and grants related to the containerboard project during 2025-27
• Monitoring capital and liquidity position closely with ongoing initiatives to secure financial performance and competitive position going forward

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.

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