Borregaard — Interim / Quarterly Report 2025

Oct 22, 2025

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INTERIM REPORT 3[RD ] QUARTER 2025

2 Q3 2025 BORREGAARD

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3[RD] QUARTER HIGHLIGHTS

• EBITDA[1] NOK 440 million (NOK 524 million)[2]

• Reduced result due to lower bioethanol prices and disruption in cellulose production

• Continued growth in sales to agriculture in BioSolutions

• Increased sales prices in BioMaterials

• Strong result for fine chemical intermediates

• Positive net currency effects

CONTENTS

The Group ................................................................................. 03 Business areas ......................................................................... 05 Foreign exchange and hedging ............................................. 09 .......................................... 09 Cash flow and financial situation Share information .................................................................... 10 Other matters and subsequent events ................................ 10 Outlook ...................................................................................... 12 ......... 13 The Group's interim condensed financial statement Alternative performance measures ...................................... 23

3 Q3 2025 BORREGAARD

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THE GROUP

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1.7 - 30.9 1.1 - 30.9 1.1 - 31.12
Amounts in NOK million Note 2025 2024 2025 2024 2024
Operating revenues 2 1,799 1,949 5,880 5,873 7,617
EBITDA [1] 440 524 1,473 1,476 1,874
Operating profit 293 385 1,038 1,067 1,283
Profit/loss before taxes 2 247 326 892 909 1,079
Earnings per share (NOK) 1.96 2.51 7.03 6.96 8.25
Net interest-bearing debt [1] 11 2,072 2,073 2,072 2,073 2,240
Equity ratio [1] (%) 59.9 55.6 59.9 55.6 53.1
Leverage ratio [1] 1.11 1.15 1.11 1.15 1.20
Return on capital employed [1] (%) 15.8 16.8 15.8 16.8 17.1
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OPERATING REVENUES

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OPERATING REVENUES EBITDA [1] EBITDA MARGIN [1]
NOK mill NOK mill %
2,500 40
600
2,036
2,045 511 510 522 524
1,975 35
1,949 1,949 500
2,000
442
1,799 440
1,744
30 25.1 26.2% 26.9%
398
400 22.8%
1,500
20 25.5% 24.5%
22.4%
300
15
1,000
200
10
500
100
5
0 0 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2 024 2025 2024 2025 2024 2025
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EARNINGS PER SHARE CUMULATIVE

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NOK
10
9
8
7.03 8.25
7
6.96
6
5.08
5
4
4.45
2.52
3
2
2.01
1
0
Q1 Q2 Q3 Q4
2024 2025
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1 Alternative performance measure, see page 23 for definition.

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THIRD QUARTER

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.

Operating profit was NOK 293 million (NOK 385 million). Net financial items were NOK -46 million (NOK -59 million). Profit before tax was NOK 247 million (NOK 326 million). A tax expense of NOK -57 million (NOK -78 million) gave a tax rate of 23% (24%) in the quarter.

Earnings per share were NOK 1.96 (NOK 2.51).

Cash flow from operating activities was NOK 423 million (NOK 391 million). Compared with the 3[rd] quarter of 2024, a favourable development in net working capital was partly offset by the cash effect from a lower EBITDA[1] .

YEAR-TO-DATE (1.1-30.9)

Borregaard’s operating revenues were NOK 5,880 million (NOK was 5,873 million) in the first nine months of 2025. EBITDA[1] NOK 1,473 million (NOK 1,476 million). The results increased in BioSolutions and BioMaterials, while Fine Chemicals had a decrease compared with the first nine months of 2024.

Strong sales to agriculture were the primary driver for the improved result in BioSolutions. In BioMaterials, increased sales prices and improved product mix contributed to the the increased EBITDA[1] , partly offset by lower sales volume and higher wood costs. Lower sales prices for bioethanol were the main reason for the lower result in Fine Chemicals. The net currency effects were positive for the Group.

Operating profit was NOK 1,038 million (NOK 1,067 million). Net financial items amounted to NOK -146 million (NOK -158 million). Profit before tax was NOK 892 million (NOK 909 million). Tax expense was NOK -207 million (NOK -216 million), giving a tax rate of 23% (24%).

Earnings per share were NOK 7.03 (NOK 6.96).

In the first nine months of 2025, cash flow from operating activities was NOK 937 million (NOK 754 million). The cash flow improvement from the same period last year was mainly due to a more favourable development in net working capital.

CASH FLOW FROM OPERATING ACTIVITIES

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NOK mill
600
500
423
391
400 385
314
300
200
129
100
0
Q3'24 Q4'24 Q1'25 Q2'25 Q3'25
EBITDA [1]
Cash flow from operating activites
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1 Alternative performance measure, see page 23 for definition.

2 Figures in parentheses are for the corresponding period in the previous year.

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AVERAGE GROSS SALES PRICE[3]

BUSINESS AREAS BIOSOLUTIONS

1.7 - 30.9 1.1 - 30.9 1.1 - 31.12 Amounts in NOK million 2025 2024 2025 2024 2024	1.7 - 30.9 1.1 - 30.9 1.1 - 31.12 Amounts in NOK million 2025 2024 2025 2024 2024	1.7 - 30.9 1.1 - 30.9 1.1 - 31.12 Amounts in NOK million 2025 2024 2025 2024 2024	1.7 - 30.9 1.1 - 30.9 1.1 - 31.12 Amounts in NOK million 2025 2024 2025 2024 2024	1.7 - 30.9 1.1 - 30.9 1.1 - 31.12 Amounts in NOK million 2025 2024 2025 2024 2024	1.7 - 30.9 1.1 - 30.9 1.1 - 31.12 Amounts in NOK million 2025 2024 2025 2024 2024
Operating revenues	1,059	1,031	3,387	3,236	4,241
EBITDA1 277 271 964 853 1,104
EBITDA margin1(%)	26.2	26.3	28.5	26.4	26.0

THIRD QUARTER

Operating revenues for BioSolutions reached NOK 1,059 million (NOK 1,031 million). EBITDA[1] was NOK 277 million (NOK 271 million).

year. Anti-dumping duties on vanillin from China had a positive but limited impact on Borregaard’s vanillin products. The net currency impact was positive in the quarter.

