Borregaard’s operating revenues were NOK 1,714 million (NOK 1,752 million)² in the 3^rd quarter of 2023. EBITDA¹ increased to NOK 482 million (NOK 434 million). BioMaterials and Fine Chemicals had result improvements while BioSolutions had a decrease compared with the 3^rd quarter of 2022.

In BioSolutions, higher sales prices and reduced energy costs were more than offset by reduced sales volume, lower contribution from traded vanillin products and cost inflation in general. Lower energy costs and higher sales prices were the main reasons for the EBITDA improvement in BioMaterials. The increased result in Fine Chemicals was mainly due to increased sales prices for bioethanol. The net currency effects were positive in all areas.

The proposed reduction in the Norwegian CO₂ compensation scheme will impact Borregaard’s EBITDA¹ for 2023 by approximately NOK -25 million compared with the previously calculated compensation. The reduction for the first three quarters of 2023 is reflected in the 3^rd quarter results.

Operating profit reached NOK 360 million (NOK 321 million). Net financial items were NOK -42 million (NOK -12 million). Profit before tax was NOK 318 million (NOK 309 million). Earnings per share were NOK 2.38 (NOK 2.40).

- We are pleased to deliver solid results and strong margins in all business areas, says President and CEO Per A. Sørlie.

Contacts:
Director Investor Relations, Knut-Harald Bakke, +47 905 79 164
Director Communications, Tone Horvei Bredal, +47 924 67 711

1. Operating profit before depreciation, amortisation and other income and expenses
2. Figures in parentheses are for the corresponding period in the preceding year

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5 – 12 of the Norwegian Securities Trading Act.

This stock exchange announcement was published by Lotte Kvinlaug, Investor Relations Officer at Borregaard ASA, on 24 October 2023 at 07:00 CEST.