Norske Skog ASA

Quarterly Report • Apr 27, 2023

FIRST QUARTER

Quarterly report

Presentation

Press releases

INTRODUCTION

Norske Skog is a world leading producer of publication paper with strong market positions in Europe and Australasia. Publication paper includes newsprint and magazine paper. Norske Skog operates five mills in four countries. Four of the mills are in Europe and one in Australia. Norske Skog has an annual publication paper production capacity of 1.7 million tonnes. Newsprint and magazine paper are sold through sales offices and agents to over 80 countries. The group has approximately 2 100 employees. Norske Skog Bruck has started production of recycled containerboard and Norske Skog Golbey will start in fourth quarter 2023. In addition to the traditional publication paper business and the new packaging paper business, Norske Skog aims to further diversify its operations and continue its transformation into a growing and high-margin business through a range of exciting bio products and energy projects.

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The parent company, Norske Skog ASA, is incorporated in Norway and has its head office at Skøyen in Oslo. The company is listed on Oslo Stock Exchange with the ticker NSKOG.

KEY FIGURES

NOK MILLION	Q1 2023	Q4 2022	Q1 2022	YTD 2023	YTD 2022
INCOME STATEMENT
Total operating income	3 320	4 056	3 590	3 320	3 590
EBITDA*	675	1 083	610	675	610
Operating earnings	85	944	593	85	593
Profit/loss for the period	-181	1 065	583	-181	583
Earnings per share (NOK)	-1.91	11.30	6.18	-1.91	6.18
CASH FLOW
Net cash flow from operating activities	430	745	196	430	196
Net cash flow from operating activities per share (NOK)	4.56	7.90	2.08	4.56	2.08
Net cash flow from investing activities	-367	-872	-112	-367	-112
OPERATING MARGIN AND PROFITABILITY (%) EBITDA margin*	20.3	26.7	17.0	20.3	17.0
Return on capital employed (annualised)*	5.6	12.1	17.6	5.6	17.6
PRODUCTION / DELIVERIES / CAPACITY UTILISATION
Production (1 000 tonnes)	332	369	474	332	474
Deliveries (1 000 tonnes)	301	363	468	301	468
Production / capacity (%)	78	78	94	78	94

* As defined in Alternative Performance Measures

NOK MILLION	31 MAR 2023	31 DEC 2022	31 MAR 2022
BALANCE SHEET
Non-current assets	7 498	7 069	4 520
Current assets	7 003	6 539	5 474
Total assets	14 502	13 609	9 994
Equity	6 045	5 909	3 660
Net interest-bearing debt	1 305	1 092	924

REPORT OF THE BOARD OF DIRECTORS FOR THE FIRST QUARTER OF 2023

o Strong profitability in the first quarter of 2023 with EBITDA of NOK 675 million

• EBITDA declined from fourth quarter 2022 due to lower volumes and less income from sale of excess energy

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• Operating cash flow in the quarter of NOK 430 million

o Paper prices declining on back of lower input costs and soft demand

• Raw materials prices declining, but energy costs, fresh fibre and chemicals remain at elevated levels
• Paper prices reflect lower industrial cash cost and increased competition as demand softens
• o Soft demand into 2023 for all grades
  • Weak demand for publication paper, additional capacity closures announced
  • Containerboard demand affected by destocking and macro trends

o Start-up of containerboard production at Norske Skog Bruck PM3

• Packaging Paper segment introduced to reflect Bruck PM3 from the first quarter of 2023 and Norske Skog Golbey PM1 from the fourth quarter of 2023
• First tonnes to be delivered to customers during second quarter of 2023

PROFIT/LOSS FOR THE PERIOD

NOK MILLION	Q1 2023	Q4 2022	Q1 2022	YTD 2023	YTD 2022
Operating revenue	3 171	3 848	3 326	3 171	3 326
Other operating income	149	208	264	149	264
Total operating income	3 320	4 056	3 590	3 320	3 590
Distribution cost	-246	-273	-299	-246	-299
Cost of materials	-1 635	-1 843	-2 020	-1 635	-2 020
Fixed cost	-765	-858	-660	-765	-660
EBITDA	675	1 083	610	675	610

Lower operating revenue in the first quarter compared to the previous quarter driven by lower deliveries and reduction in sale of excess energy mainly in France. The quarter saw lower deliveries due to full effect from closure of Golbey PM1 during the previous quarter as well as weaker demand. Underlying publication paper prices were lower compared to the previous quarter, but Norwegian mill remained competitive due to weaker NOK.

Cost of materials decreased on an absolute basis due to lower volumes but were slightly higher on a per tonne basis compared to the previous quarter. Recovered paper (RCP) prices decreased slightly from previous quarter but were more than offset by increasing pulpwood prices.

Fixed costs (including employee benefit expenses) decreased compared to the previous quarter, mainly due to lower accrual of the long-term share incentive programme compared to the previous quarter.

EBITDA decreased quarter-over-quarter, mainly driven by lower deliveries and reduced sale of excess energy.

The publication paper market balance has weakened into 2023 for all grades, but especially for magazine grades. Utilisation was 78% for Norske Skog in the first quarter of 2023, mainly due to weaker demand compared to previous quarter.

NOK MILLION	Q1 2023	Q4 2022	Q1 2022	YTD 2023	YTD 2022
Restructuring expenses	-1	-11	0	-1	0
Depreciation	-115	-190	-114	-115	-114
Impairments	0	-164	0	0	0
Derivatives and other fair value adjustments	-474	227	97	-474	97
Operating earnings	85	944	593	85	593

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Depreciation of NOK 115 million is a decrease compared with the previous quarter, due to extraordinary high depreciation of old machinery and equipment related to newsprint production at Norske Skog Golbey PM1 in the fourth quarter, but in line with historical levels.

The fair value of energy contracts in Norway decreased compared to the previous quarter due to decreased difference between future market prices for electricity and contract electricity prices.

NORSKE SKOG QUARTERLY REPORT – FIRST QUARTER 2023 (UNAUDITED)

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NOK MILLION	Q1 2023	Q4 2022	Q1 2022	YTD 2023	YTD 2022
Share of profit in associated companies and joint ventures	-3	198	-1	-3	-1
Financial items	-230	-45	1	-230	1
Income taxes	-32	-32	-10	-32	-10
Profit/loss for the period	-181	1 065	583	-181	583

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Share of profit in associated companies and joint ventures of NOK -3 million is down from the previous quarter since the previous quarter recognised the sale of high school facilities to Viken county municipality.

Financial items were negative by NOK 230 million in the first quarter, mainly because of unrealised currency losses on euro denominated

debt. Interest cost and other financial costs were in line with the previous quarter.

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The income tax expense in the quarter relates mainly to the operations of Norske Skog Golbey offset by deferred tax assets recognised for the operations in Norway and Austria

DIVERSIFICATION BEYOND PUBLICATION PAPER

Commercial development of CEBINA and CEBICO continued during the first quarter together with partners.

Norske Skog holds an approximately 26% ownership stake in Circa Group AS, listed under the ticker code CIRCA at Euronext Growth Oslo.

The group continuously works to develop several other bio product and energy related growth projects, both on a stand-alone basis and in partnerships.

SEGMENT INFORMATION

PUBLICATION PAPER EUROPE

NOK MILLION	Q1 2023	Q4 2022	Q1 2022	YTD 2023	YTD 2022
Total operating income	2 864	3 551	2 968	2 864	2 968
EBITDA	763	1 131	439	763	439
EBITDA margin (%)	26.6	31.8	14.8	26.6	14.8
Return on capital employed (%) (annualised)	15.8	14.2	3.6	15.8	3.6
Production (1 000 tonnes)	277	305	415	277	415
Deliveries (1 000 tonnes)	245	300	407	245	407
Production / capacity (%)	77	74	94	77	94

The segment consists of Norske Skog's European operations in the publication paper market with industrial sites in Norway, France, and Austria. Annual production capacity is approximately 1.4 million tonnes.

Operating income decreased from the previous quarter due to lower delivered volumes following weaker demand and the full effect of the closure in previous quarter of Norske Skog Golbey PM1 for conversion. Underlying publication paper prices declined compared to the previous quarter, but partly mitigated by the weaker NOK which in addition increased the competitiveness of the Norwegian mills.

Distribution costs decreased from the previous quarter on an absolute level but increased on a per tonne basis, driven by lower volumes and longer freight distances. Cost of materials decreased in total but were slightly up on a per tonne basis. Recovered paper prices decreased in the quarter but were offset by increasing pulpwood prices. Employee benefit expenses decreased on an absolute level but increased on a per tonne basis due to lower deliveries.

EBITDA decreased compared to the previous quarter because of lower deliveries and reduction in sale of excess energy.

Demand for standard newsprint in Europe decreased by 21% as of February 2023 compared to the same period last year. Magazine paper demand decreased by 28%, with super calendared paper decreasing 27% and lightweight coated paper decreasing 30%. (Source: Eurograph).

Capacity utilisation was 77% in the period mainly driven by weak demand, an increase compared with the previous quarter of 74%, which included Golbey PM1. Golbey PM1 has as of this quarter been excluded from the publication paper capacity.