The average price in sales currency was in line with the same quarter in 2024. Total sales volume was 4% higher compared with the same quarter in 2024.

The improvement in the result was attributable to sustained growth in sales to agriculture. This positive development was offset by cost increases exceeding general inflation, mainly due to higher input and manning costs at our US manufacturing sites. The product mix was in line with the same quarter last

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NOK per mtds [4]
14,000
13,364
12,582
13,000
12,000
11,862 [11,877] 11,866 11,578 11,392
11,000
10,000
9,000
Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25
SALES VOLUME
‘000 mtds [4]
125
100 90
88
84
81 81 81
77
75
50
25
0
Q1 Q2 Q3 Q4
2024 2025
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Sales price and sales volume include lignin-based biopolymers and biovanillin.

3 Average sales price is calculated using actual FX rates, excluding hedging impact. 4Metric tonne dry solid.

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YEAR-TO-DATE (1.1-30.9)

In the first nine months of 2025, BioSolutions’ operating revenues increased to NOK 3,387 million (NOK 3,236 million). EBITDA[1] reached NOK 964 million (NOK 853 million).

Strong sales to agriculture were the main reason for the improved result. This impact was partly offset by cost increases exceeding general inflation. There was a positive but limited impact for Borregaard’s vanillin products from the implemented anti-dumping duties on vanillin from China. The net currency impact was positive.

Total sales volume was 2% higher compared to last year, while the average price in sales currency was stable.

1 Alternative performance measure, see page 23 for definition.

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2 Figures in parentheses are for the corresponding period in the previous year.

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BIOMATERIALS

BIOMATERIALS	BIOMATERIALS	BIOMATERIALS	BIOMATERIALS	BIOMATERIALS	BIOMATERIALS
1.7 - 30.9 1.1 - 30.9 1.1 - 31.12 Amounts in NOK million 2025 2024 2025 2024 2024
Operating revenues	582	683	2,012	2,009	2,622
EBITDA1 112 131 368 332 434
EBITDA margin1(%)	19.2	19.2	18.3	16.5	16.6

YEAR-TO-DATE (1.1-30.9)

THIRD QUARTER

Operating revenues were NOK 2,012 million (NOK 2,009 million). EBITDA[1] increased to NOK 368 million (NOK 332 million).

Operating revenues in BioMaterials was NOK 582 million (NOK 683 million). EBITDA[1] was NOK 112 million (NOK 131 million).

Increased sales prices and improved product mix were the main reasons for the increased EBITDA[1] , partly offset by lower sales volume and higher wood costs. Net currency effects were positive.

Higher sales prices and improved product mix were more than offset by lower sales volume and higher wood costs compared with the corresponding quarter last year. The decline in sales volume was due to the temporary disruption in cellulose production and high deliveries in the corresponding quarter last year. The negative EBITDA[1] impact from this disruption amounts to approximately NOK 40 million. Net currency effects were positive.

The average price in sales currency was 10% higher than in the same period last year.

The average price in sales currency was 9% higher compared with the 3[rd] quarter of 2024, primarily due to price increases. The share of highly specialised grades was higher than in the corresponding quarter in 2024.

1 Alternative performance measure, see page 23 for definition.

2 Figures in parentheses are for the corresponding period in the previous year.

5 Average sales price is calculated using actual FX rates, excluding hedging impact.

6Metric tonne.

AVERAGE GROSS SALES PRICE[5]

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NOK per mt [6]
20,000
19,000
18,000
17,000 17,897 17,588 17,697
17,098
16,000 16,591
16,126
15,000
15,700
14,000
13,000
12,000
Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25
Sales price include speciality cellulose and cellulose fibrils.
SALES VOLUME
‘000 mt [6]
50
44.5
40.3 41.4
38.6
40 37.9
35.4
31.2
30
20
10
0
Q1 Q2 Q3 Q4
2024 2025
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Sales volume include speciality cellulose and cellulose fibrils

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FINE CHEMICALS

FINE CHEMICALS	FINE CHEMICALS	FINE CHEMICALS	FINE CHEMICALS	FINE CHEMICALS	FINE CHEMICALS
1.7 - 30.9 1.1 - 30.9 1.1 - 31.12 Amounts in NOK million 2025 2024 2025 2024 2024
Operating revenues	167	246	514	661	799
EBITDA1 51 122 141 291 336
EBITDA margin1(%)	30.5	49.6	27.4	44.0	42.1

THIRD QUARTER

Fine Chemicals’ operating revenues were NOK 167 million (NOK 246 million). EBITDA[1] was NOK 51 million (NOK 122 million).

For Fine Chemicals, lower bioethanol sales prices were the main reason for the lower result. In addition, deliveries of bioethanol were lower compared with the high deliveries in the corresponding quarter last year. Fine chemical intermediates delivered a strong result, supported by a more favourable product mix and increased sales prices relative to the 3[rd] quarter of 2024.

The net currency impact in Fine Chemicals was positive.

- YEAR-TO-DATE (1.1 30.9)

Operating revenues in Fine Chemicals were NOK 514 million (NOK 661 million). EBITDA[1] was NOK 141 million (NOK 291 million).

Lower sales prices for bioethanol were the main reason for the lower result. Improved product mix and increased sales prices for fine chemical intermediates contributed positively. The net currency impact was positive in Fine Chemicals.

The reduction in sales prices for Borregaard's advanced bioethanol was largely driven by a significant increase in market supply, particularly from agricultural waste and other alternative sources. This development is a consequence of favourable incentive schemes for advanced bioethanol in Europe.

FINE CHEMICALS – SALES REVENUES

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NOK million
280
246
240
223
200 192
168 167
179
160
138
120
80
40
0
Q1 Q2 Q3 Q4
2024 2025
Operating revenues include fine chemical intermediates and bioethanol
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1 Alternative performance measure, see page 21 for definition.

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FOREIGN EXCHANGE AND HEDGING

Borregaard has significant currency exposure, which is managed according to the company’s hedging strategy. This strategy delays the impact of currency rate fluctuations. In comparison with the 3[rd] quarter of 2024, the net impact of foreign exchange on EBITDA[1] , including hedging effects, was NOK 30 million. Hedging effects were NOK -21 million (NOK -86 million) in the quarter.

