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Borregaard — Interim / Quarterly Report 2025
Oct 22, 2025
3562_rns_2025-10-22_5b5653ce-1bef-4490-adf4-72bee0c45807.pdf
Interim / Quarterly Report
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| Income Statement Borregaard Group Q3 2025 | ||||
| 2025 2024 1.7-30.9 |
2025 2024 1.1-30.9 |
1.1-31.12 2024 |
||
| Amounts in NOK million | ||||
| Operating revenues Operating expenses EBITDA |
1 799 1 949 -1 359 -1 425 440 524 |
5 880 5 873 -4 407 -4 397 1 473 1 476 |
7 617 -5 743 1 874 |
|
| Depreciation property, plant and equipment Amortisation intangible assets Other income and expenses |
-146 -138 -1 -1 0 0 |
-431 -405 -4 -4 0 0 |
-556 -5 -30 |
|
| Operating profit Financial items,net |
293 385 -46 -59 |
1 038 1 067 -146 -158 |
1 283 -204 |
|
| Profit before taxes Income tax expenses |
247 326 -57 -78 |
892 909 -207 -216 |
1 079 -250 |
|
| Profit for theperiod | 190 248 |
685 693 |
829 | |
| Profit attributable to non-controlling interests Profit attributable to owners of theparent |
-5 -2 195 250 |
-16 -1 701 694 |
6 823 |
|
| Earnings per share(NOK) | 1,96 2,51 |
7,03 6,96 |
8,25 | |
| EBITDA margin | 24,5 % 26,9 % |
25,1 % 25,1 % |
24,6 % |
| Interim condensed statement of financial position Borregaard Group | |
| 30.9. 30.6. 31.12 |
|
| Amounts in NOK million 2025 2025 2024 |
|
| Assets: Intangible assets 80 81 88 Property, plant and equipment 5 044 5 033 5 026 Right-of-use assets 433 462 508 Other assets 627 637 524 Investments injoint venture/associate companies 461 446 417 |
|
| Non-current assets 6 645 6 659 6 563 |
|
| Inventories 1 514 1 464 1 498 Receivables 1 540 1 744 1 441 Cash and cash deposits 212 96 82 |
|
| Current assets 3 266 3 304 3 021 |
|
| Total assets 9 911 9 963 9 584 |
|
| Equity and debt: Group equity 5 911 5 644 5 041 Non-controllinginterests 29 34 49 |
|
| Equity 5 940 5 678 5 090 |
|
| Provisions and other liabilities 492 504 591 Interest-bearingliabilities 1 689 1 765 2 035 |
|
| Non-current liabilities 2 181 2 269 2 626 |
|
| Interest-bearing liabilities 596 687 288 Other current liabilities 1 194 1 329 1 580 |
|
| Current liabilities 1 790 2 016 1 868 |
|
| Equity and liabilities 9 911 9 963 9 584 |
|
| Equity ratio (%): 59,9 % 57,0 % 53,1 % |
| Interim condensed cash flow statement Borregaard Group Q3 2025 | ||||
| 1.1-31.12 Amounts in NOK million 2025 2024 2025 2024 2024 1.7-30.9 1.1-30.9 |
||||
| Profit before taxes Amortisation, depreciation and impairment charges Change in net working capital, etc Dividend/share of profit from JV & associate company |
247 326 147 139 47 -69 9 6 |
892 909 435 409 -181 -341 35 16 |
