Slide 1: 3rd Quarter 2025
3rd Quarter 2025 Oslo, 22 October 2025
Slide 2: Agenda
Agenda Tom Erik Foss-Jacobsen, CEO Highlights Business segments Sarpsborg site debottlenecking Alginor financing Outlook Per Bjarne Lyngstad, CFO Financial performance 2
Slide 3: Highlights – 3rd quarter 2025
Highlights – 3rd quarter 2025 EBITDA1 NOK 440 million (NOK 524 million) Reduced result due to lower bioethanol prices and disruption in cellulose production Continued growth in sales to agriculture in BioSolutions Increased sales prices in BioMaterials Strong result for fine chemical inter
Slide 4: BioSolutions markets – Q3
BioSolutions markets – Q3 NOK per mtds ‘000 mtds 2024 Average gross sales price1 Sales volume 16 000 2025 100 88 90 81 81 81 84 14 000 13 364 77 12 582 75 11 862 11 877 11 866 11 578 12 000 11 392 50 10 000 25 8 000 0 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q1 Q2 Q3 Q4 Sales price and sales volume
Slide 5: BioMaterials markets – Q3
BioMaterials markets – Q3 NOK per mt ‘000 mt 2024 Average gross sales price1 Sales volume 22 000 50 2025 44,5 41,4 20 000 37,9 38,6 40,3 17 897 40 35,4 17 588 17 697 31,2 18 000 16 591 17 098 15 700 16 126 30 16 000 20 14 000 12 000 10 10 000 0 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q1 Q2 Q3 Q4 S
Slide 6: Allegations of dumping of speciality cellulose to the US
Allegations of dumping of speciality cellulose to the US RYAM and USW* filed petitions requesting anti-dumping and countervailing duties on speciality cellulose Anti-dumping duties on products from Norway (Borregaard) Anti-dumping and countervailing duties on products from Brazil (Bracel) Borreg
Slide 7: Fine Chemicals markets – Q3
Fine Chemicals markets – Q3 mNOK 2024 Operating revenues – quarter 2025 300 246 250 223 192 179 200 168 167 150 138 100 50 0 Q1 Q2 Q3 Q4 Operating revenues include fine chemical intermediates and bioethanol Bioethanol Continued lower sales prices for bioethanol In addition, lower deliveries vs h
Slide 8: Second investment to increase capacity at Sarpsborg site
Second investment to increase capacity at Sarpsborg site 308 mNOK for the second step out of two expansion investments Debottlenecking and increasing capacity at the Sarpsborg site, announced at CMD in 2024 The first investment of 490 mNOK launched in Q3-24 Total capacity increase of 5–10% from
Slide 9: Borregaard participates in convertible loan to Alginor
Borregaard participates in convertible loan to Alginor Financing solution for Alginor’s on-going investments Expected to be sufficient to complete and commission the commercial-scale demonstration plant for alginates Secured loan facility totalling 230 mNOK through Haugesund Sparebank 200 mNOK
Slide 10: Outlook
Outlook BioSolutions Sales volume in Q4 expected to be 70-75,000 tonnes, below the 77,000 tonnes in Q4-24 Anti-dumping duties on vanillin from China expected to continue to have a positive but limited impact for Borregaard BioMaterials Sales volume in Q4 expected to be 35-38,000 tonnes Share
Slide 11: Financial performance Q3-25
Financial performance Q3-25
Slide 12: Borregaard key figures – Q3
Borregaard key figures – Q3 mNOK Operating revenues 2024 mNOK EBITDA1 2024 % EBITDA margin1 2024 2 500 2025 600 30 26,9 2025 2025 25,1 26,2 25 22,8 500 25,5 524 2 000 522 511 24,5 510 20 2 045 2 036 22,4 1 975 1 949 1 949 400 442 440 1 799 1 744 1 500 15 398 NOK 300 10 EPS cumulative 10 Q1 Q2 Q3 Q4
Slide 13: BioSolutions key figures – Q3
BioSolutions key figures – Q3 mNOK 2024 Operating revenues 1 250 2025 1 000 1088 1179 1117 1149 1031 1059 1005 750 • Revenues 3% above Q3-24 500 250 0 Q1 Q2 Q3 Q4 mNOK 2024 2025 400 • Sustained growth in sales to agriculture 300 349 • Positive but limited impact from US anti-dumping duties on EBITDA
Slide 14: BioMaterials key figures – Q3
BioMaterials key figures – Q3 mNOK 2024 Operating revenues 800 2025 600 704 689 741 683 • Revenues 15% below Q3-24 622 582 613 400 • Lower sales volume due to disruption in cellulose production and 200 high deliveries Q3-24 0 Q1 Q2 Q3 Q4 mNOK 2024 150 2025 143 • Higher sales prices and improved prod
Slide 15: Fine Chemicals key figures – Q3
Fine Chemicals key figures – Q3 mNOK 2024 Operating revenues 250 2025 200 246 223 150 192 179 • Revenues 32% below Q3-24 168 167 100 138 • Lower sales prices for bioethanol 50 0 Q1 Q2 Q3 Q4 mNOK 2024 2025 125 • Bioethanol: Continued lower sales prices for bioethanol, 100 122 in addition, lower deliv
Slide 16: Currency impact
Currency impact 2024 mNOK Hedging effects2 on EBITDA1 2025 Borregaard’s currency basket3 104 0 102,2 102,1 -25 102 -21 -34 100,3 -50 99,8 100 -75 97,8 98 97,5 -100 -89 -86 96,6 -95 -97 -93 -125 96 Q1 Q2 Q3 Q4 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Net FX EBITDA1 impact ≈ +30 mNOK vs Q3-24 Inc
Slide 17: Cash flow, investments and NIBD
Cash flow, investments and NIBD Increase mNOK Cash flow from operating activities mNOK Investments NIBD1 change 600 350 2 400 Decrease 287 287 2 300 500 300 43 239 2 200 250 440 61 2 400 2 100 200 165 19 160 2 000 2 355 300 143 144 160 150 1 900 200 423 244 26 56 47 2 072 391 385 1 800 314 100 100 1
Slide 18: Questions?
