Borregaard - Earnings Release 2022

Borregaard ASA: All-time high EBITDA1 of NOK 445 million in the 2nd quarter

Borregaard's operating revenues reached NOK 1,744 million (NOK 1,511 million)(2)

in the 2(nd) quarter of 2022. EBITDA increased to NOK 445 million (NOK 416

million), an all-time high quarterly result for the Group. The result increased

in BioSolutions and Fine Chemicals while there was a decrease in BioMaterials.

The net currency impact on EBITDA was positive compared with the 2(nd) quarter

of 2021.

Higher sales prices and a strong product mix, partly offset by cost increases,

were the main reasons for the EBITDA improvement in BioSolutions. Higher sales

prices did not fully compensate for increased energy and raw material costs and

lower deliveries in BioMaterials. For Fine Chemicals, the EBITDA increase was

due to increased sales prices, partly offset by lower deliveries and increased

costs.

Operating profit reached NOK 346 million (NOK 314 million). Profit before tax

was NOK 322 million (NOK 296 million). Earnings per share was NOK 2.52 (NOK

2.34).

- We are pleased to deliver an all-time high result for the Group. Borregaard's

specialisation strategy with leading and diversified market positions, has

proven its resilience towards significant cost inflation and challenges in the

value chain, says President and CEO Per A. Sørlie.

Contacts:

Chief Financial Officer, Per Bjarne Lyngstad, +47 952 44 515

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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