Borregaard (BRG) investor relations material

Opening remarks and agenda

• The meeting was opened by an appointed chair, with board and executive representatives and the auditor present; the chair of the board was absent and represented by another board member.

• The AGM was conducted fully digitally, with simultaneous English translation and interactive features for voting and questions.

• 74.71% of share capital was represented at the meeting, with advance votes, proxies, and online participation.

• The agenda and notice were approved without objections, and voting procedures were explained.

Financial performance review

• 2025 EBITDA reached NOK 1.9 billion, with NOK 925 million reinvested to strengthen competitiveness.

• Operating revenues grew by 7.4% annually since 2021, and EBITDA by 15% per year.

• BioSolutions led with 56% of revenue, BioMaterials 35%, and Fine Chemicals 9%.

• A NOK 245 million write-down in bio-based startups negatively impacted profit and EPS.

• Equity ratio improved to 61% and leverage ratio decreased to 1.11 by year-end.

Dividend announcements

• An ordinary dividend of NOK 4.75 per share was approved, up 12% from last year, representing 55% of net earnings (adjusted for write-downs).

• Dividend payout is scheduled for 27 April 2026, with shares traded ex-dividend from 17 April 2026.

• The dividend policy was updated to target 40%-60% of net earnings, up from 30%-50%.