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"value": "424000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-144": { "value": "374000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-145": { "value": "48000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromSaleOrIssueOfTreasuryShares", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-146": { "value": "52000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromSaleOrIssueOfTreasuryShares", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-147": { "value": "30000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-148": { "value": "98000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-149": { "value": "-100000000.0", "decimals": -6, "dimensions": { "concept": "borregaard:GainLossOnHedgesOfNetInvestmentsInSubsidiaries", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-150": { "value": "109000000.0", "decimals": -6, "dimensions": { "concept": "borregaard:GainLossOnHedgesOfNetInvestmentsInSubsidiaries", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-151": { "value": "1047000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-152": { "value": "724000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-153": { "value": "950000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-154": { "value": "500000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-155": { "value": "56000000.0", "decimals": -6, "dimensions": { "concept": "borregaard:ChangeInInterestBearingReceivablesOtherLiabilities", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-156": { "value": "-74000000.0", "decimals": -6, "dimensions": { "concept": "borregaard:ChangeInInterestBearingReceivablesOtherLiabilities", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-157": { "value": "-459000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-158": { "value": "-679000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-159": { "value": "-10000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-160": { "value": "-453000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-161": { "value": "-3000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-162": { "value": "429000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-163": { "value": "-10000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-164": { "value": "-453000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-165": { "value": "-3000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-166": { "value": "21000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-167": { "value": "-16000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2026-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-168": { "value": "-3000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-169": { "value": "
*INVESTMENTS BY CATEGORY
Amounts in NOK million
Note
2025
2024
Replacement investments
17, 18
576
598
Expansion investments1
17, 18
217
113
Investments in property, plant and equipment and intangible assets*
793
711
Investments in associate companies & bio-based start-ups
6
132
150
Total investments
925
861
The cash flow statement has been prepared in accordance with the indirect method and reflects cash
flows from operating, investing, and financing activities, and explains changes in \u201cCash and cash
equivalents\u201c during the reporting period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-170": { "value": "576000000.0", "decimals": -6, "dimensions": { "concept": "borregaard:VariationOfReplacementInvestments", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-171": { "value": "598000000.0", "decimals": -6, "dimensions": { "concept": "borregaard:VariationOfReplacementInvestments", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-172": { "value": "217000000.0", "decimals": -6, "dimensions": { "concept": "borregaard:VariationOfExpansionInvestments", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-173": { "value": "113000000.0", "decimals": -6, "dimensions": { "concept": "borregaard:VariationOfExpansionInvestments", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-174": { "value": "793000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-175": { "value": "711000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-176": { "value": "132000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfInterestsInInvestmentsAccountedForUsingEquityMethod", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-177": { "value": "150000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfInterestsInInvestmentsAccountedForUsingEquityMethod", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-178": { "value": "925000000.0", "decimals": -6, "dimensions": { "concept": "borregaard:VariationOfInvestmentsPropertyPlantAndEquipmentAndIntangibleAssets", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-179": { "value": "861000000.0", "decimals": -6, "dimensions": { "concept": "borregaard:VariationOfInvestmentsPropertyPlantAndEquipmentAndIntangibleAssets", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-181": { "value": "
The cash flow statement has been prepared in accordance with the indirect method and reflects cash
flows from operating, investing, and financing activities, and explains changes in \u201cCash and cash
equivalents\u201c during the reporting period.
NOTE 01 GENERAL INFORMATION
The consolidated financial statements of
Borregaard ASA (Borregaard/Group), including
notes, for the year 2025, were endorsed by the
Board of Directors (the Board) of Borregaard ASA
on 18 March 2026. Borregaard ASA is a public
limited company with its registered office at
Hjalmar Wessels vei 6, 1721 Sarpsborg, Norway.
Borregaard develops, produces and markets
specialised biochemicals and biomaterials to a
wide range of customers operating in global niche
markets. Borregaard\u2019s business model is based on
its advanced biorefinery which utilises the various
components of biomass to produce high value-
added products that, to a significant extent, can
replace petrochemical alternatives. Borregaard is
an international company with production facilities
and sales offices in the world\u2019s key industrial markets.
The financial statements for 2025 have been
prepared and presented in full compliance with the
accounting standard \"International Financial
Reporting Standards (IFRS), as adopted by the EU\".
The valuation and recognition of the items in the
financial statements have been carried out in
accordance with current IFRS standards. The
consolidated financial statements contain certain
items that are crucial to understand the financial
results for 2025. The most important principles are
described below. Borregaard is exposed to currency
risk for most of its sales, primarily in USD and EUR.
A substantial part of this exposure, defined as
estimated net cash flow in USD or EUR, is routinely
hedged on a rolling basis with a nine-month time
horizon. Subject to certain criteria being met, the
hedging horizon may be extended to three years in
order to secure competitive margins. On the revenue
side, most of Borregaard\u2019s business segments are
exposed to price risk in international markets.\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
The accounting policies regarding hedging are
described in Note 29, and information regarding
currency risks is provided in Note 28. Other income
and expenses1 (OIE) are presented as part of
operating profit in the Income Statement, but are
presented after EBITDA 1 in the segment information
in Note 7, which is prepared according to
management reporting. See Note 13 for details and
specifications. The accounting policies for business
areas are described in segment information for the
respective business areas in Note 7.
Borregaard's business areas are organised as
operating segments. The operating segments
correspond to the way in which the business areas
report figures to the Group Executive Management
(key decision maker). The segments are
BioSolutions, BioMaterials and Fine Chemicals.
NOTE 02 BASIS FOR PREPARATION
Borregaard ASA was incorporated as a public
limited liability company on 22 August 2012. \u00a0 \u00a0 \u00a0
The Borregaard Group includes subsidiaries and
two associate companies directly and indirectly
owned by Borregaard ASA. The consolidated
financial statements are primarily based on the
historical cost principle.
Interest income is recognised in the income
statement when earned, while any dividends are
recognised on the date they are approved for
payment. Interest income and dividends are
presented under \u201cfinancial income\u201d.
The Group has at all times a number of contracts
for the sale and purchase of goods and services in
connection with the production. These contracts
are regarded as part of Borregaard\u2019s ordinary
operating activities and are therefore not specified
or indicated in any other way.They are deemed to
be strictly sale or purchase contracts with no
embedded derivatives. The company also enters
into currency derivatives contracts.
Hedging instruments which satisfy the criteria for
hedge accounting, are reported at fair value in the
statement of financial position and changes in fair
value are recognised in comprehensive income.
Derivatives which do not satisfy the criteria for
hedge accounting, are recognised at fair value
through profit and loss.
Assets that no longer justify their value are written
down to the recoverable amount, which is the
higher of value in use and fair value minus selling
costs. The accrual accounting principle and the
going concern assumption are the underlying
assumptions for preparing the consolidated
financial statements.
An asset is classified as current when it is part of a
normal operating cycle, it is held primarily for
trading purposes, it expects to realise within twelve
months or it consists of unrestricted cash or cash
equivalents.
A liability is classified as current when it is part of a
normal operating cycle, it is held primarily for
trading purposes, is due to be settled within twelve
months, or it does not have an unconditional right
to defer settlement of the liability for at least twelve
months after the reporting period.
Other items are non-current. A dividend does not
become a liability until it has been formally
approved by the General Meeting. The amortisation
of intangible assets and other income and
expenses1 are presented on separate lines, broken
down by segment.
All amounts are in NOK million unless otherwise
stated. The functional currency of the parent\u00a0
company (Borregaard ASA) is NOK and the Group's
reporting currency is NOK. Currency exchange rates
as of 31 December are used in the the balance
sheet, whereas average currency exchange rates
are used in the profit and loss.
CONSOLIDATION PRINCIPLES
The consolidated financial statements show the
overall financial results and the overall financial
position when the parent company Borregaard
ASA and its controlling interests are presented
as a single economic entity. All the companies
have applied consistent principles and all
internal matters between the companies have
been eliminated.
Interests in companies in which the Group alone
has control (subsidiaries) have been fully
consolidated, line by line, in the consolidated
financial statements from the date the Group
acquired control. These entities will be fully
consolidated until the date such control ends.
An investor controls an investee when the
investor is exposed, or has rights, to variable
returns from its involvement with the investee
and has the ability to affect those returns through
its power over the investee. If the Group controls
a subsidiary, the non-controlling interests\u2019 share
of profit or loss after tax and their share of
equity are presented on separate lines.
Interests in companies in which the Group
together with others has joint control or has an
ownership between 20 and 50% (associate
companies, see Note 6) are consolidated based
on the equity method. The profit or loss from
the associate companies is part of financial
items. Business combinations are accounted
for using the acquisition method. In connection
with the acquisition of a subsidiary, the
establishment of a joint venture or any
acquisitions of significant influence in associates,
a purchase price allocation is carried out.\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
The acquisition is reported in the financial
statements from the date the Group has control.
The date of control is normally the date on
which the acquisition agreement takes effect
and is approved by all relevant authorities.
Assets and liabilities are measured at fair value
at the time of acquisition. If there are non-
controlling interests in the acquired company,
these will be measured at their share of
identified assets and liabilities. Goodwill
allocated to non-controlling interests is
considered separately in each acquisition.
Goodwill is determined as the excess of the
purchase price and the amount recognised as
non-controlling interest over the fair value of
identified assets and liabilities assumed.
OTHER MATTERS
Contingent liabilities and contingent assets.\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
A contingent liability or asset is a possible
obligation or a possible asset whose existence
is uncertain and will be confirmed by the
occurrence or non-occurrence of a future event,
such as the outcome of legal proceedings or
the final settlement of an insurance claim.
Liabilities are recognised in the financial
statements if there is a more than 50%
probability that the liability has arisen; if the
probability is lower, the matter is disclosed in
notes to the financial statements unless the
probability of payment is remote. An asset will
only be recognised in the statement of financial
position if it is virtually certain (95%) that the
Group will realise the asset. The disclosure
requirement applies to other contingent assets.
Borregaard carried out an impairment test
based on shareholder information during the
year and input from Alginor. In Borregaard, the
investment in Alginor is accounted for using the
equity method as it is an associate company.
The associate company is treated as one cash
generating unit in accordance with IAS 28.42.
Valuation, key assumptions and sensitivity
The recoverable amount was determined as fair
value less costs of disposal (FVLCOD) using an
income based approach with Level 3 inputs
(IFRS 13). The income-based approach considers
conservative, scenario-based simulations
across various assumptions, including
assumptions related to pricing and time to
market, and taking into account investment and
liquidity needs. The scenarios reflect multiple
weighted strategic outcomes for the business,
including both full commercial success of the
biorefinery operations and more conservative
scenarios involving reduced performance.
Key inputs include updated investment
requirements, revised timelines for production
and sales ramp-up, sales prices, higher
harvesting costs, capital needs, and a risk
adjusted discount rate of 9.5% after tax in
calculating the net present value. These
assumptions reflect management\u2019s best
estimate at year end.
In Borregaard\u2019s calculation of fair value less
costs of disposal as of 31 December 2025,
three different scenarios with individual
weightings were applied. These are: (a) F3
failed proof of concept, (b) fair value of the
biorefinery including F2, F3 and F5 (without
further expansion and including a terminal
value), and (c) fair value as in scenario (b), but
applying a multiple to the terminal value in year
15.
Sensitivity is incorporated into the different
scenarios (pricing, time to market, investment
requirements and discount rate), including the
weighting applied to each scenario due to the
underlying uncertainties. Scenarios b) and c)
carry the highest weighting, while scenario a) is
assigned a lower probability. If time-to-market is
delayed by one year, Borregaard\u2019s share of fair
value less costs of disposal is estimated to be
reduced by NOK 40\u00ac60 million. A 0.5 percentage
point change in the WACC after tax will change
Borregaard\u2019s share of fair value less costs of
disposal by approximately +/- NOK 40 million.
The Group applies the same principles for the
presentation of segment information as for the rest
of its consolidated financial statements, and the
operating profit/loss in the segment information is
identical to the information presented in the income
statement for the Group. There is therefore no need
for further reconciliation of these income statement
items. Borregaard has a central finance function,
and the financing of the various segments does not
necessarily reflect the real financial strength of the
individual segments. Financial items are therefore
presented only for the Group as a whole.
NOTE 08 REVENUES AND GEOGRAPHICAL
BREAKDOWN
Revenues are recognised to depict the transfer
of promised goods or services to customers in
an amount that reflects the consideration to
which the entity expects to be entitled in
exchange for those goods or services. IFRS 15
applies to all revenue contracts and provides a
model for the recognition and measurement of
sales of some non-financial assets (e.g
disposals of property, plant and equipment).
For contracts with customers, sale of
Borregaard\u2019s products is generally expected to
be the only performance obligation. The Group\u2019s
revenue recognition occurs at a point in time
when control of the asset is transferred to the
customer, generally on delivery of the goods.
Borregaard also have some contracts that
include volume rebates to some customers.
The Group currently recognises rebates based
on the most likely amount method which is also
in line with IFRS 15.
Borregaard operates in several countries and
below is a summary showing the geographical
breakdown of non-current operating assets,
investments, number of man-years based on
the geographical location of the operation.
Sales revenues are based on the location of the
customers. See Note 22 for customers\u2019
payment terms.
Borregaard has a policy to use defined contribution
pension plans. However, there are some defined
benefit pension plans, primarily in the USA and
Norway.
Defined contribution plans
In the defined contribution pension plans, the
company is responsible for making an agreed
contribution to the employee\u2019s pension assets.
The future pension will be determined by the amount
of the contributions and the return on the pension
savings. Once the contributions have been paid,
there are no further payment obligations attached to
the defined contribution pension. As a result, there is
no liability recorded in the statement of financial
position. The pension costs related to defined
contribution plans will be equal to the contributions
to employees\u2019 pension savings in each reporting
period. Contribution plans also comprise pension
plans that are common to several companies and
where the pension premium is determined
independently of the demographic profile in the
individual companies (multi-employer plans). The
company is obligated to follow the Act on Mandatory
company pensions in Norway and the company
meets the requirements.
Defined benefit plans
Defined benefit plans are measured at the present
value of accrued future pension benefits at the end
of the reporting period. Pension plan assets are
measured at their fair value.
Changes in accounting estimates for defined benefit
plans are recognised in other comprehensive income
and the net interest costs for the period is calculated
by using the discount rate for the liability at the
beginning of the period on the net liability. As such,
the net interest cost consists of interest on the
liability and the return on the plan assets, whereas
both have been calculated by using the discount
rate. Changes in net pension liabilities as a result of
payments of premiums and pension payments have
been taken into consideration. The difference
between the actual return and the accounted return
is recognised continuously through other
comprehensive income. The current service cost and
net interest income/costs are recognised immediately.
The financial part of the pension cost is recognised
as part of financial items, the other part is recognised
as payroll expenses in the income statement.
Changes in value, both in assets and liabilities, are
recognised through other comprehensive income.
Gains or losses on the curtailment or settlement of a
defined benefit plan are recognised through profit
and loss when the curtailment or settlement occurs.
A curtailment occurs when the Group decides to
make a material reduction in the number of
employees covered by a plan or amends the terms
of a defined benefit plan such that a considerable
part of the current employees\u2019 future earnings will no
longer qualify for benefits or will qualify only for
reduced benefits.
The introduction of a new defined benefit plan or an
improvement to the current defined benefit plan will
lead to changes in the pension liabilities. These will
be charged to expenses in a straight line during the
period until the effect of the change has been
accrued. The introduction of new plans or changes
to existing plans which take place with retroactive
effect so that the employees immediately accrue a
paid-up policy (or a change in a paid-up policy) are
recognised in the statement of comprehensive
income immediately. Gains or losses linked to
curtailments or terminations of pension plans are
recognised through profit and loss when they arise.
Borregaard has pension plans that are classified as
funded benefit plans and unfunded benefit plans.
Expected contributions for the next year, 2026, to
the defined benefit plan obligation is NOK 4 million.
The largest part of the benefit plans are in the USA
and Norway.
IFRS 16 sets out the principles for the recognition,
measurement, presentation and disclosure of
leases and requires lessees to account for all
leases under a single on-balance sheet model.
The Group recognises right-of-use assets at the
commencement date of the lease (i.e., the date the
underlying asset is available for use). Right-of-use
assets are measured at cost, less any accumulated
depreciation and impairment losses, and adjusted
for any remeasurement of lease liabilities. The cost
of right-of-use assets includes the amount of lease
liabilities recognised, initial direct costs incurred, and
lease payments made at or before the
commencement date less any lease incentives
received. Right-of-use assets are depreciated on a
straight-line basis over the shorter of the lease term
and the estimated useful lives of the assets.
If ownership of the leased asset transfers to the
Group at the end of the lease term or the cost
reflects the exercise of a purchase option,
depreciation is calculated using the estimated useful
life of the asset.
At the commencement date of the lease, the Group
recognises lease liabilities measured at the present
value of lease payments to be made over the lease
term. The lease payments include fixed payments
(including in substance fixed payments) less any
lease incentives receivable, variable lease payments
that depend on an index or a rate, and amounts
expected to be paid under residual value
guarantees, if any. The lease payments also include
the exercise price of a purchase option reasonably
certain to be exercised by the Group and payments
of penalties for terminating the lease, if the lease
term reflects the Group exercising the option to
terminate. Variable lease payments that do not
depend on an index or a rate are recognised as
expenses (unless they are incurred to produce
inventories) in the period in which the event or
condition that triggers the payment occurs.
In calculating the present value of lease payments,
the Group uses its incremental borrowing rate at
the lease commencement date because the
interest rate implicit in the lease is not readily
determinable. After the commencement date, the
amount of lease liabilities is increased to reflect the
accretion of interest and reduced for the lease
payments made. In addition, the carrying amount of
lease liabilities is remeasured if there is a
modification, a change in the lease term, a change
in the lease payments (e.g., changes to future
payments resulting from a change in an index or
rate used to determine such lease payments) or a
change in the assessment of an option to purchase
the underlying asset.
Discount rates used:
Machinery, vehicles and equipment: Incremental
borrowing rate.
Buildings: Implicit interest rate if available.
The incremental borrowing rate is based on
interbank interest rate (NIBOR, EURIBOR or SOFR)
plus margin plus country risk mark-up The Group\u2019s
lease of buildings have lease terms that vary from 1
to 25 years, and several agreements involve a right
of renewal which may be exercised during the last
period of the lease terms. The Group assesses at
the commencement whether it is reasonably
certain to exercise the renewal right. Group\u2019s lease
liabilities are included in interest-bearing liabilities.
See Note 27.
The standard includes two recognition exemptions
for lessees \u2013 leases of \u2019low-value\u2019 assets (e.g.
personal computers) and short-term leases (i.e.
leases with a lease term of 12 months or less) that
Borregaard has adopted. Lease payments on short-
term leases and leases of low-value assets are
recognised as expense on a straight-line basis over
the lease term.
Interest income and interest costs on loans and
receivables are calculated using the effective
interest method. Commitment fees and costs
related to borrowings are reported as part of interest
costs. The financial element of pension costs is
included in other finance costs and is disclosed in
Note 10. Borrowing costs related to assets under
construction are recognised in the statement of
financial position together with the asset. Foreign
currency gains or losses arising from operational
assets and liabilities, and the hedging of such, are
reported as operating revenues or operating costs.
Other foreign currency gains or losses are reported
as foreign exchange gain and foreign exchange loss.
The foreign currency gains or losses related to net
investments in subsidiaries are disclosed in Note 29.
Income tax expense consists of the total of current
taxes and changes in deferred tax. Current taxes are
recognised in the financial statements at the amount
that is expected to be paid to the tax authorities
based on taxable income reported for entities
included in the combined financial statements.
Current taxes and changes in deferred tax are taken
to other comprehensive income to the extent that
they relate to items that are included in other
comprehensive income.
Deferred tax in the statement of financial position
have been calculated at the nominal tax rate based
on temporary differences between accounting and
tax basis of assets and liabilities on the statement of
financial position date.
Deferred tax liability relating to goodwill has not been
recognised in the statement of financial position.
Deferred tax assets are continuously assessed and
are only recognised in the statement of financial
position to the extent it is probable that future
taxable profit will be large enough for the asset to be
usefully applied. Deferred tax liability and deferred
tax assets are offset as far as this is possible under
taxation legislation and regulations
Earnings per share are calculated on the basis of
profit for the year after non-controlling interests.
As a result of the Borregaard Group\u2019s option
programme (see Note 9), outstanding shares may be
diluted when options are exercised. In order to take
into account this future increase in the number of
shares outstanding, diluted earnings per share are
calculated in addition to basic earnings per share.
In this calculation, the average number of shares
outstanding is adjusted to take into account the
estimated dilutive effect of the option programme.
Capitalised expenditure on internally generated or
specially adapted computer programmes is
presented as intangible assets. The reinvestment
need of specially adapted computer programmes is
similar to that of other tangible assets, and the
amortisation of intangible assets are presented
together with Borregaard\u2019s other depreciation.
Research and development (R&D) expenditure is the
expenses incurred by Borregaard in conducting
research and development, including studies of
existing or new products and production processes
in order to secure future earnings. Expenditure on
research is always expensed as incurred, while
expenditure on development is recognised in the
statement of financial position if the underlying
economic factors are identifiable and represent
probable future economic benefits of which
Borregaard has control. Borregaard has a large
number of projects in process at all times, but the
number of projects that end in capitalisation is
limited. This is due to the considerable uncertainty
throughout the decision-making process and the
fact that only a small percentage of all projects
culminate in commercial products. Furthermore, the
portion of the total project expenses that qualify for
recognition in the statement of financial position are
relatively small, as it is only from the time the
decision to develop the product is made it can be
capitalised, and that decision-making point comes at
a late stage of the process.
The fair value of intangible assets acquired by the
company through business combinations is
capitalised. Intangible assets with indefinite life will
not be amortised while other intangible assets will
be amortised over their useful life.
Goodwill is initially measured at cost, being the
excess of the aggregate of the transferred and the
amount recognised for non-controlling interest over
the net identified asset acquired and liabilities
assumed. If this consideration is lower than the fair
value of the net assets of the subsidiary acquired,
the difference is recognised in income statement.
Amortisable intangible assets are amortised on a
straight-line basis at the following rates:
Development 20% and other intangible assets 10\u2013
15%. Development consists mainly of internal
resources being involved in development projects.
IT consists mainly of external costs.
Emission rights
Government granted and purchased CO\u2082 emission
allowances expected to be used towards
Borregaard\u2019s own emissions are recognised as
intangible assets at nominal value (cost). In case
there are actual CO\u2082 emissions exceeding the level
covered by emission rights, those are recognised as
a liability. Sale of government granted CO\u2082 emission
rights are recognised at the time of sale at the
transaction price.
See table for information regarding sale of,
obligation to deliver and owned emission rights.
Market price of the emission rights was EUR 85.37
as of 31 December 2025 (EUR 72.78).
Property, plant and equipment are tangible assets
intended for production, delivery of goods or
administrative purposes and have a lasting useful
life. They are recognised in the statement of
financial position at cost minus any accumulated
depreciation and impairment. Annual major
maintenance stops are capitalised as part of
property, plant and equipment and depreciated over
a period of 12 months. All other maintenance and
repairs are expensed under operating expenses as
and when the maintenance is carried out, while
expenditure on replacements or improvements is
added to the cost price of the assets. Borrowing
costs related to the construction of the Group\u2019s own
property, plant and equipment are capitalised as part
of the cost of the asset.
Property, plant and equipment are depreciated on a
straight-line basis over the useful life, at the
following rates: buildings 2\u20135%, machinery, fixtures
and fittings mainly 4\u201320%, vehicles 15\u201325% and IT
equipment 15\u201333%. The period of depreciation is
reviewed each year and if there are changes in
useful life, depreciation is adjusted. If there is any
indication that an asset may be impaired, the asset
will be written down to the recoverable amount if the
recoverable amount is lower than the carrying value.
The residual value is also calculated and if it is
higher than the carrying value, depreciation is
stopped. This applies in particular to buildings. The
Group is committed to fulfil contracts amounting to
NOK 273 million which is not recorded in the
statement of financial position as of 31 December
2025 (NOK 34 million as of 31 December 2024).
Investments according to the transition plan (page
61) are not considered to have an impact on the
useful life or the value of the existing property,
plant, and equipment.
Loans, as well as trade receivables, are held to
collect contractual cash flows and are expected to
give rise to cash flows solely representing payments
of principal and interest. The Group analysed the
contractual cash flow characteristics of those
instruments and concluded that they meet the
criteria for amortised cost measurement under IFRS
9. The Group applied the simplified approach and
record lifetime expected losses on all trade receivables.
The Group has considered that due to the historical
low level of credit losses, the loss allowance will not
be materially different from the current level.
Transactions in foreign currencies are recognised at
the exchange rate on the date of the transaction,
while monetary items in foreign currencies are
presented at the exchange rate on the balance sheet
date, and any gain/ loss is reported in the income
statement as financial items. Revenues and expenses
in subsidiaries with a functional currency different
from the Group\u2019s presentation currency are translated
monthly at the average exchange rate for the month
and accumulated. Statement of financial position
items in subsidiaries with a different functional
currency are translated at the exchange rate on the
balance sheet date. Translation differences are
reported in comprehensive income.
The Group uses the following hierarchy for
determining and disclosing the fair value of
financial instruments, by valuation technique:
Level 1:
Quoted market prices in an active market (that are
unadjusted) for identical assets and liabilities.
Level 2:
Valuation techniques (for which the lowest level
input that is significant to the fair value
measurement is directly or indirectly observable).
Level 3:
Valuation techniques (for which the lowest level
input that is significant to the fair value
measurement is unobservable).
The foreign exchange element in currency forward
contracts is measured at observable market prices
using the foreign exchange rate set by Norges
Bank, Norway\u2019s central bank. Different maturity
dates add an interest rate element resulting in an
estimated fair value of the currency forward
contracts. There have been no transfers from one
level in the measurement hierarchy to another from
2024 to 2025. A description of how the derivatives
are measured is provided in Note 29.
Receivables are initially recognised at fair value
which is generally the original invoice amount.\u00a0 \u00a0 \u00a0
For trade receivables see Note 22. The interest rate
element is disregarded if it is insignificant, which is
the case for the majority of receivables
Inventories are measured at the lower of cost and
net realisable value. Purchased goods are measured
at purchase cost according to the FIFO principle,
while internally manufactured finished goods and
work in progress are measured at production cost.
Deductions are made for obsolescence. Net realisable
value is the estimated selling price minus selling costs.
Receivables are initially recognised at fair value
which is generally the original invoice amount.\u00a0 \u00a0 \u00a0 \u00a0
For trade receivables the Group applies a simplified
approach in calculating expected credit losses.
Therefore, the Group does not track changes in
credit risk, but instead recognises a loss allowance
based on lifetime expected credit losses at each
reporting date. The Group has established a provision
matrix that is based on its historical credit loss
experience, adjusted for forward-looking factors
specific to the debtors and the economic environment.
Cash and cash equivalents are held for the purpose
of meeting short-term fluctuations in liquidity rather
than for investment purposes. Cash and cash
equivalents consist of cash, bank deposits and
current deposits with a maturity of three months or
less. Company policy is to channel excess liquidity in
wholly owned subsidiaries to Borregaard\u2019s cash
pools (with DNB and Handelsbanken) or placed as
deposits with Borregaard AS. In some countries,
however, there are legal or technical impediments on
participation in Borregaard\u2019s cash pools or making
deposits with Borregaard AS.
Provisions are recognised in the financial
statements in the case of onerous contracts or when
restructuring measures have been adopted. Future
operating losses will not be part of the provisions.\u00a0
In the case of restructuring provisions, there must be
a detailed plan that identifies which parts of the
business are to be restructured. The location and
number of employees affected, and a valid
expectation must have been created among those
concerned that the restructuring will be carried out.
In addition, it must be possible to provide a reliable
estimate of the amount of the liability. It is a condition
that the restructuring materially changes the size of
the business or the way in which it is operated.
The provision is calculated on the basis of the best
estimate of expenses. If the effect is material,
anticipated future cash flows will be discounted
using a current pre-tax interest rate that reflects the
risks specific to the provision.
Loans and receivables are carried at amortised cost.
Thus, changes in fair value resulting from changes in
interest rates during the interest rate period are not
reported in the income statement. Borrowing costs
related to the long-term funding are capitalised over
the period of the loan facilities.
Derivatives are measured at fair value on the balance
sheet date and reported as receivables or liabilities.
Changes in fair value are reported in the income
statement in cases where the derivative is not part
of a hedge relationship that satisfies the criteria for
hedge accounting. Embedded derivatives in
contracts are identified and measured separately.
Purchases and sales of derivatives are recognised at
trade date. The Group applies IFRS 9 on its financial
instruments.
Hedge accounting
The Group\u2019s existing hedge relationships
designated in effective hedging relationships qualify
for hedge accounting under IFRS 9. The Group uses
the following criteria for classifying a derivative or
another financial instrument as a hedging instrument:
(1) the hedging instrument is expected to be
highly effective in offsetting the changes
in fair value or the cash flow of an
identified object,
(2) the hedging effectiveness can be
measured reliably,
(3) satisfactory documentation is
established before entering into the
hedging instrument, showing among
other things that the hedging relationship
is effective,
(4) for cash flow hedges, that the future
transaction is considered to be highly
probable, and the hedging relationship is
evaluated regularly and is considered to
be effective.
Government grants are recognised in the financial
statements when there is a reasonable assurance
that the requirements of the grants will be complied
with and that the grants will be received. Grants
related to income are presented as reduction of
expenses they are intended to compensate for.
Government grants that relate to assets are recognised
as a reduction in the acquisition cost of the asset.
The grant reduces the depreciation of the asset.
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"period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:NOK" } }, "f-370": { "value": "25000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:NOK" } }, "f-371": { "value": "5878000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2026-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-372": { "value": "
NOTE 01 GENERAL INFORMATION
The consolidated financial statements of
Borregaard ASA (Borregaard/Group), including
notes, for the year 2025, were endorsed by the
Board of Directors (the Board) of Borregaard ASA
on 18 March 2026. Borregaard ASA is a public
limited company with its registered office at
Hjalmar Wessels vei 6, 1721 Sarpsborg, Norway.
Borregaard develops, produces and markets
specialised biochemicals and biomaterials to a
wide range of customers operating in global niche
markets. Borregaard\u2019s business model is based on
its advanced biorefinery which utilises the various
components of biomass to produce high value-
added products that, to a significant extent, can
replace petrochemical alternatives. Borregaard is
an international company with production facilities
and sales offices in the world\u2019s key industrial markets.
The financial statements for 2025 have been
prepared and presented in full compliance with the
accounting standard \"International Financial
Reporting Standards (IFRS), as adopted by the EU\".
The valuation and recognition of the items in the
financial statements have been carried out in
accordance with current IFRS standards. The
consolidated financial statements contain certain
items that are crucial to understand the financial
results for 2025. The most important principles are
described below. Borregaard is exposed to currency
risk for most of its sales, primarily in USD and EUR.
A substantial part of this exposure, defined as
estimated net cash flow in USD or EUR, is routinely
hedged on a rolling basis with a nine-month time
horizon. Subject to certain criteria being met, the
hedging horizon may be extended to three years in
order to secure competitive margins. On the revenue
side, most of Borregaard\u2019s business segments are
exposed to price risk in international markets.\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
The accounting policies regarding hedging are
described in Note 29, and information regarding
currency risks is provided in Note 28. Other income
and expenses1 (OIE) are presented as part of
operating profit in the Income Statement, but are
presented after EBITDA 1 in the segment information
in Note 7, which is prepared according to
management reporting. See Note 13 for details and
specifications. The accounting policies for business
areas are described in segment information for the
respective business areas in Note 7.
Borregaard's business areas are organised as
operating segments. The operating segments
correspond to the way in which the business areas
report figures to the Group Executive Management
(key decision maker). The segments are
BioSolutions, BioMaterials and Fine Chemicals.
Borregaard ASA was incorporated as a public
limited liability company on 22 August 2012.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-373": { "value": "
The consolidated financial statements of
Borregaard ASA (Borregaard/Group), including
notes, for the year 2025, were endorsed by the
Board of Directors (the Board) of Borregaard ASA
on 18 March 2026.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-374": { "value": "Borregaard ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-375": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-376": { "value": "Hjalmar Wessels vei 6, 1721 Sarpsborg, Norway", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-377": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-378": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-379": { "value": "Borregaard develops, produces and markets specialised biochemicals and biomaterials to a wide range of customers operating in global niche markets.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-380": { "value": "
The financial statements for 2025 have been
prepared and presented in full compliance with the
accounting standard \"International Financial
Reporting Standards (IFRS), as adopted by the EU\".
The valuation and recognition of the items in the
financial statements have been carried out in
accordance with current IFRS standards.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-382": { "value": "
Borregaard's business areas are organised as
operating segments. The operating segments
correspond to the way in which the business areas
report figures to the Group Executive Management
(key decision maker). The segments are
BioSolutions, BioMaterials and Fine Chemicals.
NOTE 07 SEGMENTS
Borregaard has business areas as operating
segments. The operating segments correspond to
the way in which the business areas report figures
to the Group Executive Management (key decision
maker). All lignin-based products, including
biovanillin, are organised under one management in
BioSolutions. BioMaterials consist of products
utilising wood fibres as the main raw material and
include the speciality cellulose and cellulose fibrils
businesses. Fine Chemicals include fine chemical
intermediates mainly used for contrast agents and
advanced bioethanol mainly for biofuel. Corporate
overhead and certain other costs are allocated to
the three business segments. Segment
performance is primarily measured based on
EBITDA1 .
BioSolutions develops, produces and sells
biopolymers and biovanillin from lignin.
BioMaterials develops, produces and sells speciality
cellulose mainly for use as a raw material in the
production of cellulose ethers, cellulose acetate and
other speciality products. BioMaterials also
includes cellulose fibrils for industrial applications,
which are in the market introduction phase.
Fine Chemicals consists of fine chemical
intermediates and advanced bioethanol.
The arm\u2019s length principle is applied to pricing of
transactions between the various segments and
companies. Borregaard AS provides services to the
companies in the Group and charges them for
these services.
Figures for the geographical distribution of
noncurrent operating assets, investments in
property, plant and equipment, sales revenues and
the number of man-years are also presented.\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
See Note 8.
The Group applies the same principles for the
presentation of segment information as for the rest
of its consolidated financial statements, and the
operating profit/loss in the segment information is
identical to the information presented in the income
statement for the Group. There is therefore no need
for further reconciliation of these income statement
items. Borregaard has a central finance function,
and the financing of the various segments does not
necessarily reflect the real financial strength of the
individual segments. Financial items are therefore
presented only for the Group as a whole.
The segment information tables show the key
figures in which management monitors the
business, such as total operating revenue,
operating expenses, EBITDA1, depreciation,
amortisation and impairment of intangible assets,
other income and expenses1 and operating profit
for each business area. It does not disclose internal
sales between the various segments as it is
considered immaterial.
The table below shows the revenues generated by
BioSolutions, BioMaterials and Fine Chemicals.
Operating revenues consist of sales revenues\u00a0 \u00a0
(Note 8) and other revenues such as commissions,
revenues from waste received for incineration etc.
The segment information also includes cash flow
from operating activities, replacement investments,
expansion investments1 and working capital for
each area.
SEGMENTS 2025
Amounts in NOK million
BIO-
SOLUTIONS
BIO-
MATERIALS
FINE
CHEMICALS
ELIMINATIONS
BORREGAARD
GROUP
Income statement
Total operating revenues
4,396
2,691
670
-44
7,713
Cost of materials
-1,257
-1,142
-260
\u2013
-2,659
Payroll expenses
-816
-552
-112
\u2013
-1,480
Other operating expenses
-1,114
-502
-124
44
-1,696
EBITDA\u00b9
1,209
495
174
\u2013
1,878
Depreciation
-309
-232
-46
\u2013
-587
Amortisation and impairment intangible
assets
-4
\u2013
\u2013
\u2013
-4
Other income and expenses\u00b9
\u2013
\u2013
\u2013
\u2013
\u2013
Operating profit
896
263
128
\u2013
1,287
Net financial items
\u2013
\u2013
\u2013
\u2013
-423
Profit before tax
\u2013
\u2013
\u2013
\u2013
864
Cash flow
Cash flow from operating activities
864
294
198
\u2013
1,356
Replacement investments
-183
-346
-47
\u2013
-576
Expansion investments\u00b9 including
investments in associate companies and
bio-based start-ups
-132
-142
-75
\u2013
-349
Capital structure
Working capital at year-end
1,209
592
192
\u2013
1,993
Capital employed\u00b9 at year-end
8,237
Return on capital employed\u00b9
15.7%
SEGMENTS 2024
Amounts in NOK million
BIO-
SOLUTIONS
BIO-
MATERIALS
FINE
CHEMICALS
ELIMINATIONS
BORREGAARD
GROUP
Income statement
Total operating revenues
4,241
2,622
799
-45
7,617
Cost of materials
-1,355
-1,145
-232
\u2013
-2,732
Payroll expenses
-763
-518
-107
\u2013
-1,388
Other operating expenses
-1,019
-525
-124
45
-1,623
EBITDA\u00b9
1,104
434
336
\u2013
1,874
Depreciation
-296
-216
-44
\u2013
-556
Amortisation and impairment intangible
assets
-5
\u2013
\u2013
\u2013
-5
Other income and expenses\u00b9
-12
-18
\u2013
\u2013
-30
Operating profit
791
200
292
\u2013
1,283
Net financial items
\u2013
\u2013
\u2013
\u2013
-204
Profit before tax
\u2013
\u2013
\u2013
\u2013
1,079
Cash flow
Cash flow from operating activities
625
107
336
\u2013
1,068
Replacement investments
-200
-351
-47
\u2013
-598
Expansion investments\u00b9 including
investments in associate companies and
bio-based start-ups
-182
-73
-8
\u2013
-263
Capital structure
Working capital at year-end
1,203
541
179
\u2013
1,923
Capital employed\u00b9 at year-end
8,172
Return on capital employed\u00b9
17.1%
RECONCILIATION CAPITAL EMPLOYED
Amounts in NOK million
2025
2024
Capital employed\u00b9 at year-end
8,237
8,172
Other non-current assets
371
279
Cash and cash equivalents
91
82
Net deferred tax
-207
-28
Interest-bearing liabilities
-2,181
-2,323
Income tax payable
-201
-178
Accumulated write-down and amortisation of goodwill and intangible assets
-206
-216
Other (derivatives, accruals, etc.)
-26
-698
Equity
5,878
5,090
RECONCILIATION WORKING CAPITAL
Amounts in NOK million
2025
2024
Receivables
1,516
1,441
Inventories
1,521
1,498
Other liabilities
-1,017
-1,402
Derivatives, etc. not included in above items
-27
386
Working capital
1,993
1,923
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-381": { "value": "
Borregaard's business areas are organised as
operating segments. The operating segments
correspond to the way in which the business areas
report figures to the Group Executive Management
(key decision maker). The segments are
BioSolutions, BioMaterials and Fine Chemicals.
NOTE 06 JOINT VENTURE AND ASSOCIATE
COMPANIES
Joint Venture
In October 2020, the owners of LignoTech
South Africa, Borregaard and the Sappi Group
announced the decision to permanently close
the lignin production facility and to terminate
the co-operation agreement. The closure was
consequence of Sappi\u2019s decision to convert
their calcium sulphite pulp line, which is the
source of lignin raw material, to magnesium
technology. After the conversion, the spent
liquor from the pulping process is burnt, and
the energy and chemicals are recovered.
Final settlements and liquidation was set in
2025 with no profit and loss effects.
Associate companies - Alginor
Alginor is a Norwegian marine biotech
company based in the Haugesund region of
Southwestern Norway. The company is
developing a fully integrated and sustainable
value chain based on harvesting and biorefining
of the brown kelp Laminaria hyperborea \u2013 a
renewable marine resource growing in
abundance along the Norwegian coastline.
Alginor will target global markets for
pharmaceutical and nutraceutical applications.
In 2021, Borregaard invested NOK 145 million in
Alginor ASA and held 25% of the shares as of
31 December 2022. Borregaard\u2019s share of
Alginor\u2019s result after tax is recognised as part of
\u201cFinancial items\u201d. In April 2023, Alginor executed
an additional direct equity issue exclusively to
Borregaard. This equity issue brought
Borregaard\u2019s ownership in Alginor up to 35% on
a fully diluted basis and another NOK 124 million
in equity to Alginor.
In 2024, Borregaard participated with its fully
diluted pro-rata share (35%) in two capital
raises with a total amount of NOK 150 million,
followed up by additional capital increase of
NOK 78 million in 2025. These equity issues
brought Borregaard's ownership in Alginor up to
41% on a fully diluted basis as of 31 December
2025. Borregaard's voting right is the same as
the ownership, 41%.
Borregaard, together with the shareholders
Must Invest and Hatteland Group, acted as
guarantors for a NOK 200 million convertible
loan to Alginor, of which the first tranche of
NOK 100 million was paid out in October 2025.
Borregaard\u2019s participation was NOK 54 million
in the first tranche.
The second tranche was paid out in February
2026 where Borregaard participated with NOK
56 million. See Note 37. The loan may be
converted to new shares by the lenders.\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
The subscription price upon exercise of the
conversion right shall be NOK 10 per share,
subject to adjustment for corporate actions such
as share splits, reversed splits, dividends etc.
The convertible loan is presented as part of
Borregaard\u2019s net investment in associate
companies according to IAS 28. This presentation
reflects that conversion to equity is considered
highly probable, and that the loan forms part of
the long\u2011term financial interest which, in
substance, is an extension of the investment in
the associate.
In total, Borregaard has invested NOK 551
million in Alginor including the convertible loan.\u00a0
Impairment of investment in Alginor
Towards the end of 2025, new information
from Alginor indicated delays and additional
capital needs to establish a robust raw material
supply. The capital need is linked to the gradual
ramp-up of the demonstration plant (F3).
Consequently, there is a risk for delay in the
development and commercialisation of the
company's products. The liquidity situation in
Alginor is strained, and there is a need for
additional capital after the balance sheet date.
See Note 37.
The new information constituted an indication
of impairment under IAS 36, as it materially
affects expected future cash flows and the
recoverable amount of the investment.
Borregaard has performed an impairment test
of its investment in Alginor in accordance with
IAS 36, based on input from Alginor.
Based on the impairment test, Borregaard has
recognised an impairment in its Consolidated
Financial Statements for 2025.
Impairment test
Borregaard carried out an impairment test
based on shareholder information during the
year and input from Alginor. In Borregaard, the
investment in Alginor is accounted for using the
equity method as it is an associate company.
The associate company is treated as one cash
generating unit in accordance with IAS 28.42.
Valuation, key assumptions and sensitivity
The recoverable amount was determined as fair
value less costs of disposal (FVLCOD) using an
income based approach with Level 3 inputs
(IFRS 13). The income-based approach considers
conservative, scenario-based simulations
across various assumptions, including
assumptions related to pricing and time to
market, and taking into account investment and
liquidity needs. The scenarios reflect multiple
weighted strategic outcomes for the business,
including both full commercial success of the
biorefinery operations and more conservative
scenarios involving reduced performance.
Key inputs include updated investment
requirements, revised timelines for production
and sales ramp-up, sales prices, higher
harvesting costs, capital needs, and a risk
adjusted discount rate of 9.5% after tax in
calculating the net present value. These
assumptions reflect management\u2019s best
estimate at year end.
In Borregaard\u2019s calculation of fair value less
costs of disposal as of 31 December 2025,
three different scenarios with individual
weightings were applied. These are: (a) F3
failed proof of concept, (b) fair value of the
biorefinery including F2, F3 and F5 (without
further expansion and including a terminal
value), and (c) fair value as in scenario (b), but
applying a multiple to the terminal value in year
15.
Sensitivity is incorporated into the different
scenarios (pricing, time to market, investment
requirements and discount rate), including the
weighting applied to each scenario due to the
underlying uncertainties. Scenarios b) and c)
carry the highest weighting, while scenario a) is
assigned a lower probability. If time-to-market is
delayed by one year, Borregaard\u2019s share of fair
value less costs of disposal is estimated to be
reduced by NOK 40\u00ac60 million. A 0.5 percentage
point change in the WACC after tax will change
Borregaard\u2019s share of fair value less costs of
disposal by approximately +/- NOK 40 million.
Impairment recognised
The impairment assessment showed that the
recoverable amount was below the carrying
amount. Borregaard therefore recognised a
total impairment loss of NOK 225 million as of
31 December 2025 (share of profit/loss from
Alginor and impairment of intangible assets on
Borregaard\u2019s hand). Following this, the carrying
amount of the investment is NOK 196 million,
corresponding to approximately NOK 10 per
share.
Total carrying amount of net investment after
the impairment loss is NOK 250 million as of 31
December 2025. This includes the convertible
loan of NOK 54 million.
Purchase price allocation Alginor
The difference between the purchase price of
the shares in Alginor ASA and Borregaard\u2019s
share of the booked equity at the time of the
acquisition is allocated to intangible assets as it
relates to development of the technology to be
used in Alginor\u2019s business. After the impairment
loss of NOK 225 million recognised in 2025
there is no remaining allocation to intangible
assets as of 31 December 2025.
BORREGAARD'S SHARE OF ALGINOR ASA
Amounts in NOK million
2025
2024
Operating revenues
\u2013
\u2013
Profit before taxes
-519
-54
Profit/loss for the year before dividend
-519
-54
Borregaard's share of profit
-208
-19
Non-current assets
715
707
Current assets
197
339
Non-current liabilities
363
168
Current liabilities
67
22
Equity
482
856
Borregaard's share of equity
196
300
Accounting assessments incl. in
Borregaard's financial reporting:
Impairment/write-down
-60
\u2013
Borregaard's carrying amount after
impairment
196
387
Convertible loan
54
\u2013
Borregaard's total carrying amount of
the investment
250
387
Total impairment recognised from
share of profit in Alginor and from
Borregaard's assessment
-225
\u2013
Associate companies - Kaffe Bueno
At the end of 2023, Borregaard invested NOK
34 million for a 12% ownership share in Kaffe
Bueno ApS. Kaffe Bueno produces ingredients
for a wide range of products in everything from
agriculture to cosmetics and foodstuffs based
on biorefining of by-products from coffee
production. Used coffee grounds, timber and
algae do not only have cellulose in common.\u00a0
As sustainable raw materials for valuable
products, they all represent excellent resource
utilisation in a circular economy perspective.
