Borgestad : Q1 2025 (Borgestad ASA Q126 Company presentation)

‌Presentation Q1 2026

21. May 2026

‌Agenda

1. Highlights and Key Figures

2. Introduction

3. Real Estate Segment Review

4. Industry Segment Review

5. Financials

6. Outlook

‌Highlights and Key Figures

Highlights

1

For Q1 2026, Borgestad Group delivered a result before tax of MNOK

-36.4, compared to MNOK -21.6 in 2025.

2

Höganäs Borgestad delivered weaker Q1'26 results compared to the corresponding period in 2025, reporting revenues of MNOK 181.3 and an EBIT of MNOK -18.3, versus MNOK 186.0 and adjusted MNOK -11.5, respectively, in Q1'25.

3

Agora Bytom delivered 5% revenue increase in Q1'26 reporting revenues of MNOK 20.3 compared to MNOK 19.6 in Q1'25. EBITDA increased to MNOK 10.7 from MNOK 10.3

4

Agora Bytom achieved during Q1'26 a BREEAM in Use certificate, based on its solid standard of environmental performance, energy efficiency and sustainable building management..

Key Figures

BORGESTAD ASA 3

¹Adjusted EBITDA, EBIT and result before tax exclude accrued cost for lay-off compensations and write down of ERP system and goodwill, total adjustments at EBIT level of MNOK 26.8 for full year 2025.

‌Agenda

1. Highlights and Key Figures

2. Introduction

3. Real Estate Segment Review

4. Industry Segment Review

5. Financials

6. Outlook

   BORGESTAD ASA
   
   

   ‌INTRODUCTION | STRATEGY AND APPROACH

   Borgestad ASA is an industrial investment company focused on real estate and refractory, aiming to expand into niche segments in the future

   Strategy Key tools

   • Operate as a publicly listed investment company, currently

     focused on real estate and the refractory industry

   • Strengthen existing investments through operational improvements

   • Expand into niche segments with consolidation potential

   • Leverage the networks and expertise of management and the Board to unlock new opportunities

The right team

Effective use of capital

Measure everything and develop KPI's

M&A

‌INTRODUCTION | INVESTMENT PORTFOLIO

Our portfolio includes the shopping center Agora Bytom and the refractory company Höganäs Borgestad, both dominant in their respective markets

Real Estate

Refractory

Gross area

52,000 m2

Lettable area

33,870 m2

Parking spaces

820

Annual visitors

4.7 million

BOR share

100%

Refractory production since

1825

Employees

350+

Presence

NOR, SWE, FIN

BOR share

69.7%

‌Agenda

1. Highlights and Key Figures

2. Introduction

3. Real Estate Segment Review

4. Industry Segment Review

5. Financials

6. Summary and outlook

‌REAL ESTATE | HIGHLIGHTS FROM AGORA BYTOM

Agora Bytom delivered higher revenue and EBITDA for Q1'26

compared to Q1'25, supported by continued increase in occupancy

Growth

Revenue development

MNOK

14%

7%

1%

2%

5%

76,6 81,6 82,3

19,6

20,3

2024 2025 LTM 2026 Q1 2025 Q1 2026

Margin

EBITDA development

MNOK

54%

52%

52%

53%

53%

41,3 42,3 42,7

10,3

10,7

2024 2025 LTM 2026 Q1 2025 Q1 2026

‌REAL ESTATE | RETAIL SALES AND FOOTFALL AT AGORA BYTOM

Continued improvement in retail sales and average basket per open sqm during the quarter

Retail sales (Agora Bytom's tenants' turnover 2022-2026)

PLN

30 000 000

25 000 000

20 000 000

15 000 000

10 000 000

5 000 000

0

JAN FEB MAR APR MAY JUN JUL AUG SEPT

2023 2024 2025 2026

OCT

NOV

DEC

Footfall (Agora Bytom's monthly footfall 2022-2026)

