Byggma ASA

Quarterly Report • Nov 7, 2024

Q3 2024 INTERIM REPORT BYGGMA GROUP

Innholdsfortegnelse
Introduction 3
Highlights6
A word from the CEO8
Group10
Segment Information13
Sustainability / ESG19
Outlook26
Consolidated Income Statement30
Consolidated Balance Sheet31
Consolidated Statement of Changes in Equity32
Consolidated Statement of Cash Flows33
Notes to the Consolidated Financial Statements 34
Definitions / Alternative Performance Measures38
Real Estate39
Contact Information40

Introduction

The headquarter of Byggma ASA is located at Vennesla in Agder. Byggma ASA consists of the production and trading companies Forestia AS, Huntonit AS, Uldal AS, Masonite Beams AB, Smartpanel AS, Masonite Beams AS, Aneta Lighting AS and Aneta Lighting AB. In addition, the real estate companies Byggma Eiendom AS, Forestia Eiendom AS, Huntonit Eiendom AS and Byggma Eiendom Lyngdal AS, which own industrial property, are included. Byggma ASA is listed on Oslo Børs with the ticker BMA.

Byggma`s vision is to be among the leading suppliers of building materials solutions in the Nordic region. See the following link for presentation of Byggma Group: Byggma Group presentation.

Our vision will be achieved through the following goals:

• 1. The Group will achieve a turnover of at least NOK 3,000 million.
• 1. The profit margin will be at least 5 %.
• 1. The Group's activities must be based on sustainable products and efficient use of resources.
• 1. The Group will be innovative and build strong brands.
• 1. We will enjoy high customer satisfaction.
• 1. We will create profitable and safe workplaces by focusing on HSE, employee development and well-being.
• 1. Byggma will be an attractive investment object.

Innovation and technological development are important elements of the Group's growth strategy, and there is a strong willingness to invest in the necessary equipment and expertise in order to be a leading player in the Nordic building materials market in the future.

In principle, Byggma allocate its investments to digitalisation and automation of production processes, as well as to the environment and sustainability. The expected turnover in 2024 is NOK 2.200 million and the Group has around 690 employees. The Group will seek to realise its vision through its fundamental values, which can be described as IIR:

I – Inclusive

Show interest, respect and understanding towards colleagues, customers, and suppliers. Open and direct communication allows for influence and joint decisions that generate engagement. Help develop the people around you (we are no better than the weakest link).

I – Innovative

Curious and in search of future challenges. Always solution oriented and on the lookout for opportunities and good ideas. Encourage the development and commersialisation of good ideas across the Group.

R – Responsible

Continuous focus on HSE, including continuous focus on training and skills development. Act with integrity and stand by all that we say and do. Show concern for the environment, health, and sustainable development in the execution of our activities.

Branding and positioning

Byggma is a distinguished brand manufacturer, with a legacy of integration within the building materials sector that spans numerous years. This longstanding presence ensures predictability, recognition, and a sense of security—key factors that drive the preference for Byggma's products among our clientele. Our consolidated status as a premier supplier of building material solutions has been further solidified over the course of the year. Such progress contributes to the stability of our employment. Moreover, this fortification serves as a testament to the efficacy of the efforts undertaken across all divisions of the company.

Innovation

Every product undergoes a lifecycle, and currently, Byggma boasts a multitude of products that are firmly established within the market. To maintain a robust product portfolio, we are committed to ongoing product development and innovation. Our dedication to product enhancements and new introductions has yielded a trajectory of increased revenue and profitability in recent years. Innovation and product development occupy a central place in our strategic priorities and will continue to be a focal point moving forward.

Sustainability / ESG

Forests play a pivotal role in carbon sequestration, and at Byggma, we believe that responsible stewardship of this resource involves creating superior products that encapsulate carbon for extended periods. Byggma's climate assessments reveal that our products sequester a considerably greater volume of carbon than the emissions produced by our operations. Byggma has a longstanding tradition of prioritizing productivity and continuous enhancement. Sustainability represents a natural progression of these efforts. Through the active engagement of our employees and partners, we aim to utilize resources efficiently, thereby ensuring job security and fostering a business that delivers substantial value to the community.

Highlights

Sales revenue and profit

Sales revenues YTD decreased from NOK 1,651.6 million in 2023 to NOK 1,593.0 million in 2024 corresponding to a decrease of NOK 58.6 million (3.5 %). Adjusted operating profit decreased from NOK 171.4 million in 2023 to NOK 98.9 million in 2024.

Byggma is profitable during challenging times

The construction materials sector is currently experiencing the most challenging market conditions since the Second World War. A critical barometer for market size fluctuations is the residential construction companies' reports on the volume of houses sold and initiated. Over the past year, these figures stand at 14,466 and 14,036 units, respectively, against Norway's annual housing requirement of 30,000. Like many sectors, ours is influenced by various elements, including global unrest, rising interest rates, and pronounced inflation, leading many to defer their homebuilding plans. However, a silver lining exists in the increasing fundamental demand for housing. Consequently, when home sales are substantially below the necessary levels, the theoretical backlog of orders surges, which will eventually catalyze a robust upswing for the industry. It is a testament to Byggma Group's resilience that, despite the exceptionally challenging market conditions, the group has maintained solid profitability throughout the year to date.

Aneta Lighting has significantly enhanced its profitability and market position

Aneta Lighting continues to expand its presence, capturing market share and achieving robust sales growth despite a declining market. In the third quarter of 2024, the Lighting segment reported sales revenue of NOK 30.5 million, up from NOK 25.0 million in the same period last year, and an operating profit of MNOK 3.1, compared to MNOK 1.0 in the same period last year. This represents a sales growth of 22% and an operating margin of 10% for the quarter. Aneta Lighting exemplifies how to outperform the market by working smarter and more effectively than the competition.

Made in Norway

Huntonit and Forestia are among the first 22 companies globally to adopt the official "Made in Norway" trademark. This origin brand has been developed based on both Norwegian and international benchmarks, such as "Swiss Made", "New Zealand Made", and "Seafood from Norway". By associating with positive Norwegian values such as sustainability, responsibility, equality, and natural beauty, the trademark aims to enhance the marketing and sales of Norwegian products.

Norske Skog ASA

As of 30 September, Byggma ASA and its related party Drangsland Kapital AS owns ca. 26.8 % of the share capital in Norske Skog ASA. Byggma aims to be a long-term owner in Norske Skog ASA. There are several synergy effects between Norske Skog and Byggma regarding process equipment, raw materials, logistics, product development and environment.

New distribution hub in Forestia

In 2022, Forestia made a strategic investment in a new 4,000 m² logistics center located at Braskereidfoss. This facility enables our clientele to consolidate orders and receive chipboard, OSB, and plywood boards in a single shipment. The statistics are a testament to the success of this initiative, and customer feedback underscores the added value this brings to both Forestia and our clients, alongside the environmental benefits derived from more efficient goods transportation. The rising sales figures for OSB and plywood reinforce the attractiveness of this solution to our customers, confirming its success.