Borregaard has decided not to exercise its
warrants to subscribe for additional shares but
will participate in a minor convertible loan.
Borregaard has one representative in Kaffe
Bueno's board of directors. The investments
are accounted for using the equity method.
Borregaard's share of the profit was NOK -1
million for 2025.
Kaffe Bueno faces delays in its project and
Borregaard has therefore performed an
impairment test of the investment in Kaffe
Bueno in accordance with IAS 36, based on
updated assumptions. As a result an
impairment loss of NOK 10 million has been
recognised in 2025.
As of 31 December 2025, total equity in Kaffe
Bueno was NOK 25 million (NOK 35 million),
non-current liabilities amounted to NOK 2
million (NOK 4 million) and current liabilities
amounted to NOK 15 million (NOK 10 million).
Purchase price allocation Kaffe Bueno
The difference between the purchase price of
the shares in Kaffe Bueno ApS and Borregaard\u2019s
share of the booked equity at the time of the
acquisition is allocated to intangible assets as it
relates to development of the technology to be
used in Kaffe Bueno's business. The purchase
price, including acquisition costs, of 12% of the
shares was NOK 34 million. Borregaard's
remaining carrying amount of the investment
after impairment as of 31 December 2025 is
NOK 20 million of which NOK 19 million is
allocated as intangible assets.
Reconciliation of investments in associate
companies
Amounts in NOK million
2025
2024
Borregaard's carrying value in
associate companies 1 January
417
289
Borregaard's share of profit from
associate companies
-209
-22
Impairments of investments in
associate companies
-70
\u2013
Capital raise
132
150
Borregaard's carrying value in
associate companies 31 December
270
417
NOTE 07 SEGMENTS
Borregaard has business areas as operating
segments. The operating segments correspond to
the way in which the business areas report figures
to the Group Executive Management (key decision
maker). All lignin-based products, including
biovanillin, are organised under one management in
BioSolutions. BioMaterials consist of products
utilising wood fibres as the main raw material and
include the speciality cellulose and cellulose fibrils
businesses. Fine Chemicals include fine chemical
intermediates mainly used for contrast agents and
advanced bioethanol mainly for biofuel. Corporate
overhead and certain other costs are allocated to
the three business segments. Segment
performance is primarily measured based on
EBITDA1 .
BioSolutions develops, produces and sells
biopolymers and biovanillin from lignin.
BioMaterials develops, produces and sells speciality
cellulose mainly for use as a raw material in the
production of cellulose ethers, cellulose acetate and
other speciality products. BioMaterials also
includes cellulose fibrils for industrial applications,
which are in the market introduction phase.
Fine Chemicals consists of fine chemical
intermediates and advanced bioethanol.
The arm\u2019s length principle is applied to pricing of
transactions between the various segments and
companies. Borregaard AS provides services to the
companies in the Group and charges them for
these services.
Figures for the geographical distribution of
noncurrent operating assets, investments in
property, plant and equipment, sales revenues and
the number of man-years are also presented.\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
See Note 8.
The Group applies the same principles for the
presentation of segment information as for the rest
of its consolidated financial statements, and the
operating profit/loss in the segment information is
identical to the information presented in the income
statement for the Group. There is therefore no need
for further reconciliation of these income statement
items. Borregaard has a central finance function,
and the financing of the various segments does not
necessarily reflect the real financial strength of the
individual segments. Financial items are therefore
presented only for the Group as a whole.
The segment information tables show the key
figures in which management monitors the
business, such as total operating revenue,
operating expenses, EBITDA1, depreciation,
amortisation and impairment of intangible assets,
other income and expenses1 and operating profit
for each business area. It does not disclose internal
sales between the various segments as it is
considered immaterial.
The table below shows the revenues generated by
BioSolutions, BioMaterials and Fine Chemicals.
Operating revenues consist of sales revenues\u00a0 \u00a0
(Note 8) and other revenues such as commissions,
revenues from waste received for incineration etc.
The segment information also includes cash flow
from operating activities, replacement investments,
expansion investments1 and working capital for
each area.
SEGMENTS 2025
Amounts in NOK million
BIO-
SOLUTIONS
BIO-
MATERIALS
FINE
CHEMICALS
ELIMINATIONS
BORREGAARD
GROUP
Income statement
Total operating revenues
4,396
2,691
670
-44
7,713
Cost of materials
-1,257
-1,142
-260
\u2013
-2,659
Payroll expenses
-816
-552
-112
\u2013
-1,480
Other operating expenses
-1,114
-502
-124
44
-1,696
EBITDA\u00b9
1,209
495
174
\u2013
1,878
Depreciation
-309
-232
-46
\u2013
-587
Amortisation and impairment intangible
assets
-4
\u2013
\u2013
\u2013
-4
Other income and expenses\u00b9
\u2013
\u2013
\u2013
\u2013
\u2013
Operating profit
896
263
128
\u2013
1,287
Net financial items
\u2013
\u2013
\u2013
\u2013
-423
Profit before tax
\u2013
\u2013
\u2013
\u2013
864
Cash flow
Cash flow from operating activities
864
294
198
\u2013
1,356
Replacement investments
-183
-346
-47
\u2013
-576
Expansion investments\u00b9 including
investments in associate companies and
bio-based start-ups
-132
-142
-75
\u2013
-349
Capital structure
Working capital at year-end
1,209
592
192
\u2013
1,993
Capital employed\u00b9 at year-end
8,237
Return on capital employed\u00b9
15.7%
SEGMENTS 2024
Amounts in NOK million
BIO-
SOLUTIONS
BIO-
MATERIALS
FINE
CHEMICALS
ELIMINATIONS
BORREGAARD
GROUP
Income statement
Total operating revenues
4,241
2,622
799
-45
7,617
Cost of materials
-1,355
-1,145
-232
\u2013
-2,732
Payroll expenses
-763
-518
-107
\u2013
-1,388
Other operating expenses
-1,019
-525
-124
45
-1,623
EBITDA\u00b9
1,104
434
336
\u2013
1,874
Depreciation
-296
-216
-44
\u2013
-556
Amortisation and impairment intangible
assets
-5
\u2013
\u2013
\u2013
-5
Other income and expenses\u00b9
-12
-18
\u2013
\u2013
-30
Operating profit
791
200
292
\u2013
1,283
Net financial items
\u2013
\u2013
\u2013
\u2013
-204
Profit before tax
\u2013
\u2013
\u2013
\u2013
1,079
Cash flow
Cash flow from operating activities
625
107
336
\u2013
1,068
Replacement investments
-200
-351
-47
\u2013
-598
Expansion investments\u00b9 including
investments in associate companies and
bio-based start-ups
-182
-73
-8
\u2013
-263
Capital structure
Working capital at year-end
1,203
541
179
\u2013
1,923
Capital employed\u00b9 at year-end
8,172
Return on capital employed\u00b9
17.1%
RECONCILIATION CAPITAL EMPLOYED
Amounts in NOK million
2025
2024
Capital employed\u00b9 at year-end
8,237
8,172
Other non-current assets
371
279
Cash and cash equivalents
91
82
Net deferred tax
-207
-28
Interest-bearing liabilities
-2,181
-2,323
Income tax payable
-201
-178
Accumulated write-down and amortisation of goodwill and intangible assets
-206
-216
Other (derivatives, accruals, etc.)
-26
-698
Equity
5,878
5,090
RECONCILIATION WORKING CAPITAL
Amounts in NOK million
2025
2024
Receivables
1,516
1,441
Inventories
1,521
1,498
Other liabilities
-1,017
-1,402
Derivatives, etc. not included in above items
-27
386
Working capital
1,993
1,923
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-383": { "value": "
NOTE 02 BASIS FOR PREPARATION
Borregaard ASA was incorporated as a public
limited liability company on 22 August 2012. \u00a0 \u00a0 \u00a0
The Borregaard Group includes subsidiaries and
two associate companies directly and indirectly
owned by Borregaard ASA. The consolidated
financial statements are primarily based on the
historical cost principle.
Interest income is recognised in the income
statement when earned, while any dividends are
recognised on the date they are approved for
payment. Interest income and dividends are
presented under \u201cfinancial income\u201d.
The Group has at all times a number of contracts
for the sale and purchase of goods and services in
connection with the production. These contracts
are regarded as part of Borregaard\u2019s ordinary
operating activities and are therefore not specified
or indicated in any other way.They are deemed to
be strictly sale or purchase contracts with no
embedded derivatives. The company also enters
into currency derivatives contracts.
Hedging instruments which satisfy the criteria for
hedge accounting, are reported at fair value in the
statement of financial position and changes in fair
value are recognised in comprehensive income.
Derivatives which do not satisfy the criteria for
hedge accounting, are recognised at fair value
through profit and loss.
Assets that no longer justify their value are written
down to the recoverable amount, which is the
higher of value in use and fair value minus selling
costs. The accrual accounting principle and the
going concern assumption are the underlying
assumptions for preparing the consolidated
financial statements.
An asset is classified as current when it is part of a
normal operating cycle, it is held primarily for
trading purposes, it expects to realise within twelve
months or it consists of unrestricted cash or cash
equivalents.
A liability is classified as current when it is part of a
normal operating cycle, it is held primarily for
trading purposes, is due to be settled within twelve
months, or it does not have an unconditional right
to defer settlement of the liability for at least twelve
months after the reporting period.
Other items are non-current. A dividend does not
become a liability until it has been formally
approved by the General Meeting. The amortisation
of intangible assets and other income and
expenses1 are presented on separate lines, broken
down by segment.
All amounts are in NOK million unless otherwise
stated. The functional currency of the parent\u00a0
company (Borregaard ASA) is NOK and the Group's
reporting currency is NOK. Currency exchange rates
as of 31 December are used in the the balance
sheet, whereas average currency exchange rates
are used in the profit and loss.
CONSOLIDATION PRINCIPLES
The consolidated financial statements show the
overall financial results and the overall financial
position when the parent company Borregaard
ASA and its controlling interests are presented
as a single economic entity. All the companies
have applied consistent principles and all
internal matters between the companies have
been eliminated.
Interests in companies in which the Group alone
has control (subsidiaries) have been fully
consolidated, line by line, in the consolidated
financial statements from the date the Group
acquired control. These entities will be fully
consolidated until the date such control ends.
An investor controls an investee when the
investor is exposed, or has rights, to variable
returns from its involvement with the investee
and has the ability to affect those returns through
its power over the investee. If the Group controls
a subsidiary, the non-controlling interests\u2019 share
of profit or loss after tax and their share of
equity are presented on separate lines.
Interests in companies in which the Group
together with others has joint control or has an
ownership between 20 and 50% (associate
companies, see Note 6) are consolidated based
on the equity method. The profit or loss from
the associate companies is part of financial
items. Business combinations are accounted
for using the acquisition method. In connection
with the acquisition of a subsidiary, the
establishment of a joint venture or any
acquisitions of significant influence in associates,
a purchase price allocation is carried out.\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
The acquisition is reported in the financial
statements from the date the Group has control.
The date of control is normally the date on
which the acquisition agreement takes effect
and is approved by all relevant authorities.
Assets and liabilities are measured at fair value
at the time of acquisition. If there are non-
controlling interests in the acquired company,
these will be measured at their share of
identified assets and liabilities. Goodwill
allocated to non-controlling interests is
considered separately in each acquisition.
Goodwill is determined as the excess of the
purchase price and the amount recognised as
non-controlling interest over the fair value of
identified assets and liabilities assumed.
OTHER MATTERS
Contingent liabilities and contingent assets.\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
A contingent liability or asset is a possible
obligation or a possible asset whose existence
is uncertain and will be confirmed by the
occurrence or non-occurrence of a future event,
such as the outcome of legal proceedings or
the final settlement of an insurance claim.
Liabilities are recognised in the financial
statements if there is a more than 50%
probability that the liability has arisen; if the
probability is lower, the matter is disclosed in
notes to the financial statements unless the
probability of payment is remote. An asset will
only be recognised in the statement of financial
position if it is virtually certain (95%) that the
Group will realise the asset. The disclosure
requirement applies to other contingent assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-384": { "value": "
The Borregaard Group includes subsidiaries and
two associate companies directly and indirectly
owned by Borregaard ASA. The consolidated
financial statements are primarily based on the
historical cost principle.
CONSOLIDATION PRINCIPLES
The consolidated financial statements show the
overall financial results and the overall financial
position when the parent company Borregaard
ASA and its controlling interests are presented
as a single economic entity. All the companies
have applied consistent principles and all
internal matters between the companies have
been eliminated.
Interests in companies in which the Group alone
has control (subsidiaries) have been fully
consolidated, line by line, in the consolidated
financial statements from the date the Group
acquired control. These entities will be fully
consolidated until the date such control ends.
An investor controls an investee when the
investor is exposed, or has rights, to variable
returns from its involvement with the investee
and has the ability to affect those returns through
its power over the investee. If the Group controls
a subsidiary, the non-controlling interests\u2019 share
of profit or loss after tax and their share of
equity are presented on separate lines.
Interests in companies in which the Group
together with others has joint control or has an
ownership between 20 and 50% (associate
companies, see Note 6) are consolidated based
on the equity method. The profit or loss from
the associate companies is part of financial
items. Business combinations are accounted
for using the acquisition method. In connection
with the acquisition of a subsidiary, the
establishment of a joint venture or any
acquisitions of significant influence in associates,
a purchase price allocation is carried out.\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
The acquisition is reported in the financial
statements from the date the Group has control.
The date of control is normally the date on
which the acquisition agreement takes effect
and is approved by all relevant authorities.
Assets and liabilities are measured at fair value
at the time of acquisition. If there are non-
controlling interests in the acquired company,
these will be measured at their share of
identified assets and liabilities. Goodwill
allocated to non-controlling interests is
considered separately in each acquisition.
Goodwill is determined as the excess of the
purchase price and the amount recognised as
non-controlling interest over the fair value of
identified assets and liabilities assumed.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-386": { "value": "
Interest income is recognised in the income
statement when earned, while any dividends are
recognised on the date they are approved for
payment. Interest income and dividends are
presented under \u201cfinancial income\u201d.
Interest income and interest costs on loans and
receivables are calculated using the effective
interest method. Commitment fees and costs
related to borrowings are reported as part of interest
costs. The financial element of pension costs is
included in other finance costs and is disclosed in
Note 10. Borrowing costs related to assets under
construction are recognised in the statement of
financial position together with the asset. Foreign
currency gains or losses arising from operational
assets and liabilities, and the hedging of such, are
reported as operating revenues or operating costs.
Other foreign currency gains or losses are reported
as foreign exchange gain and foreign exchange loss.
The foreign currency gains or losses related to net
investments in subsidiaries are disclosed in Note 29.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-385": { "value": "
Interest income is recognised in the income
statement when earned, while any dividends are
recognised on the date they are approved for
payment. Interest income and dividends are
presented under \u201cfinancial income\u201d.
NOTE 14 NET FINANCIAL ITEMS
Interest income and interest costs on loans and
receivables are calculated using the effective
interest method. Commitment fees and costs
related to borrowings are reported as part of interest
costs. The financial element of pension costs is
included in other finance costs and is disclosed in
Note 10. Borrowing costs related to assets under
construction are recognised in the statement of
financial position together with the asset. Foreign
currency gains or losses arising from operational
assets and liabilities, and the hedging of such, are
reported as operating revenues or operating costs.
Other foreign currency gains or losses are reported
as foreign exchange gain and foreign exchange loss.
The foreign currency gains or losses related to net
investments in subsidiaries are disclosed in Note 29.
There are no major differences between recognised
interest income and inflow of interests. There are\u00a0
no major differences between recognised interest
expense and outflow of interests.
Borregaard has made a total impairment of NOK
245 million of its investments in the bio-based start-
ups Alginor ASA, Kaffe Bueno ApS and Lignovations
GmbH to reflect recent development in these
companies. The impairment is recorded under Net
financial items. See Note 6 and 20.
FINANCE INCOME AND FINANCE COSTS
Amounts in NOK million
2025
2024
Interest income
28
33
Foreign exchange gain
301
332
Other finance income
13
1
Total finance income
342
366
Interest costs
-162
-193
Foreign exchange loss
-312
-349
Other finance costs
-12
-6
Total finance costs
-486
-548
Share of profit/loss from associates
-279
-22
Net financial items
-423
-204
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-388": { "value": "
The Group has at all times a number of contracts
for the sale and purchase of goods and services in
connection with the production. These contracts
are regarded as part of Borregaard\u2019s ordinary
operating activities and are therefore not specified
or indicated in any other way.They are deemed to
be strictly sale or purchase contracts with no
embedded derivatives.
NOTE 08 REVENUES AND GEOGRAPHICAL
BREAKDOWN
Revenues are recognised to depict the transfer
of promised goods or services to customers in
an amount that reflects the consideration to
which the entity expects to be entitled in
exchange for those goods or services. IFRS 15
applies to all revenue contracts and provides a
model for the recognition and measurement of
sales of some non-financial assets (e.g
disposals of property, plant and equipment).
For contracts with customers, sale of
Borregaard\u2019s products is generally expected to
be the only performance obligation. The Group\u2019s
revenue recognition occurs at a point in time
when control of the asset is transferred to the
customer, generally on delivery of the goods.
Borregaard also have some contracts that
include volume rebates to some customers.
Non-current\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
operating assets
Investments
Number of man-years
Sales revenues
Amounts in NOK million
2025
2024
2025
2024
2025
2024
2025
2024
Norway
4,823
4,487
870
791
843
814
328
227
Rest of Europe
109
114
6
8
88
86
3,121
3,254
Asia
26
9
9
2
56
56
1,885
1,719
America
821
1,011
40
60
189
184
2,169
2,242
Rest of the world
\u2013
\u2013
\u2013
\u2013
1
1
77
60
Total
5,779
5,622
925
861
1,177
1,141
7,580
7,502
Amounts in NOK million
2025
2024
BioSolutions
4,275
4,132
BioMaterials
2,643
2,579
Fine Chemicals
662
791
Eliminations
\u2013
\u2013
Total revenues
7,580
7,502
The Group currently recognises rebates based
on the most likely amount method which is also
in line with IFRS 15.
Borregaard operates in several countries and
below is a summary showing the geographical
breakdown of non-current operating assets,
investments, number of man-years based on
the geographical location of the operation.
Sales revenues are based on the location of the
customers. See Note 22 for customers\u2019
payment terms.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-387": { "value": "
The Group has at all times a number of contracts
for the sale and purchase of goods and services in
connection with the production. These contracts
are regarded as part of Borregaard\u2019s ordinary
operating activities and are therefore not specified
or indicated in any other way.They are deemed to
be strictly sale or purchase contracts with no
embedded derivatives.
NOTE 08 REVENUES AND GEOGRAPHICAL
BREAKDOWN
Revenues are recognised to depict the transfer
of promised goods or services to customers in
an amount that reflects the consideration to
which the entity expects to be entitled in
exchange for those goods or services. IFRS 15
applies to all revenue contracts and provides a
model for the recognition and measurement of
sales of some non-financial assets (e.g
disposals of property, plant and equipment).
For contracts with customers, sale of
Borregaard\u2019s products is generally expected to
be the only performance obligation. The Group\u2019s
revenue recognition occurs at a point in time
when control of the asset is transferred to the
customer, generally on delivery of the goods.
Borregaard also have some contracts that
include volume rebates to some customers.
The Group currently recognises rebates based
on the most likely amount method which is also
in line with IFRS 15.
Borregaard operates in several countries and
below is a summary showing the geographical
breakdown of non-current operating assets,
investments, number of man-years based on
the geographical location of the operation.
Sales revenues are based on the location of the
customers. See Note 22 for customers\u2019
payment terms.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-394": { "value": "The company also enters
into currency derivatives contracts.
Hedging instruments which satisfy the criteria for
hedge accounting, are reported at fair value in the
statement of financial position and changes in fair
value are recognised in comprehensive income.
Derivatives which do not satisfy the criteria for
hedge accounting, are recognised at fair value
through profit and loss.
NOTE 19 OVERVIEW OF FINANCIAL INSTRUMENTS
Loans, as well as trade receivables, are held to
collect contractual cash flows and are expected to
give rise to cash flows solely representing payments
of principal and interest. The Group analysed the
contractual cash flow characteristics of those
instruments and concluded that they meet the
criteria for amortised cost measurement under IFRS
9. The Group applied the simplified approach and
record lifetime expected losses on all trade receivables.
The Group has considered that due to the historical
low level of credit losses, the loss allowance will not
be materially different from the current level.
Transactions in foreign currencies are recognised at
the exchange rate on the date of the transaction,
while monetary items in foreign currencies are
presented at the exchange rate on the balance sheet
date, and any gain/ loss is reported in the income
statement as financial items. Revenues and expenses
in subsidiaries with a functional currency different
from the Group\u2019s presentation currency are translated
monthly at the average exchange rate for the month
and accumulated. Statement of financial position
items in subsidiaries with a different functional
currency are translated at the exchange rate on the
balance sheet date. Translation differences are
reported in comprehensive income.
The Group uses the following hierarchy for
determining and disclosing the fair value of
financial instruments, by valuation technique:
Level 1:
Quoted market prices in an active market (that are
unadjusted) for identical assets and liabilities.
Level 2:
Valuation techniques (for which the lowest level
input that is significant to the fair value
measurement is directly or indirectly observable).
Level 3:
Valuation techniques (for which the lowest level
input that is significant to the fair value
measurement is unobservable).
The foreign exchange element in currency forward
contracts is measured at observable market prices
using the foreign exchange rate set by Norges
Bank, Norway\u2019s central bank. Different maturity
dates add an interest rate element resulting in an
estimated fair value of the currency forward
contracts. There have been no transfers from one
level in the measurement hierarchy to another from
2024 to 2025. A description of how the derivatives
are measured is provided in Note 29.
OVERVIEW OF FINANCIAL INSTRUMENTS 2025
Amounts in NOK million
Note
Measure-
ment level
Financial
instrument
s at fair
value
through
profit and
loss
Financial
instruments
at fair value
- hedging
instruments
Financial
liabilities
measured at
amortised
cost
Deposits
and
receivables
measured at
amortised
cost
Total
Of this
interest
-bearing
Fair
value
Non-current assets
Non-current financial receivables
20
2
\u2013
\u2013
\u2013
176
176
\u2013
176
Share investments
20
2
\u2013
\u2013
\u2013
17
17
\u2013
17
Non-current derivatives
20, 29
2
\u2013
89
\u2013
\u2013
89
\u2013
89
Total
\u2013
89
\u2013
193
282
\u2013
282
Current assets
Accounts receivable
22
\u2013
\u2013
\u2013
1,095
1,095
\u2013
1,095
Other current receivables
22
\u2013
\u2013
\u2013
15
15
\u2013
15
Current derivatives
22, 29
2
7
67
\u2013
\u2013
74
\u2013
74
Cash and cash equivalents
23
\u2013
\u2013
\u2013
91
91
91
91
Total
7
67
\u2013
1,201
1,275
91
1,275
Non-current liabilities
Non-current financial liabilities
12, 27
2.3
\u2013
\u2013
1,720
\u2013
1,720
1,718
1,720
Non-current derivatives
24, 29
2
\u2013
68
\u2013
\u2013
68
\u2013
68
Total
\u2013
68
1,720
\u2013
1,788
1,718
1,788
Current liabilities
Current financial liabilities
12, 27
2
\u2013
\u2013
463
\u2013
463
463
463
Accounts payable
25
\u2013
\u2013
503
\u2013
503
\u2013
503
Other current liabilities
25
\u2013
\u2013
7
\u2013
7
\u2013
7
Current derivatives
25, 29
2
1
49
\u2013
\u2013
50
\u2013
50
Total
1
49
973
\u2013
1,023
463
1,023
Total financial instruments
6
39
-2,693
1,394
-1,254
-2,090
-1,254
Total measurement level 1
\u2013
\u2013
Total measurement level 2, assets
7
156
\u2013
193
356
\u2013
356
Total measurement level 2,
liabilities
-1
-117
-1,683
\u2013
-1,801
-1,681
-1,801
Total measurement level 3
\u2013
\u2013
-500
\u2013
-500
-500
-500
OVERVIEW OF FINANCIAL INSTRUMENTS 2024
Amounts in NOK million
Note
Measure-
ment level
Financial
instrument
s at fair
value
through
profit and
loss
Financial
instruments
at fair value
- hedging
instruments
Financial
liabilities
measured at
amortised
cost
Deposits
and
receivables
measured at
amortised
cost
Total
Of this
interest
-
bearing
Fair
value
Non-current assets
Non-current financial receivables
20
2
\u2013
\u2013
\u2013
191
191
1
191
Share investments
20
1
\u2013
\u2013
\u2013
28
28
\u2013
28
Non-current derivatives
20, 29
2
\u2013
1
\u2013
\u2013
1
\u2013
1
Total
\u2013
1
\u2013
219
220
1
220
Current assets
Accounts receivable
22
\u2013
\u2013
\u2013
1,073
1,073
\u2013
1,073
Other current receivables
22
\u2013
\u2013
\u2013
41
41
\u2013
41
Current derivatives
22, 29
2
1
4
\u2013
\u2013
5
\u2013
5
Cash and cash equivalents
23
\u2013
\u2013
\u2013
82
82
82
82
Total
1
4
\u2013
1,196
1,201
82
1,201
Non-current liabilities
Non-current financial liabilities
12, 27
2.3
\u2013
\u2013
2,037
\u2013
2,037
2,035
2,037
Non-current derivatives
24, 29
2
\u2013
336
\u2013
\u2013
336
\u2013
336
Total
\u2013
336
2,037
\u2013
2,373
2,035
2,373
Current liabilities
Current financial liabilities
12, 27
2
\u2013
\u2013
288
\u2013
288
288
288
Accounts payable
25
\u2013
\u2013
551
\u2013
551
\u2013
551
Other current liabilities
25
\u2013
\u2013
9
\u2013
9
\u2013
9
Current derivatives
25, 29
2
2
361
\u2013
\u2013
363
\u2013
363
Total
2
361
848
\u2013
1,211
288
1,211
Total financial instruments
-1
-692
-2,885
1,415
-2,163
-2,240
-2,163
Total measurement level 1
\u2013
\u2013
\u2013
Total measurement level 2, assets
1
5
\u2013
219
225
1
225
Total measurement level 2,
liabilities
-2
-697
-1,825
\u2013
-2,524
-1,823
-2,524
Total measurement level 3
\u2013
\u2013
-500
\u2013
-500
-500
-500
For current assets and liabilities, fair value is
estimated close or equal to book value. The bond is
determined as measurement level 3. The fair value
of the bond is deemed to equal book value.
The bond carries floating interest terms and the
issuer\u2019s credit quality is not considered to have
changed since the bond was issued in June 2023.
CHANGE IN PROVISIONS FOR BAD DEBT:
Amounts in NOK million
2025
2024
Provisions for bad debts 1 January
18
11
Bad debts recognised as expense (- income)
-8
6
Realised losses
-3
\u2013
Translation effects
-1
1
Provisions for bad debts 31 December
6
18
NOTE 27 FUNDING AND INTEREST-BEARING
LIABILITIES
Loans and receivables are carried at amortised cost.
Thus, changes in fair value resulting from changes in
interest rates during the interest rate period are not
reported in the income statement. Borrowing costs
related to the long-term funding are capitalised over
the period of the loan facilities.
Funding
Borregaard's main sources of financing are proceeds
from its USD 50 million term loan with the Nordic
Investment Bank, its green bond issue of NOK 500
million, and its long term revolving credit facilities
totalling NOK 1,500 million from three Scandinavian
banks. For liquidity and cash management
purposes two multi-currency overdraft facilities
totalling NOK 250 million are in place.
In June 2017, LignoTech Florida entered into a USD
60 million loan agreement. The loan has a remaining
balance of USD 40.8 million at 31 December 2025.
To meet short term liquidity needs, an overdraft
facility of USD 15 million has been established.
Book value
Fair value
Amounts in NOK million
2025
2024
2025
2024
Non-current interest-bearing liabilities
Bank loans/bond
1,319
1,593
1,319
1,593
Other interest-bearing liabilities
399
442
399
442
Total non-current interest-bearing liabilities
1,718
2,035
1,718
2,035
Current interest-bearing liabilities
Bank loans/overdraft/commercial paper/bond
364
176
364
176
Other interest-bearing liabilities
99
112
99
112
Total current interest-bearing liabilities
463
288
463
288
Total interest-bearing liabilities
2,181
2,323
2,181
2,323
Interest bearing receivables
Non-current interest-bearing receivables
\u2013
1
\u2013
1
Cash and cash equivalents
91
82
91
82
Total interest-bearing receivables
91
83
91
83
Net interest-bearing debt1
2,090
2,240
2,090
2,240
RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES 2025
1 January,
2025
Cash flows
Additions
/ transfer
leases
Foreign
exchange
movemen
Fair value
changes
31 December,
2025
Long-term borrowings
2,035
-299
52
-70
\u2013
1,718
Short-term borrowings excluding overdraft
202
146
17
-9
\u2013
356
Other instruments
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Change in net interest-bearing liabilities
-153
Overdraft
86
31
\u2013
-10
\u2013
107
Total liabilities from financing activities
2,323
-122
69
-89
\u2013
2,181
RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES 2024
1 January,
2024
Cash
flows
Additions/
transfer
leases
Foreign
exchange
movement
Fair value
changes
31 December,
2024
Long-term borrowings
2,016
-118
66
71
\u2013
2,035
Short-term borrowings excluding overdraft
206
-32
19
9
\u2013
202
Other instruments
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Change in net interest-bearing liabilities
-150
Overdraft
40
41
\u2013
5
\u2013
86
Total liabilities from financing activities
2,262
-109
85
85
\u2013
2,323
There were no drawings under the Bank Facilities Agreements as of 31 December 2025. Drawings
originating from the bond issue, the term loan with Nordic Investment Bank, and the term loan related to
LignoTech Florida amounted to NOK 1,415 million as of 31 December 2025. The maturity profiles of the
Group\u2019s interest-bearing liabilities are shown in the table below.
MATURITY PROFILE INTEREST-BEARING LIABILITIES AND UNUTILISED CREDIT FACILITIES
Gross interest-bearing liabilities
Unutilised credit facilities
Amounts in NOK million
2025
2024
2025
2024
Maturity <1 year
463
288
295
310
Maturity 1-3 years
1,105
788
1,500
1,500
Maturity 3-5 years
211
738
\u2013
\u2013
Maturity 5-7 years
162
213
\u2013
\u2013
Maturity >7 years
240
296
\u2013
\u2013
Total
2,181
2,323
1,795
1,810
NOTE 28 FINANCIAL AND CLIMATE RISKS
(I) ORGANISATION OF FINANCIAL RISK MANAGEMENT
Borregaard operates internationally and is exposed
to financial risks like currency risk, interest rate risk,
commodity price risk, climate risk, liquidity risk and
credit risk. Borregaard uses derivatives and other
financial instruments to reduce these risks in
accordance with the Group\u2019s finance policy.
Responsibility for managing financial risk in
Borregaard is divided between business areas,
which manage risk related to business processes
and corporate functions, which manages risk
related to centralised activities like funding, interest
rate management, cash management, currency risk
management and credit management policy.
Borregaard\u2019s CFO and the Group\u2019s Treasury
Department are responsible for managing
centralised financial risk elements.
Financial risks
This section describes the most important risk
factors within the Group and the management of
these risks. In this context, financial risk is defined
as risk related to financial instruments. These may
either be hedging instruments for underlying risk or
viewed as inherently a source of risk.
Borregaard is exposed to currency risk for most of
its sales, primarily in USD and EUR. A substantial
part of this exposure, defined as estimated net cash
flow in USD or EUR, is routinely hedged on a rolling
basis with a nine month time horizon. In order to
secure medium-term competitiveness, the hedging
horizon may gradually be extended to three years
for a EUR/ NOK hedging rate in the range of
10.75-11.25 and gradually to three years for USD/
NOK hedging rates in the 9.75-10.25 range.
On the revenue side, all of Borregaard\u2019s business
segments are exposed to price risk in international
markets. Borregaard is also exposed to price risk on
wood, energy (heat energy and electric power) and
other strategic raw materials. At the end of 2025
Borregaard has five longterm supply contracts for
electric energy to the Sarpsborg site for the period
2026 to 2034:
\u2022 Eidsiva Vannkraft, 2.8 TWh for the period 2020 to
2029 with annual deliveries decreasing from 420
GWh to 130 GWh.
\u2022 Statkraft, 1.75 TWh for the period 2020 to 2029,
with annual deliveries of 175 GWh.
\u2022 E-CO Energi, 1.66 TWh for the period 2022 to
2033, with annual deliveries increasing from 88
GWh to 175 GWh.
\u2022 \u00c5 Energi, 0,88 TWh for the period 2024 to 2033,
with annual deliveries of 88 GWh.
\u2022 Hafslund, 0,88 TWh for the period 2025 to 2034,
with annual deliveries of 88 GWh.
The long-term supply contracts for electric energy
are intended for own use and therefore deemed
qualified under the own-use exemption.
Borregaard also has a hedging strategy which
enables hedging of part of its future expected
power consumption. The purpose of this hedging is
to reduce the risk from volatility in the power prices.
(II) CATEGORIES OF FINANCIAL AND CLIMATE RISKS
FOR THE BORREGAARD GROUP
Currency risk
As NOK is the presentation currency for the Group,
Borregaard is exposed to currency translation risk
for net investments in foreign operations.
Borregaard hedges this category of risk using
currency forward contracts for EUR and a mix of
forward contracts and loan for USD.
Transaction risk is hedged against each entity\u2019s
functional currency. Borregaard applies hedge
accounting for most hedges of future transactions,
either cash flow hedges or fair value hedges of firm
commitments. The different types of hedges are
described in Note 29.
The Group\u2019s aggregated outstanding currency
hedges of future transactions on the balance sheet
date are shown in the following table.
Interest rate risk
Borregaard\u2019s interest rate risk is mainly related to
the Group\u2019s interest-bearing liabilities and assets.
This risk is managed at parent level. Borregaard
shall primarily follow a floating rate strategy, but
may consider fixed rates for a maximum of 50% of
its debt, using appropriate derivatives.
Liquidity risk
Liquidity risk is the risk that Borregaard is not able
to meet its payment obligations. This risk is
managed centrally, but in close concert with
affected subsidiaries. Borregaard AS initiates
measures deemed necessary to maintain a strong
liquidity.Cash flow from operations, which among
other factors is affected by changes in working
capital, is managed operationally at Group level,
and is relatively stable. Borregaard monitors
liquidity flows, short and long-term, through
reporting and selected forecasting routines. Due to
the aforementioned measures, the Group has
limited liquidity risk.
The table below shows the maturity profile for the
Group\u2019s contractual financial liabilities, including
liabilities which are not recognised in the financial
position.
The amounts represent undiscounted future cash
flows and may therefore deviate from recognised
figures. The table also includes derivatives
recognised as assets on the balance sheet date, as
derivatives may include both positive and negative
cash flows, and the fair value fluctuates over time.
Forward prices are used to determine the future
settlement amounts for electric power and currency
derivatives. See Note 29.
2025
Amounts in
million
Purchase
currency
Amount
Sale
currency
Amount
Maturity
USD
2
NOK
24
2026
NOK
1,538
USD
153
2026
NOK
1,407
USD
140
2027
NOK
919
USD
91
2028
EUR
6
NOK
73
2026
EUR
9
NOK
109
2027
NOK
1,404
EUR
119
2026
NOK
1,354
EUR
114
2027
NOK
915
EUR
77
2028
SEK
66
NOK
72
2026
MATURITY PROFILE FINANCIAL LIABILITIES 2025
Amounts in NOK million
Book
value
Contractual
cash flows
< 1 year
1-3
years
3-5
years
5-7
years
> 7 years
Interest-bearing liabilities excluding lease liabilities
1,684
1,684
365
985
155
116
63
Lease liabilities
497
657
127
159
87
70
214
Interest payable bank loans & bonds
7
175
72
81
18
4
\u2013
Accounts payable
503
503
503
Gross settled derivatives*
-45
\u00a0 \u00a0 \u00a0 Inflow
-8,208
-3,637
-4,571
\u2013
\u2013
\u2013
\u00a0 \u00a0 \u00a0 Outflow
8,163
3,632
4,510
15
4
2
Total
2,646
2,974
1,062
1,164
275
194
279
2024
Amounts in
million
Purchase
currency
Amount
Sale
currency
Amount
Maturity
USD
2
NOK
19
2025
NOK
1,572
USD
158
2025
NOK
1,567
USD
150
2026
NOK
1,086
USD
102
2027
EUR
2
USD
2
2025
EUR
2
NOK
18
2025
NOK
1,365
NOK
125
2025
NOK
1,389
EUR
119
2026
NOK
1,049
EUR
87
2027
SEK
66
EUR
68
2025
MATURITY PROFILE FINANCIAL LIABILITIES 2024
Amounts in NOK million
Book
value
Contractual
cash flows
< 1 year
1-3
years
3-5
years
5-7
years
> 7 years
Interest-bearing liabilities excluding lease liabilities
1,769
1,769
176
637
674
174
108
Lease liabilities
554
733
143
195
95
65
235
Interest payable bank loans & bonds
9
332
103
161
51
16
1
Accounts payable
551
551
551
Gross settled derivatives*
693
\u00a0 \u00a0 \u00a0 Inflow
-9,626
-4,535
-5,091
\u2013
\u2013
\u2013
\u00a0 \u00a0 \u00a0 Outflow
10,319
4,893
5,380
31
6
9
Total
3,575
4,077
1,330
1,282
851
261
353
The financial liabilities are serviced by cash flow
from operations, liquid, and interest-bearing assets,
and, when necessary, drawings on unutilised
credit facilities.
Credit risk
The management of credit risk related to accounts
receivable and other operating receivables is
handled as part of the business risk but based on
guidelines set by Borregaard AS and continuously
monitored by the operating entities. There is no
significant concentration of credit risk in respect of
single counterparts. A credit management policy is
in place. Credit losses are historically modest due
to a stable and financially healthy customer base as
well as stringent monitoring of trade receivables.
See Note 22. For sales to countries or customers
associated with high political or commercial risk,
trade finance products are widely used to reduce
credit risk.
With these risk mitigation measures in place, the
current credit risk is considered to be acceptable.
See Note 8 for geographical breakdown of sales
revenues.
Borregaard considers its credit risk related to other
financial instruments to be low. Firstly, only
relationship banks act as counterparts for financial
hedge transactions. Secondly, bank accounts are
mainly held with relationship banks. For deposits of
liquidity with other counterparts in countries where
relationship banks are not present, Borregaard has
requirements relating to the bank\u2019s credit rating.
Maximum credit risk
The maximum credit exposure for the Group
related to financial instruments corresponds to
total gross receivables. In the hypothetical and
highly unlikely event that no receivables are
redeemed, this amounts to:
Amounts in NOK million
2025
2024
Cash and cash equivalents
91
82
Accounts receivable
1,095
1,073
Other current receivables
15
41
Non-current receivables
176
191
Derivatives
163
6
Total
1,540
1,393
Commodity price risk
The Group is exposed to price risks in respect of a
number of raw materials, of which electric power,
liquefied natural gas and wood are the most
substantial. However, prices of sold products are
also affected by raw material prices, and it is
generally Borregaard\u2019s policy to reduce the price
risk through commercial contracts.
Climate risk and nature risks
The climate- and-nature related risk assessment is
conducted in accordance with the European
Sustainability Reporting Standards (ESRS), as
required under the Corporate Sustainability
Reporting Directive (CSRD). In the table below,
climate and nature risks and opportunities, as
described from page 87 in this Annual Report, and
in the Climate and Nature Risk Report, are included
with current exposure and current price/ level cost.
Climate and nature risks and opportunities
Material financial risks and opportunities
Current exposure, price level and cost
Risk. Current and emerging carbon pricing mechanism, other climate-related regulatory issues
such as EU RED III. Investment costs related to transition plan.
\u2022 EU ETS: 90,718 tCO\u2082 in 2025.The EU Emissions Trading System is governed by the European Commission under Directive 2003/87/EC and requires
companies covered by the EU ETS to hold allowances for every tonne of CO\u2082 they emit.
\u2022 Emission rights owned (beginning of 2025): 647,269
\u2022 Scope 1 and 2 emissions: 167,473\u00a0 tCO2e
\u2022 CO2 Tax for waste incineration: 42,385 tCO2. Set by the government and administered by the Ministry of Finance, the Norwegian CO\u2082 Tax Act obliges
waste\u2011incineration plants to pay a tax on the fossil CO\u2082 emitted from each tonne of waste incinerated.
Risk. Increased energy prices, long-term power supply contracts. Potential requirements for
Guarantees of Origin, Power Purchase Agreements (PPAs), and grid capacity may pose future
risks.
\u2022 Total energy 1,847 GWh, energy from fossil-based sources is 587 GWh (from LNG, light oil and waste), whereas 1,260 GWh is from renewable sources
(power supply, biofuel and biogas) of which 793 GWh is from electricity.
\u2022 Long-term power supply contracts.
\u2022 Energy is 8% of total cost in 2025, NOK 472 million
\u2022 CO2 compensation 2025 NOK 125,6 million, see Note 34
Risk. Capital investments aimed at reducing energy consumption and improving efficiency
through grid optimisation. investment cost related to transition plan
\u2022Investments under Borregaard's transition plan are estimated to a total of\u00a0 approximately NOK 1,000 million through 2030. Of this, about 85% relates to
ongoing and completed projects. For 2026\u20132028, investments according to the transition plan will be in the range NOK 350 to 450 million.
Risk. Potential increase in transportation (cat.4 and cat.9) and raw material cost (cat.1) to meet
Scope 3 emission reduction targets in 2030 (Science Based Target), including changes in routes
due to physical climate incidents.
\u2022 Supply chain/Operations: Challenging river conditions (Rhine and Glomma)
\u2022 Scope 3 GHG emissions:\u00a0 624,618 tCO\u2082 for 2025.
Opportunity. Renewable energy/flexibility in variable load. Flexibility in sourcing of raw materials,
resilient business model.
\u2022 Total energy 1,847 GWh, 1,260 GWh from renewable sources. CO\u2082 emissions from energy is the major emissions source. Technology is available to
invest in more renewable energy solutions to achieve our science-based emission targets.
\u2022 Flexibility for variable load (LNG, electricity and light oil).
\u2022 Average electricity spot price (Oslo region) at 684 NOK/MWh in 2025.
Opportunity. Resilience, 800 different products in numerous applications reduces exposure to
cyclical markets. Markets that will grow or decline due to climate change are identified,
supported by regulatory changes. Business opportunities from Borregaard's products.
\u2022 About 50% (NOK 3.8 billion) of Borregaard\u2019s sales revenues in 2025 came from bio-based products with lower climate/environmental footprint
compared with fossil-based products. 800 different products in numerous applications, reduced exposure to cyclical markets.
\u2022 Markets that will grow or decline due to climate changes are identified.
\u2022 Average sales price in 2025:
\u2022 BioSolutions products NOK 12,027 per mtds.
\u2022 BioMaterials products NOK 17,678 per mt
Opportunity. Capital markets: Positive effect from funding of investment and innovations. Green
bonds, effect from taxonomy. Investors.
\u2022 86% of long-term financing (including Revolving Credit Facilities) at the end of 2025 had a sustainability linked margin or were issued in accordance
with Borregaard\u2019s Green Financing Framework (\u201cgreen financing\u201d).
\u2022 There were indications that the margin on the green bond issued in 2023 got a slight discount compared to a traditional bond issue. However, it is
difficult to quantify the exact effect
Sensitivity analysis
The financial instruments of the Borregaard Group
are exposed to different types of market risk which
can affect the income statement or equity.
Financial instruments, in particular derivatives, are
applied as means of hedging both financial and
operational exposure.
In the table below, Borregaard presents a partial
analysis of the sensitivity of financial instruments,
where the isolated effect of each type of risk on the
income statement and on equity is estimated. This
is done on the basis of a selected reasonably
possible change in market prices/rates on the
statement of financial position as of 31 December.
According to IFRS, the analysis covers only financial
instruments and is not meant to give a complete
overview of the Group\u2019s market risk, for instance:
\u2022 For currency hedges of contracts entered into,
changes in fair value of the hedging instrument
will affect the income statement, while changes
in the fair value of the underlying hedged
contract offset by the hedging instrument will
not be shown, as it is not a financial instrument.
\u2022 If one of the parameters changes, the analysis
will not take into account any correlation with
other parameters.
\u2022 Financial instruments denominated in the
entities\u2019 functional currencies do not constitute
any currency risk and are therefore not included
in this analysis. Nor is the currency exposure on
translation of such financial instruments to the
presentation currency of the Group included, for
the same reason.
\u2022 No sensitivity analysis is performed for the
power hedges as the exposure is considered
immaterial.
Generally, the effect on the income statement and
equity of financial instruments in the table below is
expected to offset the effects of the hedged items
where financial instruments are part of a hedging
relationship.
The sensitivity to currency risk in accounts
receivable and accounts payable is mitigated by the
company\u2019s hedging activities, which offset the
related impacts on the income statement and equity.
Accounting effects of changes in market risk are
classified to income statement and equity
according to where the effect of the changes in fair
value will be recognised initially. Effects recognised
in the income statement will also affect equity
beyond the figures presented in the table.
SENSITIVITY FINANCIAL INSTRUMENTS 2024
2025
ACCOUNTING EFFECTS ON
Income statement of
Equity of
Amounts in NOK million
Increase
Decrease
Increase
Decrease
Financial instruments in hedging relationships
Interest rate risk (excluding leasing): 100 bp parallel shift in
interest curves all currencies
-15
15
Currency risk: 10% change in FX-rate USD/NOK
\u2013
\u2013
-301
301
Currency risk: 10% change in FX-rate EUR/NOK
\u2013
\u2013
-278
278
Currency risk: 10% change in FX-rate SEK/NOK
\u2013
\u2013
6
-6
Currency risk: 10% change in FX-rate USD/EUR
\u2013
\u2013
\u2013
\u2013
SENSITIVITY FINANCIAL INSTRUMENTS 2023
2024
Accounting effects on
Income statement of
Equity of
Amounts in NOK million
Increase
Decrease
Increase
Decrease
Financial instruments in hedging relationships
Interest rate risk (excluding leasing): 100 bp parallel shift in
interest curves all currencies
-16
16
Currency risk: 10% change in FX-rate USD/NOK
\u2013
\u2013
-360
360
Currency risk: 10% change in FX-rate EUR/NOK
\u2013
\u2013
-311
311
Currency risk: 10% change in FX-rate SEK/NOK
\u2013
\u2013
5
-5
Currency risk: 10% change in FX-rate USD/EUR
\u2013
\u2013
\u2013
\u2013
NOTE 29 DERIVATIVES AND HEDGING
Derivatives are measured at fair value on the balance
sheet date and reported as receivables or liabilities.
