Interim report
Page 1
││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││ 2026 THIRD QUARTER Quarterly report / Presentation / Press releases
Page 3
││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││ 2 NORSKE SKOG QUARTERLY REPORT – THIRD QUARTER 2026 (UNAUDITED) ││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││ INTRODUCTION Norske Skog is a producer of packaging paper and publication paper across four mills in Europe . Packaging paper includes testliner and fluting and publication paper includes newsprint and magazine paper. The annual production capacity of packaging paper is 0.8 million tonnes, and the annual production capacity of publication paper is 1.2 million tonnes. Packaging paper and publication paper are sold through sales offices and agents. Norske Skog has approximately 1 650 employees and the parent company, Norske Skog ASA, a public limited liability company, is incorporated in Norway and has its head office in Oslo. The company is listed on Oslo Stock Exchange with the ticker NSKOG. REPORT OF THE BOARD OF DIRECTORS FOR THE THIRD QUARTER OF 2026 o Maintaining profitability in a challenging market • Experiencing cost increase for energy, fuel, and chemicals coupled with a strong Norwegian krone • Cost increases partly mitigated by price increases for most grades • Norske Skog is the market leader within newsprint production in Europe o Quarterly EBITDA of NOK 448 million and pre-tax profit of NOK 251 million • Results positively impacted by gain of NOK 338 million from sale to NND • Challenges at Norske Skog Golbey in the quarter expected to be improved during the fourth quarter of 2026 o Liquidity has strengthened following end of the third quarter of 2026 • Received proceeds of NOK 770 million in early October relating to the property sale to NND • Significant debt reduction through installments to be paid in the fourth quarter of 2026 o Continuous implementation profitability improvement initiatives • Starting to see positive benefit from cost reduction initiatives across all mills • Maintaining an efficient working capital position TOTAL OPERATING INCOME EBITDA PROFIT/LOSS BEFORE TAX NET INTEREST-BEARING DEBT* *Net interest bearing debt reduced by NOK 770 million upon receipt of NND proceeds 7 October. Illustrated by grey area on the chart. 2 403 2 589 2 877 2 584 3 015 0 500 1 000 1 500 2 000 2 500 3 000 3 500 MNOK 38 13 451 73 448 0 100 200 300 400 500 600 MNOK 120 -256 236 -163 251 -300 -200 -100 0 100 200 300 400 MNOK 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
Page 4
││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││ 3 NORSKE SKOG – QUARTERLY REPORT - THIRD QUARTER 2026 (UNAUDITED) ││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││ KEY FIGURES NOK MILLION Q3 2026 Q2 2026 Q3 2025 YTD 2026 YTD 2025 INCOME STATEMENT Total operating income 3 015 2 584 2 403 8 476 7 893 EBITDA* 448 73 38 973 756 EBITDA margin (%) 14.9 2.8 1.6 11.5 9.6 Operating earnings 406 -83 193 730 757 Profit/loss before income taxes 251 -163 120 324 610 Profit/loss for the period from continuing operations 151 -165 161 321 677 Profit/loss for the period from discontinued operations 0 0 0 0 -37 Profit/loss for the period 151 -165 161 321 640 Earnings per share (NOK) continuing operations 1.78 -1.95 1.90 3.78 7.98 Earnings per share (NOK) 1.78 -1.95 1.90 3.78 7.54 BALANCE SHEET Non-current assets 9 595 10 039 10 488 9 595 10 488 Current assets 4 417 4 139 3 514 4 417 3 514 Total assets 14 012 14 178 14 002 14 012 14 002 Equity 5 800 5 801 5 997 5 800 5 997 Equity ratio (%) 41.4 40.9 42.8 41.4 42.8 Net interest-bearing debt 4 428 4 361 4 243 4 428 4 243 CASH FLOW Net cash flow from operating activities -36 273 -90 -71 65 Net cash flow from investing activities -43 -106 -207 -186 -194 Net cash flow from financing activities -54 -105 -55 -227 -264 * As defined in Alternative performance measures Total operating income increased from NOK 2 584 million in the previous quarter to NOK 3 015 million in the current quarter. EBITDA increased from NOK 73 million in the previous quarter to NOK 448 million in the current quarter. This resulted in the EBITDA margin increasing from 3% to 15%. This is further commented upon under the section on segment information. Total assets de creased from NOK 14 178 million in the previous quarter to NOK 1 4 012 million in the current quarter. Equity is in line with the previous quarter at NOK 5 800 million. This resulted in the equity ratio increasing from 40.9% to 41.4%. Net interest -bearing debt increased from NOK 4 361 million in the previous quarter to NOK 4 428 million in the current quarter. Proceeds from the NND transaction of NOK 770 million were received 7 October, which reduced net interest-bearing debt by the same amount. Net cash flow from operating activities decreased from NOK 273 million in the previous quarter to NOK -36 million in the current quarter. This is further commented upon under the section on cash flow. Net cash flow from investing activities increased from NOK -106 million in the previous quarter to NOK -43 million in the current quarter. Purchases of property, plant and equipment and intangible assets decreased from NOK 106 million in the previous quarter to NOK 44 million in the current quarter. Net cash flow from financing activities increased from NOK -105 million in the previous quarter to NOK -54 million in the current quarter.
Page 5
││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││ 4 NORSKE SKOG QUARTERLY REPORT – THIRD QUARTER 2026 (UNAUDITED) ││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││ SEGMENT INFORMATION PUBLICATION PAPER NOK MILLION Q3 2026 Q2 2026 Q3 2025 YTD 2026 YTD 2025 Operating revenue 1 947 1 898 1 914 5 749 6 016 Other operating income 372 33 57 791 762 Total operating Income 2 319 1 931 1 971 6 541 6 778 Distribution costs -242 -232 -217 -697 -657 Cost of materials -1 186 -1 119 -1 151 -3 451 -3 718 Employee benefit expenses -309 -320 -306 -923 -948 Other operating expenses -150 -175 -154 -477 -492 EBITDA 431 86 143 993 964 EBITDA margin (%) 18.6 4.4 7.2 15.2 14.2 Restructuring expenses 0 0 0 0 -3 Depreciation -75 -76 -77 -230 -251 Derivatives and other fair value adjustment 126 7 316 256 405 Operating earnings 482 17 381 1 019 1 115 Production (1 000 tonnes) 284 275 271 835 817 Deliveries (1 000 tonnes) 282 280 267 835 806 The segment consists of Norske Skog’s operations in the publication paper market with mills in Norway, France, and Austria. Annual production capacity is approximately 1.2 million tonnes. Total operating income increased from the previous quarter due to the sale of properties to Norsk Nukleær Dekommisjonering (NND) at Norske Skog Saugbrugs, with a recognised gain of NOK 338 million, as well as a slight increase in deliveries and customer price. Distribution costs per tonne increased compared to the previous quarter. Higher cost of materials per tonne is mainly due to higher energy prices. Fixed cost is lower than in the previous quarter following continuous focus on efficiency improvement. EBITDA increased from the previous quarter. PUBLICATION PAPER PUBLICATION PAPER TOTAL OPERATING INCOME EBITDA 1 971 2 104 2 291 1 931 2 319 0 500 1 000 1 500 2 000 2 500 MNOK 143 144 477 86 431 0 100 200 300 400 500 600 MNOK
Page 6
││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││ 5 NORSKE SKOG – QUARTERLY REPORT - THIRD QUARTER 2026 (UNAUDITED) ││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││ PACKAGING PAPER NOK MILLION Q3 2026 Q2 2026 Q3 2025 YTD 2026 YTD 2025 Operating revenue 535 516 291 1 449 726 Other operating income 56 41 66 207 155 Total operating Income 591 557 357 1 656 880 Distribution costs -74 -79 -43 -220 -101 Cost of materials -367 -322 -271 -1 011 -597 Employee benefit expenses -86 -84 -82 -258 -219 Other operating expenses -64 -71 -56 -195 -144 EBITDA 0 1 -95 -27 -181 EBITDA margin (%) -0.1 0.2 -26.5 -1.6 -20.6 Depreciation -85 -85 -81 -257 -142 Operating earnings -85 -84 -175 -283 -323 Production (1 000 tonnes) 108 126 76 340 174 Deliveries (1 000 tonnes) 115 122 71 342 166 The segment consists of Norske Skog’s operations in the packaging paper market with mills in France and Austria. Annual production capacity is approximately 0.8 million tonnes when full utilisation is reached. Norske Skog achieved higher prices for recycled containerboard in the quarter in line with market development and expect to realise further price increases during the fourth quarter. Reduction in deliveries due to production challenges at Norske Skog 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 the fourth quarter of 2026. Cost of material increased significantly per tonne in the quarter, driven by energy, fuels and recycled fibre. Fixed costs were slightly lower than in the previous quarter. Norske Skog Bruck PM3 delivered 55 thousand tonnes and achieved an EBITDA of NOK 40 million in the quarter. Norske Skog Golbey PM1 delivered 60 thousand tonnes and achieved an EBITDA of NOK -40 million in the quarter. Depending on the CEE price, expect to receive energy certificates with market value of approximately EUR 23 million in 2027 and approximately EUR 52 million in 202 9. Change in timing because of the delayed ramp-up at Norske Skog Golbey PM1. PACKAGING PAPER PACKAGING PAPER TOTAL OPERATING INCOME EBITDA 357 362 508 557 591 0 100 200 300 400 500 600 700 MNOK - 95 - 126 - 28 1 0 - 150 - 130 - 110 - 90 - 70 - 50 - 30 - 10 10 30 50 MNOK
