Annual Report • Jul 16, 2025
Annual Report
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| Income Statement Borregaard Group Q2 2025 | |||||
|---|---|---|---|---|---|
| 1.4-30.6 | 1.1-30.6 | 1.1-31.12 | |||
| Amounts in NOK million | 2025 | 2024 | 2025 | 2024 | 2024 |
| Operating revenues | 2 045 | 1 949 | 4 081 | 3 924 | 7 617 |
| Operating expenses | -1 523 | -1 439 | -3 048 | -2 972 | -5 743 |
| EBITDA | 522 | 510 | 1 033 | 952 | 1 874 |
| Depreciation property, plant and equipment | -142 | -134 | -285 | -267 | -556 |
| Amortisation intangible assets | -2 | -2 | -3 | -3 | -5 |
| Other income and expenses | 0 | 0 | 0 | 0 | -30 |
| Operating profit | 378 | 374 | 745 | 682 | 1 283 |
| Financial items, net | -52 | -52 | -100 | -99 | -204 |
| Profit before taxes | 326 | 322 | 645 | 583 | 1 079 |
| Income tax expence | -75 | -77 | -150 | -138 | -250 |
| Profit for the period | 251 | 245 | 495 | 445 | 829 |
| Profit attributable to non-controlling interests | -4 | 1 | -11 | 1 | 6 |
| Profit attributable to owners of the parent | 255 | 244 | 506 | 444 | 823 |
| Earnings per share (NOK) | 2,56 | 2,45 | 5,08 | 4,45 | 8,25 |
| EBITDA margin | 25,5 % | 26,2 % | 25,3 % | 24,3 % | 24,6 % |
| Interim condensed statement of financial position Borregaard Group | |||
|---|---|---|---|
| 30.6. | 30.3. | 31.12 | |
| Amounts in NOK million | 2025 | 2025 | 2024 |
| Assets: | |||
| Intangible assets | 81 | 85 | 88 |
| Property, plant and equipment | 5 033 | 4 992 | 5 026 |
| Right-of-use assets | 462 | 483 | 508 |
| Other assets | 637 | 598 | 524 |
| Investments in joint venture/associate companies | 446 | 400 | 417 |
| Non-current assets | 6 659 | 6 558 | 6 563 |
| Inventories | 1 464 | 1 474 | 1 498 |
| Receivables | 1 744 | 1 694 | 1 441 |
| Cash and cash deposits | 96 | 191 | 82 |
| Current assets | 3 304 | 3 359 | 3 021 |
| Total assets | 9 963 | 9 917 | 9 584 |
| Equity and debt: | |||
| Group equity | 5 644 | 5 733 | 5 041 |
| Non-controlling interests | 34 | 39 | 49 |
| Equity | 5 678 | 5 772 | 5 090 |
| Provisions and other liabilities | 504 | 454 | 591 |
| Interest-bearing liabilities | 1 765 | 1 898 | 2 035 |
| Non-current liabilities | 2 269 | 2 352 | 2 626 |
| Interest-bearing liabilities | 687 | 420 | 288 |
| Other current liabilities | 1 329 | 1 373 | 1 580 |
| Current liabilities | 2 016 | 1 793 | 1 868 |
| Equity and liabilities | 9 963 | 9 917 | 9 584 |
| Equity ratio (%): | 57,0 % | 58,2 % | 53,1 % |
| Interim condensed cash flow statement Borregaard Group Q2 2025 | |||||
|---|---|---|---|---|---|
| 1.4-30.6 | 1.1-30.6 | 1.1-31.12 | |||
| Amounts in NOK million | 2025 | 2024 | 2025 | 2024 | 2024 |
| Profit before taxes | 326 | 322 | 645 | 583 | 1 079 |
| Amortisation, depreciation and impairment charges | 144 | 136 | 288 | 270 | 561 |
| Change in net working capital, etc | 33 | 194 | -228 | -272 | -326 |
| Dividend/share of profit from JV & associate company | 9 | 7 | 26 | 10 | 22 |
