Slides
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3rd Quarter 2026 Oslo, 28 October 2026
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Agenda 2 Tom Erik Foss-Jacobsen, CEO Highlights Business segments Outlook Per Bjarne Lyngstad, CFO Financial performance
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Highlights – 3rd quarter 2026 3 All-time high EBITDA1 of 557 mNOK and EBITDA margin1 of 29.4% Improved results across all business areas, all-time high result in BioMaterials Strong operational performance at the Sarpsborg site Savings from cost improvement programme and energy system optimisation Selective price increases implemented 1 Alternative performance measure, see Appendix for definition
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1 Average sales price is calculated using actual FX rates, excluding hedging impact BioSolutions markets – Q3 13 364 11 578 11 392 11 833 12 193 10 770 11 214 6 000 8 000 10 000 12 000 14 000 16 000 18 000 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 NOK per mtds Average gross sales price1 81 90 84 7578 94 81 0 25 50 75 100 Q1 Q2 Q3 Q4 ‘000 mtds Sales volume 2025 2026 4 Average price in sales currency 5% above Q3-25 Selective price increases Average gross sales price in NOK impacted by weaker USD and EUR Sales volume 4% lower vs Q3-25 Highly diversified portfolio mitigated weaker demand in certain end markets Sales price and sales volume include lignin-based biopolymers and biovanillin
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BioMaterials markets – Q3 17 897 17 588 17 697 17 536 16 106 15 682 16 285 10 000 12 000 14 000 16 000 18 000 20 000 22 000 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 NOK per mt Average gross sales price1 37,9 40,3 31,2 37,0 41,8 43,8 38,6 0 10 20 30 40 50 Q1 Q2 Q3 Q4 ‘000 mt Sales volume 2025 2026 5 Average price in sales currency 1% below Q3-25 Selective price increases Average gross sales price in NOK impacted by weaker USD and EUR Sales volume 24% higher vs Q3-25 Higher deliveries and strong speciality cellulose production Sales volume in Q3-25 impacted by a temporary disruption in the cellulose production Sales price and sales volume include speciality cellulose and cellulose fibrils 1 Average sales price is calculated using actual FX rates, excluding hedging impact
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Fine Chemicals markets – Q3 179 168 167 156 220 198 172 0 50 100 150 200 250 300 Q1 Q2 Q3 Q4 mNOK Operating revenues – quarter 2025 2026 6 Fine chemical intermediates Higher deliveries Selective price increases Bioethanol Higher deliveries Positive net FX impact Operating revenues include fine chemical intermediates and bioethanol
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Outlook BioSolutions Sales volume in Q4 expected to be 75,000-80,000 tonnes Product mix broadly in line with Q4-25 BioMaterials Sales volume in Q4 expected to be 35,000-37,000 tonnes Share of highly specialised grades expected to be in line with Q4-25 Fine Chemicals Deliveries of bioethanol expected to be notably lower than in Q4-25 Product mix for fine chemical intermediates will be significantly weaker than in Q3-26 Costs and seasonal impacts in Q4 Wood costs expected to be largely in line with Q3-26 Spot prices for electricity and LNG, as well as sulphur price, expected to increase further Energy consumption will be seasonally higher Annual maintenance stop at the Sarpsborg site will impact production volume Cost improvement programme, long-term energy contracts, and energy optimisation are expected to have a continued positive impact Global uncertainty is expected to continue impacting key input costs, markets and currencies 7
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Financial performance Q3-26
