Borregaard (BRG) Pre-Close Call summary

Executive summary

• Q4 outlook reiterates guidance from Q3, with detailed updates on BioSolutions, BioMaterials, and Fine Chemicals segments.

• Q&A addressed advanced bioethanol market, anti-dumping filings, wood cost developments, and regulatory impacts.

• Currency hedging expected to yield a positive NOK 5 million impact in Q4 compared to last year.

Trading performance and revenue trends

• BioSolutions Q4 sales volume expected between 70,000–75,000 tons, below last year’s 77,000 tons.

• BioMaterials Q4 sales volume forecast at 35,000–38,000 tons, with a higher share of specialized grades.

• Fine Chemicals faces significantly lower bioethanol prices and a weaker product mix in Q4.

Profitability and margins

• BioSolutions EBITDA margins remain high, above 25% over a long period, despite a weaker dollar.

• Margins in the first nine months of 2025 are over two percentage points higher than the same period last year.