Interim report
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3RD QUARTER 202 6 INTERIM REPORT
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3RD QUARTER IN BRIEF • All-time high EBITDA1 of NOK 557 million 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 CONTENTS The Group ............................................................................... 3 Business Areas ...................................................................... 5 Foreign Exchange And Hedging .......................................... 9 Cash Flow And Financial Situation ..................................... 9 Share Information .................................................................. 10 Other Matters And Subsequent Events .............................. 10 Outlook .................................................................................... 11 The Group's Interim Condensed Financial Statements ... 12 Alternative Performance Measures .................................... 23 2 _ Q3 2026 BORREGAARD < Previous | Next > | Contents
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THE GROUP 1.7-30.9 1.1-30.9 1.1-31.12 Amounts in NOK million Note 2026 2025 2026 2025 2025 Operating revenues 2 1,894 1,799 6,013 5,880 7,713 EBITDA¹ 557 440 1,500 1,473 1,878 Operating profit 408 293 1,021 1,038 1,287 Profit/loss before taxes 2 394 247 579 892 864 Earnings per share (NOK) 2.96 1.96 3.51 7.03 6.22 Net interest-bearing debt¹ 11 1,855 2,072 1,855 2,072 2,090 Equity ratio¹ (%) 60.9 59.9 60.9 59.9 60.8 Leverage ratio¹ 0.97 1.11 0.97 1.11 1.11 Return on capital employed¹ (%) 15.8 15.8 15.8 15.8 15.7 OPERATING REVENUES 2036 2045 1799 1833 2005 2114 1894 2025 2026 Q1 Q2 Q3 Q4 0 500 1000 1500 2000 2500 EBITDA1 511 522 440 405428 515 557 2025 2026 Q1 Q2 Q3 Q4 0 100 200 300 400 500 600 EBITDA MARGIN1 25.1 25.5 24.5 22.121.3 24.4 29.4 2025 2026 Q1 Q2 Q3 Q4 0 5 10 15 20 25 30 35 40 EARNINGS PER SHARE CUMULATIVE 2.52 5.08 7.03 6.22 1.82 0.55 3.51 8.67 4.17 7.13 2025 2026 2025 ex non-recurring 2026 ex non-recurring Q1 Q2 Q3 Q4 0 1 2 3 4 5 6 7 8 9 10 3 _ Q3 2026 BORREGAARD < Previous | Next > | Contents 1 Alternative Performance Measures, see page 23 for definition. NOK MILL % NOK NOK MILL
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THIRD QUARTER Operating revenues increased to NOK 1,894 million (NOK 1,799 million) in the 3rd quarter of 2026. EBITDA1 reached an all-time high of NOK 557 million (NOK 440 million)2. The results in all areas increased compared with the 3rd quarter of 2025. In BioSolutions, selective price increases and reduced costs were the main reasons for the improved result. Higher deliveries and strong production were the main reasons for an all-time high result in BioMaterials. In Fine Chemicals, the result improved due to higher deliveries of both fine chemical intermediates and bioethanol. Savings from the ongoing cost improvement programme and energy system optimisation contributed positively to the Group’s results in the quarter. Net currency effects were positive for the Group. Operating profit was NOK 408 million (NOK 293 million). Net financial items were NOK -14 million (NOK -46 million). Profit before tax was NOK 394 million (NOK 247 million). A tax expense of NOK -100 million (NOK -57 million) gave a tax rate of 25% (23%) in the quarter. Earnings per share were NOK 2.96 (NOK 1.96). The cash flow from operating activities was NOK 449 million (NOK 423 million). The cash effect from an all-time high EBITDA1 was partly offset by tax payments and an increase in net working capital. YEAR-TO-DATE (1.1-30.9) Borregaard’s operating revenues reached NOK 6,013 million (NOK 5,880 million) in the first nine months of 2026. EBITDA1 increased to NOK 1,500 million (NOK 1,473 million). Compared with the corresponding period last year, the results increased in BioMaterials and Fine Chemicals, and declined in BioSolutions. A less favourable product mix due to weaker demand in certain end markets, higher energy and energy-related costs, and negative net currency effects were the main reasons for the lower result in BioSolutions. In BioMaterials, the increased result was related to high deliveries and strong production, partly offset by lower sales prices and a weaker product mix. Higher deliveries and a favourable product mix within fine chemical intermediates and high deliveries of bioethanol, were the main reasons for the improved result in Fine Chemicals. The net currency effects were positive for the Group. Other income and expenses1 were NOK -30 million in the first nine months of 2026 and relates to ground stabilisation measures at the Sarpsborg site. See Note 3. Operating profit was NOK 1,021 million (NOK 1,038 million). Net financial items amounted to NOK -442 million (NOK -146 million) which include an impairment loss related to Borregaard's investment in Alginor of NOK -337 million. Profit before tax was NOK 579 million (NOK 892 million). The tax rate was impacted by the impairment of the investment in Alginor recognised in the 2nd quarter of 2026. Earnings per share were NOK 3.51 (NOK 7.03). Excluding the ground stabilisation measures and impairment of Alginor, the tax rate was 25% and earnings per share were NOK 7.13. In the first nine months of 2026, cash flow from operating activities was NOK 1,221 million (NOK 937 million). The cash flow improvement was mainly due to a more favourable development in net working capital. The cash effect from an improved EBITDA1 contributed positively. The impairment loss related to Alginor had no cash flow effect. CASH FLOW FROM OPERATING ACTIVITIES 423 419 77 695 449 Cashflow from operating activitiesEBITDA¹ Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 0 100 200 300 400 500 600 700 800 4 _ Q3 2026 BORREGAARD < Previous | Next > | Contents 1 Alternative Performance Measures, see page 23 for definition. 2 Figures in parentheses are for the corresponding period in the previous year.