EUROPE EUROPE TOTAL OPERATING INCOME EBITDA

PUBLICATION PAPER AUSTRALASIA

NOK MILLION	Q1 2023	Q4 2022	Q1 2022	YTD 2023	YTD 2022
Total operating income	434	508	429	434	429
EBITDA	-23	33	40	-23	40
EBITDA margin (%)	-5.2	6.5	9.2	-5.2	9.2
Return on capital employed (%) (annualised)	-20.0	14.8	38.0	-20.0	38.0
Production (1 000 tonnes)	55	64	59	55	59
Deliveries (1 000 tonnes)	56	63	61	56	61
Production / capacity (%)	83	98	91	83	91
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The segment consists of Norske Skog Boyer's publication paper operations in Australasia, the only domestic publication paper producer in the region. The annual production capacity is approximately 0.3 million tonnes.

Operating income decreased compared to previous quarter due to lower deliveries and slightly lower prices.

Distribution costs were lower compared to the previous quarter on an absolute level but increased on a per tonne basis due to longer freight distances. Cost of materials were lower on an absolute basis but increased on a per tonne basis due to total mill shut for maintenance and subsequent operational challenges during start up. Employee

AUSTRALASIA

benefit expenses increased on an absolute basis and on a per tonne basis.

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EBITDA was lower compared to the previous quarter, mainly due to lower production and deliveries combined with higher production costs.

According to PPPC, demand for newsprint and coated mechanical increased by 5% and 16%, respectively, through February 2023 compared to the same period last year. Capacity utilisation was 83% in the period, a decrease compared to the previous quarter of 98%, mainly because of the total mill shut and some subsequent production issues in the quarter.

AUSTRALASIA

TOTAL OPERATING INCOME EBITDA

PACKAGING PAPER

NOK MILLION	Q1 2023	Q4 2022	Q1 2022	YTD 2023	YTD 2022
Total operating income	24	0	0	24	0
EBITDA	-38	0	0	-38	0
EBITDA margin (%)	-158.1	0.0	0	-158.1	0
Return on capital employed (%) (annualised)	-70.7	0.0	0	-70.7	0

The segment consists of Norske Skog's packaging paper operations in Europe. At Norske Skog Bruck the production of recycled containerboard started at the end of the first quarter. Norske Skog Bruck will deliver its first tonnes to customers during the second quarter of 2023. When full capacity is reached, Norske Skog Bruck will have a production capacity of 0.2 million tonnes of recycled containerboard.

Norske Skog Golbey in France is currently converting PM1 for production of packaging paper and will start production in the fourth quarter 2023. When full capacity is reached Norske Skog Golbey will have a production capacity of 0.6 million tonnes.

The machines are expected to operate at 60-70% utilisation in the first year of operation and reach full utilisation during the third year of production. Once at full utilisation, the machines are expected to generate annual EBITDA of EUR 70-80 million, based on historical prices and margins seen in the market.

Operating income for first quarter consists of gate fees more than offset by variable and fixed cost in the period.

OTHER ACTIVITIES

NOK MILLION	Q1 2023	Q4 2022	Q1 2022	YTD 2023	YTD 2022
Total operating income	61	61	314	61	314
EBITDA	-27	-81	131	-27	131

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Operating income in other activities mainly consist of sourcing solutions and non-paper related operations.

EBITDA in the quarter was negatively impacted by increased accrual related to the long-term incentive programme which in part was exercised in the quarter.

Other activities include unallocated headquarter costs. The unallocated headquarter costs are estimated to be EBITDA negative by approximately NOK 40 million annually but are not uniformly distributed throughout the quarters of the year.

CASH FLOW

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610
-172
-10
-177
-40
-12
-2
196
-391
-23

Net cash flow from operating activities was NOK 430 million in the first quarter.

The operating cash flow was negatively impacted by change in working capital of NOK 188 million, mainly driven by an increase in inventories and slight decrease in trade and other payables, partly offset by a slight decrease in trade and other receivables.

Taxes paid in the first quarter relates to tax on the operations of Norske Skog Golbey.

Maintenance capex of NOK 63 million relates to ordinary maintenance in the quarter, a decrease from the previous quarter.

Remaining purchases of property, plant and equipment and intangible assets mainly relate to investments in the packaging paper projects at Norske Skog Bruck and Norske Skog Golbey.

BALANCE SHEET

NOK MILLION	31 MAR 2023	31 DEC 2022	31 MAR 2022
Non-current assets	7 498	7 069	4 520
Cash and cash equivalents	2 894	2 650	1 676
Inventories, trade and other receivables and other current assets	4 109	3 889	3 797
Total assets	14 502	13 609	9 994
Equity	6 045	5 909	3 660
Non-current liabilities	5 058	4 422	3 515
Current liabilities	3 399	3 278	2 819
Net interest-bearing debt	1 305	1 092	924

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Total assets increased in the first quarter mainly due to an increase in property, plant, and equipment due to the investment into recycled containerboard, and cash and cash equivalents.

Cash and cash equivalents increased to NOK 2 894 million from NOK 2 650 million at previous quarter end. The increase is a result of positive operating cash flows in the quarter and proceeds from sale of the high school facilities in Halden, reduced by investments in property, plant and equipment offset by draw down on loans.

Non-current liabilities increased from previous quarter driven by an increase in interest-bearing non-current liabilities.

Local debt to finance the packaging paper projects at Norske Skog Bruck and Norske Skog Golbey was drawn with approximately EUR 153 million at quarter end, compared to EUR 136 million at previous quarter end.

Net interest-bearing debt increased from NOK 1 092 million to NOK 1 305 million in the quarter, partly due to the weaker NOK at the end of the quarter.

OUTLOOK

The development in the global economy is of vital importance for consumer spending, and will impact the publication paper and packaging industry, and thus Norske Skog's operations.

There is still some uncertainty to how the global economy will perform in 2023 especially in the raw material- and energy markets. Raw material and energy prices are below the record levels experienced in 2022, but are still far above historical average levels. The decrease in energy prices and decreased demand for publication and packaging paper have resulted in lower sales prices. It is expected that the

development of costs and paper demand will influence paper sales prices in Europe. The decreased demand for publication paper has initiated further announcements of capacity closures in the industry to improve the imbalance in demand and supply for publication paper.

Norske Skog's European operations are cost-competitive, and the group will temporarily adjust production to customer demand. Simultaneously, Norske Skog will continue to develop the industrial sites, including further conversions and new initiatives within renewable energy and bioproducts.

SKØYEN, 26 APRIL 2023 THE BOARD OF DIRECTORS OF NORSKE SKOG ASA

Chair Board member Board member

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Board member Board member CEO

8

Geir Drangsland Arvid Grundekjøn Trine-Marie Hagen

Christoffer Bull Johanna Lindén Sven Ombudstvedt

NORSKE SKOG – QUARTERLY REPORT - FIRST QUARTER 2023 (UNAUDITED)

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INTERIM FINANCIAL STATEMENTS, FIRST QUARTER OF 2023 CONDENSED CONSOLIDATED INCOME STATEMENT

NOK MILLION	NOTE	Q1 2023	Q4 2022	Q1 2022	YTD 2023	YTD 2022
Operating revenue		3 171	3 848	3 326	3 171	3 326
Other operating income		149	208	264	149	264
Total operating income	4	3 320	4 056	3 590	3 320	3 590
Distribution costs		-246	-273	-299	-246	-299
Cost of materials		-1 635	-1 843	-2 020	-1 635	-2 020
Employee benefit expenses		-502	-571	-479	-502	-479
Other operating expenses		-263	-287	-181	-263	-181
Restructuring expenses		-1	-11	0	-1	0
Depreciation	5	-115	-190	-114	-115	-114
Impairments	5	0	-164	0	0	0
Derivatives and other fair value adjustments	6	-474	227	97	-474	97
Operating earnings		85	944	593	85	593
Share of profit in associated companies and joint ventures	7	-3	198	-1	-3	-1
Financial items	8	-230	-45	1	-230	1
Profit/loss before income taxes		-148	1 097	593	-148	593
Income taxes		-32	-32	-10	-32	-10
Profit/loss for the period		-181	1 065	583	-181	583
Basic earnings per share (NOK)		-1.91	11.30	6.18	-1.91	6.18
Diluted earnings per share (NOK)		-1.91	11.30	6.18	-1.91	6.18

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

NOK MILLION	Q1 2023	Q4 2022	Q1 2022	YTD 2023	YTD 2022
Profit/loss for the period	-181	1 065	583	-181	583
Items that may be reclassified subsequently to profit or loss
Currency translation differences	312	-29	-57	312	-57
Tax expense on translation differences	0	0	0	0	0
Reclassified translation differences upon divestment of foreign operations	5	0	1	5	1
Total	316	-29	-56	316	-56
Items that will not be reclassified subsequently to profit or loss
Remeasurements of post-employment benefit obligations	0	14	0	0	0
Tax effect on remeasurements of employment benefit obligations	0	2	0	0	0
Total	0	16	0	0	0
Other comprehensive income for the period	316	-15	-56	316	-56
Total comprehensive income for the period	136	1 050	527	136	527