Page 7
││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││ 6 NORSKE SKOG QUARTERLY REPORT – THIRD QUARTER 2026 (UNAUDITED) ││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││ OTHER ACTIVITIES NOK MILLION Q3 2026 Q2 2026 Q3 2025 YTD 2026 YTD 2025 Total operating income 135 127 221 373 668 EBITDA 18 -14 -10 7 -26 Operating income in other activities mainly consist of sourcing solutions and non-paper related operations. Other activities include unallocated headquarter costs. The unallocated headquarter costs are estimated to be EBITDA negative by approximately NOK 30 million annually but are not uniformly distributed throughout the quarters of the year. DISCONTINUED OPERATIONS PUBLICATION PAPER AUSTRALASIA NOK MILLION Q3 2026 Q2 2026 Q3 2025 YTD 2026 YTD 2025 Total operating income 0 0 0 0 444 EBITDA 0 0 0 0 -21 EBITDA margin (%) 0.0 0.0 0.0 0.0 -4.7 Operating earnings 0 0 0 0 -32 Profit/loss from discontinued operations 0 0 0 0 -37 The segment was discontinued in the fourth quarter 2024 following the initiation of a concrete sales process in December 2024. The sale was closed in April 2025.
Page 8
││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││ 7 NORSKE SKOG – QUARTERLY REPORT - THIRD QUARTER 2026 (UNAUDITED) ││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││ CASH FLOW NOK MILLION Q3 2026 Q2 2026 Q3 2025 YTD 2026 YTD 2025 EBITDA continuing operations 448 73 38 973 756 EBITDA discontinued operations 0 0 0 0 -21 Change in working capital -47 300 -66 -394 93 Restructuring payments -1 -1 -3 -5 -7 Gain and losses from divestments -338 0 3 -353 -1 Insurance compensation from property damage 0 0 0 0 -560 Net financial items -85 -86 -51 -256 -164 Taxes paid -6 -3 -2 -10 -6 Other items -8 -10 -8 -26 -24 Net cash flow from operating activities -36 273 -90 -71 65 Purchases of property, plant and equipment and intangible assets -44 -106 -216 -209 -842 -whereof maintenance capex -29 -28 -29 -88 -130 Net cash flow from operating activities was NOK -36 million in the quarter. The operating cash flow was impacted by a gain from divestment relating to the sale of properties to NND and an increase in working capital of NOK 47 million, mainly driven by an increase in receivables. Norske Skog Bruck expects to receive energy refunds of approximately EUR 4.3 million in the fourth quarter of 2026. Net financial items in the quarter relate mainly to interest payments and were in line with previous quarter. Maintenance capex of NOK 29 million relates to ordinary maintenance in the quarter, in line with the previous quarter. Purchases of property, plant and equipment and intangible assets mainly relate to investments in the packaging paper project at Norske Skog Golbey and the book paper project and PulpFlex project at Norske Skog Skogn.
Page 9
││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││ 8 NORSKE SKOG QUARTERLY REPORT – THIRD QUARTER 2026 (UNAUDITED) ││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││ OUTLOOK Norske Skog remains focused on increasing market share despite an uncertain operating environment and challenging market conditions. Price increases implemented during the year are expected to deliver their full effect in coming quarters. The company continues to prioritise cost reductions and strict working capital discipline to maintain competitiveness. Energy cost surcharges will be considered if necessary, while market -related downtime is being assessed to address cost pressures and safeguard profitability. Across all mills, Norske Skog is evaluating profitable growth projects to further diversify revenue streams, with particular emphasis on the ramp-up of PM1 at Norske Skog Golbey and the achievement of full utilisation during 2027 . At Nor ske Skog Saugbrugs, profitability is expected to be restored following the rebuild of PM6, which is scheduled for completion in the first half of 2028. Norske Skog continues to closely monitor the capital and liquidity position and is pursuing several initiatives to strengthen the f inancial performance and competitive position going forward. SKØYEN, 21 OCTOBER 2026 THE BOARD OF DIRECTORS OF NORSKE SKOG ASA Arvid Grundekjøn Trude Ulven Richard Heiberg Chair Board member Board member Terje Sagbakken Eva Karlsson Berg Geir Drangsland Board member Board member CEO
Page 10
││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││ 9 NORSKE SKOG – QUARTERLY REPORT - THIRD QUARTER 2026 (UNAUDITED) ││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││ INTERIM FINANCIAL STATEMENTS, THIRD QUARTER OF 2026 CONDENSED CONSOLIDATED INCOME STATEMENT NOK MILLION NOTE Q3 2026 Q2 2026 Q3 2025 YTD 2026 YTD 2025 Operating revenue 2 587 2 510 2 279 7 477 6 973 Other operating income 427 74 124 999 921 Total operating income 4 3 015 2 584 2 403 8 476 7 893 Distribution costs -316 -311 -260 -917 -758 Cost of materials -1 637 -1 546 -1 494 -4 708 -4 527 Employee benefit expenses -410 -420 -409 -1 235 -1 229 Other operating expenses -204 -234 -203 -642 -624 Restructuring expenses -7 0 0 -7 -3 Depreciation 5 -161 -163 -160 -492 -400 Derivatives and other fair value adjustments 6 126 7 316 256 404 Operating earnings 406 -83 193 730 757 Financial items 7 -154 -81 -74 -406 -147 Profit/loss before income taxes 251 -163 120 324 610 Income taxes -101 -2 41 -3 67 Profit/loss from continuing operations 151 -165 161 321 677 Profit/loss from discontinued operations 0 0 0 0 -37 Profit/loss for the period 151 -165 161 321 640 Earnings per share from continuing operations Basic earnings per share (NOK) 1.78 -1.95 1.90 3.78 7.98 Diluted earnings per share (NOK) 1.78 -1.95 1.90 3.78 7.98 Earnings per share Basic earnings per share (NOK) 1.78 -1.95 1.90 3.78 7.54 Diluted earnings per share (NOK) 1.78 -1.95 1.90 3.78 7.54 CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME NOK MILLION Q3 2026 Q2 2026 Q3 2025 YTD 2026 YTD 2025 Profit/loss from continuing operations 151 -165 161 321 677 Profit/loss from discontinued operations 0 0 0 0 -37 Items that may be reclassified subsequently to profit or loss Currency translation differences -152 39 -41 -341 -30 Tax expense on translation differences 0 0 0 0 0 Other comprehensive continuing operations -152 39 -41 -341 -30 Other comprehensive discontinued operations 0 0 0 0 4 Total comprehensive income for the period -1 -126 120 -20 613
Page 11
││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││ 10 NORSKE SKOG QUARTERLY REPORT – THIRD QUARTER 2026 (UNAUDITED) ││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││ CONDENSED CONSOLIDATED BALANCE SHEET NOK MILLION NOTE 30 SEP 2026 30 JUN 2026 31 DEC 2025 30 SEP 2025 Deferred tax asset 127 160 134 118 Intangible assets 5 14 15 17 18 Property, plant and equipment 5 9 255 9 679 10 249 10 124 Investments in associated companies and joint ventures 14 14 14 15 Other non-current assets 6 185 171 179 212 Total non-current assets 9 595 10 039 10 594 10 488 Inventories 1 351 1 411 1 371 1 466 Trade and other receivables 2 145 1 733 1 508 1 133 Other current assets 6 344 273 151 157 Cash and cash equivalents 577 723 1 082 758 Total current assets 4 417 4 139 4 113 3 514 Total assets 14 012 14 178 14 707 14 002 Paid-in equity 8 8 860 8 860 8 860 8 860 Retained earnings -3 061 -3 060 -3 041 -2 863 Total equity 5 800 5 801 5 819 5 997 Employee benefit obligations 232 243 259 283 Deferred tax liability 120 57 135 141 Interest-bearing non-current liabilities 7 3 760 3 932 4 403 4 596 Other non-current liabilities 6 365 410 488 372 Total non-current liabilities 4 476 4 642 5 285 5 391 Trade and other payables 2 221 2 335 2 363 2 021 Tax payable 6 9 11 7 Interest-bearing current liabilities 7 1 245 1 151 974 404 Other current liabilities 6 265 240 254 181 Total current liabilities 3 736 3 735 3 603 2 614 Total liabilities 8 212 8 377 8 888 8 005 Total equity and liabilities 14 012 14 178 14 707 14 002 SKØYEN, 21 OCTOBER 2026 THE BOARD OF DIRECTORS OF NORSKE SKOG ASA Arvid Grundekjøn Trude Ulven Richard Heiberg Chair Board member Board member Terje Sagbakken Eva Karlsson Berg Geir Drangsland Board member Board member CEO
