Borgestad Asa · OSL:BOR
Borgestad Asa — Q1 2026 Earnings Presentation
22 slides from Borgestad Asa's earnings presentation, May 21, 2026
Slide 1: Presentation Q1 2026
Presentation Q1 2026 21. May 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 Q1 2026, Borgestad Group delivered a result before tax of MNOK 1 -36.4, compared to MNOK -21.6 in 2025. Höganäs Borgestad delivered weaker Q1’26 results compared to the corresponding period in 2025, reporting revenues of MNOK 181.3 and an 2 EBIT
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: Strategy and approach
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: Investment portfolio: 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: Highlights from Agora Bytom
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 Latest trends and developments Revenue development Growth MNOK • Rental income improved by 5.2 percent in Q1’26, with several ongoing ch
Slide 9: Retail sales and footfall at Agora Bytom
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) Comments PLN • Tenant turnover decreased by 3.0 % in Q1’26 30 000 000 compared to Q1’25, while turn
Slide 10: Tenant base at Agora Bytom
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: Highlights from Höganäs Borgestad
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. Latest trends and developments Revenue development Growth MNOK1 • In Q1 2026, Hö
Slide 13: Seasonality of the Nordic refractory market
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) Comments Revenue share (% of an
Slide 14: Update on sale-leaseback in Bjuv
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
Slide 15: 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 16: Profit and Loss
FINANCIALS | PROFIT AND LOSS Weaker performance in Q1’26 comparing to Q1’25, due to a challenging and uncertain refractory market Comments • Borgestad Group’s EBITDA was MNOK -3.3 in Q1’26, down from MNOK -1.6 in Q1’25, mainly driven by weaker performance in Höganäs Borgestad • Group EBIT amounted t
Slide 17: Balance
FINANCIALS | BALANCE Working capital in Q1’26 reduced after high season, and compared to Q1’25, partially explained by lower activity and reduced inventory. Comments • Investment property has a book value of MEUR 61.3 per March 31, 2026. • Working capital stands at MNOK 199.1 per March 31, 2026, com
Slide 18: Cash flow and liquidity
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 11.8 (negative MNOK 29.8). • Cash flow from investing activities was negative MNOK
Slide 19: 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 20: 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 21: 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 22: BORGESTAD ASA
BORGESTAD ASA