CONDENSED CONSOLIDATED BALANCE SHEET

NOK MILLION	NOTE	31 MAR 2023	31 DEC 2022	31 MAR 2022
Deferred tax asset		186	137	23
Intangible assets	5	13	14	18
Property, plant and equipment	5	6 618	5 852	4 245
Investments in associated companies and joint ventures	7	97	299	107
Other non-current assets	6	584	768	127
Total non-current assets		7 498	7 069	4 520
Inventories		1 786	1 464	1 206
Trade and other receivables		1 886	1 944	1 724
Other current assets	6	437	481	868
Cash and cash equivalents		2 894	2 650	1 676
Total current assets		7 003	6 539	5 474
Total assets		14 502	13 609	9 994
Paid-in equity	9	8 898	8 898	8 898
Retained earnings		-2 854	-2 989	-5 238
Total equity		6 045	5 909	3 660
Employee benefit obligations		297	278	302
Deferred tax liability		229	208	244
Interest-bearing non-current liabilities	8	3 866	3 432	2 456
Other non-current liabilities	6	665	504	512
Total non-current liabilities		5 058	4 422	3 515
Trade and other payables		2 161	2 245	2 081
Tax payable		453	358	71
Interest-bearing current liabilities	8	333	310	144
Other current liabilities	6	452	364	523
Total current liabilities		3 399	3 278	2 819
Total liabilities		8 457	7 700	6 334
Total equity and liabilities		14 502	13 609	9 994

SKØYEN, 26 APRIL 2023 THE BOARD OF DIRECTORS OF NORSKE SKOG ASA

Chair Board member Board member

Board member Board member CEO

Geir Drangsland Arvid Grundekjøn Trine-Marie Hagen

Christoffer Bull Johanna Lindén Sven Ombudstvedt

NORSKE SKOG – QUARTERLY REPORT - FIRST QUARTER 2023 (UNAUDITED)

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CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

NOK MILLION	Q1 2023	Q4 2022	Q1 2022	YTD 2023	YTD 2022
Cash generated from operations	3 369	4 135	2 985	3 369	2 985
Cash used in operations	-2 888	-3 300	-2 736	-2 888	-2 736
Cash flow from currency hedges and financial items	-13	-26	-17	-13	-17
Interest payments received	19	16	4	19	4
Interest payments made	-41	-35	-27	-41	-27
Taxes paid	-16	-45	-12	-16	-12
Net cash flow from operating activities 1)	430	745	196	430	196
Purchases of property, plant and equipment and intangible assets	-570	-881	-391	-570	-391
Sales of property, plant and equipment and intangible assets	2	9	2	2	2
Dividend proceeds from joint venture	200	0	0	200	0
Purchase of shares in companies and other financial payments	0	-2	0	0	0
Sales of shares in companies and other financial instruments	0	3	276	0	276
Net cash flow from investing activities	-367	-872	-112	-367	-112
New loans raised	185	817	254	185	254
Repayments of loans	-49	-85	-133	-49	-133
Net cash flow from financing activities	136	733	121	136	121
Foreign currency effects on cash and cash equivalents	45	-2	-17	45	-17
Total change in cash and cash equivalents	244	604	187	244	187
Cash and cash equivalents at start of period	2 650	2 047	1 489	2 650	1 489
Cash and cash equivalents at end of period	2 894	2 650	1 676	2 894	1 676
1) Reconciliation of net cash flow from operating activities
Profit/loss before income taxes	-148	1 097	593	-148	593
Change in working capital	-188	-208	-172	-188	-172
Change in restructuring provisions	0	4	-10	0	-10
Depreciation and impairments	115	354	114	115	114
Derivatives and other fair value adjustments	474	-227	-97	474	-97
Gain and losses from divestment of business activities and PPE	2	-8	-177	2	-177
Net financial items without cash effect	198	-198	-40	198	-40
Taxes paid	-16	-45	-12	-16	-12
Change in pension obligations and other employee benefits	-6	-21	-2	-6	-2
Adjustment for other items	0	-4	0	0	0
Net cash flow from operating activities	430	745	196	430	196

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN GROUP EQUITY

NOK MILLION	PAID-IN EQUITY	OTHER PAID-IN EQUITY	RETAINED	EARNINGS TOTAL EQUITY
Equity 1 January 2022	6 649	2 249	-5 765	3 133
Profit/loss for the period	0	0	583	583
Other comprehensive income for the period	0	0	-56	-56
Equity 31 March 2022	6 649	2 249	-5 238	3 660
Profit/loss for the period	0	0	924	924
Other comprehensive income for the period	0	0	275	275
Equity 30 September 2022	6 649	2 249	-4 039	4 859
Profit/loss for the period	0	0	1 065	1 065
Other comprehensive income for the period	0	0	-15	-15
Equity 31 December 2022	6 649	2 249	-2 989	5 909
Profit/loss for the period	0	0	-181	-181
Other comprehensive income for the period	0	0	316	316
Equity 31 March 2023	6 649	2 249	-2 854	6 045

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

1. GENERAL INFORMATION

Norske Skog ASA ("the company") and its subsidiaries ("the group" or "Norske Skog") produce, distribute and sell publication paper. This includes newsprint and magazine paper.

All amounts in the interim financial statements are presented in NOK million unless otherwise stated. Due to rounding, there may be differences in the summation of columns and rows.

The table below shows the applied average (un-weighted monthly) foreign exchange rates per quarter and the closing exchange rate at month ends for the most important currencies for the group.

	Q1 2023	Q4 2022	31 MAR 2023	31 DEC 2022	31 MAR 2022
AUD	7.00	6.69	7.00	6.70	6.55
EUR	10.98	10.39	11.39	10.51	9.71
GBP	12.44	11.95	12.96	11.85	11.48
NZD	6.45	6.14	6.55	6.26	6.06
USD	10.24	10.19	10.48	9.86	8.75

2. ACCOUNTING POLICIES

The interim financial statements of Norske Skog have been prepared in accordance with IAS 34 Interim Financial Reporting. The interim financial statements do not include all information required for full annual financial statements and should be read in conjunction with the consolidated financial statements for 2022. The interim financial statements are unaudited.

The accounting policies applied in the preparation of the interim financial statements are consistent with those applied in the preparation of the consolidated financial statements for the year ended

31 December 2022, except for the adaptation of amended standards and new interpretations, which are mandatory from 1 January 2023. These changes are described in the consolidated financial statements for 2022.

The group has not early adopted any standard, interpretation or amendment that has been issued but is not yet mandatory.

3. ESTIMATES, JUDGEMENTS AND ASSUMPTIONS

Preparation of interim financial statements in accordance with IFRS implies use of estimates, which are based on judgements and assumptions that affect the application of accounting principles and the reported amounts of assets, liabilities, revenues and expenses. Actual amounts might differ from such estimates.

Recoverable amount of intangible assets and property, plant and equipment

Property, plant and equipment are tested for possible impairment charges whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. A prolonged decrease in prices or demand beyond the historical level could be an indicator of impairment and an impairment test will be prepared. The recoverable amount is the higher of an asset's fair value less sales costs or its value in use. Value in use is the present value of the future cash flows expected to be derived from a cash-generating unit. The key drivers of profitability in the industry and thus asset values for Norske Skog are product prices relative to production costs.

Accounting treatment of physical energy contracts and other financial instruments

Norske Skog's portfolio of commodity contracts consist mainly of physical contracts that are settled through physical delivery. Embedded derivatives in commodity contracts are measured at fair value and embedded derivatives that are not traded in an active marked, are assessed through valuation techniques. The fair value of embedded derivatives in physical contracts vary depending on changes in currency and price indexes.

Commodity contracts that fail to meet the "own-use exemption" criteria in IFRS 9 Financial instruments – recognition and measurement are recognised in the balance sheet and valued at fair value.

The group uses its judgement to select a variety of methods and make assumptions that are mainly based on market conditions existing at each balance sheet date. See Note 18 in the consolidated financial statements for 2022 for more information regarding the calculation of fair value of derivatives.

See Note 3 in the consolidated financial statements for 2022 for a more thorough description of important accounting estimates and assumptions impacting the preparation of financial statements.

4. OPERATING SEGMENTS

The activities of the Norske Skog group are separated into three operating segments which is in line with how the group is managed internally. Norske Skog's chief operating decision maker is corporate management, who distribute resources and assess performance of the group's operating segments. Norske Skog has an integrated strategy across the three segments to maximise profits. The optimisation is carried out through coordinated sales and operational planning. The regional planning, in combination with structured sales and operational processes, ensures maximisation of profit.

Operating revenue in the first quarter of 2023 will mainly consist of sale of goods from both Publication Paper Europe and Publication Paper Australasia. Operating revenue from Packaging Paper will start from the second quarter of 2023, and the production is expected to reach full capacity in the period 2025 to 2026.

Publication paper includes newsprint and magazine paper. Newsprint includes standard newsprint and improved newsprint used in newspapers, inserts, catalogues etc. Magazine paper includes the paper qualities supercalendered (SC) and lightweight coated (LWC). Magazine paper is used in magazines, catalogues, and advertising materials.

The Publication Paper Europe segment encompasses production and sale of newsprint and magazine paper in Europe. All the four European industrial sites and the regional sales organisation are included in the operating segment publication paper Europe.

14

The Publication Paper Australasia segment encompasses production and sale of newsprint and magazine paper in Australasia. Norske Skog Boyer, the only producer of newsprint and magazine grade in the region, and the regional sales organisation is included in the operating segment publication paper Australasia.

Packaging Paper has been established as a new reporting segment. The segment includes Norske Skog's production of recycled containerboard, mainly the grades testliner 3 and fluting. Testliner 3 and fluting are used by corrugators as outer and inner layers of packaging material. From the first quarter of 2023, the segment only comprises one machine, PM3, at Norske Skog Bruck. From the fourth quarter, Norske Skog Golbey PM1 will also be included in the segment.

