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Norske Skog (NSKOG) investor relations material

Norske Skog Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary15 Jul, 2025

Executive summary

  • EBITDA reached NOK 106 million in Q2 2025, reflecting operational improvement but a sharp drop from Q1 due to a prior one-off insurance gain.

  • Market share increased despite challenging conditions and low industry utilization rates.

  • Maintained strong capital and liquidity position, supported by asset sales, CO2 allowances, energy refunds, and revised loan repayment schedules.

  • Containerboard production at Golbey PM1 started, with first deliveries made and full utilization targeted for H1 2027.

  • Profitability initiatives included fiber mix optimization and equipment upgrades.

Financial highlights

  • Operating revenue and income declined due to lower volumes and prices in publication paper; containerboard prices increased.

  • Publication paper segment EBITDA was NOK 172 million; packaging paper segment reported negative EBITDA of NOK -52 million.

  • Pretax profit for Q2 2025 was NOK 49 million; net income NOK 78 million.

  • Net debt fell below NOK 4 billion; unrestricted cash at NOK 1,051 million at quarter end.

  • Equity ratio improved to 41.8%; interest coverage at 5.0x; EBITDA margin dropped to 4.5%.

Outlook and guidance

  • Full utilization of Golbey PM1 expected by H1 2027; remaining CapEx of EUR 20–25 million, with EUR 52 million in grants and certificates to be received by 2027.

  • Publication paper demand expected to decline 5–10% in 2025; containerboard market pressured by overcapacity, with improvement anticipated over several years.

  • Ongoing focus on cost reduction, working capital optimization, and strategic initiatives amid volatile environment.

  • Strategic review at Saugbrugs ongoing; PM6 restart decision expected in H2 2025.

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Frequently asked questions

Norske Skog produces and sells newsprint and magazine paper primarily in Europe and Australasia. The company operates through two segments, Newsprint & Market Pulp and Magazine Paper. It offers newsprint for newspapers; magazine papers for consumer, business-to-business, magazines, catalogues, and other printing publications; and directory paper for telephone directories. Norske Skog has, since its establishment in 1962, long been one of the world's leading manufacturers of newsprint and magazine paper.

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