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Norske Skog
Norske Skog (NSKOG) investor relations material
Norske Skog Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Feb, 2026
Executive summary
Record production and deliveries of recycled containerboard in Q4 and for the full year, with Golbey PM1 ramp-up impacting profitability due to low-priced trial volumes and higher export share outside Europe.
Publication paper deliveries and market share increased in Europe despite a declining market.
EBITDA for Q4 was NOK 13 million; full-year pre-tax profit reached NOK 354 million; year-end cash position at NOK 1.1 billion.
Liquidity improved with a NOK 400 million loan facility and ongoing cost and working capital optimization initiatives.
Studies underway for Saugbrugs PM6 rebuild and potential kraftliner production based on mechanical pulp.
Financial highlights
Q4 2025 EBITDA was NOK 13 million; pre-tax profit for 2025 was NOK 354 million; year-end cash position at NOK 1.1 billion.
Equity ratio at 40% and interest coverage ratio at 1.1x; net debt at NOK 758 million.
Q4 2025 operating income increased to NOK 2,589 million from NOK 2,403 million in Q3 2025.
Net cash flow from operating activities improved to NOK 163 million, mainly due to reduced working capital.
CapEx focused on Golbey PM1 and Skogn, with about EUR 10 million left for Golbey PM1 and EUR 50 million in grants and subsidies expected.
Outlook and guidance
Full utilization of Golbey PM1 and Bruck PM3 RCCM capacity targeted for first half of 2027.
Margin improvement in packaging paper expected in 2026, with 60% of volume on annual contracts and 80% sold in Europe.
No significant working capital build-up expected during Golbey ramp-up due to offsetting payables and factoring.
Key development projects at Skogn (NOR Book, PulpFlex) expected to complete in Q2 2026; Saugbrugs PM6 rebuild study to conclude in Q2 2026.
Ongoing cost reduction and working capital initiatives to maintain competitiveness in a challenging market.
Golbey PM1 profitability outlook 2026?
Saugbrugs PM6 kraftliner potential?
EU ETS exclusion appeal impact 2026-2030?
Saugbrugs PM6: What is the target capacity?
Golbey PM1: When do you expect positive EBITDA?
Covenant compliance: How will it be ensured?
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Next Norske Skog earnings date
Q1 202624 Apr, 2026
Norske Skog
Next Norske Skog earnings date
Q1 202624 Apr, 2026
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Frequently asked questions
Norske Skog produces and sells newsprint and magazine paper primarily in Europe and Australasia. The company operates through two segments, Newsprint & Market Pulp and Magazine Paper. It offers newsprint for newspapers; magazine papers for consumer, business-to-business, magazines, catalogues, and other printing publications; and directory paper for telephone directories. Norske Skog has, since its establishment in 1962, long been one of the world's leading manufacturers of newsprint and magazine paper.
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