Page 12
││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││ 11 NORSKE SKOG – QUARTERLY REPORT - THIRD QUARTER 2026 (UNAUDITED) ││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││ CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS NOK MILLION Q3 2026 Q2 2026 Q3 2025 YTD 2026 YTD 2025 Cash generated from operations 2 646 2 842 2 074 7 812 7 940 Cash used in operations -2 591 -2 480 -2 110 -7 617 -7 705 Cash flow from currency hedges and financial items -18 -17 0 -51 -32 Interest payments received 7 6 8 19 32 Interest payments made -73 -76 -59 -224 -164 Taxes paid -6 -3 -2 -10 -6 Net cash flow from operating activities 1) -36 273 -90 -71 65 Purchases of property, plant and equipment and intangible assets -44 -106 -216 -209 -842 Sales of property, plant and equipment and intangible assets 0 0 8 15 9 Proceeds from property damage insurance 0 0 0 0 560 Sales of shares in companies and other financial instruments 0 0 0 7 79 Net cash flow from investing activities -43 -106 -207 -186 -194 New loans raised 0 41 3 41 129 Repayments of loans -54 -146 -58 -268 -393 Net cash flow from financing activities -54 -105 -55 -227 -264 Foreign currency effects on cash and cash equivalents -13 9 -7 -21 -26 Total change in cash and cash equivalents -146 70 -359 -505 -420 Cash and cash equivalents at start of period 723 653 1 116 1 082 1 177 Cash and cash equivalents at end of period 577 723 758 577 758 1) Reconciliation of net cash flow from operating activities Profit/loss before income taxes from continuing operations 251 -163 120 324 610 Profit/loss before income taxes from discontinued operations 0 0 0 0 -37 Change in working capital -47 300 -66 -394 93 Change in restructuring provisions 6 -1 -3 3 -5 Depreciation and impairments 161 163 160 492 411 Derivatives and other fair value adjustments unrealised -126 -7 -316 -256 -406 Gain and losses from divestment of business activities and PPE -338 0 3 -353 -1 Insurance compensation from property damage 0 0 0 0 -560 Net financial items without cash effect 69 -5 23 151 -12 Taxes paid -6 -3 -2 -10 -6 Change in pension obligations and other employee benefits -5 -6 -7 -15 -20 Adjustment for other items -3 -4 -1 -11 -2 Net cash flow from operating activities -36 273 -90 -71 65
Page 13
││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││ 12 NORSKE SKOG QUARTERLY REPORT – THIRD QUARTER 2026 (UNAUDITED) ││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││ CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN GROUP EQUITY NOK MILLION PAID-IN EQUITY OTHER PAID-IN EQUITY RETAINED EARNINGS TOTAL EQUITY Equity 1 January 2025 6 611 2 249 -3 476 5 384 Profit/loss for the period 0 0 479 479 Other comprehensive income for the period 0 0 14 14 Equity 30 June 2025 6 611 2 249 -2 983 5 877 Profit/loss for the period 0 0 161 161 Other comprehensive income for the period 0 0 -41 -41 Equity 30 September 2025 6 611 2 249 -2 863 5 997 Profit/loss for the period 0 0 -235 -235 Other comprehensive income for the period 0 0 58 58 Equity 31 December 2025 6 611 2 249 -3 041 5 819 Profit/loss for the period 0 0 335 335 Other comprehensive income for the period 0 0 -228 -228 Equity 31 March 2026 6 611 2 249 -2 934 5 927 Profit/loss for the period 0 0 -165 -165 Other comprehensive income for the period 0 0 39 39 Equity 30 June 2026 6 611 2 249 -3 060 5 801 Profit/loss for the period 0 0 151 151 Other comprehensive income for the period 0 0 -152 -152 Equity 30 September 2026 6 611 2 249 -3 061 5 800
Page 14
││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││ 13 NORSKE SKOG – QUARTERLY REPORT - THIRD QUARTER 2026 (UNAUDITED) ││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││ NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 1. GENERAL INFORMATION Norske Skog ASA (“the company”) and its subsidiaries (“the group” or “Norske Skog”) produce, distribute and sell publication paper and packaging paper. This includes newsprint , magazine paper and recycled containerboard. All amounts in the interim financial statements are presented in NOK million unless otherwise stated. Due to rounding, there may be differences in the summation of columns and rows. The table below shows the applied average (unweighted monthly) foreign exchange rates per quarter and the closing exchange rate at month end for the most important currencies for the group. Q3 2026 Q2 2026 30 SEP 2026 30 JUN 2026 31 DEC 2025 EUR 10.94 10.95 10.90 11.31 11.84 GBP 12.78 12.64 12.76 13.12 13.57 USD 9.50 9.41 9.60 9.93 10.08 2. ACCOUNTING POLICIES The interim financial statements of Norske Skog have been prepared in accordance with IAS 34 Interim Financial Reporting. The interim financial statements do not include all information required for full annual financial statements and should be read in conjunction with the consolidated financial statements for 2025. The interim financial statements are unaudited. The accounting policies applied in the preparation of the interim financial statements are consistent with those applied in the preparation of the consolidated financial statements for the year ended 31 December 2025, except for the adaptation of amended standards and new interpretations, which are mandatory from 1 January 2026. These changes are described in the consolidated financial statements for 2025. The group has not early adopted any standard, interpretation or amendment that has been issued but is not yet mandatory. 3. ESTIMATES, JUDGEMENTS AND ASSUMPTIONS Preparation of interim financial statements in accordance with IFRS implies use of estimates, which are based on judgements and assumptions that affect the application of accounting principles and the reported amounts of assets, liabilities, revenues and expenses. Actual amounts might differ from such estimates. Recoverable amount of intangible assets and property, plant and equipment Property, plant and equipment are tested for possible impairment charges whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. A prolonged decrease in prices or demand beyond the historical level could be an indicator of impairment and an impairment test will be prepared. The recoverable amount is the higher of an asset’s fair value, less sales costs or its value in use. Value in use is the present value of the future cash flow expected to be derived from a cash-generating unit. The key drivers of profitability in the industry and thus asset values for Norske Skog are product prices relative to production costs. Accounting treatment of physical energy contracts and other financial instruments Norske Skog’s portfolio of commodity contracts consists mainly of physical contracts that are settled through physical delivery. Embedded derivatives in commodity contracts are measured at fair value and embedded derivatives that are not traded in an active marked, are assessed through valuation techniques. The fair value of embe dded derivatives in physical contracts vary depending on changes in currency and price indexes. Commodity contracts that fail to meet the “own-use exemption” criteria in IFRS 9 Financial instruments – recognition and measurement are recognised in the balance sheet and valued at fair value. The group uses its judgement to select a variety of methods and make assumptions that are mainly based on market conditions existing at each balance sheet date. See Note 2 1 in the consolidated financial statements for 2025 for more information regarding the calculation of fair value of derivatives. See Note 3 in the consolidated financial statements for 2025 for a more thorough description of important accounting estimates and assumptions impacting the preparation of financial statements.
