The Group's sales revenues in Q2 2025 amounted to NOK 592.4 million which is a
NOK 44.1 million (8.1 %) increase from Q2 2024. Total sales revenues YTD are
at NOK 1,228.4 million compared to NOK 1,089.9 million YTD last year, which
is an increase of NOK 138.5 million  (12.7 %)  

 

The EBITDA in Q2 was  39.6 million in 2024, compared to  43.8 million in
2023.  

 

The adjusted operating profit in Q2 2025 was NOK  17.6  million compared
to NOK  21.5 million in the same period last year. The operating profit
contains non-recurring items, please see reconciliation of adjusted operating
profit in Alternative Performance Measures after the notes to the interim
report. 

 

From the 9th of March 2023 the investment in Norske Skog ASA is classified as an
investment in associate and is accounted for using the equity method in
accordance with IAS 28. Share of profit from associates was NOK 98.6 million
pr Q2 2025. See Norske Skog ASA's latest quarterly report and annual
accounts for more information. 

 

The Group achieved an adjusted profit before tax pr. Q2 2025 of NOK 23,5
million, compared to NOK 18.3 million last year.  

 

Q2 2025, net financials amounted to an expense of NOK 49.5 million which
is NOK 7.1 million increase in cost compared to the same period in 2024. The
main reasons for the increase in net financial expenses are increased overdraft,
and changes in the value of interest rate swaps. Please see note 3 for
specification of net financials. 

 

The liquidity reserve as of 30 June 2025 amounted to NOK 62.9 million, a
reduction of NOK 59.1 million from 1 January 2025. The Board of Directors will
maintain its focus on capital and cost-efficiency. 

 

Net interest-bearing debt has increased from NOK 1,365.8 million as of 1
January 2025 to NOK 1,439.9 million as of 30 June 2025. As of the second
quarter of 2025, loans were acquired of NOK 11.6 million.  

Investments in tangible fixed assets and intangible assets as of Q2 2025
totaled NOK 57.8 million which is NOK 44.2 million higher than first half of
2024.  

 

Total assets increased from NOK 2,911.8 million as at 1 January 2025 to NOK
3,111.3 million as at 30 June 2025. Booked equity as of 30 June 2025 was
NOK 1,034.5 million (33.2 %), which is an increase of NOK 121.9 million
compared to 1 January 2025 (31.3 %). The reasons for the change in equity
are due to the profit of the year of NOK 116.9 million, a currency translation
difference of NOK 2.2 million and share of other comprehensive income from
associate of NOK 2.9 million.