BORREGAARD ASA
Sector unknown·BRG · Oslo Børs·Fiscal year to 31/12/2024
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
Agriculture and food production
End markets
DriverPositive impact: strengthens
“In BioSolutions, higher demand for lignin-based biopolymers for agriculture was the main reason for increased sales volume and top-line growth. The growth within agriculture was broad-based and supported applications like crop protection, plant nutrition and animal feed.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“The average price in sales currency for BioSolutions was 1% higher than in 2023, and total sales volume was 6% higher. Higher demand for lignin-based biopolymers for agriculture was the main reason for the increased sales volume and the top-line growth in 2024. The growth within agriculture was broad-based and supported applications like crop protection, plant nutrition and animal feed.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“We are particularly noticing that sustainability and regulatory issues are offering new opportunities for specialisation. Within biopolymers, Borregaard is introducing bio- based alternatives to polyacrylates for use in home care, industrial cleaners, water treatment, coatings, agriculture, leather tanning, and oilfield chemicals.”
Annual report 2024A · The company itself
Market
“BORREGAARD’S THREE BUSINESS SEGMENTS BioSolutions develops, produces and sells biopolymers and biovanillin from lignin. Biopolymers are used in a wide range of end- market applications, such as agrochemicals, batteries, industrial binders and construction.”
Annual report 2024A · The company itself
Market
“Biovanillin is supplied to flavour and fragrance companies, as well as to the food and beverage industry.”
Annual report 2024A · The company itself
Market
“The products are used across multiple industries for a wide range of applications, including sectors such as feed and agriculture, construction and building materials, food and pharmaceuticals, home and personal care, batteries, biofuel and several other industries. The Group’s strong market positions have been developed through an in-depth understanding of our markets, the production of advanced and specialised products, and a local presence through a global sales and marketing organisation.”
Annual report 2024A · The company itself
Market
“Our key markets, including agriculture, energy storage, and packaging, are increasingly prioritising sustainability. We are also expanding into new markets, such as home care, with innovative sustainable products like Li-ion battery additives, and broadening our geographical reach, particularly in Asia.”
Annual report 2024A · The company itself
Chains in: Grain and agricultural commodities mixed effect, Climate change and extreme weather weakens, Grocery retail and private label weakens
Electricity
Raw materials and inputs
DriverPositive impact: strengthens
“The increased result in BioSolutions was due to higher sales, reduced energy costs and improved product mix.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“Energy is 9% of total cost in 2024, NOK 537 million.”
Annual report 2024A · The company itself
InputNegative impact: weakens
“On the positive side, spot prices decreased in 2024 for both natural gas and electricity. Reduced energy prices also had a positive impact on several raw materials and chemicals.”
Annual report 2024A · The company itself
InputNegative impact: weakens
“We are strategically working on securing increased grid access and sourcing hydropower-based electricity for the long term. Around 70% of our demand for caustic soda, the main basic chemical input, is secured through captive production based on renewable energy at the biorefinery in Sarpsborg.”
Annual report 2024A · The company itself
InputNegative impact: weakens
“Renewable energy (reduced GHG exposure) Total energy 1,859 GWh, 1,218 GWh from renewable sources. CO 2 emissions from energy is the major emissions source - technology are available to invest in more renewable energy solutions to acheive our scienced based emisson targets.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“In 2024, Borregaard entered into a new 10-year hydropower purchase agreement with an annual contract volume of 88 GWh starting from January 2025. The new contract will further strengthen Borregaard’s portfolio of long-term hydropower contracts in accordance with the Group’s transition plan to reduce greenhouse gas emissions.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“Energy conservation program: 21.7 GJ/TAD cellulose in 2024.”
Annual report 2024A · The company itself
Chains in: Data centres strengthens, Electrification strengthens
Chains out: this strengthens Power grid expansion
Chemicals and specialty chemicals
Raw materials and inputs
InputNegative impact: weakens
“Sales prices for key products were reduced as a result of price reductions for the main raw material. The result for bioethanol was lower than in 2023, as increased sales volume was more than offset by higher costs.”