In the first nine months of 2025, the net impact of foreign exchange on EBITDA[1] , including hedging effects, was NOK 110 million. Hedging effects were NOK -150 million (NOK -272 million).

Assuming currency rates as of 21 October 2025 (USD 10.05 and EUR 11.67) and based on currency exposure

forecasts, Borregaard expects a net impact of foreign exchange on EBITDA[1] of approximately NOK 5 million in the 4[th] quarter of 2025 and NOK 115 million for the full year of 2025, compared with the corresponding periods last year.

CASH FLOW AND FINANCIAL SITUATION

THIRD QUARTER

Cash flow from operating activities in the 3[rd] quarter was NOK 423 million (NOK 391 million). Compared with the 3[rd] quarter of 2024, a favourable development in net working capital was . partly offset by the cash effect from a lower EBITDA[1]

YEAR-TO-DATE (1.1-30.9)

In the first nine months of 2025, cash flow from operating activities was NOK 937 million (NOK 754 million). The cash flow improvement from the same period last year was mainly due to a more favourable development in net working capital.

Investments amounted to NOK 542 million (NOK 574 million). Replacement investments were NOK 316 million (NOK 354 million), where the largest expenditures were related to the upgrade of the electricity transformation capacity and the installation of air preheater technology in an existing bio-boiler at the Sarpsborg site. Expansion investments[1] totalled NOK 226 million (NOK 220 million), where the largest expenditures were related to increased capacity at the Sarpsborg site, specialisation projects within BioSolutions and participation in a capital raise in Alginor.

Dividend of NOK 424 million (NOK 374 million) was paid out in the 2[nd] quarter. In the first nine months of 2025, the Group has

sold and repurchased treasury shares with net proceeds of NOK 20 million (NOK -7 million). Realised effect of hedging of net investments in subsidiaries was NOK 113 million (NOK -35 million).

On 30 September 2025, the Group had net interest-bearing debt[1] totalling NOK 2,072 million (NOK 2,073 million), a decrease of NOK 168 million from year-end 2024.

At the end of September, the Group was well capitalised with an equity ratio[1] of 59.9% (55.6%) and a leverage ratio[1] of 1.11 (1.15).

1 Alternative performance measure, see page 23 for definition.

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SHARE INFORMATION

In August 2025, 30,000 share options at a strike price of NOK 219.31 were issued in relation to the CEO appointment.

During the 3[rd] quarter, 6,000 share options were exercised at a strike price of NOK 164.45 per share.

In the 3[rd] quarter of 2025, Borregaard repurchased a total of 5,708 treasury shares at an average price of NOK 204.25.

Total number of shares outstanding on 30 September 2025 was 100 million, including 272,156 treasury shares. Total number of

shareholders was 10,508. Borregaard ASA’s share price was NOK 194.20 at the end of the 3[rd] quarter (NOK 171.40 at the end of 2024).

OTHER MATTERS AND SUBSEQUENT EVENTS

SECOND INVESTMENT TO INCREASE CAPACITY AT THE SARPSBORG SITE

Borregaard will invest NOK 308 million in the second of two investments aimed at debottlenecking and increasing capacity at the Sarpsborg site. The first investment of NOK 490 million was launched in the 4[th] quarter of 2024. These investments are part of the expansion investment plan announced at the Capital Markets Day in September 2024.

In total, the expected capacity increase from the two investments is 5-10%. Production output is expected to increase gradually from the 2[nd ] half of 2026. In addition to increasing capacity for speciality cellulose, lignin-based biopolymers, and bioethanol, these investments will enable higher raw material utilisation and reduce effluents to water.

BORREGAARD TO PARTICIPATE IN A CONVERTIBLE LOAN TO ALGINOR

Borregaard, together with the shareholders Must Invest and Hatteland Group, will act as guarantors for a NOK 200 million convertible loan to Alginor. The loan may be converted to new shares by the lenders. The subscription price upon exercise of the conversion right shall be NOK 10 per share, subject to adjustment for corporate actions such as share splits, reversed splits, dividends etc.

All shareholders in Alginor will be invited to participate in the convertible loan. Depending on the shareholder participation, Borregaard’s share of the loan will range from NOK 83 to 111 million, paid in two equal tranches in October 2025 and in February

1. The convertible loan will be supplemented by an additional uncommitted tap facility of NOK 100 million.

Furthermore, Alginor has received a commitment for a new secured loan facility totalling NOK 230 million through Haugesund Sparebank. This combined financing solution is expected to be sufficient to complete and commission the ongoing investment in a commercial-scale demonstration plant for alginates.

For more information about Alginor and the convertible loan, please see https://alginor.no/investors/

See notification to the Oslo Stock Exchange on 6 October 2025.

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TEMPORARY DISRUPTION IN PROUDUCTION OF SPECIALITY CELLULOSE

In September, Borregaard experienced an unforeseen outage at a facility at the Sarpsborg site, which supplies a key chemical used in the production of speciality cellulose. During the outage, cellulose production was restricted to grades outside standard specifications, resulting in delays of shipments of certain speciality cellulose grades.

Production of other products at the biorefinery – including ligninbased biopolymers, biovanillin, bioethanol, and cellulose fibrils – remained unaffected.

Deliveries of speciality cellulose in the 3[rd] quarter were reduced by approximately 5,000 tonnes due to the outage. The negative EBITDA[1] impact from reduced sales volume was approximately NOK 40 million in the quarter.

See notification to the Oslo Stock Exchange on 15 September 2025.

Borregaard does not recognise the basis of the claims, neither in terms of the data presented nor the underlying arguments. Borregaard has engaged legal and accounting specialists to defend the company’s case. A preliminary decision is expected late in the 1[st] quarter 2026 at the earliest, and the final decision is expected late in the 3[rd] quarter 2026 at the earliest.

Historically, Borregaard’s sales of speciality cellulose to the US have been limited, with minimal volumes prior to 2024. In 2024, sales increased moderately, driven by higher demand following the closure of Georgia-Pacific’s Foley facility in Florida. However, Borregaard’s exports of speciality cellulose to the US in 2025 will decrease, irrespective of the petition.

