Borregaard ASA Q3 2026 Earnings Recap

Borregaard’s shares rose 9.9% after record third-quarter EBITDA of NOK 557 million and a record 29.4% margin, supported by higher deliveries, operational execution and cost savings. The outlook is more mixed: fourth-quarter seasonality and higher energy-related costs are expected to weigh, with weaker Fine Chemicals deliveries and product mix.

Key Takeaways

• Revenue increased 5% year over year; EBITDA rose NOK 117 million to NOK 557 million, and EPS increased to NOK 2.96 from NOK 1.96.
• BioMaterials was the standout: EBITDA reached a record NOK 210 million, up NOK 98 million, while sales volume rose 24%; the comparison partly reflects a production disruption in the prior-year quarter.
• BioSolutions EBITDA increased NOK 7 million to NOK 284 million despite 4% lower sales volume and a 3% revenue decline; crop protection remained a weaker end market.
• Fine Chemicals EBITDA was NOK 63 million, up NOK 12 million, with higher deliveries of fine chemical intermediates and bioethanol.
• For Q4, management expects higher seasonal energy consumption, a maintenance stop and rising spot energy and sulfur costs. Bioethanol deliveries are expected to be notably lower, and Fine Chemicals product mix significantly weaker than in Q3.