Product innovation

Our product launches Forestia Premium Ceiling, Forestia Ergospon and Huntonit Pro Wall are still experiencing increasing sales in the market. These decorative interior products add more value for the customer and hence have high unit prices. The increasing sales of these products are consequently increasing the profitability of the group.

Sustainability

The Group is constantly identifying new valuable sustainability projects that reduce emissions to both air and water, which simultaneously are economically profitable for Byggma. In the third quarter, Byggma has intensified its commitment to sustainability by appointing a Director of Sustainability. See more in the Sustainability section in this report.

Forestia Carbon Sink

Forestia has been in dialogue with Innovasjon Norge to secure grants for a plant to process and clean wood waste for reuse in new woodchip boards. On 8 April 2022, Forestia was informed by the Minister of Finance, Trygve Slagsvold Vedum, and Minister of Trade and Industry, Jan Christian Vestre, that Innovasjon Norge's Board of Directors had approved a NOK 80 million grant for this project. This initiative will enhance Forestia's value, make its woodchip boards more circular by recycling wood waste, and reduce CO2 emissions. It will also lower sourcing risks by reducing dependence on raw materials from sawmills. Forestia is working with vendors to secure long-term supply agreements for the project.

A word from the CEO

"If we can make it now, we can make it anytime" - an adapted application of Frank Sinatra's stanza from "Theme From New York, New York". The building materials market continues to experience historically low activity, which is reflected in our financial results. Despite this, Byggma has managed to achieve a surplus during a period of the lowest construction activity since World War II. There are signs that the market has reached its bottom. This demonstrates our robustness and highlights the dedication of all Byggma employees, who understand their responsibilities, roll up their sleeves, and work extra hard when needed. We should be proud of this achievement!

Increased commitment to sustainability in Byggma

Byggma has demonstrated an increased commitment to sustainability in the third quarter of 2024. The company has enhanced its investment in sustainability initiatives and appointed a dedicated Sustainability Director. This focus on sustainability is increasingly emphasized by Byggma's stakeholders, including employees, customers, and the public sector. This positive development aligns with Byggma's product portfolio, which predominantly features products made from renewable materials, particularly wood. This strategic focus allows Byggma to strengthen its competitiveness in the market.

According to Byggma's climate statement, the company sequesters significantly more carbon in its products than is released through its operations. Byggma aims to maximize the use of certified wood. In 2023, 93.6% of the timber used was certified and sourced from sustainable forestry, and this percentage continues to rise.

It is crucial that we increase the use of wood-based building materials and reduce reliance on non-renewable alternatives. This approach ensures that carbon is sequestered in the wood for many years. Conversely, if harvested forests are left to rot, burned, or destroyed by natural disasters, the carbon is released into the atmosphere. According to SBB, there is now 33% more forest in Norway than there was 15 years ago, which is a concerning trend. As new trees grow,

they absorb CO2, with half of their dry weight consisting of pure carbon. However, unused standing forests that are ripe for felling can hinder the growth of new forests and impede this natural carbon capture process.

The Building Technical Regulation (TEK17) leads to suboptimal environmental choices. Home builders and contractors preparing climate accounts in accordance with TEK17 must adhere to the principle of immediate oxidation for bio-based building products. This principle assumes that the carbon in the wood is released into the atmosphere upon cutting, rather than being sequestered in the wood-based building material. This assumption does not reflect reality, resulting in wood-based building materials being unfairly disadvantaged. Consequently, stakeholders may opt for non-renewable building materials over renewable ones. Unfortunately, this adherence to TEK17 often takes precedence over making climate-friendly decisions, bordering on greenwashing. It is imperative that authorities intervene and update the construction techniques regulation to reflect more accurate environmental impacts.

The way forward. We cannot control the market, but we can control our own priorities and actions, and thereby do better than the market and increase our market shares. While in the Nordics now significantly fewer homes are built than is needed if a theoretical order backlog in the form of even more homes having to be built in the coming time to catch up the backlog. In recent months, sold residential units have exceeded started residential units, and this tends to be a leading indicator that construction activity will pick up in the future. It still is several signs that the bottom in the market has been reached, but how quickly the market normalizes is difficult to predict. While the market takes its time to recover, we are doing what we can to improve us and make our businesses ready for the rise in demand that is likely to occur come.

We have many good machines and equipment at Byggma, but it is the people who are the most important the resource. Without you, Byggma would not have had the position we have today. Thank you for your efforts so far in 2024. I look forward to continuing and working with you in the future!

Best regards

Conrad Lehne Drangsland Chief Executive Officer

Group

Group Key Figures

NOK million	Q3 2024	Q3 2023*	Pr. Q3 2024	Pr. Q3 2023*	2023
Sales revenues	503.1	470.2	1,593.0	1,651.6	2,223.0
EBITDA *)	58.5	47.4	163.6	237.5	293.3
Adjusted operating profit*)	38.2	25.4	98.9	171.4	203.1
Adjusted profit before tax*)	10.1	2.3	28.4	110.5	109.9

* Q3 2023 is adjusted

The Group's sales revenues in Q3 2024 amounted to NOK 503.1 million which is a NOK 33.0 million (7.0 %) increase from Q3 2023. Sales revenue for YTD Q3 2024 amounted to NOK 1,593.0 million which is NOK 58.6 million (3.5 %) lower than for the same period in 2023.

The Group achieved an EBITDA*) YTD Q3 2024 of NOK 163.6 million compared to NOK 237.5 million in the same period last year.

The adjusted operating profit in Q3 2024 was NOK 38.2 million compared to NOK 25.4 million in the same period last year. For YTD 2024, the adjusted operating profit was NOK 98.9 million, compared to NOK 171.4 million last year. The operating profit contains non-recurring items, please see reconciliation of adjusted operating profit in Alternative Performance Measures after the notes to the interim report.

From 9 March 2023 the investment in Norske Skog ASA is classified as an investment in associate and is accounted for using the equity method in accordance with IAS 28. See note 12 for more information. Share of profit from associate was NOK -48.7 million YTD Q3 2024.

The Group achieved an adjusted profit before tax in Q3 2024 of NOK 10.1 million, compared to NOK 2.3 million last year. Adjusted profit before tax YTD Q3 was NOK 28.4 million compared to NOK 110.5 million in the same period in 2023.

YTD Q3 2024, net financials amounted to an expense of NOK 70.5 million which is NOK 9.5 million increase in cost compared to the same period in 2023. The main reasons for the increase in net financial expenses are increased interest rates and debt, and that there was a finance income on increased value of interest rate swaps in 2023. Please see note 3 for specification of net financials.