Annual report 2024A · The company itself
InputNegative impact: weakens
“Around 70% of our demand for caustic soda, the main basic chemical input, is secured through captive production based on renewable energy at the biorefinery in Sarpsborg.”
Annual report 2024A · The company itself
InputNegative impact: weakens
“Borregaard uses SO 2 in our production process. Our actions are described in E2-2, and the total amount is reported in the table above, Emission to water by pollutant.”
Annual report 2024A · The company itself
InputNegative impact: weakens
“In addition, we regard the 607 suppliers in the categories: logistics, chemicals and wood as having potential negative environmental impacts. 35 of these are classified strategic and thus identified as having significant actual and potential negative environmental impacts. Improvements have been agreed with 54% of them.”
Annual report 2024A · The company itself
Market
“Changes in the EU’s new Chemicals Strategy for Sustainability (CSS) are likely to present opportunities for Borregaard’s biochemicals, particularly in comparison to conventional chemicals.”
Annual report 2024A · The company itself
Circular economy and recycling
Regulation
DriverPositive impact: strengthens
“Climate-related transitional risks and opportunities The resilience of Borregaard’s strategy is rooted in the diverse product portfolio of over 800 products, which makes the company adaptable to market shifts and reduces exposure to cyclical industries. The growing demand for low-carbon products is anticipated to drive revenue growth, supported by Borregaard’s strategic investments in innovation and the expansion of our product offerings and specialisation.”
Annual report 2024A · The company itself
InputNegative impact: weakens
“102 CONTENTS FINANCIALS SUSTAINABILITY BOD REPORT REPORT OF THE BOARD OF DIRECTORS E4-4 AND E4.MDR-T Targets related to biodiversity and ecosystems Our efforts towards achieving our goal to source 100% certified wood for the biorefinery in Norway resulted in 95% certified wood, with the remaining 5% verified as controlled in compliance with PEFC and/or FSC ® standards.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“We source raw materials from sustainably managed forests, ensuring compliance with international standards such as FSC ® and PEFC. Borregaard has integrated ESG elements into our procurement strategy including long-term contracts and partnerships with certified suppliers, to maintain a stable and sustainable supply chain.”
Annual report 2024A · The company itself
Chains in: EU climate and energy policy strengthens
Batteries and energy storage
Technology
DriverPositive impact: strengthens
“In addition, sales to batteries and oilfield chemicals showed strong growth in 2024.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“The production capacity for highly specialised lignin-based biopolymers was increased in 2024 with an investment totalling close to NOK 80 million. The new capacity will gradually be phased into attractive niche markets, mainly targeting battery applications.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“We have also launched a new dispersing agent for lithium-ion batteries.”
Annual report 2024A · The company itself
Market
“BORREGAARD’S THREE BUSINESS SEGMENTS BioSolutions develops, produces and sells biopolymers and biovanillin from lignin. Biopolymers are used in a wide range of end- market applications, such as agrochemicals, batteries, industrial binders and construction.”
Annual report 2024A · The company itself
Market
“Our key markets, including agriculture, energy storage, and packaging, are increasingly prioritising sustainability. We are also expanding into new markets, such as home care, with innovative sustainable products like Li-ion battery additives, and broadening our geographical reach, particularly in Asia.”
Annual report 2024A · The company itself
Healthcare and hospitals
End markets
DriverPositive impact: strengthens
“BioMaterials had significantly higher deliveries of speciality cellulose in 2024, driven by increased sales to high-purity casings and cellulose ether grades to regulated applications for food and pharma. The closure of Georgia Pacific’s plant in Foley, Florida in the autumn of 2023 and the suspension of RYAM’s plant in Temiscaming, Quebec in the summer of 2024 had a positive impact on Borregaard's growth in these applications.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“Our speciality cellulose business is also targeting growth within regulated applications such as food, pharmaceuticals, and personal care.”
