Norske Skog reported improved first-quarter 2026 results, supported by record containerboard deliveries and stronger profitability in its packaging paper business.
Recycled containerboard deliveries reached a record 106,000 tonnes in the quarter, while EBITDA rose to NOK 451 million and profit before tax reached NOK 236 million, compared with a loss in the previous quarter.
The performance reflects improved operating efficiency, stable pricing and a higher share of European deliveries in the packaging segment.
Packaging drives earnings recovery
The packaging paper segment led performance, with record volumes and improved margins.
At Bruck, PM3 generated a positive EBITDA of NOK 15 million, while losses at Golbey PM1 narrowed to NOK -43 million from NOK -124 million in the previous quarter. Full utilisation at Golbey remains targeted for the first half of 2027.
Publication paper supported by lower costs
In publication paper, deliveries declined seasonally and a stronger Norwegian krone weighed on revenues. However, profitability improved due to lower raw material costs, reduced staffing levels and higher market shares.
Results were also supported by a NOK 320 million gain related to the Saugbrugs transaction.
The company expects further raw material cost reductions through 2026 but said additional capacity closures may be required to maintain market balance.
Financial position strengthens
Total operating income increased to NOK 2.88 billion, up from NOK 2.59 billion in the previous quarter.
Following the quarter, Norske Skog received approximately NOK 370 million in energy refunds and expects additional inflows, along with NOK 770 million in proceeds related to the Saugbrugs transaction.
Outlook: volatile markets ahead
Norske Skog expects continued volatility in raw material prices and market conditions, alongside excess capacity in several segments.
The company said it will continue to focus on reducing production costs and improving working capital efficiency to maintain competitiveness.
Norske Skog produces packaging and publication paper across four European mills, with annual capacities of 0.8 million tonnes and 1.2 million tonnes respectively.
Based on information released by Norske Skog.