Activities in the group that do not fall into the operating segments are presented under other activities. This includes corporate functions, freen Energy business and other holding company activities. From the first quarter of 2023 sourcing solutions are also included in the segment other activities. The sale of the pellets operations of Nature's Flame was completed in March 2022 and is included in Green Energy for historical segment information and up to the completion in first quarter.

Q1 2023	PUBLICATION PAPER EUROPE	PUBLICATION PAPER AUSTRALASIA	PACKAGING PAPER	OTHER ACTIVITIES	ELIMINATIO NS	NORSKE SKOG GROUP
Operating revenue	2 735	436	0	61	-61	3 171
Other operating income	129	-3	24	0	-2	149
Total operating income	2 864	434	24	61	-63	3 320
Distribution costs	-186	-59	0	0	0	-246
Cost of materials	-1 355	-266	-11	-25	22	-1 635
Employee benefit expenses	-345	-82	-35	-41	2	-502
Other operating expenses	-215	-49	-17	-22	39	-263
EBITDA	763	-23	-38	-27	0	675
Restructuring expenses	0	-1	0	0	0	-1
Depreciation	-93	-11	-8	-2	0	-115
Derivatives and other fair value adjustments	-474	0	0	0	0	-474
Operating earnings	195	-35	-46	-29	0	85
Share of operating revenue from external parties (%)	100	100	0	3		100

Q1 2022	PUBLICATION PAPER EUROPE	PUBLICATION PAPER AUSTRALASIA	PACKAGING PAPER	OTHER ACTIVITIES	ELIMINATIO NS	NORSKE SKOG GROUP
Operating revenue	2 885	421	0	139	-119	3 326
Other operating income	83	7	0	175	-2	264
Total operating income	2 968	429	0	314	-121	3 590
Distribution costs	-237	-58	0	-4	0	-299
Cost of materials	-1 797	-223	0	-92	92	-2 020
Employee benefit expenses	-343	-73	0	-65	1	-479
Other operating expenses	-152	-34	0	-23	27	-181
EBITDA	439	40	0	131	0	610
Depreciation	-100	-10	0	-4	0	-114
Derivatives and other fair value adjustments	97	0	0	0	0	97
Operating earnings	436	30	0	127	0	593
Share of operating revenue from external parties (%)	100	100	0	15		100

NORSKE SKOG – QUARTERLY REPORT - FIRST QUARTER 2023 (UNAUDITED)

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Q4 2022	PUBLICATION PAPER EUROPE	PUBLICATION PAPER AUSTRALASIA	PACKAGING PAPER	OTHER ACTIVITIES	ELIMINATIO NS	NORSKE SKOG GROUP
Operating revenue	3 354	497	0	60	-64	3 848
Other operating income	197	11	0	1	-1	208
Total operating income	3 551	508	0	61	-64	4 056
Distribution costs	-210	-63	0	0	0	-273
Cost of materials	-1 553	-294	0	-29	33	-1 843
Employee benefit expenses	-413	-67	0	-92	1	-571
Other operating expenses	-245	-51	0	-22	31	-287
EBITDA	1 131	33	0	-81	0	1 083
Restructuring expenses	0	-11	0	0	0	-11
Depreciation	-177	-11	0	-2	0	-190
Impairments	-164	0	0	0	0	-164
Derivatives and other fair value adjustments	227	0	0	0	0	227
Operating earnings	1 016	11	0	-84	0	944
Share of operating revenue from external parties (%)	100	100	0	5		100

INCOME STATEMENT	Q1 2023	Q4 2022	Q1 2022	YTD 2023	YTD 2022
OTHER OPERATING REVENUE
Corporate functions	33	27	26	33	26
Sourcing solutions	28	34	92	28	92
Green energy and other	0	0	196	0	196
Total	61	61	314	61	314
EBITDA
Corporate functions	-29	-80	-46	-29	-46
Sourcing solutions	2	-2	2	2	2
Green energy and other	0	0	176	0	176
Total	-27	-81	131	-27	131

5. PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS

JAN-MAR 2023	PROPERTY, PLANT AND EQUIPMENT	RIGHT-OF-USE ASSETS	TOTAL PROPERTY PLANT AND EQUIPMENT	INTANGIBLE ASSETS
Carrying value at start of period	5 784	68	5 852	14
Additions*	449	8	457	0
Depreciation	-104	-10	-113	-1
Disposals	0	0	0	0
Currency translation differences	418	4	422	1
Carrying value at end of period	6 548	70	6 618	13

*The difference between additions and the line Purchases of property, plant and equipment and intangible assets in the condensed consolidated statement of cash flows is due to right-of-use assets, accruals for payments and other additions with no cash impact.

PER OPERATING SEGMENTS

TOTAL PROPERTY PLANT AND 31 MAR 2023 EQUIPMENT	INTANGIBLE ASSETS
Publication paper Europe 3 995	4
Publication paper Australasia 254	0
Packaging paper 2 361	3
Other activities 8	7
Total 6 618	13

6. ENERGY CONTRACTS, DERIVATIVES AND FINANCIAL INSTRUMENTS CARRIED AT FAIR VALUE

	ASSETS		LIABILITIES
31 MAR 2023		CURRENT NON-CURRENT		CURRENT NON-CURRENT
Energy contracts and embedded derivatives in energy contracts (level 3)	250	396	193	465
Other derivatives and financial instruments carried at fair value (level 2)	0	0	0	0
Total	250	396	193	465

Norske Skog's portfolio of commodity contracts consists mainly of physical energy contracts. Certain of the energy contracts are measured at fair value. The fair value of commodity contracts is especially sensitive to future changes in energy prices in the region they cover.

The contract prices for energy in Norway are sensitive to change in paper and pulpwood prices. Externally forecasted price increases for paper increases the cost of energy. Market prices for energy have developed in opposite directions in the relevant energy areas in Norway, giving a net negative impact on the fair value of the contracts in the quarter of NOK 474 million.

Changes in the value of energy contracts, commodity contracts and embedded derivatives in contracts are presented in the income statement line Derivatives and other fair value adjustments. A sensitivity analysis of the impact on profit after tax of fluctuations in energy prices, currency and price indices is given in Note 4 in the consolidated financial statements for 2022.

Financial derivative contracts are accounted for at fair value and changes in contracts are presented in the income statement under financial items. A sensitivity analysis of the impact on profit after tax of fluctuations in currency is given in Note 4 in the consolidated financial statements for 2022.

The valuation techniques used are described in Note 18 in the consolidated financial statement for 2022.

7. INVESTMENTS IN ASSOCIATED COMPANIES AND JOINT VENTURES

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Investments in associated companies and joint ventures are accounted for in accordance with the equity method. The carrying value is NOK 97 million on 31 March 2023.

Norske Skog holds a 50% share of Porsnes Utvikling AS, an equal ownership joint venture between Ringstad Næringsutvikling AS and Norske Skog Saugbrugs AS. At 31 March 2023 this has a carrying value of NOK 13 million. The net proceeds of NOK 200 million from the sale of the high school in fourth quarter 2022 was received in first quarter as dividend.

At 31 March 2023 Norske Skog holds a 26% share of Circa Group AS, with a carrying value of NOK 77 million. Loss is included in the quarter with NOK 3 million. Circa Group AS is listed on Euronext Growth.

Due to later reporting dates than Norske Skog, the share of results from Circa Group is included with a three months lag.

8. FINANCIAL ITEMS AND DEBT REPAYMENTS

FINANCIAL ITEMS

NOK MILLION	Q1 2023	Q4 2022	Q1 2022	YTD 2023	YTD 2022
Net interest expenses	-25	-22	-25	-25	-25
Currency gains/losses*	-189	5	36	-189	36
Other financial items	-16	-28	-10	-16	-10
Total financial items	-230	-45	1	-230	1

*Currency gains and losses on trade receivables and trade payables are reported as Operating revenue and Cost of materials respectively.

FINANCING

In 2021 Norske Skog entered into credit facility agreements in an aggregate amount of EUR 265 million to finance its investment in the conversion projects to recycled containerboard.

EUR 193 million was for the project at Norske Skog Golbey and EUR 72 million for the project at Norske Skog Bruck.

The borrowing entities are Norske Skog Bruck GmbH and Norske Skog Golbey SAS, and the facilities are fully guaranteed by Norske Skog ASA.

The facilities will be drawn as capital expenditures are incurred, and repayment is scheduled to commence approximately upon completion of each respective project with average maturity towards the end of 2030. As of 31 March 2023, the credit facilities had been drawn by approximately EUR 153 million.

Norske Skog has a EUR 150 million senior secured bond. The bond matures in March 2026 and has an interest rate of EURIBOR (zero floor) +5.5% with quarterly interest payments.

As of 31 March 2023, the outstanding amount under the EUR 150 million senior secured bond, net of bought back bonds, was EUR 138.9 million.

Norske Skog has an EUR 31 million Revolving Credit Facility with a tenor of five years. As of 31 March 2023, the revolving credit facility was undrawn.

The EUR 54 million credit facility for the waste-to-energy plant in Norske Skog Bruck was fully drawn as of 30 September 2022, and quarterly repayments commenced during the fourth quarter of 2022. As of March 2023, the outstanding amount was EUR 49.7 million. The final maturity date is in 2028.

The remaining financing arrangements for the group includes leasing, factoring, and other credit facilities on mill level.

