Borregaard ASA (BRGAY) Q2 2026 Earnings Call Transcript

Tom Foss-Jacobsen
Chief Executive Officer

Good morning, everyone, and welcome to Borregaard’s Second Quarter 2026 Presentation. My name is Tom Erik Foss-Jacobsen. I’m the CEO of Borregaard, and I’ll be joined today by our CFO, Per Bjarne Lyngstad. Together, we will take you through this agenda.

I will start with the key highlights for the quarter and then give an update on the market situation across our business segments. I will then summarize the outlook before handing over to Per Bjarne. He will walk you through the financial performance then in more detail.

Before we begin, just a quick reminder to those of you watching the webcast that you are welcome to submit questions at any time during the presentation, and we’ll address them at the end.

Let’s begin with the highlights for the second quarter. EBITDA came in at NOK 515 million compared with NOK 522 million in the same quarter last year. This is a solid result broadly in line with a strong second quarter last year and also supported by good operational performance in the quarter.

Looking at the business areas, BioSolutions delivered higher sales volume, but with a less favorable product mix. BioMaterials had high deliveries and record production, while Fine Chemicals delivered another quarter with solid results.

On the cost side, we continue to see pressure from higher energy, logistics and chemical costs, partly offset by lower wood costs. The net currency effects were slightly positive in the quarter. We have also recognized an impairment of NOK 337 million on our investment in Alginor. The 3 main shareholders in Alginor, Borregaard, Must Invest and Hatteland with Hatteland acting as