Borregaard

Earnings Release • Feb 3, 2022

Borregaard ASA: EBITDA1 NOK 263 million in the 4th quarter

Borregaard ASA: EBITDA1 NOK 263 million in the 4th quarter

Borregaard's operating revenues reached NOK 1,446 million (NOK 1,338 million)(2)

in the 4(th) quarter of 2021. EBITDA was NOK 263 million (NOK 263 million).

BioSolutions' result improved significantly, while BioMaterials and Fine

Chemicals had weaker results. The net currency impact on EBITDA was slightly

positive compared with the 4(th) quarter of 2020.

A favourable product mix was the main reason for the significant EBITDA

improvement in BioSolutions. Lower deliveries of speciality cellulose and

increased energy spot prices affected BioMaterials negatively. For Fine

Chemicals, the EBITDA decrease was mainly due to lower deliveries, weaker

product mix and increased raw material costs for fine chemical intermediates.

High spot prices for liquefied natural gas and electricity led to increased

energy costs in all business areas. Production output from the Sarpsborg site

was below normal levels, partly due to an extended annual maintenance stop,

which also affected manufacturing costs negatively.

Profit before tax was NOK 132 million (NOK 119 million). Earnings per share was

NOK 1.02 (NOK 1.22).

Full year 2021

Operating revenues in 2021 increased to NOK 5,805 million (NOK 5,328 million).

EBITDA increased to an all-time high of NOK 1,372 million (NOK 1,132 million).

Profit before tax was NOK 873 million (NOK 496 million). Earnings per share was

NOK 6.95 (NOK 4.38).

- We are pleased with the overall strong performance in 2021 driven by increased

specialisation and the significant improvement in BioSolutions, 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.