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BUSINESS AREAS BIOSOLUTIONS 1.7-30.9 1.1-30.9 1.1-31.12 Amounts in NOK million 2026 2025 2026 2025 2025 Operating revenues 1,023 1,059 3,243 3,387 4,396 EBITDA¹ 284 277 850 964 1,209 EBITDA margin¹ (%) 27.8 26.2 26.2 28.5 27.5 THIRD QUARTER Operating revenues in BioSolutions were NOK 1,023 million (NOK 1,059 million). EBITDA1 increased to NOK 284 million (NOK 277 million). Selective price increases and savings from the cost improvement programme were the main reasons for the improved result. The diversified portfolio mitigated weaker demand in certain end markets. Net currency effects were negative. The average price in sales currency was 5% higher than in the same quarter of 2025, while total sales volume decreased by 4%. AVERAGE GROSS SALES PRICE3 13,364 11,57811,39211,833 12,193 10,77011,214 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 4,000 6,000 8,000 10,000 12,000 14,000 16,000 SALES VOLUME 81 90 84 7578 94 81 2025 2026 Q1 Q2 Q3 Q4 0 25 50 75 100 5 _ Q3 2026 BORREGAARD < Previous | Next > | Contents 1 Alternative Performance Measures, see page 23 for definition. 3 Average sales price is calculated using actual FX rates, excluding hedging impact. 4 Metric tonne dry solid. '000 mtds4 NOK per mtds4
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YEAR-TO-DATE (1.1-30.9) In the first nine months of 2026, BioSolutions' operating revenues were NOK 3,243 million (NOK 3,387 million). EBITDA1 was NOK 850 million (NOK 964 million). A less favourable product mix due to weaker demand in certain end markets, higher energy and energy-related costs, and negative net currency effects were the main reasons for the lower result. Average price in sales currency was 2% higher than the first nine months of 2025, while total sales volume was at the same level. 6 _ Q3 2026 BORREGAARD < Previous | Next > | Contents 1 Alternative Performance Measures, see page 23 for definition. 2 Figures in parentheses are for the corresponding period in the previous year.
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BIOMATERIALS 1.7-30.9 1.1-30.9 1.1-31.12 Amounts in NOK million 2026 2025 2026 2025 2025 Operating revenues 709 582 2,211 2,012 2,691 EBITDA¹ 210 112 463 368 495 EBITDA margin¹ (%) 29.6 19.2 20.9 18.3 18.4 THIRD QUARTER Operating revenues in BioMaterials increased to NOK 709 million (NOK 582 million). EBITDA1 reached an all-time high of NOK 210 million (NOK 112 million). Higher deliveries and strong production were the main reasons for the increased result. Sales volume in the 3rd quarter of 2025 was impacted by a temporary disruption in the cellulose production. In the 3rd quarter of 2026, lower wood costs and savings from the cost improvement programme were partly offset by higher costs for sulphur. Higher spot prices for electricity and LNG were largely offset by long-term energy contracts and a strong contribution from optimising Borregaard's flexible energy system. Net currency effects were positive. The average price in sales currency was 1% lower compared with the 3rd quarter of 2025. Selective price increases were implemented in the 3rd quarter of 2026. YEAR-TO-DATE (1.1-30.9) Operating revenues increased to NOK 2,211 million (NOK 2,012 million). EBITDA1 reached NOK 463 million (NOK 368 million). High deliveries and strong production were partly offset by lower sales prices and a weaker product mix. Lower wood costs were partly offset by increased costs for energy and sulphur. Net currency effects were positive. The average price in sales currency was 3% lower than in the same period last year. AVERAGE GROSS SALES PRICE5 17,89717,58817,69717,536 16,10615,682 16,285 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 10,000 12,000 14,000 16,000 18,000 20,000 22,000 SALES VOLUME 37.9 40.3 31.2 37.0 41.8 43.8 38.6 2025 2026 Q1 Q2 Q3 Q4 0.0 10.0 20.0 30.0 40.0 50.0 7 _ Q3 2026 BORREGAARD < Previous | Next > | Contents 1 Alternative Performance Measures, see page 23 for definition. 2 Figures in parentheses are for the corresponding period in the previous year. 5 Average sales price is calculated using actual FX rates, excluding hedging impact. 6 Metric tonne NOK per mt6 '000 mt6
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FINE CHEMICALS 1.7-30.9 1.1-30.9 1.1-31.12 Amounts in NOK million 2026 2025 2026 2025 2025 Operating revenues 172 167 590 514 670 EBITDA¹ 63 51 187 141 174 EBITDA margin¹ (%) 36.6 30.5 31.7 27.4 26.0 THIRD QUARTER Fine Chemicals’ operating revenues were NOK 172 million (NOK 167 million). EBITDA1 increased to NOK 63 million (NOK 51 million). Higher deliveries of both fine chemical intermediates and bioethanol, selective price increases for fine chemical intermediates and savings from the cost improvement programme were the main reasons for the improved result in Fine Chemicals. The net currency impact was positive. YEAR-TO-DATE (1.1-30.9) Operating revenues in Fine Chemicals increased to NOK 590 million (NOK 514 million). EBITDA1 reached NOK 187 million (NOK 141 million). Higher deliveries and a favourable product mix within fine chemical intermediates and high deliveries of bioethanol, were the main reasons for the improved result in Fine Chemicals. The net currency impact was positive. FINE CHEMICALS - OPERATING REVENUES 179 168 167 156 220 198 172 2025 2026 Q1 Q2 Q3 Q4 0 41 82 123 164 205 246 8 _ Q3 2026 BORREGAARD < Previous | Next > | Contents 1 Alternative Performance Measures, see page 23 for definition. NOK mill
