We lower our EBITDA by 11% for ’26e on the back of increased uncertainty in agriculture, the key segment for BioSolutions, higher energy-related and logistics costs and FX headwinds. 2026 looks like a lost year, but implications for ’27e-’28e are limited to -1% on EPS. While estimate revisions remain negative, we believe the current situation could benefit Borregaard in the medium term as i) high fertilizer prices make Borregaard’s portfolio of bio-based agricultural products more competitive in ....
