Norske Skog achieved a pre-tax profit of NOK 120 million in the quarter and NOK 610 million year-to-date. The group reported an EBITDA of NOK 38 million in the third quarter of 2025, down from NOK 106 million in the previous quarter. EBITDA decreased compared to the previous quarter due to lower publication and packaging paper prices, partly offset by lower cost of fibre and energy. Pre-tax profit increased due to higher valuation of Norwegian energy contracts.
The formal takeover of the new containerboard machine PM1 at Norske Skog Golbey in France was completed during the quarter, marking a major step in the group’s long-term transformation from publication paper to packaging paper production. Norske Skog expects full utilisation during the first half of 2027.
“The formal takeover of PM1 at Golbey is an important achievement for Norske Skog and a result of strong teamwork across the organisation,” says Geir Drangsland, CEO of Norske Skog. “We are now able to deliver to customers on a commercial scale and further strengthen our position in the European containerboard market. Despite temporary ramp-up effects impacting profitability, the project continues to develop in line with expectations. The quarter also saw positive developments in reduced fibre costs, which will support competitiveness going forward.”
In the third quarter of 2025, total operating income increased slightly to NOK 2 403 million, up from NOK 2 389 million in the previous quarter. Norske Skog had total operating earnings of NOK 193 million compared to NOK 74 million in the previous quarter, and a profit before income taxes of NOK 120 million, up from NOK 49 million in the previous quarter. Equity increased from NOK 5 877 million to NOK 5 997 million, resulting in the equity ratio improving from 41.8% to 42.8%. Total assets decreased slightly from NOK 14 068 million to NOK 14 002 million. Net interest-bearing debt increased from NOK 3 960 million to NOK 4 243 million.
Net cash flow from operating activities was NOK -90 million in the quarter, mainly due to increased working capital. Net cash flow from investing activities was NOK -207 million, reflecting ongoing investments in the Golbey PM1 project, the book paper conversion project at Norske Skog Skogn, and continued maintenance investments across mills. Net cash flow from financing activities improved to NOK -55 million from NOK -171 million in the previous quarter.
