EL7.AI
StocksMediumUpdated×2•Originally published 28 October 2026•Updated 28 October 2026•
4 min read

Borregaard posts record EBITDA of NOK 557 million in third quarter of 2026

Key Facts

1EBITDA reached a record NOK 557 million in the third quarter of 2026, compared with 440 million a year earlier.
2EBITDA margin rose to a record 29.4%.
3BioMaterials EBITDA was about NOK 210 million, up 88% year on year.
4Profit before tax rose to NOK 394 million, and earnings per share to 2.96 kroner.

Borregaard posted record EBITDA of NOK 557 million in the third quarter of 2026, up from 440 million in the same period, the company said in a statement. Operating revenue rose to NOK 1,894 million from 1,799 million. Chief Executive Tom Erik Foss-Jacobsen said the company delivered "the highest quarterly EBITDA ever, with higher results in all business areas." EBITDA margin reached a record 29.4%, according to the results presentation. Profit before tax also rose to NOK 394 million from 247 million, and earnings per share increased to 2.96 kroner from 1.96.

All three segments improved year on year, though their sources of growth differed. BioSolutions EBITDA was about NOK 284 million, up 3%, while BioMaterials posted about 210 million, up 88%, and Fine Chemicals reached 63 million, up 24%, according to the results presentation. The company attributed the improvement in BioSolutions to selective price increases and cost reductions. The record result in BioMaterials was supported by higher deliveries and strong production, while Fine Chemicals improved as deliveries of chemical intermediates and bioethanol increased. Savings from the cost improvement programme and improvements to the energy system also contributed positively to group results, as did the net currency effect.

BioSolutions improved despite a 4% year-on-year decline in sales volume, as the average sales price in sales currencies rose 5%, according to the results presentation. By contrast, BioMaterials sales volume increased 24%, and revenue rose 22% to NOK 709 million from 582 million. The company said a temporary production disruption in the comparison period affected BioMaterials sales volume, putting part of the increase in the context of a low comparison base. Fine Chemicals revenue rose 3% to NOK 172 million from 167 million.

The improvement also extended to profitability measures: operating profit was NOK 408 million, compared with 293 million a year earlier, while net profit rose to 294 million from 190 million. Earnings per share year to date, excluding non-recurring items, were 7.13 kroner through the end of the third quarter, versus 7.03 kroner in the same period a year earlier. Cash flow from operating activities was NOK 449 million, compared with 423 million. Investments totalled NOK 168 million during the quarter, and interest-bearing net debt fell by 286 million. At quarter-end, the equity ratio was 61%, compared with 60% a year earlier, while the leverage ratio declined to 0.97 from 1.11.

EBITDA was NOK 515 million in the second quarter of 2026, compared with 522 million in the second quarter of 2025, as BioMaterials and Fine Chemicals improved and BioSolutions declined year on year. The cost improvement programme targets annual savings of NOK 150 million, to be achieved gradually, with the full effect expected from 2028, according to the company's second-quarter disclosure. The results presentation estimated that net currency effects added about NOK 15 million to EBITDA compared with the third quarter of 2025. The company also estimated a positive currency effect of about NOK 25 million in 2026 compared with 2025. The chief financial officer identified higher sulphur costs as a forthcoming pressure, saying the cost would double and the impact of the increase was estimated at about NOK 55 million based on the sensitivity analysis presented by the company.

For the fourth quarter, Borregaard expects higher spot prices for electricity and liquefied natural gas, higher sulphur costs and a seasonal increase in energy consumption. The annual maintenance shutdown at the Sarpsborg site will also affect production volume. The company estimates BioSolutions sales of between 75,000 and 80,000 tonnes, and BioMaterials sales of between 35,000 and 37,000 tonnes during the quarter. It also expects Fine Chemicals bioethanol deliveries to be clearly below their level in the fourth quarter of 2025. The Euronext calendar lists the company's fourth-quarter report for 3 February 2027.