The liquidity reserve as of 30 September 2024 amounted to NOK 150.1 million, a reduction of NOK 117.4 million from 1 January 2024. The Board of Directors will maintain its focus on capital and cost-efficiency.

Net interest-bearing debt is increased from NOK 1,375.7 million as of 1 January 2024 to NOK 1,399.9 million as of 30 September 2024. As of the third quarter of 2024, there were acquired loans of NOK 0.6 million.

Investments in tangible fixed assets and intangible assets YTD Q3 2024 totaled NOK 27.3 million which is NOK 29.7 million lower than in 2023.

Total assets decreased from NOK 3,240.6 million as at 1 January 2024 to NOK 3,100.4 million as at 30 September 2024.

Booked equity as of 30 September 2024 was NOK 1,101.0 million (35.5 %), which is a decrease of NOK 28.1 million compared to 1 January 2024 (34.8 %). The reasons for the change in equity are due to the profit of the year of NOK -75.2 million, a currency translation difference of NOK 5.2 million and share of other comprehensive income from associate of NOK 42.7 million.

Sales revenues

EBITDA

Adjusted operating profit

EBITDA and adjusted operating profit in the graphs above are restated for 2023 and 2022.

Segment Information

Panels

	Q3	Q3	YTD Q3	YTD Q3
NOK million	2024	2023	2024	2023	2023
Sales Revenues	346,3	321,1	1151,0	1135,1	1522,8
Operating Profit	16,6	-46,2	22,2	-124,0	-96,1
Change in fair value of power contracts (income "-" – expense "+")	5,0	52,5	62,1	234,3	191,9
Write down of assets (income "-" – expense "+")					29,0
Adjusted operating profit	21,6	6,3	84,3	110,3	124,8

THE PANELS SEGMENT consists of the companies Huntonit AS, Forestia AS and Smartpanel AS.

In 2023 AS Byggform has been merged into Forestia AS.

The financial accounts for Q3 2023 have been restated following a change in accounting of power contracts. Please see stock exchange announcement dated 5 February 2024 for more information.

In Q3 2024, the Panels segment achieved higher sales revenues, and higer adjusted operating profit compared with the same period in 2023. There is continuous work to optimize operations and to maintain good discipline in the procurement process. Demand for products in the panels segment varies between the various product groups.

The Board of Directors (BoD) is satisfied with the development in sales and profitability in Q3 2024. The BoD understands that the vast downturn in the market results in lower sales and profit for the Panels segment compared to last year. Management has a continuous focus on improvements, including trends in sales and costs. During the current market conditions, it is of utmost importance that the sales organisation manages the professional market and that the products are presented in the best fashion possible at the building materials outlets.

Beams

NOK million	Q3 2024	Q3 2023	YTD Q3 2024	YTD Q3 2023	2023
Sales Revenues	60,3	61,7	185,8	241,2	311,1
Operating Profit	7,1	8,1	2,5	30,8	34,1
Change in fair value electricity contracts (income «-» - cost «+»)	0,2	0	0,1	0	0
Adjusted Operating Profit	7,3	8,1	2,6	30,8	34,1

THE BEAMS SEGMENT consists of the company Masonite Beams AB and Masonite Beams AS.

Beams have increased their market share in most markets, and we are experiencing greater acceptance for I-Beams as a construction material.

Sales revenues and operating profit are marginally lower in Q3 2024 than for the corresponding period in 2023. There is a focus on efficient operations to adapt to this period with lower activity in the market for new housing units.

The Board of Directors (BoD) acknowledges the sales and profit figures for Q3 2024. The BoD understands that the vast downturn in the market results in lower sales and profit for the Beams segment compared to last year. Management will continue to focus on sales and cost trends.

Windows

	Q3	Q3	YTD Q3	YTD Q3
NOK million	2024	2023	2024	2023	2023
Sales Revenues	66,0	62,4	176,0	203,1	279,9
Operating Profit	-0,2	3,2	-6,7	4,3	8,1

THE WINDOWS SEGMENT consists of the company Uldal AS.

In Q3 2024, the Windows segment achieved increased sales revenues compared with the corresponding period in 2023. The Windows segment is still facing intense competition and pricing pressure in the market.

The demand for aluminum windows is increasing and Uldal meets this by increasing its production capacity for this group of windows. This is among other things achieved by the investment in a clips machine. The project will also free manpower and facilitate a more efficient production.

The Board of Directors (BoD) is not satisfied with the sales and operating profit in Q3 2024, but acknowledges the significant improvement from the first half of the year. The BoD understands that the vast downturn in the market has resulted in lower sales and profit for the Windows segment compared to last year. Management will continue to focus on sales and cost trends.

Lighting

	Q3	Q3		YTD Q3
NOK million	2024	2023	2024	2023	2023
Sales Revenues	30,5	25,0	80,3	72,2	109,2
Operating Profit	3,1	1,0	0,4	-2,6	2,7

THE LIGHTING SEGMENT consists of the companies Aneta Lighting AS, Scan Lamps VTA AS in Norway and Aneta Lighting AB in Sweden.

In Q3 2024, the Lighting segment achieved higher sales revenues and operating profit compared with the corresponding period in 2023.

The Lighting is segment is starting to see some effect from the increased efforts to penetrate the electric installations market. It is expected to see a larger effect from this going forward.

The Board of Directors is satisfied with the sales revenues and operating profit in Q3 2024. Management will continue to focus on sales and cost trends.

Real Estate

	Q3	Q3	YTD Q3	YTD Q3
NOK million	2024	2023	2024	2023	2023
Rental Revenues*	13,2	12,6	39,5	37,9	50,4
*whereof group internal rent	9,9	9,5	29,8	28,4	37,3
Operating Profit	11,4	10,7	34,1	32,1	25,0
Change in fair value (income "-" – expense "+")					18,0
Adjusted Operating Profit	11,4	10,7	34,1	32,1	43,0

THE REAL ESTATE SEGMENT consists of the companies Byggma Eiendom AS, Huntonit Eiendom AS, Forestia Eiendom AS, Byggma Eiendom Lyngdal AS and Grammarholmen Fastighets AB.

The segment's rental revenues are based on lease contracts with the Group's industrial companies except for Byggma Eiendom Lyngdal AS which has a lease contract with an external party.

Please see the Real Estate overview later in this report.

Sustainability / ESG

Forests and wood capture and stores significant amounts of carbon (sequestration) and at Byggma the good management of this resource is all about creating high quality products that store carbon for many decades. In several of our operations, the contributions to carbon storage significantly outweigh the carbon footprint from our operations.

At Byggma, we have a tradition of working on productivity and continuous improvement. Sustainability is in many ways a progression of this work. In terms of sustainability and through the involvement of a committed team of employees and partners, Byggma will continue to implement efficient use of resources, while also securing jobs and ensuring the future of a company that is committed to creating value for society. The following are some of the projects developed in 2024.

