Slide 1: 2nd Quarter 2026
2nd Quarter 2026 Sarpsborg, 16 July 2026
Slide 2: Agenda
Agenda Tom Erik Foss-Jacobsen, CEO Highlights Business segments Outlook Per Bjarne Lyngstad, CFO Financial performance 2
Slide 3: Highlights – 2nd quarter 2026
Highlights – 2nd quarter 2026 EBITDA1 NOK 515 million (NOK 522 million) BioSolutions: Higher sales volume with a less favourable product mix BioMaterials: High deliveries and record production Solid result for Fine Chemicals Higher energy, logistics and chemical costs partly offset by lowe
Slide 4: BioSolutions markets – Q2
BioSolutions markets – Q2 NOK per mtds ‘000 mtds 2025 Average gross sales price1 Sales volume 18 000 2026 100 90 94 16 000 81 84 78 75 13 364 14 000 75 11 833 12 193 11 578 11 392 12 000 10 770 50 10 000 8 000 25 6 000 0 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q1 Q2 Q3 Q4 Sales price and sales volume in
Slide 5: BioMaterials markets – Q2
BioMaterials markets – Q2 NOK per mt ‘000 mt 2025 Average gross sales price1 Sales volume 22 000 50 2026 41,8 43,8 40,3 20 000 40 37,9 37,0 17 897 17 588 17 697 17 536 18 000 31,2 16 106 15 682 30 16 000 20 14 000 12 000 10 10 000 0 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q1 Q2 Q3 Q4 Sales price and sal
Slide 6: Fine Chemicals markets – Q2
Fine Chemicals markets – Q2 mNOK 2025 Operating revenues – quarter 2026 300 250 220 198 200 179 168 167 156 150 100 50 0 Q1 Q2 Q3 Q4 Operating revenues include fine chemical intermediates and bioethanol Fine chemical intermediates Favourable product mix Higher deliveries Bioethanol High delive
Slide 7: Outlook
Outlook BioSolutions Sales volume in 2026 forecast to be ≈335,000 tonnes Sales volume in Q3 expected to be ≈85,000 tonnes BioMaterials Sales volume in 2026 forecast to exceed 160,000 tonnes Sales volume of highly specialised grades expected to be higher than in 2025 Sales volume in Q3 expe
Slide 8: Financial performance Q2-26
Financial performance Q2-26
Slide 9: Borregaard key figures – Q2
Borregaard key figures – Q2 2025 mNOK Operating revenues 2025 mNOK EBITDA1 2025 % EBITDA margin1 2026 2 500 2026 600 30 25,1 25,5 2026 24,5 25 22,1 2 000 500 20 24,4 522 515 511 2 114 21,3 2 045 2 036 2 005 15 400 440 1 833 1 799 428 405 1 500 10 NOK5 300 EPS cumulative Q1 Q2 7,03 Q3 Q4 1 000 8 6,22
Slide 10: BioSolutions key figures – Q2
BioSolutions key figures – Q2 mNOK 2025 Operating revenues 1 250 2026 1 000 1179 1149 1153 1067 1059 1009 750 • Revenues in line with Q2-25 500 250 0 Q1 Q2 Q3 Q4 mNOK 2025 400 2026 • Higher sales volume 300 349 EBITDA1 338 306 277 • Less favourable product mix 200 260 245 • Higher energy and energy-
Slide 11: BioMaterials key figures – Q2
BioMaterials key figures – Q2 mNOK 2025 Operating revenues 800 2026 600 689 729 741 773 679 582 • Revenues 4% above Q2-25 400 • High deliveries of speciality cellulose 200 0 Q1 Q2 Q3 Q4 mNOK 2025 2026 150 • High deliveries of speciality cellulose 143 151 EBITDA1 100 127 • Lower sales prices and a we
Slide 12: Fine Chemicals key figures – Q2
Fine Chemicals key figures – Q2 mNOK 2025 Operating revenues 250 2026 200 220 150 179 198 • Revenues 18% above Q2-25 168 167 156 100 • Higher deliveries 50 0 Q1 Q2 Q3 Q4 mNOK 2025 2026 75 • Higher deliveries and a favourable product mix within 66 EBITDA1 50 58 fine chemical intermediates 49 51 25 41
Slide 13: Currency impact
Currency impact 2025 mNOK Hedging effects2 on EBITDA1 2026 Borregaard’s currency basket3 106 104,0 100 74 75 104 50 102 16 99,3 25 100 0 98 -25 96 98,5 98,2 94,7 -50 -21 -24 -34 94 -75 91,5 -100 92 -125 -95 90 Q1 Q2 Q3 Q4 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Net FX EBITDA1 impact +5 mNOK vs Q2-25
Slide 14: Cash flow, investments and NIBD
Cash flow, investments and NIBD Increase mNOK Cash flow from operating activities mNOK Investments NIBD1 change 700 400 383 Decrease 2 200 19 57 600 350 123 2 000 111 500 300 239 515 250 1 800 400 194 695 200 475 160 161 2 125 2 141 300 144 1 600 150 106 200 423 419 56 260 385 100 325 100 1 400 194
Slide 15: Questions?
Questions? Tom Erik Foss-Jacobsen, CEO Per Bjarne Lyngstad, CFO Please note that you can submit questions online during the webcast 15
Slide 16: Appendix
Appendix
Slide 17: Borregaard – key figures
Borregaard – key figures Amounts in NOK million Q2-26 Q2-25 Change YTD-26 YTD-25 Change Operating revenues 2 114 2 045 3% 4 119 4 081 1% EBITDA 1 515 522 -1 % 943 1 033 -9 % Depreciation property, plant and equipment -148 -142 -300 -285 Amortisation intangible assets 0 -2 0 -3 Other income and expen
Slide 18: Operating revenues and EBITDA per segment
Operating revenues and EBITDA1 per segment Amounts in NOK million Amounts in NOK million Operating revenues Q2-26 Q2-25 Change EBITDA 1 Q2-26 Q2-25 Change Borregaard 2 114 2 045 3% Borregaard 515 522 -1 % BioSolutions 1 153 1 149 0% BioSolutions 306 338 -9 % BioMaterials 773 741 4% BioMaterials 151
Slide 19: Balance sheet
Balance sheet Amounts in NOK million 30.6.2026 31.3.2026 31.12.2025 Assets: Intangible assets 73 71 79 Property, plant and equipment 5 243 5 215 5 255 Right-of-use assets 408 454 445 Other assets 559 622 493 Investments in associate companies 18 310 270 Non-current assets 6 301 6 672 6 542 Inventori
Slide 20: Cash flow
Amounts in NOK million Q2-26 Q2-25 YTD-26 YTD-25 FY-2025 Cash flow Amounts in NOK million Profit before taxes -45 326 185 645 864 Amortisation, depreciation and impairment charges 148 144 300 288 591 Change in net working capital, etc 325 33 114 -228 -124 Dividend/share of profit from associate comp
Slide 21: Net financial items & net interest-bearing debt
Net financial items & net interest-bearing debt1 Amounts in NOK million Net financial items Q2-26 Q2-25 YTD-26 YTD-25 Net interest expenses -30 -37 -59 -73 Currency gain/loss 3 -2 2 -9 Share of profit/-loss from an associate -348 -9 -364 -26 Other financial items, net -7 -4 -7 8 Net financial items
Slide 22: 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 23: 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 30.06.2026 linked to sustainability targets 4 000 • 500 mNOK 5-year green bonds, maturity 2028 (issued June 2023) 3 600 • 46 mUSD 10-year loan,
Slide 24: 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 25: 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