The financing covenants applicable to Norske Skog on a consolidated basis are (i) freely available and unrestricted cash and cash equivalents of minimum NOK 100 million, (ii) EBITDA* to net interest costs of minimum 2.0:1, and (iii) book equity to total assets of minimum 25% and (iv) minimum LTM EBITDA* of NOK 400 million. In addition, there are various company specific financial covenants applicable to the subsidiaries acting as borrowers under the respective credit facilities.

*The EBITDA used in the financial covenants' calculations may differ from the EBITDA shown in the financial reporting due to adjustment requirements in the financing agreements.

BONDS

EUR MILLION	MATURITY	CURRENCY	INTEREST RATE	NOMINAL VALUE	AMOUNT OUTSTANDING 31 MAR 2023
NSKOG02	March 2026	EUR	EURIBOR +5.5%	150	139

DEBT REPAYMENT SCHEDULE*

NOK MILLION	2023	2024	2025	2026	2027-
Bonds	0	0	0	1 583	0
Debt to credit institutions	255	818	480	375	629
Total	255	818	480	1 958	629

*Not including items relating to leases.

Total debt listed in the repayment schedule differ from the carrying value in the balance sheet. This is due to the amortized cost principle.

Financed amounts from securitisation arrangements is classified as interest-bearing current liabilities. This amounts to NOK 58 million in debt repayment in the second quarter of 2023. The financed amount represents a group of individual loans, which are settled individually at maturity of the trade receivable.

New loans are initiated on a consecutive basis based on new trade receivables included under the securitization agreement. The liability is in its nature current and Norske Skog does not have an unconditional right to defer settlement beyond twelve months. The liabilities are liabilities that are settled through its normal operating cycle. The corresponding trade receivable is derecognised when the customer pays it.

NORSKE SKOG QUARTERLY REPORT – FIRST QUARTER 2023 (UNAUDITED)

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9. PRINCIPAL SHAREHOLDERS

	NUMBER OF SHARES	OWNERSHIP %
BYGGMA ASA	16 930 431	17.96
DRANGSLAND KAPITAL AS	5 316 148	5.64
UBS Europe SE	4 694 000	4.98
VERDIPAPIRFONDET ALFRED BERG GAMBA	3 098 790	3.29
INTERTRADE SHIPPING AS	2 700 000	2.86
The Bank of New York Mellon SA/NV	2 157 307	2.29
VERDIPAPIRFONDET HOLBERG NORGE	1 650 000	1.75
MP PENSJON PK	1 411 015	1.50
RBC Investor services bank S.A.	1 134 617	1.20
VERDIPAPIRFONDET NORDEA AVKASTNING	1 132 596	1.20
Skandinaviska Enskilda Banken AB	1 100 000	1.17
VERDIPAPIRFONDET FONDSFINANS NORGE	900 000	0.95
The Bank of New York Mellon SA/NV	851 403	0.90
The Bank of New York Mellon SA/NV	822 786	0.87
CARUCEL FINANCE AS	774 624	0.82
State Street Bank and Trust Comp	720 243	0.76
Pershing Securities Limited	691 435	0.73
CLEARSTREAM BANKING S.A.	678 083	0.72
NORDNET LIVSFORSIKRING AS	616 219	0.65
VERDIPAPIRFONDET STOREBRAND NORGE	581 250	0.62
Other shareholders	46 303 758	49.12
Total	94 264 705	100.00

The data is extracted from VPS 26 April 2023. Whilst every reasonable effort is made to verify all data, VPS cannot guarantee the accuracy of the analysis.

10. THE NORSKE SKOG SHARE

	31 MAR 2023	31 DEC 2022
Share price (NOK)	57.70	67.25
Book value of equity per share (NOK)	64.13	62.68

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11. RELATED PARTIES

Investor AS and subsidiaries Drangsland Kapital AS and Byggma AS are related parties to Norske Skog through the ownership in Norske Skog ASA and the chair of the board being a representative for these companies.

There have not been any transactions with related parties in 2023.

12. EVENTS AFTER THE BALANCE SHEET DATE

There have been no events after the balance sheet date with significant impact on the interim financial statements for the first quarter of 2023.

NORSKE SKOG – QUARTERLY REPORT - FIRST QUARTER 2023 (UNAUDITED)

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13. HISTORICAL FIGURES

INCOME STATEMENT	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022
Total operating income	3 320	4 056	3 630	3 937	3 590
Variable costs	-1 880	-2 116	-2 430	-2 298	-2 320
Fixed costs	-765	-858	-692	-735	-660
EBITDA	675	1 083	508	905	610
Restructuring expenses	-1	-11	0	0	0
Depreciation	-115	-190	-122	-120	-114
Impairments	0	-164	0	0	0
Derivatives and other fair value adjustment	-474	227	-273	411	97
Operating earnings	85	944	113	1 195	593
Share of profit in associated companies and joint ventures	-3	198	-5	-3	-1
Financial items	-230	-45	-84	-127	1
Profit/loss before income taxes	-148	1 097	23	1 065	593
Income taxes	-32	-32	-34	-130	-10
Profit/loss for the period	-181	1 065	-11	935	583

SEGMENT INFORMATION	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022
Publication paper Europe
Total operating income	2 864	3 551	3 129	3 469	2 968
EBITDA	763	1 131	483	909	439
Deliveries (1 000 tonnes)	245	300	347	407	407
Publication paper Australasia
Total operating income	434	508	514	470	429
EBITDA	-23	33	33	49	40
Deliveries (1 000 tonnes)	56	63	66	63	61
Packaging paper
Total operating income	24	0	0	0	0
EBITDA	-38	0	0	0	0
Deliveries (1 000 tonnes)	0	0	0	0	0
Other activities
Total operating income	61	61	71	133	314
EBITDA	-27	-81	-8	-54	131

BALANCE SHEET	31 MAR 2023	31 DEC 2022	30 SEP 2022	30 JUN 2022	31 MAR 2022
Total non-current assets	7 498	7 069	5 692	5 319	4 520
Inventories	1 786	1 464	1 487	1 357	1 206
Trade and other receivables	1 886	1 944	2 039	2 090	1 724
Cash and cash equivalents	2 894	2 650	2 047	1 728	1 676
Other current assets	437	481	1 483	871	868
Total current assets	7 003	6 539	7 055	6 046	5 474
Total assets	14 502	13 609	12 747	11 365	9 994
Total equity	6 045	5 909	4 859	4 787	3 660
Total non-current liabilities	5 058	4 422	4 371	3 601	3 515
Trade and other payables	2 161	2 245	2 429	2 171	2 081
Other current liabilities	1 238	1 033	1 088	805	738
Total current liabilities	3 399	3 278	3 517	2 976	2 819
Total liabilities	8 457	7 700	7 888	6 578	6 334
Total equity and liabilities	14 502	13 609	12 747	11 365	9 994

NORSKE SKOG QUARTERLY REPORT – FIRST QUARTER 2023 (UNAUDITED)

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CASH FLOW	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022
Reconciliation of net cash flow from operating activities
EBITDA	675	1 083	508	905	610
Change in working capital	-188	-208	188	-352	-172
Payments made relating to restructuring activities	-2	-7	-5	-10	-10
Gain and losses from divestment	2	-8	2	-8	-177
Cash flow from net financial items	-35	-45	-32	-33	-40
Taxes paid	-16	-45	-27	-17	-12
Other	-7	-24	-6	-12	-2
Net cash flow from operating activities	430	745	627	473	196
Purchases of property, plant and equipment and intangible assets	-570	-881	-519	-437	-391
Net divestments	202	9	-1	-14	278
Net cash flow from investing activities	-367	-872	-520	-451	-112
Net cash flow from financing activities	136	733	206	-26	121
Foreign currency effects on cash and cash equivalents	45	-2	7	55	-17
Total change in cash and cash equivalents	244	604	319	51	187

ALTERNATIVE PERFORMANCE MEASURES

The European Securities and Markets Authority's (ESMA) has defined new guidelines for alternative performance measures (APM). An APM is defined as a financial measure of historical or future financial performance, financial position, or cash flows, other than a financial measure defined or specific in the applicable financial reporting framework (IFRS). The company uses EBITDA, EBITDA margin and return on capital employed (annualized) to measure operating performance on Group level. It is the company's view that the APMs provides the investors relevant and specific operating figures which may enhance their understanding of the performance.

EBITDA, EBITDA margin, variable costs, fixed costs, return on capital employed and net interest-bearing debt are defined by the company below.

EBITDA: Operating earnings for the period, before restructuring expenses, depreciation and amortization and impairment charges, derivatives, and other fair value adjustments, determined on an entity, combined or consolidated basis. EBITDA is used for providing consisting information of operating performance and cash generating which is relative to other companies and frequently used by other stakeholders.

NOK MILLION	Q1 2023	Q4 2022	Q1 2022	YTD 2023	YTD 2022
Operating earnings	85	944	593	85	593
Restructuring expenses	1	11	0	1	0
Depreciation	115	190	114	115	114
Impairments	0	164	0	0	0
Derivatives and other fair value adjustments	474	-227	-97	474	-97
EBITDA	675	1 083	610	675	610

EBITDA margin: EBITDA/total operating income. EBITDA margin assist in providing a more comprehensive analysis of operating performance relative to other companies.

