Slides
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We create green value Q3 2026 presentation 22 October 2026
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2 RCCM = Recycled Corrugating Casing Materials; TMP = Thermomechanical Pulp; LWC = Light Weight Coated; SC = Supercalendered; 1) H1 2028 Saugbrugs PM6 rebuild switch capacity of 300kt TMP-based kraftliner or 230kt SC magazine paper; 2) Switch capacity of newsprint, book paper, and interliner; 3) H2 2027 completion; 4) Excluding Green Valley Energie Looking ahead Diversify into growing markets Creating valuable products from wood fibre Publication paper Packaging paper Other activities Publication paper 840kt of newsprint capacity2 230kt of SC capacity1 Up to 265kt of LWC capacity Packaging paper 760kt of RCCM capacity Up to 200kt of interliner capacity2 300kt of TMP-based kraftliner capacity1 TMP liner Energy generation 50 MW of waste energy capacity 12m scm of annual biogas capacity 225 MW of biomass energy capacity4 Waste-to-energy Biomass energy Biogas 2025-26 2027-28 2029-302023-242020-22 Illustration Market-leading brands Other grades Up to 160kt of book paper2 Exploring new grades Exploring new grades Ancillary services District heating Grid services Battery Energy Storage System3 Sustainable operations
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3 1) H1 2028 Saugbrugs PM6 rebuild and closure of Saugbrugs PM4 and PM5 Four high-quality industrial sites Eight1 paper machines with supporting infrastructure for energy, fibre, and water Skogn Norway Saugbrugs Norway Skogn Norway Norwegian mills Cost competitive production of publication paper from Norwegian spruce and sustainable energy, with gradual transition into growth markets Golbey France Bruck Austria European mills Modern and efficient recycled containerboard production coupled with large publication paper machines and high-quality energy infrastructure
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4 OCC = Old Corrugated Containers; DIP = De-inking Plant Norske Skog Golbey State-of-the-art RCCM machine (PM1) with 550kt of competitive production capacity Modern newsprint machine (PM2) with 330kt capacity Newly invested OCC drum and upgraded DIP capacity Competitive long-term energy contract with Exeltium Long-term and low-cost steam supply from 125 MW biomass boiler owned by Green Valley Energie Biomass boiler of 90 MW and gas boilers of 95 MW providing additional supply and back-up Developing high-value biogas grid injection Maturing relations with recycled paper suppliers Efficient manning with 390 FTEs and 880kt capacity Well connected for both road and rail transport 70 ha. site with large scale industrial activity Supportive industrial policies in France Flagship mill and most valuable group asset
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5 Norske Skog Bruck Profitable RCCM machine (PM3) with 210kt capacity Well-invested LWC machine (PM4) with 265kt capacity Exploring new paper grades for the future Broad portfolio of energy assets: ✓ Waste-to-energy boiler of 50 MW ✓ Biomass boiler ✓ Electro and gas boilers ✓ Gas and steam turbines ✓ 100 MW power grid connection o Installing 20 MW Battery Energy Storage System Implemented energy hedging strategy Regional supplier of industrial district heating Balancing energy supplier to stabilise the power grid Manning reduced from 480 to 390 FTEs Central European location with excellent road and rail access for in- and outbound transport 25 ha. industrial site Austria recently introduced CO2 compensation Successful turn-around after challenging years
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6 Norske Skog Skogn Largest newsprint mill in Europe with three newsprint machines (PM1-3) of combined 510kt capacity Main newsprint supplier to UK market through on-site, deep-sea, ice-free, Atlantic port Successful launch of Nor Book paper Diversification with Nor Strato packaging paper Largest wood processing mill in Norway with Nordic spruce enabling long-term competitiveness Industry-leading carbon footprint per tonne produced Attractive energy position in NO3 power region One operational biomass boiler with 50 MW capacity Industry leading cost efficiency with 360 FTEs and 510kt capacity on three machines Large property bank for future developments Grid connection capacity of 250 MW and possibility for significant future expansions Well-connected for both road and rail transport Large industrial site of 100 ha. Targeting last-man-standing in newsprint
