Borregaard

Borregaard ASA: EBITA adj. increased to NOK 179 million (NOK 164 million) in the 2nd quarter

Borregaard's operating revenues were NOK 1,340 million (NOK 1,199 million)¹ in

the 2(nd) quarter of 2019. EBITA adj.² increased to NOK 179 million (NOK 164

million). The results in Performance Chemicals and Other Businesses improved

compared with the corresponding quarter in 2018, whereas Speciality Cellulose

had a decline. The net currency impact was positive.

Performance Chemicals had a favourable product mix which offset higher fixed

costs and depreciation from the Florida start-up. Higher wood costs affected

Speciality Cellulose negatively. Other Businesses improved as a result of higher

sales prices and a favourable product mix in Ingredients.

Profit before tax was NOK 140 million (NOK 159 million). Earnings per share were

NOK 1.22 (NOK 1.32).

- We are pleased with the improvement in Performance Chemicals and the continued

strong performance in Ingredients, says President and CEO Per A. Sørlie.

Contacts:

Director Investor Relations, Jørn Syvertsen, +47 958 36 335

SVP Organisation and Public Affairs, Dag Arthur Aasbø, +47 918 34 108

1. Figures in parentheses are for the corresponding period in the preceding year

2. Operating profit before amortisation and other income and expenses

This information is subject to the disclosure requirements pursuant to Section

5-12 of the Norwegian Securities Trading Act.

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