Byggma

Climate Accounting

In 2024, Byggma has unveiled its Sustainability Report for the year 2023. For the first time, Byggma has compiled climate accounts in alignment with the GHG protocol. The data unequivocally demonstrates that Byggma's products sequester a significantly greater amount of carbon than what is emitted from our operations. Consequently, we can assert that Byggma's activities contribute to the net removal of CO⯑ from the atmosphere, positioning us as a vital player in addressing climate challenges moving forward. When considering the total carbon sequestered through a year's production of Byggma's wood-based products, the figure amounts to an impressive storage of 425 thousand tonnes of CO⯑ equivalents.

Tons of CO2 equivalents		2023
	Diesel (Trucks and wheel loaders)	931
	LNG	1,519
Scope 1 total	(Company emissions)	2,450
	Bark	22,477
	Demolition work	18,062
	From company production	24,605
	Direct bio-based
Outside scope	emissions	65,143
	Electricity	703
	(Emission from electricity
Scope 2 total	consumption)	703
	Transport to customer, truck	9,451
	Transport to customer, boat	110
	Domestic work related flights	76
	Work-related flights
	abroad Work-related car transport	33 211
Scope 3 total	(Emissions outside the company)	9,880
Total emissions	(Scope 1, scope 2 og scope 3)	13,033

Byggma ASA

Strengthens sustainability efforts with new company position

Byggma ASA is strengthening its focus on sustainability and has appointed a Sustainability Director within the group. This newly created position is part of our long-term strategy to integrate sustainability into all aspects of our operations. The Sustainability Director will be

responsible for leading and coordinating the group's sustainability efforts across all our companies, ensuring that we meet our environmental, social, and governance (ESG) goals. This initiative is not only a crucial step in enhancing our social mission but also a key to increasing our competitiveness in the market. By focusing on sustainable solutions and innovations, we aim to contribute to a more sustainable future while creating value for our shareholders, customers, and society.

Environment and Climate

Huntonit AS and Forestia AS Optimize Packaging for Several Products

Packaging optimization has long been a focus area for Byggma. Huntonit AS has now switched the packaging of Huntonit wall panels and the Focus product series from fibreboard to cardboard. This has resulted in reduced waste at construction sites and better utilized transport, with a reduction of approximately 225 tons so far in 2024 for Huntonit, equivalent to 13.5 tons of CO⯑-eq.

Forestia AS successfully transitioned from chipboard to cardboard for Walls2Paint and has also introduced cardboard packaging for the following products in 2024: Ergospon, Proffgulv, and eliteX. This transition not only saves on transport weight and emissions, as well as waste at construction sites, but also frees up raw materials at Forestia to produce finished goods. Final savings calculations will be seen at the end of 2024.

Forestia AS phased out the use of ammonia

Forestia has phased out ammonia from the production process during 2024. Phasing out ammonia is a significant contribution to reducing chemicals and additives and positively impacts our total CO⯑ emissions. The emission reduction, based on LCA analysis and production volume in 2023, shows that Forestia reduces CO⯑ emissions by 135 tons of CO⯑-eq annually. The reduction is related to the production of ammonia, including transport from the producer to Forestia.

Masonite Beams AB works to develop the future's healthcare buildings

The goal of the project is to help develop future hospitals that can be built in wood. Several suppliers of wooden support systems are involved in the project, focusing on finding solutions for building various types of healthcare buildings and hospitals with wooden structures. Aspects such as sound, fire, stability, etc., are being considered. Masonite Beams is part of the project, and which hospital departments and building parts can be built with the Masonite Building System is now being assessed.

Masonite Beams AB participates in a project for foundations with lower climate impact

Buildings with wooden structures generally have a low climate footprint, but the foundation often constitutes a significant part of the total climate impact because a concrete slab on the ground is used. This project analyzes several types of foundations to see how the climate impact can be reduced. Masonite Beams is looking into four different alternative foundations for a four-story house to demonstrate how the climate impact can be further reduced. To meet market demands for flexibility and reuse, the possibilities for dismantling and moving the various foundation types are also being analyzed.

Forestia AS saves over 100 tons of CO⯑-eq by changes to transport

Forestia made changes in 2024 to transport from Wismar in Germany to Braskereidfoss for purchased goods. Transport, which was previously done exclusively by truck, has been moved to intermodal freight with truck – boat – train – truck. This results in a 65% reduction in CO2 emissions from transport compared to road transport. From the start in April through Q3 2024, we have calculated a total savings of 109.98 tons of CO⯑-eq.

Smartpanel AS are to consider using electric trucks and boats

To reduce emissions from transport, we currently require all vehicles to be at least EURO 6 certified. Smartpanel is looking into the possibility of using electric trucks for deliveries in Østfold and Sweden. The transition to electric vehicles will not only reduce carbon emissions but also improve air quality and create a more environmentally friendly transport system.

Smartpanel will conduct a test in week 49 by delivering goods to a customer's central warehouse in Denmark by boat instead of trucks. This corresponds to 16 full trucks and is an important step in reducing our negative environmental impact.

Smartpanel AS works towards reducing the environmental impact from the paint cleaning process

In the current cleaning process for paint equipment, Smartpanel cannot separate paint particles from the water. Therefore, we are now considering a flocculation plant, which causes the small paint particles to bind together into larger clumps. This process allows us to separate the paint particles from water and reuse the water in the washing process.

People and Society

Uldal AS collaborates with NAV Birkenes to employ six people from Ukraine

Uldal AS has had a meaningfull collaboration with NAV Birkenes for several years. Together, they have now engaged six men from Ukraine to work in the production facilities. We view this as more than taking social responsibility, it is about seeing the value in people. Therefore, a lot of time is spent by NAV and Uldal to find the right candidates, with the goal of continued employment in the company after the collaboration including wage subsidy is over.

From the left: Torbjørn Vik, head of NAV Birkenes, Sada Majcic, recruitment advisor at NAV Birkenes, Tronn Tellefsen production manager at Uldal, and three of the new hires - Ivan Maiko (32), Andrii Zakharov (25) and Yevhenii Pasnaiev (40) Picture retrieved from Birkeland Avis.

Aneta AS strengthens the permanently arranged work offer (VTA) for people with special needs

At Byggma, we are proud of Aneta's subsidiary Scan Lamps VTA. A VTA company (permanently arranged work) that provides people with special needs a workplace at our company, with all that entails in terms of opportunities for a sense of mastery, independence, and social development. Extensive efforts to improve the quality of our VTA initiative are being conducted, including a focus on increased user participation in the form of participation and close follow-up of action plans, goals, and more frequent general meetings. In the last quarter, four new young employees have started working at Scan Lamps VTA.

Among other things, they produce fire starters made from recycled newspapers and candle wax residues.