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7 NND = Norsk Nukleær Dekommisjonering Note: Picture prior to 2023 rockslide Norske Skog Saugbrugs Current production of SC magazine paper at PM4 and PM5 with combined annual capacity of 200kt PM6 rebuild will restore mill profitability and provide a growth outlook with flexible production of 300kt TMP- based kraftliner or 230kt SC magazine paper Key components already in place: ✓ Highly competent and skilled organisation ✓ Low-cost TMP capacity of 450kt with heat recovery ✓ Norway’s largest biomass boiler with 70 MW ✓ Infrastructure for road, rail and sea transport ✓ Well established access to pulpwood supply ✓ 200 MW electric grid connection directly to site ✓ 40 ha. industrial site plus surrounding real estate PM6 holds an excellent operating track-record and is considered a top SC magazine paper machine Unique fibre processing competence and production equipment enable high-strength TMP-based kraftliners Target EBITDA margins of 10% for SC magazine paper and 20% for TMP-based kraftliner over the cycle Rebuild of PM6 to restore profitability and outlook
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8 Restoring excellency Rock wall secured and PM6 building restored, very limited works remaining Damages mainly at the end of the production process, requires repair or replacement of specific equipment Upgrades primarily required at the front-end of the paper machine, allowing production of a thicker and higher strength paper for packaging applications High voltage infrastructure to be established in parallel to accommodate site requirements Thorough studies undertaken together with main equipment suppliers and consultants The project builds on high competence within fibre processing and production of publication paper Saugbrugs has a proven record of delivering projects on time and on budget, last shown through the Next/Therminator project in 2020 Estimated investment of around NOK 850m with start- up expected in H1 2028 and short ramp-up period Bringing back a world-class machine
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9 Data centre development Saugbrugs is located adjacent to the Halden transformer station with significant grid capacity Existing grid agreement supported by high-capacity power lines directly from the transformer station Zoning process to permit data centre development at the site expected to restart during Q4 2026 Access to fibre network, with additional connection options under assessment Existing freshwater infrastructure allow up to 13 000 m3/day at 6.5 bar Well-developed road, rail and sea access, and two- hour drive from Oslo Airport Opportunity to establish an 80-100 MW data centre
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10 Quarter highlights Third quarter 2026 Maintaining profitability in a challenging market Experiencing cost increase for energy, fuel, and chemicals coupled with a strong NOK Cost increases partly mitigated by price increases for most grades Norske Skog is the market leader within newsprint production in Europe Quarterly EBITDA of NOK 448m and pre-tax profit of NOK 251m Results positively impacted by gain of NOK 338m from sale to NND Challenges at Golbey in the quarter expected to be improved during Q4 2026 Continuous implementation of profitability improvement initiatives Starting to see positive benefit from cost reduction initiatives across all mills Maintaining an efficient working capital position Liquidity has strengthened following end of Q3 2026 Received proceeds of NOK 770m in early October relating to the property sale to NND Significant debt reduction through installments to be paid in Q4 2026
