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Borgestad
Borgestad (BOR) investor relations material
Borgestad Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
Adjusted result before tax for 2025 was MNOK 50.7, down from MNOK 82.3 in 2024, reflecting lower profitability year-over-year.
Dividend of NOK 0.50 per share approved for 2025, payable March 6, 2026, marking the second consecutive year of dividend distribution.
Agora Bytom shopping center achieved a 96.2% occupancy rate as of December 31, 2025, up 1.7 percentage points year-over-year.
Höganäs Borgestad implemented cost-cutting and completed two acquisitions to strengthen future profitability.
Portfolio includes Agora Bytom shopping center and Höganäs Borgestad refractory company, both market leaders in their segments.
Financial highlights
Full-year 2025 revenue was MNOK 1,126, down from MNOK 1,169 in 2024.
Adjusted EBITDA for 2025 was MNOK 119, compared to MNOK 139 in 2024.
Q4 2025 results stable year-over-year, despite seasonality and market uncertainty.
Net cash flow from operating activities was MNOK 33.7; investing activities negative MNOK 46.1.
Available liquidity at year-end was MNOK 212.6, including MNOK 75.7 in undrawn credit facilities.
Outlook and guidance
Management expects moderate increases in revenue and EBITDA, supported by high occupancy and improving rent levels at Agora Bytom.
Höganäs Borgestad targets a mid-term EBIT margin of 10%, with ongoing operational improvements and cost-saving initiatives.
Board anticipates improved underlying results and stronger cash flow, but notes quarter-to-quarter variability due to seasonality and project cycles.
Continued market uncertainty expected, especially in Sweden and Norway due to tariffs and project delays.
Positive consumer spending trends in Poland expected to benefit Agora Bytom.
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Next Borgestad earnings date
Q1 202621 May, 2026
Borgestad
Next Borgestad earnings date
Q1 202621 May, 2026
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Frequently asked questions
Borgestad ASA is a Norwegian investment company primarily focused on two key business segments: real estate and refractory materials. The company manages the Agora Bytom shopping mall in Poland, which is its largest real estate asset. Agora Bytom includes a wide range of retail outlets, dining, entertainment facilities, and parking services. In the refractory segment, Borgestad operates through Höganäs Borgestad, providing high-quality refractory products, systems, and installation services used in industries such as steel, cement, and aluminum for high-temperature processes. The company is headquartered in Skien, Norway, and its shares are listed on the Oslo Stock Exchange.
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