Borregaard (BRG) Q3 2026 earnings summary

Executive summary

• Q3 EBITDA reached a record NOK 557m, up 27% YoY from NOK 440m; margin was a record 29.4% versus 24.5%, with improved results across all business areas.

• Revenue rose 5% to NOK 1,894m; strong Sarpsborg operations, cost-programme savings, energy-system optimisation and selective pricing supported performance.

Financial highlights

• Q3 operating profit was NOK 408m versus NOK 293m; profit for the period was NOK 294m versus NOK 190m, and EPS was NOK 2.96 versus NOK 1.96.

• 9M revenue was NOK 6,013m versus NOK 5,880m, and EBITDA was NOK 1,500m versus NOK 1,473m; reported profit was NOK 345m versus NOK 685m.

• 9M EPS excluding non-recurring items was NOK 7.13 versus NOK 7.03; reported 9M EPS was NOK 3.51 versus NOK 7.03.

• Q3 net currency impact on EBITDA was positive NOK 15m YoY; 2026 net currency impact was estimated positive NOK 25m versus 2025.

Outlook and guidance

• Q4 BioSolutions volume expected at 75,000–80,000 tonnes, with product mix broadly in line with Q4 2025; BioMaterials volume expected at 35,000–37,000 tonnes.

• BioMaterials specialised-grade share expected broadly in line with Q4 2025; Fine Chemicals bioethanol deliveries expected notably lower YoY and intermediates mix significantly weaker than Q3.

• Wood costs expected broadly in line with Q3; spot electricity, LNG and sulphur prices expected to rise, with seasonal energy use and Sarpsborg maintenance affecting production.

• Cost savings, long-term energy contracts and energy optimisation expected to support Q4; currency impact estimated positive by NOK 5m YoY.