Borregaard

Earnings Release • Jan 31, 2024

Borregaard ASA: EBITDA1 of NOK 327 million in the 4th quarter

Borregaard ASA: EBITDA1 of NOK 327 million in the 4th quarter

Borregaard's operating revenues were NOK 1,605 million (NOK 1,770 million)(2) in

the 4(th) quarter of 2023. EBITDA(1) was NOK 327 million (NOK 364 million). The

result in BioSolutions improved while BioMaterials' and Fine Chemicals' results

were lower compared with the 4(th) quarter of 2022. Operational issues at the

Sarpsborg site and lower demand for and sales of biovanillin had a negative

impact in the 4(th) quarter of approximately NOK 80 million.

In BioSolutions, reduced energy costs were partly offset by reduced sales volume

and cost inflation in general. The reduced result in BioMaterials was mainly due

to the operational issues at the Sarpsborg site. In Fine Chemicals, lower

production volume and lower sales prices in fine chemical intermediates had a

negative impact on EBITDA(1) compared with the 4(th) quarter of 2022. The net

currency effects were positive for the Group.

Profit before tax was NOK 135 million (NOK 210 million). Earnings per share were

NOK 1.20 (NOK 1.85).

Full year 2023

Operating revenues increased to NOK 7,132 million (NOK 6,881 million). EBITDA(1)

reached an all-time high of NOK 1,781 million (NOK 1,643 million). Profit before

tax was NOK 1,124 million (NOK 1,118 million). Earnings per share were NOK 8.73

(NOK 8.95).

- We are pleased to deliver an all-time high result in a year with challenging

macroeconomic conditions, says President and CEO Per A. Sørlie.

Contacts:

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

Director Communications, 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 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 31 January 2024 at 07:00 CET.