| Taxes paid | -127 | -113 | -217 | -228 | -268 |
| Cash flow from operating activities | 385 | 546 | 514 | 363 | 1 068 |
| Investments property, plant and equipment and intangible assets * | -184 | -172 | -327 | -287 | -711 |
| Investment in associate companies & bio-based start-ups* | -55 | 0 | -55 | 0 | -150 |
| Other capital transactions | 5 | 4 | 9 | 7 | 19 |
| Cash flow from Investing activities | -234 | -168 | -373 | -280 | -842 |
| Dividends | -424 | -374 | -424 | -374 | -374 |
| Proceeds from exercise of options/shares to employees | 2 | 15 | 32 | 50 | 52 |
| Buy-back of treasury shares | -2 | -28 | -12 | -56 | -98 |
| Gain/(loss) on hedges for net investments in subsidiaries | 28 | 10 | 100 | -40 | -109 |
| Net paid to/from shareholders | -396 | -377 | -304 | -420 | -529 |
| Proceeds from interest-bearing liabilities | 650 | 500 | 750 | 500 | 500 |
| Repayment of interest-bearing liabilities | -479 | -357 | -550 | -424 | -724 |
| Change in interest-bearing liabilities/other instruments | -19 | -6 | -56 | 30 | 74 |
| Change in net interest-bearing liablities | 152 | 137 | 144 | 106 | -150 |
| Cash flow from financing activities | -244 | -240 | -160 | -314 | -679 |
| Change in cash and cash equivalents | -93 | 138 | -19 | -231 | -453 |
| Cash and cash equivalents at beginning of period | 65 | 81 | -3 | 429 | 429 |
| Change in cash and cash equivalents | -93 | 138 | -19 | -231 | -453 |
| Currency effects cash and cash equivalents | 1 | -7 | -5 | 14 | 21 |
| Cash and cash equivalents at the close of the period | -27 | 212 | -27 | 212 | -3 |
| * Investment by category: | |||||
| Replacement investments | 95 | 137 | 212 | 232 | 598 |
| Expansion investments including investment in associate companies and bio-based start-ups | 144 | 35 | 170 | 55 | 263 |
| Total investments including investment in associate companies and bio-based start-ups | 239 | 172 | 382 | 287 | 861 |
| Operating revenues 1.1-31.12 1.1-31.12 1.1-31.3 1.4-30.6 1.7-30.9 1.10-31.12 1.1-31.12 1.1-31.3 1.4-30.6 1.7-30.9 1.10-31.12 1.1-31.12 1.1-31.3 1.4-30.6 1.1-30.6 Amounts in NOK million 2021 2022 2023 2023 2023 2023 2023 2024 2024 2024 2024 2024 2025 2025 2025 Borregaard 5 805 6 881 1 850 1 963 1 714 1 605 7 132 1 975 1 949 1 949 1 744 7 617 2 036 2 045 4 081 BioSolutions 3 469 4 050 995 1087 956 906 3 944 1 088 1 117 1 031 1 005 4 241 1 179 1 149 2 328 BioMaterials 1 878 2 250 684 661 568 526 2 439 704 622 683 613 2 622 689 741 1 430 Fine Chemicals 491 632 180 227 199 180 786 192 223 246 138 799 179 168 347 Eliminations - 33 - 51 - 9 - 12 - 9 - 7 - 37 -9 -13 -11 -12 - 45 -11 -13 -24 EBITDA 1.1-31.12 1.1-31.12 1.1-31.3 1.4-30.6 1.7-30.9 1.10-31.12 1.1-31.12 1.1-31.3 1.4-30.6 1.7-30.9 1.10-31.12 1.1-31.12 1.1-31.3 1.4-30.6 1.1-30.6 Amounts in NOK million 2021 2022 2023 2023 2023 2023 2023 2024 2024 2024 2024 2024 2025 2025 2025 Borregaard 1 372 1 643 435 537 482 327 1 781 442 510 524 398 1 874 511 522 1 033 