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FOREIGN EXCHANGE AND HEDGING Borregaard has a significant currency exposure, which is managed according to the company’s hedging strategy. This strategy delays the impact of currency rate fluctuations. In comparison with the 3rd quarter of 2025, the net impact of foreign exchange on EBITDA1, including hedging effects, was NOK 15 million. Hedging effects were NOK 57 million (NOK -21 million) in the quarter. In the first nine months of 2026, the net impact of foreign exchange on EBITDA1, including hedging effects, was NOK 20 million. Hedging effects were NOK 147 million (NOK -150 million). Assuming currency rates as of 27 October 2026 (USD 9.32 and EUR 10.39) and based on currency exposure forecasts, Borregaard expects a net impact of foreign exchange on EBITDA1 of approximately NOK 5 million in the 4th quarter of 2026 and NOK 25 million for the full year of 2026, compared with the corresponding periods in 2025. CASH FLOW AND FINANCIAL SITUATION THIRD QUARTER Cash flow from operating activities was NOK 449 million (NOK 423 million). Compared with the 3rd quarter of 2025, the cash effect from an all-time high EBITDA1 was partly offset by a less favourable development in net working capital. Tax payments were higher. YEAR-TO-DATE (1.1-30.9) In the first nine months of 2026, cash flow from operating activities was strong, reaching NOK 1,221 million (NOK 937 million). The cash flow improvement was mainly due to a more favourable development in net working capital. The cash effect from an improved EBITDA1 contributed positively. The impairment loss related to Alginor had no cash flow effect. Investments amounted to NOK 523 million (NOK 542 million). Replacement investments were NOK 221 million (NOK 316 million) and expansion investments1 totalled NOK 302 million (NOK 226 million). The largest expenditures were related to the debottlenecking project and the upgrade of the electricity transformation capacity the Sarpsborg site, in addition to capital raises in Alginor. Dividend of NOK 475 million (NOK 424 million) was paid out in the 2nd quarter. In the first nine months of 2026, the Group has sold and repurchased treasury shares with net proceeds of NOK -18 million (NOK 20 million). Realised effect of hedging of net investments in subsidiaries was NOK 64 million (NOK 113 million). On 30 September 2026, the Group has net interest-bearing debt1 totalling NOK 1,855 million (NOK 2,072), a decrease of NOK 235 million from year-end 2025. At the end of September, the Group was well capitalised with an equity ratio1 of 60.9% (59.9%) and a leverage ratio1 of 0.97 (1.11). 9 _ Q3 2026 BORREGAARD < Previous | Next > | Contents 1 Alternative Performance Measures, see page 23 for definition.
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SHARE INFORMATION Total number of shares outstanding on 30 September 2026 was 100 million, including 355,404 treasury shares. Total number of shareholders was 12,208. Borregaard ASA’s share price was NOK 154.20 at the end of the 3rd quarter (NOK 199.40 at the end of 2025). OTHER MATTERS AND SUBSEQUENT EVENTS RESTRUCTURING OF ALGINOR Borregaard, together with the other main shareholders, are participating in a restructuring of Alginor. The restructuring comprises conversion of shareholder loans into equity, an injection of new equity and transfer of shares from Borregaard to Hatteland. As part of the restructuring, the main shareholders have guaranteed for NOK 100 million in new equity for Alginor, with Hatteland acting as lead investor. After completion of the restructuring, Borregaard's ownership interest will be reduced to 10% with an investment of up to NOK 10 million in total. This offer was approved by Alginor during the 3rd quarter. As of 30 September 2026, Borregaard has invested NOK 4.7 million of this amount. Following the ongoing restructuring, Borregaard has no further commitments to provide equity or other funding to Alginor. See Note 4 and 14. For more information, see https://alginor.no/investors/reports- information/. ANTI-DUMPING In August 2025, RYAM and the United Steelworkers Union filed petitions with US authorities seeking anti-dumping duties on speciality cellulose from Borregaard. In the 2nd quarter of 2026, Borregaard was assigned a preliminary anti-dumping duty margin of 6.54%. The anti-dumping tariff was finally set to 6.51% in October 2026. During the 4th quarter of 2026, the United States Intenantional Trade Commission (ITC) will assess whether the imports have caused injury to the U.S. industry. A positive determination will result in the set tariff; otherwise, the investigation will be terminated. 10 _ Q3 2026 BORREGAARD < Previous | Next > | Contents 1 Alternative Performance Measures, see page 23 for definition.
