Borregaard

Earnings Release • Feb 3, 2021

Borregaard ASA: EBITDA of NOK 263 million in the 4th quarter

Borregaard ASA: EBITDA of NOK 263 million in the 4th quarter

Borregaard's operating revenues increased to NOK 1,338 million (NOK 1,234

million)¹ in the 4(th) quarter of 2020. EBITDA² increased to NOK 263 million

(NOK 183 million). All business areas improved their result compared with the

corresponding quarter in 2019. The total net currency impact on EBITDA was

slightly negative compared with the 4(th) quarter of 2019.

In BioSolutions, EBITDA increased due to improved product mix for biopolymers

and lower operating expenses. BioMaterials had lower wood and energy costs and

high deliveries compared with the weak result in the 4(th) quarter of 2019,

which was impacted by operational incidents at the Sarpsborg site. A favourable

product mix for pharma intermediates and higher sales volume for bioethanol were

the main reasons for an improved result in Fine Chemicals.

Other income and expenses were NOK -20 million (NOK -11 million) in the 4(th)

quarter due to environmental accruals for preventive measures related to former

operations at the Sarpsborg site.

Profit before tax was NOK 119 million (NOK 30 million). Earnings per share were

NOK 1.21 (NOK 0.38).

Full year 2020

Operating revenues in 2020 reached NOK 5,328 million (NOK 5,063 million). EBITDA

increased to an all-time high of NOK 1,132 million (NOK 1,007 million). Profit

before tax was NOK 496 million (NOK 467 million). Earnings per share were NOK

4.36 (NOK 4.17).

- We are pleased with the Group's strong performance in 2020 and the way our

organisation has handled a challenging coronavirus situation with significant

disruptions for our operations, 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. Figures in parentheses are for the corresponding period in the preceding year

2. Operating profit before depreciation, 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.