Skip to main content

AI assistant

Sign in to chat with this filing

The assistant answers questions, extracts KPIs, and summarises risk factors directly from the filing text.

Sign up Log in

Borregaard Interim / Quarterly Report 2025

Feb 4, 2026

3562_rns_2026-02-04_9ba9a226-9afb-43ed-a378-543679413f61.pdf

Interim / Quarterly Report

Open in viewer

Opens in your device viewer

{0}------------------------------------------------

Income Statement Borregaard Group Q4 2025

1.10-31.12 1.1-31.12
Amounts in NOK million 2025 2024 2025 2024
Operating revenues 1 833 1 744 7 713 7 617
Operating expenses -1 428 -1 346 -5 835 -5 743
EBITDA 405 398 1 878 1 874
Depreciation property, plant and equipment -156 -151 -587 -556
Amortisation intangible assets 0 -1 -4 -5
Other income and expenses 0 -30 0 -30
Operating profit 249 216 1 287 1 283
Financial items, net -277 -46 -423 -204
Profit before taxes -28 170 864 1 079
Income tax expenses -57 -34 -264 -250
Profit for the period -85 136 600 829
Profit attributable to non-controlling interests -4 7 -20 6
Profit attributable to owners of the parent -81 129 620 823
Earnings per share (NOK) -0,81 1,30 6,22 8,25
EBITDA margin 22,1 % 22,8 % 24,3 % 24,6 %

{1}------------------------------------------------

Interim condensed statement of financial position Borregaard Group
31.12. 30.9. 31.12
Amounts in NOK million 2025 2025 2024
Assets:
Intangible assets 79 80 88
Property, plant and equipment 5 255 5 044 5 026
Right-of-use assets 445 433 508
Other assets 493 627 524
Investments in joint venture/associate companies 270 461 417
Non-current assets 6 542 6 645 6 563
Inventories 1 521 1 514 1 498
Receivables 1 516 1 540 1 441
Cash and cash deposits 91 212 82
Current assets 3 128 3 266 3 021
Total assets 9 670 9 911 9 584
Equity and debt:
Group equity 5 853 5 911 5 041
Non-controlling interests 25 29 49
Equity 5 878 5 940 5 090
Provisions and other liabilities 393 492 591
Interest-bearing liabilities 1 718 1 689 2 035
Non-current liabilities 2 111 2 181 2 626
Interest-bearing liabilities 463 596 288
Other current liabilities 1 218 1 194 1 580
Current liabilities 1 681 1 790 1 868
Equity and liabilities 9 670 9 911 9 584
Equity ratio (%): 60,8 % 59,9 % 53,1 %

{2}------------------------------------------------

Interim condensed cash flow statement Borregaard Group Q4 2025

1.10-31.12 1.1-31.12
Amounts in NOK million 2025 2024 2025 2024
Profit before taxes -28 170 864 1 079
Amortisation, depreciation and impairment charges 156 152 591 561
Change in net working capital, etc 57 15 -124 -326
Dividend/share of profit from JV & associate companies 255 6 290 22
Taxes paid -21 -29 -265 -268
Cash flow from operating activities 419 314 1 356 1 068
Investments property, plant and equipment and intangible assets * -329 -287 -793 -711
Investment in associate companies & bio-based start-ups* -54 0 -132 -150
Other capital transactions 5 9 18 19
Cash flow from Investing activities -378 -278 -907 -842
Dividends 0 0 -424 -374
Proceeds from exercise of options/shares to employees 15 1 48 52
Buy-back of treasury shares -17 -39 -30 -98
Gain/(loss) on hedges for net investments in subsidiaries -13 -74 100 -109
Net paid to/from shareholders -15 -112 -306 -529
Proceeds from interest-bearing liabilities 200 0 950 500
Repayment of interest-bearing liabilities -329 -30 -1 047 -724
Change in interest-bearing liabilities/other instruments 7 47 -56 74
Change in net interest-bearing liablities -122 17 -153 -150
Cash flow from financing activities -137 -95 -459 -679
Change in cash and cash equivalents -96 -59 -10 -453
Cash and cash equivalents at beginning of period 76 45 -3 429
Change in cash and cash equivalents -96 -59 -10 -453
Currency effects cash and cash equivalents 4 11 -3 21
Cash and cash equivalents at the close of the period -16 -3 -16 -3
* Investment by category:
Replacement investments 260 244 576 598
Expansion investments including investment in associate companies and bio-based start-ups 123 43 349 263
Total investments including investment in associate companies and bio-based start-ups 383 287 925 861

