Norske Skog Asa · OSL:NSKOG
Norske Skog Asa — Q2 2025 Earnings Presentation
16 slides from Norske Skog Asa's earnings presentation, Jul 15, 2025
Slide 1: Q2 2025 presentation
Q2 2025 presentation 15 July 2025
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 Second quarter 2025 EBITDA of NOK 106m in the quarter Increasing market share despite challenging markets and low industry utilisation rates Better than expected contribution from energy refund and energy contract mechanisms in the quarter Maintaining capital and liquidity positio
Slide 4: Key figures
Key figures Second 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 350 3 500 700 600 3 101 612 442 41 300 41 42 3 000 600 48 2 746 400 47 2 666 341 45 2 511 52 49 2 389 250 45 42 2 500 500 46
Slide 5: Financial position
Financial position Second quarter 2025 Equity ratio Interest coverage ratio Cash1 Net debt Book equity to total assets EBITDA to net cash interest cost NOKm NOKm (and leverage ratio) group covenant of min. 25% group covenant of min. 2.0x group covenant of min. NOK 100m unrestricted no group maintena
Slide 6: Segment financials
Segment financials Second quarter 2025 NOK million Q2'24 Q3'24 Q4'24 Q1’25 Q2'25 Deliveries, kt 279 283 291 273 266 Publication paper Operating revenue 2 053 2 124 2 226 2 152 1 950 Lower deliveries due to both planned and unplanned stops Other operating income 461 100 143 626 79 Slightly lower achi
Slide 7: Loan facility agreements
Loan facility agreements Close relations to all lenders with shared understanding of fundamental growth journey Agreement with lenders to revise repayment schedules to align with containerboard ramp-up Main financing facilities as of Q2 2025 Containerboard loans: EUR 163m (full parent guarantee) NOK
Slide 8: Transformation through strategic projects
Transformation through strategic projects Strategic projects completed and production ramp-up on plan Projects at Norske Skog Bruck completed Projects at Norske Skog Golbey completed Containerboard production Waste-to-energy boiler Containerboard production Biomass boiler JV Started Q1 2023
Slide 9: Reviewing future opportunities at Saugbrugs
Reviewing future opportunities at Saugbrugs Decision on potential restart of PM6 in H2 2025 Decision on potential restart of PM6, and closure of PM4 and PM5, to be taken during H2 2025. Increasing production capacity from 200kt to 240kt Expected net investment of NOK 300m and project period of 12-18
Slide 10: 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 11: 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 12: 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 Europe Thousand tonnes and change in demand (and utilisation rate) EUR per tonne 30 000 600 Bruck PM3, Norske Skog 25 000 500 20 000 400 15 000
Slide 13: 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 14: 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 15: Outlook
Outlook Concluding remarks Uncertain and volatile operating environment with continued pressure on profitability Significant emphasis on reducing production cost and working capital to maintain competitive position Golbey PM1 expected to reach full utilisation in H1 2027 Expect EUR 20-25m of remaini
Slide 16: 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