Forestia is attracting apprentices and collaborates with growth companies

A major challenge has been mobilizing young people to choose a vocational direction, especially in production technology. Therefore, we are happy that Forestia has attracted three new apprentices in this field. Together with our two new industrial mechanic apprentices, we have a total of eight apprentices at Forestia. These are the future production technicians, electricians, and industrial mechanics. This is something we are very proud of.

Forestia also contributes in regards of inclusion of people. Among other things, by providing youth with work practice through Våler Vekst AS. Våler Vekst AS is also the supplier of the canteen solution at Forestia. Here, great food is served, while providing work practice for the participants. This collaboration means that we also have a skilled employee from Ukraine who is language training in our canteen. We consider this a win-win situation and a collaboration we are proud of.

Outlook

Byggma monitors the housing market continuously, as this is an important arena for the company. We see lower activity in some areas of the market but are experiencing increased sales of new product launches introduced to the market. During the last 12 months there are sold 14,466 and commissioned 14,036 housing units in the market for newbuilds. The need for housing units has been increased to 30,000 which can lead to serious consequences for the housing supply if the trend continues. When sales and commissioning are below the need, pent up demand grows, and more housing units will be produced at a later point in time. Meanwhile, we are still experiencing high activity in commercial buildings and public buildings. The renovation and extension market expects to see growth as the market to a larger extent is characterised by the fact that more people don't change residence.

The vast increase in raw materials is the most important explanation for lower sales and commissioning of new housing units in 2023. Additionally, the interest rate development may affect the activity in the newbuild and the renovation and extension market. The conflict in Ukraine may also affect markets and factors as access to raw materials, energy, and increased prices on imported goods. However, we see more stable prices on timber going forward, which may increase sales and commissioning of new housing units increasing the demand for building materials. This is supported by the upward adjustment of the official number of housing units needed in Norway to 30,000 per year. This may increase the demand for Byggma ASAs products in the medium and long term.

We experience the same market development for Byggma's products outside Norway.

The market development has meant that the input factors for several of the segments are considerably more expensive. Byggma has implemented price increases during the last two years in order to maintain a reasonable margin.

Group management is continuously monitoring the situation to be able to implement cost reductions resulting from lower activity levels.

The board of directors is continuously considering various strategic adaptations and possibilities for alliances and transactions. The goal is to strengthen Byggma's position in the Nordic building materials market.

To ensure further growth, investment in the sale of the Group's products outside Norway is an important part of Byggma's strategy. Innovation and technological development are vital components of the Group's growth strategy, driven by a forceful determination to invest in essential equipment and expertise to maintain its position as a leading player in the Nordic building materials market in the future. Byggma Group is firmly focused on achieving efficiency, dominance, and profitability.

Byggma is well positioned for implementing its enhancement processes for maintaining its position as a leading, efficient producer of building products. Several major investments have been made to streamline our processes. New investments in equipment have also been decided and this will enable greater efficiency. In principle, Byggma will be directing its investments toward digitization and automation of the production processes, including the environment and sustainability.

As per 6 November 2024 Byggma ASA owns ca. 20.6 % of the share capital in Norske Skog ASA. Together with related party Drangsland Kapital AS, Byggma controls ca. 26.8% of the share capital and voting rights in Norske Skog.

Former CEO in Byggma, Geir Drangsland, is CEO in Norske Skog with effect from 1 September 2023. Simultaneously he resigned as Chairman of the board in Norske Skog. Conrad Lehne Drangsland assumed the role as CEO in Byggma, and Henry Gundersen assumed the role as CFO in Byggma, as of 1 April 2024.

It is an important part of Byggma's strategy to strengthen its position as a leading original brand manufacturer of environmentally friendly and sustainable products in the Nordic building materials market. It is the Board's opinion that completed adjustments and cost reductions entails that the group is well positioned and well prepared to tackle future challenges.

Byggma Group has a stable and highly competent work force and the supply for manpower is good. The group aims to be an attractive employer. We will continue to focus on ensuring that all employees in the Group can realize their human potential through their employment at Byggma. Vennesla November 6th 2024 The Board of Directors of BYGGMA ASA

Geir Drangsland

Chair of the board

Dagfinn Eriksen Kenneth Berntsen Torbjørn Østebø

Terje Gunnulfsen Liv Anne Drangsland Holst

Hege Aarli Klem Terje Sagbakken

Conrad Lehne Drangsland CEO

"Byggma's goal is to develop and deliver sustainable solutions based on renewable raw materials and unique competence."

Consolidated Income Statement

NOK million	Note nr.	IFRS Q3 2024	IFRS Q3 2023	IFRS YTD Q3 2024	IFRS YTD Q3 2023*	IFRS 2023
Sales revenues	11	503.1	470.2	1593.0	1651.6	2223.0
Other operating revenues		6.2	6.0	18.7	18.0	25.1
Cost of goods and manufacturing costs		-278.2	-256.1	-839.2	-881.2	-1094.6
Payroll expenses		-97.1	-98.7	-354.8	-346.7	-483.9
Depreciation and write-downs	2	-20.3	-22.0	-64.7	-66.1	-119.3
Freight and complaints costs		-36.7	-34.4	-120.8	-119.7	-167.0
Marketing costs		-19.2	-17.9	-56.0	-61.9	-102.0
Other losses/gains	12, 13	2.1	-42.3	-39.6	-160.6	-127.9
Other operating costs		-27.0	-31.8	-99.9	-96.4	-189.2
Operating profit/loss	11	33.0	-27.1	36.7	-63.0	-35.9
Share of profit from associate	12	-31.6	53.9	-48.7	46.6	160.4
Net financials (income "+" - expenses "-")	3	-28.1	-23.1	-70.5	-60.8	-93.2
Profit/loss before tax		-26.8	3.7	-82.4	-77.2	31.3
Tax expenses	5	-1.0	11.1	7.3	29.3	29.7
Profit/loss		-27.8	14.8	-75.2	-47.9	61.0
TOTAL COMPREHENSIVE INCOME
Profit/loss		-27.8	14.8	-75.2	-47.9	61.0
Currency translation difference		1.4	1.5	5.2	0,0	-3.7
Gain (+) / loss (-) on financial investments	12	0,0	0,0	0,0	-11.0	-11.0
Share of other comprehensive income from associate	12	30.4	-34.9	42.7	8.4	5.1
Total profit for the period/year		4.0	-18.6	-27.2	-50.5	51.4
Allocated to
Shareholders		4.0	-18.6	-27.2	-50.5	51.4
Minority interests		0,0	0,0	0,0	0,0	0,0
		4.0	-18.6	-27.2	-50.5	51.4
Earnings per share (NOK per share):
Earnings per share allocated to the company's shareholders		-0.40	0.21	-1.08	-0.69	0.87
Diluted earnings per share allocated to the company's shareholders		-0.40	0.21	-1.08	-0.69	0.87
Total profit per share allocated to the company's shareholders		0.06	-0.27	-0.39	-0.72	0.74