Annual report 2024A · The company itself
Market
“BioMaterials develops, produces and sells speciality cellulose mainly for use as a raw material in the production of cellulose ethers, cellulose acetate and other speciality products. BioMaterials also includes cellulose fibrils for industrial applications.”
Annual report 2024A · The company itself
Market
“The products are used across multiple industries for a wide range of applications, including sectors such as feed and agriculture, construction and building materials, food and pharmaceuticals, home and personal care, batteries, biofuel and several other industries.”
Annual report 2024A · The company itself
Chains in: Ageing population strengthens, GLP-1 and obesity treatment mixed effect
Automation and robotics
Technology
StrategyPositive impact: strengthens
“A NOK 100 million investment in a new green technology platform and an associated commercial scale demonstration plant is ongoing. The new platform will enable the delivery of next generation lignin-based biopolymers and granulation of existing and new products. Targeted application areas include homecare, industrial cleaners, water treatment and agriculture.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“Borregaard is investing NOK 100 million in a new technology platform. This includes the construction of a demonstration plant dedicated to next-generation lignin-based biopolymers and granulation of existing and new products. Target application areas are homecare, industrial cleaners, water treatment and agriculture.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“Another investment of NOK 490 million for a capacity increase project at Borregaard’s Sarpsborg site marks the first phase of a two-step debottlenecking initiative designed to increase production output of speciality cellulose, lignin- based biopolymers and advanced bioethanol by 5–10%.”
Annual report 2024A · The company itself
Artificial intelligence
Technology
StrategyPositive impact: strengthens
“Borregaard is investing NOK 100 million in a new technology platform. This includes the construction of a demonstration plant dedicated to next-generation lignin-based biopolymers and granulation of existing and new products. Target application areas are homecare, industrial cleaners, water treatment and agriculture.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“Resources for development and innovation of sustainable climate friendly products Maintaining strong innovation efforts remain one of Borregaard’s strategic priorities, with sustainability now serving as a key driver in our innovation processes. We have an innovation team of 97 employees, including 32 PhDs.”
Annual report 2024A · The company itself
Chains out: this strengthens Data centres, strengthens Semiconductors and electronic components, strengthens Semiconductor industry
Energy efficiency
Technology
StrategyPositive impact: strengthens
“The investment to reduce CO 2 emissions, improve energy efficiency and increase energy flexibility at the biorefinery in Norway was completed in the 3 rd quarter of 2024. So far, energy savings are above the initial expectations and the reduction in CO 2 emissions is in line with the target of 30,000 tonnes per year.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“Utilise bark from wood debarking at the wood yard for energy >75 GWh/year. 100% material or energy recovery of waste streams that was landfilled in 2024.”
Annual report 2024A · The company itself
Chains in: Carbon tax and ETS prices strengthens, EU climate and energy policy strengthens
Plastics and polymers
Raw materials and inputs
Market
“CONTENTS FINANCIALS SUSTAINABILITY BOD REPORT 93 REPORT OF THE BOARD OF DIRECTORS E2-5 Substances of concern and substances of very high concern metrics Borregaard’s main products are lignin-based biopolymers and speciality cellulose, which together account for about 80% of our revenues.”
Annual report 2024A · The company itself
Market
“Product and services (Products that replaces fossil based) About 51% (NOK 3.8 billion) of Borregaard’s sales revenues in 2024 came from bio-based products with lower climate/environmental footprint compared with fossil-based products. Sales revenue for bio-based products.”
Annual report 2024A · The company itself
Chains in: Oil strengthens
Aquaculture and fish feed
End markets
Market
“Additionally, a new sustainable feed binder for the aquaculture industry will be introduced as a replacement for synthetic binders based on urea formaldehyde.”
Annual report 2024A · The company itself
Automotive
End markets
Market
“In addition, sales to batteries and oilfield chemicals showed good growth.”