Page 15
││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││ 14 NORSKE SKOG QUARTERLY REPORT – THIRD QUARTER 2026 (UNAUDITED) ││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││ 4. OPERATING SEGMENTS The activities of the Norske Skog group are separated into two operating segments, publication paper and packaging paper which is in line with how the group is managed internally. Norske Skog’s chief operating decision maker is corporate management, who distribute resources and assesses performa nce of the group’s operating segments. Norske Skog has an integrated strategy across the two segments to maximise profits. The optimisation is carried out through coordinated sales and operational planning. The regional planning, in combination with structured sales and operational processes, ensures maximisation of profit. Publication paper includes newsprint and magazine paper. Newsprint includes standard newsprint and improved newsprint used in newspapers, inserts, catalogues etc. Magazine paper includes the paper qualities supercalendered (SC) and lightweight coated (LWC ). Magazine paper is used in magazines, catalogues, and advertising materials. From second quarter 2026 the segment also includes book paper, produced at Norske Skog Skogn. The publication paper segment encompasses production and sale of newsprint and magazine paper in Europe. All four European industrial sites and the regional sales organisation are included in the operating segment publication paper. Packaging paper was established as a new reporting segment from 2023. The segment includes Norske Skog’s production of recycled containerboard, mainly the grades testliner 3 and fluting . Testliner 3 and fluting are used by corrugators as outer and inner layers of packaging material. The segment includes PM3 at Norske Skog Bruck and PM1 at Norske Skog Golbey. Activities in the group that do not fall into the operating segments are presented under other activities. This includes corporate functions, sourcing solutions and other holding company activities. Q3 2026 PUBLICATION PAPER PACKAGING PAPER OTHER ACTIVITIES ELIMINATIONS NORSKE SKOG GROUP Operating revenue 1 947 535 134 -29 2 587 Other operating income 372 56 0 0 427 Total operating income 2 319 591 135 -29 3 015 Distribution costs -242 -74 0 0 -316 Cost of materials -1 186 -367 -88 5 -1 637 Employee benefit expenses -309 -86 -15 0 -410 Other operating expenses -150 -64 -14 25 -204 EBITDA 431 0 18 0 448 Restructuring expenses 0 0 -7 0 -7 Depreciation -75 -85 -2 0 -161 Derivatives and other fair value adjustments 126 0 0 0 126 Operating earnings 482 -85 9 0 406 Share of operating revenue from external parties (%) 100 100 83 100 Q2 2026 PUBLICATION PAPER PACKAGING PAPER OTHER ACTIVITIES ELIMINATIONS NORSKE SKOG GROUP Operating revenue 1 898 516 127 -31 2 510 Other operating income 33 41 0 0 74 Total operating income 1 931 557 127 -31 2 584 Distribution costs -232 -79 0 0 -311 Cost of materials -1 119 -322 -111 7 -1 546 Employee benefit expenses -320 -84 -16 0 -420 Other operating expenses -175 -71 -13 25 -234 EBITDA 86 1 -14 0 73 Depreciation -76 -85 -2 0 -163 Derivatives and other fair value adjustments 7 0 0 0 7 Operating earnings 17 -84 -15 0 -83 Share of operating revenue from external parties (%) 100 100 82 100
Page 16
││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││ 15 NORSKE SKOG – QUARTERLY REPORT - THIRD QUARTER 2026 (UNAUDITED) ││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││ Q3 2025 PUBLICATION PAPER PACKAGING PAPER OTHER ACTIVITIES ELIMINATIONS NORSKE SKOG GROUP Operating revenue 1 914 291 220 -147 2 279 Other operating income 57 66 1 0 124 Total operating income 1 971 357 221 -147 2 403 Distribution costs -217 -43 0 0 -260 Cost of materials -1 151 -271 -195 123 -1 494 Employee benefit expenses -306 -82 -20 0 -409 Other operating expenses -154 -56 -16 23 -203 EBITDA 143 -95 -10 0 38 Depreciation -77 -81 -2 0 -160 Derivatives and other fair value adjustments 316 0 0 0 316 Operating earnings 381 -175 -13 0 193 Share of operating revenue from external parties (%) 100 100 37 100 YTD 2026 PUBLICATION PAPER PACKAGING PAPER OTHER ACTIVITIES ELIMINATIONS NORSKE SKOG GROUP Operating revenue 5 749 1 449 372 -94 7 477 Other operating income 791 207 1 0 999 Total operating income 6 541 1 656 373 -94 8 476 Distribution costs -697 -220 0 0 -917 Cost of materials -3 451 -1 011 -266 20 -4 708 Employee benefit expenses -923 -258 -55 0 -1 235 Other operating expenses -477 -195 -45 74 -642 EBITDA 993 -27 7 0 973 Depreciation -230 -257 -5 0 -492 Derivatives and other fair value adjustments 256 0 0 0 256 Operating earnings 1 019 -283 -6 0 730 Share of operating revenue from external parties (%) 100 100 81 100 YTD 2025 PUBLICATION PAPER PACKAGING PAPER OTHER ACTIVITIES ELIMINATIONS NORSKE SKOG GROUP Operating revenue 6 016 726 664 -433 6 973 Other operating income 762 155 4 0 921 Total operating income 6 778 880 668 -433 7 893 Distribution costs -657 -101 0 0 -758 Cost of materials -3 718 -597 -573 362 -4 527 Employee benefit expenses -948 -219 -62 0 -1 229 Other operating expenses -492 -144 -59 71 -624 EBITDA 964 -181 -26 0 756 Restructuring expenses -3 0 0 0 -3 Depreciation -251 -142 -7 0 -400 Derivatives and other fair value adjustments 405 0 -1 0 404 Operating earnings 1 115 -323 -35 0 757 Share of operating revenue from external parties (%) 100 100 38 100
Page 17
││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││ 16 NORSKE SKOG QUARTERLY REPORT – THIRD QUARTER 2026 (UNAUDITED) ││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││ SEGMENT OTHER ACTIVITIES Q3 2026 Q2 2026 Q3 2025 YTD 2026 YTD 2025 OTHER OPERATING REVENUE Corporate functions 23 23 21 70 64 Sourcing solutions 111 104 200 303 604 Total 135 127 221 373 668 EBITDA Corporate functions 16 -12 -7 3 -30 Sourcing solutions 1 -2 -3 4 4 Total 18 -14 -10 7 -26 5. PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS JAN-SEP 2026 PROPERTY, PLANT AND EQUIPMENT RIGHT-OF-USE ASSETS TOTAL PROPERTY PLANT AND EQUIPMENT INTANGIBLE ASSETS Carrying value at start of period 10 108 141 10 249 17 Additions* 209 11 220 0 Depreciation -464 -24 -488 -3 Disposals -4 -4 -8 0 Currency translation differences -710 -8 -718 0 Carrying value at end of period 9 139 116 9 255 14 *The difference between additions and the line Purchases of property, plant and equipment and intangible assets in the condens ed consolidated statement of cash flows is due to right -of-use assets, accruals for payments and other additions with no cash impact. PER OPERATING SEGMENTS 30 SEP 2026 TOTAL PROPERTY PLANT AND EQUIPMENT INTANGIBLE ASSETS Publication paper 2 100 4 Packaging paper 7 135 0 Other activities 20 10 Total 9 255 14
Page 18