Effective from 1 August, Borregaard’s speciality cellulose products exported from Norway to the US are subject to a 15% import duty. Any additional anti-dumping duties imposed are expected to have a limited impact on Borregaard’s export volumes to the US.

is NOK 219.31, based on the volume-weighted average share price (VWAP) over the last three trading days in July 2025 (29, 30 and 31 July), plus a 10% premium. The strike price will be adjusted for dividends and other equity transactions.

The maximum annual gain is limited to twice the annual base salary for the CEO. At least 50% of the proceeds after tax must be used to purchase shares in the company, and the purchased shares will be locked for a period of three years. The CEO is expected to acquire shares until his shareholdings equal twice the base salary.

The primary insider granted stock options has the following holdings of options and shares in Borregaard after the new share options were issued (new options in parenthesis):

Tom Erik Foss-Jacobsen holds 108,000 options (30,000) and owns 31,274 shares.

See notification to the Oslo Stock Exchange on 1 August 2025.

See the link to the case at the United States International Trade Commission Investigation | USITC Investigations.

ALLEGATIONS OF DUMPING OF BORREGAARD’S SPECIALITY CELLULOSE IN THE US

In August, RYAM and the United Steelworkers Union filed petitions to the US authorities requesting the imposition of anti-dumping duties on speciality cellulose products from Norway, and antidumping and countervailing duties on speciality cellulose products from Brazil. Borregaard and the Brazilian company Bracel are the only companies with exports of such products to the US market from these countries.

SHARE OPTIONS ISSUED

Borregaard's Board of Directors has issued 30,000 share options in relation to the CEO appointment. Reference is made to stock exchange release on 23 May 2025.

The options will expire after five years (1 August 2030) and may be exercised during the last two years. The strike price of the options

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OUTLOOK

The total sales volume for BioSolutions in the 4[th] quarter is expected to be in the range of 70-75,000 tonnes, which is below the 77,000 tonnes in the 4[th] quarter last year. Anti-dumping duties on vanillin from China are expected to continue having a positive but limited impact on Borregaard’s vanillin products.

In the 4[th] quarter, sales volume for BioMaterials is expected to be 35-38,000 tonnes. The share of highly specialised grades is expected to be higher than in the 4[th] quarter of 2024. The average sales price is expected to be largely in line with the 3[rd] quarter of 2025.

In the 4[th] quarter, sales prices for Borregaard’s bioethanol will continue to be significantly lower than in 2024. For fine chemical intermediates, product mix is expected to be weaker in the 4[th] quarter compared with the 3[rd] quarter of 2025.

Borregaard’s wood costs in the 4[th] quarter will be slightly lower than in the 4[th] quarter last year.

In the 4[th] quarter, energy consumption and spot prices as well as energy related raw material prices are expected to seasonally increase compared with the 3[rd] quarter. In addition, the annual maintenance stop at the Sarpsborg site will affect production volume in the 4[th] quarter.

Uncertainty in the global economy related to tariffs, war and conflicts, may impact Borregaard’s markets and costs. Borregaard will continue to closely monitor tariffs, markets and cost development and implement relevant measures measures.

Sarpsborg, 21 October 2025 The Board of Directors of Borregaard ASA

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CONTENTS
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CONTENTS FINANCIAL STATEMENTS

.................................. 14 The Group’s interim condensed income statement ............................................................................ 14 Interim earnings per share ...... 14 The Group’s interim condensed comprehensive income statement ............. 15 The Group’s interim condensed statement of financial position Interim condensed changes in equity .......................................................... 15 ............................... 16 The Group’s interim condensed cash flow statement Notes ................................................................................................................ 17 Alternative performance measures ............................................................. 23

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THE GROUP’S INTERIM CONDENSED INCOME STATEMENT

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1.7 - 30.9 1.1 - 30.9 1.1 - 31.12
Amounts in NOK million NOTE 2025 2024 2025 2024 2024
Operating revenues 2 1,799 1,949 5,880 5,873 7,617
Operating expenses -1,359 -1,425 -4,407 -4,397 -5,743
Depreciation property, plant and equipment -146 -138 -431 -405 -556
Amortisation intangible assets -1 -1 -4 -4 -5
Other income and expenses [1] 3 0 0 0 0 -30
Operating profit 293 385 1,038 1,067 1,283
Financial items, net 4 -46 -59 -146 -158 -204
Profit before taxes 247 326 892 909 1,079
Income tax expense 5 -57 -78 -207 -216 -250
190 248 685 693 829
Profit for the period
-5 -2 -16 -1 6
Profit attributable to non-controlling interests
195 250 701 694 823
Profit attributable to owners of the parent
EBITDA [1] 440 524 1,473 1,476 1,874
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THE GROUP’S INTERIM CONDENSED COMPREHENSIVE INCOME STATEMENT

		1.7 - 30.9	1.7 - 30.9	1.1 - 30.9	1.1 - 30.9	1.1 - 31.12
Amounts in NOK million	NOTE	2025	2024	2025	2024	2024
Proft for the period Items not to be reclassified to P&L Actuarial gains and losses (after tax) Total Items to be reclassifed to P&L Change in hedging-reserve after tax (cash fow) Change in hedging-reserve after tax (net investment in subsidiaries) Translation effects Total The Group's comprehensive income	8 8	190 - - - - 71 8 -15 64 254	248 - - - - -61 6 -6 -61 187	685 - - - - 581 86 -118 549 1,234	693 - - - - -93 -29 38 -84 609	829 - 28 28 - -296 -89 124 -261 596
Comprehensive income non-controlling interests		-5	-3	-20	-	10
Comprehensive income owners of the parent		259	190	1,254	609	586

INTERIM EARNINGS PER SHARE

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1.7 - 30.9 1.1 - 30.9 1.1-31.12
Amounts in NOK 2025 2024 2025 2024 2024
Earnings per share (100 mill. shares) 6 1.96 2.51 7.03 6.96 8.25
Diluted earnings per share 6 1.96 2.50 7.03 6.95 8.25
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1 Alternative performance measure, see page 23 for definition.