Annual report 2024A · The company itself
Beer and beverages
End markets
Market
“Biovanillin is supplied to flavour and fragrance companies, as well as to the food and beverage industry.”
Annual report 2024A · The company itself
Chains in: Grain and agricultural commodities strengthens, Consumer preference shifts mixed effect, Packaging weakens
Business cycle and GDP growth
Macro
StrategyPositive impact: strengthens
“Expect the margin discount on “green financing” to increase towards 2030, which will mean lower interest expenses. Resilience 800 different products in numerous applications, reduced exposure to cyclical markets.”
Annual report 2024A · The company itself
Chains out: this strengthens Global trade volumes, strengthens Construction
Construction
End markets
Market
“The products are used across multiple industries for a wide range of applications, including sectors such as feed and agriculture, construction and building materials, food and pharmaceuticals, home and personal care, batteries, biofuel and several other industries.”
Annual report 2024A · The company itself
Chains in: Interest rates weakens, Housing market strengthens, Public investment and infrastructure strengthens, Business cycle and GDP growth strengthens, Reconstruction of Ukraine strengthens
Consumer spending
Macro
StrategyPositive impact: strengthens
“Expect the margin discount on “green financing” to increase towards 2030, which will mean lower interest expenses. Resilience 800 different products in numerous applications, reduced exposure to cyclical markets.”
Annual report 2024A · The company itself
Chains in: Inflation weakens
Chains out: this strengthens Retail, strengthens Hospitality and leisure, strengthens Premium consumers, strengthens Grocery retail and private label
Electrification
Technology
StrategyPositive impact: strengthens
“In 2024, Borregaard announced a NOK 275 million investment to upgrade the electricity transformation capacity at the biorefinery in Norway. This infrastructure investment will facilitate delivery of long-term environmental goals and create headroom for future growth projects. Further electrification of the Sarpsborg site based on availability of new green energy and transmission capacity in the grids serving our facilities, is a prerequisite for delivery of Borregaard’s environmental targets.”
Annual report 2024A · The company itself
Chains out: this strengthens Electricity, strengthens Power grid expansion, strengthens Copper
Hospitality and leisure
End markets
Market
“The products are used across multiple industries for a wide range of applications, including sectors such as feed and agriculture, construction and building materials, food and pharmaceuticals, home and personal care, batteries, biofuel and several other industries.”
Annual report 2024A · The company itself
Chains in: Consumer spending strengthens
Industrial manufacturing
End markets
Market
“BioMaterials develops, produces and sells speciality cellulose mainly for use as a raw material in the production of cellulose ethers, cellulose acetate and other speciality products. BioMaterials also includes cellulose fibrils for industrial applications.”
Annual report 2024A · The company itself
M&A and consolidation
Macro
StrategyPositive impact: strengthens
“We are also positioning Borregaard for inorganic growth by investing in companies or technologies that focus on converting bio-based raw materials into chemicals and materials. One example is our investment in Alginor in 2021, where Borregaard holds a 35% ownership on a fully diluted basis.”
Annual report 2024A · The company itself
Medical devices
Technology
Market
“The result for fine chemical intermediates improved compared with 2023, mainly due to higher sales volume.”
Annual report 2024A · The company itself
Chains in: Ageing population strengthens
Packaging
Raw materials and inputs
Market
“Our key markets, including agriculture, energy storage, and packaging, are increasingly prioritising sustainability. We are also expanding into new markets, such as home care, with innovative sustainable products like Li-ion battery additives, and broadening our geographical reach, particularly in Asia.”
Annual report 2024A · The company itself
Chains out: this weakens Beer and beverages
Public investment and infrastructure
Regulation
StrategyPositive impact: strengthens
“In the 4 th quarter, Borregaard announced a NOK 490 million investment to debottleneck and increase the capacity at the Sarpsborg site. The debottlenecking is the first of two planned investments to increase capacity at the Sarpsborg site towards 2027. In total, the expected capacity increase is 5–10%. Production output is expected to increase gradually from the second half of 2026.”
