Norway · Delayed Price · Currency is NOK Norske Skog ASA Earnings Call Transcripts
Fiscal Year 2026
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Record recycled containerboard production and improved profitability were achieved, supported by asset sales, insurance settlements, and cost-saving initiatives. Net debt is set to decrease with incoming proceeds, while market share gains and further operational improvements are expected.
Fiscal Year 2025
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Record recycled containerboard deliveries and strong publication paper market share offset by low containerboard prices and ramp-up costs. Liquidity remains solid with new loan facilities and grants, while full Golbey PM1 utilization is targeted for 2027.
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Q3 2025 saw pre-tax profit rise to NOK 120 million, driven by power contract valuation, while EBITDA fell due to lower paper prices and ramp-up costs. Golbey PM1 ramp-up continues, with full utilization targeted for 2027 and further cost-reduction initiatives underway.
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Q2 2025 saw improved EBITDA and strong liquidity, despite lower publication paper volumes and prices. Golbey PM1 began ramp-up, with full utilization targeted for 2027, while cost and working capital initiatives continue amid challenging market conditions.
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EBITDA reached NOK 612 million, boosted by a NOK 560 million insurance settlement, while operational EBITDA and containerboard performance improved. Market conditions remain volatile, with high raw material costs and ongoing industry oversupply, but liquidity and capital positions are strong.
Fiscal Year 2024
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Exited Australasia with NOK 150 million proceeds and secured a NOK 540 million insurance settlement, strengthening financial flexibility. EBITDA fell to NOK 33 million amid higher costs, while major investments in Bruck and Golbey mills continue to drive future growth.
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EBITDA and cash position remained solid despite margin pressure from high input costs and excess capacity. Packaging paper growth continues, with major capacity expansion in 2025, while publication paper shipments in Europe are expected to improve slightly in Q4.
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Strong Q2 EBITDA was driven by insurance compensation and the first positive packaging paper segment result. Market overcapacity and rising input costs continue to pressure margins, but major capacity expansions and new projects are underway to drive future growth.