15 Q3 2025 BORREGAARD

FINANCIAL STATEMENTS

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THE GROUP´S INTERIM CONDENSED STATEMENT OF FINANCIAL POSITION

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Amounts in NOK million Note 30.9.2025 31.12.2024
Intangible assets 13 80 88
Property, plant and equipment 13 5,044 5,026
Right-of-use assets 433 508
Other assets 9 627 524
Investments in joint venture/associate companies 4 461 417
Non-current assets 6,645 6,563
Inventories 1,514 1,498
Receivables 9 1,540 1,441
Cash and cash deposits 11 212 82
Current assets 3,266 3,021
Total assets 9,911 9,584
Group equity 10 5,911 5,041
Non-controlling interests 29 49
Equity 5,940 5,090
Provisions and other liabilities 492 591
Interest-bearing liabilities 9.11 1,689 2,035
Non-current liabilities 2,181 2,626
Interest-bearing liabilities 9.11 596 288
Other current liabilities 9 1,194 1,580
Current liabilities 1,790 1,868
Equity and liabilites 9,911 9,584
Equity ratio [1] 59.9 % 53.1 %
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INTERIM CONDENSED CHANGES IN EQUITY

			1.1-30.9.25			1.1-31.12.24
			Non-			Non-
		Controlling	controlling	Total	Controlling	controlling	Total
Amounts in NOK million	Note	interests	interests	equity	interests	interests	equity
Equity 1 January		5,041	49	5,090	4,855	39	4,894
Proft/loss for the period Items in Comprehensive Income The Group's Comprehensive income Paid dividend Buy-back of treasury shares Exercise of share options Shares to employees Option costs (share based payment) Transactions with non-controlling interests Equity at the end of the period	8 8	701 553 1,254 -424 -13 7 34 12 - 5,911	-16 -4 -20 - - - - - - 29	685 549 1,234 -424 -13 7 34 12 - 5,940	823 -237 586 -374 -98 31 28 13 - 5,041	6 4 10 - - - - - - 49	829 -233 596 -374 -98 31 28 13 - 5,090

1 Alternative performance measure, see page 23 for definition.

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THE GROUP’S INTERIM CONDENSED CASH FLOW STATEMENT

THE GROUP’S INTERIM CONDENSED CASH FLOW STATEMENT	THE GROUP’S INTERIM CONDENSED CASH FLOW STATEMENT	THE GROUP’S INTERIM CONDENSED CASH FLOW STATEMENT	THE GROUP’S INTERIM CONDENSED CASH FLOW STATEMENT
1.7 - 30.9 1.1 - 30.9 1.1 - 31.12
Amounts in NOK million Note	2025 2024	2025 2024	2024
Proft before taxes 247 326 892 909 1,079 Amortisation, depreciation and impairment charges 147 139 435 409 561 Changes in net working capital, etc. 47 -69 -181 -341 -326 Dividend/share of proft from JV & associate company 4 9 6 35 16 22 Taxes paid -27 -11 -244 -239 -268
Cash fow from operating activities 423 391 937 754 1,068
Investments property, plant and equipment and intangible assets -137 -137 -464 -424 -711 Investments in associate companies and bio-based start-ups 4 -23 -150 -78 -150 -150 Other capital transactions 4 3 13 10 19
Cash fow from investing activities -156 -284 -529 -564 -842
Dividends - - -424 -374 -374 Proceeds from exercise of options/shares to employees 10 1 1 33 51 52 Buy-back of treasury shares 7 -1 -3 -13 -59 -98 Gain/(loss) on hedges for net investments in subsidiaries 13 5 113 -35 -109
Net paid to/from shareholders 13 3 -291 -417 -529
Proceeds from interest-bearing liabilities 11 - - 750 500 500 Repayment from interest-bearing liabilities 11 -168 -270 -718 -694 -724 Change in interest-bearing liabilities/other instruments 11 -7 -3 -63 27 74
Change in net interest-bearingliabilities -175 -273 -31 -167 -150
Cash fow from fnancingactivities -162 -270 -322 -584 -679
Change in cash and cash equivalents 105 -163 86 -394 -453

THE GROUP’S INTERIM CONDENSED CASH FLOW STATEMENT cont.

		1.7 - 30.9	1.7 - 30.9	1.1 - 30.9	1.1 - 30.9	1.1 - 31.12
Amounts in NOK million	Note	2025	2024	2025	2024	2024
Cash and cash equivalents at beginning of period		-27	212	-3	429	429
Change in cash and cash equivalents		105	-163	86	-394	-453
Currency effects cash and cash equivalents Cash and cash equivalents at the close of the period	11	-2 76	-4 45	-7 76	10 45	21 -3
*Investment bycategory
Replacement investments		104	122	316	354	598
Expansion investments1including investment
in associate companies and bio-based start-ups		56	165	226	220	263
Total investments including investment in associate companies and bio-based start-ups		160	287	542	574	861

1 Alternative performance measure, see page 23 for definition.

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NOTES

NOTE 01 Organisation and basis for preparation

EBITDA[1]

GENERAL INFORMATION

Borregaard ASA is incorporated and domiciled in Norway. The address of its registered office is Hjalmar Wessels vei 6, Sarpsborg.

Basis for preparation

These unaudited Interim Condensed Consolidated Financial Statements are prepared in accordance with IAS 34 Interim Financial Reporting. Borregaard ASA is the parent company of the Borregaard Group presented in these Interim Condensed Consolidated Financial Statements.

The same accounting principles and methods of calculation have been applied as in the Consolidated Financial Statements for 2024 for the Borregaard Group.

Use of estimates

The same use of estimates has been applied as in the Consolidated Financial Statements for 2024.

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1.7 - 30.9 1.1 - 30.9 1.1 - 31.12
Amounts in NOK million 2025 2024 2025 2024 2024
Borregaard 440 524 1,473 1,476 1,874
BioSolutions 277 271 964 853 1,104
BioMaterials 112 131 368 332 434
Fine Chemicals 51 122 141 291 336
Reconciliation against operating profit & profit before tax
EBITDA [1] 440 524 1,473 1,476 1,874
Depreciations and write downs -146 -138 -431 -405 -556
Amortization intangible assets -1 -1 -4 -4 -5
- - - -
Other income and expenses [1] -30
Operating profit 293 385 1,038 1,067 1,283
Financial items, net -46 -59 -146 -158 -204
Profit before taxes 247 326 892 909 1,079
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NOTE 02 Segments

OPERATING REVENUES

OPERATING REVENUES
		1.7 - 30.9		1.1 - 30.9	1.1 - 31.12
Amounts in NOK million	2025	2024	2025	2024	2024
Borregaard	1,799	1,949	5,880	5,873	7,617
BioSolutions	1,059	1,031	3,387	3,236	4,241
BioMaterials	582	683	2,012	2,009	2,622
Fine Chemicals	167	246	514	661	799
Eliminations	-9	-11	-33	-33	-45

There is limited intercompany sales between the different segments and eliminations consist essentially of allocations from the corporate headquarter.