*YTD Q3 2023 is adjusted

Consolidated Balance Sheet

		IFRS	IFRS	IFRS
		30 September	30 September	31 December
NOK million	Note no.	2024	2023*	2023
Assets
Non-current assets
Tangible fixed assets	2	785.9	848.3	819.4
Investment property		157.0	175.0	157.0
Intangible assets	2	18.7	20.1	20.4
Deferred tax assets	5	1.7	1.2	1.4
Long-term derivatives and power contracts	6	47.6	83.7	78.0
Investment in associate (financial investment before 9 March 2023)	12	1,311.2	1218.3	1317.2
Other long-term receivables		0.4	0.3	0.2
Total non-current assets		2,322.6	2346.8	2393.7
Current assets
Inventories		372.0	366.8	349.6
Customer and other short-term receivables		353.4	365.2	376.4
Short-term derivatives and power contracts	6	23.4	16.5	57.6
Cash and cash equivalents		29.1	32.3	63.2
Total current assets		777.9	780.9	846.8
Total assets		3,100.4	3127.7	3240.6
Equity
Shareholder's equity
Share capital and share premium	4	52.7	52.7	52.7
Other equity not recognised in P&L		31.9	-10.1	-16.0
Retained earnings		1,016.4	983.6	1092.4
Total equity		1,101.0	1026.1	1129.1
Liabilities
Non-current liabilities
Long-term loans	10	745.4	791.3	785.7
Long-term leasing obligations	10	49.5	63.3	62.8
Deferred tax	5	118.0	132.1	127.9
Total non-current liabilities		912.8	986.7	976.4
Current liabilities
Trade payables and other current liabilities		446.4	483.0	514.8
Tax payable	5	6.0	7.2	29.9
Short-term loans	10	612.0	604.3	568.7
Short-term leasing obligations	10	22.2	20.4	21.7
Total current liabilities		1,086.6	1114.9	1135.1
Total liabilities		1,999.4	2,101.6	2,111.5
Total equity and liabilities		3,100.4	3,127.7	3,240.6
Of which net interest-bearing debt (long-term and short-term) incl. leasing
obligations and sale leaseback	10	1,399.9	1,447.0	1,375.7
Of which net interest-bearing debt (long-term and short-term) ex. leasing obligations and sale leaseback	10	1,097.8	1,143.2	1,065.4

*YTD Q3 2023 is adjusted

Consolidated Statement of Changes in Equity

NOK million		Equity allocated to the company's shareholders (IFRS)
	Note no.	Share capital and share premium	Other equity not recognised in P&L	Retained earnings	Total
As at 31 December 2022		52.7	-6.4	1,031.4	1,077.7
Currency translation difference		0,0	-1.1	0,0	-1.1
Profit of the period		0,0	0,0	-47.9	-47.9
Gain (+) / loss (-) on financial investments	12	0,0	-11.0	0,0	-11.0
Share of other comprehensive income from associate		0,0	8.4	0.0	8.4
As at 30 September 2023		52.7	-10.1	983.5	1,026.1
Currency translation difference		0,0	-2.6	0,0	-2.6
Profit of the period		0,0	0,0	108.9	108.9
Share of other comprehensive income from associate		0,0	-3.3	0,0	-3.3
As at 31 December 2023		52.7	-16.0	1,092.5	1,129.1
Currency translation difference		0,0	5.2	0,0	5.2
Profit of the period		0,0	0,0	-75.2	-75.2
Share of other comprehensive income from associate	12	0,0	42.7	0,0	42.7
As at 30 September 2024		52.7	32.0	1,016.4	1,101.0

Consolidated Statement of Cash Flows

		IFRS 30 September	IFRS 30 September	IFRS 31 December
NOK million	Note no.	2024	2023	2023
Cash flow from operations
Cash flow from operations		89.7	224.9	336.1
Interest paid		-75.1	-69.5	-104.8
Interest received		17.8	12.5	22.9
Taxes paid		-24.0	-39.9	-40.5
Net cash flow from operations		8.3	128.0	213.7
Cash flow from investment activities
Purchase of tangible fixed assets	2	-22.3	-54.8	-52.9
Sale of tangible fixed assets		0.0	0.3	1.0
Purchase of intangible assets	2	-1.4	-2.1	-3.8
Received dividend from associated company	12	0,0	0,0	11.7
Purchase of associated company (financial investment)	12	0,0	-87.2	-87.2
Loans granted to related parties		0,0	-0.1	0.5
Net cash flow used for investment activities		-23.7	-143.9	-130.6
Cash flow from financing activities
Adjustment of overdraft facility		89.8	101.8	69.6
Uptake of loans		0.6	14.9	0.7
Repayment of loans		-109.5	-105.9	-132.9
Loan from related parties		0,0	0,0	4.6
Net cash flow used for financing activities		-19.1	10.7	-58.0
Adjustment to cash, cash equivalents		-34.5	-5.2	25.1
Cash and cash equivalents as per 1 January		63.2	37.1	37.1
Effect of exchange rate gain/(loss) on cash and cash equivalents		0.4	0.5	1.0
Cash and cash equivalents at the end of the period		29.1	32.3	63.2
This consists of:
Bank deposits and similar		19.5	20.8	47.3
Restricted bank deposits		9.7	11.6	15.9
Cash and cash equivalents at the end of the period		29.1	32.3	63.2
Unused overdraft facility/drawing rights		130.7	187.7	220.2
Liquidity reserve		150.1	208.5	267.6

Profit Before Tax per Quarter

NOK million	IFRS 2024	IFRS 2023*	IFRS 2022*	IFRS 2021	IFRS 2020
Profit/loss for Q1	-113.9	-122.3	98.9	54.3	26.2
Profit/loss for Q2	58.3	41.5	280.7	49.7	28.0
Profit/loss for Q3		3.8	321.2	54.2	46.2
Profit/loss for Q4		108.5	-171.4	65.9	59.4
SUM	-82.4	31.3	529.4	224.1	159.7

*Financials for 2023 og 2022 have been restated following a change in accounting of power contracts. Former years are stated as previously.

Notes to the Consolidated Financial Statements

Note 1 General Information

Byggma ASA is domiciled in Norway. The head office is in Vennesla. Byggma ASA is listed on the Oslo Stock Exchange. The Group's main area of business is the production and sale of building products to the Scandinavian and Northern European markets. In Norway, the products are sold through our own nationwide sales apparatus; abroad, sales work is handled partly by subsidiaries and partly by distributors. The product range is mainly produced by the group's seven production units. These production units are located in Norway and Sweden. In addition to products produced within the Group, Byggma ASA also sells products for resale.