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OUTLOOK For BioSolutions, total sales volume in the 4th quarter is expected to be in the range of 75,000-80,000 tonnes with a product mix broadly in line with the 4th quarter of 2025. In the 4th quarter, sales volume for BioMaterials is expected to be 35,000-37,000 tonnes. The share of highly specialised grades is expected to be in line with the 4th quarter of 2025. Deliveries of bioethanol are expected to be notably lower than in the 4th quarter in 2025. The product mix for fine chemical intermediates will be significantly weaker than in the 3rd quarter of 2026. In the 4th quarter, Borregaard's wood costs are expected to be largely in line with the 3rd quarter of 2026. Spot prices for electricity and LNG, as well as sulphur, are expected to increase further. In addition, energy consumption will be seasonally higher. The cost improvement programme, long-term energy contracts and energy optimisation are expected to have a continued positive impact in the 4th quarter. The annual maintenance stop at the Sarpsborg site will affect production volume in the 4th quarter. Global uncertainty is expected to continue impacting key input costs, markets and currencies. Sarpsborg, 27 October 2026. The Board of Directors of Borregaard ASA 11 _ Q3 2026 BORREGAARD < Previous | Next > | Contents
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CONTENTS THE GROUP'S INTERIM CONDENSED FINANCIAL STATEMENTS The Group's Interim Condensed Income Statement ............................................................... 13 Interim Earnings Per Share .......................................................................................................... 13 The Group's Interim Condensed Comprehensive Income Statement ................................... 13 The Group's Interim Condensed Statement Of Financial Position ........................................ 14 Interim Condensed Changes In Equity ...................................................................................... 14 The Group's Interim Condensed Cash Flow Statement .......................................................... 15 Notes .............................................................................................................................................. 16 Alternative Performance Measures ........................................................................................... 23 12 _ Q3 2026 BORREGAARD < Previous | Next > | Contents
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THE GROUP'S INTERIM CONDENSED INCOME STATEMENT 1.7-30.9 1.1-30.9 1.1-31.12 Amounts in NOK million Note 2026 2025 2026 2025 2025 Operating revenues 2 1,894 1,799 6,013 5,880 7,713 Operating expenses -1,337 -1,359 -4,513 -4,407 -5,835 Depreciation property, plant and equipment -149 -146 -449 -431 -587 Amortisation intangible assets - -1 - -4 -4 Other income and expenses¹ 3 - - -30 - - Operating profit 408 293 1,021 1,038 1,287 Financial items, net 4, 14 -14 -46 -442 -146 -423 Profit before taxes 394 247 579 892 864 Income tax expense 5 -100 -57 -234 -207 -264 Profit for the period 294 190 345 685 600 Profit attributable to non-controlling -1 -5 -5 -16 -20 Profit attributable to owners of the parent 295 195 350 701 620 EBITDA¹ 557 440 1,500 1,473 1,878 INTERIM EARNINGS PER SHARE 1.7-30.9 1.1-30.9 1.1-31.12 Amounts in NOK 2026 2025 2026 2025 2025 Earnings per share (100 mill. shares) 6 2.96 1.96 3.51 7.03 6.22 Diluted earnings per share 6 2.96 1.96 3.51 7.03 6.22 THE GROUP'S INTERIM CONDENSED COMPREHENSIVE INCOME STATEMENT 1.7-30.9 1.1-30.9 1.1-31.12 Amounts in NOK million Note 2026 2025 2026 2025 2025 Profit for the period 294 190 345 685 600 Items not to be reclassified to P&L Actuarial gains and losses (after tax) - - - - 31 Total - - - - 31 Items to be reclassified to P&L Change in hedging-reserve after tax (cashflow) 8 203 71 365 581 569 Change in hedging-reserve after tax (net investment in subsidiaries) 8 27 8 41 86 80 Translation effects -47 -15 -67 -118 -110 Total 183 64 339 549 539 The Group's comprehensive income 477 254 684 1,234 1,170 Comprehensive income non-controlling interests -1 -5 -5 -20 -24 Comprehensive income to owners of the parent 478 259 689 1,254 1,194 13 _ Q3 2026 BORREGAARD < Previous | Next > | Contents 1 Alternative Performance Measures, see page 23 for definition.
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THE GROUP'S INTERIM CONDENSED STATEMENT OF FINANCIAL POSITION Amounts in NOK million Note 30.9.2026 31.12.2025 Intangible assets 13 69 79 Property, plant and equipment 13 5,261 5,255 Right-of-use assets 424 445 Other assets 9 685 493 Investments in associate companies 4, 14 22 270 Non-current assets 6,461 6,542 Inventories 1,505 1,521 Receivables 9 1,672 1,516 Cash and cash deposits 11 360 91 Current assets 3,537 3,128 Total assets 9,998 9,670 Group equity 10 6,071 5,853 Non-controlling interests 20 25 Equity 6,091 5,878 Provisions and other liabilities 449 393 Interest-bearing liabilities 9, 11 1,640 1,718 Non-current liabilities 2,089 2,111 Interest-bearing liabilities 9, 11 575 463 Other current liabilities 9 1,243 1,218 Current liabilities 1,818 1,681 Equity and liabilities 9,998 9,670 Equity ratio¹ 60.9 % 60.8 % INTERIM CONDENSED CHANGES IN EQUITY 1.1-30.9.26 1.1.-31.12.25 Amounts in NOK million Note Controlling interests Non- controlling interests Total equity Controlling interests Non- controlling interests Total equity Equity 1 January 5,853 25 5,878 5,041 49 5,090 Profit/loss for the period 350 -5 345 620 -20 600 Items in Comprehensive Income 8 339 - 339 574 -4 570 The Group's Comprehensive income 8 689 -5 684 1,194 -24 1,170 Paid dividend -475 - -475 -424 - -424 Buy-back of treasury shares -68 - -68 -30 - -30 Exercise of share options 22 - 22 22 - 22 Shares to employees 37 - 37 34 - 34 Option costs (share based payment) 13 - 13 16 - 16 Transactions with non-controlling interests - - - - - - Equity at the end of the period 6,071 20 6,091 5,853 25 5,878 14 _ Q3 2026 BORREGAARD < Previous | Next > | Contents 1 Alternative Performance Measures, see page 23 for definition.