││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││ 17 NORSKE SKOG – QUARTERLY REPORT - THIRD QUARTER 2026 (UNAUDITED) ││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││ 6. ENERGY CONTRACTS, DERIVATIVES AND FINANCIAL INSTRUMENTS CARRIED AT FAIR VALUE 30 SEP 2026 ASSETS LIABILITIES CURRENT NON-CURRENT CURRENT NON-CURRENT Energy contracts and embedded derivatives in energy contracts (level 3) 340 22 62 0 Other derivatives and financial instruments carried at fair value (level 2) 4 0 0 0 Total 344 22 62 0 Norske Skog’s portfolio of commodity contracts consists mainly of physical energy contracts some of which contain embedded derivatives related to currency . Certain energy contracts are measured at fair value. The fair value of commodity contracts is especially sensitive to future changes in energy prices in the region they cover. The contract prices for energy in Norway a re sensitive to change in publication paper prices and pulpwood prices. Externally forecasted price increases/decreases for paper increases/decreases the cost of energy. Market prices for energy have increased in the relevant energy areas in Norway, while a stronger NOK has impacted embedded derivatives positively. There has been a net positive change in the fair value of the contracts and embedded derivatives in the quarter of NOK 126 million. Changes in the value of energy contracts, commodity contracts and embedded derivatives in contracts are presented in the income statement line Derivatives and other fair value adjustments. A sensitivity analysis of the impact that fluctuations in energy prices, currency and price indices have on profit after tax is given in Note 5 in the consolidated financial statements for 2025. Financial derivative contracts are accounted for at fair value and changes in contracts are presented in the income statement under financial items. A sensitivity analysis of the impact fluctuations in currency have on profit after tax is given in Note 5 in the consolidated financial statements for 2025. The valuation techniques used are described in Note 21 in the consolidated financial statement for 2025.
Page 19
││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││ 18 NORSKE SKOG QUARTERLY REPORT – THIRD QUARTER 2026 (UNAUDITED) ││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││ 7. FINANCIAL ITEMS AND DEBT REPAYMENTS FINANCIAL ITEMS NOK MILLION Q3 2026 Q2 2026 Q3 2025 YTD 2026 YTD 2025 Net interest expenses -74 -75 -62 -216 -146 Currency gains/losses* -63 13 3 -140 59 Other financial items -18 -19 -15 -50 -60 Total financial items -154 -81 -74 -406 -147 *Currency gains/losses on trade receivables and trade payables are reported as operating revenue and cost of materials respectively. FINANCING Norske Skog is financed th rough various external loan facility agreements in the parent and subsidiary companies, the outstanding amounts at the end of the quarter were as follows. Norske Skog ASA ha d a senior unsecured bond with an outstanding amount of NOK 1 400 million. Norske Skog Golbey SAS ha d outstanding debt financing of EUR 157 million, of which EUR 1 49 million relates to the containerboard line and is fully guaranteed by Norske Skog ASA. Norske Skog Bruck Gmb H had outstanding debt financing of EUR 64 million, of which EUR 45 million relates to the containerboard line and is fully guaranteed by Norske Skog ASA and EUR 19 million relates to the waste -to-energy boiler and is guaranteed by Norske Skog ASA up to an amount of EUR 20 million. Norske Skog Skogn AS had outstanding debt financing of NOK 900 million. Saugbrugs Bioenergi AS, a fully owned subsidiary of Norske Skog Saugbrugs AS, had outstanding debt financing of NOK 37 million. The remaining financing arrangements include leasing, factoring, and other credit facilities at the mill level. The financing covenants applicable to Norske Skog on a consolidated basis are (i) freely available and unrestricted cash and cash equivalents of minimum NOK 100 million, (ii) EBITDA * to net interest costs of minimum 2.0:1, (iii) book equity to total assets of minimum 25%, and (iv) minimum LTM EBITDA* of NOK 400 million. In addition, there are various company specific financial covenants applicable to the subsidiaries acting as borrowers under the respective credit facilities. *The EBITDA used in the financial covenants’ calculations may differ from the EBITDA shown in the financial reporting due to adjustment requirements in the financing agreements. BONDS MILLION MATURITY CURRENCY INTEREST RATE NOMINAL VALUE AMOUNT OUTSTANDING 30 SEP 2026 NSKOG03 June 2029 NOK NIBOR +4.5% 1 600 1 400 DEBT REPAYMENT SCHEDULE* NOK MILLION 2026 2027 2028 2029 2030- Bonds 0 0 0 1 400 0 Debt to credit institutions 727 669 773 608 664 Total 727 669 773 2 008 664 *Not including items relating to leases. Total debt listed in the repayment schedule differs from the carrying value in the balance sheet. This is due to the amortised cost principle. Debt repayment in the fourth quarter 2026 amounts to NOK 727 million and relates to repayment of project debt at Norske Skog Skogn, Norske Skog Golbey and Norske Skog Bruck. Financed amounts from securitisation arrangements is classified as interest-bearing current liabilities. New loans are initiated on a consecutive basis based on new trade receivables included under the securitisation agreement. The liability is in its nature current, and Norske Skog does not have an unconditional right to defer settlement beyond twelve months. The liabilities are liabilities that are settled through its normal operating cycle. The corresponding trade receivable is derecognised when the customer pays it.
Page 20
││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││ 19 NORSKE SKOG – QUARTERLY REPORT - THIRD QUARTER 2026 (UNAUDITED) ││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││ 8. PRINCIPAL SHAREHOLDERS NUMBER OF SHARES OWNERSHIP % BYGGMA ASA 17 430 431 20.55 UBS Europe SE 6 995 463 8.25 DRANGSLAND KAPITAL AS 5 316 148 6.27 SES AS 3 250 000 3.83 INTERTRADE SHIPPING AS 3 000 000 3.54 VOLDSTAD EIENDOM AS 2 700 476 3.18 VERDIPAPIRFONDET FONDSFINANS NORGE 2 500 000 2.95 MP PENSJON PK 1 476 615 1.74 BECK ASSET MANAGEMENT AS 1 350 000 1.59 Goldman Sachs & Co. LLC 1 127 930 1.33 The Bank of New York Mellon SA/NV 1 127 844 1.33 State Street Bank and Trust Comp 1 025 820 1.21 MIDDELBOE AS 913 659 1.08 STENBERG HOLDING AS 905 000 1.07 ATLANTIC TRADING COMPANY NORWAY AS 900 000 1.06 Citibank, N.A. 781 724 0.92 Citibank, N.A. 687 709 0.81 Pershing Securities Limited 670 235 0.79 J.P. Morgan SE 566 669 0.67 PGK HOLDING AS 562 411 0.66 Other shareholders 31 550 101 37.19 Total 84 838 235 100.00 The data is extracted from VPS 21 October 2026. Whilst every reasonable effort is made to verify all data, VPS cannot guarantee the accuracy of the analysis. 9. THE NORSKE SKOG SHARE 30 SEP 2026 30 JUN 2026 31 DEC 2025 30 SEP 2025 Share price (NOK) 46.80 42.50 16.96 19.16 Book value of equity per share (NOK) 68.36 68.37 68.59 70.69 10. RELATED PARTIES Investor AS and subsidiaries Drangsland Kapital AS and Byggma ASA are related parties to Norske Skog through the ownership in Norske Skog ASA and the CEO Geir Drangsland being the ultimate owner for these companies. There have not been any transactions with related parties in 2026. 11. EVENTS AFTER THE BALANCE SHEET DATE On 7 October 2026 Norske Skog Saugbrugs received cash proceeds of NOK 770 million following completion of the NND transaction. There have been no other events after the balance sheet date with significant impact on the interim financial statements for the third quarter of 2026.