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Borregaard key figures – Q3 2 036 2 045 1 799 1 833 2 005 2 114 1 894 0 500 1 000 1 500 2 000 2 500 Q1 Q2 Q3 Q4 mNOK Operating revenues 2025 2026 25,1 25,5 24,5 22,121,3 24,4 29,4 10 15 20 25 30 35 Q1 Q2 Q3 Q4 % EBITDA margin1 2025 2026 9 Revenues 5% above Q3-25 All-time high EBITDA1 of 557 mNOK and EBITDA margin1 of 29.4% Increased result in all business areas o Strong operational performance at the Sarpsborg site o Savings from cost improvement programme, long-term energy contracts, and energy system optimisation o Selective price increases implemented in H2-26 Earnings per share (EPS) NOK 2.96 (NOK 1.96) EPS ex non-recurring items year-to-date NOK 7.13 (NOK 7.03) 511 522 440 405 428 515 557 0 100 200 300 400 500 600 Q1 Q2 Q3 Q4 mNOK EBITDA1 2025 2026 2,52 5,08 7,03 6,22 1,82 0,55 3,51 0 2 4 6 8 Q1 Q2 Q3 Q4 NOK EPS cumulative 1 Alternative performance measure, see Appendix for definition
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BioSolutions key figures – Q3 10 1179 1149 1059 10091067 1153 1023 0 250 500 750 1 000 1 250 Q1 Q2 Q3 Q4 mNOK 2025 2026 349 338 277 245260 306 284 0 100 200 300 400 Q1 Q2 Q3 Q4 mNOK 2025 2026 29,6 29,4 26,2 24,324,4 26,5 27,8 0 10 20 30 40 Q1 Q2 Q3 Q4 % 2025 2026 Operating revenuesEBITDA1EBITDA margin1 • Revenues 3% below Q3-25, mainly due to lower sales volume • Selective price increases • Savings from the cost improvement programme • Weaker demand in certain end markets • Negative net FX effects • EBITDA margin1 above Q3-25 1 Alternative performance measure, see Appendix for definition
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BioMaterials key figures – Q3 11 • Revenues 22% above Q3-25 • Higher deliveries of speciality cellulose • All-time high result for BioMaterials • Higher deliveries and strong production • Lower wood costs and impact from cost improvement programme, but higher sulphur costs • Higher energy prices largely offset by long-term energy contracts and optimising energy system • Positive net FX effects • Strong EBITDA margin1, significantly above Q3-25 689 741 582 679729 773 709 0 200 400 600 800 Q1 Q2 Q3 Q4 mNOK 2025 2026 113 143 112 127102 151 210 0 50 100 150 200 Q1 Q2 Q3 Q4 mNOK 2025 2026 16,4 19,3 19,2 18,7 14,0 19,5 29,6 0 10 20 30 Q1 Q2 Q3 Q4 % 2025 2026 Operating revenuesEBITDA1EBITDA margin1 1 Alternative performance measure, see Appendix for definition
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Fine Chemicals key figures – Q3 12 179 168 167 156 220 198 172 0 50 100 150 200 250 Q1 Q2 Q3 Q4 mNOK 2025 2026 49 41 51 33 66 58 63 0 25 50 75 Q1 Q2 Q3 Q4 mNOK 2025 2026 27,4 24,4 30,5 21,2 30,0 29,3 36,6 0 10 20 30 40 50 Q1 Q2 Q3 Q4 % 2025 2026 Operating revenuesEBITDA1EBITDA margin1 • Revenues 3% above Q3-25 • Higher deliveries • Higher deliveries and selective price increases for fine chemical intermediates • Higher deliveries of bioethanol • Savings from the cost improvement programme • Positive net FX impact • EBITDA margin1 well above Q3-25 1 Alternative performance measure, see Appendix for definition
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Currency impact -95 -34 -21 -24 16 74 57 -125 -100 -75 -50 -25 0 25 50 75 100 Q1 Q2 Q3 Q4 mNOK Hedging effects2 on EBITDA1 2025 2026 96,2 100,7 101,6 101,8 105,6 109,3 108,6 96 98 100 102 104 106 108 110 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 NOK vs Borregaard’s main currencies3 13 Net FX EBITDA1 impact +15 mNOK vs Q3-25 Includes change in hedging effects and based on estimated FX exposure Net FX EBITDA1 impact in 2026 estimated to be +25 mNOK vs 2025 Assuming rates as of 27 October (USD 9.32 and EUR 10.39) on expected FX exposure Net FX EBITDA1 impact in Q4-26 estimated to be ≈5 mNOK vs Q4-25 Significant FX exposure, but delayed impact of FX rate fluctuations due to hedging policy 1 Alternative performance measure, see Appendix for definition 2 See Appendix for currency hedging strategy, future hedges and hedging effects by segment 3 Currency basket based on Borregaard’s net exposure on EBITDA1 in 2025 (=100): USD 63% (≈268 mUSD), EUR 38% (≈146 mEUR), Other -1% (GBP, BRL, SGD, SEK)
