Norske Skog's Golbey PM1 takeover advances packaging shift despite mixed Q3

Norske Skog reported a pre-tax profit of NOK 120 million in Q3 2025, bringing the year-to-date total to NOK 610 million. However, EBITDA for the quarter was NOK 38 million, a decrease from NOK 106 million in the previous quarter, largely due to lower publication and packaging paper prices, though partly offset by reduced fibre and energy costs. The company's equity improved from NOK 5,877 million to NOK 5,997 million, increasing the equity ratio to 42.8%, while net interest-bearing debt rose to NOK 4,243 million.

A significant milestone was the formal takeover of the Golbey PM1 containerboard machine in France, central to Norske Skog's long-term transformation. The Golbey PM1 produced 28,000 tonnes and delivered 24,000 tonnes in Q3, with full utilisation expected by H1 2027. This project, along with other investments, contributed to a net cash flow from investing activities of NOK -207 million.

The publication paper segment faced lower prices, while the packaging paper segment, including Bruck PM3, delivered mixed results. Norske Skog is pursuing profitability initiatives, including cost reviews and working capital efficiency, and is evaluating strategic options for its Saugbrugs PM6 by year-end. Remaining gross investment at Golbey is €15 million, with an additional €50 million expected in investment grants and energy certificates from 2025 to 2027.