NOK MILLION	Q1 2023	Q4 2022	Q1 2022	YTD 2023	YTD 2022
EBITDA	675	1 083	610	675	610
Total operating income	3 320	4 056	3 590	3 320	3 590
EBITDA margin	20.3 %	26.7 %	17.0 %	20.3 %	17.0 %

Variable costs: Distribution costs + cost of materials

NOK MILLION	Q1 2023	Q4 2022	Q1 2022	YTD 2023	YTD 2022
Distribution costs	246	273	299	246	299
Cost of materials	1 635	1 843	2 020	1 635	2 020
Variable costs	1 880	2 116	2 320	1 880	2 320

Fixed costs: Employee benefit expenses + other operating expenses.

NOK MILLION	Q1 2023	Q4 2022	Q1 2022	YTD 2023	YTD 2022
Employee benefit expenses	502	571	479	502	479
Other operating expenses	263	287	181	263	181
Fixed costs	765	858	660	765	660

NORSKE SKOG QUARTERLY REPORT – FIRST QUARTER 2023 (UNAUDITED)

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Return on capital employed (annualised): (Annualised EBITDA – Annualised Capital expenditure)/Capital employed (average).

NOK MILLION	Q1 2023	Q4 2022	Q1 2022	YTD 2023	YTD 2022
EBITDA	675	1 083	610	675	610
Capital expenditure	570	881	391	570	391
Average capital employed	7 585	6 687	4 970	7 585	4 970
Return on capital employed (annualised)	5.6 %	12.1 %	17.6 %	5.6 %	17.6 %

NOK MILLION	31 MAR 2023	31 DEC 2022	31 MAR 2022
Intangible assets	13	14	18
Property, plant and equipment	6 618	5 852	4 245
Inventory	1 786	1 464	1 206
Trade and other receivables	1 886	1 944	1 724
Trade and other payables	-2 161	-2 245	-2 081
Capital employed	8 142	7 028	5 112

Net interest-bearing debt: Net interest-bearing debt consist of bond issued and other interest-bearing liabilities (current and non-current) reduced by cash and cash equivalent.

NOK MILLION	31 MAR 2023	31 DEC 2022	31 MAR 2022
Interest-bearing non-current liabilities	3 866	3 432	2 456
Interest-bearing current liabilities	333	310	144
Cash and cash equivalents	-2 894	-2 650	-1 676
Net interest-bearing debt	1 305	1 092	924

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Capital expenditure (Capex): Purchases of property, plant and equipment and intangible assets.

Maintenance capex: Capex required to maintain the Group's current business.

Energy and bio products

• Started packaging paper production
• Initiatives to improve cash cost position
• Secured +85% of energy needs to end 2026
• Ranked "Leader" with "A-" score by CDP
• Cash NOK 2.9bn and liquidity NOK 4.7bn

Boyer Saugbrugs Skogn Bruck Golbey Oslo, HQ

Strong profitability in Q1 2023 with EBITDA of NOK 675m

• EBITDA decline from Q4 2022 from lower volumes and less income from sale of excess energy
• Operating cash flow in the quarter of NOK 430m

Paper prices declining on back of lower input costs and soft demand

Raw materials prices declining, but energy costs, fresh fibre and chemicals remain at elevated levels Paper prices reflect lower industrial cash cost and increased competition as demand softens

Soft demand into 2023 for all grades

3

• Weak demand for publication paper, additional capacity closures announced
• Containerboard demand affected by destocking and macro trends

Start-up of containerboard production at Bruck PM3

Packaging Paper segment introduced to reflect Bruck PM3 from Q1 2023 and Golbey PM1 from Q4 2023 First tonnes to be delivered to customers during Q2 2023

Publication Paper Europe	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23
Operating rate, %	94%	90%	83%	74%	77%
Deliveries, thousand tonnes	407	407	347	300	245
Total operating income	2 968	3 469	3 129	3 551	2 864
EBITDA	439	909	483	1 131	763
EBITDA margin, %	14.8%	26.2%	15.4%	31.8%	26.6%
Publication Paper Australasia	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23
Operating rate, %	91%	98%	94%	98%	83%
Deliveries, thousand tonnes	61	63	66	63	56
Total operating income	429	470	514	508	434
EBITDA	40	49	33	33	-23
EBITDA margin, %	9.2%	10.4%	6.3%	6.5%	-5.2%
Packaging Paper	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23
Operating rate, %					0%
Deliveries, thousand tonnes					0
Total operating income					24
EBITDA					-38
EBITDA margin, %					n.a.
Other activities	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23
Total operating income	314	133	71	61	61
EBITDA	131	-54	-8	-81	-27

Publication Paper Europe

Lower deliveries due to Golbey PM1 closure and weaker demand

Publication Paper Australasia

Lower operating rate caused by mill maintenance shut

Packaging Paper

• Production start end Q1 2023, first customer deliveries and revenues during Q2 2023
• Income in quarter relate to gate fees and CO2 allowances. Fixed costs of NOK 52m

Other

Negative EBITDA of NOK 27m impacted by LTI programme

Soft demand development for publication paper and containerboard in H2 2022

• Weak market balance into 2023, capacity reductions required in all markets
• Announced standard and improved newsprint closures of +1 000kt1 in 2023
• Further newsprint closures of 400kt and SC closures of 350kt during 2024-25

9 Source: RISI, PPPC

• Raw material and energy costs expected lower, development remains uncertain
• Paper prices influenced by lower input costs and soft demand increasing competitive pressure
• Negative demand development expected from continued destocking and weak economic trends
• Further capacity closures and industry consolidation required in all markets
• Conversion projects on time and budget

1) Schongau PM6 (165kt), Steyermühl (300kt), Sachsen (310kt), Anjala PM3 (250kt)

Expect negative EBITDA from Packaging Paper segment for FY 2023 as production ramps up

• Tore Hansesætre started his career in Norske Skog in 2009
• He currently holds the position Senior Vice President Strategic Projects
• During his time, he has also held the following positions:
  • Chief Operating Officer (COO)
  • Vice President Operations
  • Manager Operation Support
  • Senior Advisor Business Performance
  • Corporate Strategy Analyst
• Hansesætre will enter into his new role as Chief Executive Officer (CEO) on 1 June 2023

Hansesætre holds a Master's degree in Industrial Economics and Technology Management from the Norwegian University of Science and Technology (NTNU)

substantially from what has been expressed or implied in such statements.

Press release Still strong performance despite weaker markets

Norske Skog's EBITDA in the first quarter of 2023 was NOK 675 million, a decrease from NOK 1 083 million in the fourth quarter of 2022. The first quarter EBITDA was impacted by lower sales volumes and slightly lower publication paper sales pricesthan in the fourth quarter of 2022. The weakened publication paper market resulted in increased finished goods inventory and some market downtime with sale of excess energy at lower prices than in fourth quarter 2022. Norske Skog Bruck successfully commenced recycled packaging paper production in the end of the first quarter. The Norske Skog Golbey packaging paper conversion project is progressing according to budget and timeline.

"All credit go to the entire Bruck team for the successful packaging paper production start-up in the quarter. Most impressivesively, despite turbulent European economic development in the last three years, the Bruck conversion project has been implemented according to budget and timeline assumptions. We expect to deliver packaging paper volumes regularly to our customers from the end of the second quarter following normal production optimization and standard product testing at our new customers. Despite weaker publication paper market with lower sales prices and production volumes, we have delivered a solid quarter," says Sven Ombudstvedt, CEO of Norske Skog.

Cash flow from operations was NOK 430 million in the quarter compared to NOK 745 million in the previous quarter, negatively impacted by lower EBITDA and change in working capital of NOK 188 million, mostly related to increased finished goods inventory. Operating earnings in the first quarter of 2023 were NOK 85 million compared to operating earnings in the fourth quarter of 2022 of NOK 944 million. The operating earnings in the quarter was negatively affected by non-cash changes in fair value of energy contracts in Norway amounting to NOK 474 million. Loss in the quarter was NOK 181 million compared to a profit of NOK 1 065 million in the previous quarter. The net loss was negatively affected by NOK 189 million related to unrealized currency losses on euro denominated debt. The annual general meeting adopted an authorization to the board of directors to pay up to NOK 5.00 per share in dividend. A dividend payment is subject to lenders waiving certain shareholder distribution restrictions, which is not yet done. Net interest-bearing debt was NOK 1 305 million at the year end, with an equity ratio of 42%.

Status projects

Norske Skog Bruck successfully started production of recycled packaging paper at the PM3 in the end of the first quarter. At Norske Skog Golbey, the newsprint paper machine (PM1) was closed in Q4 2022 for conversion into recycled packaging paper production resulting in the sale of excess energy. The timeline and budget are in line with the project plan assumptions, with expected start-up in the fourth quarter of 2023.

The conversion of the two newsprint machines at Bruck and Golbey will add 760 000 tonnes of new cost-competitive and low-emission packaging paper capacity. The packaging paper production will be fully based on recycled fibre, and will utilise fossil-free energy generated from the waste-to-energy facility at the Bruck industrial site and the biomass plant under construction at the Golbey industrial site (Green Valley Energie).

"We are delighted to have completed the transformation of the Bruck mill into packaging paper production based on in-house waste-to-energy. We are dedicated to serve our customers a wide specter of publication- and packaging paper products in addition to other bioproducts," says Ombudstvedt.

The waste-to-energy facility at Bruck has been operating since second quarter 2022 on approximately 80% of its design capacity. Together with Valmet, the supplier, modification, and optimisation work has been executed during

Norske Skog ASA Sjølyst plass 2 P.O. Box 294 Skøyen, 0213 Oslo Norway

the first quarter of 2023 and have enabled the energy plant to reach its full design capacity. The facility significantly reduces the gas consumption, and thus CO2-emissions, for Norske Skog Bruck.

