Borregaard ASA: EBITDA1 of NOK 405 million in the 4th quarter 2025

Core Insights - Borregaard's operating revenues for Q4 2025 reached NOK 1,833 million, an increase from NOK 1,744 million in Q4 2024, while EBITDA rose to NOK 405 million from NOK 398 million [1] - The company reported a total impairment of NOK 245 million on investments in bio-based start-ups, leading to a profit before tax of NOK -28 million compared to NOK 170 million in the previous year [3] - For the full year 2025, operating revenues increased to NOK 7,713 million from NOK 7,617 million, with EBITDA at an all-time high of NOK 1,878 million, despite a decrease in Fine Chemicals results [4][5] Financial Performance - In Q4 2025, BioSolutions experienced high deliveries of biovanillin and growth in agricultural sales, but this was offset by increased costs [2] - BioMaterials benefited from higher sales prices and lower wood and energy costs, which compensated for other cost increases [2] - Fine Chemicals faced lower bioethanol sales prices, although strong results in fine chemical intermediates provided some offset [2] Impairments and Earnings - The impairment of NOK 245 million reflects recent developments in bio-based start-ups Alginor ASA, Kaffe Bueno ApS, and Lignovations GmbH [3] - Earnings per share for Q4 2025 were NOK -0.81, down from NOK 1.30 in Q4 2024; excluding impairments, earnings per share were NOK 1.64 [3] - For the full year 2025, earnings per share were NOK 6.22, down from NOK 8.25 in 2024; excluding impairments, earnings per share were NOK 8.67 [4]