Changes in fair value are reported in the income
statement in cases where the derivative is not part
of a hedge relationship that satisfies the criteria for
hedge accounting. Embedded derivatives in
contracts are identified and measured separately.
Purchases and sales of derivatives are recognised at
trade date. The Group applies IFRS 9 on its financial
instruments.
Hedge accounting
The Group\u2019s existing hedge relationships
designated in effective hedging relationships qualify
for hedge accounting under IFRS 9. The Group uses
the following criteria for classifying a derivative or
another financial instrument as a hedging instrument:
(1) the hedging instrument is expected to be
highly effective in offsetting the changes
in fair value or the cash flow of an
identified object,
(2) the hedging effectiveness can be
measured reliably,
(3) satisfactory documentation is
established before entering into the
hedging instrument, showing among
other things that the hedging relationship
is effective,
(4) for cash flow hedges, that the future
transaction is considered to be highly
probable, and the hedging relationship is
evaluated regularly and is considered to
be effective.
The table shows the fair value of all outstanding
derivative financial instruments grouped according
to treatment in the financial statements:
DERIVATIVES AND HEDGING
2025
2024
Amounts in NOK million
Assets
Liabilities
Assets
Liabilities
Cash flow hedges
Currency forwards, currency swaps
152
61
5
610
Power hedges
\u2013
\u2013
\u2013
\u2013
Interest swaps
\u2013
\u2013
\u2013
\u2013
Embedded derivative
\u2013
56
\u2013
88
Hedges of net investments
Currency forwards, currency swaps
4
\u2013
\u2013
\u2013
Other derivatives - Fair value changes recognised in
income statement
Currency forwards, currency swaps, options
7
1
1
1
Total derivatives
163
118
6
699
Calculation of fair value
\u2022 Currency forwards and currency swaps are
measured at fair value using the observed
forward exchange rate for contracts with a
corresponding term to maturity at the balance
sheet date.
\u2022 The fair value of currency options is calculated
using Garman-Kohlhagen\u2019s version of the Black
Scholes Option pricing method, and the variables
are based on observed indicative market prices
at the balance sheet date.
These derivative financial instruments are
designated in hedge relationships as follows:
Cash flow hedges
The effective part of changes in the fair value of a
hedging instrument is recognised in comprehensive
income and reclassified to the income statement
when the hedged transaction affects profit or loss
and is presented on the same line as the hedged
transaction. The ineffective part of the hedging
instrument is reported in the income statement.
When a hedging instrument is sold, exercised or
terminated, the accumulated gains and losses at
this point will remain in hedging reserve of equity
and will be recognised in the income statement
when the hedged transaction affects profit or loss.
The Group has established a hedge ratio of 1:1 for
the hedging relationship as the underlying risk of
foreign exchange are identical to the hedged
components. If the hedged transaction is no longer
expected to occur, the accumulated unrealised gain
or loss recognised in the hedging reserve of equity
will be recognised in the income statement
immediately. Embedded EUR derivatives in power
contracts are designed as hedging instruments to
hedge currency fluctuations of highly probable
future sales.
In 2025, a loss of NOK 6 million (2024: loss of NOK
10 million) was recorded in the income statement
as a result of hedging inefficiency.
DEVELOPMENT IN THE EQUITY HEDGING RESERVE
Amounts in NOK million
2025
2024
Opening balance hedging reserve before tax
-1,101
-607
Reclassified to P/L - operating revenues (-gains/+loss)
352
222
Reclassified to P/L - operating costs (-gains/+loss)
-1
1
Reclassified to P/L - net financial income (-gains/+loss)
7
7
Reclassified to Balance sheet (-gains/+loss)
\u2013
2
Fair value change cash flow hedges
372
-611
Change in gain/(loss) on hedges of net investments in subsidiaries
103
-115
Closing balance hedging reserve before tax
-268
-1,101
Deferred tax and tax payable hedging reserve
66
250
Closing balance hedging reserve after tax
-202
-851
All expected cash flows which have been hedged
during 2025 still qualify for hedge accounting.
HEDGES OF NET INVESTMENTS IN FOREIGN CURRENCIES
Currency risk on foreign net investments is hedged
with currency forward contracts and currency
loans. Realised and unrealised effects of the
effective part of the hedging instrument are
recognised through comprehensive income. Effects
from ineffective parts of the hedging instrument are
recognised through profit and loss. The Group has
established a hedge ratio of 1:1 for the hedging
relationship as the underlying risk of foreign
exchange are identical to the hedged components.
A negative hedging reserve means a negative
recognition in the income statement in the future. In
2025, the impact of hedging activities on the
operating profit was NOK -174 million (NOK -365
million). The hedging impact from cash flow
hedges recognised in the equity hedging reserve as
of 31 December 2025 are expected to be recycled
to the income statement as follows (before tax):
\u2022 2026: NOK 14 million
\u2022 After 2026: NOK 21 million
Fair value hedges
Gains and losses on derivatives designated as
hedging instruments in fair value hedges are
reported in the income statement and are offset by
changes in the value of the hedged item.
There have not been any significant fair value
hedges in the period 2025-2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-393": { "value": "The company also enters
into currency derivatives contracts.
Hedging instruments which satisfy the criteria for
hedge accounting, are reported at fair value in the
statement of financial position and changes in fair
value are recognised in comprehensive income.
Derivatives which do not satisfy the criteria for
hedge accounting, are recognised at fair value
through profit and loss.
Hedge accounting
The Group\u2019s existing hedge relationships
designated in effective hedging relationships qualify
for hedge accounting under IFRS 9. The Group uses
the following criteria for classifying a derivative or
another financial instrument as a hedging instrument:
(1) the hedging instrument is expected to be
highly effective in offsetting the changes
in fair value or the cash flow of an
identified object,
(2) the hedging effectiveness can be
measured reliably,
(3) satisfactory documentation is
established before entering into the
hedging instrument, showing among
other things that the hedging relationship
is effective,
(4) for cash flow hedges, that the future
transaction is considered to be highly
probable, and the hedging relationship is
evaluated regularly and is considered to
be effective.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-392": { "value": "The company also enters
into currency derivatives contracts.
Hedging instruments which satisfy the criteria for
hedge accounting, are reported at fair value in the
statement of financial position and changes in fair
value are recognised in comprehensive income.
Derivatives which do not satisfy the criteria for
hedge accounting, are recognised at fair value
through profit and loss.
NOTE 19 OVERVIEW OF FINANCIAL INSTRUMENTS
Loans, as well as trade receivables, are held to
collect contractual cash flows and are expected to
give rise to cash flows solely representing payments
of principal and interest. The Group analysed the
contractual cash flow characteristics of those
instruments and concluded that they meet the
criteria for amortised cost measurement under IFRS
9. The Group applied the simplified approach and
record lifetime expected losses on all trade receivables.
The Group has considered that due to the historical
low level of credit losses, the loss allowance will not
be materially different from the current level.
Transactions in foreign currencies are recognised at
the exchange rate on the date of the transaction,
while monetary items in foreign currencies are
presented at the exchange rate on the balance sheet
date, and any gain/ loss is reported in the income
statement as financial items. Revenues and expenses
in subsidiaries with a functional currency different
from the Group\u2019s presentation currency are translated
monthly at the average exchange rate for the month
and accumulated. Statement of financial position
items in subsidiaries with a different functional
currency are translated at the exchange rate on the
balance sheet date. Translation differences are
reported in comprehensive income.
Derivatives are measured at fair value on the balance
sheet date and reported as receivables or liabilities.
Changes in fair value are reported in the income
statement in cases where the derivative is not part
of a hedge relationship that satisfies the criteria for
hedge accounting. Embedded derivatives in
contracts are identified and measured separately.
Purchases and sales of derivatives are recognised at
trade date. The Group applies IFRS 9 on its financial
instruments.
Hedge accounting
The Group\u2019s existing hedge relationships
designated in effective hedging relationships qualify
for hedge accounting under IFRS 9. The Group uses
the following criteria for classifying a derivative or
another financial instrument as a hedging instrument:
(1) the hedging instrument is expected to be
highly effective in offsetting the changes
in fair value or the cash flow of an
identified object,
(2) the hedging effectiveness can be
measured reliably,
(3) satisfactory documentation is
established before entering into the
hedging instrument, showing among
other things that the hedging relationship
is effective,
(4) for cash flow hedges, that the future
transaction is considered to be highly
probable, and the hedging relationship is
evaluated regularly and is considered to
be effective.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-391": { "value": "The company also enters
into currency derivatives contracts.
Hedging instruments which satisfy the criteria for
hedge accounting, are reported at fair value in the
statement of financial position and changes in fair
value are recognised in comprehensive income.
Derivatives which do not satisfy the criteria for
hedge accounting, are recognised at fair value
through profit and loss.
NOTE 29 DERIVATIVES AND HEDGING
Derivatives are measured at fair value on the balance
sheet date and reported as receivables or liabilities.
Changes in fair value are reported in the income
statement in cases where the derivative is not part
of a hedge relationship that satisfies the criteria for
hedge accounting. Embedded derivatives in
contracts are identified and measured separately.
Purchases and sales of derivatives are recognised at
trade date. The Group applies IFRS 9 on its financial
instruments.
Hedge accounting
The Group\u2019s existing hedge relationships
designated in effective hedging relationships qualify
for hedge accounting under IFRS 9. The Group uses
the following criteria for classifying a derivative or
another financial instrument as a hedging instrument:
(1) the hedging instrument is expected to be
highly effective in offsetting the changes
in fair value or the cash flow of an
identified object,
(2) the hedging effectiveness can be
measured reliably,
(3) satisfactory documentation is
established before entering into the
hedging instrument, showing among
other things that the hedging relationship
is effective,
(4) for cash flow hedges, that the future
transaction is considered to be highly
probable, and the hedging relationship is
evaluated regularly and is considered to
be effective.
The table shows the fair value of all outstanding
derivative financial instruments grouped according
to treatment in the financial statements:
DERIVATIVES AND HEDGING
2025
2024
Amounts in NOK million
Assets
Liabilities
Assets
Liabilities
Cash flow hedges
Currency forwards, currency swaps
152
61
5
610
Power hedges
\u2013
\u2013
\u2013
\u2013
Interest swaps
\u2013
\u2013
\u2013
\u2013
Embedded derivative
\u2013
56
\u2013
88
Hedges of net investments
Currency forwards, currency swaps
4
\u2013
\u2013
\u2013
Other derivatives - Fair value changes recognised in
income statement
Currency forwards, currency swaps, options
7
1
1
1
Total derivatives
163
118
6
699
Calculation of fair value
\u2022 Currency forwards and currency swaps are
measured at fair value using the observed
forward exchange rate for contracts with a
corresponding term to maturity at the balance
sheet date.
\u2022 The fair value of currency options is calculated
using Garman-Kohlhagen\u2019s version of the Black
Scholes Option pricing method, and the variables
are based on observed indicative market prices
at the balance sheet date.
These derivative financial instruments are
designated in hedge relationships as follows:
Cash flow hedges
The effective part of changes in the fair value of a
hedging instrument is recognised in comprehensive
income and reclassified to the income statement
when the hedged transaction affects profit or loss
and is presented on the same line as the hedged
transaction. The ineffective part of the hedging
instrument is reported in the income statement.
When a hedging instrument is sold, exercised or
terminated, the accumulated gains and losses at
this point will remain in hedging reserve of equity
and will be recognised in the income statement
when the hedged transaction affects profit or loss.
The Group has established a hedge ratio of 1:1 for
the hedging relationship as the underlying risk of
foreign exchange are identical to the hedged
components. If the hedged transaction is no longer
expected to occur, the accumulated unrealised gain
or loss recognised in the hedging reserve of equity
will be recognised in the income statement
immediately. Embedded EUR derivatives in power
contracts are designed as hedging instruments to
hedge currency fluctuations of highly probable
future sales.
In 2025, a loss of NOK 6 million (2024: loss of NOK
10 million) was recorded in the income statement
as a result of hedging inefficiency.
DEVELOPMENT IN THE EQUITY HEDGING RESERVE
Amounts in NOK million
2025
2024
Opening balance hedging reserve before tax
-1,101
-607
Reclassified to P/L - operating revenues (-gains/+loss)
352
222
Reclassified to P/L - operating costs (-gains/+loss)
-1
1
Reclassified to P/L - net financial income (-gains/+loss)
7
7
Reclassified to Balance sheet (-gains/+loss)
\u2013
2
Fair value change cash flow hedges
372
-611
Change in gain/(loss) on hedges of net investments in subsidiaries
103
-115
Closing balance hedging reserve before tax
-268
-1,101
Deferred tax and tax payable hedging reserve
66
250
Closing balance hedging reserve after tax
-202
-851
All expected cash flows which have been hedged
during 2025 still qualify for hedge accounting.
HEDGES OF NET INVESTMENTS IN FOREIGN CURRENCIES
Currency risk on foreign net investments is hedged
with currency forward contracts and currency
loans. Realised and unrealised effects of the
effective part of the hedging instrument are
recognised through comprehensive income. Effects
from ineffective parts of the hedging instrument are
recognised through profit and loss. The Group has
established a hedge ratio of 1:1 for the hedging
relationship as the underlying risk of foreign
exchange are identical to the hedged components.
A negative hedging reserve means a negative
recognition in the income statement in the future. In
2025, the impact of hedging activities on the
operating profit was NOK -174 million (NOK -365
million). The hedging impact from cash flow
hedges recognised in the equity hedging reserve as
of 31 December 2025 are expected to be recycled
to the income statement as follows (before tax):
\u2022 2026: NOK 14 million
\u2022 After 2026: NOK 21 million
Fair value hedges
Gains and losses on derivatives designated as
hedging instruments in fair value hedges are
reported in the income statement and are offset by
changes in the value of the hedged item.
There have not been any significant fair value
hedges in the period 2025-2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-390": { "value": "The company also enters
into currency derivatives contracts.
Hedging instruments which satisfy the criteria for
hedge accounting, are reported at fair value in the
statement of financial position and changes in fair
value are recognised in comprehensive income.
Derivatives which do not satisfy the criteria for
hedge accounting, are recognised at fair value
through profit and loss.
Derivatives are measured at fair value on the balance
sheet date and reported as receivables or liabilities.
Changes in fair value are reported in the income
statement in cases where the derivative is not part
of a hedge relationship that satisfies the criteria for
hedge accounting. Embedded derivatives in
contracts are identified and measured separately.
Purchases and sales of derivatives are recognised at
trade date. The Group applies IFRS 9 on its financial
instruments.
Hedge accounting
The Group\u2019s existing hedge relationships
designated in effective hedging relationships qualify
for hedge accounting under IFRS 9. The Group uses
the following criteria for classifying a derivative or
another financial instrument as a hedging instrument:
(1) the hedging instrument is expected to be
highly effective in offsetting the changes
in fair value or the cash flow of an
identified object,
(2) the hedging effectiveness can be
measured reliably,
(3) satisfactory documentation is
established before entering into the
hedging instrument, showing among
other things that the hedging relationship
is effective,
(4) for cash flow hedges, that the future
transaction is considered to be highly
probable, and the hedging relationship is
evaluated regularly and is considered to
be effective.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-389": { "value": "The company also enters
into currency derivatives contracts.
Hedging instruments which satisfy the criteria for
hedge accounting, are reported at fair value in the
statement of financial position and changes in fair
value are recognised in comprehensive income.
Derivatives which do not satisfy the criteria for
hedge accounting, are recognised at fair value
through profit and loss.
NOTE 29 DERIVATIVES AND HEDGING
Derivatives are measured at fair value on the balance
sheet date and reported as receivables or liabilities.
Changes in fair value are reported in the income
statement in cases where the derivative is not part
of a hedge relationship that satisfies the criteria for
hedge accounting. Embedded derivatives in
contracts are identified and measured separately.
Purchases and sales of derivatives are recognised at
trade date. The Group applies IFRS 9 on its financial
instruments.
Hedge accounting
The Group\u2019s existing hedge relationships
designated in effective hedging relationships qualify
for hedge accounting under IFRS 9. The Group uses
the following criteria for classifying a derivative or
another financial instrument as a hedging instrument:
(1) the hedging instrument is expected to be
highly effective in offsetting the changes
in fair value or the cash flow of an
identified object,
(2) the hedging effectiveness can be
measured reliably,
(3) satisfactory documentation is
established before entering into the
hedging instrument, showing among
other things that the hedging relationship
is effective,
(4) for cash flow hedges, that the future
transaction is considered to be highly
probable, and the hedging relationship is
evaluated regularly and is considered to
be effective.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-395": { "value": "
Assets that no longer justify their value are written
down to the recoverable amount, which is the
higher of value in use and fair value minus selling
costs.
NOTE 05 IMPAIRMENT ASSESSMENTS
Goodwill and intangible assets with an indefinite
useful life must be tested annually for impairment
to assess whether the values are recoverable.
Borregaard carries out this test prior to preparing
and presenting its financial statements for the
3rd quarter. If there are indications of impairments,
the assets are tested immediately. A new
impairment test is carried out in the 4th quarter,
when necessary, for instance if the underlying
assumptions have changed.
Borregaard has substantial non-current assets
in the form of tangible (property, plant and
equipment), carrying amount of net investments
in associate companies and some minor
intangible assets. An explanation of the details
of and changes in these assets is presented
separately in Note 6, 17 and 18. Estimate
uncertainty, in some cases considerable,
attaches to these assets. Both valuation and
estimated useful lifetime are based on future
information that is always subject to a great
degree of uncertainty.
Borregaard routinely monitors assets and if
there are indications that the value of an asset
is no longer recoverable, an impairment test will
be carried out to determine whether the asset
can still justify its carrying value. If new
estimates conclude that the value is not longer
recoverable, the asset is written down to the
recoverable amount, i.e. the greater of the net
sales value less cost of disposal and the value
in use (discounted cash flow).
Future cash flow is based on specified
assumptions and the plans adopted by the
entity. If the discounted value of future cash
flows is lower than the capitalised value of the
unit\u2019s capital employed, the assets are written
down to the recoverable amount. If the
discounted value is higher than the capital
employed, this means that the value of the
asset is recoverable.
Borregaard\u2019s goodwill is related to the prior
acquisition of Borregaard Czech and no
impairment charges are identified:
GOODWILL
Amounts in NOK million
2025
2024
Borregaard Czech S.R.O
39
39
Total goodwill
39
39
ESTIMATE ASSUMPTIONS AND CASH-GENERATING UNIT
A cash-generating unit (CGU) i the lowest level
at which independent cash flows can be
measured.The biorefinery in Sarpsborg is
considered to be one CGU as the production
facilities are integrated and the production
process relies on the same raw material (wood).
Based on the forecast, expectations and
assumptions that were applied, Borregaard
Czech's capitalised value of goodwill at 31
December 2025 and the fair value exceeds the
book value.
Calculations of future cash flows are based on
a number of assumptions regarding both
economic trends and the estimated useful life.
Borregaard is affected by fluctuating markets
and estimates made in weak markets can differ
substantially from estimates made in\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
stronger markets.
The discount rate applied is based on the Group\u2019s
cost of capital, which has been estimated to be
10% before tax, based on a weighted average of
required rates of return for the Group\u2019s equity
and debt (WACC).
The required rate of return on the Group\u2019s
equity is estimated by using the capital asset
pricing model (CAPM). The required rate of
return on debt is estimated on the basis of a
long-term risk-free interest rate to which is
added a credit margin derived from Borregaard\u2019s
marginal long-term borrowing rate. The discount
rate is adjusted for country risk, the level of
inflation and operational risk, depending on the
particular value being calculated.
Future cash flows are estimated on the basis of
the budget for next year and the following two
forecast years. As from year four a terminal
value is calculated. Cash flow estimates are
sensitive to changes in sales revenues, raw
material and energy prices and the coherent
ability to maintain margin assumptions.
The sensitivity of the estimates, even when
there is a reasonable possibility of a change in
assumptions, did not give grounds for impairment
charges, except from the impairment losses in
bio-based start ups. (See Note 6, 14 and 20).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-396": { "value": "
Interests in companies in which the Group alone
has control (subsidiaries) have been fully
consolidated, line by line, in the consolidated
financial statements from the date the Group
acquired control. These entities will be fully
consolidated until the date such control ends.
An investor controls an investee when the
investor is exposed, or has rights, to variable
returns from its involvement with the investee
and has the ability to affect those returns through
its power over the investee. If the Group controls
a subsidiary, the non-controlling interests\u2019 share
of profit or loss after tax and their share of
equity are presented on separate lines.
Interests in companies in which the Group
together with others has joint control or has an
ownership between 20 and 50% (associate
companies, see Note 6) are consolidated based
on the equity method. The profit or loss from
the associate companies is part of financial
items.
NOTE 06 JOINT VENTURE AND ASSOCIATE
COMPANIES
Joint Venture
In October 2020, the owners of LignoTech
South Africa, Borregaard and the Sappi Group
announced the decision to permanently close
the lignin production facility and to terminate
the co-operation agreement. The closure was
consequence of Sappi\u2019s decision to convert
their calcium sulphite pulp line, which is the
source of lignin raw material, to magnesium
technology. After the conversion, the spent
liquor from the pulping process is burnt, and
the energy and chemicals are recovered.
Final settlements and liquidation was set in
2025 with no profit and loss effects.
Associate companies - Alginor
Alginor is a Norwegian marine biotech
company based in the Haugesund region of
Southwestern Norway. The company is
developing a fully integrated and sustainable
value chain based on harvesting and biorefining
of the brown kelp Laminaria hyperborea \u2013 a
renewable marine resource growing in
abundance along the Norwegian coastline.
Alginor will target global markets for
pharmaceutical and nutraceutical applications.
In 2021, Borregaard invested NOK 145 million in
Alginor ASA and held 25% of the shares as of
31 December 2022. Borregaard\u2019s share of
Alginor\u2019s result after tax is recognised as part of
\u201cFinancial items\u201d. In April 2023, Alginor executed
an additional direct equity issue exclusively to
Borregaard. This equity issue brought
Borregaard\u2019s ownership in Alginor up to 35% on
a fully diluted basis and another NOK 124 million
in equity to Alginor.
In 2024, Borregaard participated with its fully
diluted pro-rata share (35%) in two capital
raises with a total amount of NOK 150 million,
followed up by additional capital increase of
NOK 78 million in 2025. These equity issues
brought Borregaard's ownership in Alginor up to
41% on a fully diluted basis as of 31 December
2025. Borregaard's voting right is the same as
the ownership, 41%.
Borregaard, together with the shareholders
Must Invest and Hatteland Group, acted as
guarantors for a NOK 200 million convertible
loan to Alginor, of which the first tranche of
NOK 100 million was paid out in October 2025.
Borregaard\u2019s participation was NOK 54 million
in the first tranche.
The second tranche was paid out in February
2026 where Borregaard participated with NOK
56 million. See Note 37. The loan may be
converted to new shares by the lenders.\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
The subscription price upon exercise of the
conversion right shall be NOK 10 per share,
subject to adjustment for corporate actions such
as share splits, reversed splits, dividends etc.
The convertible loan is presented as part of
Borregaard\u2019s net investment in associate
companies according to IAS 28. This presentation
reflects that conversion to equity is considered
highly probable, and that the loan forms part of
the long\u2011term financial interest which, in
substance, is an extension of the investment in
the associate.
In total, Borregaard has invested NOK 551
million in Alginor including the convertible loan.\u00a0
Impairment of investment in Alginor
Towards the end of 2025, new information
from Alginor indicated delays and additional
capital needs to establish a robust raw material
supply. The capital need is linked to the gradual
ramp-up of the demonstration plant (F3).
Consequently, there is a risk for delay in the
development and commercialisation of the
company's products. The liquidity situation in
Alginor is strained, and there is a need for
additional capital after the balance sheet date.
See Note 37.
The new information constituted an indication
of impairment under IAS 36, as it materially
affects expected future cash flows and the
recoverable amount of the investment.
Borregaard has performed an impairment test
of its investment in Alginor in accordance with
IAS 36, based on input from Alginor.
Based on the impairment test, Borregaard has
recognised an impairment in its Consolidated
Financial Statements for 2025.
Impairment test
Borregaard carried out an impairment test
based on shareholder information during the
year and input from Alginor. In Borregaard, the
investment in Alginor is accounted for using the
equity method as it is an associate company.
The associate company is treated as one cash
generating unit in accordance with IAS 28.42.
Valuation, key assumptions and sensitivity
The recoverable amount was determined as fair
value less costs of disposal (FVLCOD) using an
income based approach with Level 3 inputs
(IFRS 13). The income-based approach considers
conservative, scenario-based simulations
across various assumptions, including
assumptions related to pricing and time to
market, and taking into account investment and
liquidity needs. The scenarios reflect multiple
weighted strategic outcomes for the business,
including both full commercial success of the
biorefinery operations and more conservative
scenarios involving reduced performance.
Key inputs include updated investment
requirements, revised timelines for production
and sales ramp-up, sales prices, higher
harvesting costs, capital needs, and a risk
adjusted discount rate of 9.5% after tax in
calculating the net present value. These
assumptions reflect management\u2019s best
estimate at year end.
In Borregaard\u2019s calculation of fair value less
costs of disposal as of 31 December 2025,
three different scenarios with individual
weightings were applied. These are: (a) F3
failed proof of concept, (b) fair value of the
biorefinery including F2, F3 and F5 (without
further expansion and including a terminal
value), and (c) fair value as in scenario (b), but
applying a multiple to the terminal value in year
15.
Sensitivity is incorporated into the different
scenarios (pricing, time to market, investment
requirements and discount rate), including the
weighting applied to each scenario due to the
underlying uncertainties. Scenarios b) and c)
carry the highest weighting, while scenario a) is
assigned a lower probability. If time-to-market is
delayed by one year, Borregaard\u2019s share of fair
value less costs of disposal is estimated to be
reduced by NOK 40\u00ac60 million. A 0.5 percentage
point change in the WACC after tax will change
Borregaard\u2019s share of fair value less costs of
disposal by approximately +/- NOK 40 million.
Impairment recognised
The impairment assessment showed that the
recoverable amount was below the carrying
amount. Borregaard therefore recognised a
total impairment loss of NOK 225 million as of
31 December 2025 (share of profit/loss from
Alginor and impairment of intangible assets on
Borregaard\u2019s hand). Following this, the carrying
amount of the investment is NOK 196 million,
corresponding to approximately NOK 10 per
share.
Total carrying amount of net investment after
the impairment loss is NOK 250 million as of 31
December 2025. This includes the convertible
loan of NOK 54 million.
Purchase price allocation Alginor
The difference between the purchase price of
the shares in Alginor ASA and Borregaard\u2019s
share of the booked equity at the time of the
acquisition is allocated to intangible assets as it
relates to development of the technology to be
used in Alginor\u2019s business. After the impairment
loss of NOK 225 million recognised in 2025
there is no remaining allocation to intangible
assets as of 31 December 2025.
BORREGAARD'S SHARE OF ALGINOR ASA
Amounts in NOK million
2025
2024
Operating revenues
\u2013
\u2013
Profit before taxes
-519
-54
Profit/loss for the year before dividend
-519
-54
Borregaard's share of profit
-208
-19
Non-current assets
715
707
Current assets
197
339
Non-current liabilities
363
168
Current liabilities
67
22
Equity
482
856
Borregaard's share of equity
196
300
Accounting assessments incl. in
Borregaard's financial reporting:
Impairment/write-down
-60
\u2013
Borregaard's carrying amount after
impairment
196
387
Convertible loan
54
\u2013
Borregaard's total carrying amount of
the investment
250
387
Total impairment recognised from
share of profit in Alginor and from
Borregaard's assessment
-225
\u2013
Associate companies - Kaffe Bueno
At the end of 2023, Borregaard invested NOK
34 million for a 12% ownership share in Kaffe
Bueno ApS. Kaffe Bueno produces ingredients
for a wide range of products in everything from
agriculture to cosmetics and foodstuffs based
on biorefining of by-products from coffee
production. Used coffee grounds, timber and
algae do not only have cellulose in common.\u00a0
As sustainable raw materials for valuable
products, they all represent excellent resource
utilisation in a circular economy perspective.
Borregaard has decided not to exercise its
warrants to subscribe for additional shares but
will participate in a minor convertible loan.
Borregaard has one representative in Kaffe
Bueno's board of directors. The investments
are accounted for using the equity method.
Borregaard's share of the profit was NOK -1
million for 2025.
Kaffe Bueno faces delays in its project and
Borregaard has therefore performed an
impairment test of the investment in Kaffe
Bueno in accordance with IAS 36, based on
updated assumptions. As a result an
impairment loss of NOK 10 million has been
recognised in 2025.
As of 31 December 2025, total equity in Kaffe
Bueno was NOK 25 million (NOK 35 million),
non-current liabilities amounted to NOK 2
million (NOK 4 million) and current liabilities
amounted to NOK 15 million (NOK 10 million).
Purchase price allocation Kaffe Bueno
The difference between the purchase price of
the shares in Kaffe Bueno ApS and Borregaard\u2019s
share of the booked equity at the time of the
acquisition is allocated to intangible assets as it
relates to development of the technology to be
used in Kaffe Bueno's business. The purchase
price, including acquisition costs, of 12% of the
shares was NOK 34 million. Borregaard's
remaining carrying amount of the investment
after impairment as of 31 December 2025 is
NOK 20 million of which NOK 19 million is
allocated as intangible assets.
Reconciliation of investments in associate
companies
Amounts in NOK million
2025
2024
Borregaard's carrying value in
associate companies 1 January
417
289
Borregaard's share of profit from
associate companies
-209
-22
Impairments of investments in
associate companies
-70
\u2013
Capital raise
132
150
Borregaard's carrying value in
associate companies 31 December
270
417
31 December
2025. These investments are a result of Borregaard\u2019s
business development strategy and complement
the existing business portfolio.
Amounts in NOK million
2025
2024
Share investments
17
28
Non interest-bearing derivatives
(Note 19)
89
1
Receivables interest-bearing (Note
19)
\u2013
1
Receivables non interest-bearing
(Note 19)
176
190
Total financial assets
282
220
Net pension plan (Note 10)
210
184
Total other assets
492
404
NOTE 31 NON-CONTROLLING INTERESTS
As of 31 December 2025, non-controlling interests
consist of LignoTech Ib\u00e9rica SA and LignoTech
Florida LLC. Borregaard owns 60% of LignoTech
Ib\u00e9rica located in Spain and 55% of LignoTech
Florida located in USA. In 2020, LignoTech Ib\u00e9rica
lost its local lignin source when Sniace's cellulose
business went bankrupt and had to close.
Production at the lignin plant was discontinued and
liquidation will be finalised in 2026. The entities are
fully consolidated into the Borregaard Group\u2019s financial
statements and minority interests are recognised.
BORREGAARD'S SHARE OF LIGNOTECH FLORIDA LLC
Amounts in NOK million
2025
2024
Operating revenues
569
598
Profit/loss for the year
-43
8
Non-current assets
734
892
Current assets
168
204
Non-current liabilities
575
718
Current liabilities
275
273
Equity
52
105
Borregaard's share of equity
29
58
Reconciliation of non-controlling interests
Amounts in NOK million
2025
2024
Changes in non-controlling interests:
Non-controlling interests 1 January
49
39
Non-controlling interests\u2019 share of profit/loss
-20
6
Translation differences etc.
-4
4
Non-controlling interests 31 December
25
49
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-398": { "value": "
Interests in companies in which the Group alone
has control (subsidiaries) have been fully
consolidated, line by line, in the consolidated
financial statements from the date the Group
acquired control. These entities will be fully
consolidated until the date such control ends.
An investor controls an investee when the
investor is exposed, or has rights, to variable
returns from its involvement with the investee
and has the ability to affect those returns through
its power over the investee. If the Group controls
a subsidiary, the non-controlling interests\u2019 share
of profit or loss after tax and their share of
equity are presented on separate lines.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-397": { "value": "
Interests in companies in which the Group alone
has control (subsidiaries) have been fully
consolidated, line by line, in the consolidated
financial statements from the date the Group
acquired control. These entities will be fully
consolidated until the date such control ends.
An investor controls an investee when the
investor is exposed, or has rights, to variable
returns from its involvement with the investee
and has the ability to affect those returns through
its power over the investee. If the Group controls
a subsidiary, the non-controlling interests\u2019 share
of profit or loss after tax and their share of
equity are presented on separate lines.
NOTE 31 NON-CONTROLLING INTERESTS
As of 31 December 2025, non-controlling interests
consist of LignoTech Ib\u00e9rica SA and LignoTech
Florida LLC. Borregaard owns 60% of LignoTech
Ib\u00e9rica located in Spain and 55% of LignoTech
Florida located in USA. In 2020, LignoTech Ib\u00e9rica
lost its local lignin source when Sniace's cellulose
business went bankrupt and had to close.
Production at the lignin plant was discontinued and
liquidation will be finalised in 2026. The entities are
fully consolidated into the Borregaard Group\u2019s financial
statements and minority interests are recognised.
BORREGAARD'S SHARE OF LIGNOTECH FLORIDA LLC
Amounts in NOK million
2025
2024
Operating revenues
569
598
Profit/loss for the year
-43
8
Non-current assets
734
892
Current assets
168
204
Non-current liabilities
575
718
Current liabilities
275
273
Equity
52
105
Borregaard's share of equity
29
58
Reconciliation of non-controlling interests
Amounts in NOK million
2025
2024
Changes in non-controlling interests:
Non-controlling interests 1 January
49
39
Non-controlling interests\u2019 share of profit/loss
-20
6
Translation differences etc.
-4
4
Non-controlling interests 31 December
25
49
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-404": { "value": "
Interests in companies in which the Group
together with others has joint control or has an
ownership between 20 and 50% (associate
companies, see Note 6) are consolidated based
on the equity method. The profit or loss from
the associate companies is part of financial
items.
NOTE 06 JOINT VENTURE AND ASSOCIATE
COMPANIES
Joint Venture
In October 2020, the owners of LignoTech
South Africa, Borregaard and the Sappi Group
announced the decision to permanently close
the lignin production facility and to terminate
the co-operation agreement. The closure was
consequence of Sappi\u2019s decision to convert
their calcium sulphite pulp line, which is the
source of lignin raw material, to magnesium
technology. After the conversion, the spent
liquor from the pulping process is burnt, and
the energy and chemicals are recovered.
Final settlements and liquidation was set in
2025 with no profit and loss effects.
Associate companies - Alginor
Alginor is a Norwegian marine biotech
company based in the Haugesund region of
Southwestern Norway. The company is
developing a fully integrated and sustainable
value chain based on harvesting and biorefining
of the brown kelp Laminaria hyperborea \u2013 a
renewable marine resource growing in
abundance along the Norwegian coastline.
Alginor will target global markets for
pharmaceutical and nutraceutical applications.
In 2021, Borregaard invested NOK 145 million in
Alginor ASA and held 25% of the shares as of
31 December 2022. Borregaard\u2019s share of
Alginor\u2019s result after tax is recognised as part of
\u201cFinancial items\u201d. In April 2023, Alginor executed
an additional direct equity issue exclusively to
Borregaard. This equity issue brought
Borregaard\u2019s ownership in Alginor up to 35% on
a fully diluted basis and another NOK 124 million
in equity to Alginor.
In 2024, Borregaard participated with its fully
diluted pro-rata share (35%) in two capital
raises with a total amount of NOK 150 million,
followed up by additional capital increase of
NOK 78 million in 2025. These equity issues
brought Borregaard's ownership in Alginor up to
41% on a fully diluted basis as of 31 December
2025. Borregaard's voting right is the same as
the ownership, 41%.
Borregaard, together with the shareholders
Must Invest and Hatteland Group, acted as
guarantors for a NOK 200 million convertible
loan to Alginor, of which the first tranche of
NOK 100 million was paid out in October 2025.
Borregaard\u2019s participation was NOK 54 million
in the first tranche.
The second tranche was paid out in February
2026 where Borregaard participated with NOK
56 million. See Note 37. The loan may be
converted to new shares by the lenders.\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
The subscription price upon exercise of the
conversion right shall be NOK 10 per share,
subject to adjustment for corporate actions such
as share splits, reversed splits, dividends etc.
The convertible loan is presented as part of
Borregaard\u2019s net investment in associate
companies according to IAS 28. This presentation
reflects that conversion to equity is considered
highly probable, and that the loan forms part of
the long\u2011term financial interest which, in
substance, is an extension of the investment in
the associate.
In total, Borregaard has invested NOK 551
million in Alginor including the convertible loan.\u00a0
Impairment of investment in Alginor
Towards the end of 2025, new information
from Alginor indicated delays and additional
capital needs to establish a robust raw material
supply. The capital need is linked to the gradual
ramp-up of the demonstration plant (F3).
Consequently, there is a risk for delay in the
development and commercialisation of the
company's products. The liquidity situation in
Alginor is strained, and there is a need for
additional capital after the balance sheet date.
See Note 37.
The new information constituted an indication
of impairment under IAS 36, as it materially
affects expected future cash flows and the
recoverable amount of the investment.
Borregaard has performed an impairment test
of its investment in Alginor in accordance with
IAS 36, based on input from Alginor.
Based on the impairment test, Borregaard has
recognised an impairment in its Consolidated
Financial Statements for 2025.
Impairment test
Borregaard carried out an impairment test
based on shareholder information during the
year and input from Alginor. In Borregaard, the
investment in Alginor is accounted for using the
equity method as it is an associate company.
The associate company is treated as one cash
generating unit in accordance with IAS 28.42.
Valuation, key assumptions and sensitivity
The recoverable amount was determined as fair
value less costs of disposal (FVLCOD) using an
income based approach with Level 3 inputs
(IFRS 13). The income-based approach considers
conservative, scenario-based simulations
across various assumptions, including
assumptions related to pricing and time to
market, and taking into account investment and
liquidity needs. The scenarios reflect multiple
weighted strategic outcomes for the business,
including both full commercial success of the
biorefinery operations and more conservative
scenarios involving reduced performance.
Key inputs include updated investment
requirements, revised timelines for production
and sales ramp-up, sales prices, higher
harvesting costs, capital needs, and a risk
adjusted discount rate of 9.5% after tax in
calculating the net present value. These
assumptions reflect management\u2019s best
estimate at year end.
In Borregaard\u2019s calculation of fair value less
costs of disposal as of 31 December 2025,
three different scenarios with individual
weightings were applied. These are: (a) F3
failed proof of concept, (b) fair value of the
biorefinery including F2, F3 and F5 (without
further expansion and including a terminal
value), and (c) fair value as in scenario (b), but
applying a multiple to the terminal value in year
15.
Sensitivity is incorporated into the different
scenarios (pricing, time to market, investment
requirements and discount rate), including the
weighting applied to each scenario due to the
underlying uncertainties. Scenarios b) and c)
carry the highest weighting, while scenario a) is
assigned a lower probability. If time-to-market is
delayed by one year, Borregaard\u2019s share of fair
value less costs of disposal is estimated to be
reduced by NOK 40\u00ac60 million. A 0.5 percentage
point change in the WACC after tax will change
Borregaard\u2019s share of fair value less costs of
disposal by approximately +/- NOK 40 million.
Impairment recognised
The impairment assessment showed that the
recoverable amount was below the carrying
amount. Borregaard therefore recognised a
total impairment loss of NOK 225 million as of
31 December 2025 (share of profit/loss from
Alginor and impairment of intangible assets on
Borregaard\u2019s hand). Following this, the carrying
amount of the investment is NOK 196 million,
corresponding to approximately NOK 10 per
share.
Total carrying amount of net investment after
the impairment loss is NOK 250 million as of 31
December 2025. This includes the convertible
loan of NOK 54 million.
Purchase price allocation Alginor
The difference between the purchase price of
the shares in Alginor ASA and Borregaard\u2019s
share of the booked equity at the time of the
acquisition is allocated to intangible assets as it
relates to development of the technology to be
used in Alginor\u2019s business. After the impairment
loss of NOK 225 million recognised in 2025
there is no remaining allocation to intangible
assets as of 31 December 2025.
BORREGAARD'S SHARE OF ALGINOR ASA
Amounts in NOK million
2025
2024
Operating revenues
\u2013
\u2013
Profit before taxes
-519
-54
Profit/loss for the year before dividend
-519
-54
Borregaard's share of profit
-208
-19
Non-current assets
715
707
Current assets
197
339
Non-current liabilities
363
168
Current liabilities
67
22
Equity
482
856
Borregaard's share of equity
196
300
Accounting assessments incl. in
Borregaard's financial reporting:
Impairment/write-down
-60
\u2013
Borregaard's carrying amount after
impairment
196
387
Convertible loan
54
\u2013
Borregaard's total carrying amount of
the investment
250
387
Total impairment recognised from
share of profit in Alginor and from
Borregaard's assessment
-225
\u2013
Associate companies - Kaffe Bueno
At the end of 2023, Borregaard invested NOK
34 million for a 12% ownership share in Kaffe
Bueno ApS. Kaffe Bueno produces ingredients
for a wide range of products in everything from
agriculture to cosmetics and foodstuffs based
on biorefining of by-products from coffee
production. Used coffee grounds, timber and
algae do not only have cellulose in common.\u00a0
As sustainable raw materials for valuable
products, they all represent excellent resource
utilisation in a circular economy perspective.
Borregaard has decided not to exercise its
warrants to subscribe for additional shares but
will participate in a minor convertible loan.
Borregaard has one representative in Kaffe
Bueno's board of directors. The investments
are accounted for using the equity method.
Borregaard's share of the profit was NOK -1
million for 2025.
Kaffe Bueno faces delays in its project and
Borregaard has therefore performed an
impairment test of the investment in Kaffe
Bueno in accordance with IAS 36, based on
updated assumptions. As a result an
impairment loss of NOK 10 million has been
recognised in 2025.
As of 31 December 2025, total equity in Kaffe
Bueno was NOK 25 million (NOK 35 million),
non-current liabilities amounted to NOK 2
million (NOK 4 million) and current liabilities
amounted to NOK 15 million (NOK 10 million).
Purchase price allocation Kaffe Bueno
The difference between the purchase price of
the shares in Kaffe Bueno ApS and Borregaard\u2019s
share of the booked equity at the time of the
acquisition is allocated to intangible assets as it
relates to development of the technology to be
used in Kaffe Bueno's business. The purchase
price, including acquisition costs, of 12% of the
shares was NOK 34 million. Borregaard's
remaining carrying amount of the investment
after impairment as of 31 December 2025 is
NOK 20 million of which NOK 19 million is
allocated as intangible assets.
Reconciliation of investments in associate
companies
Amounts in NOK million
2025
2024
Borregaard's carrying value in
associate companies 1 January
417
289
Borregaard's share of profit from
associate companies
-209
-22
Impairments of investments in
associate companies
-70
\u2013
Capital raise
132
150
Borregaard's carrying value in
associate companies 31 December
270
417
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-403": { "value": "
Interests in companies in which the Group
together with others has joint control or has an
ownership between 20 and 50% (associate
companies, see Note 6) are consolidated based
on the equity method. The profit or loss from
the associate companies is part of financial
items.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-402": { "value": "
Interests in companies in which the Group
together with others has joint control or has an
ownership between 20 and 50% (associate
companies, see Note 6) are consolidated based
on the equity method. The profit or loss from
the associate companies is part of financial
items.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-401": { "value": "
Interests in companies in which the Group
together with others has joint control or has an
ownership between 20 and 50% (associate
companies, see Note 6) are consolidated based
on the equity method. The profit or loss from
the associate companies is part of financial
items.
Associate companies - Alginor
Alginor is a Norwegian marine biotech
company based in the Haugesund region of
Southwestern Norway. The company is
developing a fully integrated and sustainable
value chain based on harvesting and biorefining
of the brown kelp Laminaria hyperborea \u2013 a
renewable marine resource growing in
abundance along the Norwegian coastline.
Alginor will target global markets for
pharmaceutical and nutraceutical applications.
In 2021, Borregaard invested NOK 145 million in
Alginor ASA and held 25% of the shares as of
31 December 2022. Borregaard\u2019s share of
Alginor\u2019s result after tax is recognised as part of
\u201cFinancial items\u201d. In April 2023, Alginor executed
an additional direct equity issue exclusively to
Borregaard. This equity issue brought
Borregaard\u2019s ownership in Alginor up to 35% on
a fully diluted basis and another NOK 124 million
in equity to Alginor.
In 2024, Borregaard participated with its fully
diluted pro-rata share (35%) in two capital
raises with a total amount of NOK 150 million,
followed up by additional capital increase of
NOK 78 million in 2025. These equity issues
brought Borregaard's ownership in Alginor up to
41% on a fully diluted basis as of 31 December
2025. Borregaard's voting right is the same as
the ownership, 41%.
Borregaard, together with the shareholders
Must Invest and Hatteland Group, acted as
guarantors for a NOK 200 million convertible
loan to Alginor, of which the first tranche of
NOK 100 million was paid out in October 2025.
Borregaard\u2019s participation was NOK 54 million
in the first tranche.
The second tranche was paid out in February
2026 where Borregaard participated with NOK
56 million. See Note 37. The loan may be
converted to new shares by the lenders.\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
The subscription price upon exercise of the
conversion right shall be NOK 10 per share,
subject to adjustment for corporate actions such
as share splits, reversed splits, dividends etc.
The convertible loan is presented as part of
Borregaard\u2019s net investment in associate
companies according to IAS 28. This presentation
reflects that conversion to equity is considered
highly probable, and that the loan forms part of
the long\u2011term financial interest which, in
substance, is an extension of the investment in
the associate.