SALES REVENUES

SALES REVENUES
		1.7 - 30.9		1.1 - 30.9	1.1 - 31.12
Amounts in NOK million	2025	2024	2025	2024	2024
Borregaard BioSolutions	1,768 1,033	1,921 1,004	5,780 3,291	5,792 3,160	7,502 4,132
BioMaterials	570	673	1,981	1,977	2,579
Fine Chemicals	165	244	508	655	791
Eliminations	-	-	-	-	-

Operating revenues consist of sales revenues and other revenues such as commissions, revenues from waste received for incineration etc.

1 Alternative performance measure, see page 23 for definition.

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NOTE 03 Other income and expenses[1]

There are no items recorded as Other income and expenses[1] as of 30 September 2025.

NOTE 04 Financial items

NOTE 05 Income tax expense

The tax rate of 23.2% (23.8%) for the first nine

months of 2025 is a compilation of the tax rates in the various countries in which Borregaard operates and has taxable income. The corporate income tax rate in Norway is 22%.

whereas the tax expense is calculated based on Borregaard’s 55% ownership. Consequently, profit attributable to non-controlling interests for LignoTech Florida (45%) is calculated on profit before tax.

NET FINANCIAL ITEMS

NET FINANCIAL ITEMS
		1.7 - 30.9		1.1 - 30.9	1.1 - 31.12
Amounts in NOK million	2025	2024	2025	2024	2024
Net interest expenses	-35	-40	-108	-121	-160
Currency gain/loss	-	-9	-9	-11	-17
Share of proft/-loss from associates	-9	-6	-35	-16	-22
Other financial items, net Net financial items	-2 -46	-4 -59	6 -146	-10 -158	-5 -204

Other financial items, net includes changes in committed return on the Group's unfunded pension plan.

As of 30 September 2025, Borregaard holds 41% of the shares in Alginor ASA on a fully diluted basis. See Note 14 and notifications to the Oslo Stock Exchange on 17 March and 6 October 2025.

Borregaard also holds 12% of the shares in Kaffe Bueno ApS.

In addition to the compilation of the tax rates in the various countries in which Borregaard operates and has taxable income, the income tax rate for the Group is also inpacted by the following: LignoTech Florida is a limited liability company (LLC) which is taxed on the owners hand. Profit before tax is 100% consolidated in the Borregaard Group,

NOTE 06 Earnings per share (EPS)

The share capital consists of 100 million shares. The company holds 272,156 treasury shares and average number of outstanding shares as of 30 September 2025 were 99.68 million. Average

Share of profit after tax from the associated companies, Alginor ASA and Kaffe Bueno ApS, is accounted for as part of operating profit and profit befor tax. There are carry forward losses in the Group which will not be recognised as deferred tax asset, and hence increase the Group’s tax rate.

number of outstanding diluted shares were 99.72 million (99.82 in 2024). Earnings per diluted share were NOK 1.96 in the 3[rd] quarter (NOK 2.50 in the 3[rd] quarter of 2024).

1 Alternative performance measure, see page 23 for definition.

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NOTE 07 Stock options

In August 2025, 30,000 share options at a strike price of NOK 219.31 were issued in relation to the CEO appointment.

The Group Executive Management and other key employees hold a total of 1,474,000 stock options in five different share option programmes in Borregaard

During the 3[rd] quarter, 6,000 share options at a strike price of NOK 164.45 per share were exercised.

Stock options	Issued 2021	Issued 2022	Issued 2023	Issued 2024	Issued 2025	Issued 2025
Number of stock options Strike price (NOK)* Vesting period Expiry date	225,000 164.45 3 years 16 February 2026	200,000 212.50 3 years 17 February 2027	250,000 182.75 3 years 1 March 2028	371,000 191.10 3 years 27 February 2029	398,000 216.97 3 years 14 February 2030	30,000 219.31 3 years 1 August 2030

• Strike prices as at 30 September 2025 have been adjusted for dividend paid since issuance of stock options.

NOTE 08 Statement of comprehensive income

The statement of comprehensive income shows changes in the value of hedging instruments, both cash flow hedges and hedges of net investments in subsidiaries (hedging reserve).

These figures are presented after tax

	30.9.2025	30.9.2025	30.9.2024	30.9.2024	31.12.2024	31.12.2024
		Hedges of net		Hedges of net		Hedges of net
	Cash flow	investments	Cash flow	investments in	Cash flow	investments in
Amounts in NOK million	hedges	in subsidiares	hedges	subsidiares	hedges	subsidiares
Tax effect year-to-date	11	-72	-94	-80	-153	-97
Hedging reserve after tax	40	-224	-338	-250	-541	-310

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NOTE 09 Fair value hierarchy

For financial instruments that are recognised at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation at the end of each reporting period.

The following measurement levels are used for determining the fair value of financial instruments:

• Level 1 — Quoted market prices in an active market (that are unadjusted) for identical assets or liabilities

• Level 2 — Valuation techniques (for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable)

• Level 3 — Valuation techniques (for which the lowest level input that is significant to the fair value measurement is unobservable)

There were no transfers from one level to another

in the measurement hierarchy from 2024 to the 3[rd ] quarter of 2025.

Borregaard consequently has no items defined as level 1. The bond is determined as measurement level 3. The fair value of the bond is deemed to equal its book value.