BioSolutions 942 986 224 284 235 172 915 264 318 271 251 1 104 349 338 687 BioMaterials 284 427 127 143 161 103 534 111 90 131 102 434 113 143 256 Fine Chemicals 146 230 84 110 86 52 332 67 102 122 45 336 49 41 90 Depreciations and write downs 1.1-31.12 1.1-31.12 1.1-31.3 1.4-30.6 1.7-30.9 1.10-31.12 1.1-31.12 1.1-31.3 1.4-30.6 1.7-30.9 1.10-31.12 1.1-31.12 1.1-31.3 1.4-30.6 1.1-30.6 Amounts in NOK million 2021 2022 2023 2023 2023 2023 2023 2024 2024 2024 2024 2024 2025 2025 2025 Borregaard - 416 - 444 - 114 - 116 - 121 - 134 - 485 -133 -134 -138 -151 - 556 -143 -142 -285 BioSolutions - 189 - 212 - 56 - 56 - 60 - 71 - 243 -69 -69 -74 -84 - 296 -77 -74 -151 BioMaterials - 193 - 195 - 49 - 49 - 51 - 51 - 200 -53 -54 -54 -55 - 216 -55 -57 -112 Fine Chemicals - 34 - 37 - 9 - 11 - 10 - 12 - 42 -11 -11 -10 -12 - 44 -11 -11 -22 Amortisation 1.1-31.12 1.1-31.12 1.1-31.3 1.4-30.6 1.7-30.9 1.10-31.12 1.1-31.12 1.1-31.3 1.4-30.6 1.7-30.9 1.10-31.12 1.1-31.12 1.1-31.3 1.4-30.6 1.1-30.6 Amounts in NOK million 2021 2022 2023 2023 2023 2023 2023 2024 2024 2024 2024 2024 2025 2025 2025 Borregaard - 4 - 5 - 1 - 2 - 1 - 1 - 5 -1 -2 -1 -1 - 5 -1 -2 -3 BioSolutions - 4 - 5 - 1 - 2 - 1 - 1 - 5 -1 -2 -1 -1 - 5 -1 -2 -3 BioMaterials 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Fine Chemicals 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Other income and expenses 1.1-31.12 1.1-31.12 1.1-31.3 1.4-30.6 1.7-30.9 1.10-31.12 1.1-31.12 1.1-31.3 1.4-30.6 1.7-30.9 1.10-31.12 1.1-31.12 1.1-31.3 1.4-30.6 1.1-30.6 Amounts in NOK million 2021 2022 2023 2023 2023 2023 2023 2024 2024 2024 2024 2024 2025 2025 2025 Borregaard 0 -8 0 0 0 0 0 0 0 0 -30 -30 0 0 0 BioSolutions 0 6 0 0 0 0 0 0 0 0 -12 -12 0 0 0 BioMaterials 0 -12 0 0 0 0 0 0 0 0 -18 -18 0 0 0 Fine Chemicals 0 - 2 0 0 0 0 0 0 0 0 0 0 0 0 0 Operating profit (EBIT) 1.1-31.12 1.1-31.12 1.1-31.3 1.4-30.6 1.7-30.9 1.10-31.12 1.1-31.12 1.1-31.3 1.4-30.6 1.7-30.9 1.10-31.12 1.1-31.12 1.1-31.3 1.4-30.6 1.1-30.6 Amounts in NOK million 2021 2022 2023 2023 2023 2023 2023 2024 2024 2024 2024 2024 2025 2025 2025 Borregaard 952 1 186 320 419 360 192 1 291 308 374 385 216 1 283 367 378 745 BioSolutions 749 775 167 226 174 100 667 194 247 196 154 791 271 262 533 BioMaterials 91 220 78 94 110 52 334 58 36 77 29 200 58 86 144 Fine Chemicals 112 191 75 99 76 40 290 56 91 112 33 292 38 30 68 |
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|---|---|---|---|---|---|---|---|---|
| Hedging effects & currency exposure | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1.1-31.12 | 1.1-31.12 | 1.1-31.3 | 1.4-30.6 | 1.7-30.9 | 1.10-31.12 | 1.1-31.12 | 1.1-31.3 | 1.4-30.6 | 1.7-30.9 | 1.10-31.12 | 1.1-31.12 | 1.1-31.3 | 1.4-30.6 | 1.1-30.6 | |
| Amounts in NOK million | 2021 | 2022 | 2023 | 2023 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 |
| Borregaard - EBITDA hedging gains & losses | -29 | -50 | -48 | -65 | -62 | -93 | -268 | -89 | -97 | -86 | -93 | -365 | -95 | -34 | -129 |