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THE GROUP'S INTERIM CONDENSED CASH FLOW STATEMENT 1.7-30.9 1.1-30.9 1.1-31.12. Amounts in NOK million Note 2026 2025 2026 2025 2025 Profit before taxes 394 247 579 892 864 Amortisation, depreciation and impairment charges 149 147 449 435 591 Changes in net working capital, etc. -33 47 81 -181 -124 Dividend/share of profit from associate companies 4, 14 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 and bio-based start-ups* 4 -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 10 - 1 50 33 48 Buy-back of treasury shares 7 - -1 -68 -13 -30 Gain/(loss) on hedges for net investments in subsidiaries 37 13 64 113 100 Proceeds from interest-bearing liabilities 11 - - 512 750 950 Repayment from interest-bearing liabilities 11 -27 -168 -450 -718 -1,047 Change in interest-bearing liabilities/other instruments 11 -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 THE GROUP'S INTERIM CONDENSED CASH FLOW STATEMENT CONT. 1.7-30.9 1.1-30.9 1.1-31.12 Amounts in NOK million Note 2026 2025 2026 2025 2,025 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 11 308 76 308 76 -16 *Investment by category Replacement investments 72 104 221 316 576 E x p a n s i o n i n v e s t m e n t s ¹ ⁾ i n c l u d i n g investments 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 15 _ Q3 2026 BORREGAARD < Previous | Next > | Contents 1 Alternative Performance Measures, see page 23 for definition.
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NOTES NOTE 01 Organisation and basis for preparation GENERAL INFORMATION Borregaard ASA is incorporated and domiciled in Norway. The address of its registered office is Hjalmar Wessels vei 6, Sarpsborg. The same accounting principles and methods of calculation have been applied as in the Consolidated Financial Statements for 2025 for the Borregaard Group. Basis for preparation Use of estimates These unaudited Interim Condensed Consolidated Financial Statements are prepared in accordance with IAS 34 Interim Financial Reporting. Borregaard ASA is the parent company of the Borregaard Group presented in these Interim Condensed Consolidated Financial Statements. The same use of estimates has been applied as in the Consolidated Financial Statements for 2025. NOTE 02 Segments OPERATING REVENUES 1.7-30.9 1.1-30.9 1.1-31.12 Amounts in NOK million 2026 2025 2,026 2,025 2025 Borregaard 1,894 1,799 6,013 5,880 7,713 BioSolutions 1,023 1,059 3,243 3,387 4,396 BioMaterials 709 582 2,211 2,012 2,691 Fine Chemicals 172 167 590 514 670 Eliminations -10 -9 -31 -33 -44 There is limited intercompany sales between the different segments and eliminations consist essentially of allocations from the corporate headquarter. EBITDA1 1.7-30.9 1.1-30.9 1.1-31.12 Amounts in NOK million 2026 2025 2026 2025 2025 Borregaaard 557 440 1,500 1,473 1,878 BioSolutions 284 277 850 964 1,209 BioMaterials 210 112 463 368 495 Fine Chemicals 63 51 187 141 174 Reconciliation against operating profit & profit before tax EBITDA¹ 557 440 1,500 1,473 1,878 Depreciations and write downs -149 -146 -449 -431 -587 Amortisation intangible assets - -1 - -4 -4 Other income and expenses¹ - - -30 - - Operating profit 408 293 1,021 1,038 1,287 Financial items, net -14 -46 -442 -146 -423 Profit before taxes 394 247 579 892 864 SALES REVENUES 1.7-30.9 1.1-30.9 1.1-31.12 Amounts in NOK million 2026 2025 2026 2025 2025 Borregaard 1,867 1,768 5,921 5,780 7,580 BioSolutions 1,001 1,033 3,170 3,291 4,275 BioMaterials 697 570 2,169 1,981 2,643 Fine Chemicals 169 165 582 508 662 Eliminations - - - - - Operating revenues consist of sales revenues and other revenues such as commissions, revenues from waste received for incineration etc. 16 _ Q3 2026 BORREGAARD < Previous | Next > | Contents 1 Alternative Performance Measures, see page 23 for definition.
