OSLO, Norway — Norske Skog reported EBITDA of NOK 73 million and a loss before income taxes of NOK 163 million for the second quarter of 2026, as record recycled containerboard deliveries and continued progress in its packaging paper business were offset by a stronger Norwegian krone and lower other operating income.

The company said its packaging paper segment achieved a positive EBITDA margin for the first time, marking an important milestone in its transition from publication papers to packaging grades.

Packaging Paper Business Reaches Key Milestone

Recycled containerboard deliveries reached a record 122,000 tonnes during the quarter.

Combined operations at Norske Skog Bruck and Norske Skog Golbey delivered the packaging paper segment’s first positive EBITDA margin since the company began expanding into recycled containerboard.

Bruck PM3 produced 52,000 tonnes and generated NOK 25 million in EBITDA, while Golbey PM1 delivered 70,000 tonnes with an EBITDA loss of NOK 24 million as production continues to ramp up.

The company continues to target full utilization of Golbey PM1 during the first half of 2027.

Financial Performance Impacted by Currency and Lower Operating Income

Total operating revenue reached NOK 2.584 billion, compared with NOK 2.877 billion in the first quarter of 2026.

During the quarter, Norske Skog reported:

• EBITDA: NOK 73 million
• Loss before income taxes: NOK 163 million
• Cash balance: NOK 723 million
• Equity ratio: 41%
• Net interest-bearing debt: Reduced from NOK 4.50 billion to NOK 4.36 billion

The company also received approximately NOK 470 million in energy refunds during the quarter.

An additional NOK 780 million in cash proceeds is expected during the third quarter following the completion of its transaction with Norwegian Nuclear Decommissioning (NND).

Strategic Projects Continue Across European Mills

Norske Skog continues to invest in projects aimed at diversifying revenue streams and improving long-term competitiveness.

At Skogn, the rebuild of PM1 for book paper production was completed in April. Commercial deliveries under the NOR Book brand are expected to increase during the second half of 2026, allowing the machine to switch between newsprint and book paper production.

At Bruck, the company is evaluating a 20 MW battery energy storage system with 40 MWh capacity that could reduce electricity costs while providing grid services. A final investment decision is expected during the third quarter.

Meanwhile, Golbey is studying an expansion of its biogas project, increasing annual renewable gas production from 16 GWh to between 70 and 90 GWh by 2028.

Leadership Changes Support Growth Strategy

Norske Skog also announced management changes at two mills.

At Golbey, long-serving President Yves Bailly has stepped down, with CEO Geir Drangsland assuming interim leadership through December 2026 to support the continued ramp-up of PM1.

At Skogn, Mads Eikeland has been appointed Managing Director, effective 1 September 2026.

Outlook

Norske Skog said it will continue focusing on cost reductions, operational improvements and revenue diversification while increasing market share in challenging paper markets.

The company expects the continued ramp-up of Golbey PM1, ongoing modernization projects and the completion of the NND transaction to strengthen its financial position during the second half of 2026.

Last Updated on 17/07/2026 by Jota Machinery