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Borregaard — Interim / Quarterly Report 2026
Apr 29, 2026
3562_rns_2026-04-29_72e0e32b-741f-497f-a70e-addb51c37344.pdf
Interim / Quarterly Report
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| Income Statement Borregaard Group Q1 2026 | ||||
|---|---|---|---|---|
| 1.1-31.3 | ||||
| Amounts in NOK million | 2026 | 2025 | 2025 | |
| Operating revenues | 2 005 | 2 036 | 7 713 | |
| Operating expenses | -1 577 | -1 525 | -5 835 | |
| EBITDA | 428 | 511 | 1 878 | |
| Depreciation property, plant and equipment | -152 | -143 | -587 | |
| Amortisation intangible assets | 0 | -1 | -4 | |
| Other income and expenses | 0 | 0 | 0 | |
| Operating profit | 276 | 367 | 1 287 | |
| Financial items, net | -46 | -48 | -423 | |
| Profit before taxes | 230 | 319 | 864 | |
| Income tax expenses | -56 | -75 | -264 | |
| Profit for the period | 174 | 244 | 600 | |
| Profit attributable to non-controlling interests | -8 | -7 | -20 | |
| Profit attributable to owners of the parent | 182 | 251 | 620 | |
| Earnings per share (NOK) | 1,82 | 2,52 | 6,22 | |
| EBITDA margin | 21,3 % | 25,1 % | 24,3 % | |
| Interim condensed statement of financial position Borregaard Group | ||
|---|---|---|
| 31.3. | 31.12 | |
| Amounts in NOK million | 2026 | 2025 |
| Assets: | ||
| Intangible assets | 71 | 79 |
| Property, plant and equipment | 5 215 | 5 255 |
| Right-of-use assets | 454 | 445 |
| Other assets | 622 | 493 |
| Investments in joint venture/associate companies | 310 | 270 |
| Non-current assets | 6 672 | 6 542 |
| Inventories | 1 472 | 1 521 |
| Receivables | 1 941 | 1 516 |
| Cash and cash deposits | 61 | 91 |
| Current assets | 3 474 | 3 128 |
| Total assets | 10 146 | 9 670 |
| Equity and debt: | ||
| Group equity | 6 308 | 5 853 |
| Non-controlling interests | 17 | 25 |
| Equity | 6 325 | 5 878 |
| Provisions and other liabilities | 425 | 393 |
| Interest-bearing liabilities | 1 737 | 1 718 |
| Non-current liabilities | 2 162 | 2 111 |
| Interest-bearing liabilities | 454 | 463 |
| Other current liabilities | 1 205 | 1 218 |
| Current liabilities | 1 659 | 1 681 |
| Equity and liabilities | 10 146 | 9 670 |
| Equity ratio (%): | 62,3 % | 60,8 % |
| Interim condensed cash flow statement Borregaard Group Q1 2026 | |||||
|---|---|---|---|---|---|
| 1.1-31.3 | 1.1-31.12 | ||||
| Amounts in NOK million | 2026 | 2025 | 2025 | ||
| Profit before taxes | 230 | 319 | 864 | ||
| Amortisation, depreciation and impairment charges | 152 | 144 | 591 | ||
| Change in net working capital, etc | -211 | -261 | -124 | ||
| Dividend/share of profit from JV & associate companies | 16 | 17 | 290 | ||
| Taxes paid | -110 | -90 | -265 | ||
| Cash flow from operating activities | 77 | 129 | 1 356 | ||
| Investments property, plant and equipment and intangible assets * | -105 | -143 | -793 | ||
| Investment in associate companies & bio-based start-ups* | -56 | 0 | -132 | ||
| Other capital transactions | 4 | 4 | 18 | ||
| Cash flow from Investing activities | -157 | -139 | -907 | ||
| Dividends | 0 | 0 | -424 | ||
| Proceeds from exercise of options/shares to employees | 50 | 30 | 48 | ||
| Buy-back of treasury shares | -24 | -10 | -30 | ||
| Gain/(loss) on hedges for net investments in subsidiaries | 49 | 72 | 100 | ||
| Proceeds from interest-bearing liabilities | 112 | 100 | 950 | ||