In total, Borregaard has invested NOK 551
million in Alginor including the convertible loan.\u00a0
Impairment of investment in Alginor
Towards the end of 2025, new information
from Alginor indicated delays and additional
capital needs to establish a robust raw material
supply. The capital need is linked to the gradual
ramp-up of the demonstration plant (F3).
Consequently, there is a risk for delay in the
development and commercialisation of the
company's products. The liquidity situation in
Alginor is strained, and there is a need for
additional capital after the balance sheet date.
See Note 37.
The new information constituted an indication
of impairment under IAS 36, as it materially
affects expected future cash flows and the
recoverable amount of the investment.
Borregaard has performed an impairment test
of its investment in Alginor in accordance with
IAS 36, based on input from Alginor.
Based on the impairment test, Borregaard has
recognised an impairment in its Consolidated
Financial Statements for 2025.
Impairment test
Borregaard carried out an impairment test
based on shareholder information during the
year and input from Alginor. In Borregaard, the
investment in Alginor is accounted for using the
equity method as it is an associate company.
The associate company is treated as one cash
generating unit in accordance with IAS 28.42.
Valuation, key assumptions and sensitivity
The recoverable amount was determined as fair
value less costs of disposal (FVLCOD) using an
income based approach with Level 3 inputs
(IFRS 13). The income-based approach considers
conservative, scenario-based simulations
across various assumptions, including
assumptions related to pricing and time to
market, and taking into account investment and
liquidity needs. The scenarios reflect multiple
weighted strategic outcomes for the business,
including both full commercial success of the
biorefinery operations and more conservative
scenarios involving reduced performance.
Key inputs include updated investment
requirements, revised timelines for production
and sales ramp-up, sales prices, higher
harvesting costs, capital needs, and a risk
adjusted discount rate of 9.5% after tax in
calculating the net present value. These
assumptions reflect management\u2019s best
estimate at year end.
In Borregaard\u2019s calculation of fair value less
costs of disposal as of 31 December 2025,
three different scenarios with individual
weightings were applied. These are: (a) F3
failed proof of concept, (b) fair value of the
biorefinery including F2, F3 and F5 (without
further expansion and including a terminal
value), and (c) fair value as in scenario (b), but
applying a multiple to the terminal value in year
15.
Sensitivity is incorporated into the different
scenarios (pricing, time to market, investment
requirements and discount rate), including the
weighting applied to each scenario due to the
underlying uncertainties. Scenarios b) and c)
carry the highest weighting, while scenario a) is
assigned a lower probability. If time-to-market is
delayed by one year, Borregaard\u2019s share of fair
value less costs of disposal is estimated to be
reduced by NOK 40\u00ac60 million. A 0.5 percentage
point change in the WACC after tax will change
Borregaard\u2019s share of fair value less costs of
disposal by approximately +/- NOK 40 million.
Impairment recognised
The impairment assessment showed that the
recoverable amount was below the carrying
amount. Borregaard therefore recognised a
total impairment loss of NOK 225 million as of
31 December 2025 (share of profit/loss from
Alginor and impairment of intangible assets on
Borregaard\u2019s hand). Following this, the carrying
amount of the investment is NOK 196 million,
corresponding to approximately NOK 10 per
share.
Total carrying amount of net investment after
the impairment loss is NOK 250 million as of 31
December 2025. This includes the convertible
loan of NOK 54 million.
Purchase price allocation Alginor
The difference between the purchase price of
the shares in Alginor ASA and Borregaard\u2019s
share of the booked equity at the time of the
acquisition is allocated to intangible assets as it
relates to development of the technology to be
used in Alginor\u2019s business. After the impairment
loss of NOK 225 million recognised in 2025
there is no remaining allocation to intangible
assets as of 31 December 2025.
BORREGAARD'S SHARE OF ALGINOR ASA
Amounts in NOK million
2025
2024
Operating revenues
\u2013
\u2013
Profit before taxes
-519
-54
Profit/loss for the year before dividend
-519
-54
Borregaard's share of profit
-208
-19
Non-current assets
715
707
Current assets
197
339
Non-current liabilities
363
168
Current liabilities
67
22
Equity
482
856
Borregaard's share of equity
196
300
Accounting assessments incl. in
Borregaard's financial reporting:
Impairment/write-down
-60
\u2013
Borregaard's carrying amount after
impairment
196
387
Convertible loan
54
\u2013
Borregaard's total carrying amount of
the investment
250
387
Total impairment recognised from
share of profit in Alginor and from
Borregaard's assessment
-225
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-400": { "value": "
Interests in companies in which the Group
together with others has joint control or has an
ownership between 20 and 50% (associate
companies, see Note 6) are consolidated based
on the equity method. The profit or loss from
the associate companies is part of financial
items.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-399": { "value": "
Interests in companies in which the Group
together with others has joint control or has an
ownership between 20 and 50% (associate
companies, see Note 6) are consolidated based
on the equity method. The profit or loss from
the associate companies is part of financial
items.
NOTE 06 JOINT VENTURE AND ASSOCIATE
COMPANIES
Joint Venture
In October 2020, the owners of LignoTech
South Africa, Borregaard and the Sappi Group
announced the decision to permanently close
the lignin production facility and to terminate
the co-operation agreement. The closure was
consequence of Sappi\u2019s decision to convert
their calcium sulphite pulp line, which is the
source of lignin raw material, to magnesium
technology. After the conversion, the spent
liquor from the pulping process is burnt, and
the energy and chemicals are recovered.
Final settlements and liquidation was set in
2025 with no profit and loss effects.", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-411": { "value": "Business combinations are accounted
for using the acquisition method. In connection
with the acquisition of a subsidiary, the
establishment of a joint venture or any
acquisitions of significant influence in associates,
a purchase price allocation is carried out.\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
The acquisition is reported in the financial
statements from the date the Group has control.
The date of control is normally the date on
which the acquisition agreement takes effect
and is approved by all relevant authorities.
Assets and liabilities are measured at fair value
at the time of acquisition. If there are non-
controlling interests in the acquired company,
these will be measured at their share of
identified assets and liabilities. Goodwill
allocated to non-controlling interests is
considered separately in each acquisition.
Goodwill is determined as the excess of the
purchase price and the amount recognised as
non-controlling interest over the fair value of
identified assets and liabilities assumed.
NOTE 17 INTANGIBLE ASSETS
Capitalised expenditure on internally generated or
specially adapted computer programmes is
presented as intangible assets. The reinvestment
need of specially adapted computer programmes is
similar to that of other tangible assets, and the
amortisation of intangible assets are presented
together with Borregaard\u2019s other depreciation.
Research and development (R&D) expenditure is the
expenses incurred by Borregaard in conducting
research and development, including studies of
existing or new products and production processes
in order to secure future earnings. Expenditure on
research is always expensed as incurred, while
expenditure on development is recognised in the
statement of financial position if the underlying
economic factors are identifiable and represent
probable future economic benefits of which
Borregaard has control. Borregaard has a large
number of projects in process at all times, but the
number of projects that end in capitalisation is
limited. This is due to the considerable uncertainty
throughout the decision-making process and the
fact that only a small percentage of all projects
culminate in commercial products. Furthermore, the
portion of the total project expenses that qualify for
recognition in the statement of financial position are
relatively small, as it is only from the time the
decision to develop the product is made it can be
capitalised, and that decision-making point comes at
a late stage of the process.
The fair value of intangible assets acquired by the
company through business combinations is
capitalised. Intangible assets with indefinite life will
not be amortised while other intangible assets will
be amortised over their useful life.
Goodwill is initially measured at cost, being the
excess of the aggregate of the transferred and the
amount recognised for non-controlling interest over
the net identified asset acquired and liabilities
assumed. If this consideration is lower than the fair
value of the net assets of the subsidiary acquired,
the difference is recognised in income statement.
Amortisable intangible assets are amortised on a
straight-line basis at the following rates:
Development 20% and other intangible assets 10\u2013
15%. Development consists mainly of internal
resources being involved in development projects.
IT consists mainly of external costs.
Amounts in NOK million
Development and other
intangible assets
IT
Goodwill
Total
Book value 1 January 2025
9
40
39
88
Additions
2
8
10
Depreciation/Amortisation
-6
-13
-19
Impairment
\u2013
Currency translations
\u2013
Book value 31 December 2025
5
35
39
79
Initial cost 31 December 2025
177
214
55
446
Accumulated amortisation and impairment
-172
-179
-16
-367
Book value 31 December 2025
5
35
39
79
Book value 1 January 2024
15
32
37
84
Additions
1
17
\u2013
18
Depreciation/Amortisation
-8
-9
\u2013
-17
Impairment
\u2013
\u2013
\u2013
\u2013
Currency translations
1
2
3
Book value 31 December 2024
9
40
39
88
Initial cost 31 December 2024
175
206
55
436
Accumulated amortisation and impairment
-166
-166
-16
-348
Book value 31 December 2024
9
40
39
88
In addition, Borregaard expensed NOK 126 million
in research costs in 2025 (NOK 121 million). The
amounts include grants and other cost deductions.
See Note 34.
Emission rights
Government granted and purchased CO\u2082 emission
allowances expected to be used towards
Borregaard\u2019s own emissions are recognised as
intangible assets at nominal value (cost). In case
there are actual CO\u2082 emissions exceeding the level
covered by emission rights, those are recognised as
a liability. Sale of government granted CO\u2082 emission
rights are recognised at the time of sale at the
transaction price.
See table for information regarding sale of,
obligation to deliver and owned emission rights.
Market price of the emission rights was EUR 85.37
as of 31 December 2025 (EUR 72.78).
Emission rights
Number of
emission
rights
Emission rights 1 January 2024
664,700
Delivered emission rights for 2023
-120,107
Received emission rights for 2024
157,676
Sold emissions rights during 2024
-55,000
Emission rights 31 December 2024
647,269
Delivered emission rights for 2024
-105,915
Received emission rights for 2025
157,676
Sold emissions rights during 2025
-100,000
Emission rights 31 December 2025
599,030
Obligation to deliver emission rights for 2025 in
2026
-93,873
Available emission rights for 2026
505,157
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-410": { "value": "Business combinations are accounted
for using the acquisition method. In connection
with the acquisition of a subsidiary, the
establishment of a joint venture or any
acquisitions of significant influence in associates,
a purchase price allocation is carried out.\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
The acquisition is reported in the financial
statements from the date the Group has control.
The date of control is normally the date on
which the acquisition agreement takes effect
and is approved by all relevant authorities.
Assets and liabilities are measured at fair value
at the time of acquisition. If there are non-
controlling interests in the acquired company,
these will be measured at their share of
identified assets and liabilities. Goodwill
allocated to non-controlling interests is
considered separately in each acquisition.
Goodwill is determined as the excess of the
purchase price and the amount recognised as
non-controlling interest over the fair value of
identified assets and liabilities assumed.
NOTE 17 INTANGIBLE ASSETS
Capitalised expenditure on internally generated or
specially adapted computer programmes is
presented as intangible assets. The reinvestment
need of specially adapted computer programmes is
similar to that of other tangible assets, and the
amortisation of intangible assets are presented
together with Borregaard\u2019s other depreciation.
Research and development (R&D) expenditure is the
expenses incurred by Borregaard in conducting
research and development, including studies of
existing or new products and production processes
in order to secure future earnings. Expenditure on
research is always expensed as incurred, while
expenditure on development is recognised in the
statement of financial position if the underlying
economic factors are identifiable and represent
probable future economic benefits of which
Borregaard has control. Borregaard has a large
number of projects in process at all times, but the
number of projects that end in capitalisation is
limited. This is due to the considerable uncertainty
throughout the decision-making process and the
fact that only a small percentage of all projects
culminate in commercial products. Furthermore, the
portion of the total project expenses that qualify for
recognition in the statement of financial position are
relatively small, as it is only from the time the
decision to develop the product is made it can be
capitalised, and that decision-making point comes at
a late stage of the process.
The fair value of intangible assets acquired by the
company through business combinations is
capitalised. Intangible assets with indefinite life will
not be amortised while other intangible assets will
be amortised over their useful life.
Goodwill is initially measured at cost, being the
excess of the aggregate of the transferred and the
amount recognised for non-controlling interest over
the net identified asset acquired and liabilities
assumed. If this consideration is lower than the fair
value of the net assets of the subsidiary acquired,
the difference is recognised in income statement.
Amortisable intangible assets are amortised on a
straight-line basis at the following rates:
Development 20% and other intangible assets 10\u2013
15%. Development consists mainly of internal
resources being involved in development projects.
IT consists mainly of external costs.
Amounts in NOK million
Development and other
intangible assets
IT
Goodwill
Total
Book value 1 January 2025
9
40
39
88
Additions
2
8
10
Depreciation/Amortisation
-6
-13
-19
Impairment
\u2013
Currency translations
\u2013
Book value 31 December 2025
5
35
39
79
Initial cost 31 December 2025
177
214
55
446
Accumulated amortisation and impairment
-172
-179
-16
-367
Book value 31 December 2025
5
35
39
79
Book value 1 January 2024
15
32
37
84
Additions
1
17
\u2013
18
Depreciation/Amortisation
-8
-9
\u2013
-17
Impairment
\u2013
\u2013
\u2013
\u2013
Currency translations
1
2
3
Book value 31 December 2024
9
40
39
88
Initial cost 31 December 2024
175
206
55
436
Accumulated amortisation and impairment
-166
-166
-16
-348
Book value 31 December 2024
9
40
39
88
In addition, Borregaard expensed NOK 126 million
in research costs in 2025 (NOK 121 million). The
amounts include grants and other cost deductions.
See Note 34.
Emission rights
Government granted and purchased CO\u2082 emission
allowances expected to be used towards
Borregaard\u2019s own emissions are recognised as
intangible assets at nominal value (cost). In case
there are actual CO\u2082 emissions exceeding the level
covered by emission rights, those are recognised as
a liability. Sale of government granted CO\u2082 emission
rights are recognised at the time of sale at the
transaction price.
See table for information regarding sale of,
obligation to deliver and owned emission rights.
Market price of the emission rights was EUR 85.37
as of 31 December 2025 (EUR 72.78).
Emission rights
Number of
emission
rights
Emission rights 1 January 2024
664,700
Delivered emission rights for 2023
-120,107
Received emission rights for 2024
157,676
Sold emissions rights during 2024
-55,000
Emission rights 31 December 2024
647,269
Delivered emission rights for 2024
-105,915
Received emission rights for 2025
157,676
Sold emissions rights during 2025
-100,000
Emission rights 31 December 2025
599,030
Obligation to deliver emission rights for 2025 in
2026
-93,873
Available emission rights for 2026
505,157
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-409": { "value": "Business combinations are accounted
for using the acquisition method. In connection
with the acquisition of a subsidiary, the
establishment of a joint venture or any
acquisitions of significant influence in associates,
a purchase price allocation is carried out.\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
The acquisition is reported in the financial
statements from the date the Group has control.
The date of control is normally the date on
which the acquisition agreement takes effect
and is approved by all relevant authorities.
Assets and liabilities are measured at fair value
at the time of acquisition. If there are non-
controlling interests in the acquired company,
these will be measured at their share of
identified assets and liabilities. Goodwill
allocated to non-controlling interests is
considered separately in each acquisition.
Goodwill is determined as the excess of the
purchase price and the amount recognised as
non-controlling interest over the fair value of
identified assets and liabilities assumed.
NOTE 17 INTANGIBLE ASSETS
Capitalised expenditure on internally generated or
specially adapted computer programmes is
presented as intangible assets. The reinvestment
need of specially adapted computer programmes is
similar to that of other tangible assets, and the
amortisation of intangible assets are presented
together with Borregaard\u2019s other depreciation.
Research and development (R&D) expenditure is the
expenses incurred by Borregaard in conducting
research and development, including studies of
existing or new products and production processes
in order to secure future earnings. Expenditure on
research is always expensed as incurred, while
expenditure on development is recognised in the
statement of financial position if the underlying
economic factors are identifiable and represent
probable future economic benefits of which
Borregaard has control. Borregaard has a large
number of projects in process at all times, but the
number of projects that end in capitalisation is
limited. This is due to the considerable uncertainty
throughout the decision-making process and the
fact that only a small percentage of all projects
culminate in commercial products. Furthermore, the
portion of the total project expenses that qualify for
recognition in the statement of financial position are
relatively small, as it is only from the time the
decision to develop the product is made it can be
capitalised, and that decision-making point comes at
a late stage of the process.
The fair value of intangible assets acquired by the
company through business combinations is
capitalised. Intangible assets with indefinite life will
not be amortised while other intangible assets will
be amortised over their useful life.
Goodwill is initially measured at cost, being the
excess of the aggregate of the transferred and the
amount recognised for non-controlling interest over
the net identified asset acquired and liabilities
assumed. If this consideration is lower than the fair
value of the net assets of the subsidiary acquired,
the difference is recognised in income statement.
Amortisable intangible assets are amortised on a
straight-line basis at the following rates:
Development 20% and other intangible assets 10\u2013
15%. Development consists mainly of internal
resources being involved in development projects.
IT consists mainly of external costs.
Amounts in NOK million
Development and other
intangible assets
IT
Goodwill
Total
Book value 1 January 2025
9
40
39
88
Additions
2
8
10
Depreciation/Amortisation
-6
-13
-19
Impairment
\u2013
Currency translations
\u2013
Book value 31 December 2025
5
35
39
79
Initial cost 31 December 2025
177
214
55
446
Accumulated amortisation and impairment
-172
-179
-16
-367
Book value 31 December 2025
5
35
39
79
Book value 1 January 2024
15
32
37
84
Additions
1
17
\u2013
18
Depreciation/Amortisation
-8
-9
\u2013
-17
Impairment
\u2013
\u2013
\u2013
\u2013
Currency translations
1
2
3
Book value 31 December 2024
9
40
39
88
Initial cost 31 December 2024
175
206
55
436
Accumulated amortisation and impairment
-166
-166
-16
-348
Book value 31 December 2024
9
40
39
88
In addition, Borregaard expensed NOK 126 million
in research costs in 2025 (NOK 121 million). The
amounts include grants and other cost deductions.
See Note 34.
Emission rights
Government granted and purchased CO\u2082 emission
allowances expected to be used towards
Borregaard\u2019s own emissions are recognised as
intangible assets at nominal value (cost). In case
there are actual CO\u2082 emissions exceeding the level
covered by emission rights, those are recognised as
a liability. Sale of government granted CO\u2082 emission
rights are recognised at the time of sale at the
transaction price.
See table for information regarding sale of,
obligation to deliver and owned emission rights.
Market price of the emission rights was EUR 85.37
as of 31 December 2025 (EUR 72.78).
Emission rights
Number of
emission
rights
Emission rights 1 January 2024
664,700
Delivered emission rights for 2023
-120,107
Received emission rights for 2024
157,676
Sold emissions rights during 2024
-55,000
Emission rights 31 December 2024
647,269
Delivered emission rights for 2024
-105,915
Received emission rights for 2025
157,676
Sold emissions rights during 2025
-100,000
Emission rights 31 December 2025
599,030
Obligation to deliver emission rights for 2025 in
2026
-93,873
Available emission rights for 2026
505,157
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-408": { "value": "Business combinations are accounted
for using the acquisition method. In connection
with the acquisition of a subsidiary, the
establishment of a joint venture or any
acquisitions of significant influence in associates,
a purchase price allocation is carried out.\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
The acquisition is reported in the financial
statements from the date the Group has control.
The date of control is normally the date on
which the acquisition agreement takes effect
and is approved by all relevant authorities.
Assets and liabilities are measured at fair value
at the time of acquisition. If there are non-
controlling interests in the acquired company,
these will be measured at their share of
identified assets and liabilities. Goodwill
allocated to non-controlling interests is
considered separately in each acquisition.
Goodwill is determined as the excess of the
purchase price and the amount recognised as
non-controlling interest over the fair value of
identified assets and liabilities assumed.
Goodwill is initially measured at cost, being the
excess of the aggregate of the transferred and the
amount recognised for non-controlling interest over
the net identified asset acquired and liabilities
assumed. If this consideration is lower than the fair
value of the net assets of the subsidiary acquired,
the difference is recognised in income statement.
Amortisable intangible assets are amortised on a
straight-line basis at the following rates:
Development 20% and other intangible assets 10\u2013
15%. Development consists mainly of internal
resources being involved in development projects.
IT consists mainly of external costs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-407": { "value": "Business combinations are accounted
for using the acquisition method. In connection
with the acquisition of a subsidiary, the
establishment of a joint venture or any
acquisitions of significant influence in associates,
a purchase price allocation is carried out.\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
The acquisition is reported in the financial
statements from the date the Group has control.
The date of control is normally the date on
which the acquisition agreement takes effect
and is approved by all relevant authorities.
Assets and liabilities are measured at fair value
at the time of acquisition. If there are non-
controlling interests in the acquired company,
these will be measured at their share of
identified assets and liabilities. Goodwill
allocated to non-controlling interests is
considered separately in each acquisition.
Goodwill is determined as the excess of the
purchase price and the amount recognised as
non-controlling interest over the fair value of
identified assets and liabilities assumed.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-406": { "value": "Business combinations are accounted
for using the acquisition method. In connection
with the acquisition of a subsidiary, the
establishment of a joint venture or any
acquisitions of significant influence in associates,
a purchase price allocation is carried out.\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
The acquisition is reported in the financial
statements from the date the Group has control.
The date of control is normally the date on
which the acquisition agreement takes effect
and is approved by all relevant authorities.
Assets and liabilities are measured at fair value
at the time of acquisition. If there are non-
controlling interests in the acquired company,
these will be measured at their share of
identified assets and liabilities. Goodwill
allocated to non-controlling interests is
considered separately in each acquisition.
Goodwill is determined as the excess of the
purchase price and the amount recognised as
non-controlling interest over the fair value of
identified assets and liabilities assumed.
Goodwill is initially measured at cost, being the
excess of the aggregate of the transferred and the
amount recognised for non-controlling interest over
the net identified asset acquired and liabilities
assumed. If this consideration is lower than the fair
value of the net assets of the subsidiary acquired,
the difference is recognised in income statement.
Amortisable intangible assets are amortised on a
straight-line basis at the following rates:
Development 20% and other intangible assets 10\u2013
15%. Development consists mainly of internal
resources being involved in development projects.
IT consists mainly of external costs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-405": { "value": "Business combinations are accounted
for using the acquisition method. In connection
with the acquisition of a subsidiary, the
establishment of a joint venture or any
acquisitions of significant influence in associates,
a purchase price allocation is carried out.\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
The acquisition is reported in the financial
statements from the date the Group has control.
The date of control is normally the date on
which the acquisition agreement takes effect
and is approved by all relevant authorities.
Assets and liabilities are measured at fair value
at the time of acquisition. If there are non-
controlling interests in the acquired company,
these will be measured at their share of
identified assets and liabilities. Goodwill
allocated to non-controlling interests is
considered separately in each acquisition.
Goodwill is determined as the excess of the
purchase price and the amount recognised as
non-controlling interest over the fair value of
identified assets and liabilities assumed.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-416": { "value": "
Contingent liabilities and contingent assets.\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
A contingent liability or asset is a possible
obligation or a possible asset whose existence
is uncertain and will be confirmed by the
occurrence or non-occurrence of a future event,
such as the outcome of legal proceedings or
the final settlement of an insurance claim.
Liabilities are recognised in the financial
statements if there is a more than 50%
probability that the liability has arisen; if the
probability is lower, the matter is disclosed in
notes to the financial statements unless the
probability of payment is remote. An asset will
only be recognised in the statement of financial
position if it is virtually certain (95%) that the
Group will realise the asset. The disclosure
requirement applies to other contingent assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-415": { "value": "
Contingent liabilities and contingent assets.\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
A contingent liability or asset is a possible
obligation or a possible asset whose existence
is uncertain and will be confirmed by the
occurrence or non-occurrence of a future event,
such as the outcome of legal proceedings or
the final settlement of an insurance claim.
Liabilities are recognised in the financial
statements if there is a more than 50%
probability that the liability has arisen; if the
probability is lower, the matter is disclosed in
notes to the financial statements unless the
probability of payment is remote. An asset will
only be recognised in the statement of financial
position if it is virtually certain (95%) that the
Group will realise the asset. The disclosure
requirement applies to other contingent assets.
NOTE 24 PROVISIONS AND OTHER NON-CURRENT
LIABILITIES
Provisions are recognised in the financial
statements in the case of onerous contracts or when
restructuring measures have been adopted. Future
operating losses will not be part of the provisions.\u00a0
In the case of restructuring provisions, there must be
a detailed plan that identifies which parts of the
business are to be restructured. The location and
number of employees affected, and a valid
expectation must have been created among those
concerned that the restructuring will be carried out.
In addition, it must be possible to provide a reliable
estimate of the amount of the liability. It is a condition
that the restructuring materially changes the size of
the business or the way in which it is operated.
Amounts in NOK million
2025
2024
Cash and cash equivalents
91
82
Bank overdraft
-107
-85
Net cash and cash equivalents
-16
-3
Borregaard has a bank guarantee for the majority of
the withholding tax related to employees, in addition
to restricted bank deposits of NOK 1 million as of
31 December 2025. The liability related to withholding
tax as of 31 December 2025 was NOK 39 million
(NOK 36 million).
The provision is calculated on the basis of the best
estimate of expenses. If the effect is material,
anticipated future cash flows will be discounted
using a current pre-tax interest rate that reflects the
risks specific to the provision.
Amounts in NOK million
2025
2024
Unfunded pension (Note 10)
116
104
Derivatives (Note 19)
68
336
Other non-current liabilities
1
2
Environmental provisions (Note 35)
\u2013
\u2013
Total provisions and other non-current
liabilities
185
442
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-414": { "value": "
Contingent liabilities and contingent assets.\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
A contingent liability or asset is a possible
obligation or a possible asset whose existence
is uncertain and will be confirmed by the
occurrence or non-occurrence of a future event,
such as the outcome of legal proceedings or
the final settlement of an insurance claim.
Liabilities are recognised in the financial
statements if there is a more than 50%
probability that the liability has arisen; if the
probability is lower, the matter is disclosed in
notes to the financial statements unless the
probability of payment is remote. An asset will
only be recognised in the statement of financial
position if it is virtually certain (95%) that the
Group will realise the asset. The disclosure
requirement applies to other contingent assets.
NOTE 24 PROVISIONS AND OTHER NON-CURRENT
LIABILITIES
Provisions are recognised in the financial
statements in the case of onerous contracts or when
restructuring measures have been adopted. Future
operating losses will not be part of the provisions.\u00a0
In the case of restructuring provisions, there must be
a detailed plan that identifies which parts of the
business are to be restructured. The location and
number of employees affected, and a valid
expectation must have been created among those
concerned that the restructuring will be carried out.
In addition, it must be possible to provide a reliable
estimate of the amount of the liability. It is a condition
that the restructuring materially changes the size of
the business or the way in which it is operated.
Amounts in NOK million
2025
2024
Cash and cash equivalents
91
82
Bank overdraft
-107
-85
Net cash and cash equivalents
-16
-3
Borregaard has a bank guarantee for the majority of
the withholding tax related to employees, in addition
to restricted bank deposits of NOK 1 million as of
31 December 2025. The liability related to withholding
tax as of 31 December 2025 was NOK 39 million
(NOK 36 million).
The provision is calculated on the basis of the best
estimate of expenses. If the effect is material,
anticipated future cash flows will be discounted
using a current pre-tax interest rate that reflects the
risks specific to the provision.
Amounts in NOK million
2025
2024
Unfunded pension (Note 10)
116
104
Derivatives (Note 19)
68
336
Other non-current liabilities
1
2
Environmental provisions (Note 35)
\u2013
\u2013
Total provisions and other non-current
liabilities
185
442
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-413": { "value": "
Contingent liabilities and contingent assets.\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
A contingent liability or asset is a possible
obligation or a possible asset whose existence
is uncertain and will be confirmed by the
occurrence or non-occurrence of a future event,
such as the outcome of legal proceedings or
the final settlement of an insurance claim.
Liabilities are recognised in the financial
statements if there is a more than 50%
probability that the liability has arisen; if the
probability is lower, the matter is disclosed in
notes to the financial statements unless the
probability of payment is remote. An asset will
only be recognised in the statement of financial
position if it is virtually certain (95%) that the
Group will realise the asset. The disclosure
requirement applies to other contingent assets.
NOTE 32 PLEDGES AND GUARANTEES
In 2017, LignoTech Florida LLC (55% owned by
Borregaard) entered into a USD 60 million loan
agreement as well as a USD 15 million overdraft
facility. The owners will guarantee the loan and the
overdraft facility on a pro rata basis until relevant
financial conditions are met. As of 31 December
2025, USD 40.8 million of the facility was drawn.
See Note 26, 31 and 37.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-412": { "value": "
Contingent liabilities and contingent assets.\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
A contingent liability or asset is a possible
obligation or a possible asset whose existence
is uncertain and will be confirmed by the
occurrence or non-occurrence of a future event,
such as the outcome of legal proceedings or
the final settlement of an insurance claim.
Liabilities are recognised in the financial
statements if there is a more than 50%
probability that the liability has arisen; if the
probability is lower, the matter is disclosed in
notes to the financial statements unless the
probability of payment is remote. An asset will
only be recognised in the statement of financial
position if it is virtually certain (95%) that the
Group will realise the asset. The disclosure
requirement applies to other contingent assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-418": { "value": "
NOTE 03 NEW ACCOUNTING STANDARDS
The consolidated financial statements will be
affected by IFRS amendments in the future.
Many IFRS projects are finalised, but some of
them have either not been finally adopted or not
been endorsed by the EU. It is highly likely that
many of these projects will be adopted.
The Group\u2019s intention is to adopt the relevant
new and amended standards and
interpretations when they become effective and
approved by EU. Amendments and
interpretations that apply for the first time in
2026, do not have an impact on the
consolidated financial statements of the Group.
In April 2024, the IASB issued IFRS 18, which
replaces IAS 1 Presentation of Financial
Statements. IFRS 18 introduces new
requirements for presentation within the
statement of profit or loss, including specified
totals and subtotals. Furthermore, entities are
required to classify all income and expenses
within the statement of profit or loss into one of
five categories: operating, investing, financing,
income taxes and discontinued operations,
whereof the first three are new.
IFRS 18 also requires disclosure of newly
defined management-defined performance
measures, subtotals of income and expenses,
and includes new requirements for aggregation
and disaggregation of financial information
based on the identified \u2018roles\u2019 of the primary
financial statements (PFS) and the notes.
In addition, narrow-scope amendments have
been made to IAS 7 Statement of Cash Flows,
which include changing the starting point for
determining cash flows from operations under
the indirect method, from \u2018profit or loss\u2019 to
\u2018operating profit or loss\u2019 and removing the
optionality around classification of cash\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
flows from dividends and interest. In addition,\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
there are consequential amendments to several
other standards.
IFRS 18, and the amendments to the other
standards, are effective for reporting periods
beginning on or after 1 January 2027, but earlier
application is permitted and must be disclosed.
IFRS 18 will apply retrospectively. The 2026
presentation will need to be restated when the
standard is first applied.
Implementation of IFRS 18 may lead to
reclassification of certain items to reflect the
new presentation and disclosure requirements.
The Group is currently working to identify all
impacts the amendments will have on the\u00a0
consolidated financial statements and notes.
While the 2026 amendments are not expected
to materially affect the Group\u2019s reported
financial position or performance, IFRS 18 will
lead to significant changes in presentation,
classification and disclosures from 2027
onwards. The Group will continue to monitor
and prepare for these changes, including
systems, reporting structures and internal
performance measures.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-417": { "value": "
NOTE 03 NEW ACCOUNTING STANDARDS
The consolidated financial statements will be
affected by IFRS amendments in the future.
Many IFRS projects are finalised, but some of
them have either not been finally adopted or not
been endorsed by the EU. It is highly likely that
many of these projects will be adopted.
The Group\u2019s intention is to adopt the relevant
new and amended standards and
interpretations when they become effective and
approved by EU. Amendments and
interpretations that apply for the first time in
2026, do not have an impact on the
consolidated financial statements of the Group.
In April 2024, the IASB issued IFRS 18, which
replaces IAS 1 Presentation of Financial
Statements. IFRS 18 introduces new
requirements for presentation within the
statement of profit or loss, including specified
totals and subtotals. Furthermore, entities are
required to classify all income and expenses
within the statement of profit or loss into one of
five categories: operating, investing, financing,
income taxes and discontinued operations,
whereof the first three are new.
IFRS 18 also requires disclosure of newly
defined management-defined performance
measures, subtotals of income and expenses,
and includes new requirements for aggregation
and disaggregation of financial information
based on the identified \u2018roles\u2019 of the primary
financial statements (PFS) and the notes.
In addition, narrow-scope amendments have
been made to IAS 7 Statement of Cash Flows,
which include changing the starting point for
determining cash flows from operations under
the indirect method, from \u2018profit or loss\u2019 to
\u2018operating profit or loss\u2019 and removing the
optionality around classification of cash\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
flows from dividends and interest. In addition,\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
there are consequential amendments to several
other standards.
IFRS 18, and the amendments to the other
standards, are effective for reporting periods
beginning on or after 1 January 2027, but earlier
application is permitted and must be disclosed.
IFRS 18 will apply retrospectively. The 2026
presentation will need to be restated when the
standard is first applied.
Implementation of IFRS 18 may lead to
reclassification of certain items to reflect the
new presentation and disclosure requirements.
The Group is currently working to identify all
impacts the amendments will have on the\u00a0
consolidated financial statements and notes.
While the 2026 amendments are not expected
to materially affect the Group\u2019s reported
financial position or performance, IFRS 18 will
lead to significant changes in presentation,
classification and disclosures from 2027
onwards. The Group will continue to monitor
and prepare for these changes, including
systems, reporting structures and internal
performance measures.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-419": { "value": "
NOTE 04 USE OF ESTIMATES
The management has made use of estimates
and assumptions in preparing the financial
statements. This applies to assets, liabilities,
revenues, expenses and supplementary
information related to contingent liabilities.
Areas where estimates have considerable
significance are, for example:
Property, plant and equipment are largely based
on a directly paid cost price and depreciated
Amounts in NOK million
Note
Estimate/assumptions
Carrying value 31
December 2025
Carrying value 31
December 2024
Right-of-use assets
12
Leases
445
508
Pension liabilities (net)
10
Economic and demographic assumptions
94
81
Environmental provisions
13, 35
Accrual related to ground conditions remediation of
contaminated soil at the site in Norway
-26
-41
Investment in bio-based start-ups
6, 14, 20
Impairment indicators of investments in bio-based start-
ups
272
429
over estimated useful life. In the case of several
of Borregaard's tangible assets, changes in
assumptions may lead to substantial changes
in value.
Other estimates and assumptions are reported
in various notes and any information that is not
logically included in other notes is presented in
Note 37 \"Other matters and subsequent events\".
ASSUMPTIONS DEFINED BENEFIT PLANS
NORWAY
USA
2025
2024
2025
2024
Discount rate
4.3%
4.5%
5.5%
5.7%
Rate of return on assets
NA
NA
5.5%
5.7%
Future salary adjustment
4.0%
4.0%
4.0%
4.0%
G-multiplier*/Future social security wage base
3.75%
3.75%
3.5%
3.5%
Turnover
2.0%
2.0%
2.5%
2.5%
Expected average remaining vesting period
8.7
8.8
\u2013
\u2013
* 1G is NOK 130.160 as of 31 December 2025
Assumptions defined benefit plans
Borregaard uses the covered bonds interest rate on
the Norwegian benefit plans. The discount rate is
fixed at the rate on high quality corporate bonds
with the same lifetime as the pension liabilities
(AA-rated corporate bonds). As a rule, parameters
such as wage growth, growth in G (future social
security wage base)
and inflation are set in accordance with
recommendations on the various countries. The
mortality estimate is based on up-to-date mortality
tables for the various countries. Norway: K2013 BE,
USA: Pri2012 collar base tables from 2012
projected forward using MP-2021.
Sensitivity analysis
The financial instruments of the Borregaard Group
are exposed to different types of market risk which
can affect the income statement or equity.
Financial instruments, in particular derivatives, are
applied as means of hedging both financial and
operational exposure.
In the table below, Borregaard presents a partial
analysis of the sensitivity of financial instruments,
where the isolated effect of each type of risk on the
income statement and on equity is estimated. This
is done on the basis of a selected reasonably
possible change in market prices/rates on the
statement of financial position as of 31 December.
According to IFRS, the analysis covers only financial
instruments and is not meant to give a complete
overview of the Group\u2019s market risk, for instance:
\u2022 For currency hedges of contracts entered into,
changes in fair value of the hedging instrument
will affect the income statement, while changes
in the fair value of the underlying hedged
contract offset by the hedging instrument will
not be shown, as it is not a financial instrument.
\u2022 If one of the parameters changes, the analysis
will not take into account any correlation with
other parameters.
\u2022 Financial instruments denominated in the
entities\u2019 functional currencies do not constitute
any currency risk and are therefore not included
in this analysis. Nor is the currency exposure on
translation of such financial instruments to the
presentation currency of the Group included, for
the same reason.
\u2022 No sensitivity analysis is performed for the
power hedges as the exposure is considered
immaterial.
Generally, the effect on the income statement and
equity of financial instruments in the table below is
expected to offset the effects of the hedged items
where financial instruments are part of a hedging
relationship.
The sensitivity to currency risk in accounts
receivable and accounts payable is mitigated by the
company\u2019s hedging activities, which offset the
related impacts on the income statement and equity.
Accounting effects of changes in market risk are
classified to income statement and equity
according to where the effect of the changes in fair
value will be recognised initially. Effects recognised
in the income statement will also affect equity
beyond the figures presented in the table.
SENSITIVITY FINANCIAL INSTRUMENTS 2024
2025
ACCOUNTING EFFECTS ON
Income statement of
Equity of
Amounts in NOK million
Increase
Decrease
Increase
Decrease
Financial instruments in hedging relationships
Interest rate risk (excluding leasing): 100 bp parallel shift in
interest curves all currencies
-15
15
Currency risk: 10% change in FX-rate USD/NOK
\u2013
\u2013
-301
301
Currency risk: 10% change in FX-rate EUR/NOK
\u2013
\u2013
-278
278
Currency risk: 10% change in FX-rate SEK/NOK
\u2013
\u2013
6
-6
Currency risk: 10% change in FX-rate USD/EUR
\u2013
\u2013
\u2013
\u2013
SENSITIVITY FINANCIAL INSTRUMENTS 2023
2024
Accounting effects on
Income statement of
Equity of
Amounts in NOK million
Increase
Decrease
Increase
Decrease
Financial instruments in hedging relationships
Interest rate risk (excluding leasing): 100 bp parallel shift in
interest curves all currencies
-16
16
Currency risk: 10% change in FX-rate USD/NOK
\u2013
\u2013
-360
360
Currency risk: 10% change in FX-rate EUR/NOK
\u2013
\u2013
-311
311
Currency risk: 10% change in FX-rate SEK/NOK
\u2013
\u2013
5
-5
Currency risk: 10% change in FX-rate USD/EUR
\u2013
\u2013
\u2013
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-421": { "value": "
NOTE 05 IMPAIRMENT ASSESSMENTS
Goodwill and intangible assets with an indefinite
useful life must be tested annually for impairment
to assess whether the values are recoverable.
Borregaard carries out this test prior to preparing
and presenting its financial statements for the
3rd quarter. If there are indications of impairments,
the assets are tested immediately. A new
impairment test is carried out in the 4th quarter,
when necessary, for instance if the underlying
assumptions have changed.
Borregaard has substantial non-current assets
in the form of tangible (property, plant and
equipment), carrying amount of net investments
in associate companies and some minor
intangible assets. An explanation of the details
of and changes in these assets is presented
separately in Note 6, 17 and 18. Estimate
uncertainty, in some cases considerable,
attaches to these assets. Both valuation and
estimated useful lifetime are based on future
information that is always subject to a great
degree of uncertainty.
Borregaard routinely monitors assets and if
there are indications that the value of an asset
is no longer recoverable, an impairment test will
be carried out to determine whether the asset
can still justify its carrying value. If new
estimates conclude that the value is not longer
recoverable, the asset is written down to the
recoverable amount, i.e. the greater of the net
sales value less cost of disposal and the value
in use (discounted cash flow).
Future cash flow is based on specified
assumptions and the plans adopted by the
entity. If the discounted value of future cash
flows is lower than the capitalised value of the
unit\u2019s capital employed, the assets are written
down to the recoverable amount. If the
discounted value is higher than the capital
employed, this means that the value of the
asset is recoverable.
Borregaard\u2019s goodwill is related to the prior
acquisition of Borregaard Czech and no
impairment charges are identified:
GOODWILL
Amounts in NOK million
2025
2024
Borregaard Czech S.R.O
39
39
Total goodwill
39
39
ESTIMATE ASSUMPTIONS AND CASH-GENERATING UNIT
A cash-generating unit (CGU) i the lowest level
at which independent cash flows can be
measured.The biorefinery in Sarpsborg is
considered to be one CGU as the production
facilities are integrated and the production
process relies on the same raw material (wood).
Based on the forecast, expectations and
assumptions that were applied, Borregaard
Czech's capitalised value of goodwill at 31
December 2025 and the fair value exceeds the
book value.
Calculations of future cash flows are based on
a number of assumptions regarding both
economic trends and the estimated useful life.
Borregaard is affected by fluctuating markets
and estimates made in weak markets can differ
substantially from estimates made in\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
stronger markets.
The discount rate applied is based on the Group\u2019s
cost of capital, which has been estimated to be
10% before tax, based on a weighted average of
required rates of return for the Group\u2019s equity
and debt (WACC).
The required rate of return on the Group\u2019s
equity is estimated by using the capital asset
pricing model (CAPM). The required rate of
return on debt is estimated on the basis of a
long-term risk-free interest rate to which is
added a credit margin derived from Borregaard\u2019s
marginal long-term borrowing rate. The discount
rate is adjusted for country risk, the level of
inflation and operational risk, depending on the
particular value being calculated.
Future cash flows are estimated on the basis of
the budget for next year and the following two
forecast years. As from year four a terminal
value is calculated. Cash flow estimates are
sensitive to changes in sales revenues, raw
material and energy prices and the coherent
ability to maintain margin assumptions.
The sensitivity of the estimates, even when
there is a reasonable possibility of a change in
assumptions, did not give grounds for impairment
charges, except from the impairment losses in
bio-based start ups. (See Note 6, 14 and 20).
NOTE 17 INTANGIBLE ASSETS
Capitalised expenditure on internally generated or
specially adapted computer programmes is
presented as intangible assets. The reinvestment
need of specially adapted computer programmes is
similar to that of other tangible assets, and the
amortisation of intangible assets are presented
together with Borregaard\u2019s other depreciation.
Research and development (R&D) expenditure is the
expenses incurred by Borregaard in conducting
research and development, including studies of
existing or new products and production processes
in order to secure future earnings. Expenditure on
research is always expensed as incurred, while
expenditure on development is recognised in the
statement of financial position if the underlying
economic factors are identifiable and represent
probable future economic benefits of which
Borregaard has control. Borregaard has a large
number of projects in process at all times, but the
number of projects that end in capitalisation is
limited. This is due to the considerable uncertainty
throughout the decision-making process and the
fact that only a small percentage of all projects
culminate in commercial products. Furthermore, the
portion of the total project expenses that qualify for
recognition in the statement of financial position are
relatively small, as it is only from the time the
decision to develop the product is made it can be
capitalised, and that decision-making point comes at
a late stage of the process.
The fair value of intangible assets acquired by the
company through business combinations is
capitalised. Intangible assets with indefinite life will
not be amortised while other intangible assets will
be amortised over their useful life.
Goodwill is initially measured at cost, being the
excess of the aggregate of the transferred and the
amount recognised for non-controlling interest over
the net identified asset acquired and liabilities
assumed. If this consideration is lower than the fair
value of the net assets of the subsidiary acquired,
the difference is recognised in income statement.
Amortisable intangible assets are amortised on a
straight-line basis at the following rates:
Development 20% and other intangible assets 10\u2013
15%. Development consists mainly of internal
resources being involved in development projects.
IT consists mainly of external costs.
Amounts in NOK million
Development and other
intangible assets
IT
Goodwill
Total
Book value 1 January 2025
9
40
39
88
Additions
2
8
10
Depreciation/Amortisation
-6
-13
-19
Impairment
\u2013
Currency translations
\u2013
Book value 31 December 2025
5
35
39
79
Initial cost 31 December 2025
177
214
55
446
Accumulated amortisation and impairment
-172
-179
-16
-367
Book value 31 December 2025
5
35
39
79
Book value 1 January 2024
15
32
37
84
Additions
1
17
\u2013
18
Depreciation/Amortisation
-8
-9
\u2013
-17
Impairment
\u2013
\u2013
\u2013
\u2013
Currency translations
1
2
3
Book value 31 December 2024
9
40
39
88
Initial cost 31 December 2024
175
206
55
436
Accumulated amortisation and impairment
-166
-166
-16
-348
Book value 31 December 2024
9
40
39
88
In addition, Borregaard expensed NOK 126 million
in research costs in 2025 (NOK 121 million). The
amounts include grants and other cost deductions.
See Note 34.
Emission rights
Number of
emission
rights
Emission rights 1 January 2024
664,700
Delivered emission rights for 2023
-120,107
Received emission rights for 2024
157,676
Sold emissions rights during 2024
-55,000
Emission rights 31 December 2024
647,269
Delivered emission rights for 2024
-105,915
Received emission rights for 2025
157,676
Sold emissions rights during 2025
-100,000
Emission rights 31 December 2025
599,030
Obligation to deliver emission rights for 2025 in
2026
-93,873
Available emission rights for 2026
505,157
NOTE 18 PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment are tangible assets
intended for production, delivery of goods or
administrative purposes and have a lasting useful
life. They are recognised in the statement of
financial position at cost minus any accumulated
depreciation and impairment. Annual major
maintenance stops are capitalised as part of
property, plant and equipment and depreciated over
a period of 12 months. All other maintenance and
repairs are expensed under operating expenses as
and when the maintenance is carried out, while
expenditure on replacements or improvements is
added to the cost price of the assets. Borrowing
costs related to the construction of the Group\u2019s own
property, plant and equipment are capitalised as part
of the cost of the asset.
