Borgestad (BOR) Q4 2025 earnings summary

Executive summary

• Adjusted result before tax for 2025 was MNOK 50.7, down from MNOK 82.3 in 2024, reflecting lower profitability year-over-year.

• Dividend of NOK 0.50 per share approved for 2025, payable March 6, 2026, marking the second consecutive year of dividend distribution.

• Agora Bytom shopping center achieved a 96.2% occupancy rate as of December 31, 2025, up 1.7 percentage points year-over-year.

• Höganäs Borgestad implemented cost-cutting and completed two acquisitions to strengthen future profitability.

• Portfolio includes Agora Bytom shopping center and Höganäs Borgestad refractory company, both market leaders in their segments.

Financial highlights

• Full-year 2025 revenue was MNOK 1,126, down from MNOK 1,169 in 2024.

• Adjusted EBITDA for 2025 was MNOK 119, compared to MNOK 139 in 2024.

• Q4 2025 results stable year-over-year, despite seasonality and market uncertainty.

• Net cash flow from operating activities was MNOK 33.7; investing activities negative MNOK 46.1.

• Available liquidity at year-end was MNOK 212.6, including MNOK 75.7 in undrawn credit facilities.

Outlook and guidance

• Management expects moderate increases in revenue and EBITDA, supported by high occupancy and improving rent levels at Agora Bytom.

• Höganäs Borgestad targets a mid-term EBIT margin of 10%, with ongoing operational improvements and cost-saving initiatives.

• Board anticipates improved underlying results and stronger cash flow, but notes quarter-to-quarter variability due to seasonality and project cycles.

• Continued market uncertainty expected, especially in Sweden and Norway due to tariffs and project delays.

• Positive consumer spending trends in Poland expected to benefit Agora Bytom.