Borregaard - Earnings Release 2021

Borregaard ASA: EBITDA1 NOK 391 million in the 3rd quarter

Borregaard's operating revenues reached NOK 1,429 million (NOK 1,260 million)(2)

in the 3(rd) quarter of 2021. EBITDA increased to NOK 391 million (NOK 266

million). BioSolutions' result improved significantly. Fine Chemicals also

improved, whereas BioMaterials had a result in line with last year. The net

currency impact on EBITDA was slightly positive compared with the 3(rd) quarter

of 2020.

The continued impact from increased sales prices and a favourable product mix

were the main reasons for the EBITDA improvement in BioSolutions. For

BioMaterials, high deliveries and reduced wood costs compensated for reduced

sales prices and increased energy costs. High sales volume and increased sales

price for bioethanol contributed to the improvement in Fine Chemicals. High spot

prices for liquefied natural gas and electricity led to increased energy costs

in all business areas.

Profit before tax was NOK 269 million (NOK 133 million). Earnings per share was

NOK 2.12 (NOK 1.12).

- We are pleased both with the result improvement and the strong performance in

BioSolutions. Generally, the markets were strong for all business segments, says

President and CEO Per A. Sørlie.

Contacts:

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

Director Communication, Tone Horvei Bredal, +47 924 67 711

1. Operating profit before depreciation, amortisation and other income and

expenses

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

This information is subject to the disclosure requirements pursuant to Section

5-12 of the Norwegian Securities Trading Act.

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