Property, plant and equipment are depreciated on a
straight-line basis over the useful life, at the
following rates: buildings 2\u20135%, machinery, fixtures
and fittings mainly 4\u201320%, vehicles 15\u201325% and IT
equipment 15\u201333%. The period of depreciation is
reviewed each year and if there are changes in
useful life, depreciation is adjusted. If there is any
indication that an asset may be impaired, the asset
will be written down to the recoverable amount if the
recoverable amount is lower than the carrying value.
The residual value is also calculated and if it is
higher than the carrying value, depreciation is
stopped. This applies in particular to buildings. The
Group is committed to fulfil contracts amounting to
NOK 273 million which is not recorded in the
statement of financial position as of 31 December
2025 (NOK 34 million as of 31 December 2024).
Investments according to the transition plan (page
61) are not considered to have an impact on the
useful life or the value of the existing property,
plant, and equipment.
Amounts in NOK million
Land,
buildings and
other property
Machinery and
plants
Assets under
constructions
Fixtures,
fittings,
vehicles, EDP,
etc.
Total
Book value 1 January 2025
1,805
2,661
540
20
5,026
Additions
53
307
417
6
783
Disposals
-2
-2
Transferred assets under construction
113
282
-396
1
\u2013
Impairment
\u2013
Depreciation
-113
-327
-10
-450
Currency translation
-24
-74
-4
-102
Book value 31 December 2025
1,832
2,849
557
17
5,255
Initial cost 31 December 2025
3,402
8,418
557
242
12,619
Accumulated depreciation and impairment
-1,570
-5,569
\u2013
-225
-7,364
Book value 31 December 2025
1,832
2,849
557
17
5,255
Book value 1 January 2024
1,605
2,434
596
26
4,661
Additions
100
226
363
3
692
Disposals
-1
-1
Transferred assets under construction
194
228
-423
1
\u2013
Impairment
\u2013
Depreciation
-117
-298
-10
-425
Currency translation
24
71
4
99
Book value 31 December 2024
1,805
2,661
540
20
5,026
Initial cost 31 December 2024
3,279
8,093
540
234
12,146
Accumulated depreciation and impairment
-1,474
-5,432
\u2013
-214
-7,120
Book value 31 December 2024
1,805
2,661
540
20
5,026
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-420": { "value": "
NOTE 05 IMPAIRMENT ASSESSMENTS
Goodwill and intangible assets with an indefinite
useful life must be tested annually for impairment
to assess whether the values are recoverable.
Borregaard carries out this test prior to preparing
and presenting its financial statements for the
3rd quarter. If there are indications of impairments,
the assets are tested immediately. A new
impairment test is carried out in the 4th quarter,
when necessary, for instance if the underlying
assumptions have changed.
Borregaard has substantial non-current assets
in the form of tangible (property, plant and
equipment), carrying amount of net investments
in associate companies and some minor
intangible assets. An explanation of the details
of and changes in these assets is presented
separately in Note 6, 17 and 18. Estimate
uncertainty, in some cases considerable,
attaches to these assets. Both valuation and
estimated useful lifetime are based on future
information that is always subject to a great
degree of uncertainty.
Borregaard routinely monitors assets and if
there are indications that the value of an asset
is no longer recoverable, an impairment test will
be carried out to determine whether the asset
can still justify its carrying value. If new
estimates conclude that the value is not longer
recoverable, the asset is written down to the
recoverable amount, i.e. the greater of the net
sales value less cost of disposal and the value
in use (discounted cash flow).
Future cash flow is based on specified
assumptions and the plans adopted by the
entity. If the discounted value of future cash
flows is lower than the capitalised value of the
unit\u2019s capital employed, the assets are written
down to the recoverable amount. If the
discounted value is higher than the capital
employed, this means that the value of the
asset is recoverable.
Borregaard\u2019s goodwill is related to the prior
acquisition of Borregaard Czech and no
impairment charges are identified:
GOODWILL
Amounts in NOK million
2025
2024
Borregaard Czech S.R.O
39
39
Total goodwill
39
39
ESTIMATE ASSUMPTIONS AND CASH-GENERATING UNIT
A cash-generating unit (CGU) i the lowest level
at which independent cash flows can be
measured.The biorefinery in Sarpsborg is
considered to be one CGU as the production
facilities are integrated and the production
process relies on the same raw material (wood).
Based on the forecast, expectations and
assumptions that were applied, Borregaard
Czech's capitalised value of goodwill at 31
December 2025 and the fair value exceeds the
book value.
Calculations of future cash flows are based on
a number of assumptions regarding both
economic trends and the estimated useful life.
Borregaard is affected by fluctuating markets
and estimates made in weak markets can differ
substantially from estimates made in\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
stronger markets.
The discount rate applied is based on the Group\u2019s
cost of capital, which has been estimated to be
10% before tax, based on a weighted average of
required rates of return for the Group\u2019s equity
and debt (WACC).
The required rate of return on the Group\u2019s
equity is estimated by using the capital asset
pricing model (CAPM). The required rate of
return on debt is estimated on the basis of a
long-term risk-free interest rate to which is
added a credit margin derived from Borregaard\u2019s
marginal long-term borrowing rate. The discount
rate is adjusted for country risk, the level of
inflation and operational risk, depending on the
particular value being calculated.
Future cash flows are estimated on the basis of
the budget for next year and the following two
forecast years. As from year four a terminal
value is calculated. Cash flow estimates are
sensitive to changes in sales revenues, raw
material and energy prices and the coherent
ability to maintain margin assumptions.
The sensitivity of the estimates, even when
there is a reasonable possibility of a change in
assumptions, did not give grounds for impairment
charges, except from the impairment losses in
bio-based start ups. (See Note 6, 14 and 20).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-422": { "value": "
NOTE 07 SEGMENTS
Borregaard has business areas as operating
segments. The operating segments correspond to
the way in which the business areas report figures
to the Group Executive Management (key decision
maker). All lignin-based products, including
biovanillin, are organised under one management in
BioSolutions. BioMaterials consist of products
utilising wood fibres as the main raw material and
include the speciality cellulose and cellulose fibrils
businesses. Fine Chemicals include fine chemical
intermediates mainly used for contrast agents and
advanced bioethanol mainly for biofuel. Corporate
overhead and certain other costs are allocated to
the three business segments. Segment
performance is primarily measured based on
EBITDA1 .
BioSolutions develops, produces and sells
biopolymers and biovanillin from lignin.
BioMaterials develops, produces and sells speciality
cellulose mainly for use as a raw material in the
production of cellulose ethers, cellulose acetate and
other speciality products. BioMaterials also
includes cellulose fibrils for industrial applications,
which are in the market introduction phase.
Fine Chemicals consists of fine chemical
intermediates and advanced bioethanol.
The arm\u2019s length principle is applied to pricing of
transactions between the various segments and
companies. Borregaard AS provides services to the
companies in the Group and charges them for
these services.
Figures for the geographical distribution of
noncurrent operating assets, investments in
property, plant and equipment, sales revenues and
the number of man-years are also presented.\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
See Note 8.
The Group applies the same principles for the
presentation of segment information as for the rest
of its consolidated financial statements, and the
operating profit/loss in the segment information is
identical to the information presented in the income
statement for the Group. There is therefore no need
for further reconciliation of these income statement
items. Borregaard has a central finance function,
and the financing of the various segments does not
necessarily reflect the real financial strength of the
individual segments. Financial items are therefore
presented only for the Group as a whole.
The segment information tables show the key
figures in which management monitors the
business, such as total operating revenue,
operating expenses, EBITDA1, depreciation,
amortisation and impairment of intangible assets,
other income and expenses1 and operating profit
for each business area. It does not disclose internal
sales between the various segments as it is
considered immaterial.
The table below shows the revenues generated by
BioSolutions, BioMaterials and Fine Chemicals.
Operating revenues consist of sales revenues\u00a0 \u00a0
(Note 8) and other revenues such as commissions,
revenues from waste received for incineration etc.
The segment information also includes cash flow
from operating activities, replacement investments,
expansion investments1 and working capital for
each area.
SEGMENTS 2025
Amounts in NOK million
BIO-
SOLUTIONS
BIO-
MATERIALS
FINE
CHEMICALS
ELIMINATIONS
BORREGAARD
GROUP
Income statement
Total operating revenues
4,396
2,691
670
-44
7,713
Cost of materials
-1,257
-1,142
-260
\u2013
-2,659
Payroll expenses
-816
-552
-112
\u2013
-1,480
Other operating expenses
-1,114
-502
-124
44
-1,696
EBITDA\u00b9
1,209
495
174
\u2013
1,878
Depreciation
-309
-232
-46
\u2013
-587
Amortisation and impairment intangible
assets
-4
\u2013
\u2013
\u2013
-4
Other income and expenses\u00b9
\u2013
\u2013
\u2013
\u2013
\u2013
Operating profit
896
263
128
\u2013
1,287
Net financial items
\u2013
\u2013
\u2013
\u2013
-423
Profit before tax
\u2013
\u2013
\u2013
\u2013
864
Cash flow
Cash flow from operating activities
864
294
198
\u2013
1,356
Replacement investments
-183
-346
-47
\u2013
-576
Expansion investments\u00b9 including
investments in associate companies and
bio-based start-ups
-132
-142
-75
\u2013
-349
Capital structure
Working capital at year-end
1,209
592
192
\u2013
1,993
Capital employed\u00b9 at year-end
8,237
Return on capital employed\u00b9
15.7%
SEGMENTS 2024
Amounts in NOK million
BIO-
SOLUTIONS
BIO-
MATERIALS
FINE
CHEMICALS
ELIMINATIONS
BORREGAARD
GROUP
Income statement
Total operating revenues
4,241
2,622
799
-45
7,617
Cost of materials
-1,355
-1,145
-232
\u2013
-2,732
Payroll expenses
-763
-518
-107
\u2013
-1,388
Other operating expenses
-1,019
-525
-124
45
-1,623
EBITDA\u00b9
1,104
434
336
\u2013
1,874
Depreciation
-296
-216
-44
\u2013
-556
Amortisation and impairment intangible
assets
-5
\u2013
\u2013
\u2013
-5
Other income and expenses\u00b9
-12
-18
\u2013
\u2013
-30
Operating profit
791
200
292
\u2013
1,283
Net financial items
\u2013
\u2013
\u2013
\u2013
-204
Profit before tax
\u2013
\u2013
\u2013
\u2013
1,079
Cash flow
Cash flow from operating activities
625
107
336
\u2013
1,068
Replacement investments
-200
-351
-47
\u2013
-598
Expansion investments\u00b9 including
investments in associate companies and
bio-based start-ups
-182
-73
-8
\u2013
-263
Capital structure
Working capital at year-end
1,203
541
179
\u2013
1,923
Capital employed\u00b9 at year-end
8,172
Return on capital employed\u00b9
17.1%
RECONCILIATION CAPITAL EMPLOYED
Amounts in NOK million
2025
2024
Capital employed\u00b9 at year-end
8,237
8,172
Other non-current assets
371
279
Cash and cash equivalents
91
82
Net deferred tax
-207
-28
Interest-bearing liabilities
-2,181
-2,323
Income tax payable
-201
-178
Accumulated write-down and amortisation of goodwill and intangible assets
-206
-216
Other (derivatives, accruals, etc.)
-26
-698
Equity
5,878
5,090
RECONCILIATION WORKING CAPITAL
Amounts in NOK million
2025
2024
Receivables
1,516
1,441
Inventories
1,521
1,498
Other liabilities
-1,017
-1,402
Derivatives, etc. not included in above items
-27
386
Working capital
1,993
1,923
NOTE 08 REVENUES AND GEOGRAPHICAL
BREAKDOWN
Revenues are recognised to depict the transfer
of promised goods or services to customers in
an amount that reflects the consideration to
which the entity expects to be entitled in
exchange for those goods or services. IFRS 15
applies to all revenue contracts and provides a
model for the recognition and measurement of
sales of some non-financial assets (e.g
disposals of property, plant and equipment).
For contracts with customers, sale of
Borregaard\u2019s products is generally expected to
be the only performance obligation. The Group\u2019s
revenue recognition occurs at a point in time
when control of the asset is transferred to the
customer, generally on delivery of the goods.
Borregaard also have some contracts that
include volume rebates to some customers.
Non-current\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
operating assets
Investments
Number of man-years
Sales revenues
Amounts in NOK million
2025
2024
2025
2024
2025
2024
2025
2024
Norway
4,823
4,487
870
791
843
814
328
227
Rest of Europe
109
114
6
8
88
86
3,121
3,254
Asia
26
9
9
2
56
56
1,885
1,719
America
821
1,011
40
60
189
184
2,169
2,242
Rest of the world
\u2013
\u2013
\u2013
\u2013
1
1
77
60
Total
5,779
5,622
925
861
1,177
1,141
7,580
7,502
Amounts in NOK million
2025
2024
BioSolutions
4,275
4,132
BioMaterials
2,643
2,579
Fine Chemicals
662
791
Eliminations
\u2013
\u2013
Total revenues
7,580
7,502
The Group currently recognises rebates based
on the most likely amount method which is also
in line with IFRS 15.
Borregaard operates in several countries and
below is a summary showing the geographical
breakdown of non-current operating assets,
investments, number of man-years based on
the geographical location of the operation.
Sales revenues are based on the location of the
customers. See Note 22 for customers\u2019
payment terms.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-423": { "value": "
NOTE 08 REVENUES AND GEOGRAPHICAL
BREAKDOWN
Revenues are recognised to depict the transfer
of promised goods or services to customers in
an amount that reflects the consideration to
which the entity expects to be entitled in
exchange for those goods or services. IFRS 15
applies to all revenue contracts and provides a
model for the recognition and measurement of
sales of some non-financial assets (e.g
disposals of property, plant and equipment).
For contracts with customers, sale of
Borregaard\u2019s products is generally expected to
be the only performance obligation. The Group\u2019s
revenue recognition occurs at a point in time
when control of the asset is transferred to the
customer, generally on delivery of the goods.
Borregaard also have some contracts that
include volume rebates to some customers.
Non-current\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
operating assets
Investments
Number of man-years
Sales revenues
Amounts in NOK million
2025
2024
2025
2024
2025
2024
2025
2024
Norway
4,823
4,487
870
791
843
814
328
227
Rest of Europe
109
114
6
8
88
86
3,121
3,254
Asia
26
9
9
2
56
56
1,885
1,719
America
821
1,011
40
60
189
184
2,169
2,242
Rest of the world
\u2013
\u2013
\u2013
\u2013
1
1
77
60
Total
5,779
5,622
925
861
1,177
1,141
7,580
7,502
Amounts in NOK million
2025
2024
BioSolutions
4,275
4,132
BioMaterials
2,643
2,579
Fine Chemicals
662
791
Eliminations
\u2013
\u2013
Total revenues
7,580
7,502
The Group currently recognises rebates based
on the most likely amount method which is also
in line with IFRS 15.
Borregaard operates in several countries and
below is a summary showing the geographical
breakdown of non-current operating assets,
investments, number of man-years based on
the geographical location of the operation.
Sales revenues are based on the location of the
customers. See Note 22 for customers\u2019
payment terms.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-424": { "value": "
NOTE 09 PAYROLL EXPENSES AND
REMUNERATION
Amounts in NOK million
2025
2024
Wages
-1,217
-1,140
Share-based payments (options and discounted shares)
-24
-20
Employer\u2019s national insurance contribution
-147
-146
Pension costs (Note 10)
-88
-79
Remuneration to Board Members
-4
-4
Payroll expenses
-1,480
-1,388
Average number of man-years
1,167
1,135
Remuneration of the executive management
\u00a0 \u00a0 CEO**\u00a0 \u00a0 \u00a0 \u00a0
Other members of the
Group Executive
Management
\u00a0 Total
Amount in NOK thousand
2025
2024
2025
2024
2025
2024
Base salary
3,739
4,686
20,330
18,465
28,945
23,151
Bonus
1,053
1,534
5,017
5,687
6,954
7,221
Pension cost
619
1,294
2,748
2,703
4,631
3,997
Benefits in kind
264
282
2,114
1,904
2,588
2,186
Total *
5,675
7,796
30,209
28,759
43,118
36,556
* Remuneration is actual paid remuneration in the respective years and includes vacation pay on salary earned the previous year.
Bonuses however are accrued bonuses in the respective years to be paid out the following year.
** Remuneration for the CEO for both 2024 and 2025 reflects the annual remuneration of the individual who held the CEO position as of
31 December in each respective year. Consequently, remuneration for 2025 relates entirely to the current CEO, while remuneration for
2024 relates to the former CEO. Former CEO received total remuneration of NOK 7,324 thousand for 2025, consisting of base salary of
NOK 4,671 thousand, bonus of NOK 804 thousand, pension of NOK 1,221 thousand and other benefits amounting to NOK 628 thousand.
Remuneration guidelines and report \u2013 2025
Borregaard\u2019s remuneration guidelines for
employees in managerial positions cover base
salary, pension, annual bonus/short term incentives
(STI) and long-term incentives (LTI). The
remuneration guidelines and a more detailed
description of executive management remuneration
are found in the separate report \"Remuneration
report 2025\"\u00a0 which is available at Sustainability
documentation - Borregaard
NOTE 10 PENSIONS
Borregaard has a policy to use defined contribution
pension plans. However, there are some defined
benefit pension plans, primarily in the USA and
Norway.
Defined contribution plans
In the defined contribution pension plans, the
company is responsible for making an agreed
contribution to the employee\u2019s pension assets.
The future pension will be determined by the amount
of the contributions and the return on the pension
savings. Once the contributions have been paid,
there are no further payment obligations attached to
the defined contribution pension. As a result, there is
no liability recorded in the statement of financial
position. The pension costs related to defined
contribution plans will be equal to the contributions
to employees\u2019 pension savings in each reporting
period. Contribution plans also comprise pension
plans that are common to several companies and
where the pension premium is determined
independently of the demographic profile in the
individual companies (multi-employer plans). The
company is obligated to follow the Act on Mandatory
company pensions in Norway and the company
meets the requirements.
Defined benefit plans
Defined benefit plans are measured at the present
value of accrued future pension benefits at the end
of the reporting period. Pension plan assets are
measured at their fair value.
Changes in accounting estimates for defined benefit
plans are recognised in other comprehensive income
and the net interest costs for the period is calculated
by using the discount rate for the liability at the
beginning of the period on the net liability. As such,
the net interest cost consists of interest on the
liability and the return on the plan assets, whereas
both have been calculated by using the discount
rate. Changes in net pension liabilities as a result of
payments of premiums and pension payments have
been taken into consideration. The difference
between the actual return and the accounted return
is recognised continuously through other
comprehensive income. The current service cost and
net interest income/costs are recognised immediately.
The financial part of the pension cost is recognised
as part of financial items, the other part is recognised
as payroll expenses in the income statement.
Changes in value, both in assets and liabilities, are
recognised through other comprehensive income.
Gains or losses on the curtailment or settlement of a
defined benefit plan are recognised through profit
and loss when the curtailment or settlement occurs.
A curtailment occurs when the Group decides to
make a material reduction in the number of
employees covered by a plan or amends the terms
of a defined benefit plan such that a considerable
part of the current employees\u2019 future earnings will no
longer qualify for benefits or will qualify only for
reduced benefits.
The introduction of a new defined benefit plan or an
improvement to the current defined benefit plan will
lead to changes in the pension liabilities. These will
be charged to expenses in a straight line during the
period until the effect of the change has been
accrued. The introduction of new plans or changes
to existing plans which take place with retroactive
effect so that the employees immediately accrue a
paid-up policy (or a change in a paid-up policy) are
recognised in the statement of comprehensive
income immediately. Gains or losses linked to
curtailments or terminations of pension plans are
recognised through profit and loss when they arise.
Borregaard has pension plans that are classified as
funded benefit plans and unfunded benefit plans.
Expected contributions for the next year, 2026, to
the defined benefit plan obligation is NOK 4 million.
The largest part of the benefit plans are in the USA
and Norway.
USA
The pension plans in the USA contain three
different plans; two defined benefit plans for
salaried and hourly employees and one
supplemental post-retirement plan. In 2016, the
defined benefit plans were closed for new
employees and replaced with a contribution plan.
Norway
The net pension liabilities consist of unfunded
pension plans and disability pension scheme for
key personnel and liabilities related to contribution-
based plans for employees who earn more than
twelve times the Norwegian National Insurance
Scheme\u2019s basic amount (12G). The pension plan for
employees in Norway who earn more than 12G is a
contribution-based plan. The sum of the accrued
contributions and the return on the plan assets are
presented as a pension liability in the company\u2019s
statement of financial position. The pension plan is
therefore presented as a defined benefit plan.
The early retirement scheme, AFP, is recognised as
a multiemployer defined contribution plan. This may
change if there are sufficient reliable, consistent
data to be able to recognise it as a defined benefit
plan. In 2025, the premium for the early retirement
scheme is 2.7% of total payments of wages between
1 and 7.1 times the average basic amount (G). All
employees in Norway younger than 62 years are
included, 899 employees in 2025, and the cost in
2025 was NOK 16 million.
Pension plan assets
The pension plans with pension plan assets are
located in the USA. Pension plan assets are mainly
invested in bonds and shares. The estimated return
will vary depending on the composition of the
various classes of assets. The breakdown of
pension plan assets is presented below.
ASSUMPTIONS DEFINED BENEFIT PLANS
NORWAY
USA
2025
2024
2025
2024
Discount rate
4.3%
4.5%
5.5%
5.7%
Rate of return on assets
NA
NA
5.5%
5.7%
Future salary adjustment
4.0%
4.0%
4.0%
4.0%
G-multiplier*/Future social security wage base
3.75%
3.75%
3.5%
3.5%
Turnover
2.0%
2.0%
2.5%
2.5%
Expected average remaining vesting period
8.7
8.8
\u2013
\u2013
* 1G is NOK 130.160 as of 31 December 2025
Assumptions defined benefit plans
Borregaard uses the covered bonds interest rate on
the Norwegian benefit plans. The discount rate is
fixed at the rate on high quality corporate bonds
with the same lifetime as the pension liabilities
(AA-rated corporate bonds). As a rule, parameters
such as wage growth, growth in G (future social
security wage base)
and inflation are set in accordance with
recommendations on the various countries. The
mortality estimate is based on up-to-date mortality
tables for the various countries. Norway: K2013 BE,
USA: Pri2012 collar base tables from 2012
projected forward using MP-2021.
BREAKDOWN OF NET PENSION COSTS
Amounts in NOK million
2025
2024
Contribution plans
-77
-74
Current service cost
-11
-5
Net pension costs (incl. national insurance contributions)
-88
-79
BREAKDOWN OF PENSION OBLIGATIONS AND PENSION
PLAN ASSETS AS OF 31 DECEMBER, IN PAST FIVE YEARS
Amount in NOK million
2025
2024
2023
2022
2021
Present value of funded pension obligations
-321
-349
-319
-333
-457
Pension plan assets (fair value)
531
533
450
409
523
Net pension plan assets/-net funded pension liabilitites**
210
184
131
76
66
Present value of unfunded pension obligations**
-116
-104
-92
-90
-95
Capitalised net pension assets/-obligations
94
80
39
-14
-29
** Pension schemes are presented gross in the balance sheet
CHANGES IN THE PRESENT VALUE OF PENSION
OBLIGATIONS DURING THE YEAR
Amounts in NOK million
2025
2024
Pension obligations 1 January
-452
-411
Current service cost (incl. national insurance contributions)
-11
-5
Interest on pension obligations
-27
-27
Actuarial gains and losses
2
10
Benefits paid during the year
13
17
Currency translations
38
-36
Pension obligations 31 December
-437
-452
CHANGES IN PENSION PLAN ASSETS DURING THE YEAR
Amounts in NOK million
2025
2024
Pension plan assets (fair value) 1 January
533
450
Expected return on pension plan assets
27
24
Contributions and benefits paid during the year
-11
-21
Actuarial gains and losses
42
27
Currency translations
-60
53
Pension plan assets (fair value) 31 December
531
533
BREAKDOWN OF PENSION PLAN ASSETS (FAIR VALUE)
As of 31 december
2025
2024
Cash and cash equivalents and money market investments
6%
2%
Bonds
28%
33%
Shares
66%
65%
Total pension plan assets
100%
100%
Sensitivity
The above pension cost and pension liabilities
related to defined benefit schemes, are based on
the assumptions outlined above. The actuarial
calculations are sensitive to any changes in the
assumptions. A 1% increase in wage adjustment
would imply a 3% increase in pension liability and a
4% increase in pension cost (defined benefit
schemes).
A 1% increase in discount rate would imply a 12%
decrease in pension liability and 1% decrease in
pension cost while a 1% reduction in discount rate
would imply a 13% increase in pension liability and
a 2% increase in pension cost.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-426": { "value": "
Remuneration of the executive management
\u00a0 \u00a0 CEO**\u00a0 \u00a0 \u00a0 \u00a0
Other members of the
Group Executive
Management
\u00a0 Total
Amount in NOK thousand
2025
2024
2025
2024
2025
2024
Base salary
3,739
4,686
20,330
18,465
28,945
23,151
Bonus
1,053
1,534
5,017
5,687
6,954
7,221
Pension cost
619
1,294
2,748
2,703
4,631
3,997
Benefits in kind
264
282
2,114
1,904
2,588
2,186
Total *
5,675
7,796
30,209
28,759
43,118
36,556
* Remuneration is actual paid remuneration in the respective years and includes vacation pay on salary earned the previous year.
Bonuses however are accrued bonuses in the respective years to be paid out the following year.
** Remuneration for the CEO for both 2024 and 2025 reflects the annual remuneration of the individual who held the CEO position as of
31 December in each respective year. Consequently, remuneration for 2025 relates entirely to the current CEO, while remuneration for
2024 relates to the former CEO. Former CEO received total remuneration of NOK 7,324 thousand for 2025, consisting of base salary of
NOK 4,671 thousand, bonus of NOK 804 thousand, pension of NOK 1,221 thousand and other benefits amounting to NOK 628 thousand.
Remuneration guidelines and report \u2013 2025
Borregaard\u2019s remuneration guidelines for
employees in managerial positions cover base
salary, pension, annual bonus/short term incentives
(STI) and long-term incentives (LTI). The
remuneration guidelines and a more detailed
description of executive management remuneration
are found in the separate report \"Remuneration
report 2025\"\u00a0 which is available at Sustainability
documentation - Borregaard
Borregaard has used the Black-Scholes model
when estimating the value of the options. The
volatility is calculated on the basis of the average
volatility the past years for Borregaard and
Borregaard peers. See Note 37 for share options
issued in 2026.
Assumptions
Aug.
2025
Feb.
2025
2024
Expected dividend-yield
\u2014%
\u2014%
\u2014%
Expected volatility
27.2%
27.0%
31.7%
Historical volatility
28.0%
28.0%
31.7%
Risk-free return
3.5%
3.6%
3.4%
Expected life of option (years)
4.0
4.0
4.0
Weighted average share price (NOK)
199.37
201.11
180.97
SHARE OPTION AND SHARES HELD BY
GROUP EXECUTIVE MANAGEMENT AND
RELATED PARTIES AS OF 31 DECEMBER
Issued 2021\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Strike NOK
164.45*
Issued 2022\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Strike NOK
212.50*
Issued 2023\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Strike NOK 182.75*
Issued 2024\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Strike NOK
191.10*
Issued
Feb. 2025\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Strike NOK
216.97*
Issued
Aug. 2025\u00a0 \u00a0 \u00a0 \u00a0
Strike NOK
219.31*
No. of share
options
No. of share
options
No. of share
options
No. of share
options
No. of
share
options
No. of
share
options
2025
2024
2025
2024
2025
2024
2025
2024
2025
2025
CEO from 1 August 2025
15,000
15,000
10,000
10,000
15,000
15,000
18,000
18,000
20,000
30,000
Former CEO up to 31 July 2025
\u2013
40,000
30,000
30,000
40,000
40,000
40,000
40,000
60,000
\u2013
Other members of the Group
Executive Management
62,000
62,000
55,000
55,000
62,000
62,000
98,000
98,000
114,000
\u2013
Total
77000
11700
0
95000
95000
117000
117000
156000
156000
194000
30000
* The strike prices have been adjusted for dividends
No. of shares*
2025
2024
CEO
31,274
30,773
Other members of the Group Executive Management
291,856
310,252
Total
323,130
341,025
* Total share ownership including related parties.
Special agreements with the CEO and other members
of the Group Executive Management
The CEO, Tom Erik Foss-Jacobsen, has a mutual
notice period of 9 months and if he, in the best
interest of the company, terminates the employment
contract, he will receive pay for up to 6 months
after the period of notice. 75% of any income from
another permanent post during the 6-month period
will be deducted. The CEO is included in the
company\u2019s ordinary pension schemes, but his
maximum retirement age is 70 years of age\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
(2 years lower than other employees).
The other members of the Group Executive
Management have a six-months period of notice
and no severance pay agreement.
There are no loans to the members of the Group
Executive Management.
There are no other special agreements with the
Group Executive Management team.
Remuneration of the Board of Directors
At the General Meeting in April 2025, it was decided
that The Board of Directors would be remunerated
at annual rates for the period up to the next General
Meeting in 2026:
Board of directors
Board chair
NOK
732,000
per year
Board member,
shareholder-elected
NOK
408,000
per year
Board member,
employee-elected
NOK
314,000
per year
Observer, employee-
elected
NOK
105,000
per year
Deputy for observer
NOK
8,100
per meeting
Audit and
Sustainability
Committee
Committee chair
NOK
118,000
per year
Member
NOK
77,000
per year
Compensation
committee
Committee chair
NOK
69,500
per year
Member
NOK
53,500
per year
According to a resolution at the General Meeting in
2018, shareholder-elected Board members are
required to use 20% of their annual remuneration to
acquire shares in the Company, until the share
value reaches an amount equivalent to one year\u2019s
remuneration. For actual allowance to Board
members, see the \"Remuneration report 2025\" on
Borregaard's website.
Remuneration of the Nomination Committee
The chair of the Nomination Committee receives
NOK 77,800 per year and an additional NOK 12,400
per meeting exceeding 4 meetings. Other members
receive NOK 54,200 per year and an additional NOK
10,100 per meeting exceeding 4 meetings.
For shares held by the Board of Directors, see Note
4 in the Financial Statement of Borregaard ASA.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-425": { "value": "
Remuneration of the executive management
\u00a0 \u00a0 CEO**\u00a0 \u00a0 \u00a0 \u00a0
Other members of the
Group Executive
Management
\u00a0 Total
Amount in NOK thousand
2025
2024
2025
2024
2025
2024
Base salary
3,739
4,686
20,330
18,465
28,945
23,151
Bonus
1,053
1,534
5,017
5,687
6,954
7,221
Pension cost
619
1,294
2,748
2,703
4,631
3,997
Benefits in kind
264
282
2,114
1,904
2,588
2,186
Total *
5,675
7,796
30,209
28,759
43,118
36,556
* Remuneration is actual paid remuneration in the respective years and includes vacation pay on salary earned the previous year.
Bonuses however are accrued bonuses in the respective years to be paid out the following year.
** Remuneration for the CEO for both 2024 and 2025 reflects the annual remuneration of the individual who held the CEO position as of
31 December in each respective year. Consequently, remuneration for 2025 relates entirely to the current CEO, while remuneration for
2024 relates to the former CEO. Former CEO received total remuneration of NOK 7,324 thousand for 2025, consisting of base salary of
NOK 4,671 thousand, bonus of NOK 804 thousand, pension of NOK 1,221 thousand and other benefits amounting to NOK 628 thousand.
Remuneration guidelines and report \u2013 2025
Borregaard\u2019s remuneration guidelines for
employees in managerial positions cover base
salary, pension, annual bonus/short term incentives
(STI) and long-term incentives (LTI). The
remuneration guidelines and a more detailed
description of executive management remuneration
are found in the separate report \"Remuneration
report 2025\"\u00a0 which is available at Sustainability
documentation - Borregaard
Borregaard has used the Black-Scholes model
when estimating the value of the options. The
volatility is calculated on the basis of the average
volatility the past years for Borregaard and
Borregaard peers. See Note 37 for share options
issued in 2026.
Assumptions
Aug.
2025
Feb.
2025
2024
Expected dividend-yield
\u2014%
\u2014%
\u2014%
Expected volatility
27.2%
27.0%
31.7%
Historical volatility
28.0%
28.0%
31.7%
Risk-free return
3.5%
3.6%
3.4%
Expected life of option (years)
4.0
4.0
4.0
Weighted average share price (NOK)
199.37
201.11
180.97
SHARE OPTION AND SHARES HELD BY
GROUP EXECUTIVE MANAGEMENT AND
RELATED PARTIES AS OF 31 DECEMBER
Issued 2021\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Strike NOK
164.45*
Issued 2022\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Strike NOK
212.50*
Issued 2023\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Strike NOK 182.75*
Issued 2024\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Strike NOK
191.10*
Issued
Feb. 2025\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Strike NOK
216.97*
Issued
Aug. 2025\u00a0 \u00a0 \u00a0 \u00a0
Strike NOK
219.31*
No. of share
options
No. of share
options
No. of share
options
No. of share
options
No. of
share
options
No. of
share
options
2025
2024
2025
2024
2025
2024
2025
2024
2025
2025
CEO from 1 August 2025
15,000
15,000
10,000
10,000
15,000
15,000
18,000
18,000
20,000
30,000
Former CEO up to 31 July 2025
\u2013
40,000
30,000
30,000
40,000
40,000
40,000
40,000
60,000
\u2013
Other members of the Group
Executive Management
62,000
62,000
55,000
55,000
62,000
62,000
98,000
98,000
114,000
\u2013
Total
77000
11700
0
95000
95000
117000
117000
156000
156000
194000
30000
* The strike prices have been adjusted for dividends
No. of shares*
2025
2024
CEO
31,274
30,773
Other members of the Group Executive Management
291,856
310,252
Total
323,130
341,025
* Total share ownership including related parties.
Special agreements with the CEO and other members
of the Group Executive Management
The CEO, Tom Erik Foss-Jacobsen, has a mutual
notice period of 9 months and if he, in the best
interest of the company, terminates the employment
contract, he will receive pay for up to 6 months
after the period of notice. 75% of any income from
another permanent post during the 6-month period
will be deducted. The CEO is included in the
company\u2019s ordinary pension schemes, but his
maximum retirement age is 70 years of age\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
(2 years lower than other employees).
The other members of the Group Executive
Management have a six-months period of notice
and no severance pay agreement.
There are no loans to the members of the Group
Executive Management.
There are no other special agreements with the
Group Executive Management team.
Remuneration of the Board of Directors
At the General Meeting in April 2025, it was decided
that The Board of Directors would be remunerated
at annual rates for the period up to the next General
Meeting in 2026:
Board of directors
Board chair
NOK
732,000
per year
Board member,
shareholder-elected
NOK
408,000
per year
Board member,
employee-elected
NOK
314,000
per year
Observer, employee-
elected
NOK
105,000
per year
Deputy for observer
NOK
8,100
per meeting
Audit and
Sustainability
Committee
Committee chair
NOK
118,000
per year
Member
NOK
77,000
per year
Compensation
committee
Committee chair
NOK
69,500
per year
Member
NOK
53,500
per year
According to a resolution at the General Meeting in
2018, shareholder-elected Board members are
required to use 20% of their annual remuneration to
acquire shares in the Company, until the share
value reaches an amount equivalent to one year\u2019s
remuneration. For actual allowance to Board
members, see the \"Remuneration report 2025\" on
Borregaard's website.
Remuneration of the Nomination Committee
The chair of the Nomination Committee receives
NOK 77,800 per year and an additional NOK 12,400
per meeting exceeding 4 meetings. Other members
receive NOK 54,200 per year and an additional NOK
10,100 per meeting exceeding 4 meetings.
For shares held by the Board of Directors, see Note
4 in the Financial Statement of Borregaard ASA.
NOTE 33 RELATED PARTIES
Activity within the Group is reported in the segment
information disclosed in Note 7.
Internal trading within the Group is carried out in
accordance with special agreements on an arm\u2019s
length basis, and joint expenses in Borregaard are
distributed among the Group companies in
accordance with distribution formulas, depending
on the various types of expense. For further
information on intercompany transactions, see
Note 7 \u201cSegments\u201d. The members of the Group
Executive Management of Borregaard hold a total
of 504,000 stock options in the Company. Further
information regarding the Group Executive
Management is disclosed in Note 9.
Other transactions with related parties are part of
ordinary business operations. Transactions with
associate companies are considered immaterial", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-427": { "value": "
ISSUED AND OUTSTANDING SHARE OPTIONS AS OF
31 DECEMBER 2025
Year issued
Number of share
options issued
Exercised/
forfeited share
options
Number of
outstanding\u00a0
share options
Strike price*
Expiry date
Number of
employees**
2021
249,000.00
112,000
137,000
164.45
16.02.2026
31
2022
200,000.00
\u2013
200,000
212.50
17.02.2027
31
2023
250,000.00
\u2013
250,000
182.75
01.03.2028
35
2024
371,000.00
\u2013
371,000
191.10
27.02.2029
35
2025
398,000.00
\u2013
398,000
216.97
14.02.2030
35
2025
30,000.00
\u2013
30,000
219.31
01.08.2030
1
1,498,000
112,000
1,386,000
* The strike prices have been adjusted for dividends. Strike prices were set at 10% above the share price at the issue date.
** Inlcuding Group Executive Management.
The common practice is equity settlement for the
share-based option programmes. Share-based
related costs for 2025 for the Group Executive
Management was NOK 8 million in total for all
programmes. 55,000 share options issued in 2020
2025
2024
Number of share options
No.
WAEP *
No.
WAEP *
Outstanding at the beginning of the year
1,119,000
186.23
1,092,450
155.19
Exercised during the year
-161,000
-344,450
Granted during the year
428,000
217.13
371,000
195.00
Forfeited during the year
\u2013
\u2013
Outstanding at year-end **
1,386,000
198.09
1,119,000
186.23
Exercisable options at year-end\u00a0 **
337,000
298,000
* Weighted average exercise price adjusted for dividend. Amounts in NOK.
** Expiry dates are 16 February 2026 for 137,000 options,\u00a0 17 February 2027 for 200,000 options, 1 March 2028 for 250,000 options, 27
February 2029 for 371,000 options, 14 February 2030 for 398,000 options and 1 August 2030 for 30,000 options.
Borregaard has used the Black-Scholes model
when estimating the value of the options. The
volatility is calculated on the basis of the average
volatility the past years for Borregaard and
Borregaard peers. See Note 37 for share options
issued in 2026.
and 106,000 share options issued in 2021 have
been exercised in 2025. Changes in outstanding
share options for Borregaard\u2019s employees are
shown in the table below:
Assumptions
Aug.
2025
Feb.
2025
2024
Expected dividend-yield
\u2014%
\u2014%
\u2014%
Expected volatility
27.2%
27.0%
31.7%
Historical volatility
28.0%
28.0%
31.7%
Risk-free return
3.5%
3.6%
3.4%
Expected life of option (years)
4.0
4.0
4.0
Weighted average share price (NOK)
199.37
201.11
180.97
SHARE OPTION AND SHARES HELD BY
GROUP EXECUTIVE MANAGEMENT AND
RELATED PARTIES AS OF 31 DECEMBER
Issued 2021\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Strike NOK
164.45*
Issued 2022\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Strike NOK
212.50*
Issued 2023\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Strike NOK 182.75*
Issued 2024\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Strike NOK
191.10*
Issued
Feb. 2025\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Strike NOK
216.97*
Issued
Aug. 2025\u00a0 \u00a0 \u00a0 \u00a0
Strike NOK
219.31*
No. of share
options
No. of share
options
No. of share
options
No. of share
options
No. of
share
options
No. of
share
options
2025
2024
2025
2024
2025
2024
2025
2024
2025
2025
CEO from 1 August 2025
15,000
15,000
10,000
10,000
15,000
15,000
18,000
18,000
20,000
30,000
Former CEO up to 31 July 2025
\u2013
40,000
30,000
30,000
40,000
40,000
40,000
40,000
60,000
\u2013
Other members of the Group
Executive Management
62,000
62,000
55,000
55,000
62,000
62,000
98,000
98,000
114,000
\u2013
Total
77000
11700
0
95000
95000
117000
117000
156000
156000
194000
30000
* The strike prices have been adjusted for dividends
No. of shares*
2025
2024
CEO
31,274
30,773
Other members of the Group Executive Management
291,856
310,252
Total
323,130
341,025
* Total share ownership including related parties.
Special agreements with the CEO and other members
of the Group Executive Management
The CEO, Tom Erik Foss-Jacobsen, has a mutual
notice period of 9 months and if he, in the best
interest of the company, terminates the employment
contract, he will receive pay for up to 6 months
after the period of notice. 75% of any income from
another permanent post during the 6-month period
will be deducted. The CEO is included in the
company\u2019s ordinary pension schemes, but his
maximum retirement age is 70 years of age\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
(2 years lower than other employees).
The other members of the Group Executive
Management have a six-months period of notice
and no severance pay agreement.
There are no loans to the members of the Group
Executive Management.
There are no other special agreements with the
Group Executive Management team.
Remuneration of the Board of Directors
At the General Meeting in April 2025, it was decided
that The Board of Directors would be remunerated
at annual rates for the period up to the next General
Meeting in 2026:
Board of directors
Board chair
NOK
732,000
per year
Board member,
shareholder-elected
NOK
408,000
per year
Board member,
employee-elected
NOK
314,000
per year
Observer, employee-
elected
NOK
105,000
per year
Deputy for observer
NOK
8,100
per meeting
Audit and
Sustainability
Committee
Committee chair
NOK
118,000
per year
Member
NOK
77,000
per year
Compensation
committee
Committee chair
NOK
69,500
per year
Member
NOK
53,500
per year
According to a resolution at the General Meeting in
2018, shareholder-elected Board members are
required to use 20% of their annual remuneration to
acquire shares in the Company, until the share
value reaches an amount equivalent to one year\u2019s
remuneration. For actual allowance to Board
members, see the \"Remuneration report 2025\" on
Borregaard's website.
Remuneration of the Nomination Committee
The chair of the Nomination Committee receives
NOK 77,800 per year and an additional NOK 12,400
per meeting exceeding 4 meetings. Other members
receive NOK 54,200 per year and an additional NOK
10,100 per meeting exceeding 4 meetings.
For shares held by the Board of Directors, see Note
4 in the Financial Statement of Borregaard ASA.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-428": { "value": "
FEES TO GROUP EXTERNAL AUDITOR
Amounts in NOK million
2025
2024
Statutory audit
7.6
6.7
Sustainability attestation
2.3
1.2
Other attestation services
.6
.5
Tax consultancy services
\u2013
\u2013
Other non-audit services
.3
.6
Total fees to EY
10.8
9.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-429": { "value": "
Borregaard has a policy to use defined contribution
pension plans. However, there are some defined
benefit pension plans, primarily in the USA and
Norway.
Defined contribution plans
In the defined contribution pension plans, the
company is responsible for making an agreed
contribution to the employee\u2019s pension assets.
The future pension will be determined by the amount
of the contributions and the return on the pension
savings. Once the contributions have been paid,
there are no further payment obligations attached to
the defined contribution pension. As a result, there is
no liability recorded in the statement of financial
position. The pension costs related to defined
contribution plans will be equal to the contributions
to employees\u2019 pension savings in each reporting
period. Contribution plans also comprise pension
plans that are common to several companies and
where the pension premium is determined
independently of the demographic profile in the
individual companies (multi-employer plans). The
company is obligated to follow the Act on Mandatory
company pensions in Norway and the company
meets the requirements.
Defined benefit plans
Defined benefit plans are measured at the present
value of accrued future pension benefits at the end
of the reporting period. Pension plan assets are
measured at their fair value.
Changes in accounting estimates for defined benefit
plans are recognised in other comprehensive income
and the net interest costs for the period is calculated
by using the discount rate for the liability at the
beginning of the period on the net liability. As such,
the net interest cost consists of interest on the
liability and the return on the plan assets, whereas
both have been calculated by using the discount
rate. Changes in net pension liabilities as a result of
payments of premiums and pension payments have
been taken into consideration. The difference
between the actual return and the accounted return
is recognised continuously through other
comprehensive income. The current service cost and
net interest income/costs are recognised immediately.
The financial part of the pension cost is recognised
as part of financial items, the other part is recognised
as payroll expenses in the income statement.
Changes in value, both in assets and liabilities, are
recognised through other comprehensive income.
Gains or losses on the curtailment or settlement of a
defined benefit plan are recognised through profit
and loss when the curtailment or settlement occurs.
A curtailment occurs when the Group decides to
make a material reduction in the number of
employees covered by a plan or amends the terms
of a defined benefit plan such that a considerable
part of the current employees\u2019 future earnings will no
longer qualify for benefits or will qualify only for
reduced benefits.
The introduction of a new defined benefit plan or an
improvement to the current defined benefit plan will
lead to changes in the pension liabilities. These will
be charged to expenses in a straight line during the
period until the effect of the change has been
accrued. The introduction of new plans or changes
to existing plans which take place with retroactive
effect so that the employees immediately accrue a
paid-up policy (or a change in a paid-up policy) are
recognised in the statement of comprehensive
income immediately. Gains or losses linked to
curtailments or terminations of pension plans are
recognised through profit and loss when they arise.
Borregaard has pension plans that are classified as
funded benefit plans and unfunded benefit plans.
Expected contributions for the next year, 2026, to
the defined benefit plan obligation is NOK 4 million.
The largest part of the benefit plans are in the USA
and Norway.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-431": { "value": "
NOTE 11 OTHER OPERATING EXPENSES
The Borregaard Group has chosen to present its
income statement based on the nature of the item
of income or expense. Operating expenses have
been broken down into the following main items:
Cost of materials, payroll expenses, depreciation,
amortisation and other operating expenses.
Thus, other operating expenses comprises all
operating expenses that are not related to cost of
materials, employee payrolls and capital costs in
the form of depreciation. The most important items
have been grouped into the following main items.
Amounts in NOK million
2025
2024
External distribution costs
-653
-640
Maintenance, repair and equipment costs
-372
-390
Consultants, legal advisors, temporary
staff, etc.
