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 PRESS RELEASE

Borregaard ASA: New supply contract for electric power with Hafslund

Borregaard ASA: New supply contract for electric power with Hafslund Borregaard and the Norwegian hydropower producer Hafslund have entered into a new long-term power purchase agreement, for the period 2025 to 2034. The annual contract volume is 88 GWh, representing 10–15% of the Sarpsborg site’s annual consumption.  Sarpsborg, 20 September 2024  Contact:Knut-Harald Bakke, Director Investor Relations, +47 905 79 164 This information is subject to the disclosure requirements pursuant to Section 5 -12 of the Norwegian Securities Trading Act.

 PRESS RELEASE

Huhtamaki’s financial reporting 2025

Huhtamaki’s financial reporting 2025 HUHTAMÄKI OYJ STOCK EXCHANGE RELEASE 18.9.2024 AT 14:00 In 2025, Huhtamaki will publish financial information as follows: Results 2024February 14Annual report 2024Week commencing March 10Interim report, January 1-March 31,2025April 24Half-yearly report, January 1-June 30, 2025July 24Interim report, January 1-September 30, 2025October 23 Huhtamaki observes a silent period prior to the publication of financial information. The silent period before publication of the 2024 Results is four weeks. The silent period before publication of the half-yearl...

 PRESS RELEASE

Huhtamäen taloudellinen raportointi vuonna 2025

Huhtamäen taloudellinen raportointi vuonna 2025 HUHTAMÄKI OYJ PÖRSSITIEDOTE 18.9.2024 KLO 14.00 Huhtamäki julkaisee taloudelliset katsauksensa vuonna 2025 seuraavasti:                          Tilinpäätöstiedote vuodelta 202414.2.Vuosikertomus 202410.3. alkavalla viikollaOsavuosikatsaus 1.1. - 31.3.202524.4.Puolivuosikatsaus 1.1. - 30.6.202524.7.Osavuosikatsaus 1.1. - 30.9.202523.10. Huhtamäki noudattaa hiljaista jaksoa ennen taloudellisten katsausten julkistamista. Tilinpäätöstiedotteen julkaisua edeltävä hiljainen jakso on neljä viikkoa. Puolivuosikatsauksen ja osavuosikatsausten jul...

 PRESS RELEASE

Borregaard ASA: Borregaard’s Capital Markets Day – The dawn of special...

Borregaard ASA: Borregaard’s Capital Markets Day – The dawn of specialisation Borregaard’s Capital Markets Day (CMD) will take place today at Oslo Concert Hall, starting at 09:00 and ending at 12:30 CEST. The event can be followed via webcast (). The written material supporting the presentations is enclosed. Key highlights - Borregaard CMD 2024: The specialisation journey continuesBioSolutions – diversified portfolio attractively positioned for growthBioMaterials – focus on regulated applications in tightening marketsOrganic growth – top priority with market-driven innovation portfoli...

ABGSC Pulp & Paper Research ... (+3)
  • ABGSC Pulp & Paper Research
  • Ali Shemmari
  • Martin Melbye
ABGSC Pulp & Paper Research ... (+3)
  • ABGSC Pulp & Paper Research
  • Ali Shemmari
  • Martin Melbye

Raising the bar – higher targets

Higher targets: Sales growth of 4-6% p.a., margin of 15-17%. Solid US potential/project economics. New targets imply ~NOK 70/share.

 PRESS RELEASE

Borregaard ASA: Reporting of transactions in Borregaard ASA's shares m...

Borregaard ASA: Reporting of transactions in Borregaard ASA's shares made by person discharging managerial responsibilities and closely related parties Today, Sveinung Heggen, General Counsel, exercised 15,000 stock options at a strike price of NOK 87.60 per share and in separate transactions, purchased and sold the same number of shares. The shares are drawn from Borregaard’s holdings of treasury shares. Please, see attached notifications for persons discharging managerial responsibilities in Borregaard in accordance with Regulation EU 596/2014 (MAR) article 19. After the transact...

ABGSC Pulp & Paper Research ... (+3)
  • ABGSC Pulp & Paper Research
  • Ali Shemmari
  • Martin Melbye
ABGSC Pulp & Paper Research ... (+3)
  • ABGSC Pulp & Paper Research
  • Ali Shemmari
  • Martin Melbye
ABGSC Pulp & Paper Research ... (+3)
  • ABGSC Pulp & Paper Research
  • Ali Shemmari
  • Martin Melbye
Johannes Grunselius
  • Johannes Grunselius

UPM (Buy, TP: EUR45.00) - Fit for buybacks

UPM is set to reap the benefits of five years of investing heavily, while hitting the pause button on capex in 2025–2026e. Thus, we forecast strong free cash flow, leaving UPM debt-free by 2026, paving the way for much-increased, value-accretive shareholder cash allocations. Assuming UPM took full advantage of its mandate and bought back 9.4% of its shares at a c10% premium, we calculate 2025e NIBD/EBITDA would be c0.9x, well below its

ABGSC Pulp & Paper Research ... (+3)
  • ABGSC Pulp & Paper Research
  • Ali Shemmari
  • Martin Melbye
Niclas Gehin
  • Niclas Gehin

Elopak (Hold, TP: NOK39.00) - Q2: supplier issue made EPS miss

Elopak reported Q2 EPS of EUR0.06, 9–13% below our estimate and consensus, while adj. EBITDA of EUR44m missed by 4–3%. Elopak recognised a EUR-1m accounting effect due to reduced inventories, driven by a supply-chain issue in North America. Elopak expects the effects of this to materialise operationally in Q3. We reiterate our HOLD, but have raised our target price to NOK39 (37), based on peer multiples expansion, and believe the stock is fairly valued at a 2025e P/E of 13.0x and EV/EBITDA of 5....

ABGSC Pulp & Paper Research ... (+3)
  • ABGSC Pulp & Paper Research
  • Ali Shemmari
  • Martin Melbye
ABGSC Pulp & Paper Research ... (+3)
  • ABGSC Pulp & Paper Research
  • Ali Shemmari
  • Martin Melbye

Adj. EBITDA -3%, in-line adjusted for IFRS

Adj. EBITDA 3% below, margin 15.2% vs. cons 15.3%. EMEA below, Americas better. Outlook reads positive - FY24 adj. EBITDA run-rate ~EUR 182m.

ABGSC Pulp & Paper Research ... (+3)
  • ABGSC Pulp & Paper Research
  • Ali Shemmari
  • Martin Melbye
Johannes Grunselius
  • Johannes Grunselius

Metsa Board (Buy, TP: EUR10.00) - Earnings recovery story still intact

Due to lower-than-expected pulp earnings from Metsa Fibre, Q2 earnings were below our expectations at the same time as the outlook guidance was more vague and softer than we expected. Reflecting the Q2 miss and a more cautious view on volumes and opex, we have lowered our 2024–2025e EBITDA by c24–9%. While this is negative, we continue to like the investment story due to strong earnings growth, appealing valuation multiples and a healthy balance sheet. We reiterate our BUY but have cut our targe...

ABGSC Pulp & Paper Research ... (+3)
  • ABGSC Pulp & Paper Research
  • Ali Shemmari
  • Martin Melbye

Murphy's law

Q2: Clean EBIT below, but Q3 likely better. Costs push prices higher. Growth projects could add EUR 110m to mid-cycle EBIT.

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