1 079 561 -326 22 |
|
| Taxespaid | -27 -11 |
-244 -239 |
-268 | |
| Cash flow from operating activities | 423 391 |
937 754 |
1 068 | |
| Investments property, plant and equipment and intangible assets Investment in associate companies & bio-based start-ups Other capital transactions |
-137 -137 -23 -150 4 3 |
-464 -424 -78 -150 13 10 |
-711 -150 19 |
|
| Cash flow from Investing activities | -156 -284 |
-529 -564 |
-842 | |
| Dividends Proceeds from exercise of options/shares to employees Buy-back of treasury shares Gain/(loss)on hedges for net investments in subsidiaries |
0 0 1 1 -1 -3 13 5 |
-424 -374 33 51 -13 -59 113 -35 |
-374 52 -98 -109 |
|
| Netpaid to/from shareholders | 13 3 |
-291 -417 |
-529 | |
| Proceeds from interest-bearing liabilities Repayment of interest-bearing liabilities |
0 0 -168 -270 |
750 500 -718 -694 |
500 -724 |
|
| Change in interest-bearingliabilities/other instruments | -7 -3 |
-63 27 |
74 | |
| Change in net interest-bearing liablities | -175 -273 |
-31 -167 |
-150 | |
| Cash flow from financing activities | -162 -270 |
-322 -584 |
-679 | |
| Change in cash and cash equivalents | 105 -163 |
86 -394 |
-453 | |
| Cash and cash equivalents at beginning of period | -27 212 |
-3 429 |
429 | |
| Change in cash and cash equivalents | 105 -163 |
86 -394 |
-453 | |
| Currencyeffects cash and cash equivalents | -2 -4 |
-7 10 |
21 | |
| Cash and cash equivalents at the close of theperiod | 76 45 |
76 45 |
-3 | |
| *** Investment by category:** | ||||
| Replacement investments Expansion investments including investment in associate companies and bio-based start-ups Total investments includinginvestment in associate companies and bio-based start-ups |
104 122 56 165 160 287 |
316 354 226 220 542 574 |
598 263 861 |
| Quarterly segment information Borregaard Group | Quarterly segment information Borregaard Group | Quarterly segment information Borregaard Group | Quarterly segment information Borregaard Group | Quarterly segment information Borregaard Group | Quarterly segment information Borregaard Group | Quarterly segment information Borregaard Group | Quarterly segment information Borregaard Group | Quarterly segment information Borregaard Group | |
|---|---|---|---|---|---|---|---|---|---|
| Operating revenues 1.1-31.12 1.1-31.12 1.1-31.3 1.4-30.6 1.7-30.9 1.10-31.12 1.1-31.12 1.1-31.3 1.4-30.6 1.7-30.9 1.10-31.12 1.1-31.12 1.1-31.3 1.4-30.6 1.7-30.9 1.1-30.9 Amounts in NOK million 2021 2022 2023 2023 2023 2023 2023 2024 2024 2024 2024 2024 2025 2025 2025 2025 |
|||||||||
| 1.1-31.12 | 1.1-31.12 | 1.1-31.12 | 1.1-31.3 1.4-30.6 1.7-30.9 1.10-31.12 2024 2024 2024 2024 |