-217
-183
Rental/leasing (Note 12)
-73
-53
Other
-381
-357
Total other operating expenses
-1,696
-1,623
NOTE 13 OTHER INCOME AND EXPENSES1
Other income and expenses 1 largely consist of
material positive and negative non-recurring items,
restructuring costs and any substantial write-
downs of both tangible and intangible assets.
The main purpose of this line is to present material
non-recurring items and items substantially relating
to other periods separately to ensure that the
changes in and comparability of the lines presented
in EBITDA1, depreciation and amortisation are more
relevant to the company. There were no Other
income and expenses1 in 2025.
Amounts in NOK million
2025
2024
Accrual related to remediation of contaminated soil at the site in Norway. See note 35
\u2013
-30
Total other income and expenses1
\u2013
-30
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-430": { "value": "
NOTE 11 OTHER OPERATING EXPENSES
The Borregaard Group has chosen to present its
income statement based on the nature of the item
of income or expense. Operating expenses have
been broken down into the following main items:
Cost of materials, payroll expenses, depreciation,
amortisation and other operating expenses.
Thus, other operating expenses comprises all
operating expenses that are not related to cost of
materials, employee payrolls and capital costs in
the form of depreciation. The most important items
have been grouped into the following main items.
Amounts in NOK million
2025
2024
External distribution costs
-653
-640
Maintenance, repair and equipment costs
-372
-390
Consultants, legal advisors, temporary
staff, etc.
-217
-183
Rental/leasing (Note 12)
-73
-53
Other
-381
-357
Total other operating expenses
-1,696
-1,623
NOTE 13 OTHER INCOME AND EXPENSES1
Other income and expenses 1 largely consist of
material positive and negative non-recurring items,
restructuring costs and any substantial write-
downs of both tangible and intangible assets.
The main purpose of this line is to present material
non-recurring items and items substantially relating
to other periods separately to ensure that the
changes in and comparability of the lines presented
in EBITDA1, depreciation and amortisation are more
relevant to the company. There were no Other
income and expenses1 in 2025.
Amounts in NOK million
2025
2024
Accrual related to remediation of contaminated soil at the site in Norway. See note 35
\u2013
-30
Total other income and expenses1
\u2013
-30
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-432": { "value": "
NOTE 12 LEASES
IFRS 16 sets out the principles for the recognition,
measurement, presentation and disclosure of
leases and requires lessees to account for all
leases under a single on-balance sheet model.
The Group recognises right-of-use assets at the
commencement date of the lease (i.e., the date the
underlying asset is available for use). Right-of-use
assets are measured at cost, less any accumulated
depreciation and impairment losses, and adjusted
for any remeasurement of lease liabilities. The cost
of right-of-use assets includes the amount of lease
liabilities recognised, initial direct costs incurred, and
lease payments made at or before the
commencement date less any lease incentives
received. Right-of-use assets are depreciated on a
straight-line basis over the shorter of the lease term
and the estimated useful lives of the assets.
If ownership of the leased asset transfers to the
Group at the end of the lease term or the cost
reflects the exercise of a purchase option,
depreciation is calculated using the estimated useful
life of the asset.
At the commencement date of the lease, the Group
recognises lease liabilities measured at the present
value of lease payments to be made over the lease
term. The lease payments include fixed payments
(including in substance fixed payments) less any
lease incentives receivable, variable lease payments
that depend on an index or a rate, and amounts
expected to be paid under residual value
guarantees, if any. The lease payments also include
the exercise price of a purchase option reasonably
certain to be exercised by the Group and payments
of penalties for terminating the lease, if the lease
term reflects the Group exercising the option to
terminate. Variable lease payments that do not
depend on an index or a rate are recognised as
expenses (unless they are incurred to produce
inventories) in the period in which the event or
condition that triggers the payment occurs.
In calculating the present value of lease payments,
the Group uses its incremental borrowing rate at
the lease commencement date because the
interest rate implicit in the lease is not readily
determinable. After the commencement date, the
amount of lease liabilities is increased to reflect the
accretion of interest and reduced for the lease
payments made. In addition, the carrying amount of
lease liabilities is remeasured if there is a
modification, a change in the lease term, a change
in the lease payments (e.g., changes to future
payments resulting from a change in an index or
rate used to determine such lease payments) or a
change in the assessment of an option to purchase
the underlying asset.
Discount rates used:
Machinery, vehicles and equipment: Incremental
borrowing rate.
Buildings: Implicit interest rate if available.
The incremental borrowing rate is based on
interbank interest rate (NIBOR, EURIBOR or SOFR)
plus margin plus country risk mark-up The Group\u2019s
lease of buildings have lease terms that vary from 1
to 25 years, and several agreements involve a right
of renewal which may be exercised during the last
period of the lease terms. The Group assesses at
the commencement whether it is reasonably
certain to exercise the renewal right. Group\u2019s lease
liabilities are included in interest-bearing liabilities.
See Note 27.
The standard includes two recognition exemptions
for lessees \u2013 leases of \u2019low-value\u2019 assets (e.g.
personal computers) and short-term leases (i.e.
leases with a lease term of 12 months or less) that
Borregaard has adopted. Lease payments on short-
term leases and leases of low-value assets are
recognised as expense on a straight-line basis over
the lease term.
Right-of-use assets
The Group leases several assets such as offices
and other facilities, machinery and equipment and
vehicles. The Group\u2019s right-of-use assets are
categorised and presented in the following table.
RIGHT-OF-USE ASSETS
Amounts in NOK million
Land, buildings
and other
property
Machinery
and plants
Fixtures,
fittings,
vehicles etc.
Other assets
Total
Balance at 1 January 2024
401
1
56
69
527
Depreciations
-72
-1
-24
-22
-119
Additions
48
\u2013
24
\u2013
72
Adjustments to existing contracts and terminations
13
\u2013
\u2013
\u2013
13
Effects of movements in exchange rates
7
\u2013
2
6
15
Balance at 31 December 2024
397
\u2013
58
53
508
Depreciations
-76
\u2013
-23
-22
-121
Additions
20
\u2013
17
10
47
Adjustments to existing contracts and terminations
20
1
\u2013
\u2013
21
Effects of movements in exchange rates
-5
\u2013
-1
-4
-10
Balance at 31 December 2025
356
1
51
37
445
LEASE LIABILITIES
Amounts in NOK million
2025
2024
Balance at 1 January
554
563
Additions
47
72
Adjustments to existing contracts and terminations
21
13
Accretion of interests
33
36
Payments
-147
-146
Currency translations
-9
16
Balance at 31 December
499
554
LEASE LIABILITIES CONT.
Amounts in NOK million
2025
2024
Maturity analysis - contractual undiscounted cash flows
Less than one year
127
143
One to two years
97
115
Two to three years
63
80
Three to four years
49
53
Four to five years
38
42
More than five years
283
300
Total undiscounted lease liabilities at 31 December
657
733
Lease liabilities included in the statement of financial position at 31 December
497
554
Current
99
112
Non-current
398
442
AMOUNTS RECOGNISED IN PROFIT OR LOSS
Amounts in NOK million
2025
2024
Interest on lease liabilities
-33
-36
Depreciation of right-of-use assets
-121
-119
Gains (+) and losses (-) due to terminations, purchases, impairments, and other changes
\u2013
\u2013
Variable lease payments not included in the measurement of lease liabilities
-9
-8
Expenses relating to short-term leases
-63
-44
Expenses relating to leases of low-value assets, excluding short-term leases of low-value assets
-1
-1
Total amount recognised in profit or loss
-227
-208
AMOUNTS RECOGNISED IN THE STATEMENT OF CASH FLOW
Amounts in NOK million
2025
2024
Total cash outflow for leases
220
199
The Group is committed to fulfil future cash
outflows relating to leases amounting to NOK 58
million which is not recorded in the financial
position as of 31 December 2025.
Amounts in NOK million
2025
Options to extend not yet recognised, discounted liability effect
122
Recognised options to extend, discounted liability effect
57
Extension option
Borregaard has lease contracts that include
extension options. The Group determines the lease
term as the non-cancellable term of the lease,
together with any periods covered by an option to
extend the lease if it is reasonably certain to be
exercised, or any periods covered by an\u00a0 option to
terminate the lease, if it is reasonably certain not to
be exercised. Set out below are the discounted
liability effects related to extension\u00a0 options:", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-433": { "value": "
IFRS 16 sets out the principles for the recognition,
measurement, presentation and disclosure of
leases and requires lessees to account for all
leases under a single on-balance sheet model.
The Group recognises right-of-use assets at the
commencement date of the lease (i.e., the date the
underlying asset is available for use). Right-of-use
assets are measured at cost, less any accumulated
depreciation and impairment losses, and adjusted
for any remeasurement of lease liabilities. The cost
of right-of-use assets includes the amount of lease
liabilities recognised, initial direct costs incurred, and
lease payments made at or before the
commencement date less any lease incentives
received. Right-of-use assets are depreciated on a
straight-line basis over the shorter of the lease term
and the estimated useful lives of the assets.
If ownership of the leased asset transfers to the
Group at the end of the lease term or the cost
reflects the exercise of a purchase option,
depreciation is calculated using the estimated useful
life of the asset.
At the commencement date of the lease, the Group
recognises lease liabilities measured at the present
value of lease payments to be made over the lease
term. The lease payments include fixed payments
(including in substance fixed payments) less any
lease incentives receivable, variable lease payments
that depend on an index or a rate, and amounts
expected to be paid under residual value
guarantees, if any. The lease payments also include
the exercise price of a purchase option reasonably
certain to be exercised by the Group and payments
of penalties for terminating the lease, if the lease
term reflects the Group exercising the option to
terminate. Variable lease payments that do not
depend on an index or a rate are recognised as
expenses (unless they are incurred to produce
inventories) in the period in which the event or
condition that triggers the payment occurs.
In calculating the present value of lease payments,
the Group uses its incremental borrowing rate at
the lease commencement date because the
interest rate implicit in the lease is not readily
determinable. After the commencement date, the
amount of lease liabilities is increased to reflect the
accretion of interest and reduced for the lease
payments made. In addition, the carrying amount of
lease liabilities is remeasured if there is a
modification, a change in the lease term, a change
in the lease payments (e.g., changes to future
payments resulting from a change in an index or
rate used to determine such lease payments) or a
change in the assessment of an option to purchase
the underlying asset.
Discount rates used:
Machinery, vehicles and equipment: Incremental
borrowing rate.
Buildings: Implicit interest rate if available.
The incremental borrowing rate is based on
interbank interest rate (NIBOR, EURIBOR or SOFR)
plus margin plus country risk mark-up The Group\u2019s
lease of buildings have lease terms that vary from 1
to 25 years, and several agreements involve a right
of renewal which may be exercised during the last
period of the lease terms. The Group assesses at
the commencement whether it is reasonably
certain to exercise the renewal right. Group\u2019s lease
liabilities are included in interest-bearing liabilities.
See Note 27.
The standard includes two recognition exemptions
for lessees \u2013 leases of \u2019low-value\u2019 assets (e.g.
personal computers) and short-term leases (i.e.
leases with a lease term of 12 months or less) that
Borregaard has adopted. Lease payments on short-
term leases and leases of low-value assets are
recognised as expense on a straight-line basis over
the lease term.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-434": { "value": "
The Group recognises right-of-use assets at the
commencement date of the lease (i.e., the date the
underlying asset is available for use). Right-of-use
assets are measured at cost, less any accumulated
depreciation and impairment losses, and adjusted
for any remeasurement of lease liabilities. The cost
of right-of-use assets includes the amount of lease
liabilities recognised, initial direct costs incurred, and
lease payments made at or before the
commencement date less any lease incentives
received. Right-of-use assets are depreciated on a
straight-line basis over the shorter of the lease term
and the estimated useful lives of the assets.
Amortisable intangible assets are amortised on a
straight-line basis at the following rates:
Development 20% and other intangible assets 10\u2013
15%. Development consists mainly of internal
resources being involved in development projects.
IT consists mainly of external costs.
Property, plant and equipment are depreciated on a
straight-line basis over the useful life, at the
following rates: buildings 2\u20135%, machinery, fixtures
and fittings mainly 4\u201320%, vehicles 15\u201325% and IT
equipment 15\u201333%. The period of depreciation is
reviewed each year and if there are changes in
useful life, depreciation is adjusted. If there is any
indication that an asset may be impaired, the asset
will be written down to the recoverable amount if the
recoverable amount is lower than the carrying value.
The residual value is also calculated and if it is
higher than the carrying value, depreciation is
stopped. This applies in particular to buildings. The
Group is committed to fulfil contracts amounting to
NOK 273 million which is not recorded in the
statement of financial position as of 31 December
2025 (NOK 34 million as of 31 December 2024).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-435": { "value": "
NOTE 13 OTHER INCOME AND EXPENSES1
Other income and expenses 1 largely consist of
material positive and negative non-recurring items,
restructuring costs and any substantial write-
downs of both tangible and intangible assets.
The main purpose of this line is to present material
non-recurring items and items substantially relating
to other periods separately to ensure that the
changes in and comparability of the lines presented
in EBITDA1, depreciation and amortisation are more
relevant to the company. There were no Other
income and expenses1 in 2025.
Amounts in NOK million
2025
2024
Accrual related to remediation of contaminated soil at the site in Norway. See note 35
\u2013
-30
Total other income and expenses1
\u2013
-30
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-440": { "value": "
NOTE 14 NET FINANCIAL ITEMS
Interest income and interest costs on loans and
receivables are calculated using the effective
interest method. Commitment fees and costs
related to borrowings are reported as part of interest
costs. The financial element of pension costs is
included in other finance costs and is disclosed in
Note 10. Borrowing costs related to assets under
construction are recognised in the statement of
financial position together with the asset. Foreign
currency gains or losses arising from operational
assets and liabilities, and the hedging of such, are
reported as operating revenues or operating costs.
Other foreign currency gains or losses are reported
as foreign exchange gain and foreign exchange loss.
The foreign currency gains or losses related to net
investments in subsidiaries are disclosed in Note 29.
There are no major differences between recognised
interest income and inflow of interests. There are\u00a0
no major differences between recognised interest
expense and outflow of interests.
Borregaard has made a total impairment of NOK
245 million of its investments in the bio-based start-
ups Alginor ASA, Kaffe Bueno ApS and Lignovations
GmbH to reflect recent development in these
companies. The impairment is recorded under Net
financial items. See Note 6 and 20.
FINANCE INCOME AND FINANCE COSTS
Amounts in NOK million
2025
2024
Interest income
28
33
Foreign exchange gain
301
332
Other finance income
13
1
Total finance income
342
366
Interest costs
-162
-193
Foreign exchange loss
-312
-349
Other finance costs
-12
-6
Total finance costs
-486
-548
Share of profit/loss from associates
-279
-22
Net financial items
-423
-204
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-439": { "value": "
NOTE 14 NET FINANCIAL ITEMS
Interest income and interest costs on loans and
receivables are calculated using the effective
interest method. Commitment fees and costs
related to borrowings are reported as part of interest
costs. The financial element of pension costs is
included in other finance costs and is disclosed in
Note 10. Borrowing costs related to assets under
construction are recognised in the statement of
financial position together with the asset. Foreign
currency gains or losses arising from operational
assets and liabilities, and the hedging of such, are
reported as operating revenues or operating costs.
Other foreign currency gains or losses are reported
as foreign exchange gain and foreign exchange loss.
The foreign currency gains or losses related to net
investments in subsidiaries are disclosed in Note 29.
There are no major differences between recognised
interest income and inflow of interests. There are\u00a0
no major differences between recognised interest
expense and outflow of interests.
Borregaard has made a total impairment of NOK
245 million of its investments in the bio-based start-
ups Alginor ASA, Kaffe Bueno ApS and Lignovations
GmbH to reflect recent development in these
companies. The impairment is recorded under Net
financial items. See Note 6 and 20.
FINANCE INCOME AND FINANCE COSTS
Amounts in NOK million
2025
2024
Interest income
28
33
Foreign exchange gain
301
332
Other finance income
13
1
Total finance income
342
366
Interest costs
-162
-193
Foreign exchange loss
-312
-349
Other finance costs
-12
-6
Total finance costs
-486
-548
Share of profit/loss from associates
-279
-22
Net financial items
-423
-204
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-438": { "value": "
NOTE 14 NET FINANCIAL ITEMS
Interest income and interest costs on loans and
receivables are calculated using the effective
interest method. Commitment fees and costs
related to borrowings are reported as part of interest
costs. The financial element of pension costs is
included in other finance costs and is disclosed in
Note 10. Borrowing costs related to assets under
construction are recognised in the statement of
financial position together with the asset. Foreign
currency gains or losses arising from operational
assets and liabilities, and the hedging of such, are
reported as operating revenues or operating costs.
Other foreign currency gains or losses are reported
as foreign exchange gain and foreign exchange loss.
The foreign currency gains or losses related to net
investments in subsidiaries are disclosed in Note 29.
There are no major differences between recognised
interest income and inflow of interests. There are\u00a0
no major differences between recognised interest
expense and outflow of interests.
Borregaard has made a total impairment of NOK
245 million of its investments in the bio-based start-
ups Alginor ASA, Kaffe Bueno ApS and Lignovations
GmbH to reflect recent development in these
companies. The impairment is recorded under Net
financial items. See Note 6 and 20.
FINANCE INCOME AND FINANCE COSTS
Amounts in NOK million
2025
2024
Interest income
28
33
Foreign exchange gain
301
332
Other finance income
13
1
Total finance income
342
366
Interest costs
-162
-193
Foreign exchange loss
-312
-349
Other finance costs
-12
-6
Total finance costs
-486
-548
Share of profit/loss from associates
-279
-22
Net financial items
-423
-204
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-437": { "value": "
NOTE 14 NET FINANCIAL ITEMS
Interest income and interest costs on loans and
receivables are calculated using the effective
interest method. Commitment fees and costs
related to borrowings are reported as part of interest
costs. The financial element of pension costs is
included in other finance costs and is disclosed in
Note 10. Borrowing costs related to assets under
construction are recognised in the statement of
financial position together with the asset. Foreign
currency gains or losses arising from operational
assets and liabilities, and the hedging of such, are
reported as operating revenues or operating costs.
Other foreign currency gains or losses are reported
as foreign exchange gain and foreign exchange loss.
The foreign currency gains or losses related to net
investments in subsidiaries are disclosed in Note 29.
There are no major differences between recognised
interest income and inflow of interests. There are\u00a0
no major differences between recognised interest
expense and outflow of interests.
Borregaard has made a total impairment of NOK
245 million of its investments in the bio-based start-
ups Alginor ASA, Kaffe Bueno ApS and Lignovations
GmbH to reflect recent development in these
companies. The impairment is recorded under Net
financial items. See Note 6 and 20.
FINANCE INCOME AND FINANCE COSTS
Amounts in NOK million
2025
2024
Interest income
28
33
Foreign exchange gain
301
332
Other finance income
13
1
Total finance income
342
366
Interest costs
-162
-193
Foreign exchange loss
-312
-349
Other finance costs
-12
-6
Total finance costs
-486
-548
Share of profit/loss from associates
-279
-22
Net financial items
-423
-204
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-436": { "value": "
NOTE 14 NET FINANCIAL ITEMS
Interest income and interest costs on loans and
receivables are calculated using the effective
interest method. Commitment fees and costs
related to borrowings are reported as part of interest
costs. The financial element of pension costs is
included in other finance costs and is disclosed in
Note 10. Borrowing costs related to assets under
construction are recognised in the statement of
financial position together with the asset. Foreign
currency gains or losses arising from operational
assets and liabilities, and the hedging of such, are
reported as operating revenues or operating costs.
Other foreign currency gains or losses are reported
as foreign exchange gain and foreign exchange loss.
The foreign currency gains or losses related to net
investments in subsidiaries are disclosed in Note 29.
There are no major differences between recognised
interest income and inflow of interests. There are\u00a0
no major differences between recognised interest
expense and outflow of interests.
Borregaard has made a total impairment of NOK
245 million of its investments in the bio-based start-
ups Alginor ASA, Kaffe Bueno ApS and Lignovations
GmbH to reflect recent development in these
companies. The impairment is recorded under Net
financial items. See Note 6 and 20.
FINANCE INCOME AND FINANCE COSTS
Amounts in NOK million
2025
2024
Interest income
28
33
Foreign exchange gain
301
332
Other finance income
13
1
Total finance income
342
366
Interest costs
-162
-193
Foreign exchange loss
-312
-349
Other finance costs
-12
-6
Total finance costs
-486
-548
Share of profit/loss from associates
-279
-22
Net financial items
-423
-204
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-442": { "value": "
Interest income and interest costs on loans and
receivables are calculated using the effective
interest method. Commitment fees and costs
related to borrowings are reported as part of interest
costs. The financial element of pension costs is
included in other finance costs and is disclosed in
Note 10. Borrowing costs related to assets under
construction are recognised in the statement of
financial position together with the asset. Foreign
currency gains or losses arising from operational
assets and liabilities, and the hedging of such, are
reported as operating revenues or operating costs.
Other foreign currency gains or losses are reported
as foreign exchange gain and foreign exchange loss.
The foreign currency gains or losses related to net
investments in subsidiaries are disclosed in Note 29.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-441": { "value": "
Interest income and interest costs on loans and
receivables are calculated using the effective
interest method. Commitment fees and costs
related to borrowings are reported as part of interest
costs. The financial element of pension costs is
included in other finance costs and is disclosed in
Note 10. Borrowing costs related to assets under
construction are recognised in the statement of
financial position together with the asset. Foreign
currency gains or losses arising from operational
assets and liabilities, and the hedging of such, are
reported as operating revenues or operating costs.
Other foreign currency gains or losses are reported
as foreign exchange gain and foreign exchange loss.
The foreign currency gains or losses related to net
investments in subsidiaries are disclosed in Note 29.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-443": { "value": "
NOTE 15 TAXES
Income tax expense consists of the total of current
taxes and changes in deferred tax. Current taxes are
recognised in the financial statements at the amount
that is expected to be paid to the tax authorities
based on taxable income reported for entities
included in the combined financial statements.
Current taxes and changes in deferred tax are taken
to other comprehensive income to the extent that
they relate to items that are included in other
comprehensive income.
Deferred tax in the statement of financial position
have been calculated at the nominal tax rate based
on temporary differences between accounting and
tax basis of assets and liabilities on the statement of
financial position date.
Deferred tax liability relating to goodwill has not been
recognised in the statement of financial position.
Deferred tax assets are continuously assessed and
are only recognised in the statement of financial
position to the extent it is probable that future
taxable profit will be large enough for the asset to be
usefully applied. Deferred tax liability and deferred
tax assets are offset as far as this is possible under
taxation legislation and regulations
TAX EXPENSE\u00a0 \u00a0
Amounts in NOK million
2025
2024
Profit before tax
864
1,079
Current tax expense
-242
-292
Change in deferred tax
-22
42
Total tax expense
-264
-250
Tax as % of Profit/loss before taxes
30.6%
23.2%
Reconciliation of the group\u2019s tax rate
In the following table, reported taxes are reconciled
with the tax charge based on the Norwegian tax
rate of 22%. The main tax components are
specified
RECONCILIATION OF TOTAL TAX EXPENSE
Amounts in NOK million
2025
2024
22% of profit before taxes (tax rate in
Norway)
-190
-237
Foreign operations with other tax rates
than 22%
-8
-10
Joint venture and associate companies
7
-4
Impairments of bio-based start-ups
-71
\u2013
Other non-deductible expenses/non-
taxable income
-6
-3
Other current taxes
5
2
Correction previous years
-1
1
Other deferred taxes
\u2013
1
The Group's total tax expense
-264
-250
In addition to the compilation of the tax rates in the
various countries in which Borregaard operates and
has taxable income, the income tax rate for the
Group is also impacted by the following:
Lignotech Florida is a limited liability company
(LLC) which is taxed on the owners\u2019 hand. Profit
before tax is 100% consolidated in the Borregaard
Group, whereas the tax expense is calculated based
on Borregaard\u2019s 55% ownership. Consequently,
profit attributable to non-controlling interests for
LignoTech Florida (45%) is calculated on profit
before tax.
Share of profit after tax from associate companies
is accounted for as part of profit before tax. The net
loss from the joint venture and associate companies
does not decrease the tax expense and thus
increases the Group\u2019s tax rate.
There are carry forward tax losses in the Group
which will not be recognised as deferred tax assets,
and hence increase the Group\u2019s tax rate.
Excluding impairments of bio-based start-ups
(see Note 6), the tax rate was 23.8% in 2025.
Deferred tax liabilities
Deferred tax liability consists of the Group\u2019s tax
liabilities that are payable in the future.The table
below lists deferred tax assets and liabilities
Amounts in NOK million
2025
2024
Deferred tax on tax increasing/(reducing)\u00a0 differences
Hedging taken to comprehensive income
9
-153
Intangible assets and Property, plant and equipment
236
237
Net pension liabilities
31
27
Gain and loss tax deferral
1
1
Other non-current items
-9
-7
Total non-current items
268
105
Current receivables
-2
-4
Inventories
59
54
Provisions
-7
-10
Other current items
-107
-113
Total current items
-57
-73
Losses/tax credits carried forward
-37
-37
Net deferred tax
174
-5
Deferred tax assets, not recognised
33
33
Net deferred tax, recognised
207
28
Change in deferred tax
-179
101
Change in deferred tax taken to comprehensive income
173
-74
Acquisitions/sale of companies, translation effects, etc.
-16
15
Change in deferred tax income statement
-22
42
relating to the timing differences between tax
accounting and financial accounting:
NET DEFERRED TAX PRESENTED IN STATEMENT OF
FINANCIAL POSITION
Amounts in NOK million
2025
2024
Deferred tax
208
148
Deferred tax assets
1
120
Net deferred tax
207
28
LOSSES CARRIED FORWARD BY EXPIRY DATE
Amounts in NOK million
2025
2024
Without expiry date
133
132
Total tax losses carried forward
133
132
TAX REDUCING TIMING DIFFERENCES WITH
CORRESPONDING DEFERRED TAX ASSETS 2025
Amounts in NOK million
Tax reducing
timing
differences
Recognised
deferred tax
assets
Unrecognised
deferred tax
assets
Total deferred
tax assets
Losses/tax credits carried forward by country
Spain
133
\u2013
33
33
USA
\u2013
4
\u2013
4
Total
133
4
33
37
Other tax reducing timing differences
572
85
\u2013
85
Total tax reducing timing differences
705
89
33
122
Netted deferred tax
-569
-88
\u2013
-88
Net tax reducing timing differences
136
1
33
34
Deferred tax assets are only capitalised to the
extent that it is probable that there will be sufficient
future taxable profit for the tax asset to be used,
either because the unit recently reported a profit or
because assets with excess value have been
identified. If future profits are not likely to be
sufficient to absorb the tax reducing timing
differences, deferred tax assets are not recognised.
Borregaard will always seek to meet the tax laws
requirements in the countries where we have
commercial activity. The company will not enter
into arrangements which could be considered
artificial, or which have tax avoidance as their sole
or main objective. Borregaard uses the OECD
guidelines for internal pricing, which is an important
factor in ensuring that profits and taxes are
distributed fairly among different countries.
Pillar Two legislation has been enacted or
substantively enacted in certain jurisdictions in
which the Group operates. However, this legislation
does not apply to the Group as its consolidated
revenue does not exceed EUR 750 million.
TAX PAYMENTS PER COUNTRY
Amounts in NOK million
Tax paid
Norway
-170
United Kingdom
-5
Germany
-1
Czech Republic
-15
USA
-60
Brazil
-9
Singapore
-1
India
-3
Other countries
-1
Total tax paid
-265
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-444": { "value": "
Income tax expense consists of the total of current
taxes and changes in deferred tax. Current taxes are
recognised in the financial statements at the amount
that is expected to be paid to the tax authorities
based on taxable income reported for entities
included in the combined financial statements.
Current taxes and changes in deferred tax are taken
to other comprehensive income to the extent that
they relate to items that are included in other
comprehensive income.
Deferred tax in the statement of financial position
have been calculated at the nominal tax rate based
on temporary differences between accounting and
tax basis of assets and liabilities on the statement of
financial position date.
Deferred tax liability relating to goodwill has not been
recognised in the statement of financial position.
Deferred tax assets are continuously assessed and
are only recognised in the statement of financial
position to the extent it is probable that future
taxable profit will be large enough for the asset to be
usefully applied. Deferred tax liability and deferred
tax assets are offset as far as this is possible under
taxation legislation and regulations", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-446": { "value": "
Deferred tax in the statement of financial position
have been calculated at the nominal tax rate based
on temporary differences between accounting and
tax basis of assets and liabilities on the statement of
financial position date.
Deferred tax liability relating to goodwill has not been
recognised in the statement of financial position.
Deferred tax assets are continuously assessed and
are only recognised in the statement of financial
position to the extent it is probable that future
taxable profit will be large enough for the asset to be
usefully applied. Deferred tax liability and deferred
tax assets are offset as far as this is possible under
taxation legislation and regulations
Deferred tax liabilities
Deferred tax liability consists of the Group\u2019s tax
liabilities that are payable in the future.The table
below lists deferred tax assets and liabilities
Amounts in NOK million
2025
2024
Deferred tax on tax increasing/(reducing)\u00a0 differences
Hedging taken to comprehensive income
9
-153
Intangible assets and Property, plant and equipment
236
237
Net pension liabilities
31
27
Gain and loss tax deferral
1
1
Other non-current items
-9
-7
Total non-current items
268
105
Current receivables
-2
-4
Inventories
59
54
Provisions
-7
-10
Other current items
-107
-113
Total current items
-57
-73
Losses/tax credits carried forward
-37
-37
Net deferred tax
174
-5
Deferred tax assets, not recognised
33
33
Net deferred tax, recognised
207
28
Change in deferred tax
-179
101
Change in deferred tax taken to comprehensive income
173
-74
Acquisitions/sale of companies, translation effects, etc.
-16
15
Change in deferred tax income statement
-22
42
relating to the timing differences between tax
accounting and financial accounting:
NET DEFERRED TAX PRESENTED IN STATEMENT OF
FINANCIAL POSITION
Amounts in NOK million
2025
2024
Deferred tax
208
148
Deferred tax assets
1
120
Net deferred tax
207
28
LOSSES CARRIED FORWARD BY EXPIRY DATE
Amounts in NOK million
2025
2024
Without expiry date
133
132
Total tax losses carried forward
133
132
TAX REDUCING TIMING DIFFERENCES WITH
CORRESPONDING DEFERRED TAX ASSETS 2025
Amounts in NOK million
Tax reducing
timing
differences
Recognised
deferred tax
assets
Unrecognised
deferred tax
assets
Total deferred
tax assets
Losses/tax credits carried forward by country
Spain
133
\u2013
33
33
USA
\u2013
4
\u2013
4
Total
133
4
33
37
Other tax reducing timing differences
572
85
\u2013
85
Total tax reducing timing differences
705
89
33
122
Netted deferred tax
-569
-88
\u2013
-88
Net tax reducing timing differences
136
1
33
34
Deferred tax assets are only capitalised to the
extent that it is probable that there will be sufficient
future taxable profit for the tax asset to be used,
either because the unit recently reported a profit or
because assets with excess value have been
identified. If future profits are not likely to be
sufficient to absorb the tax reducing timing
differences, deferred tax assets are not recognised.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-445": { "value": "
Deferred tax in the statement of financial position
have been calculated at the nominal tax rate based
on temporary differences between accounting and
tax basis of assets and liabilities on the statement of
financial position date.
Deferred tax liability relating to goodwill has not been
recognised in the statement of financial position.
Deferred tax assets are continuously assessed and
are only recognised in the statement of financial
position to the extent it is probable that future
taxable profit will be large enough for the asset to be
usefully applied. Deferred tax liability and deferred
tax assets are offset as far as this is possible under
taxation legislation and regulations", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-447": { "value": "
NOTE 16 EARNINGS PER SHARE (EPS) AND
DIVIDEND
Earnings per share are calculated on the basis of
profit for the year after non-controlling interests.
As a result of the Borregaard Group\u2019s option
programme (see Note 9), outstanding shares may be
diluted when options are exercised. In order to take
into account this future increase in the number of
shares outstanding, diluted earnings per share are
calculated in addition to basic earnings per share.
In this calculation, the average number of shares
outstanding is adjusted to take into account the
estimated dilutive effect of the option programme.
Amounts in NOK million
2025
2024
Profit/loss for the year after non-controlling
interests for continuing operations
620
823
Profit/loss for the year after non-controlling
interests
620
823
Amounts in million shares
Weighted average number of shares
outstanding
99.71
99.70
Estimated dilution effect option programme
.03
.05
Weighted average number of shares
outstanding diluted
99.73
99.75
The share capital consists of 100 million shares
including 270,174 treasury shares as of 31
December 2025. The average number of
outstanding shares during 2025 is 99,705,733 and
the average number of diluted shares in 2025 is
99,731,358.
Amounts in NOK
2025
2024
Earnings per share
6.22
8.25
Earnings per diluted share
6.22
8.25
Ordinary dividend per share
4.75
4.25
Earnings per diluted share for 2025 were NOK 6.22
(NOK 8.25). Excluding impairments of bio-based
start-ups (see Note 6), earnings per share were
NOK 8.67 for the full year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-448": { "value": "
Earnings per share are calculated on the basis of
profit for the year after non-controlling interests.
As a result of the Borregaard Group\u2019s option
programme (see Note 9), outstanding shares may be
diluted when options are exercised. In order to take
into account this future increase in the number of
shares outstanding, diluted earnings per share are
calculated in addition to basic earnings per share.
In this calculation, the average number of shares
outstanding is adjusted to take into account the
estimated dilutive effect of the option programme.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-449": { "value": "
Amounts in NOK million
2025
2024
Profit/loss for the year after non-controlling
interests for continuing operations
620
823
Profit/loss for the year after non-controlling
interests
620
823
Amounts in million shares
Weighted average number of shares
outstanding
99.71
99.70
Estimated dilution effect option programme
.03
.05
Weighted average number of shares
outstanding diluted
99.73
99.75
Amounts in NOK
2025
2024
Earnings per share
6.22
8.25
Earnings per diluted share
6.22
8.25
Ordinary dividend per share
4.75
4.25
Earnings per diluted share for 2025 were NOK 6.22
(NOK 8.25). Excluding impairments of bio-based
start-ups (see Note 6), earnings per share were
NOK 8.67 for the full year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-450": { "value": "4.75", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:NOK/xbrli:shares" } }, "f-451": { "value": "4.25", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:NOK/xbrli:shares" } }, "f-455": { "value": "
NOTE 17 INTANGIBLE ASSETS
Capitalised expenditure on internally generated or
specially adapted computer programmes is
presented as intangible assets. The reinvestment
need of specially adapted computer programmes is
similar to that of other tangible assets, and the
amortisation of intangible assets are presented
together with Borregaard\u2019s other depreciation.
Research and development (R&D) expenditure is the
expenses incurred by Borregaard in conducting
research and development, including studies of
existing or new products and production processes
in order to secure future earnings. Expenditure on
research is always expensed as incurred, while
expenditure on development is recognised in the
statement of financial position if the underlying
economic factors are identifiable and represent
probable future economic benefits of which
Borregaard has control. Borregaard has a large
number of projects in process at all times, but the
number of projects that end in capitalisation is
limited. This is due to the considerable uncertainty
throughout the decision-making process and the
fact that only a small percentage of all projects
culminate in commercial products. Furthermore, the
portion of the total project expenses that qualify for
recognition in the statement of financial position are
relatively small, as it is only from the time the
decision to develop the product is made it can be
capitalised, and that decision-making point comes at
a late stage of the process.
The fair value of intangible assets acquired by the
company through business combinations is
capitalised. Intangible assets with indefinite life will
not be amortised while other intangible assets will
be amortised over their useful life.
Goodwill is initially measured at cost, being the
excess of the aggregate of the transferred and the
amount recognised for non-controlling interest over
the net identified asset acquired and liabilities
assumed. If this consideration is lower than the fair
value of the net assets of the subsidiary acquired,
the difference is recognised in income statement.
Amortisable intangible assets are amortised on a
straight-line basis at the following rates:
Development 20% and other intangible assets 10\u2013
15%. Development consists mainly of internal
resources being involved in development projects.
IT consists mainly of external costs.
Emission rights
Government granted and purchased CO\u2082 emission
allowances expected to be used towards
Borregaard\u2019s own emissions are recognised as
intangible assets at nominal value (cost). In case
there are actual CO\u2082 emissions exceeding the level
covered by emission rights, those are recognised as
a liability. Sale of government granted CO\u2082 emission
rights are recognised at the time of sale at the
transaction price.
See table for information regarding sale of,
obligation to deliver and owned emission rights.
Market price of the emission rights was EUR 85.37
as of 31 December 2025 (EUR 72.78).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-454": { "value": "
NOTE 17 INTANGIBLE ASSETS
Capitalised expenditure on internally generated or
specially adapted computer programmes is
presented as intangible assets. The reinvestment
need of specially adapted computer programmes is
similar to that of other tangible assets, and the
amortisation of intangible assets are presented
together with Borregaard\u2019s other depreciation.
Research and development (R&D) expenditure is the
expenses incurred by Borregaard in conducting
research and development, including studies of
existing or new products and production processes
in order to secure future earnings. Expenditure on
research is always expensed as incurred, while
expenditure on development is recognised in the
statement of financial position if the underlying
economic factors are identifiable and represent
probable future economic benefits of which
Borregaard has control. Borregaard has a large
number of projects in process at all times, but the
number of projects that end in capitalisation is
limited. This is due to the considerable uncertainty
throughout the decision-making process and the
fact that only a small percentage of all projects
culminate in commercial products. Furthermore, the
portion of the total project expenses that qualify for
recognition in the statement of financial position are
relatively small, as it is only from the time the
decision to develop the product is made it can be
capitalised, and that decision-making point comes at
a late stage of the process.
The fair value of intangible assets acquired by the
company through business combinations is
capitalised. Intangible assets with indefinite life will
not be amortised while other intangible assets will
be amortised over their useful life.
Goodwill is initially measured at cost, being the
excess of the aggregate of the transferred and the
amount recognised for non-controlling interest over
the net identified asset acquired and liabilities
assumed. If this consideration is lower than the fair
value of the net assets of the subsidiary acquired,
the difference is recognised in income statement.
Amortisable intangible assets are amortised on a
straight-line basis at the following rates:
Development 20% and other intangible assets 10\u2013
15%. Development consists mainly of internal
resources being involved in development projects.
IT consists mainly of external costs.
Amounts in NOK million
Development and other
intangible assets
IT
Goodwill
Total
Book value 1 January 2025
9
40
39
88
Additions
2
8
10
Depreciation/Amortisation
-6
-13
-19
Impairment
\u2013
Currency translations
\u2013
Book value 31 December 2025
5
35
39
79
Initial cost 31 December 2025
177
214
55
446
Accumulated amortisation and impairment
-172
-179
-16
-367
Book value 31 December 2025
5
35
39
79
Book value 1 January 2024
15
32
37
84
Additions
1
17
\u2013
18
Depreciation/Amortisation
-8
-9
\u2013
-17
Impairment
\u2013
\u2013
\u2013
\u2013
Currency translations
1
2
3
Book value 31 December 2024
9
40
39
88
Initial cost 31 December 2024
175
206
55
436
Accumulated amortisation and impairment
-166
-166
-16
-348
Book value 31 December 2024
9
40
39
88
In addition, Borregaard expensed NOK 126 million
in research costs in 2025 (NOK 121 million). The
amounts include grants and other cost deductions.
See Note 34.
Emission rights
Number of
emission
rights
Emission rights 1 January 2024
664,700
Delivered emission rights for 2023
-120,107
Received emission rights for 2024
157,676
Sold emissions rights during 2024
-55,000
Emission rights 31 December 2024
647,269
Delivered emission rights for 2024
-105,915
Received emission rights for 2025
157,676
Sold emissions rights during 2025
-100,000
Emission rights 31 December 2025
599,030
Obligation to deliver emission rights for 2025 in
2026
-93,873
Available emission rights for 2026
505,157
NOTE 18 PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment are tangible assets
intended for production, delivery of goods or
administrative purposes and have a lasting useful
life. They are recognised in the statement of
financial position at cost minus any accumulated
depreciation and impairment. Annual major
maintenance stops are capitalised as part of
property, plant and equipment and depreciated over
a period of 12 months. All other maintenance and
repairs are expensed under operating expenses as
and when the maintenance is carried out, while
expenditure on replacements or improvements is
added to the cost price of the assets. Borrowing
costs related to the construction of the Group\u2019s own
property, plant and equipment are capitalised as part
of the cost of the asset.
Property, plant and equipment are depreciated on a
straight-line basis over the useful life, at the
following rates: buildings 2\u20135%, machinery, fixtures
and fittings mainly 4\u201320%, vehicles 15\u201325% and IT
equipment 15\u201333%. The period of depreciation is
reviewed each year and if there are changes in
useful life, depreciation is adjusted. If there is any
indication that an asset may be impaired, the asset
will be written down to the recoverable amount if the
recoverable amount is lower than the carrying value.
The residual value is also calculated and if it is
higher than the carrying value, depreciation is
stopped. This applies in particular to buildings. The
Group is committed to fulfil contracts amounting to
NOK 273 million which is not recorded in the
statement of financial position as of 31 December
2025 (NOK 34 million as of 31 December 2024).
Investments according to the transition plan (page
61) are not considered to have an impact on the
useful life or the value of the existing property,
plant, and equipment.
Amounts in NOK million
Land,
buildings and
other property
Machinery and
plants
Assets under
constructions
Fixtures,
fittings,
vehicles, EDP,
etc.
Total
Book value 1 January 2025
1,805
2,661
540
20
5,026
Additions
53
307
417
6
783
Disposals
-2
-2
Transferred assets under construction
113
282
-396
1
\u2013
Impairment
\u2013
Depreciation
-113
-327
-10
-450
Currency translation
-24
-74
-4
-102
Book value 31 December 2025
1,832
2,849
557
17
5,255
Initial cost 31 December 2025
3,402
8,418
557
242
12,619
Accumulated depreciation and impairment
-1,570
-5,569
\u2013
-225
-7,364
Book value 31 December 2025
1,832
2,849
557
17
5,255
Book value 1 January 2024
1,605
2,434
596
26
4,661
Additions
100
226
363
3
692
Disposals
-1
-1
Transferred assets under construction
194
228
-423
1
\u2013
Impairment
\u2013
Depreciation
-117
-298
-10
-425
Currency translation
24
71
4
99
Book value 31 December 2024
1,805
2,661
540
20
5,026
Initial cost 31 December 2024
3,279
8,093
540
234
12,146
Accumulated depreciation and impairment
-1,474
-5,432
\u2013
-214
-7,120
Book value 31 December 2024
1,805
2,661
540
20
5,026
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-453": { "value": "
NOTE 17 INTANGIBLE ASSETS
Capitalised expenditure on internally generated or
specially adapted computer programmes is
presented as intangible assets. The reinvestment
need of specially adapted computer programmes is
similar to that of other tangible assets, and the
amortisation of intangible assets are presented
together with Borregaard\u2019s other depreciation.
Research and development (R&D) expenditure is the
expenses incurred by Borregaard in conducting
research and development, including studies of
existing or new products and production processes
in order to secure future earnings. Expenditure on
research is always expensed as incurred, while
expenditure on development is recognised in the
statement of financial position if the underlying
economic factors are identifiable and represent
probable future economic benefits of which
Borregaard has control. Borregaard has a large
number of projects in process at all times, but the
number of projects that end in capitalisation is
limited. This is due to the considerable uncertainty
throughout the decision-making process and the
fact that only a small percentage of all projects
culminate in commercial products. Furthermore, the
portion of the total project expenses that qualify for
recognition in the statement of financial position are
relatively small, as it is only from the time the
decision to develop the product is made it can be
capitalised, and that decision-making point comes at
a late stage of the process.
The fair value of intangible assets acquired by the
company through business combinations is
capitalised. Intangible assets with indefinite life will
not be amortised while other intangible assets will
be amortised over their useful life.
Goodwill is initially measured at cost, being the
excess of the aggregate of the transferred and the
amount recognised for non-controlling interest over
the net identified asset acquired and liabilities
assumed. If this consideration is lower than the fair
value of the net assets of the subsidiary acquired,
the difference is recognised in income statement.
Amortisable intangible assets are amortised on a
straight-line basis at the following rates:
Development 20% and other intangible assets 10\u2013
15%. Development consists mainly of internal
resources being involved in development projects.
IT consists mainly of external costs.
Amounts in NOK million
Development and other
intangible assets
IT
Goodwill
Total
Book value 1 January 2025
9
40
39
88
Additions
2
8
10
Depreciation/Amortisation
-6
-13
-19
Impairment
\u2013
Currency translations
\u2013
Book value 31 December 2025
5
35
39
79
Initial cost 31 December 2025
177
214
55
446
Accumulated amortisation and impairment
-172
-179
-16
-367
Book value 31 December 2025
5
35
39
79
Book value 1 January 2024
15
32
37
84
Additions
1
17
\u2013
18
Depreciation/Amortisation
-8
-9
\u2013
-17
Impairment
\u2013
\u2013
\u2013
\u2013
Currency translations
1
2
3
Book value 31 December 2024
9
40
39
88
Initial cost 31 December 2024
175
206
55
436
Accumulated amortisation and impairment
-166
-166
-16
-348
Book value 31 December 2024
9
40
39
88
In addition, Borregaard expensed NOK 126 million
in research costs in 2025 (NOK 121 million). The
amounts include grants and other cost deductions.
See Note 34.
Emission rights
Government granted and purchased CO\u2082 emission
allowances expected to be used towards
Borregaard\u2019s own emissions are recognised as
intangible assets at nominal value (cost). In case
there are actual CO\u2082 emissions exceeding the level
covered by emission rights, those are recognised as
a liability. Sale of government granted CO\u2082 emission
rights are recognised at the time of sale at the
transaction price.
See table for information regarding sale of,
obligation to deliver and owned emission rights.
Market price of the emission rights was EUR 85.37
as of 31 December 2025 (EUR 72.78).
