Norske Skog Asa · OSL:NSKOG
Norske Skog Asa — Q4 2025 Earnings Presentation
18 slides from Norske Skog Asa's earnings presentation, Feb 5, 2026
Slide 1: Q4 2025 presentation: We create green value
Q4 2025 presentation 5 February 2026 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 Skogn Growing packaging paper producer Norway O
Slide 3: Quarter highlights
Quarter highlights Fourth quarter 2025 Record deliveries of recycled containerboard Record production and deliveries of recycled containerboard in the quarter and for the year Profitability impacted by ramp-up, trial deliveries, and exports for Golbey PM1 Quarterly EBITDA of NOK 13m, 2025 pre-tax pr
Slide 4: Key figures
Key figures Fourth 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 82 2 666 400 41 2 589 300 48 71 2 389 2 403 47 2 500 500 45 44 200 250 45 120
Slide 5: Financial position
Financial position Fourth quarter 2025 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% 9x 1
Slide 6: Segment
Segment Fourth quarter 2025 Publication paper Increased EBITDA due to higher deliveries and increasing NOK million Q4'24 Q3'25 Q4'25 market share, slight improvement in excess energy sales Deliveries, kt 291 267 286 Partly offset by slight decrease in achieved price in line Operating revenue 2 226 1
Slide 7: Developments at Saugbrugs
Developments at Saugbrugs Continue to review rebuild of PM6 Continue to study potential rebuild of PM6 for production of SC magazine paper Opportunity to offer TMP-based kraftliner through minor modifications and limited investment Expect to conclude studies during Q2 2026 7 TMP = Thermomechanical P
Slide 8: Innovative projects at Skogn
Innovative projects at Skogn Diversifying product portfolio and reducing production costs NOR Book – Production of book paper PulpFlex – Improved TMP process to provide power grid services Skogn on track to deliver book paper with market standard bulk, brightness, and Multi-staged project to enhance
Slide 9: 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 50 50 Golbey PM1 at 32% and Bruck PM3 at 88% utili
Slide 10: Sustainable operations across Norske Skog
Sustainable operations across Norske Skog Reducing CO2 footprint and recycling waste into valuable products Reduction in CO2 emissions Carbon Centric partnership Recycling wastepaper to new products Waste used for energy Thousand tonnes Kg per tonne produced Thousand tonnes Thousand tonnes 900 500 1
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 market share
Publication paper market share Norske Skog outperforming and strengthening its market position Newsprint market share Western Europe Uncoated mechanical market share Western Europe1 Coated mechanical market share Western Europe Thousand tonnes (and market share) Thousand tonnes (and market share) Th
Slide 13: 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 14: Packaging paper market
Packaging paper market Norske Skog increasing market share despite excess industry capacity RCCM market balance Western Europe RCCM cash cost Western Europe Thousand tonnes and change in demand (and utilisation rate) EUR per tonne Bruck PM3, Norske Skog 35 000 600 Golbey PM1, Norske Skog 30 000 500
Slide 15: 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 16: 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 1 400 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 202
Slide 17: 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 Significant emphasis on Golbey PM1 ramp-up with expected full utilisation in H1 2
Slide 18: 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