Norske Skog reported a pre-tax profit of NOK 120 million for the third quarter of 2025, a significant improvement from a loss of NOK 144 million in the same period last year, according to Norske Skog ASA. The result was driven by lower fibre costs and positive valuation effects from Norwegian energy contracts, despite decreased paper prices across both main segments.

The company's EBITDA fell to NOK 38 million from NOK 106 million in the previous quarter, reflecting lower publication and packaging paper prices. Total operating income remained stable at NOK 2.4 billion.

The publication paper segment reported EBITDA of NOK 143 million, down from NOK 172 million in the previous quarter, as lower achieved prices offset benefits from reduced pulpwood costs and energy refunds. Deliveries remained steady at 267,000 tonnes.

The packaging paper segment reported negative EBITDA of NOK -95 million, worsening from NOK -52 million in the previous quarter. Norske Skog Bruck PM3 achieved EBITDA of NOK 5 million, while the newly operational Golbey PM1 reported negative EBITDA of NOK -99 million as it continues its production ramp-up with 28,000 tonnes produced and 24,000 tonnes delivered during the quarter.

Net cash flow from operating activities was negative NOK -90 million, primarily due to a NOK 66 million increase in working capital. Net interest-bearing debt increased to NOK 4.2 billion from NOK 4.0 billion in the previous quarter.

The company noted that uncertainty and profitability pressure in both publication and packaging paper markets are expected to continue due to raw material price volatility and excess production capacity. Norske Skog maintains its expectation that Golbey PM1 will reach full utilization during the first half of 2027, with remaining gross investments of Euro 15 million.