Emission rights
Number of
emission
rights
Emission rights 1 January 2024
664,700
Delivered emission rights for 2023
-120,107
Received emission rights for 2024
157,676
Sold emissions rights during 2024
-55,000
Emission rights 31 December 2024
647,269
Delivered emission rights for 2024
-105,915
Received emission rights for 2025
157,676
Sold emissions rights during 2025
-100,000
Emission rights 31 December 2025
599,030
Obligation to deliver emission rights for 2025 in
2026
-93,873
Available emission rights for 2026
505,157
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-452": { "value": "
NOTE 17 INTANGIBLE ASSETS
Capitalised expenditure on internally generated or
specially adapted computer programmes is
presented as intangible assets. The reinvestment
need of specially adapted computer programmes is
similar to that of other tangible assets, and the
amortisation of intangible assets are presented
together with Borregaard\u2019s other depreciation.
Research and development (R&D) expenditure is the
expenses incurred by Borregaard in conducting
research and development, including studies of
existing or new products and production processes
in order to secure future earnings. Expenditure on
research is always expensed as incurred, while
expenditure on development is recognised in the
statement of financial position if the underlying
economic factors are identifiable and represent
probable future economic benefits of which
Borregaard has control. Borregaard has a large
number of projects in process at all times, but the
number of projects that end in capitalisation is
limited. This is due to the considerable uncertainty
throughout the decision-making process and the
fact that only a small percentage of all projects
culminate in commercial products. Furthermore, the
portion of the total project expenses that qualify for
recognition in the statement of financial position are
relatively small, as it is only from the time the
decision to develop the product is made it can be
capitalised, and that decision-making point comes at
a late stage of the process.
The fair value of intangible assets acquired by the
company through business combinations is
capitalised. Intangible assets with indefinite life will
not be amortised while other intangible assets will
be amortised over their useful life.
Goodwill is initially measured at cost, being the
excess of the aggregate of the transferred and the
amount recognised for non-controlling interest over
the net identified asset acquired and liabilities
assumed. If this consideration is lower than the fair
value of the net assets of the subsidiary acquired,
the difference is recognised in income statement.
Amortisable intangible assets are amortised on a
straight-line basis at the following rates:
Development 20% and other intangible assets 10\u2013
15%. Development consists mainly of internal
resources being involved in development projects.
IT consists mainly of external costs.
Amounts in NOK million
Development and other
intangible assets
IT
Goodwill
Total
Book value 1 January 2025
9
40
39
88
Additions
2
8
10
Depreciation/Amortisation
-6
-13
-19
Impairment
\u2013
Currency translations
\u2013
Book value 31 December 2025
5
35
39
79
Initial cost 31 December 2025
177
214
55
446
Accumulated amortisation and impairment
-172
-179
-16
-367
Book value 31 December 2025
5
35
39
79
Book value 1 January 2024
15
32
37
84
Additions
1
17
\u2013
18
Depreciation/Amortisation
-8
-9
\u2013
-17
Impairment
\u2013
\u2013
\u2013
\u2013
Currency translations
1
2
3
Book value 31 December 2024
9
40
39
88
Initial cost 31 December 2024
175
206
55
436
Accumulated amortisation and impairment
-166
-166
-16
-348
Book value 31 December 2024
9
40
39
88
In addition, Borregaard expensed NOK 126 million
in research costs in 2025 (NOK 121 million). The
amounts include grants and other cost deductions.
See Note 34.
Emission rights
Government granted and purchased CO\u2082 emission
allowances expected to be used towards
Borregaard\u2019s own emissions are recognised as
intangible assets at nominal value (cost). In case
there are actual CO\u2082 emissions exceeding the level
covered by emission rights, those are recognised as
a liability. Sale of government granted CO\u2082 emission
rights are recognised at the time of sale at the
transaction price.
See table for information regarding sale of,
obligation to deliver and owned emission rights.
Market price of the emission rights was EUR 85.37
as of 31 December 2025 (EUR 72.78).
Emission rights
Number of
emission
rights
Emission rights 1 January 2024
664,700
Delivered emission rights for 2023
-120,107
Received emission rights for 2024
157,676
Sold emissions rights during 2024
-55,000
Emission rights 31 December 2024
647,269
Delivered emission rights for 2024
-105,915
Received emission rights for 2025
157,676
Sold emissions rights during 2025
-100,000
Emission rights 31 December 2025
599,030
Obligation to deliver emission rights for 2025 in
2026
-93,873
Available emission rights for 2026
505,157
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-456": { "value": "
Research and development (R&D) expenditure is the
expenses incurred by Borregaard in conducting
research and development, including studies of
existing or new products and production processes
in order to secure future earnings. Expenditure on
research is always expensed as incurred, while
expenditure on development is recognised in the
statement of financial position if the underlying
economic factors are identifiable and represent
probable future economic benefits of which
Borregaard has control. Borregaard has a large
number of projects in process at all times, but the
number of projects that end in capitalisation is
limited. This is due to the considerable uncertainty
throughout the decision-making process and the
fact that only a small percentage of all projects
culminate in commercial products. Furthermore, the
portion of the total project expenses that qualify for
recognition in the statement of financial position are
relatively small, as it is only from the time the
decision to develop the product is made it can be
capitalised, and that decision-making point comes at
a late stage of the process.
The fair value of intangible assets acquired by the
company through business combinations is
capitalised. Intangible assets with indefinite life will
not be amortised while other intangible assets will
be amortised over their useful life.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-457": { "value": "
Emission rights
Government granted and purchased CO\u2082 emission
allowances expected to be used towards
Borregaard\u2019s own emissions are recognised as
intangible assets at nominal value (cost). In case
there are actual CO\u2082 emissions exceeding the level
covered by emission rights, those are recognised as
a liability. Sale of government granted CO\u2082 emission
rights are recognised at the time of sale at the
transaction price.
See table for information regarding sale of,
obligation to deliver and owned emission rights.
Market price of the emission rights was EUR 85.37
as of 31 December 2025 (EUR 72.78).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmissionRightsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-458": { "value": "
NOTE 18 PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment are tangible assets
intended for production, delivery of goods or
administrative purposes and have a lasting useful
life. They are recognised in the statement of
financial position at cost minus any accumulated
depreciation and impairment. Annual major
maintenance stops are capitalised as part of
property, plant and equipment and depreciated over
a period of 12 months. All other maintenance and
repairs are expensed under operating expenses as
and when the maintenance is carried out, while
expenditure on replacements or improvements is
added to the cost price of the assets. Borrowing
costs related to the construction of the Group\u2019s own
property, plant and equipment are capitalised as part
of the cost of the asset.
Property, plant and equipment are depreciated on a
straight-line basis over the useful life, at the
following rates: buildings 2\u20135%, machinery, fixtures
and fittings mainly 4\u201320%, vehicles 15\u201325% and IT
equipment 15\u201333%. The period of depreciation is
reviewed each year and if there are changes in
useful life, depreciation is adjusted. If there is any
indication that an asset may be impaired, the asset
will be written down to the recoverable amount if the
recoverable amount is lower than the carrying value.
The residual value is also calculated and if it is
higher than the carrying value, depreciation is
stopped. This applies in particular to buildings. The
Group is committed to fulfil contracts amounting to
NOK 273 million which is not recorded in the
statement of financial position as of 31 December
2025 (NOK 34 million as of 31 December 2024).
Investments according to the transition plan (page
61) are not considered to have an impact on the
useful life or the value of the existing property,
plant, and equipment.
Amounts in NOK million
Land,
buildings and
other property
Machinery and
plants
Assets under
constructions
Fixtures,
fittings,
vehicles, EDP,
etc.
Total
Book value 1 January 2025
1,805
2,661
540
20
5,026
Additions
53
307
417
6
783
Disposals
-2
-2
Transferred assets under construction
113
282
-396
1
\u2013
Impairment
\u2013
Depreciation
-113
-327
-10
-450
Currency translation
-24
-74
-4
-102
Book value 31 December 2025
1,832
2,849
557
17
5,255
Initial cost 31 December 2025
3,402
8,418
557
242
12,619
Accumulated depreciation and impairment
-1,570
-5,569
\u2013
-225
-7,364
Book value 31 December 2025
1,832
2,849
557
17
5,255
Book value 1 January 2024
1,605
2,434
596
26
4,661
Additions
100
226
363
3
692
Disposals
-1
-1
Transferred assets under construction
194
228
-423
1
\u2013
Impairment
\u2013
Depreciation
-117
-298
-10
-425
Currency translation
24
71
4
99
Book value 31 December 2024
1,805
2,661
540
20
5,026
Initial cost 31 December 2024
3,279
8,093
540
234
12,146
Accumulated depreciation and impairment
-1,474
-5,432
\u2013
-214
-7,120
Book value 31 December 2024
1,805
2,661
540
20
5,026
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-459": { "value": "
Property, plant and equipment are tangible assets
intended for production, delivery of goods or
administrative purposes and have a lasting useful
life. They are recognised in the statement of
financial position at cost minus any accumulated
depreciation and impairment. Annual major
maintenance stops are capitalised as part of
property, plant and equipment and depreciated over
a period of 12 months. All other maintenance and
repairs are expensed under operating expenses as
and when the maintenance is carried out, while
expenditure on replacements or improvements is
added to the cost price of the assets. Borrowing
costs related to the construction of the Group\u2019s own
property, plant and equipment are capitalised as part
of the cost of the asset.
Property, plant and equipment are depreciated on a
straight-line basis over the useful life, at the
following rates: buildings 2\u20135%, machinery, fixtures
and fittings mainly 4\u201320%, vehicles 15\u201325% and IT
equipment 15\u201333%. The period of depreciation is
reviewed each year and if there are changes in
useful life, depreciation is adjusted. If there is any
indication that an asset may be impaired, the asset
will be written down to the recoverable amount if the
recoverable amount is lower than the carrying value.
The residual value is also calculated and if it is
higher than the carrying value, depreciation is
stopped. This applies in particular to buildings. The
Group is committed to fulfil contracts amounting to
NOK 273 million which is not recorded in the
statement of financial position as of 31 December
2025 (NOK 34 million as of 31 December 2024).
Investments according to the transition plan (page
61) are not considered to have an impact on the
useful life or the value of the existing property,
plant, and equipment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-460": { "value": "Annual major
maintenance stops are capitalised as part of
property, plant and equipment and depreciated over
a period of 12 months. All other maintenance and
repairs are expensed under operating expenses as
and when the maintenance is carried out, while
expenditure on replacements or improvements is
added to the cost price of the assets.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-462": { "value": "Borrowing
costs related to the construction of the Group\u2019s own
property, plant and equipment are capitalised as part
of the cost of the asset.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-461": { "value": "Borrowing
costs related to the construction of the Group\u2019s own
property, plant and equipment are capitalised as part
of the cost of the asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-463": { "value": "
NOTE 19 OVERVIEW OF FINANCIAL INSTRUMENTS
Loans, as well as trade receivables, are held to
collect contractual cash flows and are expected to
give rise to cash flows solely representing payments
of principal and interest. The Group analysed the
contractual cash flow characteristics of those
instruments and concluded that they meet the
criteria for amortised cost measurement under IFRS
9. The Group applied the simplified approach and
record lifetime expected losses on all trade receivables.
The Group has considered that due to the historical
low level of credit losses, the loss allowance will not
be materially different from the current level.
Transactions in foreign currencies are recognised at
the exchange rate on the date of the transaction,
while monetary items in foreign currencies are
presented at the exchange rate on the balance sheet
date, and any gain/ loss is reported in the income
statement as financial items. Revenues and expenses
in subsidiaries with a functional currency different
from the Group\u2019s presentation currency are translated
monthly at the average exchange rate for the month
and accumulated. Statement of financial position
items in subsidiaries with a different functional
currency are translated at the exchange rate on the
balance sheet date. Translation differences are
reported in comprehensive income.
The Group uses the following hierarchy for
determining and disclosing the fair value of
financial instruments, by valuation technique:
Level 1:
Quoted market prices in an active market (that are
unadjusted) for identical assets and liabilities.
Level 2:
Valuation techniques (for which the lowest level
input that is significant to the fair value
measurement is directly or indirectly observable).
Level 3:
Valuation techniques (for which the lowest level
input that is significant to the fair value
measurement is unobservable).
The foreign exchange element in currency forward
contracts is measured at observable market prices
using the foreign exchange rate set by Norges
Bank, Norway\u2019s central bank. Different maturity
dates add an interest rate element resulting in an
estimated fair value of the currency forward
contracts. There have been no transfers from one
level in the measurement hierarchy to another from
2024 to 2025. A description of how the derivatives
are measured is provided in Note 29.
OVERVIEW OF FINANCIAL INSTRUMENTS 2025
Amounts in NOK million
Note
Measure-
ment level
Financial
instrument
s at fair
value
through
profit and
loss
Financial
instruments
at fair value
- hedging
instruments
Financial
liabilities
measured at
amortised
cost
Deposits
and
receivables
measured at
amortised
cost
Total
Of this
interest
-bearing
Fair
value
Non-current assets
Non-current financial receivables
20
2
\u2013
\u2013
\u2013
176
176
\u2013
176
Share investments
20
2
\u2013
\u2013
\u2013
17
17
\u2013
17
Non-current derivatives
20, 29
2
\u2013
89
\u2013
\u2013
89
\u2013
89
Total
\u2013
89
\u2013
193
282
\u2013
282
Current assets
Accounts receivable
22
\u2013
\u2013
\u2013
1,095
1,095
\u2013
1,095
Other current receivables
22
\u2013
\u2013
\u2013
15
15
\u2013
15
Current derivatives
22, 29
2
7
67
\u2013
\u2013
74
\u2013
74
Cash and cash equivalents
23
\u2013
\u2013
\u2013
91
91
91
91
Total
7
67
\u2013
1,201
1,275
91
1,275
Non-current liabilities
Non-current financial liabilities
12, 27
2.3
\u2013
\u2013
1,720
\u2013
1,720
1,718
1,720
Non-current derivatives
24, 29
2
\u2013
68
\u2013
\u2013
68
\u2013
68
Total
\u2013
68
1,720
\u2013
1,788
1,718
1,788
Current liabilities
Current financial liabilities
12, 27
2
\u2013
\u2013
463
\u2013
463
463
463
Accounts payable
25
\u2013
\u2013
503
\u2013
503
\u2013
503
Other current liabilities
25
\u2013
\u2013
7
\u2013
7
\u2013
7
Current derivatives
25, 29
2
1
49
\u2013
\u2013
50
\u2013
50
Total
1
49
973
\u2013
1,023
463
1,023
Total financial instruments
6
39
-2,693
1,394
-1,254
-2,090
-1,254
Total measurement level 1
\u2013
\u2013
Total measurement level 2, assets
7
156
\u2013
193
356
\u2013
356
Total measurement level 2,
liabilities
-1
-117
-1,683
\u2013
-1,801
-1,681
-1,801
Total measurement level 3
\u2013
\u2013
-500
\u2013
-500
-500
-500
OVERVIEW OF FINANCIAL INSTRUMENTS 2024
Amounts in NOK million
Note
Measure-
ment level
Financial
instrument
s at fair
value
through
profit and
loss
Financial
instruments
at fair value
- hedging
instruments
Financial
liabilities
measured at
amortised
cost
Deposits
and
receivables
measured at
amortised
cost
Total
Of this
interest
-
bearing
Fair
value
Non-current assets
Non-current financial receivables
20
2
\u2013
\u2013
\u2013
191
191
1
191
Share investments
20
1
\u2013
\u2013
\u2013
28
28
\u2013
28
Non-current derivatives
20, 29
2
\u2013
1
\u2013
\u2013
1
\u2013
1
Total
\u2013
1
\u2013
219
220
1
220
Current assets
Accounts receivable
22
\u2013
\u2013
\u2013
1,073
1,073
\u2013
1,073
Other current receivables
22
\u2013
\u2013
\u2013
41
41
\u2013
41
Current derivatives
22, 29
2
1
4
\u2013
\u2013
5
\u2013
5
Cash and cash equivalents
23
\u2013
\u2013
\u2013
82
82
82
82
Total
1
4
\u2013
1,196
1,201
82
1,201
Non-current liabilities
Non-current financial liabilities
12, 27
2.3
\u2013
\u2013
2,037
\u2013
2,037
2,035
2,037
Non-current derivatives
24, 29
2
\u2013
336
\u2013
\u2013
336
\u2013
336
Total
\u2013
336
2,037
\u2013
2,373
2,035
2,373
Current liabilities
Current financial liabilities
12, 27
2
\u2013
\u2013
288
\u2013
288
288
288
Accounts payable
25
\u2013
\u2013
551
\u2013
551
\u2013
551
Other current liabilities
25
\u2013
\u2013
9
\u2013
9
\u2013
9
Current derivatives
25, 29
2
2
361
\u2013
\u2013
363
\u2013
363
Total
2
361
848
\u2013
1,211
288
1,211
Total financial instruments
-1
-692
-2,885
1,415
-2,163
-2,240
-2,163
Total measurement level 1
\u2013
\u2013
\u2013
Total measurement level 2, assets
1
5
\u2013
219
225
1
225
Total measurement level 2,
liabilities
-2
-697
-1,825
\u2013
-2,524
-1,823
-2,524
Total measurement level 3
\u2013
\u2013
-500
\u2013
-500
-500
-500
For current assets and liabilities, fair value is
estimated close or equal to book value. The bond is
determined as measurement level 3. The fair value
of the bond is deemed to equal book value.
The bond carries floating interest terms and the
issuer\u2019s credit quality is not considered to have
changed since the bond was issued in June 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-464": { "value": "
Loans, as well as trade receivables, are held to
collect contractual cash flows and are expected to
give rise to cash flows solely representing payments
of principal and interest. The Group analysed the
contractual cash flow characteristics of those
instruments and concluded that they meet the
criteria for amortised cost measurement under IFRS
9. The Group applied the simplified approach and
record lifetime expected losses on all trade receivables.
The Group has considered that due to the historical
low level of credit losses, the loss allowance will not
be materially different from the current level.
Transactions in foreign currencies are recognised at
the exchange rate on the date of the transaction,
while monetary items in foreign currencies are
presented at the exchange rate on the balance sheet
date, and any gain/ loss is reported in the income
statement as financial items. Revenues and expenses
in subsidiaries with a functional currency different
from the Group\u2019s presentation currency are translated
monthly at the average exchange rate for the month
and accumulated. Statement of financial position
items in subsidiaries with a different functional
currency are translated at the exchange rate on the
balance sheet date. Translation differences are
reported in comprehensive income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-466": { "value": "
The Group uses the following hierarchy for
determining and disclosing the fair value of
financial instruments, by valuation technique:
Level 1:
Quoted market prices in an active market (that are
unadjusted) for identical assets and liabilities.
Level 2:
Valuation techniques (for which the lowest level
input that is significant to the fair value
measurement is directly or indirectly observable).
Level 3:
Valuation techniques (for which the lowest level
input that is significant to the fair value
measurement is unobservable).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-465": { "value": "
The Group uses the following hierarchy for
determining and disclosing the fair value of
financial instruments, by valuation technique:
Level 1:
Quoted market prices in an active market (that are
unadjusted) for identical assets and liabilities.
Level 2:
Valuation techniques (for which the lowest level
input that is significant to the fair value
measurement is directly or indirectly observable).
Level 3:
Valuation techniques (for which the lowest level
input that is significant to the fair value
measurement is unobservable).
OVERVIEW OF FINANCIAL INSTRUMENTS 2025
Amounts in NOK million
Note
Measure-
ment level
Financial
instrument
s at fair
value
through
profit and
loss
Financial
instruments
at fair value
- hedging
instruments
Financial
liabilities
measured at
amortised
cost
Deposits
and
receivables
measured at
amortised
cost
Total
Of this
interest
-bearing
Fair
value
Non-current assets
Non-current financial receivables
20
2
\u2013
\u2013
\u2013
176
176
\u2013
176
Share investments
20
2
\u2013
\u2013
\u2013
17
17
\u2013
17
Non-current derivatives
20, 29
2
\u2013
89
\u2013
\u2013
89
\u2013
89
Total
\u2013
89
\u2013
193
282
\u2013
282
Current assets
Accounts receivable
22
\u2013
\u2013
\u2013
1,095
1,095
\u2013
1,095
Other current receivables
22
\u2013
\u2013
\u2013
15
15
\u2013
15
Current derivatives
22, 29
2
7
67
\u2013
\u2013
74
\u2013
74
Cash and cash equivalents
23
\u2013
\u2013
\u2013
91
91
91
91
Total
7
67
\u2013
1,201
1,275
91
1,275
Non-current liabilities
Non-current financial liabilities
12, 27
2.3
\u2013
\u2013
1,720
\u2013
1,720
1,718
1,720
Non-current derivatives
24, 29
2
\u2013
68
\u2013
\u2013
68
\u2013
68
Total
\u2013
68
1,720
\u2013
1,788
1,718
1,788
Current liabilities
Current financial liabilities
12, 27
2
\u2013
\u2013
463
\u2013
463
463
463
Accounts payable
25
\u2013
\u2013
503
\u2013
503
\u2013
503
Other current liabilities
25
\u2013
\u2013
7
\u2013
7
\u2013
7
Current derivatives
25, 29
2
1
49
\u2013
\u2013
50
\u2013
50
Total
1
49
973
\u2013
1,023
463
1,023
Total financial instruments
6
39
-2,693
1,394
-1,254
-2,090
-1,254
Total measurement level 1
\u2013
\u2013
Total measurement level 2, assets
7
156
\u2013
193
356
\u2013
356
Total measurement level 2,
liabilities
-1
-117
-1,683
\u2013
-1,801
-1,681
-1,801
Total measurement level 3
\u2013
\u2013
-500
\u2013
-500
-500
-500
OVERVIEW OF FINANCIAL INSTRUMENTS 2024
Amounts in NOK million
Note
Measure-
ment level
Financial
instrument
s at fair
value
through
profit and
loss
Financial
instruments
at fair value
- hedging
instruments
Financial
liabilities
measured at
amortised
cost
Deposits
and
receivables
measured at
amortised
cost
Total
Of this
interest
-
bearing
Fair
value
Non-current assets
Non-current financial receivables
20
2
\u2013
\u2013
\u2013
191
191
1
191
Share investments
20
1
\u2013
\u2013
\u2013
28
28
\u2013
28
Non-current derivatives
20, 29
2
\u2013
1
\u2013
\u2013
1
\u2013
1
Total
\u2013
1
\u2013
219
220
1
220
Current assets
Accounts receivable
22
\u2013
\u2013
\u2013
1,073
1,073
\u2013
1,073
Other current receivables
22
\u2013
\u2013
\u2013
41
41
\u2013
41
Current derivatives
22, 29
2
1
4
\u2013
\u2013
5
\u2013
5
Cash and cash equivalents
23
\u2013
\u2013
\u2013
82
82
82
82
Total
1
4
\u2013
1,196
1,201
82
1,201
Non-current liabilities
Non-current financial liabilities
12, 27
2.3
\u2013
\u2013
2,037
\u2013
2,037
2,035
2,037
Non-current derivatives
24, 29
2
\u2013
336
\u2013
\u2013
336
\u2013
336
Total
\u2013
336
2,037
\u2013
2,373
2,035
2,373
Current liabilities
Current financial liabilities
12, 27
2
\u2013
\u2013
288
\u2013
288
288
288
Accounts payable
25
\u2013
\u2013
551
\u2013
551
\u2013
551
Other current liabilities
25
\u2013
\u2013
9
\u2013
9
\u2013
9
Current derivatives
25, 29
2
2
361
\u2013
\u2013
363
\u2013
363
Total
2
361
848
\u2013
1,211
288
1,211
Total financial instruments
-1
-692
-2,885
1,415
-2,163
-2,240
-2,163
Total measurement level 1
\u2013
\u2013
\u2013
Total measurement level 2, assets
1
5
\u2013
219
225
1
225
Total measurement level 2,
liabilities
-2
-697
-1,825
\u2013
-2,524
-1,823
-2,524
Total measurement level 3
\u2013
\u2013
-500
\u2013
-500
-500
-500
For current assets and liabilities, fair value is
estimated close or equal to book value. The bond is
determined as measurement level 3. The fair value
of the bond is deemed to equal book value.
The bond carries floating interest terms and the
issuer\u2019s credit quality is not considered to have
changed since the bond was issued in June 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-468": { "value": "
The foreign exchange element in currency forward
contracts is measured at observable market prices
using the foreign exchange rate set by Norges
Bank, Norway\u2019s central bank. Different maturity
dates add an interest rate element resulting in an
estimated fair value of the currency forward
contracts. There have been no transfers from one
level in the measurement hierarchy to another from
2024 to 2025. A description of how the derivatives
are measured is provided in Note 29.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-467": { "value": "
The foreign exchange element in currency forward
contracts is measured at observable market prices
using the foreign exchange rate set by Norges
Bank, Norway\u2019s central bank. Different maturity
dates add an interest rate element resulting in an
estimated fair value of the currency forward
contracts. There have been no transfers from one
level in the measurement hierarchy to another from
2024 to 2025. A description of how the derivatives
are measured is provided in Note 29.
2025
Amounts in
million
Purchase
currency
Amount
Sale
currency
Amount
Maturity
USD
2
NOK
24
2026
NOK
1,538
USD
153
2026
NOK
1,407
USD
140
2027
NOK
919
USD
91
2028
EUR
6
NOK
73
2026
EUR
9
NOK
109
2027
NOK
1,404
EUR
119
2026
NOK
1,354
EUR
114
2027
NOK
915
EUR
77
2028
SEK
66
NOK
72
2026
2024
Amounts in
million
Purchase
currency
Amount
Sale
currency
Amount
Maturity
USD
2
NOK
19
2025
NOK
1,572
USD
158
2025
NOK
1,567
USD
150
2026
NOK
1,086
USD
102
2027
EUR
2
USD
2
2025
EUR
2
NOK
18
2025
NOK
1,365
NOK
125
2025
NOK
1,389
EUR
119
2026
NOK
1,049
EUR
87
2027
SEK
66
EUR
68
2025
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-469": { "value": "
OVERVIEW OF FINANCIAL INSTRUMENTS 2025
Amounts in NOK million
Note
Measure-
ment level
Financial
instrument
s at fair
value
through
profit and
loss
Financial
instruments
at fair value
- hedging
instruments
Financial
liabilities
measured at
amortised
cost
Deposits
and
receivables
measured at
amortised
cost
Total
Of this
interest
-bearing
Fair
value
Non-current assets
Non-current financial receivables
20
2
\u2013
\u2013
\u2013
176
176
\u2013
176
Share investments
20
2
\u2013
\u2013
\u2013
17
17
\u2013
17
Non-current derivatives
20, 29
2
\u2013
89
\u2013
\u2013
89
\u2013
89
Total
\u2013
89
\u2013
193
282
\u2013
282
Current assets
Accounts receivable
22
\u2013
\u2013
\u2013
1,095
1,095
\u2013
1,095
Other current receivables
22
\u2013
\u2013
\u2013
15
15
\u2013
15
Current derivatives
22, 29
2
7
67
\u2013
\u2013
74
\u2013
74
Cash and cash equivalents
23
\u2013
\u2013
\u2013
91
91
91
91
Total
7
67
\u2013
1,201
1,275
91
1,275
Non-current liabilities
Non-current financial liabilities
12, 27
2.3
\u2013
\u2013
1,720
\u2013
1,720
1,718
1,720
Non-current derivatives
24, 29
2
\u2013
68
\u2013
\u2013
68
\u2013
68
Total
\u2013
68
1,720
\u2013
1,788
1,718
1,788
Current liabilities
Current financial liabilities
12, 27
2
\u2013
\u2013
463
\u2013
463
463
463
Accounts payable
25
\u2013
\u2013
503
\u2013
503
\u2013
503
Other current liabilities
25
\u2013
\u2013
7
\u2013
7
\u2013
7
Current derivatives
25, 29
2
1
49
\u2013
\u2013
50
\u2013
50
Total
1
49
973
\u2013
1,023
463
1,023
Total financial instruments
6
39
-2,693
1,394
-1,254
-2,090
-1,254
Total measurement level 1
\u2013
\u2013
Total measurement level 2, assets
7
156
\u2013
193
356
\u2013
356
Total measurement level 2,
liabilities
-1
-117
-1,683
\u2013
-1,801
-1,681
-1,801
Total measurement level 3
\u2013
\u2013
-500
\u2013
-500
-500
-500
OVERVIEW OF FINANCIAL INSTRUMENTS 2024
Amounts in NOK million
Note
Measure-
ment level
Financial
instrument
s at fair
value
through
profit and
loss
Financial
instruments
at fair value
- hedging
instruments
Financial
liabilities
measured at
amortised
cost
Deposits
and
receivables
measured at
amortised
cost
Total
Of this
interest
-
bearing
Fair
value
Non-current assets
Non-current financial receivables
20
2
\u2013
\u2013
\u2013
191
191
1
191
Share investments
20
1
\u2013
\u2013
\u2013
28
28
\u2013
28
Non-current derivatives
20, 29
2
\u2013
1
\u2013
\u2013
1
\u2013
1
Total
\u2013
1
\u2013
219
220
1
220
Current assets
Accounts receivable
22
\u2013
\u2013
\u2013
1,073
1,073
\u2013
1,073
Other current receivables
22
\u2013
\u2013
\u2013
41
41
\u2013
41
Current derivatives
22, 29
2
1
4
\u2013
\u2013
5
\u2013
5
Cash and cash equivalents
23
\u2013
\u2013
\u2013
82
82
82
82
Total
1
4
\u2013
1,196
1,201
82
1,201
Non-current liabilities
Non-current financial liabilities
12, 27
2.3
\u2013
\u2013
2,037
\u2013
2,037
2,035
2,037
Non-current derivatives
24, 29
2
\u2013
336
\u2013
\u2013
336
\u2013
336
Total
\u2013
336
2,037
\u2013
2,373
2,035
2,373
Current liabilities
Current financial liabilities
12, 27
2
\u2013
\u2013
288
\u2013
288
288
288
Accounts payable
25
\u2013
\u2013
551
\u2013
551
\u2013
551
Other current liabilities
25
\u2013
\u2013
9
\u2013
9
\u2013
9
Current derivatives
25, 29
2
2
361
\u2013
\u2013
363
\u2013
363
Total
2
361
848
\u2013
1,211
288
1,211
Total financial instruments
-1
-692
-2,885
1,415
-2,163
-2,240
-2,163
Total measurement level 1
\u2013
\u2013
\u2013
Total measurement level 2, assets
1
5
\u2013
219
225
1
225
Total measurement level 2,
liabilities
-2
-697
-1,825
\u2013
-2,524
-1,823
-2,524
Total measurement level 3
\u2013
\u2013
-500
\u2013
-500
-500
-500
For current assets and liabilities, fair value is
estimated close or equal to book value. The bond is
determined as measurement level 3. The fair value
of the bond is deemed to equal book value.
The bond carries floating interest terms and the
issuer\u2019s credit quality is not considered to have
changed since the bond was issued in June 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-471": { "value": "
NOTE 20 OTHER ASSETS (NON-CURRENT)
Receivables are initially recognised at fair value
which is generally the original invoice amount.\u00a0 \u00a0 \u00a0
For trade receivables see Note 22. The interest rate
element is disregarded if it is insignificant, which is
the case for the majority of receivables
The Austrian technology start-up Lignovations has
had delays and consequently faced lack of funding.
Borregaard has made a total impairment of NOK 10
million of the investment.
After the impairment of Lignovations, Borregaard's
carrying amount of share investments in bio-based
start-ups (Lignovations and Oceanium) and other
companies was NOK 17 million as of 31 December
2025. These investments are a result of Borregaard\u2019s
business development strategy and complement
the existing business portfolio.
Amounts in NOK million
2025
2024
Share investments
17
28
Non interest-bearing derivatives
(Note 19)
89
1
Receivables interest-bearing (Note
19)
\u2013
1
Receivables non interest-bearing
(Note 19)
176
190
Total financial assets
282
220
Net pension plan (Note 10)
210
184
Total other assets
492
404
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-470": { "value": "
NOTE 20 OTHER ASSETS (NON-CURRENT)
Receivables are initially recognised at fair value
which is generally the original invoice amount.\u00a0 \u00a0 \u00a0
For trade receivables see Note 22. The interest rate
element is disregarded if it is insignificant, which is
the case for the majority of receivables
The Austrian technology start-up Lignovations has
had delays and consequently faced lack of funding.
Borregaard has made a total impairment of NOK 10
million of the investment.
After the impairment of Lignovations, Borregaard's
carrying amount of share investments in bio-based
start-ups (Lignovations and Oceanium) and other
companies was NOK 17 million as of 31 December
2025. These investments are a result of Borregaard\u2019s
business development strategy and complement
the existing business portfolio.
Amounts in NOK million
2025
2024
Share investments
17
28
Non interest-bearing derivatives
(Note 19)
89
1
Receivables interest-bearing (Note
19)
\u2013
1
Receivables non interest-bearing
(Note 19)
176
190
Total financial assets
282
220
Net pension plan (Note 10)
210
184
Total other assets
492
404
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-473": { "value": "
Receivables are initially recognised at fair value
which is generally the original invoice amount.\u00a0 \u00a0 \u00a0
For trade receivables see Note 22. The interest rate
element is disregarded if it is insignificant, which is
the case for the majority of receivables
NOTE 22 RECEIVABLES (CURRENT)
Receivables are initially recognised at fair value
which is generally the original invoice amount.\u00a0 \u00a0 \u00a0 \u00a0
For trade receivables the Group applies a simplified
approach in calculating expected credit losses.
Therefore, the Group does not track changes in
credit risk, but instead recognises a loss allowance
based on lifetime expected credit losses at each
reporting date. The Group has established a provision
matrix that is based on its historical credit loss
experience, adjusted for forward-looking factors
specific to the debtors and the economic environment.
Current receivables are both operating receivables
and interest-bearing receivables. Operating
receivables are broken down into trade receivables,
accrued advance payments to suppliers and other
current receivables. Trade receivables are non
interest-bearing and are generally on terms of 30 to
90 days.
Amounts in NOK million
2025
2024
Accounts receivable (Note 19)
1,095
1,073
Non interest-bearing derivatives (Note 19)
74
5
Other current receivables (Note 19)
15
41
Total financial receivables
1,184
1,119
Advance payment to suppliers/earned income
289
301
Tax receivables
43
21
Total current receivables
1,516
1,441
CHANGE IN PROVISIONS FOR BAD DEBT:
Amounts in NOK million
2025
2024
Provisions for bad debts 1 January
18
11
Bad debts recognised as expense (- income)
-8
6
Realised losses
-3
\u2013
Translation effects
-1
1
Provisions for bad debts 31 December
6
18
ACCOUNTS RECEIVABLE HAVE THE FOLLOWING DUE
DATES:
Amounts in NOK million
2025
2024
Accounts receivable not due
975
901
Overdue receivables 1-30 days
107
144
Overdue receivables 31-60 days
12
29
Overdue receivables 61-90 days
7
3
Overdue receivables over 90 days
\u2013
14
Accounts receivable carrying amount 31
December
1,101
1,091
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-472": { "value": "
Receivables are initially recognised at fair value
which is generally the original invoice amount.\u00a0 \u00a0 \u00a0
For trade receivables see Note 22. The interest rate
element is disregarded if it is insignificant, which is
the case for the majority of receivables
Receivables are initially recognised at fair value
which is generally the original invoice amount.\u00a0 \u00a0 \u00a0 \u00a0
For trade receivables the Group applies a simplified
approach in calculating expected credit losses.
Therefore, the Group does not track changes in
credit risk, but instead recognises a loss allowance
based on lifetime expected credit losses at each
reporting date. The Group has established a provision
matrix that is based on its historical credit loss
experience, adjusted for forward-looking factors
specific to the debtors and the economic environment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-474": { "value": "31 December
2025. These investments are a result of Borregaard\u2019s
business development strategy and complement
the existing business portfolio.
Amounts in NOK million
2025
2024
Share investments
17
28
Non interest-bearing derivatives
(Note 19)
89
1
Receivables interest-bearing (Note
19)
\u2013
1
Receivables non interest-bearing
(Note 19)
176
190
Total financial assets
282
220
Net pension plan (Note 10)
210
184
Total other assets
492
404
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-475": { "value": "
NOTE 21 INVENTORIES AND COST OF MATERIALS
Inventories are measured at the lower of cost and
net realisable value. Purchased goods are measured
at purchase cost according to the FIFO principle,
while internally manufactured finished goods and
work in progress are measured at production cost.
Deductions are made for obsolescence. Net realisable
value is the estimated selling price minus selling costs.
As of 31 December 2025, there is a total write down
of inventories of NOK 6 million (NOK 2 million)
related to inventories measured at net realisable
value total NOK 59 million (NOK 28 million). There
are no reversed write-downs from earlier years.
Amounts in NOK million
2025
2024
Raw materials
217
216
Work in progress
106
127
Finished goods and merchandise
1,198
1,155
Total inventories
1,521
1,498
Amounts in NOK million
2025
2024
Wood costs (Note 28)
-866
-783
Energy costs (Note 28)
-472
-537
Other materials
-1,342
-1,431
Change in work in progress and
finished goods
21
19
Cost of materials
-2,659
-2,732
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-477": { "value": "
Inventories are measured at the lower of cost and
net realisable value. Purchased goods are measured
at purchase cost according to the FIFO principle,
while internally manufactured finished goods and
work in progress are measured at production cost.
Deductions are made for obsolescence. Net realisable
value is the estimated selling price minus selling costs.", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-476": { "value": "
Inventories are measured at the lower of cost and
net realisable value. Purchased goods are measured
at purchase cost according to the FIFO principle,
while internally manufactured finished goods and
work in progress are measured at production cost.
Deductions are made for obsolescence. Net realisable
value is the estimated selling price minus selling costs.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-479": { "value": "
CHANGE IN PROVISIONS FOR BAD DEBT:
Amounts in NOK million
2025
2024
Provisions for bad debts 1 January
18
11
Bad debts recognised as expense (- income)
-8
6
Realised losses
-3
\u2013
Translation effects
-1
1
Provisions for bad debts 31 December
6
18
Credit risk
The management of credit risk related to accounts
receivable and other operating receivables is
handled as part of the business risk but based on
guidelines set by Borregaard AS and continuously
monitored by the operating entities. There is no
significant concentration of credit risk in respect of
single counterparts. A credit management policy is
in place. Credit losses are historically modest due
to a stable and financially healthy customer base as
well as stringent monitoring of trade receivables.
See Note 22. For sales to countries or customers
associated with high political or commercial risk,
trade finance products are widely used to reduce
credit risk.
With these risk mitigation measures in place, the
current credit risk is considered to be acceptable.
See Note 8 for geographical breakdown of sales
revenues.
Borregaard considers its credit risk related to other
financial instruments to be low. Firstly, only
relationship banks act as counterparts for financial
hedge transactions. Secondly, bank accounts are
mainly held with relationship banks. For deposits of
liquidity with other counterparts in countries where
relationship banks are not present, Borregaard has
requirements relating to the bank\u2019s credit rating.
Maximum credit risk
The maximum credit exposure for the Group
related to financial instruments corresponds to
total gross receivables. In the hypothetical and
highly unlikely event that no receivables are
redeemed, this amounts to:
Amounts in NOK million
2025
2024
Cash and cash equivalents
91
82
Accounts receivable
1,095
1,073
Other current receivables
15
41
Non-current receivables
176
191
Derivatives
163
6
Total
1,540
1,393
Commodity price risk
The Group is exposed to price risks in respect of a
number of raw materials, of which electric power,
liquefied natural gas and wood are the most
substantial. However, prices of sold products are
also affected by raw material prices, and it is
generally Borregaard\u2019s policy to reduce the price
risk through commercial contracts.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-478": { "value": "
CHANGE IN PROVISIONS FOR BAD DEBT:
Amounts in NOK million
2025
2024
Provisions for bad debts 1 January
18
11
Bad debts recognised as expense (- income)
-8
6
Realised losses
-3
\u2013
Translation effects
-1
1
Provisions for bad debts 31 December
6
18
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-481": { "value": "
NOTE 23 CASH AND CASH EQUIVALENTS
Cash and cash equivalents are held for the purpose
of meeting short-term fluctuations in liquidity rather
than for investment purposes. Cash and cash
equivalents consist of cash, bank deposits and
current deposits with a maturity of three months or
less. Company policy is to channel excess liquidity in
wholly owned subsidiaries to Borregaard\u2019s cash
pools (with DNB and Handelsbanken) or placed as
deposits with Borregaard AS. In some countries,
however, there are legal or technical impediments on
participation in Borregaard\u2019s cash pools or making
deposits with Borregaard AS.
Amounts in NOK million
2025
2024
Cash and cash equivalents
91
82
Bank overdraft
-107
-85
Net cash and cash equivalents
-16
-3
Borregaard has a bank guarantee for the majority of
the withholding tax related to employees, in addition
to restricted bank deposits of NOK 1 million as of
31 December 2025. The liability related to withholding
tax as of 31 December 2025 was NOK 39 million
(NOK 36 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-480": { "value": "
NOTE 23 CASH AND CASH EQUIVALENTS
Cash and cash equivalents are held for the purpose
of meeting short-term fluctuations in liquidity rather
than for investment purposes. Cash and cash
equivalents consist of cash, bank deposits and
current deposits with a maturity of three months or
less. Company policy is to channel excess liquidity in
wholly owned subsidiaries to Borregaard\u2019s cash
pools (with DNB and Handelsbanken) or placed as
deposits with Borregaard AS. In some countries,
however, there are legal or technical impediments on
participation in Borregaard\u2019s cash pools or making
deposits with Borregaard AS.
Amounts in NOK million
2025
2024
Cash and cash equivalents
91
82
Bank overdraft
-107
-85
Net cash and cash equivalents
-16
-3
Borregaard has a bank guarantee for the majority of
the withholding tax related to employees, in addition
to restricted bank deposits of NOK 1 million as of
31 December 2025. The liability related to withholding
tax as of 31 December 2025 was NOK 39 million
(NOK 36 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-483": { "value": "
Cash and cash equivalents are held for the purpose
of meeting short-term fluctuations in liquidity rather
than for investment purposes. Cash and cash
equivalents consist of cash, bank deposits and
current deposits with a maturity of three months or
less. Company policy is to channel excess liquidity in
wholly owned subsidiaries to Borregaard\u2019s cash
pools (with DNB and Handelsbanken) or placed as
deposits with Borregaard AS. In some countries,
however, there are legal or technical impediments on
participation in Borregaard\u2019s cash pools or making
deposits with Borregaard AS.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-482": { "value": "
Cash and cash equivalents are held for the purpose
of meeting short-term fluctuations in liquidity rather
than for investment purposes. Cash and cash
equivalents consist of cash, bank deposits and
current deposits with a maturity of three months or
less. Company policy is to channel excess liquidity in
wholly owned subsidiaries to Borregaard\u2019s cash
pools (with DNB and Handelsbanken) or placed as
deposits with Borregaard AS. In some countries,
however, there are legal or technical impediments on
participation in Borregaard\u2019s cash pools or making
deposits with Borregaard AS.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-484": { "value": "
Provisions are recognised in the financial
statements in the case of onerous contracts or when
restructuring measures have been adopted. Future
operating losses will not be part of the provisions.\u00a0
In the case of restructuring provisions, there must be
a detailed plan that identifies which parts of the
business are to be restructured. The location and
number of employees affected, and a valid
expectation must have been created among those
concerned that the restructuring will be carried out.
In addition, it must be possible to provide a reliable
estimate of the amount of the liability. It is a condition
that the restructuring materially changes the size of
the business or the way in which it is operated.
The provision is calculated on the basis of the best
estimate of expenses. If the effect is material,
anticipated future cash flows will be discounted
using a current pre-tax interest rate that reflects the
risks specific to the provision.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-487": { "value": "
NOTE 25 OTHER LIABILITIES (CURRENT)
Current liabilities are operating liabilities (trade
accounts payable, unpaid public taxes/charges,
prepaid revenues, other accruals, etc.) and financial
liabilities (payable interest). All these items are
interest-free borrowings. Dividend does not become
a liability before it has been approved by the
General Meeting.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-486": { "value": "
NOTE 25 OTHER LIABILITIES (CURRENT)
Current liabilities are operating liabilities (trade
accounts payable, unpaid public taxes/charges,
prepaid revenues, other accruals, etc.) and financial
liabilities (payable interest). All these items are
interest-free borrowings. Dividend does not become
a liability before it has been approved by the
General Meeting.
Amounts in NOK million
2025
2024
Accounts payable (Note 19)
503
551
Derivatives (Note 19)
50
363
Other current liabilities (Note 19)
7
9
Total financial liabilities non interest-bearing
560
923
Value-added tax, employee taxes, etc.
84
83
Accruals
373
397
Total other liabilities
1,017
1,403
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-485": { "value": "
NOTE 25 OTHER LIABILITIES (CURRENT)
Current liabilities are operating liabilities (trade
accounts payable, unpaid public taxes/charges,
prepaid revenues, other accruals, etc.) and financial
liabilities (payable interest). All these items are
interest-free borrowings. Dividend does not become
a liability before it has been approved by the
General Meeting.
Amounts in NOK million
2025
2024
Accounts payable (Note 19)
503
551
Derivatives (Note 19)
50
363
Other current liabilities (Note 19)
7
9
Total financial liabilities non interest-bearing
560
923
Value-added tax, employee taxes, etc.
84
83
Accruals
373
397
Total other liabilities
1,017
1,403
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-488": { "value": "
NOTE 26 CAPITAL MANAGEMENT
Borregaard\u2019s financial policy shall ensure short-term
and long-term financial flexibility for the Group.
Borregaard aims to maintain key financial ratios
corresponding to an investment grade rated
company in order to ensure access to debt capital
on favourable terms and conditions. Borregaard
shall manage financial risks, primarily related to
currency fluctuations in a prudent manner and in
accordance with established guidelines. Borregaard
shall develop and maintain relationships with a core
group of banks, based on long-term financing
commitments.
Borregaard\u2019s policy for long-term funding is for debt
to have an average maturity of at least 2.5 years,
with a maturity profile spread over several years.
Refinancing risk shall be actively managed and the
refinancing process for maturing loans shall
preferably commence at least one year ahead of
scheduled maturity.
