Financial Objectives

Borregaard announced the following updated financial objectives at the Capital Markets Day in September 2020:

• Return on capital employed¹ (ROCE) above 15% pre-tax over a business cycle
• Internal rate of return (IRR) above 15% pre-tax for expansion investments
• Average net working capital at 20% of operating revenues
• Replacement investments at depreciation level
• Leverage ratio¹ between 1.0 and 2.25 over time to maintain "investment grade" credit quality

¹Alternative performance measures, see annual or quarterly reports for definition