Borregaard

Earnings Release • Oct 21, 2022

Borregaard ASA: EBITDA1 of NOK 434 million in the 3rd quarter

Borregaard ASA: EBITDA1 of NOK 434 million in the 3rd quarter

Borregaard's operating revenues reached NOK 1,752 million (NOK 1,429 million)(2)

in the 3(rd) quarter of 2022. EBITDA increased to NOK 434 million (NOK 391

million). The result improved in all business areas. The net currency impact on

EBITDA was positive compared with the 3(rd) quarter of 2021.

Increased sales prices and a strong product mix were the main reasons for the

EBITDA improvement in BioSolutions and BioMaterials. For Fine Chemicals, the

result improvement was due to increased sales prices and higher volume. Cost

increases affected all business areas. In the quarter, Borregaard benefitted

from its ability to switch between electricity, LNG and light oil to minimise

energy costs.

Operating profit reached NOK 321 million (NOK 287 million). Profit before tax

was NOK 309 million (NOK 269 million). Earnings per share was NOK 2.40 (NOK

2.12).

Borregaard will increase the production capacity for highly specialised lignin-

based biopolymers. The project has a total cost of NOK 70 million and the volume

expansion will be achieved through debottlenecking of existing facilities at the

Sarpsborg biorefinery. The targeted area is mainly within batteries, but

applications will also include oilfield chemicals, agrochemicals, pigments and

dyes.

- Our diversified market and specialisation strategy demonstrated its resilience

in the quarter. We are pleased with the strong performance and improvement in

all business areas. The expansion investment in BioSolutions will contribute to

further specialisation and growth for Borregaard, says President and CEO Per A.

Sørlie.

Contacts:

Director Investor Relations, Knut-Harald Bakke, +47 905 79 164

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.