1.1-31.12 | 1.1-31.3 1.4-30.6 1.7-30.9 |
1.1-30.9 | |||
| Amounts in NOK million | 2021 | 2022 | 2023 | 2024 | 2025 2025 2025 |
2025 | |||
| Borregaard | 5 805 | 6 881 | 1 850 1 963 1 714 1 605 |
7 132 | 1 975 1 949 1 949 1 744 |
7 617 | 2 036 2 045 1 799 |
5 880 | |
| BioSolutions | 3 469 | 4 050 | 995 1087 956 906 |
3 944 | 1 088 1 117 1 031 1 005 |
4 241 | 1 179 1 149 1 059 |
3 387 | |
| BioMaterials | 1 878 | 2 250 | 684 661 568 526 |
2 439 | 704 622 683 613 |
2 622 | 689 741 582 |
2 012 | |
| Fine Chemicals | 491 | 632 | 180 227 199 180 |
786 | 192 223 246 138 |
799 | 179 168 167 |
514 | |
| Eliminations | - 33 | - 51 | - 37 | - 45 | -33 | ||||
| 1.1-31.12 | 1.1-31.12 | 1.1-31.12 | 1.1-31.12 | 1.1-30.9 | |||||
| Amounts in NOK million | 2021 | 2022 | 2023 | 2024 | 2025 2025 2025 |
2025 | |||
| Borregaard | 1 372 | 1 643 | 435 537 482 327 |
1 781 | 442 510 524 398 |
1 874 | 511 522 440 |
1 473 | |
| BioSolutions | 942 | 986 | 224 284 235 172 |
915 | 264 318 271 251 |
1 104 | 349 338 277 |
964 | |
| BioMaterials | 284 | 427 | 127 143 161 103 |
534 | 111 90 131 102 |
434 | 113 143 112 |
368 | |
| Fine Chemicals | 146 | 230 | 84 110 86 52 |
332 | 67 102 122 45 |
336 | 49 41 51 |
141 | |
| Depreciations and write downs 1.1-31.12 1.1-31.12 1.1-31.3 1.4-30.6 1.7-30.9 1.10-31.12 1.1-31.12 1.1-31.3 1.4-30.6 1.7-30.9 1.10-31.12 1.1-31.12 1.1-31.3 1.4-30.6 1.7-30.9 1.1-30.9 Amounts in NOK million 2021 2022 2023 2023 2023 2023 2023 2024 2024 2024 2024 2024 2025 2025 2025 2025 |
|||||||||
| 1.1-31.12 | 1.1-31.12 | 1.1-31.12 | 1.1-31.12 | 1.1-30.9 | |||||
| Amounts in NOK million | 2021 | 2022 | 2023 | 2024 | 2025 2025 2025 |
2025 | |||
| Borregaard | - 416 | - 444 | - 114 - 116 - 121 - 134 |
- 485 | -133 -134 -138 -151 |
- 556 | -143 -142 -146 |
-431 | |
| BioSolutions | - 189 | - 212 | - 56 - 56 - 60 - 71 |
- 243 | -69 -69 -74 -84 |
- 296 | -77 -74 -75 |
-226 | |
| BioMaterials | - 193 | - 195 | - 49 - 49 - 51 - 51 |
- 200 | -53 -54 -54 -55 |
- 216 | -55 -57 -59 |
-171 | |
| Fine Chemicals | - 34 | - 37 | - 9 - 11 - 10 - 12 |
- 42 | -11 -11 -10 -12 |
- 44 | -11 -11 -12 |
-34 | |
| Amortisation 1.1-31.12 1.1-31.12 1.1-31.3 1.4-30.6 1.7-30.9 1.10-31.12 1.1-31.12 1.1-31.3 1.4-30.6 1.7-30.9 1.10-31.12 1.1-31.12 1.1-31.3 1.4-30.6 1.7-30.9 1.1-30.9 Amounts in NOK million 2021 2022 2023 2023 2023 2023 2023 2024 2024 2024 2024 2024 2025 2025 2025 2025 |
|||||||||
| Amounts in NOK million | 1.1-31.12 | 1.1-31.12 | 1.1-31.12 | 1.1-31.12 | 1.1-30.9 | ||||
| 2021 | 2022 | 2023 | 2024 | 2025 2025 2025 |
2025 | ||||
| Borregaard | - 4 | - 5 | - 1 - 2 - 1 - 1 |
- 5 | -1 -2 -1 -1 |
- 5 | -1 -2 -1 |
-4 | |