Page 21
││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││ 20 NORSKE SKOG QUARTERLY REPORT – THIRD QUARTER 2026 (UNAUDITED) ││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││ 12. HISTORICAL FIGURES INCOME STATEMENT Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Total operating income 3 015 2 584 2 877 2 589 2 403 Variable costs* -1 953 -1 857 -1 816 -1 983 -1 753 Fixed costs* -614 -655 -609 -593 -611 EBITDA 448 73 451 13 38 Restructuring expenses -7 0 0 -2 0 Depreciation -161 -163 -167 -157 -160 Derivatives and other fair value adjustment 126 7 123 -48 316 Operating earnings 406 -83 407 -194 193 Financial items -154 -81 -171 -62 -74 Profit/loss before income taxes 251 -163 236 -256 120 Income taxes -101 -2 99 20 41 Profit/loss 151 -165 335 -235 161 * As defined in Alternative performance measures SEGMENT INFORMATION Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Publication paper Total operating income 2 319 1 931 2 291 2 104 1 971 EBITDA 431 86 477 144 143 Deliveries (1 000 tonnes) 282 280 274 286 267 Packaging paper Total operating income 591 557 508 362 357 EBITDA 0 1 -28 -126 -95 Deliveries (1 000 tonnes) 115 122 106 82 71 Other activities Total operating income 135 127 112 164 221 EBITDA 18 -14 2 -5 -10
Page 22
││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││ 21 NORSKE SKOG – QUARTERLY REPORT - THIRD QUARTER 2026 (UNAUDITED) ││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││ BALANCE SHEET 30 SEP 2026 30 JUN 2026 31 MAR 2026 31 DEC 2025 30 SEP 2025 Total non-current assets 9 595 10 039 9 990 10 594 10 488 Inventories 1 351 1 411 1 393 1 371 1 466 Trade and other receivables 2 145 1 733 1 981 1 508 1 133 Cash and cash equivalents 577 723 653 1 082 758 Other current assets 344 273 204 151 157 Total current assets 4 417 4 139 4 231 4 113 3 514 Total assets 14 012 14 178 14 221 14 707 14 002 Total equity 5 800 5 801 5 927 5 819 5 997 Total non-current liabilities 4 476 4 642 4 807 5 285 5 391 Trade and other payables 2 221 2 335 2 258 2 363 2 021 Other current liabilities 1 516 1 400 1 229 1 239 593 Total current liabilities 3 736 3 735 3 487 3 603 2 614 Total liabilities 8 212 8 377 8 294 8 888 8 005 Total equity and liabilities 14 012 14 178 14 221 14 707 14 002 CASH FLOW Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Reconciliation of net cash flow from operating activities EBITDA 448 73 451 13 38 Change in working capital -47 300 -648 235 -66 Payments made relating to restructuring activities -1 -1 -2 -1 -3 Gain and losses from divestment -338 0 -15 -1 3 Cash flow from net financial items -85 -86 -84 -66 -51 Taxes paid -6 -3 -1 -2 -2 Other -8 -10 -8 -16 -8 Net cash flow from operating activities -36 273 -307 163 -90 Purchases of property, plant and equipment and intangible assets -44 -106 -59 -140 -216 Net divestments 0 1 22 7 9 Net cash flow from investing activities -43 -106 -37 -133 -207 Net cash flow from financing activities -54 -105 -68 290 -55 Foreign currency effects on cash and cash equivalents -13 9 -17 5 -7 Total change in cash and cash equivalents -146 70 -430 325 -359
Page 23
││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││ 22 NORSKE SKOG QUARTERLY REPORT – THIRD QUARTER 2026 (UNAUDITED) ││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││││ ALTERNATIVE PERFORMANCE MEASURES The European Securities and Markets Authority’s (ESMA) has defined guidelines for alternative performance measures (APM). An APM is defined as a financial measure of historical or future financial performance, financial position, or cash flows, other than a financial measure defined or specific in the applicable financial reporting framework (IFRS). The company uses EBITDA and EBITDA margin to measure operating performance on group level. It is the company's view that the APMs provide the investors with relevant and specific operating figures which may enhance their understanding of the performance. EBITDA, EBITDA margin, variable costs, fixed costs and net interest-bearing debt are defined by the company below. EBITDA: Operating earnings for the period, before restructuring expenses, depreciation and amortisation and impairment charges, derivatives and other fair value adjustments, determined on an entity, combined or consolidated basis. EBITDA is used for providing consistin g information o n operating performance and cash generating which is relative to other companies and frequently used by other stakeholders. NOK MILLION Q3 2026 Q2 2026 Q3 2025 YTD 2026 YTD 2025 Operating earnings 406 -83 193 730 757 Restructuring expenses 7 0 0 7 3 Depreciation 161 163 160 492 400 Derivatives and other fair value adjustments -126 -7 -316 -256 -404 EBITDA 448 73 38 973 756 EBITDA margin: EBITDA/total operating income. EBITDA margins assist in providing a more comprehensive analysis of operating performance relative to other companies. NOK MILLION Q3 2026 Q2 2026 Q3 2025 YTD 2026 YTD 2025 EBITDA 448 73 38 973 756 Total operating income 3 015 2 584 2 403 8 476 7 893 EBITDA margin 14.9 % 2.8 % 1.6 % 11.5 % 9.6 % Variable costs: Distribution costs + cost of materials. NOK MILLION Q3 2026 Q2 2026 Q3 2025 YTD 2026 YTD 2025 Distribution costs 316 311 260 917 758 Cost of materials 1 637 1 546 1 494 4 708 4 527 Variable costs 1 953 1 857 1 753 5 625 5 285 Fixed costs: Employee benefit expenses + other operating expenses. NOK MILLION Q3 2026 Q2 2026 Q3 2025 YTD 2026 YTD 2025 Employee benefit expenses 410 420 409 1 235 1 229 Other operating expenses 204 234 203 642 624 Fixed costs 614 655 611 1 877 1 852 Net interest -bearing debt: Net interest -bearing debt consist s of bond s issued and other interest -bearing liabilities (current and non -current) reduced by cash and cash equivalent. NOK MILLION 30 SEP 2026 30 JUN 2026 31 DEC 2025 30 SEP 2025 Interest-bearing non-current liabilities 3 760 3 932 4 403 4 596 Interest-bearing current liabilities 1 245 1 151 974 404 Cash and cash equivalents -577 -723 -1 082 -758 Net interest-bearing debt 4 428 4 361 4 295 4 243 Capital expenditure (Capex): Purchases of property, plant and equipment and intangible assets. Maintenance capex: Capex required to maintain the group's current business.
