Borregaard — Earnings Release 2025

Feb 4, 2026

Borregaard ASA: EBITDA1 of NOK 405 million in the 4th quarter 2025

Borregaard ASA: EBITDA1 of NOK 405 million in the 4th quarter 2025

Borregaard's operating revenues increased to NOK 1,833 million (NOK 1,744

million)(2) in the 4(th) quarter of 2025. EBITDA(1) was NOK 405 million (NOK

398 million). The result in BioMaterials increased, while BioSolutions and Fine

Chemicals had lower results compared with the 4(th) quarter of 2024.

In BioSolutions, high deliveries of biovanillin and sustained growth in sales to

agriculture were more than offset by increased costs. For BioMaterials, higher

sales prices and lower wood and energy costs, more than compensated for other

cost increases. For Fine Chemicals, lower bioethanol sales prices were partly

offset by a strong result for fine chemical intermediates. Net currency effects

were slightly positive for the Group.

In the 4(th) quarter of 2025, Borregaard has made a total impairment of NOK 245

million of its investments in the bio-based start-ups Alginor ASA, Kaffe Bueno

ApS and Lignovations GmbH to reflect recent development in these companies. The

impairment is recorded as part of financial items.

Profit before tax was NOK -28 million (NOK 170 million). Earnings per share were

NOK -0.81 (NOK 1.30). Excluding impairments of bio-based start-ups, earnings per

share were NOK 1.64.

Full year 2025

Operating revenues increased to NOK 7,713 million (NOK 7,617 million) in 2025.

EBITDA(1) was NOK 1,878 million (NOK 1,874 million), an all-time high result.

BioSolutions and BioMaterials had improved results, while Fine Chemicals had a

decrease compared with 2024. Profit before tax was NOK 864 million (NOK 1,079

million). Earnings per share were NOK 6.22 (NOK 8.25). Excluding impairments of

bio-based start-ups, earnings per share were NOK 8.67.

- We are pleased to report another all?time high EBITDA(1) in 2025, driven by

strong momentum across our business segments, despite the sharp decline in

bioethanol prices and higher costs, says CEO Tom Erik Foss-Jacobsen.

Contacts:

Director Investor Relations, Pål Espen Ramberg, +47 959 17 333

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 4 February 2026 at 07:00 CET.