Annual report 2024A · The company itself
Chains in: Reconstruction of Ukraine strengthens
Chains out: this strengthens Construction, strengthens Digitalisation, strengthens IT consulting and public-sector IT
Textiles and nonwovens
Raw materials and inputs
Market
“CONTENTS FINANCIALS SUSTAINABILITY BOD REPORT 93 REPORT OF THE BOARD OF DIRECTORS E2-5 Substances of concern and substances of very high concern metrics Borregaard’s main products are lignin-based biopolymers and speciality cellulose, which together account for about 80% of our revenues.”
Annual report 2024A · The company itself
Wood and timber
Raw materials and inputs
DriverNegative impact: weakens
“Ahead of the game (SSP1-2.6) Ambitious carbon reduction efforts, ecosystem restoration, and protection drive positive environmental changes. In the short term, Borregaard’s wood supply remains stable as climate change slows and resource efficiency improves. In the medium- term, increased carbon emission reduction and conservation efforts boost the availability of sustainably sourced materials. In the long-term, sustainable forest management ensures healthy forests and tree regeneration, securing the supply of wood.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“Borregaard is impacted by supply, demand, and price of wood.”
Annual report 2024A · The company itself
InputNegative impact: weakens
“Wood prices continued to increase quite substantially in 2024. In total, the wood costs for Borregaard increased by 24% compared with 2023. The pulpwood market in the Nordics is tight and prices have increased significantly from 2022, following the abrupt end of imports from Russia. In addition, strong markets for the Nordic pulp producers have put further pressure on pulpwood prices.”
Annual report 2024A · The company itself
InputNegative impact: weakens
“Borregaard's value chain is characterised by our integration from raw material sourcing to the production and distribution of bioproducts. Upstream, we collaborate with certified forest owners and suppliers to ensure the sustainable procurement of wood and other raw materials.”
Annual report 2024A · The company itself
InputNegative impact: weakens
“102 CONTENTS FINANCIALS SUSTAINABILITY BOD REPORT REPORT OF THE BOARD OF DIRECTORS E4-4 AND E4.MDR-T Targets related to biodiversity and ecosystems Our efforts towards achieving our goal to source 100% certified wood for the biorefinery in Norway resulted in 95% certified wood, with the remaining 5% verified as controlled in compliance with PEFC and/or FSC ® standards.”
Annual report 2024A · The company itself
InputNegative impact: weakens
“In addition, we regard the 607 suppliers in the categories: logistics, chemicals and wood as having potential negative environmental impacts. 35 of these are classified strategic and thus identified as having significant actual and potential negative environmental impacts. Improvements have been agreed with 54% of them.”
Annual report 2024A · The company itself
EU climate and energy policy
Regulation
DriverPositive impact: strengthens
“The market conditions for advanced biofuels continued to be favourable in several European countries throughout most of 2024.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“Investments of NOK 650-850 million in 2025-2027 to reduce emissions by 83,000 t CO 2 (Scope 1 and 2). The first investment (NOK 230 million) was finalised in 2024.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“In a Net Zero scenario, upcoming legislation addressing the climate and nature challenges, such as regulations arising from the EU Green Deal— including CSRD reporting requirements, the EU Deforestation Regulation (EUDR), the Renewable Energy Directive (RED III), and the targets of the Global Biodiversity Framework — highlight the shift in the global economy. These initiatives are expected to influence procurement practices, and Borregaard is actively monitoring these developments and implementing measures to ensure compliance.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“Particularly we will follow up on the Regulation on deforestation-free products (EUDR) which entered into force in June 2023. The purpose of the EUDR is to guarantee that the products consumed by EU citizens do not contribute to deforestation or forest degradation globally. Under the Regulation, any operator or trader who places wood-based products on the EU market must be able to prove that the products do not originate from recently deforested land or have contributed to forest degradation.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“CONTENTS FINANCIALS SUSTAINABILITY BOD REPORT 34 REPORT OF THE BOARD OF DIRECTORS At the same time, investors have increasingly questioned the environmental investments at our biorefinery in Norway and the associated costs of climate transition. We are committed to transparent communication about the long- term benefits and strategic importance of these investments, which are essential for sustainable growth and compliance with evolving regulations.”