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NOTE 03 Other income and expenses There are no items recorded as Other income and expenses in the 3rd quarter of 2026. In the 2nd quarter of 2026, Borregaard accrued NOK 30 million for stabilisation measures at Borregaard's site to mitigate the risk of landslides in connection with the planned construction of a new bridge across the Glomma River by Østfold County. NOTE 04 Financial items NET FINANCIAL ITEMS 1.7-30.9 1.1-30.9 1.1-31.12 Amounts in NOK million 2026 2025 2026 2025 2025 Net interest expenses -30 -35 -89 -108 -134 Currency gain/loss 9 - 11 -9 -11 Share of profit/-loss from associates -1 -9 -365 -35 -279 Other financial items, net 8 -2 1 6 1 Net financial items -14 -46 -442 -146 -423 Borregaard recognised an impairment loss of NOK 337 million in the 2nd quarter related to its equity investment in Alginor and the convertible loans granted to the company. Borregaard, together with the other main shareholders, are participating in a restructuring of Alginor. After the restructuring, Borregaard's ownership interest in Alginor will be 10%. The restructuring will be completed in the next few weeks. See Note 14. Borregaard also holds 12% of the shares in Kaffe Bueno ApS. Other financial items, net includes changes in committed return on the Group's unfunded pension plan. 17 _ Q3 2026 BORREGAARD < Previous | Next > | Contents 1 Alternative Performance Measures, see page 23 for definition.
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NOTE 5 Income tax expense The tax rate of 40.4% (23.2%) for the first nine months of 2026 is a compilation of the tax rates in the various countries in which Borregaard operates and has taxable income. The corporate income tax rate in Norway is 22%. Excluding ground stabilisation measures and impairment of Alginor, the tax rate was 24.6% in the first nine months of 2026. In addition to the compilation of the tax rates in the various countries in which Borregaard operates and has taxable income, the income tax rate for the Group is also impacted by the following: LignoTech Florida is a limited liability company (LLC) which is taxed on the owners hand. Profit before tax is 100% consolidated in the Borregaard Group, whereas the tax expense is calculated based on Borregaard's 55% ownership. Consequently, profit attributable to non-controlling interests for LignoTech Florida (45%) is calculated on profit before tax. Share of profit after tax from the associated companies, Alginor ASA and Kaffe Bueno ApS, is accounted for as part of operating profit and profit before tax. There are carry forward losses on the Group which will not be recognised as deferred tax asset, and hence increase the Group's tax rate. NOTE 06 Earnings per share (EPS) The share capital consists of 100 million shares. The company holds 355,404 treasury shares and average number of outstanding shares as of 30 September 2026 were 99.74 million. Average number of outstanding diluted shares were 99.74 million (99.69 in 2025). Earnings per diluted share were NOK 2.96 in the 3rd quarter of 2026 (NOK 1.96 in the 3rd quarter of 2025). Excluding ground stabilisation measures and impairment of Alginor, earnings per share were NOK 7.13 for the first nine months of 2026. 18 _ Q3 2026 BORREGAARD < Previous | Next > | Contents 1 Alternative Performance Measures, see page 23 for definition.
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NOTE 07 Stock options No share options were exercised during the 3rd quarter 2026. The Group Executive Management and other key employees hold a total of 1,234,500 stock options in six different share option programmes in Borregaard. Stock options Issued 2022 Issued 2023 Issued 2024 Issued Feb 2025 Issued Aug 2025 Issued 2026 Number of stock options 200,000 244,000 371,000 389,500 30,000 393,000 Strike price* 207.75 178.00 186.35 212.22 214.56 188.52 Vesting period 3 years 3 years 3 years 3 years 3 years 3 years Expiry date 17.02.2027 01.03.2028 27.02.2029 14.02.2030 01.08.2030 23.02.2031 *Strike prices have been adjusted for dividend paid since issuance of stock options. NOTE 08 Statement of comprehensive income The statement of comprehensive income presents the changes in the value of hedging instruments, including both cash flow hedges and hedges of net investments in subsidiaries, which are reflected in the hedging reserve. These amounts are shown net of tax. 30.9.2026 30.9.2025 31.12.2025 Amounts in NOK million Cash flow hedges Hedges of net investments in subsidiaries Cash flow hedges Hedges of net investments in subsidiaries Cash flow hedges Hedges of net investments in subsidiaries Tax effect year-to-date 109 -63 11 -72 8 -74 Hedging reserve after tax 393 -189 40 -224 28 -230 19 _ Q3 2026 BORREGAARD < Previous | Next > | Contents
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NOTE 09 Fair value hierarchy For financial instruments that are recognised at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re- assessing categorisation at the end of each reporting period. The following measurement levels are used for determining the fair value of financial instruments: •Level 1 - Quoted market prices in an active market (that are unadjusted) for identical assets or liabilities •Level 2 - Valuation techniques (for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable) •Level 3 - Valuation techniques (for which the lowest level input that is significant to the fair value measurement is unobservable) There were no transfers from one level to another in the measurement hierarchy from 2025 to the 3rd quarter of 2026. Borregaard consequently has no items defined as level 