Norske Skog Asa · OSL:NSKOG
Norske Skog Asa — Q3 2025 Earnings Presentation
13 slides from Norske Skog Asa's earnings presentation, Oct 24, 2025
Slide 1: Q3 2025 presentation
Q3 2025 presentation 24 October 2025 We create green value
Slide 2: Transformation journey
Transformation journey Creating valuable products from wood fibre Four high quality Strategic transition industrial sites Nine paper machines with supporting Publication paper infrastructure for energy, fibre, and water Packaging paper Other activities Growing packaging paper producer Skogn Norway R
Slide 3: Quarter highlights
Quarter highlights Third quarter 2025 Pre-tax profit of NOK 120m in the quarter and NOK 610m year-to-date, EBITDA of NOK 38m in the quarter Lower prices for pulpwood and recovered paper partly mitigating price decreases Production ramp-up at Golbey PM1 impacting profitability temporarily Positive im
Slide 4: Key figures
Key figures Third quarter 2025 Deliveries volume Total operating income EBITDA Pre-tax profit Thousand tonnes NOKm NOKm (and margin) NOKm group covenant of min. NOK 400m LTM1 400 3 500 700 600 3 101 612 442 350 3 000 600 2 666 400 42 41 2 511 300 48 71 2 389 2 403 47 2 500 500 45 200 250 49 120 45 4
Slide 5: Financial position
Financial position Third quarter 2025 Equity ratio Interest coverage ratio Cash (and capex) 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 covenan
Slide 6: Segment financials
Segment financials Third quarter 2025 NOK million Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Deliveries, kt 283 291 273 266 267 Operating revenue 2 124 2 226 2 152 1 950 1 914 Publication paper Other operating income 100 143 626 79 57 Decrease in achieved price in line with market development Total operating inc
Slide 7: Publication paper market balance
Publication paper market balance Newsprint utilisation rates at manageable levels 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 rate) Thousand tonnes and
Slide 8: Publication paper cost curves
Publication paper cost curves Norske Skog newsprint machines competitively positioned Newsprint cash cost Western Europe Uncoated mechanical cash cost Western Europe1 Coated mechanical cash cost Western Europe EUR per tonne EUR per tonne EUR per tonne 800 800 800 700 700 700 600 600 600 500 500 500
Slide 9: Packaging paper market
Packaging paper market Norske Skog increasing market share despite excess capacity in the industry RCCM market balance Western Europe RCCM cash cost Western Europe1 Thousand tonnes and change in demand (and utilisation rate) EUR per tonne Bruck PM3, Norske Skog 30 000 600 25 000 500 20 000 400 15 00
Slide 10: Raw materials
Raw materials Continued high costs for raw materials impacting profitability 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 160 350 700 100 90 140 300 600 80 120 250 500 70 100 60 200 4
Slide 11: Paper prices
Paper prices Prices track marginal producer cash cost, increases required for all grades Publication paper prices Germany Recycled containerboard index Germany EUR per tonne Index 1 400 1 000 900 1 200 800 1 000 700 600 800 500 600 400 400 300 200 200 100 0 0 2020 2021 2022 2023 2024 2025 2020 2021
Slide 12: Outlook
Outlook Concluding remarks Uncertain and volatile operating environment with continued pressure on profitability Ongoing initiatives to reduce production cost and working capital to maintain competitive position Significant emphasis on Golbey PM1 ramp-up with expected full utilisation in H1 2027 Exp
Slide 13: 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