Set out below is a comparison of the carrying amount and the fair value of financial instruments as of 30 September 2025:

FINANCIAL ASSETS

FINANCIAL ASSETS
		30.9.2025		31.12.2024
		Carrying		Carrying
Amounts in NOK million	Level	amount	Fair value	amount	Fair value
Non-current fnancial receivables	2	180	180	192	192
Non-current derivatives	2	123	123	1	1
Share investments	2	28	28	28	28
Current derivatives	2	68	68	5	5
Total financial assets FINANCIAL LIABILITIES Non-current fnancial liabilities Non-current derivatives Current fnancial liabilities Current derivatives Total financial liabilities	2, 3 2 2 2	399 1,692 66 596 88 2,442	399 1,692 66 596 88 2,442	226 2,037 336 288 363 3,024	226 2,037 336 288 363 3,024

FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE

FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE
Amounts in NOK million	Level 1	Level 2	Level 3
Financial instruments 30.9.2025	-2,043 -	-1,543	-500
Financial instruments 31.12.2024	-2,798 -	-2,298	-500

The financial instruments are measured based on observable spot exchange rates, the yield curves of the respective currencies as well as the currency basis spreads between the respective currencies.

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NOTE 10 Compilation of Equity

NOTE 10 Compilation of Equity
Amounts in NOK million	30.9.2025	31.12.2024
Share capital	100	100
Treasury shares	-	-
Share premium	1,346	1,346
Other paid-in capital	1,078	1,025
Translation effects	257	371
Hedging reserve (after tax)	-184	-851
Actuarial gains/Losses	116	116
Retained earnings Groupequity (controllinginterests)	3,198 5,911	2,934 5,041

NOTE 12 Related parties

The members of the Group Executive Management of Borregaard held a total of 504,000 stock options in the Company as of 30 September 2025.

NOTE 13 Assessments relating to impairment

No impairment indicators have been identified in the Borregaard Group’s property, plant and equipment or intangible assets in the 3[rd] quarter of 2025.

As of 30 September 2025, the company held 272,156 treasury shares at an average cost of NOK 187.64

NOTE 11 Net interest-bearing debt[1]

The various elements of net interest-bearing debt are shown in the following table:

Amounts in NOK million	30.9.2025	31.12.2024
Non-current interest-bearing liabilities	1,689	2,035
Current interest-bearing liabilities including overdraft of cashpool	596	288
Non-current interest-bearing receivables (included in "Other Assets")	-1	-1
Cash and cash deposits Net interest-bearingdebt1	-212 2,072	-82 2,240
- of which impact of IFRS 16 Leases	484	554

1 Alternative performance measure, see page 23 for definition.

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NOTE 14 Other matters and subsequent events

Borregaard to participate in a convertible loan to Algnor.

Borregaard, together with the shareholders Must Invest and Hatteland Group, will act as guarantors for a NOK 200 million convertible loan to Alginor.

The loan may be converted to new shares by the lenders. The subscription price upon exercise of the conversion right shall be NOK 10 per share, subject to adjustment for corporate actions such as share splits, reversed splits, dividends etc.

All shareholders in Alginor will be invited to participate in the convertible loan. Depending on the shareholder participation, Borregaard’s share of the loan will range from NOK 83 to 111 million, paid in two equal tranches in October 2025 and in February 2026.

The convertible loan will be supplemented by an additional uncommitted tap facility of NOK 100 million. Furthermore, Alginor has received a commitment for a new secured loan facility totalling NOK 230 million through Haugesund Sparebank.

This combined financing solution is expected to be sufficient to complete and commission the ongoing investment in a commercial-scale demonstration plant for alginates.

For more information about Alginor and the convertible loan, please see https://alginor.no/ investors/. See notification to the Oslo Stock Exchange on 6 October 2025.

Share options issued

Borregaard's Board of Directors has issued 30,000 share options in relation to the CEO appointment. Reference is made to stock exchange release on 23 May 2025.

The options will expire after five years (1 August 2030) and may be exercised in the last two years. The strike price of the options is NOK 219.31, based on the volume-weighted average share price (VWAP) over the last three trading days in July 2025 (29, 30 and 31 July), plus a 10% premium. The strike price will be adjusted for dividends and other equity transactions.

The maximum annual gain is limited to twice the annual base salary for the CEO. At least 50% of the proceeds after tax must be used to purchase shares in the company, and the purchased shares will be locked for a period of three years. The CEO is expected to acquire shares until his shareholdings equal twice the base salary.

See notification to the Oslo Stock Exchange on 1 August 2025.

There have been no other events after the balance sheet date that would have had a material impact on the interim financial statements, or the assessments carried out.

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ALTERNATIVE PERFORMANCE MEASURES

In the discussion of the reported operating results, financial position and cash flows, Borregaard refers to certain measures which are not defined by generally accepted accounting principles (GAAP) such as IFRS. Borregaard management makes regular use of these Alternative Performance Measures and is of the opinion that this information, along with comparable GAAP

measures, is useful to investors who wish to evaluate the company’s operating performance, ability to repay debt and capability to pursue new business opportunities. Such Alternative Performance Measures should not be viewed in isolation or as an alternative to the equivalent GAAP measure.

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EBITDA

Description

EBITDA is defined by Borregaard as operating profit before depreciation, amortisation and other income and expenses.

Reason for including

Shows performance regardless of capital structure, tax situation and adjusted for income and expenses related transactions and events not considered by management to be part of operating activities. Management believes the measure enables an evaluation of operating performance.

	1.7 - 30.9	1.7 - 30.9	1.1 - 30.9	1.1 - 30.9	1.1 - 31.12
EBITDA	2025	2024	2025	2024	2024
Operating proft	293	385	1,038	1,067	1,283
Other income and expenses	-	-	-	-	30
Amortisation intangible assets	1	1	4	4	5
Depreciation and impairment property, plant and equipment	146	138	431	405	556
EBITDA	440	524	1,473	1,476	1,874

EBITDA MARGIN

Description

EBITDA margin is defined by Borregaard as EBITDA divided by operating revenues.

Reason for including

Shows the operations’ performance regardless of capital structure and tax situation as a ratio to operating revenue.

		1.7 - 30.9	1.7 - 30.9	1.1 - 30.9	1.1 - 30.9	1.1 - 31.12
	EBITDA MARGIN	2025	2024	2025	2024	2024
	EBITDA	440	524	1,473	1,476	1,874
	Operating revenues EBITDA margin (%) (EBITDA/operating revenues)	1,799 24.5	1,949 26.9	5,880 25.1	5,873 25.1	7,617 24.6

EQUITY RATIO

Description

Equity ratio is defined by Borregaard as equity (including non-controlling interests) divided by equity and liabilities.