1. The green bond is determined as measurement level 3. The fair value of the bond is deemed to equal its book value. Set out below is a comparison of the carrying amount and the fair value of financial instruments as of 30 September 2026: 30.9.2026 31.12.2025 Amounts in NOK million Level Carrying amount Fair value Carrying amount Fair value FINANCIAL ASSETS Non-current financial receivables 2 162 162 176 176 Non-current derivatives 2 295 295 89 89 Share investments 2 17 17 17 17 Current derivatives 2 247 247 74 74 Total financial assets 721 721 356 356 FINANCIAL LIABILITIES Non-current financial liabilities 2, 3 1,642 1,642 1,720 1,720 Non-current derivatives 2 17 17 68 68 Current financial liabilities 2 575 575 463 463 Current derivatives 2 34 34 50 50 Total financial liabilities 2,268 2,268 2,301 2,301 FINANCIAL INSTRUMENT MEASURED AT FAIR VALUE Amounts in NOK million Level 1 Level 2 Level 3 Financial instruments 30.9.2026 -1,547 - -1,047 -500 Financial instruments 31.12.2025 -1,945 - -1,445 -500 The financial instruments are measured based on observable spot exchange rates, the yield curves of the respective currencies as well as the currency basis spreads between the respective currencies. 20 _ Q3 2026 BORREGAARD < Previous | Next > | Contents
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NOTE 10 Compilation of Equity Amounts in NOK million 30.9.2026 31.12.2025 Share capital 100 100 Treasury shares - - Share premium 1,346 1,346 Other paid-in capital 1,169 1,097 Translation effects 198 265 Hedging reserve (after tax) 204 -202 Actuarial gains/Losses 147 147 Retained earnings 2,907 3,100 Group equity (controlling interests) 6,071 5,853 As of 30 September 2026, the company held 355,404 treasury shares at an average cost of NOK 150.41. NOTE 11 Net interest-bearing debt1 The various elements of net interest-bearing debt are shown in the following table: Amounts in NOK million 30.9.2026 31.12.2025 Non-current interest-bearing liabilities 1,640 1,718 Current interest-bearing liabilities including overdraft of cashpool 575 463 Non-current interest-bearing receivables (included in "Other Assets") - - Cash and cash deposits -360 -91 Net interest-bearing liabilities 1,855 2,090 -Of which IFRS 16 Leases 467 497 21 _ Q3 2026 BORREGAARD < Previous | Next > | Contents 1 Alternative Performance Measures, see page 23 for definition. NOTE 12 Related parties The members of the Group Executive Management of Borregaard held a total of 387,500 stock options in the Company as of 30 September 2026. NOTE 13 Assessments relating to impairment No impairment indicators have been identified in the Borregaard Group’s property, plant and equipment or intangible assets in the 3rd quarter of 2026.
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NOTE 14 Other matters and subsequent events Restructuring of Alginor Borregaard recognised an impairment loss of NOK 337 million in the 2nd quarter related to its equity investment in Alginor and the convertible loans granted to the company. Borregaard, together with the other main shareholders, are participating in a restructuring of Alginor. The restructuring comprises conversion of shareholder loans into equity, an injection of new equity and transfer of shares from Borregaard to Hatteland. As part of the restructuring, the main shareholders have guaranteed for NOK 100 million in new equity for Alginor, with Hatteland acting as lead investor. After completion of the restructuring, Borregaard's ownership interest will be reduced to 10% with an investment of up to NOK 10 million in total. This offer was approved by Alginor during the 3rd quarter. As of 30 September 2026, Borregaard has invested NOK 4.7 million of this amount. Following the ongoing restructuring, Borregaard will have no further commitments to provide equity or other funding to Alginor. As of 30 September 2026, the carrying amount of Borregaard's investment in Alginor was NOK 4.7 million. For more information, see https:// alginor.no/investors/reports-information/. Subsequent events There have been no other events after the balance sheet date that would have had a material impact on the interim financial statements, or the assessments carried out. 22 _ Q3 2026 BORREGAARD < Previous | Next > | Contents
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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 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 Measures should not be viewed in isolation or as an alternative to the equivalent GAAP measure. 23 _ Q3 2026 BORREGAARD < Previous | Next > | Contents
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EBITDA Description EBITDA is defined by Borregaard as operating profit before depreciation, amortisation and other income and expenses. Reason for including Shows performance regardless of capital structure, tax situation and adjusted for income and expenses related transactions and events not considered by management to be part of operating activities. Management believes the measure enables an evaluation of operating performance. 1.7-30.9 1.1-30.9 1.1-31.12 EBITDA 2026 2025 2026 2025 2025 Operating profit 408 293 1,021 1,038 1,287 Other income and expenses 0 - 30 - - Amortisation intangible assets - 1 - 4 4 Depreciation and impairment property, plant and 149 146 449 431 587 EBITDA 557 440 1,500 1,473 1,878 EBITDA MARGIN Description EBITDA margin is defined by Borregaard as EBITDA divided by operating revenues. Reason for including Shows the operations’ performance regardless of capital structure and tax situation as a ratio to operating revenue. 1.7-30.9 1.1-30.9 1.1-31.12 EBITDA MARGIN 2026 2025 2026 2025 2025 EBITDA 557 440 1,500 1,473 1,878 Operating revenues 1,894 1,799 6,013 5,880 7,713 EBITDA margin (%) (EBITDA/operating revenues) 29.4 24.5 24.9 25.1 24.3 EQUITY RATIO Description Equity ratio is defined by Borregaard as equity (including non-controlling interests) divided by equity and liabilities. Reason for including Equity ratio is an important measure in describing the capital structure. EQUITY RATIO 30.09.2026 30.09.2025 31.12.2025 Total equity 6,091 5,940 5,878 Equity & liabilities 9,998 9,911 9,670 Equity ratio (%) (total equity/equity & liabilities) 60.9 59.9 60.8 24 _ Q3 2026 BORREGAARD < Previous | Next > | Contents
