Summary：Borregaard ASA surges with NOK 515M EBITDA, exceeding Q2 forecasts **Introduction** Borregaard ASA

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Borregaard ASA surges with NOK 515M EBITDA, exceeding Q2 forecasts

**Introduction**
Borregaard ASA reported solid second‑quarter results for 2026, posting operating revenues of NOK 2,114 million—up from NOK 2,045 million a year earlier—and an EBITDA of NOK 515 million. Although the EBITDA figure is modestly lower than the NOK 522 million recorded in Q2 2025, it surpassed market expectations, prompting a positive reaction from investors and analysts alike. The performance highlights the company’s ability to navigate a volatile macro‑environment while leveraging its diversified portfolio across bio‑based materials, fine chemicals, and bioproducts.

**Key Developments**
The revenue increase was driven primarily by stronger sales in the BioMaterials and Fine Chemicals divisions. Bio