600 000

500 000

400 000

300 000

200 000

100 000

0

JAN FEB MAR APR MAY JUN JUL AUG SEPT OCT NOV DEC

‌REAL ESTATE | TENANT BASE AT AGORA BYTOM

Agora Bytom has a diverse tenant base and a healthy weighted average unexpired lease term, ensuring low contract duration risk

Highly diversified tenant base

Lettable area per tenant

Highly diversified tenant base

Comments

WAULT by area: 3.89 years

WAULT by income: 3.91 years

Due date for top ten tenants are spread,

first due date in Q1 2028

Ongoing negotiations with potential new

tenants

Refurbishment and relocation were completed during Q1 2026, finalizing the current changes to tenant base

Lettable area per tenant

57%

3%

2%

2%

4%

4%

4%

3%

8%

5%

5%

100%

Services & Personal Care 7,2 %

Food & beverage 7,7 %

Home, Lifestyle & Specialty

Telecom & Technology 1,3 %

Other 0,0 %

Fashion & Accessories 40,5 %

T1 T2 T3 T4

T5 T6

T7 T8

T9 T10 Others Total

Stores 11,1 %

Contract duration

21%

17%

1%

5%

sqm

55%

Office & Warehouse 11,5 %

Entertainment & Leisure 20,7 %

2026 2027 2028 2029 >2029

‌Agenda

1. Highlights and Key Figures

2. Introduction

3. Real Estate Segment Review

4. Industry Segment Review

5. Financials

6. Outlook

‌REFRACTORY | HIGHLIGHTS FROM HÖGANÄS BORGESTAD

Revenue decreased slightly year-over-year, while profitability declined substantially. Initiatives have been implemented and are expected to support improved profitability.

Growth

Revenue development

MNOK1

Margin

Adjusted EBIT development

MNOK1

7,5%

6,2%

5,6%

-6.2%

-10.1%

64,7

57,9

-11,5

-18,3

81,1

2024 2025¹

LTM 2026¹

Q1 2025¹

Q1 2026

1) Figures exclude the gain from Arbitration Court case in 2023 and accrued cost for lay-off compensation and impairment of ERP system and goodwill in 2025.

‌REFRACTORY | SEASONALITY OF THE NORDIC REFRACTORY MARKET

In Q1 2026, overall performance declined YoY, but market activity is expected to improve through 2026, supported by continued focus on internal improvements

Historical quarterly average revenue share (2021-2025)

Q1 Q2 Q3 Q4

Quarterly development of revenue and EBIT¹

−4.0 %

−2.4 %

−1.0 %

−10.1 %

−6.2 %

−10.3 %

390

360

330

300

270

240

210

180

21Q3

21Q2

21Q1

0

16%

12%

8%

4%

0%

−4%

−8%

26Q1

25Q4

25Q3

25Q2

25Q1

−12%

24Q4

24Q3

24Q2

24Q1

23Q4

23Q3

23Q2

23Q1

22Q4

22Q3

22Q2

22Q1

21Q4

1) Figures exclude the gain from Arbitration Court case in 2023 and accrued cost for lay-off compensation and impairment of ERP system and goodwill in 2025

‌REFRACTORY | UPDATE ON SALE- LEASEBACK IN BJUV

There have been no changes since presentation held I February, and the appeal to the Supreme Administrative Court remains pending with feedback expected in Q2 or Q3 2026

Backdrop

• In Q4 2023, Höganäs Borgestad agreed to sell two properties housing the Group's refractory production to Bjuv Municipality, with an option to lease them back for up to five years.

• The transaction was later delayed following a complaint claiming the purchase price was too high, leading to a review by the Administrative Court in Malmö.

• In March 2025, the Administrative Court ruled to revoke Bjuv Municipality's approval of the transaction, citing insufficient documentation to support the valuation of the two properties.

• Bjuv Municipality appealed the Administrative Court's ruling in March, submitting updated documentation in early April. In December, the Court of Appeal found that there was no basis to stop the transaction.

  Status

• In January 2026, the Administrative Court's ruling was appealed to

  the Supreme Administrative Court by the complainant.

