Norway · Delayed Price · Currency is NOK Borgestad ASA Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw lower group earnings due to challenging Nordic refractory markets and seasonality, but Agora Bytom delivered revenue and EBITDA growth. Liquidity remains solid, with positive outlook for both segments and key legal and refinancing events progressing.
Fiscal Year 2025
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Dividend of NOK 0.5 per share approved for 2025. Full-year profit before tax fell to NOK 51 million due to market headwinds, but liquidity remains strong and two acquisitions were completed to support future growth.
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Q3 2025 was the group's strongest quarter, with record EBIT margin at Höganäs Borgestad and high occupancy at Agora Bytom. Despite lower revenue, profitability improved, and the outlook for 2025 and 2026 remains positive, supported by a strong order backlog and ongoing cost initiatives.
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Adjusted Q2 2025 profit before tax was NOK 20.9 million, with Agora Bytom showing strong EBITDA growth and Höganäs Borgestad facing revenue and margin declines. Emcotech AB was acquired, and refinancing improved loan terms. Outlook is positive for H2 2025 and 2026.
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Q1 results showed weaker performance due to seasonal lows in the refractory segment, while Agora Bytom delivered higher revenue and EBITDA. Management remains optimistic for the rest of 2025, expecting improved occupancy and financials, with refinancing and legal processes underway.
Fiscal Year 2024
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2024 saw a turnaround with profit before tax of NOK 82.3 million, strong segment performance, and a proposed NOK 0.8 per share dividend. Both main businesses improved margins and cash flow, with further operational gains and M&A activity expected in 2025.
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Q3 2024 saw strong operational improvements, with record EBIT margin in refractory and higher EBITDA margin in real estate. Debt is down, cash position is strong, and a dividend payout is likely in 2025 based on 2024 results.
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Profit before tax surged to NOK 32.7 million in Q2, driven by margin expansion and lower interest costs. Operational improvements, cost-cutting, and leadership changes supported strong results, with stable outlooks for both core segments.