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Q2 2021 Presentation 16 July 2021 Q2 2021 presentation 16 July 2021 Follow us on LinkedIn www.norskeskog.com Sustainable and innovative industry ENTERING Biochemicals 1,000 tonnes of 500 tonnes of 300 tonnes of ▪ Leading publication paper producer with five & materials biochemicals capacity1 CEBINA capacity CEBICO capacity (pilot) industrial sites globally Q1 2023 Q4 2021 ▪ Ongoing transition into higher growth and ENTERING higher value markets Renewable Interliner 760k tonnes of ~200k tonnes of ▪ Becoming a leading independent European packaging containerboard capacity Interliner capacity recycled containerboard company in 2023 Q4 2022 ▪ Packaging market growth and margin EXPANDING outlook strengthened since announcement Waste-to- Green bio- Sustainable energy plant mass energy ▪ High return waste-to-energy project +400 GWh of waste- ~425 GWh of wood ~28 GWh of biogas ~1,000 GWh of biomass energy based energy capacity pellets capacity energy capacity energy capacity2 improving green energy mix in Q2 2022 Q2 2022 ▪ Promising biochemicals and materials projects spearheaded by Circa PRESENT ▪ Industrial sites portfolio provide foundation for Publication 1,400k tonnes of 400k tonnes of 360k tonnes of further industrial development paper Newsprint capacity LWC capacity SC capacity Under construction Date Estimated start-up date 2 1) Norske Skog is the largest shareholder with ~26% ownership position in Circa; 2) Installed capacity for biofuel and waste from recycled paper of 230 MW Second quarter in brief Final investment decision made for Golbey conversion to containerboard ▪ Golbey containerboard production with start-up in Q4 2023 following Bruck in Q4 2022 ▪ Export credit agency backed financing progressing to plan EBITDA of NOK 17m at low point before cyclical upturn ▪ Cost increases in second quarter precede price increases impacting results negatively Costs and tight publication paper markets driving price increases in H2 2021 ▪ Considerable price increase for all product grades in H2 2021 ▪ Additional capacity cuts announced in Q2 2021, further strengthening outlook for H2 2021 and into 2022 Closure of Tasman ▪ Tasman ceased production on 30 June, restructuring cost of NOK 160m and non-cash loss of NOK 95m from mark-to-market revaluations ▪ Asset sales process expected to be completed and settled in H2 2021 Pursuing the ambition to become net CO2 negative through new technology ▪ Partnership with Ocean GeoLoop to achieve CO2 reductions and explore commercial opportunities 3 Cyclically low EBITDA in challenging price and cost environment Revenue EBITDA EBITDA bridge Q1 2021 to Q2 2021 NOKm NOKm (and margin in %) NOKm Increase in recovered paper and energy prices 146 23 138 14 2,476 2,346 112 2,234 2,199 2,167 121 - COVID-19 support in Austria, booking of 73 112 CO2 allowances and various other items 17 - 17 17 7% 32 6% 5% 25 - 3% 1% Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q1'21 Volume Price Var. cost Fixed cost FX Other Q2'21 4 Segment financials for Q2 2021 Segment financials NOKm Q2 2021 Q1 2021 Q2 2020 YTD 2021 YTD 2020 Europe Total operating income 1,872 1,711 1,655 3,582 3,786 EBITDA 14 106 75 120 404 ▪ Utilisation of 85% (some downtime due to recovered paper availability) EBITDA margin 0.8% 6.2% 4.5% 3.4% 10.7% ▪ Realised prices in the quarter similar to previous quarter Production (1 000 tonnes) 381 392 334 773 745 Deliveries (1 000 tonnes) 403 382 322 785 718 ▪ Significant increase in raw material prices (recovered paper and energy) Production / capacity (%) 85% 88% 70% 87% 78% Australasia Total operating income 482 489 513 971 1,133 EBITDA 7 -8 63 -1 126 ▪ Utilisation 69% (includes limited production from Tasman) EBITDA margin 1.4% -1.7% 12.3% -0.2% 11.1% ▪ Tasman closed on 30 June 2021, asset sales process being completed Production (1 000 tonnes) 79 89 70 168 162 Deliveries (1 000 tonnes) 87 90 67 177 167 ▪ Boyer to become only domestic publication paper supplier Production / capacity (%) 69% 79% 65% 74% 75% Other activities Total operating income 36 60 38 96 86 EBITDA -4 14 0 10 -14 5 Western European producers closing capacity to adjust to post COVID-19 demand environment Western European publication paper demand down ~2.1m tonnes in 2020 Publication paper closures of ~3.3m tonnes (H2 2020 to H2 2021) Monthly publication paper demand Change vs same Capacity closures in Western Europe, Western Europe, thousand tonnes month last year thousand tonnes H2 2020 – H1 2021 H2 2021 2022 – 2023 1,200 40% 4,000 235 125 3,500 670 1,000 25% 310 21% 250 3,000 14% 260 800 10% 1,075 2,500 565 110 600 -6% -5% 2,000 100 235 -16% 1,500 400 -20% 775 2,180 -25% 1,000 200 -35% 720 500 240 0 -50% 0 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Total Kaipola Shotton Newsprint Uncoated mechanical Coated mechanical Change vs last year Ortviken Sachsen Chapelle Veitsiluoto Hylte PM3 Bruck PM3 Golbey PM1 Kvarnsveden PapresaPM5 6 Sources: PPPC, company press releases Saugbrugs PM5 European publication paper prices following price development seen in Asian and US export markets Newsprint 45g CIF Hong Kong Newsprint 45g US East Publication paper prices Germany USD per tonne USD per tonne EUR per tonne 800 800 700 700 750 600 600 700 500 500 +50% 650 +13% 400 400 600 300 300 550 200 500 200 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 News 45g SC rotogr. 