All-time high EBITDA1 of NOK 537 million in the 2nd quarter

Stock exchange release:

Borregaard ASA: All-time high EBITDA ¹ of NOK 537 million in the 2 ^nd quarter

Borregaard’s operating revenues increased to NOK 1,963 million (NOK 1,744 million) ² . EBITDA ¹ reached an all-time high level of NOK 537 million (NOK 445 million). Fine Chemicals and BioMaterials had result improvements while BioSolutions had a decrease compared with the 2 ^nd quarter of 2022.

Increased sales prices and high deliveries were the main reasons for the significant result improvement in Fine Chemicals. The increased result in BioMaterials was mainly due to higher sales prices and positive net currency effects. In BioSolutions, increased sales prices and positive net currency effects were more than offset by reduced contribution from traded vanillin products and changes in product mix. For the Group, reduced energy costs were largely offset by increased wood costs and cost inflation in general.  

Operating profit reached NOK 419 million (NOK 346 million). Net financial items were NOK -40 million (NOK -24 million). Profit before tax was NOK 379 million (NOK 322 million). Earnings per share were NOK 2.84 (NOK 2.53).

- We are pleased to deliver an all-time high result. Our resilient business model with a diversified market strategy contributed to the improved EBITDA margin compared with previous quarters, says President and CEO Per A. Sørlie.

Contacts:
Director Investor Relations, Knut-Harald Bakke, +47 905 79 164
SVP Organisation and Public Affairs, Dag Arthur Aasbø, +47 918 34 108

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 subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.

Borregaard reported second quarter 2023 results on Tuesday 18 July 2023 at 07:00 CET.