Norske Skog Asa · OSL:NSKOG
Norske Skog Asa — Q2 2026 Earnings Presentation
17 slides from Norske Skog Asa's earnings presentation, Jul 14, 2026
Slide 1: Q2 2026 presentation
Q2 2026 presentation 14 July 2026 We create green valu
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 Skogn Growing packaging paper producer Norway O
Slide 3: Quarter highlights
Quarter highlights Second quarter 2026 Positive EBITDA and record deliveries for the packaging paper segment Record recycled containerboard deliveries of 122kt in the quarter Achieving positive EBITDA margin for the packaging paper segment Quarterly EBITDA of NOK 73m and pre-tax profit of NOK -163m
Slide 4: Key figures
Key figures Second 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 3 500 500 300 451 236 400 450 3 000 2 877 200 2 589 2 584 400 350 122 2 403 120 82 106 2 389 2 500 350 300 71 100 47 49
Slide 5: Financial position
Financial position Expect NND sale proceeds of NOK ~780m in Q3 2026, of which NOK ~50m for Second quarter 2026 dismantling costs 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.
Slide 6: Segment results
Segment Publication paper Second quarter 2026 Stronger NOK resulting in decreased operating revenue in the quarter, partly offset by higher prices and deliveries Other operating income decreased due to recognition of NOK million Q2’25 Q1’26 Q2’26 NOK 320m from transaction with NND in the previous De
Slide 7: Good progress on RCCM ramp-up
Good progress on RCCM ramp-up Expect to achieve full utilisation during H1 2027 Monthly RCCM production Golbey PM1 and Bruck PM3 Monthly RCCM deliveries Golbey PM1 and Bruck PM3 Thousand tonnes Thousand tonnes 60 Full utilisation 60 Full utilisation Golbey PM1 at 53% and 50 Bruck PM3 at 100% 50 util
Slide 8: Developments at Saugbrugs
Developments at Saugbrugs Property sale and business development Property sale NND to acquire Saugbrugs properties and assets to decommission the Halden nuclear facility Saugbrugs will continue to produce SC magazine paper by leasing PM4-5 until hand over expected in H2 2028 The decommissioning will
Slide 9: Book paper project at Skogn
Book paper project at Skogn Enabling switch between newsprint and book paper Rebuild of PM1 successfully completed in April, with positive feedback from customer trials. Commercial deliveries to increase during H2 2026 Enables switching between newsprint and book paper at PM1, which has an annual ca
Slide 10: BESS project at Bruck
BESS project at Bruck Integration of renewable production Reviewing a Battery Energy Storage System (BESS) at Bruck to reduce electricity cost and offer grid services Bruck has grid connection of 100 MW of which 55 MW is used for paper production Battery park with effect of 20 MW and capacity of 40
Slide 11: 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 12: 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 13: Packaging paper market
Packaging paper market Continued reduction in cash cost with increased production and optimisation RCCM market balance Western Europe RCCM cash cost Western Europe Thousand tonnes and change in demand (and utilisation rate) EUR per tonne 35 000 600 Bruck PM3, Norske Skog Golbey PM1, Norske Skog 30 0
Slide 14: 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 160 350 700 100 90 140 300 600 80 120 250 500 70 100 60 200 400 80 50 15
Slide 15: Paper prices
Paper prices Price increases across most grades being implemented during Q2 2026 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 2025 2
Slide 16: Outlook
Outlook Concluding remarks Continue to increase market share in uncertain operating environment and challenging markets Ongoing initiatives to reduce production cost and working capital to maintain competitive position Profitable projects being explored across all mills to diversify revenue streams
Slide 17: We create green values
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