Norske Skog posted a pre-tax profit of NOK 120 million for the third quarter of 2025, compared with NOK 49 million in the previous quarter, supported by higher valuations of Norwegian energy contracts.
Year-to-date pre-tax profit reached NOK 610 million.
Operating income increased slightly to NOK 2.4 billion, while adjusted EBITDA declined to NOK 38 million from NOK 106 million in Q2, mainly due to lower publication and packaging paper prices. Reduced fibre and energy costs partly offset the market-driven price decline.
The packaging segment delivered mixed results: Norske Skog Bruck PM3 in Austria achieved an EBITDA of NOK 5 million, while Golbey PM1 recorded an EBITDA of NOK -99 million amid start-up effects. The publication paper segment maintained stable deliveries but faced slightly lower achieved prices.
Net cash flow from operations was NOK -90 million, reflecting higher working capital, while investment activities totalled NOK -207 million, mainly related to ongoing projects at Golbey and Skogn.
CEO Geir Drangsland emphasised that the quarter’s results reflect temporary ramp-up costs and continued investment in transformation. “Our long-term strategy remains on track,” he said. “We are building a more competitive, diversified Norske Skog with a strong position in both packaging and publication markets.”
The company expects full utilisation of Golbey PM1 by mid-2027 and continues to evaluate strategic options for its Saugbrugs mill. Norske Skog also awaits the outcome of its appeal to re-enter the EU Emissions Trading System for 2026–2030.
Norske Skog is a European producer of packaging paper and publication paper, operating four mills across the continent. Its packaging portfolio includes recycled containerboard grades such as testliner and fluting, while publication paper production covers newsprint and magazine paper. The group employs about 1,700 people, with its parent company, Norske Skog ASA, headquartered in Oslo and listed on the Oslo Stock Exchange under the ticker NSKOG.