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Cash flow, investments and NIBD 423 419 77 695 449 0 100 200 300 400 500 600 700 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 mNOK Cash flow from operating activities Cash flow from operating activities EBITDA¹ 14 Solid cash flow in Q3 The cash effect from an all-time high EBITDA1 was partly offset by tax payments and an increase in net working capital Total investments 168 mNOK Largest expenditures: upgrade of electricity transformation capacity and the debottlenecking project at Sarpsborg site NIBD1 decreased 286 mNOK in Q3 Leverage ratio1 0.97 (1.11) Equity ratio1 61% (60%) 1 Alternative performance measure, see Appendix for definition 104 260 61 88 72 56 123 100 106 96 160 383 161 194 168 0 50 100 150 200 250 300 350 400 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 mNOK Investments Replacement Expansion 557 53 33 168 92 31 2 141 1 855 1 400 1 500 1 600 1 700 1 800 1 900 2 000 2 100 2 200 NIBD1 change Increase Decrease
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Questions? 15 Tom Erik Foss-Jacobsen, CEO Per Bjarne Lyngstad, CFO Please note that you can submit questions online during the webcast
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Appendix
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Borregaard – key figures 17 Amounts in NOK million Q3-26 Q3-25 Change YTD-26 YTD-25 Change Operating revenues 1 894 1 799 5 % 6 013 5 880 2 % EBITDA 1 557 440 27 % 1 500 1 473 2 % Depreciation property, plant and equipment -149 -146 -449 -431 Amortisation intangible assets 0 -1 0 -4 Other income and expenses1 0 0 -30 0 Operating profit 408 293 39 % 1 021 1 038 -2 % Financial items, net -14 -46 -442 -146 Profit before taxes 394 247 60 % 579 892 -35 % Income tax expenses -100 -57 -234 -207 Profit for the period 294 190 55 % 345 685 -50 % Profit attributable to non-controlling interests -1 -5 -5 -16 Profit attributable to owners of the parent 295 195 350 701 Cash flow from operating activities (IFRS) 449 423 1 221 937 Earnings per share 2,96 1,96 51 % 3,51 7,03 -50 % EBITDA margin1 29,4 % 24,5 % 24,9 % 25,1 % 1 Alternative performance measure, see Appendix for definition
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Operating revenues and EBITDA1 per segment 18 Amounts in NOK million Amounts in NOK million Operating revenues Q3-26 Q3-25 Change EBITDA 1 Q3-26 Q3-25 Change Borregaard 1 894 1 799 5 % Borregaard 557 440 27 % BioSolutions 1 023 1 059 -3 % BioSolutions 284 277 3 % BioMaterials 709 582 22 % BioMaterials 210 112 88 % Fine Chemicals 172 167 3 % Fine Chemicals 63 51 24 % Eliminations -10 -9 Amounts in NOK million Amounts in NOK million Operating revenues YTD-26 YTD-25 Change EBITDA 1 YTD-26 YTD-25 Change Borregaard 6 013 5 880 2 % Borregaard 1 500 1 473 2 % BioSolutions 3 243 3 387 -4 % BioSolutions 850 964 -12 % BioMaterials 2 211 2 012 10 % BioMaterials 463 368 26 % Fine Chemicals 590 514 15 % Fine Chemicals 187 141 33 % Eliminations -31 -44 1 Alternative performance measure, see Appendix for definition
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Balance sheet 19 Amounts in NOK million 30.9.2026 30.6.2026 31.12.2025 Assets: Intangible assets 69 73 79 Property, plant and equipment 5 261 5 243 5 255 Right-of-use assets 424 408 445 Other assets 685 559 493 Investments in associate companies 22 18 270 Non-current assets 6 461 6 301 6 542 Inventories 1 505 1 396 1 521 Receivables 1 672 1 684 1 516 Cash and cash deposits 360 125 91 Current assets 3 537 3 205 3 128 Total assets 9 998 9 506 9 670 Equity and liabilities: Group equity 6 071 5 589 5 853 Non-controlling interests 20 21 25 Equity 6 091 5 610 5 878 Provisions and other liabilities 449 417 393 Interest-bearing liabilities 1 640 1 646 1 718 Non-current liabilities 2 089 2 063 2 111 Interest-bearing liabilities 575 620 463 Other current liabilities 1 243 1 213 1 218 Current liabilities 1 818 1 833 1 681 Equity and liabilities 9 998 9 506 9 670 Equity ratio1 (%): 60,9 % 59,0 % 60,8 % 1 Alternative performance measure, see Appendix for definition