56g LWC offset 60g 7 Source: RISI Price increases necessary to counter margin contraction driven by significant increases in raw materials prices Recovered paper (RCP) prices1 Energy prices2 Kraft pulp (NBSK) prices3 EUR per tonne EUR per MWh USD per tonne 180 60 1,500 150 50 1,250 120 40 1,000 90 30 750 60 20 500 30 10 250 0 0 0 2015 2016 2017 2018 2019 2020 2021 2015 2016 2017 2018 2019 2020 2021 2015 2016 2017 2018 2019 2020 2021 8 Sources: RISI, Nord Pool 1) 1.11 sorted graphic paper for deinking in Germany; 2) Nordic system price; 3) Northern bleached softwood kraft pulp (Europe) Industry low CO2 footprint enabling annual CO2 emission allowance surplus Total allocated emission allowances Emission allowance price Thousand allowances EUR per allowance 700 60 600 50 ▪ Industry low CO2 footprint basis for annual 500 emission allowance surplus 40 ▪ Waste-to-energy plant at Bruck will reduce CO 400 2 footprint with 150k tonnes annually, start H1 2022 30 300 ▪ Allowance sale income booked each quarter in 2021, but expected to be received in H2 2021 20 200 ▪ Cost compensation booked each quarter in 2021, but cash proceeds to be received in H1 2022 10 100 0 0 2013 2014 2015 2016 2017 2018 2019 2020 2013 2014 2015 2016 2017 2018 2019 2020 2021 Skogn Saugbrugs Golbey Bruck Surplus 9 Source: European Commission Renewable packaging 10 Moving forward with the containerboard business Final Investment Decisions Golbey and Bruck investments approved by the board of directors EUR 350m Project investment EUR ~245m debt financing ECA1-backed debt financing of ~70%, subject to final documentation Q4 2022 first production Stepwise commercial introduction 760 000 tonnes Recycled containerboard production capacity 11 1) ECA = Export Credit Agency Introducing recycled containerboards ▪ Lightweight and strong fluting and testliner board ▪ Inevitably circular from 100% recycled fibre (OCC) ▪ Supporting e-commerce with sustainable packaging ▪ Replacing plastic where and when possible ▪ Production capacity of 760 000 tonnes in 2023 ▪ Annual European demand growth +600 000 tonnes1 12 Source: External industry consultant (third-party) 1) European demand of ~26m tonnes with annual growth rate of 2-3% Establishing a leading independent European containerboard business Norske Skog Golbey – France PM1 (FID completed) P Top 10 recycled containerboard suppliers in Europe ▪ 235k tonnes newsprint capacity ▪ Convert to 550k tonnes containerboard ▪ Start-up in Q4 2023 Capacity, million tonnes ▪ Capex estimate of EUR ~250m 0 1 2 3 4 Smurfit Kappa PM2 (future candidate) ▪ 330k tonnes newsprint capacity DS Smith ▪ Ongoing production during PM1 conversion ▪ Strong candidate for future conversion SAICA ▪ Feasibility studies concluded Prinzhorn Progroup Norske Skog Bruck – Austria PM3 (FID completed) P Palm ▪ 125k tonnes newsprint capacity ▪ Convert to 210k tonnes containerboard Adolf Jass ▪ Start-up in Q4 2022 ▪ Capex estimate of EUR ~100m Mondi PM4 (future candidate) Burgo Capacity of 760 000 tonnes, ▪ 265k tonnes LWC magazine capacity based on conversion of ▪ Ongoing production during PM3 conversion PM1 and PM3 ▪ Strong candidate for future conversion ▪ Feasibility studies concluded 13 Source: External industry consultant (third-party) Norske Skog will enter the recycled containerboard market with first-quartile capacity Cash cost delivered Frankfurt for all recycled containerboard machines in Europe1 EUR per tonne 500 450 Golbey PM1 and Bruck PM3 to 400 be among the most competitive ▪ Centrally located in continental Europe containerboard machines 350 ▪ Established presence in recycled fibre markets 300 ▪ Among the top brownfield opportunities in Europe 250 ▪ Large industrial sites with scale advantages 200 ▪ Boilers secure sustainable and competitive steam supply 150 100 ▪ Machine specifications enable cost-leadership position 50 0 0 5,000 10,000 15,000 20,000 25,000 30,000 Capacity, thousand tonnes 14 Source: External industry consultant (third-party), cost data as of Q3 2019 1) Europe excluding Russia Strong outlook for the containerboard market Recycled containerboard (fluting and testliner) and recycled fibre (OCC) reference prices in Germany
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