| BioSolutions | - 4 | - 5 | - 1 - 2 - 1 - 1 |
- 5 | -1 -2 -1 -1 |
- 5 | -1 -2 -1 |
-4 | |
| BioMaterials | 0 | 0 | 0 0 0 0 |
0 | 0 0 0 0 |
0 | 0 0 0 |
0 | |
| Fine Chemicals | 0 | 0 | 0 0 0 0 |
0 | 0 0 0 0 |
0 | 0 0 0 |
0 | |
| Other income and expenses 1.1-31.12 1.1-31.12 1.1-31.3 1.4-30.6 1.7-30.9 1.10-31.12 1.1-31.12 1.1-31.3 1.4-30.6 1.7-30.9 1.10-31.12 1.1-31.12 1.1-31.3 1.4-30.6 1.7-30.9 1.1-30.9 Amounts in NOK million 2021 2022 2023 2023 2023 2023 2023 2024 2024 2024 2024 2024 2025 2025 2025 2025 |
|||||||||
| 1.1-31.12 | 1.1-31.12 | 1.1-31.12 | 1.1-31.12 | 1.1-30.9 | |||||
| Amounts in NOK million | 2021 | 2022 | 2023 | 2024 | 2025 2025 2025 |
2025 | |||
| Borregaard | 0 | -8 | 0 0 0 0 |
0 | 0 0 0 -30 |
-30 | 0 0 0 |
0 | |
| BioSolutions | 0 | 6 | 0 0 0 0 |
0 | 0 0 0 -12 |
-12 | 0 0 0 |
0 | |
| BioMaterials | 0 | -12 | 0 0 0 0 |
0 | 0 0 0 -18 |
-18 | 0 0 0 |
0 | |
| Fine Chemicals | 0 | - 2 | 0 0 0 0 |
0 | 0 0 0 0 |
0 | 0 0 0 |
0 | |
| Operating profit (EBIT) 1.1-31.12 1.1-31.12 1.1-31.3 1.4-30.6 1.7-30.9 1.10-31.12 1.1-31.12 1.1-31.3 1.4-30.6 1.7-30.9 1.10-31.12 1.1-31.12 1.1-31.3 1.4-30.6 1.7-30.9 1.1-30.9 Amounts in NOK million 2021 2022 2023 2023 2023 2023 2023 2024 2024 2024 2024 2024 2025 2025 2025 2025 |
|||||||||
| 1.1-31.12 | 1.1-31.12 | 1.1-31.12 | 1.1-31.12 | 1.1-30.9 | |||||
| Amounts in NOK million | 2021 | 2022 | 2023 | 2024 | 2025 2025 2025 |
2025 | |||
| Borregaard | 952 | 1 186 | 320 419 360 192 |
1 291 | 308 374 385 216 |
1 283 | 367 378 293 |
1 038 | |
| BioSolutions | 749 | 775 | 167 226 174 100 |
667 | 194 247 196 154 |
791 | 271 262 201 |
734 | |
| BioMaterials | 91 | 220 | 78 94 110 52 |
334 | 58 36 77 29 |
200 | 58 86 53 |
197 | |
| Fine Chemicals | 112 | 191 | 75 99 76 40 |
290 | 56 91 112 33 |
292 | 38 30 39 |
107 | |
| Quarterly segment information Borregaard Group | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| 1.1-31.12 1.1-31.12 1.1-31.3 1.4-30.6 1.7-30.9 1.10-31.12 1.1-31.12 1.1-31.3 1.4-30.6 1.7-30.9 1.10-31.12 1.1-31.12 1.1-31.3 1.4-30.6 1.7-30.9 1.1-30.9 2021 2022 2023 2023 2023 2023 2023 2024 2024 2024 2024 2024 2025 2025 2025 2025 |
|||||||||
| Hedging effects & currency exposure | |||||||||
| 1.1-31.12 | 1.1-31.12 | 1.1-31.3 1.4-30.6 1.7-30.9 1.10-31.12 2023 2023 2023 2023 |
1.1-31.12 | 1.1-31.12 | 1.1-31.3 1.4-30.6 1.7-30.9 |
1.1-30.9 | |||
| Amounts in NOK million | 2021 | 2022 | 2023 | 2024 | 2025 2025 2025 |
2025 | |||
| Borregaard - EBITDA hedging gains & losses | -29 | -50 | -48 -65 -62 -93 |
-268 | -89 -97 -86 -93 |
-365 | -95 -34 -21 |
-150 | |
| BioSolutions | -11 | -44 | -25 -29 -31 -44 |
-129 | -44 -47 -38 -43 |
-172 | -45 -14 -4 |
-63 | |
