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Visual21 Nov 2025
Data center suppliers
Borgestad (BOR) investor relations material
Borgestad Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary31 Oct, 2025
Executive summary
Q3 2025 was the strongest quarter, with record EBIT of MNOK 49.6 in the refractory segment and pre-tax profit of MNOK 47.0, up from MNOK 44.1 in Q3 2024, driven by improved operational performance.
Agora Bytom maintained high occupancy, rising to 97% by report date, with stable EBITDA and increased rental income.
The group focuses on maximizing value of existing holdings, operational improvements, and expansion into niche segments.
Acquisition of Emcotech AB completed in Q2/Q3 2025, supporting future growth and integrating well.
Cost-saving and restructuring measures implemented, including staff reductions and management changes in Sweden.
Financial highlights
Q3 2025 revenue was MNOK 354 (Q3 2024: MNOK 360); EBITDA MNOK 65 (Q3 2024: MNOK 63); EBIT MNOK 54 (Q3 2024: MNOK 52); profit for the period MNOK 43.3 (Q3 2024: MNOK 32.5).
Höganäs Borgestad delivered a Q3 EBIT margin of 15%, up from 13.5% in Q3 2024.
Agora Bytom posted an EBITDA of NOK 10.3 million in Q3, matching the previous year.
Net financials improved due to lower interest rates.
Available liquidity at period end was MNOK 145.3, including undrawn credit facilities.
Outlook and guidance
Positive outlook for the remainder of 2025 and into 2026, supported by order backlog, profitability initiatives, and cost-saving measures.
Agora Bytom occupancy expected to exceed 97% by year-end, supporting further rental income and EBITDA growth.
Refractory segment targets further profitability growth, with a mid-term EBIT margin target of 10%.
Board expects improved underlying results and stronger cash flow, but notes quarter-to-quarter variability due to seasonality and project activity.
Update on Bjuv sale and leaseback appeal?
Agora Bytom: rent per sqm strategy?
Impact of HBAP liquidation on Q4'25 results?
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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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