Q4 2025 Borregaard ASA Earnings Call Transcript
Key Points
- Borregaard ASA (BRRDF) achieved an all-time high EBITDA for the full year 2025, reaching NOK1,878 million, slightly surpassing the previous year's record.
- BioSolutions segment delivered strong performance with high biovanillin deliveries and continued growth in sales to agriculture.
- BioMaterials segment saw increased sales prices and improved product mix, contributing to higher revenues.
- Fine Chemical Intermediates experienced strong performance with higher sales prices and a favorable product mix.
- The company reported a strong cash flow from operating activities, with a significant improvement in net working capital.
- Borregaard ASA (BRRDF) recorded impairments totaling NOK245 million on investments in bio-based start-ups due to delays and increased capital needs.
- Sales prices for advanced bioethanol declined significantly throughout the year, impacting the Fine Chemicals segment.
- Wood costs increased during the year, and overall cost increases exceeded general inflation.
- The company faces ongoing US anti-dumping investigations, which could result in retroactive duties affecting specialty cellulose markets.
- Competition from Chinese cellulose ether producers has intensified, impacting sales to the Construction segment.
Good morning, everyone, and welcome to the fourth quarter 2025 presentation for Borregaard. My name is Tom Erik Foss Jacobsen. I'm the CEO of the company. And I'll be joined today by our CFO, Per Bjarne Lyngstad. Together we will take you through this agenda.
I will start with the key highlights for the quarter and give an update on the market situation across our business segments. I'll then summarize the outlook for 2026, and finally present our dividend proposal for 2025 before handing over to Per Bjarne, and he will then take you through the financial performance in more detail.
And before we begin, I'd also like to remind those of you that watch the webcast live that you are welcome to submit questions any time during the presentation, and we will address them at the end. Let's begin with the highlights for the quarter. EBITDA came in at NOK405 million, slightly up from NOK398 million in the same quarter 2024.
BioSolutions delivered a solid quarter, supported by high biovanillin deliveries and
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