Borgestad (BOR) Q1 2026 earnings summary

Executive summary

• Q1 2026 saw a pre-tax loss of MNOK 28.0, widening from MNOK 21.6 in Q1 2025, driven by continued weakness in the refractory market and challenging Nordic conditions.

• Agora Bytom delivered a 5% revenue increase and achieved BREEAM In-Use certification, while Höganäs Borgestad faced lower revenues and margins due to market and regulatory pressures.

• Group EBITDA was MNOK -3.3 in Q1 2026, compared to MNOK -1.6 in Q1 2025, mainly due to weaker performance in the refractory business.

• The group remains fully financed and maintains a solid financial position.

Financial highlights

• Revenue for Q1 2026 was MNOK 201.5, down from MNOK 206.5 in Q1 2025.

• EBIT for Q1 2026 was MNOK -17.4, compared to MNOK -11.0 in Q1 2025.

• Net cash flow from operating activities was MNOK 11.8; overall cash flow was negative due to dividend and investment outflows.

• Available liquidity at period end was MNOK 187.5, including MNOK 77.3 in undrawn credit facilities.

• Cash at period end was MNOK 121.5, down from MNOK 175.2 a year earlier.

Outlook and guidance

• Management expects improved underlying results and stronger cash flow over time, with positive margin development in both segments, though progress may vary due to seasonality and project activity.

• Agora Bytom is expected to see moderate increases in revenue and EBITDA, supported by high occupancy and fixed electricity prices through 2027.

• Höganäs Borgestad is focused on operational improvements and expects profitability to improve through 2026.

• Continued positive development in consumer spending in Poland is anticipated to benefit Agora Bytom.