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38 13 451 73 448 0 50 100 150 200 250 300 350 400 450 500 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 EBITDA Deliveries volume Total operating income 11 Pre-tax profitEBITDA Key figures Third quarter 2026 NOKm NOKm (and margin) group covenant of min. NOK 400m LTM1 NOKmThousand tonnes 15%3%16%0%2% 1) LTM = Last Twelve Months. Note that the covenant adjusts for restructuring expenses and divestments 2 403 2 589 2 877 2 584 3 015 0 500 1 000 1 500 2 000 2 500 3 000 3 500 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Operating revenue Other operating income 120 -256 236 -163 251 -300 -200 -100 0 100 200 300 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Profit/loss pre-tax 166 183 173 178 175 54 56 50 50 55 44 43 48 48 48 67 81 106 122 115 0 50 100 150 200 250 300 350 400 450 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Newsprint SC LWC Book paper Interliner RCCM
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Equity ratio Interest coverage ratio 12 Net debtCash Note: Covenants calculated according to definitions in loan agreements Financial position Third quarter 2026 EBITDA to net cash interest cost group covenant of min. 2.0x NOKm group covenant of min. NOK 100m unrestricted NOKm no group maintenance covenant Book equity to total assets group covenant of min. 25% 43% 40% 42% 41% 41% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Equity ratio 4.4x 4.1x 2.8x 2.3x 3.8x 0x 1x 2x 3x 4x 5x Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Interest coverage ratio 758 1 082 653 723 577 0 200 400 600 800 1 000 1 200 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Unrestricted cash Restricted cash 4 243 4 295 4 502 4 361 4 428 0 500 1 000 1 500 2 000 2 500 3 000 3 500 4 000 4 500 5 000 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Net debt NND proceeds of NOK 770m received Q4 2026, of which NOK ~50m for dismantling Illustrative net debt with receipt of NND proceeds 3 658
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13 Segment Publication paper Slightly higher prices and deliveries vs. previous quarter Offset by higher cost of materials, especially for energy Implementing cost surcharge where required and considering market downtime due to cost situation Other operating income increased due to recognition of NOK 338m from transaction with NND Reduction in fixed costs through continuous focus on efficiency improvement Packaging paper Reduction in deliveries due to production challenges at Golbey PM1 related to regional drought, unplanned maintenance at water effluent treatment facility, and press crushing issues at the paper machine. Challenges expected to be improved during Q4 2026 Bruck PM3 operating at full capacity and demonstrating a very efficient production process Higher prices in the quarter with further price increases expected during Q4 2026, offset by higher cost of materials especially for energy, fuels, and recycled fibre Depending on the CEE price, expect to receive energy certificates with market value of EUR ~23m in 2027 and EUR ~52m in 2029. Change in timing because of the delayed ramp-up at Golbey PM1 Bruck PM3 deliveries of 55kt and EBITDA of NOK 40m Golbey PM1 deliveries of 60kt and EBITDA of NOK -40m Third quarter 2026 NOK million Q3’25 Q2’26 Q3’26 Deliveries, kt 267 280 282 Operating revenue 1 914 1 898 1 947 Other operating income 57 33 372 Total operating income 1 971 1 931 2 319 Distribution costs 217 232 242 Cost of materials 1 151 1 119 1 186 Employee benefit expenses 306 320 309 Other operating expenses 154 175 150 EBITDA 143 86 431 EBITDA margin 7% 4% 19% Deliveries, kt 71 122 115 Operating revenue 291 516 535 Other operating income 66 41 56 Total operating income 357 557 591 Distribution costs 43 79 74 Cost of materials 271 322 367 Employee benefit expenses 82 84 86 Other operating expenses 56 71 64 EBITDA -95 1 0 EBITDA margin -26% 0% 0% Total operating income 221 127 135 EBITDA -10 -14 18 Publication paperPackaging paperOther CEE = Certificats d’Economies d’Energie
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0 1 000 2 000 3 000 4 000 5 000 6 000 7 000 2021 2022 2023 2024 2025 2026E CM Net export Capacity 0 1 000 2 000 3 000 4 000 5 000 6 000 7 000 2021 2022 2023 2024 2025 2026E SC UMI UMO Net export Capacity 0 1 000 2 000 3 000 4 000 5 000 6 000 7 000 2021 2022 2023 2024 2025 2026E Newsprint Net export Capacity Newsprint market balance Western Europe Uncoated mechanical market balance Western Europe 14 Coated mechanical market balance Western Europe Source: Numera UMI = Uncoated Mechanical Improved; UMO = Uncoated Mechanical Other Publication paper market balance Further capacity closures required to maintain market balance in all grades Thousand tonnes and change in demand (and utilisation rate) Thousand tonnes and change in demand (and utilisation rate) Thousand tonnes and change in demand (and utilisation rate) 87%86%78%84%88% 82% 77%75%69%83%87% 74% 66%67%57%76%87% 75% -7%-3%-21%-11%1% -7% -10%-3%-24%-16%1% -9% -10%-1%-23%-22%3% -9%
