Borregaard

Borregaard ASA: EBITDA1 of NOK 364 million in the 4th quarter

Borregaard's operating revenues reached NOK 1,770 million (NOK 1,446 million)(2)

in the 4(th) quarter of 2022. EBITDA(1) increased to NOK 364 million (NOK 263

million). BioMaterials and Fine Chemicals had significant result improvements

while BioSolutions had a decrease. The net currency impact on EBITDA(1) was

positive compared with the 4(th) quarter of 2021.

Increased sales prices in addition to a higher volume and a favourable product

mix were the main reasons for the EBITDA(1) improvement in BioMaterials. The

result improvement in Fine Chemicals was due to increased sales prices and a

higher bioethanol sales volume. Reduced margin and volume for traded vanillin

products were the main reasons for the EBITDA(1) decrease in BioSolutions. Cost

increases affected all business areas.

Operating profit reached NOK 228 million (NOK 156 million). Net financial items

were NOK -18 million (NOK -24 million). Profit before tax was NOK 210 million

(NOK 132 million). Earnings per share were NOK 1.85 (NOK 1.02).

Borregaard will invest NOK 230 million to reduce CO(2) emissions and increase

energy flexibility at the biorefinery in Norway. This investment will allow for

a 30,000 tonnes annual reduction of CO(2) emissions by replacing liquified

natural gas (LNG) with electricity and by improved energy efficiency. In

addition, there is a significant cost reduction potential by removing absolute

dependency on LNG and introducing more options to switch between alternative

energy sources.

Full year 2022

Operating revenues increased to NOK 6,881 million (NOK 5,805 million). EBITDA(1)

increased to an all-time high of NOK 1,643 million (NOK 1,372 million). Profit

before tax was NOK 1,118 million (NOK 873 million). Earnings per share were NOK

8.95 (NOK 6.95).

- We are pleased with the strong performance and improved results in all

business areas in 2022. Borregaard's specialisation strategy and diversified

market positions, have proven its resilience in the face of significant cost

inflation, 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.

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