Borregaard Asa (BRRDF) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning everyone and welcome to the fourth quarter 2025 presentation for Borgard. My name is Tom-Erik Foss Jakobsen. I'm the CEO of the company and I'll be joined today by our CFO Per-Bjarne Lyngstad. Together we will take you through this agenda. I will start with the key highlights for the quarter and give an update on the market situation across our business segments. I'll then summarize the outlook for 2026 and finally present our dividend proposal for 2025 before handing over to Per Bjarne. And he will then take you through the financial performance in more detail. And before we begin, I'd also like to remind those of you that watch the webcast live that you are welcome to submit questions anytime during the presentation and we will address them at the end. Let's begin with the highlights for the quarter. EBITDA came in at 405 million NOK, slightly up from 398 million in the same quarter 2024. BioSolutions delivered a solid quarter supported by high bio-vendoring deliveries and continued growth in sales to agriculture. A trend we have now seen for the two last years. Biomaterials delivered good results driven by higher specialty cellulose prices and increased sales volume. In fine chemicals, our fine chemical intermediates delivered a strong performance. Bioethanol sales prices remained at the lower levels that we've been seeing throughout the year. Wood and energy costs were down in the quarter and partly offset the increases we saw in other costs. We also recorded impairments of in total 245 million NOC of the bio-based startups we are invested in. This is due to delays and increased capital needs. In a coming period, we will focus on our current positions in bio-based startups. We had a strong cash flow in the fourth quarter. Looking at the full year, we...