| BioSolutions | -11 | -44 | -25 | -29 | -31 | -44 | -129 | -44 | -47 | -38 | -43 | -172 | -45 | -14 | -59 |
| BioMaterials | -15 | -7 | -19 | -26 | -22 | -37 | -104 | -34 | -38 | -36 | -42 | -150 | -40 | -15 | -55 |
| Fine Chemicals | -3 | 1 | -4 | -10 | -9 | -12 | -35 | -11 | -12 | -12 | -8 | -43 | -10 | -5 | -15 |
| Borregaard - USD EBITDA currency exposure (approx) | 198 | 197 | 232 | 276 | |||||||||||
| Borregaard - EUR EBITDA currency exposure (approx) | 139 | 147 | 149 | 145 | |||||||||||
| Sales revenues | |||||||||||||||
| 1.1-31.12 | 1.1-31.12 | 1.1-31.3 | 1.4-30.6 | 1.7-30.9 | 1.10-31.12 | 1.1-31.12 | 1.1-31.3 | 1.4-30.6 | 1.7-30.9 | 1.10-31.12 | 1.1-31.12 | 1.1-31.3 | 1.4-30.6 | 1.1-30.6 | |
| Amounts in NOK million | 2021 | 2022 | 2023 | 2023 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 |
| Borregaard | 5 715 | 6 776 | 1 825 | 1 937 | 1 688 | 1 574 | 7 024 | 1 948 | 1 923 | 1 921 | 1 710 | 7 502 | 1 992 | 2 020 | 4 012 |
| BioSolutions | 3 392 | 3 946 | 973 | 1 062 | 934 | 880 | 3 849 | 1 066 | 1 090 | 1 004 | 972 | 4 132 | 1 138 | 1 120 | 2 258 |
| BioMaterials | 1 840 | 2 205 | 674 | 649 | 557 | 515 | 2 395 | 693 | 611 | 673 | 602 | 2 579 | 677 | 734 | 1 411 |
| Fine Chemicals | 485 | 625 | 178 | 226 | 197 | 179 | 780 | 189 | 222 | 244 | 136 | 791 | 177 | 166 | 343 |
| Eliminations | - 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| BioSolutions | |||||||||||||||
| 1.1-31.12 | 1.1-31.12 | 1.1-31.3 | 1.4-30.6 | 1.7-30.9 | 1.10-31.12 | 1.1-31.12 | 1.1-31.3 | 1.4-30.6 | 1.7-30.9 | 1.10-31.12 | 1.1-31.12 | 1.1-31.3 | 1.4-30.6 | 1.1-30.6 | |
| 2021 | 2022 | 2023 | 2023 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | |
| Average gross sales price NOK per mtds | 8 106 | 10 369 | 12 402 | 11 319 | 11 609 | 11 756 | 11 753 | 12 582 | 11 862 | 11 877 | 11 866 | 12 045 | 13 364 | 11 578 | 12 424 |
| Volume (`000 mtds) | 366 | 334 | 74 | 86 | 76 | 72 | 308 | 81 | 88 | 81 | 77 | 327 | 81 | 90 | 171 |
| Specialities volume (`000 mtds) | 89 | 84 | 73 | 85 | |||||||||||
| Contruction volume (`000 mtds) | 131 | 117 | 100 | 97 | |||||||||||
| Industrial volume (`000 mtds) | 146 | 133 | 135 | 145 | |||||||||||
| BioMaterials | |||||||||||||||
| 1.1-31.12 | 1.1-31.12 | 1.1-31.3 | 1.4-30.6 | 1.7-30.9 | 1.10-31.12 | 1.1-31.12 | 1.1-31.3 | 1.4-30.6 | 1.7-30.9 | 1.10-31.12 | 1.1-31.12 | 1.1-31.3 | 1.4-30.6 | 1.1-30.6 | |
| 2021 | 2022 | 2023 | 2023 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | |
| Average gross sales price NOK per mt | 10 807 | 14 283 | 16 449 | 17 551 | 15 786 | 16 260 | 16 527 | 15 700 | 16 126 | 16 591 | 17 098 | 16 343 | 17 897 | 17 588 | 17 738 |
| Volume (`000 mt) | 164,4 | 147,0 | 40,0 | 36,8 | 34,9 | 32,6 | 144,3 | 44,5 | 38,6 | 41,4 | 35,4 | 159,9 | 37,9 | 40,3 | 78,2 |
| High specialised as % of total cellulose product sales volum | 79 % | 85 % | 81 % | 83 % |
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