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Cash flow 20 1 Alternative performance measure, see Appendix for definition Amounts in NOK million Q3-26 Q3-25 YTD-26 YTD-25 FY-2025 Amounts in NOK million Profit before taxes 394 247 579 892 864 Amortisation, depreciation and impairment charges 149 147 449 435 591 Change in net working capital, etc -33 47 81 -181 -124 Dividend/share of profit from associate companies 1 9 365 35 290 Taxes paid -62 -27 -253 -244 -265 Cash flow from operating activities 449 423 1 221 937 1 356 Investments property, plant and equipment and intangible assets * -164 -137 -407 -464 -793 Investment in associate companies & bio-based start-ups* -4 -23 -116 -78 -132 Other capital transactions 4 4 15 13 18 Cash flow from Investing activities -164 -156 -508 -529 -907 Dividends - - -475 -424 -424 Proceeds from exercise of options/shares to employees - 1 50 33 48 Buy-back of treasury shares - -1 -68 -13 -30 Gain/(loss) on hedges for net investments in subsidiaries 37 13 64 113 100 Proceeds from interest-bearing liabilities - - 512 750 950 Repayment from interest-bearing liabilities -27 -168 -450 -718 -1 047 Change in interest-bearing liabilities/other instruments -12 -7 -15 -63 -56 Cash flow from financing activities -2 -162 -382 -322 -459 Change in cash and cash equivalents 283 105 331 86 -10 Cash and cash equivalents at beginning of period 33 -27 -16 -3 -3 Change in cash and cash equivalents 283 105 331 86 -10 Currency effects cash and cash equivalents -8 -2 -7 -7 -3 Cash and cash equivalents at the close of the period 308 76 308 76 -16 * Investment by category Replacement Investments 72 104 221 316 576 Expansion investments including investment in associate companies and bio-based start-ups 96 56 302 226 349 Total investments including investment in associate companies and bio-based start-ups 168 160 523 542 925
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Net financial items & net interest-bearing debt1 21 Amounts in NOK million Net financial items Q3-26 Q3-25 YTD-26 YTD-25 Net interest expenses -30 -35 -89 -108 Currency gain/loss 9 0 11 -9 Share of profit/-loss from an associate -1 -9 -365 -35 Other financial items, net 8 -2 1 6 Net financial items -14 -46 -442 -146 Amounts in NOK million Net interest-bearing debt 1 (NIBD) 30.9.2026 30.6.2026 31.12.2025 Non-current interest-bearing liabilities 1 640 1 646 1 718 Current interest-bearing liabilities including overdraft of cashpool 575 620 463 Non-current interest-bearing receivables (included in "Other Assets") - - - Cash and cash deposits -360 -125 -91 Net interest-bearing debt 1 (NIBD) 1 855 2 141 2 090 - of which impact from IFRS 16 leases 467 450 497 1 Alternative performance measure, see Appendix for definition
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Currency hedging strategy 22 USD million USD rate EUR million EUR rate Q4-2026 35 10.63 27 11.96 2027 138 10.58 114 12.06 2028 91 10.43 99 12.17 2029 36 9.81 61 11.58 Contracted FX hedges with EBITDA impact (as of 27.10.26) Hedging effects by segment 1 Alternative performance measure, see Appendix for definition 2 Hedging done mainly in the Norwegian company 3 Strict definition of contracts applied for 100% hedging (mutually binding agreement in which price, currency, volume and timeare defined) 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 defined levels EUR; gradually increased at effective rates from 10.75 to 11.25 USD; gradually increased at effective rates from 9.75 to 10.25 Contracts3: 100% hedged Balance sheet exposure hedged 100% Net investments in subsidiaries hedged up to 90% of book value in major currencies NOK million YTD-26 YTD-25 Q3-26 Q3-25 BioSolutions 61 -63 21 -4 BioMaterials 70 -68 29 -13 Fine Chemicals 16 -19 7 -4 Borregaard 147 -150 57 -21
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3 697 1 640 575 360 1 842 0 400 800 1 200 1 600 2 000 2 400 2 800 3 200 3 600 4 000 Long-term debt Other NIBD Cash & cash deposit Undrawn facilities Total available Debt and undrawn facilities 30.09.2026 NIBD1 1,855 mNOK Credit facilities, solidity and debt Long-term credit facilities • 1,500 mNOK revolving credit facilities, maturity 2031, margin linked to sustainability targets • 500 mNOK 5-year green bonds, maturity 2028 (issued June 2023) • 46 mUSD 10-year loan, maturity 2032 • 40 mUSD term loan for LT Florida, maturity 2029 Short-term credit facilities • 250 mNOK overdraft facilities • 15 mUSD overdraft facility in LignoTech Florida • 300 mNOK commercial papers, maturity October 2026 Solidity • Equity ratio1 60.9% • Leverage ratio1 LTM 0.97 (covenant < 3.50) 23 1 Alternative performance measure, see Appendix for definition
