Norske Skog Asa · OSL:NSKOG
Norske Skog Asa — Q3 2026 Earnings Presentation
20 slides from Norske Skog Asa's earnings presentation, Oct 22, 2026
Slide 1: Q3 2026 presentation
Q3 2026 presentation 22 October 2026 We create green valu
Slide 2: Looking ahead
Looking ahead Market-leading brands Diversify into growing markets Packaging TMP liner Creating valuable products from wood fibre paper 760kt of RCCM capacity 300kt of TMP-based kraftliner capacity1 Up to 200kt of interliner capacity2 Illustration Publication paper Packaging paper Publication Other
Slide 3: Four high-quality industrial sites
Four high-quality industrial sites Eight1 paper machines with supporting infrastructure for energy, fibre, and water Skogn Skogn Norway Norway Golbey Bruck France Austria Saugbrugs Norway Norwegian mills European mills Cost competitive production of Modern and efficient recycled publication paper fr
Slide 4: Norske Skog Golbey
Norske Skog Golbey Flagship mill and most valuable group asset State-of-the-art RCCM machine (PM1) with 550kt of competitive production capacity Modern newsprint machine (PM2) with 330kt capacity Newly invested OCC drum and upgraded DIP capacity Competitive long-term energy contract with Exeltium Lo
Slide 5: Norske Skog Bruck
Norske Skog Bruck Successful turn-around after challenging years Profitable RCCM machine (PM3) with 210kt capacity Well-invested LWC machine (PM4) with 265kt capacity Exploring new paper grades for the future Broad portfolio of energy assets: ✓ Waste-to-energy boiler of 50 MW ✓ Biomass boiler ✓ Elec
Slide 6: Norske Skog Skogn
Norske Skog Skogn Targeting last-man-standing in newsprint Largest newsprint mill in Europe with three newsprint machines (PM1-3) of combined 510kt capacity Main newsprint supplier to UK market through on-site, deep-sea, ice-free, Atlantic port Successful launch of Nor Book paper Diversification wit
Slide 7: Norske Skog Saugbrugs
Norske Skog Saugbrugs Rebuild of PM6 to restore profitability and outlook Current production of SC magazine paper at PM4 and PM5 with combined annual capacity of 200kt PM6 rebuild will restore mill profitability and provide a growth outlook with flexible production of 300kt TMP- based kraftliner or
Slide 8: Restoring excellency
Restoring excellency Bringing back a world-class machine Rock wall secured and PM6 building restored, very limited works remaining Damages mainly at the end of the production process, requires repair or replacement of specific equipment Upgrades primarily required at the front-end of the paper machi
Slide 9: Data centre development
Data centre development Opportunity to establish an 80-100 MW data centre Saugbrugs is located adjacent to the Halden transformer station with significant grid capacity Existing grid agreement supported by high-capacity power lines directly from the transformer station Zoning process to permit data
Slide 10: Quarter highlights
Quarter highlights Third quarter 2026 Maintaining profitability in a challenging market Experiencing cost increase for energy, fuel, and chemicals coupled with a strong NOK Cost increases partly mitigated by price increases for most grades Norske Skog is the market leader within newsprint production
Slide 11: Key figures
Key figures Third quarter 2026 Deliveries volume Total operating income EBITDA Pre-tax profit Thousand tonnes NOKm NOKm (and margin) NOKm group covenant of min. NOK 400m LTM1 450 3 500 500 300 451 251 448 236 3 015 450 400 2 877 3 000 200 2 589 2 584 400 350 122 115 2 403 120 81 106 2 500 350 300 67
Slide 12: Financial position
Financial position Third quarter 2026 Equity ratio Interest coverage ratio Cash Net debt Book equity to total assets EBITDA to net cash interest cost NOKm NOKm group covenant of min. 25% group covenant of min. 2.0x group covenant of min. NOK 100m unrestricted no group maintenance covenant 100% 5x 1
Slide 13: Segment results
Segment Publication paper Third quarter 2026 Slightly higher prices and deliveries vs. previous quarter Offset by higher cost of materials, especially for energy Implementing cost surcharge where required and NOK million Q3’25 Q2’26 Q3’26 considering market downtime due to cost situation Deliveries,
Slide 14: Publication paper market balance
Publication paper market balance Further capacity closures required to maintain market balance in all grades Newsprint market balance Western Europe Uncoated mechanical market balance Western Europe Coated mechanical market balance Western Europe Thousand tonnes and change in demand (and utilisation
Slide 15: Publication paper cost curves
Publication paper cost curves Norske Skog newsprint machines competitively positioned Newsprint cash cost Western Europe Uncoated mechanical cash cost Western Europe Coated mechanical cash cost Western Europe EUR per tonne EUR per tonne EUR per tonne Saugbrugs PM6 expected to be Well managed and top
Slide 16: Packaging paper market
Packaging paper market Competitive industrial set-up for Golbey PM1 and Bruck PM3 RCCM market balance Western Europe RCCM cash cost Western Europe Thousand tonnes and change in demand (and utilisation rate) EUR per tonne 30 000 600 Among cost leaders if Bruck PM3, Norske Skog including income from G
Slide 17: Raw materials
Raw materials Navigating volatile raw material and energy markets Energy prices Germany Recycled paper prices Germany Spruce pulpwood prices Norway EUA price EUR per MWh EUR per tonne NOK per solid cubic metre EUR per allowance 200 350 700 100 180 90 300 600 160 80 140 250 500 70 120 60 200 400 100
Slide 18: Paper prices
Paper prices Price increases across most grades being implemented over coming months Publication paper prices Germany Recycled containerboard index Germany EUR per tonne Index 1 400 1 400 1 200 1 200 1 000 1 000 800 800 600 600 400 400 200 200 0 0 2021 2022 2023 2024 2025 2026 2021 2022 2023 2024 20
Slide 19: Outlook
Outlook Concluding remarks Continue to increase market share in uncertain operating environment and challenging markets Price increases implemented during the year to see full effect in coming quarters Implementing cost surcharge where required and considering market downtime due to cost situation O
Slide 20: We create green value
Norske Skog ASA Postal address: P.O. Box 294 Skøyen, 0213 Oslo, Norway Visitors: Sjølyst Plass 2, 0278 Oslo, Norway Phone: +47 22 51 20 20 Email: info@norskeskog.com Email: ir@norskeskog.com This presentation contains statements regarding the future in connection with Norske Skog’s growth initiative