| BioMaterials | -15 | -7 | -19 -26 -22 -37 |
-104 | -34 -38 -36 -42 |
-150 | -40 -15 -13 |
-68 | |
| Fine Chemicals | -3 | 1 | -4 -10 -9 -12 |
-35 | -11 -12 -12 -8 |
-43 | -10 -5 -4 |
-19 | |
| Borregaard - USD EBITDA currency exposure (approx) Borregaard - EUR EBITDA currency exposure (approx) |
198 | 197 | 232 | 276 | |||||
| 139 | 147 | 149 | 145 | ||||||
| Sales revenues | |||||||||
| 1.1-31.12 | 1.1-31.12 | 1.1-31.3 1.4-30.6 1.7-30.9 1.10-31.12 2023 2023 2023 2023 |
1.1-31.12 | 1.1-31.3 1.4-30.6 1.7-30.9 1.10-31.12 2024 2024 2024 2024 |
1.1-31.12 | 1.1-31.3 1.4-30.6 1.7-30.9 |
1.1-30.9 | ||
| Amounts in NOK million | 2021 | 2022 | 2023 | 2024 | 2025 2025 2025 |
2025 | |||
| Borregaard | 5 715 | 6 776 | 1 825 1 937 1 688 1 574 |
7 024 | 1 948 1 923 1 921 1 710 |
7 502 | 1 992 2 020 1 768 |
5 780 | |
| BioSolutions | 3 392 | 3 946 | 973 1 062 934 880 |
3 849 | 1 066 1 090 1 004 972 |
4 132 | 1 138 1 120 1 033 |
3 291 | |
| BioMaterials | 1 840 | 2 205 | 674 649 557 515 |
2 395 | 693 611 673 602 |
2 579 | 677 734 570 |
1 981 | |
| Fine Chemicals | 485 | 625 | 178 226 197 179 |
780 | 189 222 244 136 |
791 | 177 166 165 |
508 | |
| Eliminations | - 2 | 0 | 0 0 0 0 |
0 | 0 | 0 | |||
| BioSolutions | |||||||||
| 1.1-31.12 | 1.1-31.12 | 1.1-31.3 1.4-30.6 1.7-30.9 1.10-31.12 2023 2023 2023 2023 |
1.1-31.12 | 1.1-31.12 | 1.1-30.9 | ||||
| 2021 | 2022 | 2023 | 2024 | 2025 2025 2025 |
2025 | ||||
| Averagegross salesprice NOKper mtds | 8 106 | 10 369 | 12 402 11 319 11 609 11 756 |
11 753 | 12 582 11 862 11 877 11 866 |
12 045 | 13 364 11 578 11 392 |
12 084 | |
| Volume(`000 mtds) | 366 | 334 | 74 86 76 72 |
308 | 81 88 81 77 |
327 | 81 90 84 |
255 | |
| Specialities volume(`000 mtds) | 89 | 84 | 73 | 85 | |||||
| Contruction volume(`000 mtds) | 131 | 117 | 100 | 97 | |||||
| Industrial volume(`000 mtds) | 146 | 133 | 135 | 145 | |||||
| 1.1-31.12 1.1-31.12 1.1-31.3 1.4-30.6 1.7-30.9 1.10-31.12 1.1-31.12 1.1-31.3 1.4-30.6 1.7-30.9 1.10-31.12 1.1-31.12 1.1-31.3 1.4-30.6 1.7-30.9 1.1-30.9 2021 2022 2023 2023 2023 2023 2023 2024 2024 2024 2024 2024 2025 2025 2025 2025 |
|||||||||
| BioMaterials | |||||||||
| 1.1-31.12 2021 |
1.1-31.12 2022 |
1.1-31.12 2023 |
1.1-31.12 2024 |
1.1-30.9 2025 |
|||||
| Averagegross salesprice NOKper mt | 10 807 | 14 283 | 16 449 17 551 15 786 16 260 |
16 527 | 15 700 16 126 16 591 17 098 |
16 343 | 17 897 17 588 17 697 |
17 726 | |
| Volume(`000 mt) | 164,4 | 147,0 | 40,0 36,8 34,9 32,6 |
144,3 | 44,5 38,6 41,4 35,4 |
159,9 | 37,9 40,3 31,2 |
109,4 | |
| High specialised as % of total celluloseproduct sales volum | 79 % | 85 % | 81 % | 83 % | |||||
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