Annual report 2024A · The company itself
Chains out: this strengthens Circular economy and recycling, strengthens Energy efficiency
Carbon tax and ETS prices
Regulation
DriverNegative impact: weakens
“Greenhouse gas emissions (Scope 1 and 2) decreased by 6% mainly due to energy conservation and electrification of spray dryers, which led to lower use of fossil fuel for heat energy. The emissions of organic material (COD) increased by 16% in 2024 compared with the all-time low level in 2023.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“Investments of NOK 650-850 million in 2025-2027 to reduce emissions by 83,000 t CO 2 (Scope 1 and 2). The first investment (NOK 230 million) was finalised in 2024.”
Annual report 2024A · The company itself
Chains out: this weakens Shipping and logistics, strengthens Energy efficiency, weakens Cement and building materials
Consumer preference shifts
End markets
DriverPositive impact: strengthens
“Our products contribute to several SDGs, including food and feed production (SDG 2), construction and infrastructure (SDG 9 and 11), clean energy (SDG 7), transportation solutions (SDG 9) and chemicals for water purification (SDG 6). Most of Borregaard’s products have a favourable climate footprint compared to fossil-based alternatives, thereby supporting efforts to mitigate climate change (SDG 13).”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“Climate-related transitional risks and opportunities The resilience of Borregaard’s strategy is rooted in the diverse product portfolio of over 800 products, which makes the company adaptable to market shifts and reduces exposure to cyclical industries. The growing demand for low-carbon products is anticipated to drive revenue growth, supported by Borregaard’s strategic investments in innovation and the expansion of our product offerings and specialisation.”
Annual report 2024A · The company itself
Chains out: this mixed effect Beer and beverages
Other currencies
Macro
DriverMixed impact: mixed
“Financial risks Borregaard is financially exposed to currency risk for most of its sales, primarily in USD and EUR. A substantial part of this exposure, defined as estimated net cash flow in USD and EUR, is routinely hedged with a nine-month time horizon.”
Annual report 2024A · The company itself
DriverMixed impact: mixed
“The weakening of the Norwegian currency has had a notable impact on Borregaard's financial results. While it has made our exports more competitive, it has also increased the cost of imported raw materials and other inputs.”
Annual report 2024A · The company itself
USD vs DKK/EUR
Macro
DriverMixed impact: mixed
“Financial risks Borregaard is financially exposed to currency risk for most of its sales, primarily in USD and EUR. A substantial part of this exposure, defined as estimated net cash flow in USD and EUR, is routinely hedged with a nine-month time horizon.”
Annual report 2024A · The company itself
DriverMixed impact: mixed
“The weakening of the Norwegian currency has had a notable impact on Borregaard's financial results. While it has made our exports more competitive, it has also increased the cost of imported raw materials and other inputs.”
Annual report 2024A · The company itself
Chains out: this mixed effect United States
ESG and sustainability reporting
Regulation
DriverNegative impact: weakens
“In a Net Zero scenario, upcoming legislation addressing the climate and nature challenges, such as regulations arising from the EU Green Deal— including CSRD reporting requirements, the EU Deforestation Regulation (EUDR), the Renewable Energy Directive (RED III), and the targets of the Global Biodiversity Framework — highlight the shift in the global economy. These initiatives are expected to influence procurement practices, and Borregaard is actively monitoring these developments and implementing measures to ensure compliance.”
