Quarterly Report • Apr 30, 2025
Quarterly Report
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| Income Statement Borregaard Group Q1 2025 | |||
|---|---|---|---|
| 1.1-31.3 | 1.1-31.12 | ||
| Amounts in NOK million | 2025 | 2024 | 2024 |
| Operating revenues | 2 036 | 1 975 | 7 617 |
| Operating expenses | -1 525 | -1 533 | -5 743 |
| EBITDA | 511 | 442 | 1 874 |
| Depreciation property, plant and equipment | -143 | -133 | -556 |
| Amortisation intangible assets | -1 | -1 | -5 |
| Operating profit | 367 | 308 | 1 283 |
| Financial items, net | -48 | -47 | -204 |
| Profit before taxes | 319 | 261 | 1 079 |
| Income tax expence | -75 | -61 | -250 |
| Profit for the period | 244 | 200 | 829 |
| Profit attributable to non-controlling interests | -7 | 0 | 6 |
| Profit attributable to owners of the parent | 251 | 200 | 823 |
| Earnings per share (NOK) | 2,52 | 2,01 | 8,25 |
| EBITDA margin | 25,1 % | 22,4 % | 24,6 % |
| Interim condensed statement of financial position Borregaard Group | ||
|---|---|---|
| 31.3. | 31.12. | |
| Amounts in NOK million | 2025 | 2024 |
| Assets: | ||
| Intangible assets | 85 | 88 |
| Property, plant and equipment | 4 992 | 5 026 |
| Right-of-use assets | 483 | 508 |
| Other assets | 598 | 524 |
| Investments in joint venture/associate companies | 400 | 417 |
| Non-current assets | 6 558 | 6 563 |
| Inventories | 1 474 | 1 498 |
| Receivables | 1 694 | 1 441 |
| Cash and cash deposits | 191 | 82 |
| Current assets | 3 359 | 3 021 |
| Total assets | 9 917 | 9 584 |
| Equity and debt: | ||
| Group equity | 5 733 | 5 041 |
| Non-controlling interests | 39 | 49 |
| Equity | 5 772 | 5 090 |
| Provisions and other liabilities | 454 | 591 |
| Interest-bearing liabilities | 1 898 | 2 035 |
| Non-current liabilities | 2 352 | 2 626 |
| Interest-bearing liabilities | 420 | 288 |
| Other current liabilities | 1 373 | 1 580 |
| Current liabilities | 1 793 | 1 868 |
| Equity and liabilities | 9 917 | 9 584 |
| Equity ratio (%): | 58,2 % | 53,1 % |
| Interim condensed cash flow statement Borregaard Group Q1 2025 | |||
|---|---|---|---|
| 1.1-31.3 | 1.1-31.12 | ||
| Amounts in NOK million | 2025 | 2024 | 2024 |
| Profit before taxes | 319 | 261 | 1 079 |
| Amortisation, depreciation and impairment charges | 144 | 134 | 561 |
| Change in net working capital, etc | -261 | -466 | -326 |
| Dividend/share of profit from JV & associate companies | 17 | 3 | 22 |
| Taxes paid | -90 | -115 | -268 |
| Cash flow from operating activities | 129 | -183 | 1 068 |
| Investments property, plant and equipment and intangible assets * | -143 | -115 | -711 |
| Investment in associate companies & bio-based start-ups* | 0 | 0 | -150 |
| Other capital transactions | 4 | 3 | 19 |
| Cash flow from Investing activities | -139 | -112 | -842 |
| Dividends | 0 | 0 | -374 |
| Proceeds from exercise of options/shares to employees | 30 | 35 | 52 |
| Buy-back of treasury shares | -10 | -28 | -98 |
| Gain/(loss) on hedges for net investments in subsidiaries | 72 | -50 | -109 |
| Net paid to/from shareholders | 92 | -43 | -529 |
| Proceeds from interest-bearing liabilities | 100 | 0 | 500 |
| Repayment of interest-bearing liabilities | -71 | -67 | -724 |
| Change in interest-bearing liabilities/other instruments | -37 | 36 | 74 |
| Change in net interest-bearing liablities | -8 | -31 | -150 |
| Cash flow from financing activities | 84 | -74 | -679 |
| Change in cash and cash equivalents | 74 | -369 | -453 |
| Cash and cash equivalents at beginning of period | -3 | 429 | 429 |
| Change in cash and cash equivalents | 74 | -369 | -453 |
| Currency effects cash and cash equivalents | -6 | 21 | 21 |
| Cash and cash equivalents at the close of the period | 65 | 81 | -3 |
| * Investment by category: | |||
| Replacement investments | 117 | 95 | 598 |
| Expansion investments including investment in associate companies and bio-based start-ups | 26 | 20 | 263 |
| Total investments including investment in associate companies and bio-based start-ups | 143 | 115 | 861 |
| 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 | 2021 | 2022 | 2023 | 2023 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2024 | 2024 | 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 |
| BioSolutions | 3 469 | 4 050 | 995 | 1087 | 956 | 906 | 3 944 | 1 088 | 1 117 | 1 031 | 1 005 | 4 241 | 1 179 |
| BioMaterials | 1 878 | 2 250 | 684 | 661 | 568 | 526 | 2 439 | 704 | 622 | 683 | 613 | 2 622 | 689 |
| Fine Chemicals | 491 | 632 | 180 | 227 | 199 | 180 | 786 | 192 | 223 | 246 | 138 | 799 | 179 |