• The Supreme Administrative Court requires leave to appeal to review the case. Estimated processing time of 6 months, and feedback expected by Q2 or Q3 2026.

15

‌Agenda

1. Highlights and Key Figures

2. Introduction

3. Real Estate Segment Review

4. Industry Segment Review

5. Financials

6. Outlook

‌FINANCIALS | PROFIT AND LOSS

Weaker performance in Q1'26 comparing to Q1'25, due to a challenging and uncertain refractory market

‌FINANCIALS | BALANCE

Working capital in Q1'26 reduced after high season, and compared to Q1'25, partially explained by lower activity and reduced inventory.

‌FINANCIALS | CASH FLOW AND LIQUIDITY

Strong and sustainable liquidity position post two acquisitions and dividend payment

(NOK 1 000) (Unaudited) Q1'26 Q1'25 FY 2025

Investments in shares

Sale of fixed assets

−758

−

−

142

−26,028

192

Net cash flow from investing activities -8,385 -5,652 -49,168

Cash flow from operating activities before balance changes

−14,772

−17,013

73,777

+/− Balance changes

26,525

−12,786

−39,999

Net cash flow from operating activities 11,752 -29,799 33,778

Investment in fixed tangible and intangible assets

−7,628

−5,794

−23,332

Proceeds from borrowings

Repayment of borrowings Net change bank overdraft

Dividend paid to equity holders of the parent

Dividend paid to minority interests

Payment of principal portion of lease liabilities

−

−3,603

−7,121

−17,531

−

−6,237

−

−4,442

−

−

−

−5,330

14,997

−16,290

11,835

−28,050

−13,274

−21,715

Cash and cash equivalent at beginning of period

152,576

220,462

220,462

Cash and cash equivalent at the end of the period 121,451 175,238 152,576

Cash flow for the period -31,125 -45,222 -67,886

Net cash flow from financial activities -34,492 -9,772 -52,498

‌Agenda

1. Highlights and key figures

2. Introduction

3. Real estate segment review

4. Industry segment review

5. Financials

6. Outlook

‌Outlook and Priorities

Höganäs Borgestad remains focused on operational improvements, capital efficiency, and cash flow gains for 2026.

Revenue and EBITDA for Agora Bytom are expected to increase slightly in the years ahead, with the impact of increased occupancy rate. Focus is shifting toward renegotiating or replacing lower leases to increase the actual rent per sqm per month.

Borgestad ASA will continue to evaluate strategic opportunities, including transformational M&A initiatives and potential liquidity events.

Looking ahead, the Board expects the Group to deliver improved underlying results and stronger cash flow, with continued positive margin development in both the refractory and property segments over time. However, progress may vary quarter by quarter due to seasonality, cyclical swings, one-off items, and variations in project activity and potential global uncertainty.

BORGESTAD ASA 21

‌APPENDIX | ALTERNATIVE PERFORMANCE MEASURES AND DISCLAIMER

Alternative Performance Measures

In order to enhance investors' understanding of the Group's performance the Company presents in this Presentation certain alternative performance measures ("APMs") as defined by the European Securities and Markets Authority its Guidelines on Alternative Performance

Measures 2015/1057. The APMs used by the Group, and relevant reconciliations, are set out in the Company's Q1 2025 financial statements on page 24-26.

Disclaimer

Certain statements in this presentation are forward-looking and reflect the Company's current views on future events, financial performance, and operations. These statements can be identified by terms such as "anticipates," "believes," "expects," "intends," "may," "plans," "will," and similar expressions, including negatives or variations thereof.

Forward-looking statements cover the Company's financial position, backlog, pipeline, operating results, liquidity, strategic initiatives, market expansion, and overall business development. They are not guarantees of future performance, and actual outcomes may differ materially due to various risks, uncertainties, and assumptions.

The Company cannot ensure that its expectations will materialize, as forward-looking statements are subject to known and unknown risks, changing circumstances, and external factors beyond its control.