Annual report 2024A · The company itself
Labour regulation
Regulation
DriverPositive impact: strengthens
“For example, Borregaard has spent the last 12 years re-authorising our lignin-based biopolymers for use in animal feed within the EU, which was successfully achieved in February 2024. In this customer segment, we are now witnessing strong demand for non-synthetic sustainable binders due to new regulations, typically banning substances of concern such as formaldehyde.”
Annual report 2024A · The company itself
Shipping and logistics
End markets
InputNegative impact: weakens
“In addition, we regard the 607 suppliers in the categories: logistics, chemicals and wood as having potential negative environmental impacts. 35 of these are classified strategic and thus identified as having significant actual and potential negative environmental impacts. Improvements have been agreed with 54% of them.”
Annual report 2024A · The company itself
Chains in: Carbon tax and ETS prices weakens, Global trade volumes strengthens, Fuel strengthens
Labour and wages
Raw materials and inputs
DriverNegative impact: weakens
“Recruitment and sponsorships Based on the current age composition of the workforce, Borregaard’s biorefinery in Norway will have to attract several qualified employees in the coming years. Borregaard has therefore recruitment activities and school programmes to encourage interest in an industrial career with relevant qualifications.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“Borregaard has initiatives designed to encourage the recruitment of female managers and employees. The company-specific goal is for 35% of new hires to be women. However, the industry and educational institutions from which we recruit are dominated by male candidates, which makes this goal quite ambitious.”
Annual report 2024A · The company itself
InputNegative impact: weakens
“Other operating expenses were affected by a continued high general cost inflation and increased labour costs.”
Annual report 2024A · The company itself
Geopolitical uncertainty
Macro
DriverNegative impact: weakens
“War and conflicts in Ukraine and the Middle East as well as uncertainty in the global economy may impact Borregaard’s markets and costs.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“In 2024, the primary focus of our stakeholder dialogue was on resilience in the face of global economic and geopolitical uncertainties. This dialogue centred on how these factors might impact Borregaard’s markets and our strategic response through a robust and transparent value chain, as well as adjustments in market exposure.”
Annual report 2024A · The company itself
Chains out: this strengthens Defence budgets, strengthens Energy security, strengthens Tariffs and trade policy, weakens Global trade volumes, strengthens Sea freight and freight rates, weakens Reconstruction of Ukraine
Climate change and extreme weather
Macro
DriverNegative impact: weakens
“Ahead of the game (SSP1-2.6) Ambitious carbon reduction efforts, ecosystem restoration, and protection drive positive environmental changes. In the short term, Borregaard’s wood supply remains stable as climate change slows and resource efficiency improves. In the medium- term, increased carbon emission reduction and conservation efforts boost the availability of sustainably sourced materials. In the long-term, sustainable forest management ensures healthy forests and tree regeneration, securing the supply of wood.”
Annual report 2024A · The company itself
Chains out: this weakens Agriculture and food production
Education
End markets
DriverNegative impact: weakens
“Recruitment and sponsorships Based on the current age composition of the workforce, Borregaard’s biorefinery in Norway will have to attract several qualified employees in the coming years. Borregaard has therefore recruitment activities and school programmes to encourage interest in an industrial career with relevant qualifications.”
Annual report 2024A · The company itself
Global trade volumes
Macro
DriverNegative impact: weakens
“In 2024, the primary focus of our stakeholder dialogue was on resilience in the face of global economic and geopolitical uncertainties. This dialogue centred on how these factors might impact Borregaard’s markets and our strategic response through a robust and transparent value chain, as well as adjustments in market exposure.”
Annual report 2024A · The company itself
Chains in: Tariffs and trade policy weakens, Geopolitical uncertainty weakens, Business cycle and GDP growth strengthens
Chains out: this strengthens Shipping and logistics
Interest rates
Macro
DriverNegative impact: weakens
“The resilience of our strategy in securing continued access to finance at an affordable cost of capital is strong. In 2023, we established a green financing framework that enables Borregaard to issue green financing instruments. The framework is structured in accordance with the 2021 ICMA Green Bond Principles (GBP) and the 2023 LMA, APLMA, and LSTA Green Loan Principles (GLP).”
