Slide 1: 2nd Quarter 2025
2nd Quarter 2025 Sarpsborg, 16 July 2025
Slide 2: Agenda
Agenda Per A Sørlie, President & CEO Highlights Business segments Environmental investment Outlook Per Bjarne Lyngstad, CFO Financial performance 2
Slide 3: Highlights – 2nd quarter 2025
Highlights – 2nd quarter 2025 EBITDA1 NOK 522 million (NOK 510 million) Continued growth in sales to agriculture in BioSolutions Higher prices, improved mix and increased volume in BioMaterials, partly offset by increased wood costs Lower sales prices for bioethanol in Fine Chemicals Posit
Slide 4: BioSolutions markets – Q2
BioSolutions markets – Q2 NOK per mtds ‘000 mtds 2024 Average gross sales price1 Sales volume 16 000 2025 100 88 90 14 000 13 364 81 81 81 77 12 582 75 11 862 11 877 11 866 11 578 12 000 50 10 000 25 8 000 0 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q1 Q2 Q3 Q4 Sales price and sales volume include lignin-
Slide 5: BioMaterials markets – Q2
BioMaterials markets – Q2 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 17 098 17 588 18 000 16 591 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 Q1 Q2 Q3 Q4 Sales price and sal
Slide 6: Fine Chemicals markets – Q2
Fine Chemicals markets – Q2 mNOK 2024 Operating revenues – quarter 2025 300 246 250 223 192 179 200 168 150 138 100 50 0 Q1 Q2 Q3 Q4 Operating revenues include fine chemical intermediates and bioethanol Bioethanol Continued lower sales prices for bioethanol Fine chemical intermediates Slightly w
Slide 7: Environmental investment at the Sarpsborg biorefinery
Environmental investment at the Sarpsborg biorefinery Environmental investment of 138 mNOK Installation of 30 MW electric boiler Reduced fossil CO₂ emissions and increased renewable energy share Part of transition plan to meet 2030 climate targets Financially sound investment Lower energy co
Slide 8: Outlook
Outlook BioSolutions Sales volume in 2025 forecast to be ≈330,000 tonnes Sales volume in Q3-25 expected to be largely in line with Q3-24 Anti-dumping duties on vanillin from China expected to have a positive but limited impact for Borregaard BioMaterials Sales volume in 2025 forecast to be a
Slide 9: Financial performance Q2-25
Financial performance Q2-25
Slide 10: Borregaard key figures – Q2
Borregaard key figures – Q2 mNOK Operating revenues 2024 mNOK EBITDA1 2024 % EBITDA margin1 2024 2 500 2025 600 30 2025 2025 25,1 26,2 25 500 26,9 25,5 524 2 000 522 511 510 20 2 045 2 036 22,4 22,8 1 975 1 949 1 949 400 442 1 744 1 500 15 398 NOK 300 10 EPS cumulative 10 Q1 Q2 Q3 Q4 1 000 200 8 6 5
Slide 11: BioSolutions key figures – Q2
BioSolutions key figures – Q2 mNOK 2024 Operating revenues 1 250 2025 1 000 1088 1179 1117 1149 1031 1005 750 • Revenues 3% above Q2-24 500 250 0 Q1 Q2 Q3 Q4 mNOK 2024 400 2025 • Continued growth in sales to agriculture 300 349 EBITDA1 318 338 • Positive but limited impact from US anti-dumping dutie
Slide 12: BioMaterials key figures – Q2
BioMaterials key figures – Q2 mNOK 2024 Operating revenues 800 2025 600 704 689 741 683 622 613 400 • Revenues 19% above Q2-24 200 0 Q1 Q2 Q3 Q4 mNOK 2024 150 2025 143 EBITDA1 100 131 • Higher prices, improved mix and increased volume 111 113 102 90 • Higher wood costs 50 • Positive net FX effects 0
Slide 13: Fine Chemicals key figures – Q2
Fine Chemicals key figures – Q2 mNOK 2024 Operating revenues 250 2025 200 246 223 150 192 179 • Revenues 25% below Q2-24 168 100 138 • Lower sales prices for bioethanol 50 0 Q1 Q2 Q3 Q4 mNOK 2024 2025 125 100 122 • Bioethanol: Continued lower sales prices for bioethanol EBITDA1 75 102 • Fine chemica
Slide 14: Currency impact
Currency impact 2024 mNOK Hedging effects2 on EBITDA1 2025 Borregaard’s currency basket3 104 0 102,2 102,1 -25 102 -34 100,3 -50 99,8 100 -75 97,8 98 97,5 -100 -89 -86 -95 -97 -93 -125 96 Q1 Q2 Q3 Q4 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Net FX EBITDA1 impact ≈ +35 mNOK vs Q2-24 Includes change in
Slide 15: Cash flow, investments and NIBD
Cash flow, investments and NIBD Increase mNOK Cash flow from operating activities mNOK Investments NIBD1 change 600 350 Decrease 2 400 12 300 287 287 164 55 500 43 239 2 200 250 400 165 2 000 424 200 172 300 143 144 2 355 546 35 522 150 1 800 26 2 126 200 391 385 244 239 314 100 1 600 100 137 122 11
Slide 16: Questions?
Questions? Per A Sørlie, President & CEO Per Bjarne Lyngstad, CFO Please note that you can submit questions online during the webcast 16
Slide 17: Appendix
Appendix
Slide 18: Borregaard – key figures
Borregaard – key figures Amounts in NOK million Q2-25 Q2-24 Change YTD-25 YTD-24 Change Operating revenues 2 045 1 949 5% 4 081 3 924 4% EBITDA 1 522 510 2% 1 033 952 9% Depreciation property, plant and equipment -142 -134 -285 -267 Amortisation intangible assets -2 -2 -3 -3 Other income and expense
Slide 19: Operating revenues and EBITDA per segment
Operating revenues and EBITDA1 per segment Amounts in NOK million Amounts in NOK million Operating revenues Q2-25 Q2-24 Change EBITDA 1 Q2-25 Q2-24 Change Borregaard 2 045 1 949 5% Borregaard 522 510 2% BioSolutions 1 149 1 117 3% BioSolutions 338 318 6% BioMaterials 741 622 19 % BioMaterials 143 90
Slide 20: Balance sheet
Balance sheet Amounts in NOK million 30.6.2025 31.3.2025 31.12.2024 Assets: Intangible assets 81 85 88 Property, plant and equipment 5 033 4 992 5 026 Right-of-use assets 462 483 508 Other assets 637 598 524 Investments in joint venture/associate companies 446 400 417 Non-current assets 6 659 6 558
Slide 21: Cash flow
Amounts in NOK million Q2-25 Q2-24 YTD-25 YTD-24 FY-2024 Cash flow Amounts in NOK million Profit before taxes Amortisation, depreciation and impairment charges 326 144 322 136 645 288 583 270 1 079 561 Change in net working capital, etc 33 194 -228 -272 -326 Dividend/share of profit from JV & associ
Slide 22: Net financial items & net interest-bearing debt
Net financial items & net interest-bearing debt1 Amounts in NOK million Net financial items Q2-25 Q2-24 YTD-25 YTD-24 Net interest expenses -37 -42 -73 -81 Currency gain/loss -2 -2 -9 -2 Share of profit/-loss from an associate -9 -7 -26 -10 Other financial items, net -4 -1 8 -6 Net financial items -
Slide 23: 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 24: 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 30.6.2025 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 25: 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 26: 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