Borregaard

Earnings Release • Oct 22, 2025

Borregaard ASA: EBITDA1 of NOK 440 million in the 3rd quarter

Borregaard ASA: EBITDA1 of NOK 440 million in the 3rd quarter

Borregaard's operating revenues were NOK 1,799 million (NOK 1,949 million)(2) in

the 3(rd) quarter of 2025. EBITDA(1) was NOK 440 million (NOK 524 million). The

result in BioSolutions increased while BioMaterials and Fine Chemicals had lower

results compared with the 3(rd) quarter of 2024.

The reduced EBITDA(1) was due to lower bioethanol prices and the temporary

disruption in cellulose production at the Sarpsborg site. The negative impact

from this disruption amounts to approximately NOK 40 million. The improvement in

the result for BioSolutions was attributable to sustained growth in sales to

agriculture. In BioMaterials, higher sales prices were more than offset by lower

sales volume. Fine chemical intermediates delivered a strong result. Net

currency effects were positive across all areas.

Profit before tax was NOK 247 million (NOK 326 million). Earnings per share were

NOK 1.96 (NOK 2.51).

We are pleased with the strong development in agricultural sales and our ability

to deliver solid results during uncertain global conditions. This demonstrates

the strength and flexibility of Borregaard's business model, says CEO Tom Erik

Foss-Jacobsen.

Contacts:

CFO Per Bjarne Lyngstad, +47 952 44 515

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 22 October 2025 at 07:00 CEST.