| Repayment of interest-bearing liabilities | -130 | -71 | -1 047 | ||
| Change in interest-bearing liabilities/other instruments | -17 | -37 | -56 | ||
| Cash flow from financing activities | 40 | 84 | -459 | ||
| Change in cash and cash equivalents | -40 | 74 | -10 | ||
| Cash and cash equivalents at beginning of period | -16 | -3 | -3 | ||
| Change in cash and cash equivalents | -40 | 74 | -10 | ||
| Currency effects cash and cash equivalents | -8 | -6 | -3 | ||
| Cash and cash equivalents at the close of the period | -64 | 65 | -16 | ||
| * Investment by category: | |||||
| Replacement investments | 61 | 117 | 576 | ||
| Expansion investments including investment in associate companies and bio-based start-ups | 100 | 26 | 349 | ||
| Total investments including investment in associate companies and bio-based start-ups | 161 | 143 | 925 |
| 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 | |
| Amounts in NOK million | 2022 | 2023 | 2024 | 2024 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2025 | 2025 | 2026 |
| BorregaardBioSolutions | 6 8814 050 | 7 1323 944 | 1 9751088 | 1 9491117 | 1 9491031 | 1 7441005 | 7 6174 241 | 2 0361 179 | 2 0451 149 | 1 7991 059 | 1 8331 009 | 7 7134 396 | 2 0051 067 |
| BioMaterials | 2 250 | 2 439 | 704 | 622 | 683 | 613 | 2 622 | 689 | 741 | 582 | 679 | 2 691 | 729 |
| Fine Chemicals | 632 | 786 | 192 | 223 | 246 | 138 | 799 | 179 | 168 | 167 | 156 | 670 | 220 |
| Eliminations | - 51 | - 37 | - 9 | - 13 | - 11 | - 12 | - 45 | -11 | -13 | -9 | -11 | - 44 | -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 | |
| Amounts in NOK million | 2022 | 2023 | 2024 | 2024 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2025 | 2025 | 2026 |
| Borregaard | 1 643 | 1 781 | 442 | 510 | 524 | 398 | 1 874 | 511 | 522 | 440 | 405 | 1 878 | 428 |
| BioSolutions | 986 | 915 | 264 | 318 | 271 | 251 | 1 104 | 349 | 338 | 277 | 245 | 1 209 | 260 |
| BioMaterials | 427 | 534 | 111 | 90 | 131 | 102 | 434 | 113 | 143 | 112 | 127 | 495 | 102 |
| Fine Chemicals | 230 | 332 | 67 | 102 | 122 | 45 | 336 | 49 | 41 | 51 | 33 | 174 | 66 |
| 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 | |
| Amounts in NOK million | 2022 | 2023 | 2024 | 2024 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2025 | 2025 | 2026 |
| Borregaard | - 444 | - 485 | - 133 | - 134 | - 138 | - 151 | - 556 | -143 | -142 | -146 | -156 | - 587 | -152 |
| BioSolutions | - 212 | - 243 | - 69 | - 69 | - 74 | - 84 | - 296 | -77 | -74 | -75 | -83 | - 309 | -78 |
| BioMaterials | - 195 | - 200 | - 53 | - 54 | - 54 | - 55 | - 216 | -55 | -57 | -59 | -61 | - 232 | -62 |
| Fine Chemicals | - 37 | - 42 | - 11 | - 11 | - 10 | - 12 | - 44 | -11 | -11 | -12 | -12 | - 46 | -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 | |
| Amounts in NOK million | 2022 | 2023 | 2024 | 2024 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2025 | 2025 | 2026 |
| Borregaard | - 5 | - 5 | - 1 | - 2 | - 1 | - 1 | - 5 | -1 | -2 | -1 | 0 | - 4 | 0 |
| BioSolutions | - 5 | - 5 | - 1 | - 2 | - 1 | - 1 | - 5 | -1 | -2 | -1 | 0 | - 4 | 0 |
| BioMaterials | 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 |
| 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 | |
| Amounts in NOK million | 2022 | 2023 | 2024 | 2024 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2025 | 2025 | 2026 |