Annual report 2024A · The company itself
Chains in: Public debt and fiscal policy strengthens, Inflation strengthens
Chains out: this weakens Construction, weakens Real estate, weakens Wind power, weakens Housing market, weakens Office and commercial property, weakens Residential rental, weakens Residential construction
Natural gas
Raw materials and inputs
InputNegative impact: weakens
“On the positive side, spot prices decreased in 2024 for both natural gas and electricity. Reduced energy prices also had a positive impact on several raw materials and chemicals.”
Annual report 2024A · The company itself
Sugar, cocoa and coffee
Raw materials and inputs
DriverNegative impact: weakens
“The biovanillin market continued to be impacted by the high global supply of synthetic vanillin products.”
Annual report 2024A · The company itself
Tariffs and trade policy
Macro
DriverPositive impact: strengthens
“FINANCIALS SUSTAINABILITY BOD REPORT 17 REPORT OF THE BOARD OF DIRECTORS OUTLOOK The total sales volume for BioSolutions in 2025 is forecast to be approximately 330,000 tonnes with continued strong sales to agriculture. In january, US authorities announced preliminary antidumping duties on vanillin from China. Borregaard expects a positive but limited impact from these duties.”
Annual report 2024A · The company itself
Chains in: Geopolitical uncertainty strengthens
Chains out: this weakens Global trade volumes
Asia and emerging markets
Geography
Geography
“FINANCIALS SUSTAINABILITY BOD REPORT 11 REPORT OF THE BOARD OF DIRECTORS FINANCIAL PERFORMANCE Borregaard’s operating revenues increased to NOK 7,617 million (NOK 7,132 million) 2 in 2024.”
Annual report 2024A · The company itself
Geography
“Borregaard is now increasing its market presence in Asia driven by the region’s rapid growth and increasing sustainability focus.”
Annual report 2024A · The company itself
Geography
“Borregaard has strategically increased its market presence in Asia, capitalising on the region’s rapid economic growth and heightened focus on sustainability. This expansion aligns with our commitment to meeting the growing demand for sustainable products in emerging markets, which is of great interest to our investors looking for growth opportunities.”
Annual report 2024A · The company itself
Europe
Geography
Geography
“FINANCIALS SUSTAINABILITY BOD REPORT 11 REPORT OF THE BOARD OF DIRECTORS FINANCIAL PERFORMANCE Borregaard’s operating revenues increased to NOK 7,617 million (NOK 7,132 million) 2 in 2024.”
Annual report 2024A · The company itself
Geography
“In 2024, the estimated monetary value of payments made to suppliers (spend) was approximately NOK 5.4 billion. We sourced from 2,300 suppliers from 47 different countries. 81% of the sourcing was from Europe, 15% from the US and Canada and the remaining 4% distributed throughout Asia, Americas, Australia, and Africa.”
Annual report 2024A · The company itself
United States
Geography
Geography
“FINANCIALS SUSTAINABILITY BOD REPORT 11 REPORT OF THE BOARD OF DIRECTORS FINANCIAL PERFORMANCE Borregaard’s operating revenues increased to NOK 7,617 million (NOK 7,132 million) 2 in 2024.”
Annual report 2024A · The company itself
Chains in: USD vs DKK/EUR mixed effect
Competitors mentioned in the report
No named competitors in the report.
Financial figures
| Revenue latest fiscal year | 7.62 bn NOK |
| Revenue growth vs. the year before, same method | 6.8 % |
| EBITDA reported by the company | N/A |
| Net debt debt incl. leasing minus cash | N/A |
| Diluted EPS per share | 8.25 NOK |
Source: annual report (ESEF) A. See the report
Criteria
| Profit | ✓ |
| Growing | ✓ |
| Healthy balance sheet | N/A |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.
Figures are in the report's currency (NOK), not converted to DKK. Quotes are shown as the company's own words in the report's original language.