Byggma Group reports in accordance with IFRS Accounting Standards® as approved by EU. This quarterly report has been prepared in accordance with IFRS Standard for interim reporting (IAS 34). The report should be viewed in conjunction with the annual report for 2023 and with reference to the accounting policies specified therein. The quarterly report has not been audited.

Note 2 Tangible Fixed Assets and Intangible Assets (NOK million)

	YTD Q3 2024	YTD Q3 2023	2023
Investments	27.3	56.9	77.2
Depreciations and write downs	-64.7	66.1	-119.3

Write-downs amount NOK 29.0 million in Q4 2023. This is related to impairment of assets in Smartpanel AS.

Note 3 Net Financial Items (NOK million)

	IFRS Q3 2024	IFRS Q3 2023	IFRS YTD Q3 2024	IFRS YTD Q3 2023	IFRS 2023
Change in market value, derivatives	-3.4	0.0	-2.5	4.6	-2.5
Received (+) / paid (-) interest rate swap	1.6	1.4	5.0	3.5	5.3
Interest expenses leasing agreements	-0.8	-0.8	-2.4	-2.5	-3.4
Net interest income (+) / interest expenses (-)	-25.0	-23.1	-70.7	-66.5	-91.9
Other financial income (+) / expenses (-)	-0.6	-0.6	0.1	0.0	-0.7
Net financials (income "+" - expenses "-")	-28.1	-23.1	-70.5	-60.8	-93.2

Note 4 Share Capital (NOK million)

	Number of shares (in thousands)	Ordinary shares	Share premium	Own shares	Sum
As at 31 December 2022	69,819	18.2	34.6	0.0	52.7
As at 30 September 2023	69,819	18.2	34.6	0.0	52.7
As at 31 December 2023	69,819	18.2	34.6	0.0	52.7
As at 30 September 2024	69,819	18.2	34.6	0.0	52.7

Note 5 Tax Description

For the full year, we calculate and book actual tax, while for the interim accounts we use nominal tax rates per company per country. Deferred tax/deferred tax assets are based on the tax rate in the relevant countries.

Note 6 Derivative Financial Instruments (NOK million)

	30 September 2024	30 September 2023	31 December 2023
Assets
Interest rate swaps - long-term	9.7	18.2	11.9
Power contracts - long-term	37.9	65.5	66.1
Interest rate swaps - short-term	1.3	2.1	1.5
Power contracts - short-term	22.1	14.4	56.1
Forward exchange contracts - short-term	0,0	0,0	0,0
Total financial derivatives - assets	71.0	100.2	135.6

Note 7 Contingencies

Provisions made in the accounts based on contingent events after the balance sheet date are insignificant.

Note 8 Related Parties

Geir Drangsland and related parties as of 6 November 2024 control 88,70 % of the share capital in Byggma ASA.

Note 9 Subsequent Events

There are no significant subsequent events.

Note 10 Loans (NOK million)

	30 September 2024	30 September 2023	31 December 2023
Long-term loans
Bank loans	468.1	528.1	513.1
Subordinated loan from related parties	46.8	43.1	46.8
Long-term liability from sale leaseback*	230.5	220.1	225.8
Lease liabilities	49.5	63.3	62.8
Total long-term loans	794.9	854.6	848.5
Short-term loans
Overdraft facility	249.7	192.0	159.9
Bank loans	350.6	401.5	397.1
Subordinated loan from related parties	11.7	10.8	11.7
Lease liabilities	22.2	20.4	21.7
Total short-term loans	634.2	624.7	590.4
Total loans	1429.1	1479.3	1438.9

* The liability from sale leaseback relates to the sale of Birkeland Eiendom AS and Masonite Fastighet AB. They were sold during the autumn of 2022. The transaction is booked as a sale leaseback in accordance with IFRS 9 as it is likely that the companies will be purchased back through a put/call structure in the autumn of 2042. The related properties are continued in the consolidated financial statements.

Byggma ASAs subsidiaries Uldal AS and Masonite Beams AB rents the related properties in Birkeland Eiendom AS and Masonite Fastighet AB respectively for their production of windows and I-Beams. The rental agreements run for 20 years and Uldal AS and Masonite Beams AB have an option to prolong the agreements for 10 years at a time after that. The rent is classified as interest expense in the consolidated financial statements.

Note 11 Segment information (NOK million)

Net Sales Revenues

	IFRS Q3 2024	IFRS Q3 2023	IFRS YTD Q3 2024	IFRS YTD Q3 2023	IFRS 2023
Panel sales to external customers	346.3	321.1	1151.0	1135.1	1,522.8
Beams sales to external customers	60.3	61.7	185.8	241.2	311.1
Window sales to external customers	66.0	62.4	176.0	203.1	279.9
Lighting sales to external customers	30.5	25.0	80.3	72.2	109.2
NET SALES REVENUES FOR THE GROUP	503.1	470.2	1593.0	1651.6	2223.0

Operating Profit

	IFRS Q3 2024	IFRS Q3 2023	IFRS YTD Q3 2024	IFRS YTD Q3 2023	IFRS 2023
Panels	16.6	-46.2	22.2	-124.0	-96.1
Beams	7.1	8.1	2.5	30.8	34.1
Windows	-0.2	3.2	-6.7	4.3	8.1
Lighting	3.1	1.0	0.4	-2.6	2.7
Real Estate	11.3	10.7	34.1	32.1	25.0
Byggma joint/eliminations	-5.0	-3.8	-15.8	-3.6	-9.5
OPERATING PROFIT FOR THE GROUP	33.0	-27.1	36.7	-63.0	-35.9

Net Sales Revenues by Country

	IFRS Q3 2024	IFRS Q3 2023	IFRS YTD Q3 2024	IFRS YTD Q3 2023	IFRS 2023
Norway	342.8	337.2	1046.0	1091.4	1,459.5
United Kingdom	2.7	4.6	12.1	30.2	35.5
Sweden	98.9	72.7	327.7	295.3	428.4
Finland	2.7	2.3	9.7	8.4	11.0
Denmark	18.1	19.6	60.2	72.1	92.8
The Netherlands	14.7	16.8	68.7	69.5	95.2
Other	23.2	17.0	68.6	84.7	100.5
NET SALES REVENUES FOR THE GROUP	503.1	470.2	1593.0	1651.6	2223.0

Note 12 Associated Company (NOK million)

Norske Skog ASA	Norske Skog ASA Q3 2024	Norske Skog ASA YTD Q3 2024
Share of ownership	20.55 %	20.55 %
Income statement and statement of comprehensive income
Operating revenues	3,006.0	8,911.0
EBITDA*	91.0	637.0
Profit (loss) after tax	-153.0	-236.0
Other comprehensive income	148.0	207.0
Total comprehensive income	-5.0	-29.0
Share of profit (loss) before tax (from 09.03.2023)	-31.4	-48.5
Gain related to reverse dilution	0,0	0,0
Share of profit (loss) from associate in P&L	-31.4	-48.5
Share of other comprehensive income (from 09.03.2023)	30.4	42.5
Share of comprehensive income (from 09.03.2023)	-1.0	-6.0

*EBITDA as defined in Norske Skog ASA Alternative Performance Measures

Balance sheet	IFRS 30 September 2024
Non-current assets	10,132
Current assets	4,692
Non-current liabilities	5,739
Current liabilities	2,952
Net assets (total equity)	6,133
Share of net assets (total equity)	1,260
Goodwill	52
Carrying amount as at 31 December 2023	1,311

In 2023, Byggma achieved a pivotal position in Norske Skog ASA, leading to a transition in accounting practices from financial investment as per IFRS 9 to the application of the equity method in accordance with IAS 28. For further details, please refer to Byggma's annual report for the year 2023.

