)
Visual21 Oct 2025
Hermès' growth by geographical region visualized
Borgestad (BOR) investor relations material
Borgestad Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary21 Aug, 2025
Executive summary
Adjusted profit before tax for Q2 2025 was MNOK 20.9, with a year-over-year decline due to weaker refractory segment performance, while Agora Bytom maintained positive momentum and the acquisition of Emcotech AB expanded industrial capabilities.
Agora Bytom increased EBITDA and occupancy, supported by cost reductions and higher rental income, while Höganäs Borgestad faced a weaker quarter from reduced market share and project delays.
Acquisition of Emcotech AB in Sweden was completed, strengthening industrial filter and flue gas cleaning services, with expected operational and sales synergies.
Refinancing of loan facilities extended maturities to 2028 and reduced interest margins by 0.8%.
Dividend distribution in Q2/H1 2025 reduced equity ratio to 49%.
Financial highlights
Group revenue declined by 6.5% in Q2 2025 compared to Q2 2024, mainly due to lower activity in the refractory business.
Agora Bytom posted EBITDA of MNOK 12.1 in Q2, up from MNOK 10.7 year-over-year; occupancy reached 94.8% as of June 30, 2025.
Höganäs Borgestad's Q2 2025 revenue was MNOK 296.4, down 6.8% year-over-year; adjusted EBITDA was MNOK 27.5, down from MNOK 39.8.
Net financials worsened due to higher hedging costs for Agora Bytom.
Cash flow from operations was negative MNOK 92.7 year-to-date, with available liquidity at MNOK 126.9 as of June 30, 2025.
Outlook and guidance
Expectation of stronger second half in 2025 and continued positive development into 2026, especially for the refractory segment after cost-cutting and organizational changes.
Agora Bytom revenue and EBITDA are expected to increase slightly, driven by higher occupancy and rent renegotiations.
Focus remains on operational improvements, capital efficiency, and cash flow gains.
Höganäs Borgestad's orderbook supports a positive outlook for H2 2025; mid-term EBIT margin target of 10% remains.
Ongoing global uncertainties and trade tensions could indirectly affect demand, but the refractory industry is seen as resilient.
Expected impact of Sweden changes on H2 sales?
What market signals trigger Agora Bytom exit?
Financial impact if Bjuv property sale is not approved?
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.
Next Borgestad earnings date
Q3 202531 Oct, 2025
The essential earnings season companion
The #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
)
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
)
)
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.
Quartr provides global coverage of all investor relation material from public companies.
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Yes, the Quartr mobile app is free on both iOS and Android.
Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.
Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.
Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.
Explore our global coverage