Slide 1: Presentation Q4 2025
Presentation Q4 2025 26. February 2026
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 For 2025, Borgestad Group delivered an adjusted result before tax of 1 MNOK 50.7, compared to MNOK 82.3 in 2024. Höganäs Borgestad delivered Q4’25 results similar to the corresponding 2 period in 2024, reporting revenues of MNOK 228.3 and an adjusted
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 the shopping center Agora Bytom and the refractory company 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 higher revenue and EBITDA for FY 2025
REAL ESTATE | HIGHLIGHTS FROM AGORA BYTOM Agora Bytom delivers higher revenue and EBITDA for FY 2025 compared to FY 2024, supported by continues increase in occupancy Latest trends and developments Revenue development Growth MNOK • Rental income improved by 8 percent in Q4’25, with several ongoing c
Slide 9: Continued improvement in retail sales and basket
REAL ESTATE | RETAIL SALES 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 6.6 % in Q4’25 30 000 000 compared to Q4’24 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 and outlook remains positive
REFRACTORY | HIGHLIGHTS FROM HÖGANÄS BORGESTAD Profitability increased year-on-year and outlook remains positive with expected profitability growth supported by implemented improvement measures Latest trends and developments Revenue development Growth MNOK1 • In Q4 2025, Höganäs Borgestad delivered
Slide 13: The Nordic refractory market is highly seasonal
REFRACTORY | SEASONALITY OF THE NORDIC REFRACTORY MARKET The Nordic refractory market is highly seasonal, with Q4 activity moderating after a strong Q3. H2’25 delivered underlying improved results compared to H2’24 Historical quarterly average revenue share (2021-2025) Comments Revenue share (% of a
Slide 14: Renewed commercial focus, cost-saving measures, and stronger cross-group cooperation
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 adj. EBIT development¹ Comments Revenue (MSEK) EBIT (MSEK) •
Slide 15: Update on sale-leaseback in Bjuv
REFRACTORY | UPDATE ON SALE -LEASEBACK IN BJUV The Administrative Court found that there are no grounds to stop the transaction. The decision has been appealed again – feedback expected summer 2026 Backdrop • In Q4 2023, Höganäs Borgestad agreed to sell two properties housing the Group’s refractory
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: Stabile performance in Q4'25, comparing adjusted Q4'25 vs. Q4'24
FINANCIALS | PROFIT AND LOSS Stabile performance in Q4’25, comparing adjusted Q4’25 vs. Q4’24 Comments • Borgestad Group’s adjusted EBITDA was MNOK 16.6 in Q4’25, a decrease from MNOK 22.4 in Q4’24. The decrease in EBITDA was due to the sale of Borgestad’s headquarter in Q4’24. • The adjusted EBITDA
Slide 18: Working capital stabilized after entering high season
FINANCIALS | BALANCE Working capital stabilized after entering high season, expecting decrease in working capital by end of the year Comments • Investment property has a book value of MEUR 61.6 per December 31, 2025, compared to MEUR 61.9 as of December 31, 2024. • Working capital stands at MNOK 241
Slide 19: Strong and sustainable liquidity position post two acquisitions and dividend payment
FINANCIALS | CASH FLOW AND LIQUIDITY Strong and sustainable liquidity position post two acquisitions and dividend payment Comments • The Group's year-to-date cash flow from operating activities was positive with MNOK 33.7 (positive MNOK 149). • Cash flow from investing activities was negative MNOK 4
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 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 reneg
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