Borregaard - Earnings Release 2024

Borregaard ASA: EBITDA1 of NOK 524 million in the 3rd quarter

Borregaard's operating revenues were NOK 1,949 million (NOK 1,714 million)(2) in

the 3(rd) quarter of 2024. EBITDA(1) reached NOK 524 million (NOK 482 million).

The result in both BioSolutions and Fine Chemicals increased while the result in

BioMaterials was lower compared with the 3(rd) quarter of 2023.

Increased sales volume was the main reason for the improved result in

BioSolutions. For BioMaterials, significantly higher deliveries were more than

offset by increased wood costs and other operating expenses. The main reasons

for the stronger result in Fine Chemicals were significantly higher deliveries

of bioethanol and a favourable product mix for fine chemical intermediates. The

net currency effects were slightly positive.

Profit before tax was NOK 326 million (NOK 318 million). Earnings per share were

NOK 2.51 (NOK 2.38).

Borregaard will invest NOK 490 million to debottleneck and increase the capacity

at the Sarpsborg site. The debottlenecking is the first out of two planned steps

to increase capacity at the Sarpsborg site towards 2027. In total, the expected

capacity increase is 5-10%. Production output is expected to increase gradually

from the second half of 2026.

- We are pleased with the Group's solid performance in the quarter. The

strategic investment decision to debottleneck the Sarpsborg site will increase

capacity for lignin-based biopolymers, speciality cellulose and bioethanol. In

addition, this investment will lead to higher raw material utilisation and a

reduction of effluents to water, says President and CEO Per A. Sørlie.

Contacts:

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

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 considered to be inside information pursuant to the EU

Market Abuse Regulation and is subject to the disclosure requirements pursuant

to Section 5 - 12 of the Norwegian Securities Trading Act.

This stock exchange announcement was published by Lotte Kvinlaug, Investor

Relations Officer at Borregaard ASA, on 30 October 2024 at 07:00 CET.

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