Borregaard

Earnings Release • May 3, 2022

Borregaard ASA: EBITDA1 NOK 400 million in the 1st quarter

Borregaard ASA: EBITDA1 NOK 400 million in the 1st quarter

Borregaard's operating revenues reached NOK 1,615 million (NOK 1,419 million)(2)

in the 1(st) quarter of 2022. EBITDA was NOK 400 million (NOK 302 million). The

result increased in all business areas. The net currency impact on EBITDA was

positive compared with the 1(st) quarter of 2021.

Higher sales prices and a strong product mix, partly offset by increased energy

and freight costs, were the main reasons for the EBITDA improvement in

BioSolutions. Higher sales prices more than compensated for lower deliveries and

increased energy and raw material costs in BioMaterials. For Fine Chemicals, the

EBITDA increase was due to higher deliveries and increased sales prices, partly

offset by increased costs.

Profit before tax was NOK 277 million (NOK 176 million). Earnings per share was

NOK 2.18 (NOK 1.47).

- We are pleased to deliver improved results in all business areas, where price

increases and improved product mix more than compensated for cost increases,

says President and CEO Per A. Sørlie.

Contacts:

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

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.