Page 24
Q3 2026 presentation 22 October 2026 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 capacity 2 230kt of SC capacity 1 Up to 265kt of LWC capacity Packaging paper 760kt of RCCM capacity Up to 200kt of interliner capacity 2 300kt of TMP - based kraftliner capacity 1 TMP liner Energy generation 50 MW of waste energy capacity 12m scm of annual biogas capacity 225 MW of biomass energy capacity 4 Waste - to - energy Biomass energy Biogas 2025 - 26 2027 - 28 2029 - 30 2023 - 24 2020 - 22 Illustration Market - leading brands Other grades Up to 160kt of book paper 2 Exploring new grades Exploring new grades Ancillary services District heating Grid services Battery Energy Storage System 3 Sustainable operations
Page 25
3 1) H1 2028 Saugbrugs PM6 rebuild and closure of Saugbrugs PM4 and PM5 Four high - quality industrial sites Eight 1 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 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
Page 26
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 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
Page 27
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 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
Page 28
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 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
Page 29
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 profit EBITDA Key figures Third quarter 2026 NOKm NOKm (and margin) group covenant of min. NOK 400m LTM 1 NOKm Thousand 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 Equity ratio Interest coverage ratio 12 Net debt Cash 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
Page 30
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 paper Packaging paper Other CEE = Certificats d’Economies d’Energie 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%
Page 31
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 position Market to tighten with conversion of capacity 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
Page 32
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 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
Page 33
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 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 .
Page 34
Norske Skog ASA Sjølyst plass 2 P.O. Box 294 Skøyen, 0213 Oslo Norway www.norskeskog.com Press release Improved results and strengthened financial position Norske Skog delivered EBITDA of NOK 448 million and a profit before income taxes of NOK 251 million in the third quarter of 2026. The results were positively impacted by a gain of NOK 338 million from the sale of property to Norwegian Nuclear Decommissioni ng (NND). Higher prices and deliveries supported publication paper, while production challenges at Norske Skog Golbey PM1 reduced packaging paper volumes. The production challenges are expected to be improved during the fourth quarter of 2026. Following the quarter, liquidity was strengthened by NOK 770 million from receipt of proceeds from the NND transaction. “The third quarter reflects resilient operations in challenging markets. Price increases and cost -reduction initiatives partly mitigated higher costs for energy, fuel and chemicals, while the NND transaction significantly strengthened our financial flexibi lity through receipt of NOK 770 million following the quarter . Our priorities remain to improve profitability, maintain disciplined working capital and complete the operational ramp -up at Golbey,” says Geir Drangsland, CEO of Norske Skog. In the third quarter of 2026, total operating income was NOK 3 015 million, compared with NOK 2 584 million in the previous quarter. Norske Skog reported EBITDA of NOK 448 million and a profit before income taxes of NOK 251 million, compared with EBITDA of NOK 73 million and a loss before income taxes of NOK 163 million in the second quarter of 2026. The EBITDA margin increased to 15% from 3%. The equity ratio was 41%, cash was NOK 577 million and net interest-bearing debt was NOK 4 428 million at the end of the quarter. The sale of property to NND contributed a gain of NOK 338 million in the quarter. Norske Skog received cash proceeds of NOK 770 million in early October, of which approximately NOK 50 million is allocated to dismantling. The company has scheduled significant debt repayments during the fourth quarter of 2026. Market segments The publication paper segment delivered EBITDA of NOK 431 million in the third quarter, compared with NOK 86 million in the previous quarter. Deliveries increased to 282 thousand tonnes from 280 thousand tonnes, while operating revenue increased to NOK 1 947 million from NOK 1 898 million. Slightly higher prices and deliveries, the NND gain and continued efficiency improvements supported the result. These effects were partly offset by higher costs of materials, particularly energy. The packaging paper segment delivered EBITDA of NOK 0 million, compared with NOK 1 million in the previous quarter. Operating revenue increased to NOK 535 million from NOK 516 million, supported by higher prices, while deliveries decreased to 115 thousand tonnes from 122 thousand tonnes. Production at Golbey PM1 was affected by regional drought, unplanned maintenance at the water effluent treatment facility and press crushing issues. The challenges are expected to improve during the fourth quarter. Norske Skog Bruck PM3 operated at full capacity, delivering 55 thousand tonnes and EBITDA of NOK 40 million, while Golbey PM1 delivered 60 thousand tonnes and EBITDA of NOK -40 million. Depending on CEE certificate prices, the group expects energy certificates with an estimated market value of approximately EUR 23 million in 2027 and EUR 52 million in 2029.
Page 35
Projects and other initiatives At Norske Skog Saugbrugs, Norske Skog plans to rebuild PM6 for flexible production of 300 000 tonnes of TMP-based kraftliner or 230 000 tonnes of SC magazine paper. The estimated investment is around NOK 850 million, with start- up expected in the first half of 2028. The project is intended to restore profitability and provide a long -term growth outlook for the mill. The rock wall has been secured and the PM6 building restored, with only limited works remaining. The rebuild will utilise existing TMP capacity, energy infrastructure and fibre-processing competence. Saugbrugs is also evaluating an opportunity to establish an 80-100 MW data centre. The site is adjacent to the Halden transformer station and has an existing grid agreement supported by high -capacity power lines. The site also offers fibre-network access, freshwater infrastructure and road, rail and sea connections. The zoning process is expected to restart during the fourth quarter of 2026. At Bruck, a 20 MW Battery Energy Storage System is being installed to support grid services and optimise the mill’s energy position. At Norske Skog Skogn, the successful launch of NOR Book and the development of NOR Strato packaging paper support continued product diversification. At Golbey, the focus remains on improving PM1 operations and reaching full utilisation during 2027. Outlook Norske Skog remains focused on increasing market share despite an uncertain operating environment and challenging market conditions. Price increases implemented during the year are expected to deliver their full effect in the coming quarters. The company c ontinues to prioritise cost reductions and strict working capital discipline to maintain competitiveness. Energy cost surcharges will be considered if necessary, while market-related downtime is being assessed to address cost pressures and safeguard profitability. Across all mills, Norske Skog is evaluating profitable growth projects to further diversify revenue streams, with particular emphasis on the ramp -up of PM1 at Norske Skog Golbey and the achievement of full utilisation during 2027. At Norske Skog Saugbrugs, profitability is expected to be restored following the rebuild of PM6, which is scheduled for completion in the first half of 2028. Norske Skog continues to closely monitor the capital and liquidity position and is pursuing several initiatives to strengthen the financial performance and competitive position going forward. About Norske Skog Norske Skog is a producer of packaging paper and publication paper across four mills in Europe. Packaging paper includes testliner and fluting and publication paper includes newsprint and magazine paper. The annual production capacity of packaging paper is 0.8 million tonnes, and the annual production capacity of publication paper is 1.2 million tonnes. Packaging paper and publication paper are sold through sales offices and agents. Norske Skog has approximately 1 650 employees and the parent company, Norsk e Skog ASA, a public limited liability company, is incorporated in Norway and has the head office in Oslo. The company is listed on Oslo Stock Exchange with the ticker NSKOG. Presentation and quarterly material The company will arrange a Teams -webinar today at 08:30 CET, which can be attended by clicking the webinar link on the front page of the www.norskeskog.com. The quarterly board of directors’ report, the presentation, the financial statements and the press releases are available on www.norskeskog.com, and published on www.newsweb.no under the ticker NSKOG. If you want to receive future Norske Skog press releases, please subscribe through the website of the Oslo Stock Exchange www.newsweb.no. Norske Skog Communications and Public Affairs