{3}------------------------------------------------

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
1.10-31.12
Amounts in NOK million
2021
2022
2023
2023
2023
2023
2023
2024
2024
2024
2024
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
1 833
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
1 009
BioMaterials
1 878
2 250
684
661
568
526
2 439
704
622
683
613
2 622
689
741
582
679
Fine Chemicals
491
632
180
227
199
180
786
192
223
246
138
799
179
168
167
156
Eliminations
- 33
- 51
- 9
- 12
- 9
- 7
- 37
-9
-13
-11
-12
- 45
-11
-13
-9
-11
EBITDA
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
1.10-31.12
Amounts in NOK million
2021
2022
2023
2023
2023
2023
2023
2024
2024
2024
2024
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
405
BioSolutions
942
986
224
284
235
172
915
264
318
271
251
1 104
349
338
277
245
BioMaterials
284
427
127
143
161
103
534
111
90
131
102
434
113
143
112
127
Fine Chemicals
146
230
84
110
86
52
332
67
102
122
45
336
49
41
51
33
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
1.10-31.12
Amounts in NOK million
2021
2022
2023
2023
2023
2023
2023
2024
2024
2024
2024
2024
2025
2025
2025
2025
Borregaard
- 416
- 444
- 114
- 116
- 121
- 134
- 485
-133
-134
-138
-151
- 556
-143
-142
-146
-156
BioSolutions
- 189
- 212
- 56
- 56
- 60
- 71
- 243
-69
-69
-74
-84
- 296
-77
-74
-75
-83
BioMaterials
- 193
- 195
- 49
- 49
- 51
- 51
- 200
-53
-54
-54
-55
- 216
-55
-57
-59
-61
Fine Chemicals
- 34
- 37
- 9
- 11
- 10
- 12
- 42
-11
-11
-10
-12
- 44
-11
-11
-12
-12
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
1.10-31.12
Amounts in NOK million
2021
2022
2023
2023
2023
2023
2023
2024
2024
2024
2024
2024
2025
2025
2025
2025
Borregaard
- 4
- 5
- 1
- 2
- 1
- 1
- 5
-1
-2
-1
-1
- 5
-1
-2
-1
0
BioSolutions
- 4
- 5
- 1
- 2
- 1
- 1
- 5
-1
-2
-1
-1
- 5
-1
-2
-1
0
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
1.10-31.12
Amounts in NOK million
2021
2022
2023
2023
2023
2023
2023
2024
2024
2024
2024
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
Quarterly segment information Borregaard Group
1.1-31.12
2025
7 713
4 396
2 691
670
-44
1.1-31.12
2025
1 878
1 209
495
174
1.1-31.12
2025
-587
-309
-232
-46
1.1-31.12
2025
-4
-4
0
0
1.1-31.12
2025
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
1.10-31.12		 1.1-31.12
Amounts in NOK million
2021
2022
2023
2023
2023
2023
2023
2024
2024
2024
2024
2024
2025
2025
2025
2025		 2025
Borregaard
952
1 186
320
419
360
192
1 291
308
374
385
216
1 283
367
378
293
249		 1 287
BioSolutions
749
775
167
226
174
100
667
194
247
196
154
791
271
262
201
162		 896
BioMaterials
91
220
78
94
110
52
334
58
36
77
29
200
58
86
53
66		 263
Fine Chemicals
112
191
75
99
76
40
290
56
91
112
33
292
38
30
39
21
128

{4}------------------------------------------------

Quarterly segment information Borregaard Group
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 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
Amounts in NOK million 2021 2022 2023 2023 2023 2023 2023 2024 2024 2024 2024 2024 2025 2025 2025 2025 2025
Borregaard - EBITDA hedging gains & losses -29 -50 -48 -65 -62 -93 -268 -89 -97 -86 -93 -365 -95 -34 -21 -24 -174
BioSolutions -11 -44 -25 -29 -31 -44 -129 -44 -47 -38 -43 -172 -45 -14 -4 -6 -69
BioMaterials -15 -7 -19 -26 -22 -37 -104 -34 -38 -36 -42 -150 -40 -15 -13 -15 -83
Fine Chemicals -3 1 -4 -10 -9 -12 -35 -11 -12 -12 -8 -43 -10 -5 -4 -3 -22
Borregaard - USD EBITDA currency exposure (approx) 198 197 232 276 268
Borregaard - EUR EBITDA currency exposure (approx) 139 147 149 145 146
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 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
Amounts in NOK million 2021 2022 2023 2023 2023 2023 2023 2024 2024 2024 2024 2024 2025 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 1 800 7 580
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 1 033 984 4 275
BioMaterials 1 840 2 205 674 649 557 515 2 395 693 611 673 602 2 579 677 734 570 662 2 643
Fine Chemicals 485 625 178 226 197 179 780 189 222 244 136 791 177 166 165 154 662
Eliminations - 2 0 0 0 0 0 0 0 0 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 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
2021 2022 2023 2023 2023 2023 2023 2024 2024 2024 2024 2024 2025 2025 2025 2025 2025
Average gross sales price NOK per 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 11 833 12 027
Volume (`000 mtds) 366 334 74 86 76 72 308 81 88 81 77 327 81 90 84 75 330
Specialities volume (`000 mtds) 89 84 73 85 91
Contruction volume (`000 mtds) 131 117 100 97 97
Industrial volume (`000 mtds) 146 133 135 145 142
BioMaterials
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 1.10-31.12 1.1-31.12
2021 2022 2023 2023 2023 2023 2023 2024 2024 2024 2024 2024 2025 2025 2025 2025 2025
Average gross sales price NOK per 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 17 536 17 678
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 37,0
High specialised as % of total cellulose product sales volum 79 % 85 % 81 % 83 % 146,4
87 %

More from Borregaard

Capital/Financing Update 2026
May 28
Transaction in Own Shares 2026
May 27
Transaction in Own Shares 2026
May 27
Transaction in Own Shares 2026
May 20
Transaction in Own Shares 2026
May 20
Transaction in Own Shares 2026
May 8
Director's Dealing 2026
Apr 30
Director's Dealing 2026
Apr 30
Director's Dealing 2026
Apr 29
Director's Dealing 2026
Apr 29
View all filings →