The construction of the renewable energy plant at the Golbey industrial site is progressing according to original plans. The biomass boiler will produce about 200 GWh of electricity and about 700 GWh of renewable heat, thus generating CO2 savings of 210 000 tonnes per year. The Green Valley Energie (GVE) is a joint venture, in which Norske Skog Golbey has a 10% equity stake. The biomass boiler will ensure a stable, long-term supply of cost-competitive and renewable steam as an alternative to fossil energy sources, somewhat shielding Golbey from volatile energy markets.

Norske Skog Skogn is in the early stages to build a NOK 230 million new thermo-mechanical pulp (TMP) line, substituting expensive recovered paper with fresh fibre with expected start-up in first half of 2024. The new TMP line will reduce variable costs, in addition to reducing NOx, fossil CO2-emissions and waste sent to landfill.

Norske Skog actively works to realise value from its industrial sites based on its existing infrastructure and industry competence. The biocomposite product CEBICO, and microfibrillar cellulose product CEBINA produced at Norske Skog Saugbrugs have received promising feedback from customers that have tested these products successfully in various processes and materials. Norske Skog has been pro-active in reducing CO2-emissions and aims to become CO2 net negative or climate positive. Norske Skog will explore economically viable models for the utilisation of biogenic CO2, either alone or together with partners.

Operations

Total annual publication paper production capacity for the group is 1.7 million tonnes after the closure of Golbey PM1, with 1.4 million tonnes in Europe and 0.3 million tonnes in Australia. Bruck (PM3) started production of recycled packaging paper in the end of the first quarter, and Golbey (PM1) is planned to start in late fourth quarter of 2023. Norske Skog will after the ramp-up of Bruck and Golbey have an annual capacity of 760 000 tonnes of packaging paper production. Norske Skog has several ongoing bio products and energy activities at all industrial sites.

Lower publication paper sales prices and sales volume in the first quarter were somewhat offset by lower variable cost. However, the Group average sales price increased due to relatively lower share of newsprint paper compared to other higher priced paper grades. The revenues from sale of excess energy at Golbey, due to the conversion of PM1 to packaging paper grades, were lower than fourth quarter of 2022 due to lower energy market prices in the quarter.

The sales price decreases were driven by softened demand for publication paper and lower energy prices. Variable cost per tonne slightly increased in the quarter with higher distribution costs and cost of materials per tonne, but was somewhat offset by lower recovered paper cost per tonne. Fixed costs per tonne increased somewhat due to lower delivered volumes. Group capacity utilisation was 78% in the quarter, respectively 77% in Europe and 83% in Australasia. The weakened publication paper demand caused some operational down-time in the quarter, which impacted the capacity utilization in Europe.

According to Eurograph, demand for standard newsprint in Europe decreased by 21% through February 2023 compared to the same period last year. SC magazine demand decreased by around 27%; whereas, LWC paper demand decreased by around 30% through February compared to the same period last year. According to official Australian trade statistics, demand for newsprint and coated mechanical increased by 5% and 16%, respectively, through February 2023 compared to the same period last year. For the packaging paper production, it is expected that the containerboard machines will operate at 60-70% utilisation in the first year of operations and reach full utilisation during the third year of production.

Key figures, first quarter of 2023

NOK million (unless otherwise stated)	Q1 2023	Q4 2022	Q1 2022	2022	2021
Income statement
Total operating income	3 320	4 056	3 590	15 214	10 315
EBITDA	675	1 083	610	3 105	662
Operating earnings	85	944	593	2 845	-160
Profit/loss for the period	-181	1 065	583	2 572	-363
Cash flow
Net cash flow from operating activities	430	745	196	2 040	191
Net cash flow from investing activities	-367	-872	-112	-1 956	-891
Operating margin and profitabilty (%)
EBITDA margin	20.3	26.7	17.0	20.4	6.4
Return on capital employed (annualised)	5.6	12.1	17.6	14.8	-7.8
Capacity utilisation (Production / capacity %)	78	78	94	87	89

Outlook

The development in the global economy is of vital importance for consumer spending, and will impact the publication paper and packaging industry, and thus Norske Skog's operations.

There is still some uncertainty to how the global economy will perform in 2023 especially in the raw material- and energy markets. Raw material and energy prices are below the record levels experienced in 2022, but are still far above historical average levels. The decrease in energy prices and decreased demand for publication and packaging paper have resulted in lower sales prices. It is expected that the development of costs and paper demand will influence paper sales prices in Europe. The decreased demand for publication paper has initiated further announcements of capacity closures in the industry to improve the imbalance in demand and supply for publication paper.

Norske Skog's European operations are cost-competitive, and the group will temporarily adjust production to customer demand. Simultaneously, Norske Skog will continue to develop the industrial sites, including further conversions and new initiatives within renewable energy and bioproducts.

About Norske Skog

Norske Skog is a world leading producer of publication paper with strong market positions and customer relations in Europe and Australasia. The Norske Skog Group operates four mills in Europe, which produce publication paper, recycled packaging paper, energy and bioproducts. In addition, the Group operates one paper mill in Australia. Norske Skog aims to further diversify its operations and continue its transformation into a growing and high-margin business through a range of promising energy and bio product development projects. The Group has approximately 2 100 employees, is headquartered in Norway and listed on the Oslo Stock Exchange under the ticker NSKOG.

Presentation and quarterly material

The company will not hold a live presentation, but will arrange a webinar today at 08:30 CEST for pre-registered participants. The quarterly recording, the presentation, the financial statements and the press releases are available on www.norskeskog.com and published on www.newsweb.no under the ticker NSKOG. If you want to receive future Norske Skog press releases, please subscribe through the website of the Oslo Stock Exchange www.newsweb.no.

Norske Skog Communications and Public Affairs

For further information: Norske Skog media: Norske Skog financial markets: Vice President Communication and Public Affairs Investor Relation Manager Carsten Dybevig Even Lund Email: carsten.dybevig@norskeskog.com Email: even.lund@norskeskog.com Mob: +47 917 63 117 Mob: +47 906 12 919

Pressemelding

Fortsatt sterkt resultat tross svakere markeder

Norske Skogs EBITDA i første kvartal 2023 var NOK 675 millioner, en nedgang fra NOK 1 083 millioner i fjerde kvartal 2022. EBITDA i første kvartal ble påvirket av lavere salgsvolum og noe lavere salgspriser for publikasjonspapir enn i fjerde kvartal 2022. Svakere marked for publikasjonspapir resulterte i økt ferdigvarelager og noen markedsstopper med salg av overskuddsenergi til lavere energipriser enn i fjerde kvartal 2022. Norske Skog Bruck hadde en vellykket produksjonsoppstart av resirkulert emballasjepapir på slutten av første kvartal. Konverteringsprosjektet for emballasje ved Norske Skog Golbey utvikler seg i henhold til budsjett og tidsplan.

"All ære går til hele Bruck-teamet for den vellykkede produksjonsoppstarten av emballasjepapir i kvartalet. Mest imponerende, til tross for den turbulente europeiske, økonomiske utviklingen de siste tre årene, har konverteringsprosjektet ved Bruck blitt gjennomført som forutsatt i budsjett- og tidsplanene. Vi forventer regelmessige leveranser av emballasjepapir til våre kunder fra slutten av andre kvartal etterfulgt av ordinær produksjonsoptimalisering og standard produkttesting hos nye kunder. Til tross for et svakere marked for publikasjonspapir med lavere salgspriser og produksjonsvolum, har vi levert et solid kvartal, sier Sven Ombudstvedt, konsernsjef i Norske Skog.

Kontantstrøm fra driften var NOK 430 millioner i kvartalet sammenlignet med NOK 745 millioner i forrige kvartal, og var negativt påvirket av lavere EBITDA og endringer i arbeidskapitalen på NOK 188 millioner, hovedsakelig knyttet til økt ferdigvarelager. Driftsresultatet i første kvartal 2023 var NOK 85 millioner sammenlignet med driftsresultatet i fjerde kvartal 2022 på NOK 944 millioner. Kvartalet ble negativt påvirket av endringer, uten kontanteffekter, i verdsettelsen av energikontrakter i Norge på NOK 474 millioner. Underskudd etter skatt ble NOK 181 millioner i kvartalet sammenlignet med et resultat på NOK 1 065 millioner i forrige kvartal. Underskuddet ble negativt påvirket av urealiserte valutatap på eurogjeld med NOK 189 millioner. Generalforsamlingen den 20. april vedtok å gi styret en fullmakt til å utbetale opp til NOK 5,00 per aksje i utbytte. En utbyttebetaling er avhengig av samtykke fra enkelte långivere om unntak fra bestemmelsene i de aktuelle låneavtalene, som begrenser adgang til utbytte og tilbakekjøp av egne aksjer. Netto rentebærende gjeld var NOK 1 305 millioner kroner ved årsskiftet, med en egenkapitalandel på 42%.

Status prosjekter

Norske Skog Bruck hadde en vellykket produksjonsoppstart av resirkulerte emballasjepapir på PM3 på slutten av første kvartal. Ved Norske Skog Golbey ble avispapirmaskinen (PM1) stengt i fjerde kvartal 2022 for konvertering til produksjon av resirkulert emballasje, som medførte salg av overskuddsenergi. Tidsplan og totalbudsjett er i tråd med forutsetningene i ombyggingsprosjektet, med forventet oppstart i fjerde kvartal 2023.