Borregaard shall seek to diversify its long-term
funding sources, supplementing bank loans with
debt capital markets and other sources, subject to
availability and conditions.The company may utilise
commercial paper markets and/or short-term bank
loans as sources of liquidity, provided that such
loans can be substituted by undrawn long-term
committed loan facilities. In 2025, Borregaard ASA's
issuer rating of A-/ Stable was affirmed by Scope
Ratings GmbH. The same rating was assigned to
the company\u2019s senior unsecured debt.
Long-term funding
In 2023, Borregaard issued a five-year NOK 500
million unsecured green bond in the Norwegian
bond market. A green financing framework,
structured in accordance with the 2021 ICMA Green
Bond Principles, as well as the 2023 LMA, APLMA
and LSTA Green Loan Principles, was established in
conjunction with the green bond issue. The net
proceeds from the green bond will be used to
finance or re-finance projects and costs defined as
eligible under Borregaard's Green Financing
Framework. In 2022, Borregaard entered into a USD
50 million sustainability linked term loan with the
Nordic Investment Bank (NIB). The loan has a tenor
of ten years with a grace period of four years.
Borregaard has secured long-term sustainability
linked revolving credit facilities totalling NOK 1,500
million, with equal portions of NOK 500 million
being provided by each of the three banks
(Handelsbanken, DNB and SEB). The facilities
mature in 2027. The term loan and credit facilities
are linked to Borregaard's sustainability targets and
the margins can be adjusted based on the progress
on three parameters: Borregaard's 2030 target of
reducing greenhouse gas emissions (Scope 1 and 2)
as approved by the Science Based Targets initiative
in 2019, reduction of the Group's total recordable
injuries and finally, keeping emissions of organic
compounds to the Glomma river below certain
levels. All outstanding loans and all other sums due
and outstanding must be repaid in full on the
termination date specified for each tranche under
the Bank Facilities Agreements.
The Bank Facilities Agreements and the term loan
agreement with NIB, granted to Borregaard ASA
and Borregaard AS on a joint and several basis, are
unsecured (negative pledge), but contain a financial
covenant and some limitations on new indebtedness
beside change of control and cross-default
provisions. The financial covenant is as follows:
Leverage ratio1: the ratio of Net Interest-Bearing
Debt1 to Consolidated EBITDA1 including Other
income and expenses1 shall not exceed 3.50:1
during the life of the agreements. Partially owned
companies including the joint venture or companies
whose domestic legislation prevents them from
entering into loan agreements with Borregaard AS,
will need either to be financed on equal (pro rata)
terms by the partners or will have to establish
independent funding. As of 31 December 2025
Borregaard is in compliance with the covenants.
In June 2017, LignoTech Florida LLC entered into a
USD 60 million loan agreement with SEB. The loan
facility is guaranteed 70% by The Norwegian Export
Credit Guarantee Agency and has a tenor of 8.5
years from commercial completion of the plant.
As of 31 December 2025, the remaining balance of
the loan was USD 40.8 million. Furthermore, an
overdraft facility of USD 15 million was established
to meet short term liquidity needs. The owners of
LignoTech Florida (see Note 31) will guarantee the
loan and the overdraft facility on a pro rata basis
until certain financial conditions are met. See Note
37 for refinancing in 2026. As an industrial group,
Borregaard is not subject to any external capital
requirements.
Liquidity and cash management
At 31 December 2025, Borregaard had a
multicurrency overdraft facility of NOK 125 million
linked to its international cash pool with DNB, a
NOK 125 million overdraft limit linked to its cash
pool (Group account system) with Handelsbanken
and an intra-day facility of NOK 75 million with
Nordea related to salary payments. Group liquidity
shall be managed in cash pools, with Borregaard
AS as owner of top accounts and legal counterpart
to relevant banks. Group companies shall participate
in cash pools to the extent possible, with allocated
internal credit lines. Group companies which are
prevented from participating in cash pools, shall
enter into deposit and/or loan agreements with
Borregaard AS and shall aim at keeping locally held
cash balances at a near-zero level. Excess liquidity
shall primarily be used to repay debt. Alternatively,
excess liquidity can be placed with relationship
banks or other well-rated banks. Partially owned
companies including the joint venture or companies
whose domestic legislation prevents them from
entering into deposit and/or loan agreements with
Borregaard AS, shall invest surplus cash in low-risk
deposits and/or pay dividend
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-489": { "value": "
NOTE 27 FUNDING AND INTEREST-BEARING
LIABILITIES
Loans and receivables are carried at amortised cost.
Thus, changes in fair value resulting from changes in
interest rates during the interest rate period are not
reported in the income statement. Borrowing costs
related to the long-term funding are capitalised over
the period of the loan facilities.
Funding
Borregaard's main sources of financing are proceeds
from its USD 50 million term loan with the Nordic
Investment Bank, its green bond issue of NOK 500
million, and its long term revolving credit facilities
totalling NOK 1,500 million from three Scandinavian
banks. For liquidity and cash management
purposes two multi-currency overdraft facilities
totalling NOK 250 million are in place.
In June 2017, LignoTech Florida entered into a USD
60 million loan agreement. The loan has a remaining
balance of USD 40.8 million at 31 December 2025.
To meet short term liquidity needs, an overdraft
facility of USD 15 million has been established.
Book value
Fair value
Amounts in NOK million
2025
2024
2025
2024
Non-current interest-bearing liabilities
Bank loans/bond
1,319
1,593
1,319
1,593
Other interest-bearing liabilities
399
442
399
442
Total non-current interest-bearing liabilities
1,718
2,035
1,718
2,035
Current interest-bearing liabilities
Bank loans/overdraft/commercial paper/bond
364
176
364
176
Other interest-bearing liabilities
99
112
99
112
Total current interest-bearing liabilities
463
288
463
288
Total interest-bearing liabilities
2,181
2,323
2,181
2,323
Interest bearing receivables
Non-current interest-bearing receivables
\u2013
1
\u2013
1
Cash and cash equivalents
91
82
91
82
Total interest-bearing receivables
91
83
91
83
Net interest-bearing debt1
2,090
2,240
2,090
2,240
RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES 2025
1 January,
2025
Cash flows
Additions
/ transfer
leases
Foreign
exchange
movemen
Fair value
changes
31 December,
2025
Long-term borrowings
2,035
-299
52
-70
\u2013
1,718
Short-term borrowings excluding overdraft
202
146
17
-9
\u2013
356
Other instruments
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Change in net interest-bearing liabilities
-153
Overdraft
86
31
\u2013
-10
\u2013
107
Total liabilities from financing activities
2,323
-122
69
-89
\u2013
2,181
RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES 2024
1 January,
2024
Cash
flows
Additions/
transfer
leases
Foreign
exchange
movement
Fair value
changes
31 December,
2024
Long-term borrowings
2,016
-118
66
71
\u2013
2,035
Short-term borrowings excluding overdraft
206
-32
19
9
\u2013
202
Other instruments
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Change in net interest-bearing liabilities
-150
Overdraft
40
41
\u2013
5
\u2013
86
Total liabilities from financing activities
2,262
-109
85
85
\u2013
2,323
There were no drawings under the Bank Facilities Agreements as of 31 December 2025. Drawings
originating from the bond issue, the term loan with Nordic Investment Bank, and the term loan related to
LignoTech Florida amounted to NOK 1,415 million as of 31 December 2025. The maturity profiles of the
Group\u2019s interest-bearing liabilities are shown in the table below.
MATURITY PROFILE INTEREST-BEARING LIABILITIES AND UNUTILISED CREDIT FACILITIES
Gross interest-bearing liabilities
Unutilised credit facilities
Amounts in NOK million
2025
2024
2025
2024
Maturity <1 year
463
288
295
310
Maturity 1-3 years
1,105
788
1,500
1,500
Maturity 3-5 years
211
738
\u2013
\u2013
Maturity 5-7 years
162
213
\u2013
\u2013
Maturity >7 years
240
296
\u2013
\u2013
Total
2,181
2,323
1,795
1,810
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-491": { "value": "
Loans and receivables are carried at amortised cost.
Thus, changes in fair value resulting from changes in
interest rates during the interest rate period are not
reported in the income statement. Borrowing costs
related to the long-term funding are capitalised over
the period of the loan facilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-490": { "value": "
Loans and receivables are carried at amortised cost.
Thus, changes in fair value resulting from changes in
interest rates during the interest rate period are not
reported in the income statement. Borrowing costs
related to the long-term funding are capitalised over
the period of the loan facilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-492": { "value": "
NOTE 28 FINANCIAL AND CLIMATE RISKS
(I) ORGANISATION OF FINANCIAL RISK MANAGEMENT
Borregaard operates internationally and is exposed
to financial risks like currency risk, interest rate risk,
commodity price risk, climate risk, liquidity risk and
credit risk. Borregaard uses derivatives and other
financial instruments to reduce these risks in
accordance with the Group\u2019s finance policy.
Responsibility for managing financial risk in
Borregaard is divided between business areas,
which manage risk related to business processes
and corporate functions, which manages risk
related to centralised activities like funding, interest
rate management, cash management, currency risk
management and credit management policy.
Borregaard\u2019s CFO and the Group\u2019s Treasury
Department are responsible for managing
centralised financial risk elements.
Financial risks
This section describes the most important risk
factors within the Group and the management of
these risks. In this context, financial risk is defined
as risk related to financial instruments. These may
either be hedging instruments for underlying risk or
viewed as inherently a source of risk.
Borregaard is exposed to currency risk for most of
its sales, primarily in USD and EUR. A substantial
part of this exposure, defined as estimated net cash
flow in USD or EUR, is routinely hedged on a rolling
basis with a nine month time horizon. In order to
secure medium-term competitiveness, the hedging
horizon may gradually be extended to three years
for a EUR/ NOK hedging rate in the range of
10.75-11.25 and gradually to three years for USD/
NOK hedging rates in the 9.75-10.25 range.
On the revenue side, all of Borregaard\u2019s business
segments are exposed to price risk in international
markets. Borregaard is also exposed to price risk on
wood, energy (heat energy and electric power) and
other strategic raw materials. At the end of 2025
Borregaard has five longterm supply contracts for
electric energy to the Sarpsborg site for the period
2026 to 2034:
\u2022 Eidsiva Vannkraft, 2.8 TWh for the period 2020 to
2029 with annual deliveries decreasing from 420
GWh to 130 GWh.
\u2022 Statkraft, 1.75 TWh for the period 2020 to 2029,
with annual deliveries of 175 GWh.
\u2022 E-CO Energi, 1.66 TWh for the period 2022 to
2033, with annual deliveries increasing from 88
GWh to 175 GWh.
\u2022 \u00c5 Energi, 0,88 TWh for the period 2024 to 2033,
with annual deliveries of 88 GWh.
\u2022 Hafslund, 0,88 TWh for the period 2025 to 2034,
with annual deliveries of 88 GWh.
The long-term supply contracts for electric energy
are intended for own use and therefore deemed
qualified under the own-use exemption.
Borregaard also has a hedging strategy which
enables hedging of part of its future expected
power consumption. The purpose of this hedging is
to reduce the risk from volatility in the power prices.
(II) CATEGORIES OF FINANCIAL AND CLIMATE RISKS
FOR THE BORREGAARD GROUP
Currency risk
As NOK is the presentation currency for the Group,
Borregaard is exposed to currency translation risk
for net investments in foreign operations.
Borregaard hedges this category of risk using
currency forward contracts for EUR and a mix of
forward contracts and loan for USD.
Transaction risk is hedged against each entity\u2019s
functional currency. Borregaard applies hedge
accounting for most hedges of future transactions,
either cash flow hedges or fair value hedges of firm
commitments. The different types of hedges are
described in Note 29.
The Group\u2019s aggregated outstanding currency
hedges of future transactions on the balance sheet
date are shown in the following table.
Interest rate risk
Borregaard\u2019s interest rate risk is mainly related to
the Group\u2019s interest-bearing liabilities and assets.
This risk is managed at parent level. Borregaard
shall primarily follow a floating rate strategy, but
may consider fixed rates for a maximum of 50% of
its debt, using appropriate derivatives.
Liquidity risk
Liquidity risk is the risk that Borregaard is not able
to meet its payment obligations. This risk is
managed centrally, but in close concert with
affected subsidiaries. Borregaard AS initiates
measures deemed necessary to maintain a strong
liquidity.Cash flow from operations, which among
other factors is affected by changes in working
capital, is managed operationally at Group level,
and is relatively stable. Borregaard monitors
liquidity flows, short and long-term, through
reporting and selected forecasting routines. Due to
the aforementioned measures, the Group has
limited liquidity risk.
The table below shows the maturity profile for the
Group\u2019s contractual financial liabilities, including
liabilities which are not recognised in the financial
position.
The amounts represent undiscounted future cash
flows and may therefore deviate from recognised
figures. The table also includes derivatives
recognised as assets on the balance sheet date, as
derivatives may include both positive and negative
cash flows, and the fair value fluctuates over time.
Forward prices are used to determine the future
settlement amounts for electric power and currency
derivatives. See Note 29.
2025
Amounts in
million
Purchase
currency
Amount
Sale
currency
Amount
Maturity
USD
2
NOK
24
2026
NOK
1,538
USD
153
2026
NOK
1,407
USD
140
2027
NOK
919
USD
91
2028
EUR
6
NOK
73
2026
EUR
9
NOK
109
2027
NOK
1,404
EUR
119
2026
NOK
1,354
EUR
114
2027
NOK
915
EUR
77
2028
SEK
66
NOK
72
2026
MATURITY PROFILE FINANCIAL LIABILITIES 2025
Amounts in NOK million
Book
value
Contractual
cash flows
< 1 year
1-3
years
3-5
years
5-7
years
> 7 years
Interest-bearing liabilities excluding lease liabilities
1,684
1,684
365
985
155
116
63
Lease liabilities
497
657
127
159
87
70
214
Interest payable bank loans & bonds
7
175
72
81
18
4
\u2013
Accounts payable
503
503
503
Gross settled derivatives*
-45
\u00a0 \u00a0 \u00a0 Inflow
-8,208
-3,637
-4,571
\u2013
\u2013
\u2013
\u00a0 \u00a0 \u00a0 Outflow
8,163
3,632
4,510
15
4
2
Total
2,646
2,974
1,062
1,164
275
194
279
2024
Amounts in
million
Purchase
currency
Amount
Sale
currency
Amount
Maturity
USD
2
NOK
19
2025
NOK
1,572
USD
158
2025
NOK
1,567
USD
150
2026
NOK
1,086
USD
102
2027
EUR
2
USD
2
2025
EUR
2
NOK
18
2025
NOK
1,365
NOK
125
2025
NOK
1,389
EUR
119
2026
NOK
1,049
EUR
87
2027
SEK
66
EUR
68
2025
MATURITY PROFILE FINANCIAL LIABILITIES 2024
Amounts in NOK million
Book
value
Contractual
cash flows
< 1 year
1-3
years
3-5
years
5-7
years
> 7 years
Interest-bearing liabilities excluding lease liabilities
1,769
1,769
176
637
674
174
108
Lease liabilities
554
733
143
195
95
65
235
Interest payable bank loans & bonds
9
332
103
161
51
16
1
Accounts payable
551
551
551
Gross settled derivatives*
693
\u00a0 \u00a0 \u00a0 Inflow
-9,626
-4,535
-5,091
\u2013
\u2013
\u2013
\u00a0 \u00a0 \u00a0 Outflow
10,319
4,893
5,380
31
6
9
Total
3,575
4,077
1,330
1,282
851
261
353
The financial liabilities are serviced by cash flow
from operations, liquid, and interest-bearing assets,
and, when necessary, drawings on unutilised
credit facilities.
Credit risk
The management of credit risk related to accounts
receivable and other operating receivables is
handled as part of the business risk but based on
guidelines set by Borregaard AS and continuously
monitored by the operating entities. There is no
significant concentration of credit risk in respect of
single counterparts. A credit management policy is
in place. Credit losses are historically modest due
to a stable and financially healthy customer base as
well as stringent monitoring of trade receivables.
See Note 22. For sales to countries or customers
associated with high political or commercial risk,
trade finance products are widely used to reduce
credit risk.
With these risk mitigation measures in place, the
current credit risk is considered to be acceptable.
See Note 8 for geographical breakdown of sales
revenues.
Borregaard considers its credit risk related to other
financial instruments to be low. Firstly, only
relationship banks act as counterparts for financial
hedge transactions. Secondly, bank accounts are
mainly held with relationship banks. For deposits of
liquidity with other counterparts in countries where
relationship banks are not present, Borregaard has
requirements relating to the bank\u2019s credit rating.
Maximum credit risk
The maximum credit exposure for the Group
related to financial instruments corresponds to
total gross receivables. In the hypothetical and
highly unlikely event that no receivables are
redeemed, this amounts to:
Amounts in NOK million
2025
2024
Cash and cash equivalents
91
82
Accounts receivable
1,095
1,073
Other current receivables
15
41
Non-current receivables
176
191
Derivatives
163
6
Total
1,540
1,393
Commodity price risk
The Group is exposed to price risks in respect of a
number of raw materials, of which electric power,
liquefied natural gas and wood are the most
substantial. However, prices of sold products are
also affected by raw material prices, and it is
generally Borregaard\u2019s policy to reduce the price
risk through commercial contracts.
Climate risk and nature risks
The climate- and-nature related risk assessment is
conducted in accordance with the European
Sustainability Reporting Standards (ESRS), as
required under the Corporate Sustainability
Reporting Directive (CSRD). In the table below,
climate and nature risks and opportunities, as
described from page 87 in this Annual Report, and
in the Climate and Nature Risk Report, are included
with current exposure and current price/ level cost.
Climate and nature risks and opportunities
Material financial risks and opportunities
Current exposure, price level and cost
Risk. Current and emerging carbon pricing mechanism, other climate-related regulatory issues
such as EU RED III. Investment costs related to transition plan.
\u2022 EU ETS: 90,718 tCO\u2082 in 2025.The EU Emissions Trading System is governed by the European Commission under Directive 2003/87/EC and requires
companies covered by the EU ETS to hold allowances for every tonne of CO\u2082 they emit.
\u2022 Emission rights owned (beginning of 2025): 647,269
\u2022 Scope 1 and 2 emissions: 167,473\u00a0 tCO2e
\u2022 CO2 Tax for waste incineration: 42,385 tCO2. Set by the government and administered by the Ministry of Finance, the Norwegian CO\u2082 Tax Act obliges
waste\u2011incineration plants to pay a tax on the fossil CO\u2082 emitted from each tonne of waste incinerated.
Risk. Increased energy prices, long-term power supply contracts. Potential requirements for
Guarantees of Origin, Power Purchase Agreements (PPAs), and grid capacity may pose future
risks.
\u2022 Total energy 1,847 GWh, energy from fossil-based sources is 587 GWh (from LNG, light oil and waste), whereas 1,260 GWh is from renewable sources
(power supply, biofuel and biogas) of which 793 GWh is from electricity.
\u2022 Long-term power supply contracts.
\u2022 Energy is 8% of total cost in 2025, NOK 472 million
\u2022 CO2 compensation 2025 NOK 125,6 million, see Note 34
Risk. Capital investments aimed at reducing energy consumption and improving efficiency
through grid optimisation. investment cost related to transition plan
\u2022Investments under Borregaard's transition plan are estimated to a total of\u00a0 approximately NOK 1,000 million through 2030. Of this, about 85% relates to
ongoing and completed projects. For 2026\u20132028, investments according to the transition plan will be in the range NOK 350 to 450 million.
Risk. Potential increase in transportation (cat.4 and cat.9) and raw material cost (cat.1) to meet
Scope 3 emission reduction targets in 2030 (Science Based Target), including changes in routes
due to physical climate incidents.
\u2022 Supply chain/Operations: Challenging river conditions (Rhine and Glomma)
\u2022 Scope 3 GHG emissions:\u00a0 624,618 tCO\u2082 for 2025.
Opportunity. Renewable energy/flexibility in variable load. Flexibility in sourcing of raw materials,
resilient business model.
\u2022 Total energy 1,847 GWh, 1,260 GWh from renewable sources. CO\u2082 emissions from energy is the major emissions source. Technology is available to
invest in more renewable energy solutions to achieve our science-based emission targets.
\u2022 Flexibility for variable load (LNG, electricity and light oil).
\u2022 Average electricity spot price (Oslo region) at 684 NOK/MWh in 2025.
Opportunity. Resilience, 800 different products in numerous applications reduces exposure to
cyclical markets. Markets that will grow or decline due to climate change are identified,
supported by regulatory changes. Business opportunities from Borregaard's products.
\u2022 About 50% (NOK 3.8 billion) of Borregaard\u2019s sales revenues in 2025 came from bio-based products with lower climate/environmental footprint
compared with fossil-based products. 800 different products in numerous applications, reduced exposure to cyclical markets.
\u2022 Markets that will grow or decline due to climate changes are identified.
\u2022 Average sales price in 2025:
\u2022 BioSolutions products NOK 12,027 per mtds.
\u2022 BioMaterials products NOK 17,678 per mt
Opportunity. Capital markets: Positive effect from funding of investment and innovations. Green
bonds, effect from taxonomy. Investors.
\u2022 86% of long-term financing (including Revolving Credit Facilities) at the end of 2025 had a sustainability linked margin or were issued in accordance
with Borregaard\u2019s Green Financing Framework (\u201cgreen financing\u201d).
\u2022 There were indications that the margin on the green bond issued in 2023 got a slight discount compared to a traditional bond issue. However, it is
difficult to quantify the exact effect
Sensitivity analysis
The financial instruments of the Borregaard Group
are exposed to different types of market risk which
can affect the income statement or equity.
Financial instruments, in particular derivatives, are
applied as means of hedging both financial and
operational exposure.
In the table below, Borregaard presents a partial
analysis of the sensitivity of financial instruments,
where the isolated effect of each type of risk on the
income statement and on equity is estimated. This
is done on the basis of a selected reasonably
possible change in market prices/rates on the
statement of financial position as of 31 December.
According to IFRS, the analysis covers only financial
instruments and is not meant to give a complete
overview of the Group\u2019s market risk, for instance:
\u2022 For currency hedges of contracts entered into,
changes in fair value of the hedging instrument
will affect the income statement, while changes
in the fair value of the underlying hedged
contract offset by the hedging instrument will
not be shown, as it is not a financial instrument.
\u2022 If one of the parameters changes, the analysis
will not take into account any correlation with
other parameters.
\u2022 Financial instruments denominated in the
entities\u2019 functional currencies do not constitute
any currency risk and are therefore not included
in this analysis. Nor is the currency exposure on
translation of such financial instruments to the
presentation currency of the Group included, for
the same reason.
\u2022 No sensitivity analysis is performed for the
power hedges as the exposure is considered
immaterial.
Generally, the effect on the income statement and
equity of financial instruments in the table below is
expected to offset the effects of the hedged items
where financial instruments are part of a hedging
relationship.
The sensitivity to currency risk in accounts
receivable and accounts payable is mitigated by the
company\u2019s hedging activities, which offset the
related impacts on the income statement and equity.
Accounting effects of changes in market risk are
classified to income statement and equity
according to where the effect of the changes in fair
value will be recognised initially. Effects recognised
in the income statement will also affect equity
beyond the figures presented in the table.
SENSITIVITY FINANCIAL INSTRUMENTS 2024
2025
ACCOUNTING EFFECTS ON
Income statement of
Equity of
Amounts in NOK million
Increase
Decrease
Increase
Decrease
Financial instruments in hedging relationships
Interest rate risk (excluding leasing): 100 bp parallel shift in
interest curves all currencies
-15
15
Currency risk: 10% change in FX-rate USD/NOK
\u2013
\u2013
-301
301
Currency risk: 10% change in FX-rate EUR/NOK
\u2013
\u2013
-278
278
Currency risk: 10% change in FX-rate SEK/NOK
\u2013
\u2013
6
-6
Currency risk: 10% change in FX-rate USD/EUR
\u2013
\u2013
\u2013
\u2013
SENSITIVITY FINANCIAL INSTRUMENTS 2023
2024
Accounting effects on
Income statement of
Equity of
Amounts in NOK million
Increase
Decrease
Increase
Decrease
Financial instruments in hedging relationships
Interest rate risk (excluding leasing): 100 bp parallel shift in
interest curves all currencies
-16
16
Currency risk: 10% change in FX-rate USD/NOK
\u2013
\u2013
-360
360
Currency risk: 10% change in FX-rate EUR/NOK
\u2013
\u2013
-311
311
Currency risk: 10% change in FX-rate SEK/NOK
\u2013
\u2013
5
-5
Currency risk: 10% change in FX-rate USD/EUR
\u2013
\u2013
\u2013
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-493": { "value": "
Currency risk
As NOK is the presentation currency for the Group,
Borregaard is exposed to currency translation risk
for net investments in foreign operations.
Borregaard hedges this category of risk using
currency forward contracts for EUR and a mix of
forward contracts and loan for USD.
Transaction risk is hedged against each entity\u2019s
functional currency. Borregaard applies hedge
accounting for most hedges of future transactions,
either cash flow hedges or fair value hedges of firm
commitments. The different types of hedges are
described in Note 29.
The Group\u2019s aggregated outstanding currency
hedges of future transactions on the balance sheet
date are shown in the following table.
Interest rate risk
Borregaard\u2019s interest rate risk is mainly related to
the Group\u2019s interest-bearing liabilities and assets.
This risk is managed at parent level. Borregaard
shall primarily follow a floating rate strategy, but
may consider fixed rates for a maximum of 50% of
its debt, using appropriate derivatives.
2025
Amounts in
million
Purchase
currency
Amount
Sale
currency
Amount
Maturity
USD
2
NOK
24
2026
NOK
1,538
USD
153
2026
NOK
1,407
USD
140
2027
NOK
919
USD
91
2028
EUR
6
NOK
73
2026
EUR
9
NOK
109
2027
NOK
1,404
EUR
119
2026
NOK
1,354
EUR
114
2027
NOK
915
EUR
77
2028
SEK
66
NOK
72
2026
2024
Amounts in
million
Purchase
currency
Amount
Sale
currency
Amount
Maturity
USD
2
NOK
19
2025
NOK
1,572
USD
158
2025
NOK
1,567
USD
150
2026
NOK
1,086
USD
102
2027
EUR
2
USD
2
2025
EUR
2
NOK
18
2025
NOK
1,365
NOK
125
2025
NOK
1,389
EUR
119
2026
NOK
1,049
EUR
87
2027
SEK
66
EUR
68
2025
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-494": { "value": "
Liquidity risk
Liquidity risk is the risk that Borregaard is not able
to meet its payment obligations. This risk is
managed centrally, but in close concert with
affected subsidiaries. Borregaard AS initiates
measures deemed necessary to maintain a strong
liquidity.Cash flow from operations, which among
other factors is affected by changes in working
capital, is managed operationally at Group level,
and is relatively stable. Borregaard monitors
liquidity flows, short and long-term, through
reporting and selected forecasting routines. Due to
the aforementioned measures, the Group has
limited liquidity risk.
The table below shows the maturity profile for the
Group\u2019s contractual financial liabilities, including
liabilities which are not recognised in the financial
position.
The amounts represent undiscounted future cash
flows and may therefore deviate from recognised
figures. The table also includes derivatives
recognised as assets on the balance sheet date, as
derivatives may include both positive and negative
cash flows, and the fair value fluctuates over time.
Forward prices are used to determine the future
settlement amounts for electric power and currency
derivatives. See Note 29.
MATURITY PROFILE FINANCIAL LIABILITIES 2025
Amounts in NOK million
Book
value
Contractual
cash flows
< 1 year
1-3
years
3-5
years
5-7
years
> 7 years
Interest-bearing liabilities excluding lease liabilities
1,684
1,684
365
985
155
116
63
Lease liabilities
497
657
127
159
87
70
214
Interest payable bank loans & bonds
7
175
72
81
18
4
\u2013
Accounts payable
503
503
503
Gross settled derivatives*
-45
\u00a0 \u00a0 \u00a0 Inflow
-8,208
-3,637
-4,571
\u2013
\u2013
\u2013
\u00a0 \u00a0 \u00a0 Outflow
8,163
3,632
4,510
15
4
2
Total
2,646
2,974
1,062
1,164
275
194
279
MATURITY PROFILE FINANCIAL LIABILITIES 2024
Amounts in NOK million
Book
value
Contractual
cash flows
< 1 year
1-3
years
3-5
years
5-7
years
> 7 years
Interest-bearing liabilities excluding lease liabilities
1,769
1,769
176
637
674
174
108
Lease liabilities
554
733
143
195
95
65
235
Interest payable bank loans & bonds
9
332
103
161
51
16
1
Accounts payable
551
551
551
Gross settled derivatives*
693
\u00a0 \u00a0 \u00a0 Inflow
-9,626
-4,535
-5,091
\u2013
\u2013
\u2013
\u00a0 \u00a0 \u00a0 Outflow
10,319
4,893
5,380
31
6
9
Total
3,575
4,077
1,330
1,282
851
261
353
The financial liabilities are serviced by cash flow
from operations, liquid, and interest-bearing assets,
and, when necessary, drawings on unutilised
credit facilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-495": { "value": "
NOTE 30 EQUITY AND SHARE CAPITAL
Borregaard ASA was established on 22 August
2012 with a share capital of NOK 1 million. As part
of establishing the Borregaard Group, capital
transactions to increase share capital and share
Date/year
Number of shares
Nominal value (NOK)
Share capital (NOK million)
31.12.2025
100,000,000
1
100,000,000
31.12.2024
100,000,000
1
100,000,000
THE 20 LARGEST SHAREHOLDERS AS OF 31 DECEMBER 2025*
Shareholder
Number of shares
% of capital
1
Folketrygdfondet
12,552,410
12.55%
2
Must Invest
7,322,755
7.32%
3
Goldman Sachs Asset Mgt
5,717,906
5.72%
4
Pareto Asset Mgt
4,669,401
4.67%
5
Nordea Investment Mgt
4,411,091
4.41%
6
Vanguard Group
3,713,933
3.71%
7
DNB Asset Mgt
3,551,748
3.55%
8
Storebrand Investments
3,513,518
3.51%
9
Alfred Berg
3,431,949
3.43%
10
ODIN Fund Mgt
3,083,139
3.08%
11
KLP Kapitalforvaltning
2,932,201
2.93%
12
Impax Asset Mgt
2,913,009
2.91%
13
Arctic Asset Mgt
2,578,471
2.58%
14
aberdeen (Standard Life)
2,210,937
2.21%
15
Janus Henderson Investors
1,872,163
1.87%
16
Fondsfinans Kapitalforvaltning
1,580,807
1.58%
17
Degroof Petercam Asset Mgt
1,533,197
1.53%
18
MFS Investment Mgt
1,264,080
1.26%
19
Jupiter Asset Mgt
1,247,375
1.25%
20
Danske Capital Mgt
1,062,683
1.06%
Total shares
71,162,773
71.16%
* The list of top 20 shareholders is based on information from MUFG Corporate Markets in their capacity as shareholder analysis provider.
In preparing this report, MUFG Corporate Markets has used data sourced from third parties. None of the third parties have been involved in
the preparation of this report and do not accept any liability for its contents. The information disclosed is factual information only and is not
financial product advice. Neither Borregaard, MUFG Corporate Markets or any third party supplier of data accepts any responsibility for any
investment decision or action taken or not taken as a result of this report.
TREASURY SHARES OWNED BY BORREGAARD ASA
Nominal value
(NOK)
Number of
shares
Fair value (NOK
million)
01.01.2024
436,860
436,860
75
Exercise of share options in 2024
-344,450
-344,450
\u2013
Shares to employees
-166,605
-166,605
\u2013
Purchase/Buy-back of treasury shares
522,974
522,974
\u2013
31.12.2024
448,779
448,779
82
Exercise of share options in 2025
-161,000
-161,000
\u2013
Shares to employees
-171,269
-171,269
\u2013
Purchase/Buy-back of treasury shares
153,664
153,664
\u2013
31.12.2025
270,174
270,174
54
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-496": { "value": "
Borregaard ASA was established on 22 August
2012 with a share capital of NOK 1 million. As part
of establishing the Borregaard Group, capital
transactions to increase share capital and share
Date/year
Number of shares
Nominal value (NOK)
Share capital (NOK million)
31.12.2025
100,000,000
1
100,000,000
31.12.2024
100,000,000
1
100,000,000
THE 20 LARGEST SHAREHOLDERS AS OF 31 DECEMBER 2025*
Shareholder
Number of shares
% of capital
1
Folketrygdfondet
12,552,410
12.55%
2
Must Invest
7,322,755
7.32%
3
Goldman Sachs Asset Mgt
5,717,906
5.72%
4
Pareto Asset Mgt
4,669,401
4.67%
5
Nordea Investment Mgt
4,411,091
4.41%
6
Vanguard Group
3,713,933
3.71%
7
DNB Asset Mgt
3,551,748
3.55%
8
Storebrand Investments
3,513,518
3.51%
9
Alfred Berg
3,431,949
3.43%
10
ODIN Fund Mgt
3,083,139
3.08%
11
KLP Kapitalforvaltning
2,932,201
2.93%
12
Impax Asset Mgt
2,913,009
2.91%
13
Arctic Asset Mgt
2,578,471
2.58%
14
aberdeen (Standard Life)
2,210,937
2.21%
15
Janus Henderson Investors
1,872,163
1.87%
16
Fondsfinans Kapitalforvaltning
1,580,807
1.58%
17
Degroof Petercam Asset Mgt
1,533,197
1.53%
18
MFS Investment Mgt
1,264,080
1.26%
19
Jupiter Asset Mgt
1,247,375
1.25%
20
Danske Capital Mgt
1,062,683
1.06%
Total shares
71,162,773
71.16%
* The list of top 20 shareholders is based on information from MUFG Corporate Markets in their capacity as shareholder analysis provider.
In preparing this report, MUFG Corporate Markets has used data sourced from third parties. None of the third parties have been involved in
the preparation of this report and do not accept any liability for its contents. The information disclosed is factual information only and is not
financial product advice. Neither Borregaard, MUFG Corporate Markets or any third party supplier of data accepts any responsibility for any
investment decision or action taken or not taken as a result of this report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-497": { "value": "
TREASURY SHARES OWNED BY BORREGAARD ASA
Nominal value
(NOK)
Number of
shares
Fair value (NOK
million)
01.01.2024
436,860
436,860
75
Exercise of share options in 2024
-344,450
-344,450
\u2013
Shares to employees
-166,605
-166,605
\u2013
Purchase/Buy-back of treasury shares
522,974
522,974
\u2013
31.12.2024
448,779
448,779
82
Exercise of share options in 2025
-161,000
-161,000
\u2013
Shares to employees
-171,269
-171,269
\u2013
Purchase/Buy-back of treasury shares
153,664
153,664
\u2013
31.12.2025
270,174
270,174
54
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-498": { "value": "
NOTE 31 NON-CONTROLLING INTERESTS
As of 31 December 2025, non-controlling interests
consist of LignoTech Ib\u00e9rica SA and LignoTech
Florida LLC. Borregaard owns 60% of LignoTech
Ib\u00e9rica located in Spain and 55% of LignoTech
Florida located in USA. In 2020, LignoTech Ib\u00e9rica
lost its local lignin source when Sniace's cellulose
business went bankrupt and had to close.
Production at the lignin plant was discontinued and
liquidation will be finalised in 2026. The entities are
fully consolidated into the Borregaard Group\u2019s financial
statements and minority interests are recognised.
BORREGAARD'S SHARE OF LIGNOTECH FLORIDA LLC
Amounts in NOK million
2025
2024
Operating revenues
569
598
Profit/loss for the year
-43
8
Non-current assets
734
892
Current assets
168
204
Non-current liabilities
575
718
Current liabilities
275
273
Equity
52
105
Borregaard's share of equity
29
58
Reconciliation of non-controlling interests
Amounts in NOK million
2025
2024
Changes in non-controlling interests:
Non-controlling interests 1 January
49
39
Non-controlling interests\u2019 share of profit/loss
-20
6
Translation differences etc.
-4
4
Non-controlling interests 31 December
25
49
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-499": { "value": "
NOTE 32 PLEDGES AND GUARANTEES
In 2017, LignoTech Florida LLC (55% owned by
Borregaard) entered into a USD 60 million loan
agreement as well as a USD 15 million overdraft
facility. The owners will guarantee the loan and the
overdraft facility on a pro rata basis until relevant
financial conditions are met. As of 31 December
2025, USD 40.8 million of the facility was drawn.
See Note 26, 31 and 37.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-500": { "value": "
NOTE 34 GOVERNMENT GRANTS
Government grants are recognised in the financial
statements when there is a reasonable assurance
that the requirements of the grants will be complied
with and that the grants will be received. Grants
related to income are presented as reduction of
expenses they are intended to compensate for.
Government grants that relate to assets are recognised
as a reduction in the acquisition cost of the asset.
The grant reduces the depreciation of the asset.
Borregaard recognised NOK 139.2 million in
government grants in 2025 (NOK 120.8 million).
Of this amount, NOK 136.7 million was recognised
as reduced expenses (NOK 119.3 million), while
NOK 2.5 million was recognised as a reduction of
the acquisition cost of the asset concerned (NOK
1.5 million). The grants are provided by the
Norwegian government and the US government
mainly for research and development projects,
environmental investments and CO\u2082 compensation.
The current regulation on CO\u2082 compensation for
industrial enterprises for the period 1 January 2021
to 31 December 2030 was approved during the 4th
quarter of 2022. Borregaard is also in line with the
effect of the regulation from 2025. Of the
recognised government grants of NOK 139.2
million (NOK 120.8 million), NOK 125.6 million was
related to CO\u2082 compensation (NOK 97.8 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-501": { "value": "
Government grants are recognised in the financial
statements when there is a reasonable assurance
that the requirements of the grants will be complied
with and that the grants will be received. Grants
related to income are presented as reduction of
expenses they are intended to compensate for.
Government grants that relate to assets are recognised
as a reduction in the acquisition cost of the asset.
The grant reduces the depreciation of the asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-502": { "value": "
NOTE 35 ENVIRONMENT, HEALTH AND SAFETY
MATTERS
A provision is recognised when the Group has a
present obligation (legal or constructive) following a
past event, it is probable that an outflow of resources
embodying economic benefits will be required to
settle the obligation, and a reliable estimate can be
made of the amount of the obligation. The amount
recognised as a provision is the best estimate of
the consideration required to settle the present
obligation at the balance sheet date, taking into
account the risks and uncertainties surrounding the
obligation. When a provision is measured using
the cash flows estimated to settle the present
obligation, its carrying amount is the present value
of the cash flows.
Environment, Health and Safety issues (EHS):
Sulphur dioxide (SO\u2082 ) is one of the most important
chemicals used in the production processes at
Borregaard. There are several EHS regulations to
secure safe operations, a safe working environment
and low emissions to the environment. The use of
SO\u2082 has been regulated for many years, but the
authorities both in the EU and in Norway have
enhanced the regulations during the last years and
new demands are coming. Borregaard decided to
introduce new technology to substantially reduce
the amount of SO\u2082 stored at the plant in Sarpsborg
in order to further improve safety. The majority of
the installation was done in 2020 and finalised in
2022. Technology for recovery and scrubbing of
emissions will be installed in different process
areas during the next years, as well as measures to
reduce the exposure to SO\u2082 in the working
environment . Our target is to achieve 0 hourly
exceedances of local air quality limits in 2026. In
2025, there were 3 hourly exceedances of local air
quality. Two exceedances were caused by a failure
in the scrubber absorption capacity for SO\u2082 and one
from a valve leakage. No provision is deemed
necessary related to EHS.
Reductions in COD effluents:
Borregaard has submitted a long-term plan for
reduction of COD to water to the Norwegian
Environmental Authorities. The plan includes
several measures including recipe and process
optimisation and technical installations such as
spill collection and evaporation. The goal is to
reduce COD emissions to a level below 46 tonnes
per day in 2026. The long-term goal is 40 tonnes
per day (2030). The emissions of COD decreased
by 13% in 2025 compared to 2024. The main
reason for the decrease was improved
performance of efficiency wastewater treatment
plant and effect of improvement projects in our
emission reduction portfolio. No provision is
deemed necessary related to COD.
Chlor-alkali plant:
From 1949 to 1997, Borregaard used mercury-based
technology for chlor-alkali production at the site in
Sarpsborg. This process led to pollution of the soil
in the area surrounding the plant. In 1994, a ground
water barrier was built and a water monitoring
programme was established. The concentration of
mercury in ground water wells and in the sewage
system is continuously monitored in close co-
operation with the authorities to secure stable and
acceptable mercury levels. The mercury level
increased with 170 grams in 2025, to 1.1 kg/year,
well below the permitted level of 3 kg/year.
Borregaard has performed a study investigating
how to increase emission barriers further and has
decided to extend the water barrier to secure stable
mercury levels at acceptable risk. The extended
water barrier will be\u00a0 finished in 2026 together with
an upgrade of the treatment plant. An accrual of
NOK 30 million was made as of 31 December 2024
to increase the emission barriers further. Remaining
accrual as of 31 December 2025 is NOK 26 million.
Ground conditions:
In 2022, a provision of NOK 20 million was made
related to ground conditions at the site in Norway.
Implementation of the measures started in 2023
and was fully implemented in 2025. Additional
accruals of NOK 30 million was made from
2023-2025. The work was delayed due to weather
and water condition.
ENVIRONMENTAL ACCRUALS
Amounts in NOK million
Chlor-alkali plant
Ground conditions
Total
Accrual 1 January 2024
\u2013
22
22
Additional accruals in 2024
30
13
43
Utilisation in 2024
\u2013
-24
-24
Accrual 31 December 2024
30
11
41
Additional accrual in 2025
\u2013
11
11
Utilisation in 2025
-5
-22
-26
Accrual 31 December 2025
26
\u2013
26
Borregaard\u2019s site in Norway has several areas that
are defined as polluted by the Norwegian
Environment Agency, due to former operations.
Borregaard's future costs for environmental
remediation depends on a number of uncertain
factors, such as changes in regulations or approval
from authorities for the extent of actions.
Monitoring of contaminated areas will continue to
confirm that implemented measures are sufficient,
and if not sufficient, additional costs will incur.
Conditions which could require future expenditures
may be determined to exist for various sites,
including Borregaard\u2019s major production facilities
and warehouses.
NOTE 36 UNCERTAINTY IN GLOBAL ECONOMY
Uncertainty in the global economy related to tariffs,
war and conflicts, may impact Borregaard\u2019s markets
and costs. Borregaard will continue to closely
monitor tariffs, markets and cost development and
implement relevant measures. See Note 28 for
financial risks. No provision is deemed necessary
related to the uncertainty in global economy.", "dimensions": { "concept": "ifrs-full:DisclosureOfAdditionalInformationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-503": { "value": "
NOTE 37 OTHER MATTERS AND SUBSEQUENT
EVENTS
Anti-dumping:
In August 2025, RYAM and the United Steelworkers
Union filed petitions with US authorities seeking
anti-dumping duties on speciality cellulose from
Norway, as well as anti-dumping and countervailing
duties on similar products from Brazil. Borregaard
and the Brazilian producer Bracell are the only
exporters of these products to the US from the
respective countries.
Borregaard disputes the basis for the allegations,
both regarding the data presented and the
underlying arguments. Borregaard has engaged
legal and accounting experts to manage its
defence. In 2025, the cost of legal and accounting
experts was slightly above NOK 10 million.
The case has been delayed due to the shutdown of
US federal agencies for several weeks at the end of
2025. A preliminary decision on potential duties is
expected at the end of May 2026, with a final
decision anticipated towards the end of 2026.\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Such duties may apply retroactively for 90 days.
No provision is deemed necessary as of 31
December 2025.
Convertible loan to Alginor:
In February 2026, the second tranche of the NOK
200 million convertible loan to Alginor was paid out.
Borregaard's share was NOK 56 million in the
second tranche. In addition, Borregaard has
committed to participate with its share to the
uncommitted tap facility of NOK 100 million,
subject to participation by the shareholders
Hatteland Group and Must Invest.. See notification
to the Oslo Stock Exchange on 6 October 2025.\u00a0
Shares to employees:
As part of the employee share programme,
Borregaard has sold a total of 212,596 shares to
employees in February 2026. The share price was
NOK 129.68 per share including a 25% discount.
Costs in 2026, including administration costs,
related to the employee share programme amount
to approximately NOK 10 million. For more details,
see notifications to the Oslo Stock Exchange on 9
and 16 February and 2 March 2026.
Share options issued:
In February 2026, 393,000 share options at a strike
price of NOK 193.27 were granted under the long-
term incentive programme. The options will expire
after five years, the vesting period is three years
and the options may be exercised during the last
two years. For more details, see notification to the
Oslo Stock Exchange on 23 February 2026.
Refinancing in LignoTech Florida
In March 2026, LignoTech Florida LLC refinanced
its current loan and entered into a new USD 42
million loan agreement with SEB. The loan will have
a tenor of three years with two one-year extension
options. The overdraft facility of USD 15 million will
be continued. The owners of LignoTech Florida (see
Note 31) will guarantee the loan and the overdraft
facility on a pro rata basis until certain financial
conditions are met.
There have been no events after the balance sheet
date that would have had a material impact on the
financial statements, or the assessments carried out.
Financial Supervisory Authority of Norway\u2019s review
of financial reporting:
Reference is made to the Financial Supervisory
Authority of Norway\u2019s (FSA) Review of financial
reporting for Borregaard ASA and their notice to the
Oslo Stock Exchange as of 16 March 2026 and to
Borregaard\u2019s information regarding this review in
the 4th quarter 2025 report. The review was related
to the assessment of Borregaard\u2019s calculation of
value in use of the investment in the associate
company Alginor ASA. In the notice to the Oslo
Stock Exchange, FSA takes note that the revised
measurement of the recoverable amount as of 31
December 2024 showed no impairment.
Notice of decision from the Financial Supervisory
Authority:
On 9 March 2026 Borregaard received a Notice of
Decision from the Financial Supervisory Authority
of Norway (FSA). FSA states that the information
Borregaard provided in its 4th quarter 2025 report
does not give users of the financial reporting a
sufficient understanding of the events and
circumstances that led to the recognition of an
impairment loss on the investment in Alginor ASA.
In FSA\u2019s view, such information is material to users\u2019
understanding of the company\u2019s financial position
and performance in the interim period. Borregaard
has provided the additional information in Note 6 to
the Consolidated Financial Statement for 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }