Slide 1: Presentation Q3 2025
Presentation Q3 2025 31. October 2025
Slide 2: Agenda
Agenda 1 Highlights and Key Figures 2 Introduction 3 Real Estate Segment Review 4 Industry Segment Review 5 Financials 6 Outlook BORGESTAD ASA
Slide 3: Highlights and Key Figures
Highlights and Key Figures Highlights Key Figures In Q3’25, Borgestad Group delivered a result before tax of MNOK 47.0, 1 compared to MNOK 44.1 in Q3’24. Höganäs Borgestad delivered a better quarter compared to Q3’24, 2 reporting revenues of MNOK 333.3 and an EBIT of MNOK 49.6, compared to MNOK 340.
Slide 4: Agenda
Agenda 1 Highlights and Key Figures 2 Introduction 3 Real Estate Segment Review 4 Industry Segment Review 5 Financials 6 Outlook BORGESTAD ASA
Slide 5: Borgestad ASA is an industrial investment company focused on real estate and refractory
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 i
Slide 6: Our portfolio includes Agora Bytom and Höganäs Borgestad
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 Agora Bytom shopping center in Poland is Höganäs Borgestad is a manufacturer and the largest inves
Slide 7: Agenda
Agenda 1 Highlights and Key Figures 2 Introduction 3 Real Estate Segment Review 4 Industry Segment Review 5 Financials 6 Summary and outlook BORGESTAD ASA
Slide 8: Agora Bytom delivers increased revenue and EBITDA
REAL ESTATE | HIGHLIGHTS FROM AGORA BYTOM Agora Bytom delivers increased revenue and EBITDA, and continue to increase occupancy rate. Latest trends and developments Revenue development Growth NOKm • Margin improvements through revenue growth and cost reductions increased EBITDA from MNOK 14% 14% 7%
Slide 9: Continued improvement in retail sales and basket
REAL ESTATE | RETAIL SAILS AND FOOTFALL AT AGORA BYTOM Continued improvement in retail sales and basket, and the Polish economy shows a positive trend Retail sales (Agora Bytom's tenants' turnover 2022-2025) Comments PLN • Tenant turnover increased by 3.7 % in Q3’25 25 000 000 compared to Q3’24, and
Slide 10: Agora Bytom has a diverse tenant base and healthy WAULT
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 Comments Highly diversified tenant base Lettable area per tenant Lettable area per tenant 100% Teleco
Slide 11: Agenda
Agenda 1 Highlights and Key Figures 2 Introduction 3 Real Estate Segment Review 4 Industry Segment Review 5 Financials 6 Outlook BORGESTAD ASA
Slide 12: Profitability increased year-on-year at Höganäs Borgestad
REFRACTORY | HIGHLIGHTS FROM HÖGANÄS BORGESTAD Profitability increased year-on-year and outlook remains positive with expected profitability growth supported by backlog and implemented improvement measures Latest trends and developments Revenue development Growth NOKm1 • In Q3’25, Höganäs Borgestad
Slide 13: The Nordic refractory market is highly seasonal
REFRACTORY | SEASONALITY OF THE NORDIC REFRACTORY MARKET The Nordic refractory market is highly seasonal, with Q3 as peak demand – Q3’25 was the strongest quarter ever reported by Höganäs Borgestad Historical quarterly average revenue share (2021-2024) Comments Revenue share (% of annual rev.) • The
Slide 14: Renewed commercial focus and cost-saving measures
REFRACTORY | REVENUE AND PROFITABILITY DEVELOPMENT OF HÖGANÄS BORGESTAD Renewed commercial focus, cost-saving measures, and stronger cross-group cooperation position the group for profitable growth and improved efficiency LTM turnover and EBIT development¹ Comments Revenue (SEKm) EBIT (SEKm) • LTM f
Slide 15: Update on sale-leaseback in Bjuv
REFRACTORY | UPDATE ON SALE -LEASEBACK IN BJUV The municipality’s previously announced appeal has been formally accepted for review by the Court, with a decision expected around year-end Backdrop • In Q4 2023, Höganäs Borgestad agreed to sell two properties housing the Group’s refractory production
Slide 16: Agenda
Agenda 1 Highlights and Key Figures 2 Introduction 3 Real Estate Segment Review 4 Industry Segment Review 5 Financials 6 Outlook BORGESTAD ASA
Slide 17: Profit and Loss
FINANCIALS | PROFIT AND LOSS Profit increase in Q3’25 compared to Q3’24, driven by increased profitability in Höganäs Borgestad Comments • Over the last twelve months Borgestad Group has a revenue of MNOK 1,126.2 and an adjusted EBITDA of MNOK 125.0 • Borgestad Group’s EBITDA was MNOK 64.7, an incre
Slide 18: Balance
FINANCIALS | BALANCE Working capital stabilized after entering high season, expecting decrease in working capital by end of the year Comments • Booked value of investment property decreased due to a weaker NOK against Euro. • Working capital increased to MNOK 352.1 compared to MNOK 334.8 as of Septe
Slide 19: Cash Flow and Liquidity
FINANCIALS | CASH FLOW AND LIQUIDITY Negative cash flow from operations and investments, but stabile cash position year-on-year, expect cash to increase before year end Comments • The Group's year-to-date cash flow from operating activities was negative with MNOK 63.4 compared to positive MNOK 23.0
Slide 20: Agenda
Agenda 1 Highlights and key figures 2 Introduction 3 Real estate segment review 4 Industry segment review 5 Financials 6 Outlook BORGESTAD ASA
Slide 21: Outlook and Priorities
Outlook and Priorities Höganäs Borgestad remains focused on operational improvements, capital efficiency, and cash flow gains in 2025 and 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 t
Slide 22: Alternative Performance Measures and Disclaimer
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 Ma
Slide 23: BORGESTAD ASA
BORGESTAD ASA