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Alternative performance measures In the discussion of the reported operating results, financial position and cash flows, Borregaard refers to certain measureswhich are not defined by generally accepted accounting principles (GAAP) such as IFRS. Borregaard management makes regular use of these Alternative performance measures and is of the opinion that this information, along with comparable GAAP measures, is useful to investors who wish to evaluate the company’s operating performance, ability to repay debt and capability to pursue new business opportunities. Such Alternative performance measuresshould not be viewed in isolation or as an alternative to the equivalent GAAP measure. • EBITDA: Operating profit before depreciation, amortisation and other income and expenses. • EBITDA margin: EBITDA divided by operating revenues. • Equity ratio: Equity (including non-controlling interests) divided by equity and liabilities. • Expansion investments: Investments made in order to expand production capacity, produce new products or to improve the performance of existing products. Such investments include business acquisitions, investments in bio-based start-ups, pilot plants, capitalised R&D costs and new distribution set-ups. • Other income and expenses: Non-recurring items or items related to other periods or to a discontinued business or activity. These items are not viewed as reliable indicators of future earnings based on the business areas’ normal operations. These items will be includedin the Group's operating profit. • Leverage ratio: Net interest-bearing debt divided by last twelve months’ (LTM) EBITDA. • Net interest-bearing debt (NIBD): Interest-bearing liabilities minus interest-bearing assets. • Return on capital employed (ROCE): Last twelve months’ (LTM) capital contribution (operating profit before amortisation and other income and expenses) divided by average capital employed based on the ending balance of the last five quarters. Capital employed is defined by Borregaard as the total of net working capital, intangible assets, property, plant and equipment, right-of-use assets minus net pension liabilities. 24
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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 not constitute an offering of securities or otherwise constitute an invitation or inducement to any person to underwrite, subscribe for or otherwise acquire securities in any company within the Borregaard Group. The release, publication or distribution of this presentation in certain jurisdictions may be restricted by law, and therefore persons in such jurisdictions into which this presentation is released, published or distributed should inform themselves about, and observe, such restrictions. This presentation includes and is based, inter alia, on forward-looking information and contains statements regarding the futurein connection with the Borregaard Group’s growth initiatives, profit figures, outlook, strategies and objectives. All forward-looking information and statements in this presentation are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for the Borregaard Group and its lines of business. These expectations, estimates and projections are generally identifiable by statements containing words such as “expects”, “believes”, “estimates” or similar expressions. Important factors may lead to actual profits, results and developments deviating substantially from what has been expressed or implied in such statements. Although Borregaard believes that its expectations and the presentation are based upon reasonable assumptions, itcan give no assurance that those expectations will be achieved or that the actual results will be as set out in the presentation. Borregaard is making no representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the presentation, and neither Borregaard nor any of its directors, officers or employees will have any liability to you or any other persons resulting from your use. This presentation was prepared for the interim results presentation for the third quarter of 2026, held on 28 October 2026. Information contained herein will not be updated. The slides should also be read and considered in connection with the information given orally during the presentation. 25