Borregaard - Capital/Financing Update 2025

Borregaard ASA: Borregaard to participate in a convertible loan to Alginor

Borregaard, together with the shareholders Must Invest and Hatteland Group, will

act as guarantors for a NOK 200 million convertible loan to Alginor.

The loan may be converted to new shares by the lenders. The subscription price

upon exercise of the conversion right shall be NOK 10 per share, subject to

adjustment for corporate actions such as share splits, reversed splits,

dividends etc.

All shareholders in Alginor will be invited to participate in the convertible

loan. Depending on the shareholder participation, Borregaard's share of the loan

will range from NOK 83 to 111 million, paid in two equal tranches in October

2025 and in February 2026.

The convertible loan will be supplemented by an additional uncommitted tap

facility of NOK 100 million.

Furthermore, Alginor has received a commitment for a new secured loan facility

totalling NOK 230 million through Haugesund Sparebank.

This combined financing solution is expected to be sufficient to complete and

commission the ongoing investment in a commercial-scale demonstration plant for

alginates.

For more information about Alginor and the convertible loan, please

see https://alginor.no/.

Contact:

Chief Financial Officer, Per Bjarne Lyngstad, +47 952 44 515

This information is subject to the disclosure requirements pursuant to Section

5-12 of the Norwegian Securities Trading Act.

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