Borregaard

Borregaard ASA: All-time high EBITDA of NOK 416 million in the 2nd quarter

Borregaard's operating revenues reached NOK 1,511 million (NOK 1,358 million)²

in the 2(nd) quarter of 2021. EBITDA¹ increased to NOK 416 million (NOK 361

million), an all-time high quarterly result for the Group. BioSolutions' result

improved significantly, BioMaterials achieved a result in line with last year,

whereas Fine Chemicals had a decline. The net currency impact on EBITDA was

negative compared with the 2(nd) quarter of 2020.

EBITDA in BioSolutions improved, mainly as a result of price increases and a

favourable product mix, partly offset by negative net currency effects. For

BioMaterials, high deliveries of speciality cellulose and an improved product

mix compensated for reduced sales prices for certain grades. The decline in Fine

Chemicals was mainly due to non-recurring bioethanol sales to disinfectants in

the 2(nd) quarter last year. A strong production output at the Sarpsborg site

had a positive impact on the Group's results.

Profit before tax was NOK 296 million (NOK 133 million). Earnings per share was

NOK 2.34 (NOK 1.01).

- We are pleased to deliver an all-time high result for the Group and a

significant improvement in BioSolutions, 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. 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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