Note 13 Other gains/losses (NOK million)

	IFRS Q3 2024	IFRS Q3 2023	IFRS YTD Q3 2024	IFRS YTD Q3 2023	IFRS 2023
Change in fair value of forward contract foreign exchange	0,0	0,0	0,0	0,0	0.0
Reclassification agio/disagio	-0.2	3.8	-0.4	-1.9	1.1
Gain on forward contract related to share purchase	0,0	0,0	0,0	0,0	0,0
Recognition of gain related to bargain purchase	0,0	0,0	0,0	9.1	9.1
Change in fair value of investment property	0,0	0,0	0,0	0,0	-18.0
Change in fair value of power contracts	-5.2	-52.5	-62.2	-234.3	-191.9
Realised gain on hedging of power	7.4	6.3	23.0	66.5	71.8
Other losses/gains (NOK million)	2.1	-42.3	-39.6	-160.6	-127.9

Definitions / Alternative Performance Measures

Alternative Performance Measures are used to provide the users of this report with more consistent measurement of operating performance and other relevant key performance indicators frequently used by stakeholders.

Key Figures	Definition
EBITDA	Operating profit (loss) before depreciation, write downs, gain/loss on forward contracts on share purchase, and change in fair value of power contracts, and investment property
Adjusted operating profit	Operating profit adjusted for special items to better reflect a more normalised operating profit and value creation
Adjusted profit before tax	Adjusted operating profit after net financials
Liquidity reserve	Bank deposits (ex. Restricted cash deposits) + unused overdraft facilities
Profit margin	Profit or loss after tax divided by sales revenues
Interest bearing debt	Interest bearing loans + leasing obligations + bank overdrafts
Net interest bearing debt	Interest bearing loans + leasing obligations + bank overdrafts - cash and cash equivalents
NOK million	Q3 2024	Q3 2023*	Pr. Q3 2024	Pr. Q3 2023*	2023
Reported operating profit	33.0	(27.1)	36.7	(63.0)	(35.9)
Change in fair value of power contracts (income "-" - expense "+")	5.2	52.5	62.2	234.4	191.9
Write down of assets (income "-" - expense "+")	-	-	-	-	29.0
Write down of investment property (income "-" - expense "+")	-	-	-	-	18.0
Adjusted operating profit	38.2	25.4	98.9	171.4	203.1
NOK million	Q3 2024	Q3 2023*	Pr. Q3 2024	Pr. Q3 2023*	2023
Adjusted operating profit	38.2	25.4	98.9	171.4	203.1
Depreciation (income "-" - expense "+")	20.3	22.0	64.7	66.1	90.2
EBITDA	58.5	47.4	163.6	237.5	293.3
NOK million	Q3 2024	Q3 2023*	Pr. Q3 2024	Pr. Q3 2023*	2023
Adjusted operating profit	38.2	25.4	98.9	171.4	203.1
Net financials (income "+" - expense "-")	(28.1)	(23.1)	(70.5)	(60.9)	(93.2)
Adjusted profit before tax	10.1	2.3	28.4	110.5	109.9

Real Estate

Byggma ASA currently owns approximately 115,000 m2 of building stock. A significant portion of Byggma's assets consists of buildings and factories. Ownership entails accountability. We place strict demands on ourselves when it comes to managing buildings - both in maintaining the values the buildings represent and to preserving them in the best possible condition.

Byggma Group will take good care of all its properties and their premises – now and in the future.

Huntonit Eiendom AS Yearly rental income (NOK thousand): 16,768 Production facilities: 19,664 m² Storage capacity: 8,100 m² Offices: 1,430 m² Site area owned: 78,112 m² Floor area: 30,171 m² Year of construction: 1948–1988 and 2016 Municipality: Vennesla, Norway

Forestia Eiendom AS Yearly rental income (NOK thousand): 22,360 Production facilities: 21,079 m² Storage capacity: 18,655 m² Offices: 3,961 m² Site area owned: 321,460 m² Floor area: 43,695 m² Year of construction: 1969–1987 and 1997 Municipality: Våler, Norway

Byggma Eiendom Lyngdal AS Yearly rental income (NOK thousand): 13,020 Production facilities: 16.397 m² Offices: 1,666 m² Site area owned: 37,377 m² Floor area: 18.063 m² Year of construction: 2007 and 2017 Municipality: Lyngdal, Norway

Contact Information

Huntonit AS Post Box 21, 4701 Vennesla Tel. +47 38 13 71 00 Comp. reg. no. 914 801 958 huntonit.no

Forestia AS Braskereidfoss, 2435 Braskereidfoss Tel. +47 38 13 71 00 E-mail Comp. reg. no. 981 393 961 forestia.no

Smartpanel AS Habornveien 50, 1630 Gamle Fredrikstad Tel. +47 69 92 19 20 E-mail Comp. reg. no. 921 075 197 smartpanel.no

Uldal AS Post Box 98, 4795 Birkeland Tel. +47 38 13 71 00 E-mail Comp. reg. no. 947 895 788 uldal.no

Masonite Beams AS Håndverkergata 3, 8610 Mo i Rana Tel. +47 38 13 71 00 E-mail Comp. reg. no. 925 357 065 masonite.no

Masonite Beams AB Box 5, 914 29 Rundvik, Sverige Tel. +46 (0)930 142 00 E-mail Comp. reg. no. 556288-8060 masonitebeams.se

Aneta Lighting AB

Lagergatan 3, Box 3064, 350 33 VÄXJÖ Sverige Tel. +46 (0)470 778400 E-mail Comp. reg. no. 556291-0264 aneta.se

Aneta Lighting AS

Post Box 4663 Grim, 4673 Kristiansand Tel. +47 38 13 71 00 E-mail Comp. reg. no. 953 832 488 aneta.no

PEOPLE GREEN INNOVATION TECHNOLOGY

Byggma ASA, PO 21, 4701 Vennesla, Norway Tel.+47 38 13 71 00 - E-mail: byggma@byggma.no - Company no. 979 165 285

WWW.BYGGMA.COM