Norske Skog concluded 2025 with strong operational momentum, driven by record production and deliveries of recycled containerboard and a significantly improved liquidity position.
For the full year, Norske Skog reported a profit before income taxes of NOK 354 million and EBITDA of NOK 769 million. Total operating income increased to NOK 10.5 billion, and the group ended the year with cash and cash equivalents of NOK 1.1 billion, while strengthening market shares across key segments.
The fourth quarter marked continued progress in the group’s transformation. Record quarterly and full-year containerboard deliveries were achieved, although profitability was temporarily affected by ramp-up costs, trial deliveries, and export volumes from Golbey PM1. The ramp-up remains on track, with full utilisation expected in the first half of 2027.
“We are concluding the year with strong operational momentum and a significantly improved liquidity position,” said CEO Geir Drangsland, pointing to record deliveries and solid execution across strategic projects.
Quarterly operating income rose to NOK 2.59 billion, while losses reflected ongoing ramp-up effects and market pressures. In publication paper, higher deliveries and market share growth partly offset slightly lower prices. The packaging paper segment continued to face pricing pressure, though margins are expected to improve from 2026, supported by long-term contracts and energy-related grants.
Looking ahead, Norske Skog aims to increase market share despite volatile conditions, with a continued focus on cost reductions, working capital efficiency, and disciplined investment.
Norske Skog is a European producer of packaging and publication paper, with four mills and a total annual capacity of 2.1 million tonnes. The company is headquartered in Oslo and listed on the Oslo Stock Exchange (NSKOG).
Source: Norske Skog