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0 100 200 300 400 500 600 700 800 0 1 000 2 000 3 000 0 100 200 300 400 500 600 700 800 0 1 000 2 000 0 100 200 300 400 500 600 700 800 0 1 000 2 000 3 000 Newsprint cash cost Western Europe Uncoated mechanical cash cost Western Europe 15 Coated mechanical cash cost Western Europe Source: Fastmarkets Publication paper cost curves Norske Skog newsprint machines competitively positioned Skogn, Norske Skog Golbey PM2, Norske Skog Saugbrugs PM4-5, Norske Skog Bruck PM4, Norske Skog EUR per tonne EUR per tonne EUR per tonne Skogn, Norske Skog Saugbrugs PM6 expected to be among cost leaders within the SC magazine paper market Well managed and top-notch production practice enable profitability despite cost positionMarket to tighten with conversion of capacity
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0 5 000 10 000 15 000 20 000 25 000 30 000 2021 2022 2023 2024 2025E 2026E Containerboard Net export Capacity 0 100 200 300 400 500 600 0 5 000 10 000 15 000 20 000 25 000 RCCM cash cost Western Europe 16 Source: Fastmarkets Packaging paper market Competitive industrial set-up for Golbey PM1 and Bruck PM3 RCCM market balance Western Europe Thousand tonnes and change in demand (and utilisation rate) Bruck PM3, Norske Skog 87%88%85%89%95% 86% 1%4%-3%-6%7% 1% EUR per tonne Golbey PM1, Norske Skog Among cost leaders if including income from gate fees
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17 Source: Nord Pool, Fastmarkets, Miljødirektoratet RCP = Recovered Paper; OCC = Old Corrugated Containers; EUA = European Union Allowance Raw materials Navigating volatile raw material and energy markets EUR per MWh EUR per tonne NOK per solid cubic metre Energy prices Germany Recycled paper prices Germany Spruce pulpwood prices Norway EUA price EUR per allowance 0 100 200 300 400 500 600 700 2021 2022 2023 2024 2025 2026 Pulpwood 0 20 40 60 80 100 120 140 160 180 200 2021 2022 2023 2024 2025 2026 Electricity Natural gas 0 10 20 30 40 50 60 70 80 90 100 2021 2022 2023 2024 2025 2026 EUA 0 50 100 150 200 250 300 350 2021 2022 2023 2024 2025 2026 RCP OCC
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Publication paper prices Germany 18 Source: Fastmarkets Paper prices Price increases across most grades being implemented over coming months EUR per tonne Recycled containerboard index Germany Index 0 200 400 600 800 1 000 1 200 1 400 2021 2022 2023 2024 2025 2026 Newsprint 45g SC rotogravure 56g LWC offset 60g 0 200 400 600 800 1 000 1 200 1 400 2021 2022 2023 2024 2025 2026 Testliner 3
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19 Continue to increase market share in uncertain operating environment and challenging markets Price increases implemented during the year to see full effect in coming quarters Implementing cost surcharge where required and considering market downtime due to cost situation Ongoing initiatives to reduce production cost and working capital to maintain competitive position Significant emphasis on Golbey PM1 ramp-up with full utilisation expected to be reached during 2027 Profitability and outlook for Saugbrugs to be restored with the rebuild of PM6 expected to be completed in H1 2028 Profitable projects being explored across all mills to diversify revenue streams into growing and profitable markets Outlook Concluding remarks
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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 initiatives, profit figures, outlook, strategies and objectives. All statements regarding the future are subject to inherent risks and uncertainties, and many factors can lead to actual profits and developments deviating substantially from what has been expressed or implied in such statements. We create green value