Konvertering av avispapirmaskiner ved Norske Skog Bruck og Norske Skog Golbey vil gi 760 000 tonn med konkurransedyktig og lavutslipps emballasjekapasitet. Emballasjeproduksjonen vil være fullt ut basert på resirkulert fiber og bruke grønn energi generert fra forbrenningsanlegget for avfall i Bruck og fra biomasseanlegg under konstruksjon på fabrikkområdet i Golbey (Green Valley Energie).

«Vi er svært tilfredse med å ha fullført ombyggingen av Bruck-fabrikken til emballasjepapirproduksjon basert på egenprodusert energi. Vi er dedikerte til å betjene våre kunder med et bredt spekter av publikasjons- og emballasjepapir i tillegg til andre bioprodukter,» sier Ombudstvedt.

Norske Skog ASA

Sjølyst plass 2 P.O. Box 294 Skøyen, 0213 Oslo Norway

Energiforbrenningsanlegget i Bruck har vært i drift siden andre kvartal i 2022 til rundt 80 % av designkapasiteten. Norske Skog Bruck og Valmet, som er hovedleverandøren, har i løpet av første kvartal 2023 gjennomført modifikasjons- og optimaliseringsarbeider, som har muliggjort energianlegget for full designkapasitet. Norske Skog Bruck vil med dette energianlegget redusere gassforbruket og CO2-utslippene betydelig.

Byggingen av det fornybare energianlegget på industriområdet til Golbey utvikler seg som opprinnelige planlagt. Biomasseanlegget vil produsere rundt 200 GWh i elektrisitet og rundt 700 GWh i fornybar damp, og dermed gi 210 000 tonn i CO2-besparelser per år. Green Valley Energie (GVE) er et joint venture der Norske Skog Golbey har en 10% eierandel. Bioenergianlegget vil sikre stabil, langsiktig forsyning av konkurransedyktig fornybar damp, som et alternativ til fossile energikilder, og vil skjerme Golbey noe fra volatile energimarkeder.

Norske Skog Skogn er i en tidligfase for å bygge en ny termomekanisk masse (TMP)-linje til NOK 230 millioner, som vil erstatte dyrt returpapir med fersk fiber og med forventet oppstart i første halvår av 2024. Den nye TMP-linjen vil redusere variable kostnader , og i tillegg redusere Nox, fossilt CO2-utslipp og avfall til deponi.

Norske Skog jobber aktivt for å realisere verdier fra sine industristeder basert på eksisterende infrastruktur og bransjekompetanse. Både biokomposittproduktet CEBICO, og det mikrofibrillære celluloseproduktet CEBINA, som produseres ved Norske Skog Saugbrugs, mottar oppløftende tilbakemeldinger fra kunder som med suksess har testet disse produktene i ulike prosesser og materialer. Norske Skog er pro-aktive i arbeidet med å redusere CO2-utslippene og har som mål å bli CO2 netto negativ eller klimapositiv. Norske Skog vil utforske økonomiske, bærekraftige modeller for bruk av biogent CO2, enten alene eller sammen med partnere.

Drift

Samlet årlig produksjonskapasitet for publikasjonspapir for konsernet er 1,7 millioner tonn etter stengningen av Golbey PM1. I Europa er konsernets kapasitet 1,4 millioner tonn, mens i Australia er kapasiteten 0,3 millioner tonn. Bruck (PM3) startet produksjon av resirkulert emballasjepapir på slutten av første kvartal, mens Golbey (PM1) starter i slutten av fjerde kvartal 2023. Etter igangskjøringsperioden av Bruck (PM3) og Golbey (PM1) i løpet av fjerde kvartal 2023, vil Norske Skog ha en årlig kapasitet på 760 000 tonn av emballasjepapir. Norske Skog har en rekke pågående bioprodukt- og energiaktiviteter ved alle industrianlegg.

Lavere salgspriser og salgsvolum for publikasjonspapir i første kvartal ble noe motvirket av lavere variable kostnader. Imidlertid økte konsernets gjennomsnittlige salgspris per tonn i forhold til forrige kvartal som følge av en lavere andel lavere priset avispapir enn høyere priset SC og LWC-papirkvaliteter. Inntektene fra salg av overskuddskraft på Golbey, som skyldes stans av PM1 for konvertering til emballasjepapirkvaliteter, var lavere enn fjerde kvartal 2022 på grunn av lavere energimarkedspriser i kvartalet.

Salgsprisnedgangen skyldes fall i etterspørselen etter publikasjonspapir og lavere energipriser. Variabel kostnad per tonn økte noe i kvartalet med høyere distribusjon og materialkostnad per tonn, men dette ble noe motvirket av lavere kostnader for returpapir per tonn. Faste kostnader per tonn økte noe på grunn av lavere leverte volumer. Konsernets kapasitetsutnyttelse var 78% i kvartalet, henholdsvis 77% i Europa og 83% i Australasia. Svakere etterspørsel etter publikasjonspapir forårsaket noen driftsstanser i kvartalet, som påvirket kapasitetsutnyttelsen.

Ifølge Eurograph falt etterspørselen etter standard avispapir i Europa med 21% til og med februar sammenlignet med samme periode ifjor. Etterspørselen etter superkalfjerdert magasinpapir (SC) falt med rundt 27%, og LWC magasinpapir falt med rundt 30% til og med februarsammenlignet med samme periode ifjor. I følge offisiell australsk handelsstatistikk økte etterspørselen etter avispapir og LWC med henholdsvis 5% og 16% til og med februar sammenlignet med samme periode i fjor. Produksjon av emballasjepapir forventes å oppnå rundt 60-70 % kapasitetsutnyttelse i første driftsår, med full kapasitetsutnyttelse i løpet av det tredje driftsåret.

Nøkkeltall, første kvartal 2023

NOK millioner (om ikke annet er oppgitt)	Q1 2023	Q4 2022	Q1 2022	2022	2021
Resultatregnskap
Totale inntekter	3 320	4 056	3 590	15 214	10 315
EBITDA	675	1 083	610	3 105	662
Driftsresultat	85	944	593	2 845	-160
Resultat for perioden	-181	1 065	583	2 572	-363
Kontantstrøm
Netto kontantstrøm fra operasjonelle aktiviteter	430	745	196	2 040	191
Netto kontantstrøm fra investeringsaktiviteter	-367	-872	-112	-1 956	-891
Driftsmargin og lønnsomhet (%)
EBITDA margin	20.3	26.7	17.0	20.4	6.4
Avkastning på investert kapital (annualisert)	5.6	12.1	17.6	14.8	-7.8
Kapasitetsutnyttelse (produksjon/kapasitet %)	78	78	94	87	89

Utsikter

Utviklingen i den globale økonomien er av vital betydning for forbruket, og vil påvirke treforedlingsindustrien, og dermed Norske Skogs virksomheter.

Det er fortsatt noe usikkerhet rundt hvordan den globale økonomien vil utvikle seg i 2023, spesielt i råvare- og energimarkedene. Råvare- og energiprisene er under rekordnivåene for 2022, men er fortsatt langt over historiske gjennomsnittsnivåer. Nedgangen i energipriser og redusert etterspørsel etter publikasjons- og emballasjepapir har ført til lavere salgspriser. Det forventes at kostnadsutviklingen og papiretterspørselen vil påvirke papirsalgsprisene i Europa. Den reduserte etterspørselen etter publikasjonspapir har initiert ytterligere kunngjøringer om kapasitetsstengninger i industrien for å forbedre ubalansen i etterspørsel og tilbud etter publikasjonspapir.

Norske Skogs europeiske virksomhet er konkurransedyktig på kostnader. Konsernet vil midlertidig tilpasse produksjonen etter kundenes behov. Samtidig vil Norske Skog fortsette å utvikle industristedene, inkludert ytterligere ombygginger og nye initiativ innen fornybar energi og bioprodukter.

Om Norske Skog

Norske Skog er en verdensledende produsent av publikasjonspapir med sterke markedsposisjoner og kundeforhold i Europa og Australasia. Norske Skog-konsernet driver fire fabrikker i Europa som produserer trykkpapir, resirkulert emballasjepapir, energi og bioprodukter. I tillegg driver konsernet en papirfabrikk i Australia. Norske Skog tar sikte på å diversifisere virksomheten ytterligere og fortsette omstillingen til en voksende og høy-margins virksomhet gjennom en rekke spennende energi- og bioproduktprosjekter. Konsernet har cirka 2 100 ansatte, hovedkontor i Norge og er notert på Oslo Børs under tickeren NSKOG.

Presentasjon og kvartalsmateriell

Selskapet vil ikke holde en live presentasjon, men vil arrangere et webinar idag klokken 08:30 for forhåndsregistrerte deltakere. Liveopptak, presentasjon, kvartalsregnskapet og pressemeldinger er tilgjengelig på www.norskeskog.com og publisert på www.newsweb.no under tickeren NSKOG. Hvis du ønsker å motta Norske Skogs pressemeldinger på publiseringstidspunktet, kan du abonnere på dette gjennom www.newsweb.no.

Norske Skog kommunikasjon og samfunnskontakt

For ytterligere informasjon: Norske Skog media: Norske Skog finansmarkedet: Kommunikasjonsdirektør Investor Relation Manager Carsten Dybevig Even Lund Email: Carsten.Dybevig@norskeskog.com Email: Even.Lund@norskeskog.com Mob: +47 917 63 117 Mob: +47 906 12 919