| Borregaard | -8 | 0 | 0 | 0 | 0 | -30 | -30 | 0 | 0 | 0 | 0 | 0 | 0 |
| BioSolutions | 6 | 0 | 0 | 0 | 0 | -12 | -12 | 0 | 0 | 0 | 0 | 0 | 0 |
| BioMaterials | -12 | 0 | 0 | 0 | 0 | -18 | -18 | 0 | 0 | 0 | 0 | 0 | 0 |
| Fine Chemicals | - 2 | 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 | |
| Amounts in NOK million | 2022 | 2023 | 2024 | 2024 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2025 | 2025 | 2026 |
| Borregaard | 1 186 | 1 291 | 308 | 374 | 385 | 216 | 1 283 | 367 | 378 | 293 | 249 | 1 287 | 276 |
| BioSolutions | 775 | 667 | 194 | 247 | 196 | 154 | 791 | 271 | 262 | 201 | 162 | 896 | 182 |
| BioMaterials | 220 | 334 | 58 | 36 | 77 | 29 | 200 | 58 | 86 | 53 | 66 | 263 | 40 |
| Fine Chemicals | 191 | 290 | 56 | 91 | 112 | 33 | 292 | 38 | 30 | 39 | 21 | 128 | 54 |
| 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 | |
| Amounts in NOK million | 2022 | 2023 | 2024 | 2024 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2025 | 2025 | 2026 |
| Borregaard - EBITDA hedging gains & losses | -50 | -268 | -89 | -97 | -86 | -93 | -365 | -95 | -34 | -21 | -24 | -174 | 16 |
| BioSolutions | -44 | -129 | -44 | -47 | -38 | -43 | -172 | -45 | -14 | -4 | -6 | -69 | 7 |
| BioMaterials | -7 | -104 | -34 | -38 | -36 | -42 | -150 | -40 | -15 | -13 | -15 | -83 | 7 |
| Fine Chemicals | 1 | -35 | -11 | -12 | -12 | -8 | -43 | -10 | -5 | -4 | -3 | -22 | 2 |
| Borregaard - USD EBITDA currency exposure (approx) | 197 | 232 | 276 | 268 | |||||||||
| Borregaard - EUR EBITDA currency exposure (approx) | 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 | |
| Amounts in NOK million | 2022 | 2023 | 2024 | 2024 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2025 | 2025 | 2026 |
| Borregaard | 6 776 | 7 024 | 1 948 | 1 923 | 1 921 | 1 710 | 7 502 | 1 992 | 2 020 | 1 768 | 1 800 | 7 580 | 1 978 |
| BioSolutions | 3 946 | 3 849 | 1 066 | 1 090 | 1 004 | 972 | 4 132 | 1 138 | 1 120 | 1 033 | 984 | 4 275 | 1 043 |
| BioMaterials | 2 205 | 2 395 | 693 | 611 | 673 | 602 | 2 579 | 677 | 734 | 570 | 662 | 2 643 | 718 |
| Fine Chemicals | 625 | 780 | 189 | 222 | 244 | 136 | 791 | 177 | 166 | 165 | 154 | 662 | 217 |
| Eliminations | 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 | |
| 2022 | 2023 | 2024 | 2024 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2025 | 2025 | 2026 | |
| Average gross sales price NOK per mtdsVolume (`000 mtds) | 10 369334 | 11 753308 | 12 58281 | 11 86288 | 11 87781 | 11 86677 | 12 045327 | 13 36481 | 11 57890 | 11 39284 | 11 83375 | 12 027330 | 12 19378 |
| Specialities volume (`000 mtds) | 84 | 73 | 85 | 91 | |||||||||
| Contruction volume (`000 mtds) | 117 | 100 | 97 | 97 | |||||||||
| Industrial volume (`000 mtds) | 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 | |
| 2022 | 2023 | 2024 | 2024 | 2024 | 2024 | 2024 | 2025 | 2025 | 2025 | 2025 | 2025 | 2026 | |
| Average gross sales price NOK per mt | 14 283 | 16 527 | 15 700 | 16 126 | 16 591 | 17 098 | 16 343 | 17 897 | 17 588 | 17 697 | 17 536 | 17 678 | 16 106 |
| Volume (`000 mt) | 147,0 | 144,3 | 44,5 | 38,6 | 41,4 | 35,4 | 159,9 | 37,9 | 40,3 | 31,2 | 37,0 | 146,4 | 41,8 |
| High specialised as % of total cellulose product sales volum | 85 % | 81 % | 83 % | 87 % |
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