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]

Core Insights - CF Industries Holdings, Inc. and POET have initiated a pilot project to develop a low-carbon fertilizers supply chain aimed at reducing carbon intensity in corn production and facilitating low-carbon ethanol production for motor fuel and export [1][5] Group 1: Project Overview - The pilot project involves major agricultural cooperatives, including WinField United, NuWay-K&H, New Cooperative, and Farmer's Cooperative [2] - The project will track the carbon intensity certification of low-carbon fertilizers produced by CF Industries and distributed to corn growers in Iowa, Minnesota, Missouri, and Nebraska [3] Group 2: Production and Impact - POET anticipates producing approximately 5-6 million gallons of ethanol with lower carbon intensity using corn grown with low-carbon ammonia [4] - CF Industries can produce up to 1.9 million tons of low-carbon ammonia annually at its Donaldsonville Complex, sufficient for fertilizing 19-22 million acres of corn [6] Group 3: Stakeholder Statements - CF Industries emphasizes the importance of low-carbon fertilizers in decarbonizing bioethanol inputs and expresses pride in collaborating with various agricultural partners [5] - POET highlights the trial as a pathway to reduce carbon intensity in bioethanol, benefiting both the environment and rural economies [5][7]

Financial Performance - Operating revenues increased to NOK 2,045 million in Q2 2025, up from NOK 1,949 million in the same period last year [1] - EBITDA reached NOK 522 million, compared to NOK 510 million in the previous year [1] - Profit before tax was NOK 326 million, slightly up from NOK 322 million [2] - Earnings per share increased to NOK 2.56 from NOK 2.45 [2] Segment Performance - BioSolutions saw improved results driven by continued growth in sales to agriculture [2][3] - BioMaterials experienced an increase in results due to higher sales prices, improved product mix, and increased sales volume, although this was partly offset by higher wood costs [2] - Fine Chemicals reported a weaker result primarily due to lower sales prices for bioethanol [2] Market Conditions - Positive net currency effects were noted across all areas [2] - The company’s President and CEO highlighted strong sales to agriculture and price increases for specialty cellulose as key drivers for improved results in BioSolutions and BioMaterials [3]

Group 1: Leadership Transition - Tom Erik Foss-Jacobsen has been appointed as the new CEO of Borregaard ASA, effective from August 1, 2025, succeeding Per A. Sørlie who will retire after 26 years in the role [1][5] - Helge Aasen, chair of Borregaard's Board of Directors, expressed confidence in Foss-Jacobsen's leadership capabilities, highlighting his in-depth understanding of the business and strong results in previous roles [2][5] - Per A. Sørlie has been with Borregaard for 35 years, contributing significantly to the company's transformation into a bio-based specialty chemicals firm and driving profit growth since its listing on the Oslo Stock Exchange in 2012 [6] Group 2: Background of Tom Erik Foss-Jacobsen - Foss-Jacobsen is currently the Executive Vice President and head of BioSolutions, a position he has held since 2019, and has over 25 years of experience at Borregaard, including 21 years in leadership roles [3] - He holds a master's degree in international marketing and strategy and a bachelor's degree in civil engineering, indicating a strong educational background relevant to his new role [3] Group 3: Future Outlook - Foss-Jacobsen expressed a commitment to driving sustainable growth and creating value for Borregaard and its stakeholders, indicating a focus on the company's strategic objectives [5] - The Board will grant Foss-Jacobsen stock options upon his accession, aligning his interests with the long-term performance of the company [7]