Borregaard (BRG) Pre-close call summary

Executive summary

• Sales volumes for BioSolutions expected at 340,000 tonnes for 2026, with growth in agriculture; Q1 volume in line with prior year at 80,000 tonnes.

• BioMaterials sales forecast at 155,000-160,000 tonnes in 2026, up from 146,000 tonnes in 2025; specialized grades to see slight growth.

• Fine Chemicals sales prices for bioethanol expected to remain stable; intermediates volume to increase.

Trading performance and revenue trends

• BioSolutions growth driven by agriculture, but construction and oilfield chemicals markets remain weak.

• BioMaterials average sales price expected to decline 3%-4% in H1 2026 due to product/customer mix and selective price adjustments.

• Additional 4,000-5,000 tonnes to be sold in 2026 due to prior production disruption.

Profitability and margins

• EBITDA for BioSolutions in 2025 not much stronger than 2024 due to increased costs, especially at U.S. plants and above-inflation cost rises.

• Wood costs expected to be 15% lower in H1 2026 versus H1 2025, partially offsetting higher energy costs.