Borregaard (BRG) AGM 2026 summary

Opening remarks and agenda

• The meeting was opened by an appointed chair, with board and executive representatives and the auditor present; the AGM was held digitally with translation and interactive features for shareholders.

• 74.71% of share capital was represented, with advance votes, proxies, and online participation; practical voting and participation instructions were provided.

• The notice of the AGM was sent 21 days in advance and published in Norwegian and English, with no objections to the agenda.

Financial performance review

• 2025 EBITDA reached NOK 1.9 billion, with NOK 925 million reinvested; operating revenues grew 7.4% annually since 2021, and EBITDA by 15% per year.

• BioSolutions led with 56% of revenue, BioMaterials 35%, and Fine Chemicals 9%; strategic focus on high-value, less cyclical segments.

• Agriculture is the largest and fastest-growing end market; specialty products now account for 60% of turnover.

• Write-downs in bio-based startups of NOK 245 million impacted profit; cash flow from operations improved to NOK 1.4 billion.

• Equity ratio increased to 61%, leverage ratio improved to 1.11; financial targets include 15% pre-tax ROCE and investment grade credit rating.

Dividend announcements

• Ordinary dividend proposed at NOK 4.75 per share, up 12% from last year, representing 55% of net earnings adjusted for write-downs.

• Dividend policy updated to target 40%-60% of net earnings; payout date set for 27 April 2026.

• Shares owned by the company do not receive dividends; record date is 20 April 2026.