Borgestad (BOR) Q4 2025 earnings summary

Executive summary

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

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

• Two acquisitions completed in 2025 to strengthen future growth and profitability.

• Agora Bytom shopping center achieved 96.2% occupancy at year-end 2025, up 1.7 percentage points year-over-year, with strong leasing momentum.

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

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.

• Agora Bytom EBITDA grew from NOK 41.3 million in 2024 to NOK 42.3 million in 2025.

• Höganäs Borgestad reported 2025 EBIT of NOK 64.7 million, down from NOK 81.1 million in 2024.

• Available liquidity at year-end was MNOK 212.6, including 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.

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

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

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