Reason for including

Equity ratio is an important measure in describing the capital structure.

EQUITY RATIO	30.9.2025	30.9.2024	31.12.2024
Total equity	5,940	5,137	5,090
Equity & liabilities	9,911	9,233	9,584
Equity ratio (%) (total equity/equity & liabilities)	59.9	55.6	53.1

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EXPANSION INVESTMENTS

EXPANSION INVESTMENTS
Description Borregaard’s investments are either categorised as replacement or expansion. Expansion investments is defned by Borregaard as investments made in order to expand production capacity, produce new products or to improve the performance of existing products. Such investments include business acquisitions, investments in bio-based start-ups, pilot plants, capitalised research and development costs and new distribution set-ups. Reason for including Borregaard’s strategic priorities are specialisation and diversifcation, increase value added from the biorefnery, develop business areas and to continue emphasis on ESG along the entire value chain. To be able to deliver on those priorities, expansion investments are needed. As such, expansion investments are important information for investors. One of Borregaard’s fnancial objectives is to have an internal rate of return >15% pre-tax for expansion investments.	1.7 - 30.9 1.1 - 30.9 1.1 - 31.12 EXPANSION INVESTMENTS 2025 2024 2025 2024 2024
	Total investments including investment in associate companies and bio-based start-ups 160 287 542 574 861 Replacement investments -104 -122 -316 -354 -598
	Expansion investments including investment in associate companies and bio-based start-ups 56 165 226 220 263
OTHER INCOME AND EXPENSES Description Other income and expenses are defned by Borreaard as non-recurrin items or items related Reason for including To be able to compare the EBITDA of different reortin eriods sinifcant non-recurrin items	1.7 - 30.9 1.1 - 30.9 1.1 - 31.12 OTHER INCOME & EXPENCES 2025 2024 2025 2024 2024
	Other income & expences - - - - -30

Other income and expenses are defined by Borregaard as non-recurring items or items related to other periods or to a discontinued business or activity. These items are not viewed as reliable indicators of future earnings based on the business areas’ normal operations. These items will be included in the Group's operating profit.

To be able to compare the EBITDA of different reporting periods, significant non-recurring items not directly related to operating activities, are included in Other income and expenses.

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NET INTEREST-BEARING DEBT

Description

Net interest-bearing debt is defined by Borregaard as interest-bearing liabilities minus interest-bearing assets.

Reason for including Net interest-bearing debt provides an indicator of the net indebtedness and an indicator of the overall strength of the statement of financial position. Net interest-bearing debt is part of Borregaard’s financial covenants (leverage ratio) and is important in understanding the capital structure.

NET INTEREST-BEARING DEBT	30.9.2025	30.9.2024	31.12.2024
Non-current interest-bearing liabilities	1,689	1,938	2,035
Current interest-bearing liabilities including overdraft of cashpool	596	309	288
Non-current interest-bearing receivables (included in "Other assets")	-1	-2	-1
Cash and cash deposits	-212	-172	-82
Net interest-bearing debt	2,072	2,073	2,240

LEVERAGE RATIO

Description

Leverage ratio is defined by Borregaard as net interest bearing debt divided by last twelve months’ (LTM) EBITDA.

Reason for including

Leverage ratio is an indicator of the overall strength of the statement of financial position. Borregaard has a targeted leverage ratio between 1.0 and 2.25 over time. Leverage ratio is Borregaard’s financial covenant on long-term credit facilities.

LEVERAGE RATIO	30.9.2025	30.9.2024	31.12.2024
Net interest-bearing debt	2,072	2,073	2,240
EBITDA	1,871	1,803	1,874
Leverage ratio (net interest-bearing debt/EBITDA)	1.11	1.15	1.20

CAPITAL EMPLOYED

Description

Capital employed is defined by Borregaard as the total of net working capital, intangible assets, property, plant and equipment, right-of-use assets minus net pension liabilities.

Reason for including Borregaard uses capital employed as basis for calculating ROCE.

CAPITAL EMPLOYED(END OF PERIOD)	30.9.2025	30.9.2024	31.12.2024
Capital employed (end of period)	8,247	7,813	8,172

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RETURN ON CAPITAL EMPLOYED (ROCE)

Description

Return on capital employed (ROCE) is defined by Borregaard as last twelve months’ (LTM) capital contribution (operating profit before amortisation and other income and expenses) divided by average capital employed based on the ending balance of the last five quarters.

Reason for including

ROCE is an important financial ratio to assess Borregaard’s profitability and capital efficiency. One of Borregaard’s financial objectives is to have ROCE >15% pre-tax over a business cycle.

RETURN ON CAPITAL EMPLOYED(ROCE)	30.9.2025	30.9.2024	31.12.2024
Capital employed end of:
Q3, 2023	-	7,191	-
Q4, 2023	-	7,142	7,142
Q1, 2024	-	7,789	7,789
Q2, 2024	-	7,582	7,582
Q3, 2024	7,813	7,813	7,813
Q4, 2024	8,172	-	8,172
Q1, 2025	8,290	-	-
Q2, 2025	8,292	-	-
Q3,2025	8,247	-	-
Average capital employed	8,163	7,503	7,700
CAPITAL CONTRIBUTION	30.9.2025	30.9.2024	31.12.2024
Operating profit	1,254	1,259	1,283
Other income and expenses	30	0	30
Amortisation intangible assets	5	5	5
Capital contribution	1,289	1,264	1,318
RETURN ON CAPITAL EMPLOYED(ROCE)	30.9.2025	30.9.2024	31.12.2024
Capital contribution	1,289	1,264	1,318
Average capital employed	8,163	7,503	7,700
Return on capital employed (ROCE) (%) (capital contribution/average capital employed)	15.8	16.8	17.1

Q3 2025

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Borregaard ASA P.O. Box 162, NO-1701 Sarpsborg, Norway Telephone: (+47) 69 11 80 00 Fax: (+47) 69 11 87 70 E-mail: borregaard@borregaard.com www.borregaard.com