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EXPANSION INVESTMENTS Description Borregaard’s investments are either categorised as replacement or expansion. Expansion investments is defined by Borregaard as 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 research and development costs and new distribution set-ups. Reason for including Borregaard’s strategic priorities are specialisation and diversification, increase value added from the biorefinery, develop business areas and to continue emphasis on ESG along the entire value chain. To be able to deliver on those priorities, expansion investments are needed. As such, expansion investments are important information for investors. One of Borregaard’s financial objectives is to have an internal rate of return >15% pre-tax for expansion investments. 1.7-30.9 1.1-30.9 1.1-31.12 EXPANSION INVESTMENTS 2026 2025 2026 2025 2025 Total investments including investments in associate companies and bio-based start-ups 168 160 523 542 925 Replacement investments -72 -104 -221 -316 -576 Expansion investments including investments in associate companies and bio-based start-ups 96 56 302 226 349 OTHER INCOME AND EXPENSES Description Other income and expenses are defined by Borregaard as 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 included in the Group's operating profit. Reason for including To be able to compare the EBITDA of different reporting periods, significant non-recurring items not directly related to operating activities, are included in Other income and expenses. 1.7-30.9 1.1-30.9 1.1-31.12 OTHER INCOME AND EXPENSES 2026 2025 2026 2025 2025 Other income and expenses - - -30 - - 25 _ Q3 2026 BORREGAARD < Previous | Next > | Contents
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NET INTEREST-BEARING DEBT Description Net interest-bearing debt is defined by Borregaard as interest-bearing liabilities minus interest-bearing assets. Reason for including Net interest-bearing debt provides an indicator of the net indebtedness and an indicator of the overall strength of the statement of financial position. Net interest-bearing debt is part of Borregaard’s financial covenants (leverage ratio) and is important in understanding the capital structure. NET INTEREST-BEARING DEBT 30.09.2026 30.09.2025 31.12.2025 Non-current interest-bearing liabilities 1,640 1,689 1,718 Current interest-bearing liabilities including overdraft of cashpool 575 596 463 Non-current interest-bearing receivables (included in "Other assets") - -1 - Cash and cash deposits -360 -212 -91 Net interest-bearing debt 1,855 2,072 2,090 LEVERAGE RATIO Description Leverage ratio is defined by Borregaard as net interest bearing debt divided by last twelve months’ (LTM) EBITDA. Reason for including Leverage ratio is an indicator of the overall strength of the statement of financial position. Borregaard has a targeted leverage ratio between 1.0 and 2.25 over time. Leverage ratio is Borregaard’s financial covenant on long-term credit facilities. LEVERAGE RATIO 30.09.2026 30.09.2025 31.12.2025 Net interest-bearing debt 1,855 2,072 2,090 EBITDA 1,905 1,871 1,878 Leverage ratio (net interest-bearing debt/EBITDA) 0.97 1.11 1.11 CAPITAL EMPLOYED Description 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. Reason for including Borregaard uses capital employed as basis for calculating ROCE. CAPITAL EMPLOYED (END OF PERIOD) 30.09.2026 30.09.2025 31.12.2025 Capital employed (end of period) 8,107 8,247 8,237 26 _ Q3 2026 BORREGAARD < Previous | Next > | Contents
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RETURN ON CAPITAL EMPLOYED (ROCE) Description Return on capital employed (ROCE) is defined by Borregaard as 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. Reason for including ROCE is an important financial ratio to assess Borregaard’s profitability and capital efficiency. One of Borregaard’s financial objectives is to have ROCE >15% pre-tax over a business cycle. RETURN ON CAPITAL EMPLOYED (ROCE) 30.09.2026 30.09.2025 31.12.2025 Capital employed end of: Q3, 2024 - 7,813 - Q4, 2024 - 8,172 8,172 Q1, 2025 - 8,290 8,290 Q2, 2025 - 8,292 8,292 Q3, 2025 8,247 8,247 8,247 Q4, 2025 8,237 - 8,237 Q1, 2026 8,445 - - Q2, 2026 8,060 - - Q3, 2026 8,107 - - Average capital employed 8,219 8,163 8,248 Capital contribution 30.09.2026 30.09.2025 31.12.2025 Operating profit 1,270 1,254 1,287 Other income and expenses 30 30 - Amortisation intangible assets - 5 4 Capital contribution 1,300 1,289 1,291 RETURN ON CAPITAL EMPLOYED (ROCE) 30.09.2026 30.09.2025 31.12.2025 Capital contribution 1,300 1,289 1,291 Average capital employed 8,219 8,163 8,248 Return on capital employed (ROCE) (%) (capital contribution/ average capital employed) 15.8 15.8 15.7 27 _ Q3 2026 BORREGAARD < Previous | Next > | Contents
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Q3 2026 Borregaard ASA P.O. Box 162, NO-1701 Sarpsborg, Norway Telephone: (+47) 69 11 80 00 Fax: (+47) 69 11 87 70 E-mail: borregaard@borregaard.com www.borregaard.com