Borregaard ASA: EBITDA1 of NOK 515 million in the 2nd quarter

Borregaard's operating revenues increased to NOK 2,114 million (NOK 2,045 million) in the 2(nd) quarter of 2026. EBITDA(1) was NOK 515 million (NOK 522 million). The result in BioMaterials and Fine Chemicals increased, while BioSolutions had a lower result compared with the 2(nd) quarter of 2025.

In BioSolutions, higher sales volume was more than offset by higher energy and energy-related costs, negative currency effects, and a less favourable product mix. For BioMaterials, high deliveries of speciality cellulose were partly offset by lower sales prices and a weaker product mix. A record production contributed positively to the result. In Fine Chemicals, higher deliveries and a favourable product mix were the main reasons for the improved result. Net currency effects were slightly positive for the Group.

Wood costs were approximately 15% lower compared with the 2(nd) quarter last year. The Middle East conflict had a negative impact on Borregaard's energy, logistics and chemical costs. The net cost impact on raw materials, energy and logistics was approximately NOK 40 million compared with the 2(nd) quarter 2025.

Borregaard is implementing a cost improvement programme targeting annual savings of NOK 150 million. The savings will be realised gradually, with full effect from 2028.

Other income and expenses were NOK -30 million related to ground stabilisation measures at the Sarpsborg site.

In the 2(nd) quarter of 2026, Borregaard has made an impairment of NOK 337 million of its investments in Alginor ASA. The impairment is recorded as part of financial items.

Profit before tax was NOK -45 million (NOK 326 million). Earnings per share were NOK -1.27 (NOK 2.56). Excluding ground stabilisation measures and impairment of Alginor, earnings per share were NOK 2.35.

"We are pleased to deliver a strong result in a challenging business environment. The quarter once again demonstrates the resilience of Borregaard's highly diversified portfolio and broad customer base", says CEO Tom Erik Foss-

Jacobsen.

Contacts:

Director Investor Relations, Pål Espen Ramberg, +47 959 17 333 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 16 July 2026 at 07:00 CEST.