Borgestad (BOR) Q3 2025 earnings summary

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.