| Eliminations | - 33 | - 51 | - 9 | - 12 | - 9 | - 7 | - 37 | -9 | -13 | -11 | -12 | -45 | -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 | 2021 | 2022 | 2023 | 2023 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2024 | 2024 | 2025 |
| Borregaard | 1 372 | 1 643 | 435 | 537 | 482 | 327 | 1 781 | 442 | 510 | 524 | 398 | 1 874 | 511 |
| BioSolutions | 942 | 986 | 224 | 284 | 235 | 172 | 915 | 264 | 318 | 271 | 251 | 1 104 | 349 |
| BioMaterials | 284 | 427 | 127 | 143 | 161 | 103 | 534 | 111 | 90 | 131 | 102 | 434 | 113 |
| Fine Chemicals | 146 | 230 | 84 | 110 | 86 | 52 | 332 | 67 | 102 | 122 | 45 | 336 | 49 |
| 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 | 2021 | 2022 | 2023 | 2023 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2024 | 2024 | 2025 |
| Borregaard | - 416 | - 444 | - 114 | - 116 | - 121 | - 134 | - 485 | -133 | -134 | -138 | -151 | -556 | -143 |
| BioSolutions | - 189 | - 212 | - 56 | - 56 | - 60 | - 71 | - 243 | -69 | -69 | -74 | -84 | -296 | -77 |
| BioMaterials | - 193 | - 195 | - 49 | - 49 | - 51 | - 51 | - 200 | -53 | -54 | -54 | -55 | -216 | -55 |
| Fine Chemicals | - 34 | - 37 | - 9 | - 11 | - 10 | - 12 | - 42 | -11 | -11 | -10 | -12 | -44 | -11 |
| 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 | 2021 | 2022 | 2023 | 2023 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2024 | 2024 | 2025 |
| Borregaard | - 4 | - 5 | - 1 | - 2 | - 1 | - 1 | - 5 | -1 | -2 | -1 | -1 | -5 | -1 |
| BioSolutions | - 4 | - 5 | - 1 | - 2 | - 1 | - 1 | - 5 | -1 | -2 | -1 | -1 | -5 | -1 |
| 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 | 2021 | 2022 | 2023 | 2023 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2024 | 2024 | 2025 |
| Borregaard | 0 | -8 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -30 | -30 | 0 |
| BioSolutions | 0 | 6 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -12 | -12 | 0 |
| BioMaterials | 0 | -12 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -18 | -18 | 0 |
| Fine Chemicals | 0 | - 2 | 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 | 2021 | 2022 | 2023 | 2023 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2024 | 2024 | 2025 |
| Borregaard | 952 | 1 186 | 320 | 419 | 360 | 192 | 1 291 | 308 | 374 | 385 | 216 | 1 283 | 367 |
| BioSolutions BioMaterials |
749 91 |
775 220 |
167 78 |
226 94 |
174 110 |
100 52 |
667 334 |
194 58 |
247 36 |
196 77 |
154 29 |
791 200 |
271 58 |
| Fine Chemicals | 112 | 191 | 75 | 99 | 76 | 40 | 290 | 56 | 91 | 112 | 33 | 292 | 38 |
| 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 | |
| Amounts in NOK million | 2021 | 2022 | 2023 | 2023 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2024 | 2024 | 2025 |
| Borregaard - EBITDA hedging gains & losses | -29 | -50 | -48 | -65 | -62 | -93 | -268 | -89 | -97 | -86 | -93 | -365 | -95 |
| BioSolutions | -11 | -44 | -25 | -29 | -31 | -44 | -129 | -44 | -47 | -38 | -43 | -172 | -45 |
| BioMaterials | -15 | -7 | -19 | -26 | -22 | -37 | -104 | -34 | -38 | -36 | -42 | -150 | -40 |
| Fine Chemicals | -3 | 1 | -4 | -10 | -9 | -12 | -35 | -11 | -12 | -12 | -8 | -43 | -10 |
| Borregaard - USD EBITDA currency exposure (approx) | 198 | 197 | 232 | 276 | |||||||||
| Borregaard - EUR EBITDA currency exposure (approx) | 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 | 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 | 2021 | 2022 | 2023 | 2023 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2024 | 2024 | 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 |
| BioSolutions | 3 392 | 3 946 | 973 | 1 062 | 934 | 880 | 3 849 | 1 066 | 1 090 | 1 004 | 972 | 4 132 | 1 138 |
| BioMaterials | 1 840 | 2 205 | 674 | 649 | 557 | 515 | 2 395 | 693 | 611 | 673 | 602 | 2 579 | 677 |
| Fine Chemicals | 485 | 625 | 178 | 226 | 197 | 179 | 780 | 189 | 222 | 244 | 136 | 791 | 177 |
| Eliminations | - 2 | 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 | |
| 2021 | 2022 | 2023 | 2023 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2024 | 2024 | 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 |
| Volume (`000 mtds) | 366 | 334 | 74 | 86 | 76 | 72 | 308 | 81 | 88 | 81 | 77 | 327 | 81 |
| Specialities volume (`000 mtds) | 89 | 84 | 73 | 85 | |||||||||
| Contruction volume (`000 mtds) | 131 | 117 | 100 | 97 | |||||||||
| Industrial volume (`000 mtds) | 146 | 133 | 135 | 145 | |||||||||
| 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 | |
| 2021 | 2022 | 2023 | 2023 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2024 | 2024 | 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 |
| 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 |
| 79 % | 85 % | 81 % | 83 % |
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