Page 36
For further information: Norske Skog media: Norske Skog capital markets: Vice President Communication and Public Affairs Senior Vice President Corporate Finance Carsten Dybevig Even Lund Email: carsten.dybevig@norskeskog.com Email: even.lund@norskeskog.com Mob: +47 917 63 117 Mob: +47 906 12 919
Page 37
Norske Skog ASA Sjølyst plass 2 P.O. Box 294 Skøyen, 0213 Oslo Norway www.norskeskog.com Pressemelding Bedre resultater og styrket finansiell posisjon Norske Skog oppnådde en EBITDA på NOK 448 millioner og et resultat før skatt på NOK 251 millioner i tredje kvartal 2026. Resultatene ble positivt påvirket av en gevinst på NOK 338 millioner fra salget av eiendom til Norsk Nukleær Dekommisjonering (NND). Høyere priser og leveranser bidro positivt for publikasjonspapirvirksomheten, mens produksjonsutfordringer ved Golbey PM1 reduserte volumene innen emballasjepapir. Produksjonsutfordringene forventes å avta i løpet av fjerde kvartal 2026. Etter kvartalets utgang ble selskapets likviditet styrket med 770 millioner kroner ved mottak av provenyet fra NND -transaksjonen. "Tredje kvartal viser robuste resultater i krevende markeder. Prisøkninger og kostnadsreduserende tiltak kompenserte delvis for høyere kostnader til energi, drivstoff og kjemikalier, samtidig som NND-transaksjonen styrket vår finansielle fleksibilitet betydelig etter mottak av provenyet på NOK 770 millioner etter utløpet av kvartalet. Våre prioriteringer er fortsatt å forbedre lønnsomheten, opprettholde disiplinert arbeidskapitalstyring og fullføre den operative oppskaleringen ved Golbey," sier Geir Drangsland, konsernsjef i Norske Skog. I tredje kvartal 2026 var totale driftsinntekter NOK 3 015 millioner, sammenlignet med NOK 2 584 millioner i foregående kvartal. Norske Skog rapporterte en EBITDA på NOK 448 millioner og et resultat før skatt på NOK 251 millioner, mot en EBITDA på NOK 73 millioner og et underskudd før skatt på NOK 163 millioner i andre kvartal 2026. EBITDA-marginen økte til 15 % fra 3 %. Egenkapitalandelen var 41 %, kontantbeholdningen utgjorde NOK 577 millioner og netto rentebærende gjeld var NOK 4 428 millioner ved utgangen av kvartalet. Salget av eiendom til NND bidro med en gevinst på NOK 338 millioner i kvartalet. Norske Skog mottok et kontantoppgjør på NOK 770 millioner i begynnelsen av oktober, hvorav rundt NOK 50 millioner er avsatt til demonteringsarbeid. Selskapet har planlagt betydelige gjeldsnedbetalinger i løpet av fjerde kvartal 2026. Markedssegmenter Publikasjonspapir Segmentet for publikasjonspapir leverte en EBITDA på NOK 431 millioner i tredje kvartal, sammenlignet med NOK 86 millioner i foregående kvartal. Leveransene økte til 282 000 tonn fra 280 000 tonn, mens driftsinntektene økte til NOK 1 947 millioner fra NOK 1 898 millioner. Svak økning i priser og leveranser, gevinsten fra NND -transaksjonen samt fortsatt effektiviseringsarbeid bidro positivt til resultatet. Disse effektene ble delvis motvirket av høyere råvarekostnader, særlig energikostnader. Emballasjepapir Segmentet for emballasjepapir leverte en EBITDA på NOK 0 millioner, sammenlignet med NOK 1 million i foregående kvartal. Driftsinntektene økte til NOK 535 millioner fra NOK 516 millioner, støttet av høyere priser, mens leveransene falt til 115 000 tonn fra 122 000 tonn. Produksjonen ved Golbey PM1 ble påvirket av regional tørke, uplanlagt vedlikehold ved avløpsrenseanlegget og utfordringer med pressepartiet. Situasjonen forventes å forbedre seg gjennom fjerde kvartal. Bruck PM3 opererte
Page 38
med full kapasitetsutnyttelse og leverte 55 000 tonn med en EBITDA på NOK 40 millioner, mens Golbey PM1 leverte 60 000 tonn med en EBITDA på minus NOK 40 millioner. Avhengig av prisutviklingen på CEE -sertifikater forventer konsernet å motta energi -sertifikater med en anslått markedsverdi på om lag EUR 23 millioner i 2027 og EUR 52 millioner i 2029. Prosjekter og andre initiativer Ved Saugbrugs planlegger Norske Skog å bygge om PM6 for fleksibel produksjon av 300 000 tonn TMP -basert kraftliner eller 230 000 tonn SC-magasinpapir. Den estimerte investeringen er rundt NOK 850 millioner, med planlagt oppstart i første halvår 2028. Prosjektet skal gjenopprette lønnsomheten og legge grunnlag for langsiktig vekst ved fabrikken. Fjellveggen er nå sikret og PM6 -bygget gjenoppbygd, og det gjenstår kun begrensede arbeider. Ombyggingen vil utnytte eksisterende TMP-kapasitet, energiinfrastruktur og fibrebearbeidingskompetanse. Saugbrugs vurderer også muligheten for å etablere et datasenter på 80–100 MW. Området ligger i direkte tilknytning til transformatorstasjonen i Halden og har eksisterende nettilknytning støttet av kraftlinjer med høy kapasitet. Tomten tilbyr også tilgang til fibern ett, ferskvannsinfrastruktur og forbindelser via vei, jernbane og sjø. Reguleringsprosessen forventes gjenopptatt i løpet av fjerde kvartal 2026. I Bruck installeres et batterilagringssystem (BESS) på 20 MW for å levere nettjenester og optimalisere fabrikkens energiposisjon. Ved Skogn bidrar den vellykkede lanseringen av NOR Book og utviklingen av emballasjepapiret NOR Strato til videre produktdiversifisering. Ved Golbey er hovedfokuset fortsatt å forbedre driften på PM1 og oppnå full kapasitetsutnyttelse i løpet av 2027. Utsikter Norske Skog har fortsatt fokus på å øke markedsandelene til tross for et usikkert driftsmiljø og krevende markedsforhold. Prisøkningene som er gjennomført i løpet av året forventes å få full effekt i de kommende kvartalene. Selskapet fortsetter å prioritere kostnadsreduksjoner og stren g arbeidskapitalstyring for å opprettholde konkurransekraften. Energitillegg i prisene vil bli vurdert ved behov, samtidig som markedsrelaterte produksjonsstans vurderes for å håndtere kostnadspress og sikre lønnsomhet. På tvers av alle fabrikkene vurderer Norske Skog lønnsomme vekstprosjekter for ytterligere å diversifisere inntektsstrømmene, med særlig fokus på oppskaleringen av PM1 ved Norske Skog Golbey og oppnåelse av full kapasitetsutnyttelse i 2027. Ved Norske Skog Saugbrugs forventes lønnsomheten å bli gjenopprettet etter ombyggingen av PM6, som er planlagt ferdigstilt i første halvår 2028. Norske Skog følger fortsatt kapital - og likviditetssituasjonen tett og arbeider med flere initiativer for å styrke den finansielle utviklingen og konsernets konkurranseposisjon fremover. Om Norske Skog Norske Skog produserer emballasjepapir og publikasjonspapir ved fire fabrikker i Europa. Emballasjepapir omfatter testliner og fluting, mens publikasjonspapir omfatter avispapir og magasinpapir. Konsernets årlige produksjonskapasitet er 0,8 millioner tonn emballasjepapir og 1,2 millioner tonn publikasjonspapir. Produktene selges gjennom salgskontorer og agenter. Norske Skog har om lag 1 650 ansatte. Morselskapet, Norske Skog ASA, er et norsk allmennaksjeselskap med hovedkontor i Oslo. Selskapet er notert på Oslo Børs under tickeren NSKOG. Presentasjon og kvartalsmateriell Selskapet vil arrangere et Teams -webinar i dag kl. 08:30 CET, som kan følges ved å klikke på webinarlinken på forsiden av www.norskeskog.com. Kvartalsrapporten fra styret, presentasjonen, regnskapene og pressemeldingene er tilgjengelige på www.norskeskog.com, og publisert på www.newsweb.no under tickeren NSKOG. Hvis du ønsker å motta fremtidige pressemeldinger fra Norske Skog, vennligst abonner via nettsiden til Oslo Børs www.newsweb.no. Norske Skog kommunikasjon og samfunnskontakt
Page 39
For ytterligere informasjon: Norske Skog media: Norske Skog kapitalmarkedet: Kommunikasjonsdirektør Direktør corporate finance Carsten Dybevig Even Lund E-post: carsten.dybevig@norskeskog.com E-post: Even.Lund@norskeskog.com Mob: +47 917 63 117 Mob: +47 906 12 919