Borregaard has faced headwinds in the first half of 2026 as lower-than-expected ASP and FX, and lately higher energy costs have offset the positive effect from lower wood costs. The former should improve in 2H as mix improves, while a stronger NOK and higher energy costs affect estimates negatively. As such, 2026 is likely to go down in history as a lost year, also contributing to setting the bar lower for 2027 estimates which could thus surprise on the upside. Focus is likely to remain on 2026 ....
