Slide 1: 1st Quarter 2026
1st Quarter 2026 Oslo, 29 April 2026
Slide 2: Agenda
Agenda Tom Erik Foss-Jacobsen, CEO Highlights Business segments Outlook Per Bjarne Lyngstad, CFO Financial performance 2
Slide 3: Highlights – 1st quarter 2026
Highlights – 1st quarter 2026 EBITDA1 NOK 428 million (NOK 511 million) BioSolutions: Lower sales of specialities compared with a strong quarter last year BioMaterials: Higher deliveries offset by lower sales prices and weaker product mix Strong result for Fine Chemicals Higher energy cost
Slide 4: BioSolutions markets – Q1
BioSolutions markets – Q1 NOK per mtds ‘000 mtds 2025 Average gross sales price1 Sales volume 16 000 2026 100 90 81 84 14 000 13 364 78 75 12 193 75 11 578 11 833 12 000 11 392 50 10 000 25 8 000 0 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q1 Q2 Q3 Q4 Sales price and sales volume include lignin-based biopolymer
Slide 5: BioMaterials markets – Q1
BioMaterials markets – Q1 NOK per mt ‘000 mt 2025 Average gross sales price1 Sales volume 22 000 50 2026 41,8 40,3 20 000 40 37,9 37,0 17 897 17 588 17 697 17 536 18 000 31,2 16 106 30 16 000 20 14 000 12 000 10 10 000 0 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q1 Q2 Q3 Q4 Sales price and sales volume include
Slide 6: Fine Chemicals markets – Q1
Fine Chemicals markets – Q1 mNOK 2025 Operating revenues – quarter 2026 300 250 220 200 179 168 167 156 150 100 50 0 Q1 Q2 Q3 Q4 Operating revenues include fine chemical intermediates and bioethanol Fine chemical intermediates Favourable product mix Higher deliveries Bioethanol Increased sales
Slide 7: Outlook
Outlook BioSolutions Sales volume in 2026 forecast to be ≈340,000 tonnes Sales volume in Q2 expected to be ≈90,000 tonnes, with a less favourable product mix vs Q2-25 BioMaterials Sales volume in 2026 forecast to be 155–160,000 tonnes Sales volume of highly specialised grades expected to be
Slide 8: Financial performance Q1-26
Financial performance Q1-26
Slide 9: Borregaard key figures – Q1
Borregaard key figures – Q1 2025 mNOK Operating revenues 2025 mNOK EBITDA1 2025 % EBITDA margin1 2026 2 500 2026 600 30 25,1 25,5 2026 24,5 25 22,1 2 000 500 20 522 511 21,3 2 045 2 036 2 005 15 400 440 1 833 1 799 428 405 1 500 10 NOK5 300 EPS cumulative Q1 Q2 7,03 Q3 Q4 1 000 8 6,22 200 6 5,08 500
Slide 10: BioSolutions key figures – Q1
BioSolutions key figures – Q1 mNOK 2025 Operating revenues 1 250 2026 1 000 1179 1149 1067 1059 1009 750 • Revenues 9% below Q1-25 500 250 0 Q1 Q2 Q3 Q4 mNOK 2025 400 2026 300 349 • Lower sales volume but higher sales prices within specialities EBITDA1 338 200 260 277 • Higher energy costs 245 100 •
Slide 11: BioMaterials key figures – Q1
BioMaterials key figures – Q1 mNOK 2025 Operating revenues 800 2026 600 689 729 741 679 582 • Revenues 6% above Q1-25 400 • Higher deliveries of speciality cellulose 200 0 Q1 Q2 Q3 Q4 mNOK 2025 150 2026 • Higher deliveries of speciality cellulose 143 EBITDA1 100 113 102 112 127 • Lower sales prices
Slide 12: Fine Chemicals key figures – Q1
Fine Chemicals key figures – Q1 mNOK 2025 Operating revenues 250 2026 200 220 150 179 • Revenues 23% above Q1-25 168 167 156 100 • Higher deliveries of both fine chemical intermediates and bioethanol 50 0 Q1 Q2 Q3 Q4 mNOK 2025 2026 125 100 • Higher deliveries and a favourable product mix within fine
Slide 13: Currency impact
Currency impact 2025 mNOK Hedging effects2 on EBITDA1 2026 Borregaard’s currency basket3 16 106 25 104,0 104 0 -25 102 -21 -24 99,3 -50 -34 100 -75 98 98,5 98,2 -100 96 94,7 -95 -125 94 Q1 Q2 Q3 Q4 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Net FX EBITDA1 impact insignificant vs Q1-25 Includes change in hedg
Slide 14: Cash flow, investments and NIBD
Cash flow, investments and NIBD Increase mNOK Cash flow from operating activities mNOK Investments NIBD1 change 600 400 383 Decrease 2 200 58 10 350 500 2 100 139 123 300 400 2 000 239 161 250 1 900 428 300 200 160 161 1 800 2 090 2 125 143 144 211 200 423 419 150 385 26 56 260 1 700 100 100 100 1 6
Slide 15: Questions?
Questions? Tom Erik Foss-Jacobsen, CEO Per Bjarne Lyngstad, CFO Please note that you can submit questions online during the webcast 15
Slide 16: Appendix
Appendix
Slide 17: Borregaard – key figures
Borregaard – key figures Amounts in NOK million Q1-26 Q1-25 Change Operating revenues 2 005 2 036 -2 % EBITDA 1 428 511 -16 % Depreciation property, plant and equipment -152 -143 Amortisation intangible assets 0 -1 Other income and expenses 1 0 0 Operating profit 276 367 -25 % Financial items, net -
Slide 18: Operating revenues and EBITDA per segment
Operating revenues and EBITDA1 per segment Amounts in NOK million Amounts in NOK million Operating revenues Q1-26 Q1-25 Change EBITDA 1 Q1-26 Q1-25 Change Borregaard 2 005 2 036 -2 % Borregaard 428 511 -16 % BioSolutions 1 067 1 179 -9 % BioSolutions 260 349 -26 % BioMaterials 729 689 6% BioMaterial
Slide 19: Balance sheet
Balance sheet Amounts in NOK million 31.3.2026 31.12.2025 Assets: Intangible assets 71 79 Property, plant and equipment 5 215 5 255 Right-of-use assets 454 445 Other assets 622 493 Investments in joint venture/associate companies 310 270 Non-current assets 6 672 6 542 Inventories 1 472 1 521 Receiva
Slide 20: Cash flow
Amounts in NOK million Q1-26 Q1-25 FY-2025 Cash flow Amounts in NOK million Profit before taxes 230 319 864 Amortisation, depreciation and impairment charges 152 144 591 Change in net working capital, etc -211 -261 -124 Dividend/share of profit from JV & associate company 16 17 290 Taxes paid -110 -
Slide 21: Net financial items and net interest-bearing debt
Net financial items & net interest-bearing debt1 Amounts in NOK million Net financial items Q1-26 Q1-25 Net interest expenses -29 -36 Currency gain/loss -1 -7 Share of profit/-loss from an associate -16 -17 Other financial items, net 0 12 Net financial items -46 -48 Amounts in NOK million Net intere
Slide 22: 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 23: 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 31.03.2026 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 24: 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 25: 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