Slide 1: Quarter Presentation Q2 2025
Quarter Presentation Q2 2025 21. August 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 Q2’25, Borgestad Group delivered an adjusted¹ result before tax of 1 MNOK 20.9. Agora Bytom continued its positive momentum, posting an EBITDA of 2 MNOK 12.1 in Q2’25, up from MNOK 10.7 in Q2’24. Höganäs Borgestad delivered a weaker quarter compar
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: 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: 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 Latest trends and developments Revenue development Growth NOKm • Margin improvements through revenue growth and cost reductions increased EBITDA from MNOK 14% 14% 11% 6% 12% 41.3 in 2024 to MNOK 43.5 in Q2 LT
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 7.8 % in Q2’25 25 000 000 compared to Q2’24, 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% Other
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: Revenue declined year-over-year, outlook remains positive
REFRACTORY | HIGHLIGHTS FROM HÖGANÄS BORGESTAD Revenue declined year-over-year, but outlook remains positive with expected profitability growth supported by backlog and implemented improvement measures Latest trends and developments Revenue development Growth NOKm1 • Q2 2025 revenue declined 7% YoY,
Slide 13: Seasonality of the Nordic refractory market
REFRACTORY | SEASONALITY OF THE NORDIC REFRACTORY MARKET The Nordic refractory market is highly seasonal, and while activity picked up through Q2, it remained below the mid-term target for the second quarter Historical quarterly average revenue share (2021-2024) Comments Revenue share (% of annual r
Slide 14: Revenue and profitability development of Höganäs Borgestad
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: Acquisition of Emcotech AB
REFRACTORY | ACQUISITION OF EMCOTECH AB Höganäs Borgestad has acquired Emcotech AB to strengthen its industrial filter offering, with the transaction financed through loan commitments from Nordea Comments • On 17 June 2025, Höganäs Borgestad announced the acquisition of 100 percent of the shares in
Slide 17: 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 18: Profit and Loss
FINANCIALS | PROFIT AND LOSS Profit declined in Q2’25 compared to Q2’24, driven by lower revenue in Höganäs Borgestad and negative effects from financial items Comments • Over the last twelve months Borgestad Group has had a revenue of MNOK 1,135 and an adjusted EBITDA of MNOK 120.3 • Borgestad Grou
Slide 19: Balance
FINANCIALS | BALANCE Working capital increased ahead of high season, mortgage debt in Höganäs Borgestad refinanced during Q2’25 on better terms Comments • Booked value of investment property increased due to a weaker NOK against Euro. • Working capital increased to MNOK 321.1 compared to MNOK 312.5
Slide 20: Cash Flow and Liquidity
FINANCIALS | CASH FLOW AND LIQUIDITY Negative cash flow from operations, investments, and financing reduced the cash position, which remains solid going into high season Comments • The Group's year-to-date cash flow from operating activities was negative with MNOK 92.7 compared to negative MNOK 13.6
Slide 21: 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 22: Outlook and Priorities
Outlook and Priorities Höganäs Borgestad remains focused on operational improvements, capital efficiency, and cash flow gains in 2025 Revenue and EBITDA for Agora Bytom are expected to increase slightly in the years ahead, with the impact of cost-cutting and increased occupancy rate. Focus is shifti
Slide 23: 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 24: Borgestad ASA
BORGESTAD ASA