Questions? Tom Erik Foss-Jacobsen, CEO Per Bjarne Lyngstad, CFO Please note that you can submit questions online during the webcast 18
Slide 19: Appendix
Appendix
Slide 20: Borregaard – key figures
Borregaard – key figures Amounts in NOK million Q3-25 Q3-24 Change YTD-25 YTD-24 Change Operating revenues 1 799 1 949 -8 % 5 880 5 873 0% EBITDA 1 440 524 -16 % 1 473 1 476 0% Depreciation property, plant and equipment -146 -138 -431 -405 Amortisation intangible assets -1 -1 -4 -4 Other income and
Slide 21: Operating revenues and EBITDA per segment
Operating revenues and EBITDA1 per segment Amounts in NOK million Amounts in NOK million Operating revenues Q3-25 Q3-24 Change EBITDA 1 Q3-25 Q3-24 Change Borregaard 1 799 1 949 -8 % Borregaard 440 524 -16 % BioSolutions 1 059 1 031 3% BioSolutions 277 271 2% BioMaterials 582 683 -15 % BioMaterials
Slide 22: Balance sheet
Balance sheet Amounts in NOK million 30.9.2025 30.6.2025 31.12.2024 Assets: Intangible assets 80 81 88 Property, plant and equipment 5 044 5 033 5 026 Right-of-use assets 433 462 508 Other assets 627 637 524 Investments in joint venture/associate companies 461 446 417 Non-current assets 6 645 6 659
Slide 23: Cash flow
Amounts in NOK million Q3-25 Q3-24 YTD-25 YTD-24 FY-2024 Cash flow Amounts in NOK million Profit before taxes Amortisation, depreciation and impairment charges 247 147 326 139 892 435 909 409 1 079 561 Change in net working capital, etc 47 -69 -181 -341 -326 Dividend/share of profit from JV & associ
Slide 24: Net financial items & net interest-bearing debt
Net financial items & net interest-bearing debt1 Amounts in NOK million Net financial items Q3-25 Q3-24 YTD-25 YTD-24 Net interest expenses -35 -40 -108 -121 Currency gain/loss 0 -9 -9 -11 Share of profit/-loss from an associate -9 -6 -35 -16 Other financial items, net -2 -4 6 -10 Net financial item
Slide 25: Currency hedging strategy
Currency hedging strategy Purpose is to delay effects of currency fluctuations and secure competitiveness Hedging based on expected EBITDA1 impact2 Base hedge: 75%/50% on a rolling basis for 6/9 months for major currencies Extended hedge: 75%/50% of the next 24/36 months if USD and EUR are above
Slide 26: Credit facilities, solidity and debt
Credit facilities, solidity and debt Long-term credit facilities Debt and undrawn facilities • 1,500 mNOK revolving credit facilities, maturity 2027, margin 30.9.2025 linked to sustainability targets 4 000 • 500 mNOK 5-year green bonds, maturity 2028 (issued June 2023) 3 600 • 50 mUSD 10-year loan,
Slide 27: Alternative performance measures
Alternative performance measures In the discussion of the reported operating results, financial position and cash flows, Borregaard refers to certain measures which are not defined by generally accepted accounting principles (GAAP) such as IFRS. Borregaard management makes regular use of these Alter
Slide 28: Important notice
Important notice This presentation is being made only to, and is only directed at, persons to whom such presentation may lawfully be communicated (’relevant persons’). Any person who is not a relevant person should not act or rely on this presentation or any of its contents. This presentation does n