Borgestad (BOR) investor relations material

Executive summary

• Q3 profit before tax was NOK 48.1 million vs NOK 47.0 million YoY, supported by stronger refractory earnings and higher property EBITDA.

• Record underlying Q3 profitability in refractory operations; Agora Bytom maintained high occupancy and increased EBITDA despite currency effects.

• The Bjuv sale-leaseback closed in October, strengthening financial flexibility; an extraordinary dividend of NOK 1.50 per share was announced.

Financial highlights

• Q3 revenue and other income was NOK 374.1 million vs NOK 353.5 million; EBITDA was NOK 72.1 million vs NOK 64.7 million, and EBIT was NOK 60.7 million vs NOK 54.0 million.

• 9M revenue was NOK 886.0 million vs NOK 876.1 million; EBITDA was NOK 120.7 million vs adjusted NOK 93.7 million, and EBIT was NOK 85.7 million vs adjusted NOK 51.0 million.

• 9M operating cash flow was positive NOK 11.3 million vs negative NOK 63.4 million; Q3 operating cash flow was NOK 16 million vs NOK 29.3 million.

• Working capital fell to NOK 281.2 million from NOK 352.1 million at September 30, 2025, mainly on lower receivables and inventory.

Outlook and guidance

• Refractory operations remain committed to a medium-term 10% EBIT margin target, viewed as achievable through internal improvements under current market conditions.

• Growth initiatives with 6–12-month or longer project lead times are expected to support performance through 2027–28; the outlook for 2027 and beyond is positive.

• Priorities include operational improvements, capital efficiency and increased cash flow; further working-capital improvements are targeted for 2027.

• Agora Bytom’s higher occupancy is expected to support modest revenue and EBITDA growth; sale timing depends on liquidity and market conditions.