Borgestad ASA — Earnings Release 2025

May 22, 2025

Borgestad ASA – Interim financial report for first quarter 2025

Borgestad ASA – Interim financial report for first quarter 2025

- First quarter’25, Borgestad Group delivered a result before tax of MNOK -23.0, due to low season in Höganäs Borgestad. Borgestad Group has over the last twelve months delivered a profit before tax of MNOK 64.9.

- Agora Bytom continued its positive momentum, posting an EBITDA of MNOK 10.3 in Q1’25, an improvement from MNOK 9.5 in Q1’24.

- Höganäs Borgestad delivered a weaker quarter compared to the same period last year, reporting revenues of MNOK 186 and a EBITDA of MNOK -8.5 for Q1’25 respectively MNOK 203.9 and MNOK 3.3 in Q1’24.

- Höganäs Borgestad has a healthy order backlog and prospects for the remaining year as of March 31, 2025

Borgestad ASA's report for the first quarter of 2025 is attached hereto.

The contact person is Pål Feen Larsen, CEO Borgestad ASA, +47 488 45 333

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This information is subject to disclosure requirements pursuant to the

Securities Trading Act §5-12.

About Borgestad| www.borgestad.no

Borgestad ASA (OSE:BOR) is an investment company focused on real estate and

industry. The key investments include Agora Bytom shopping center and the

leading refractory manufacturer Höganäs Borgestad.

About Höganäs Borgestad | www.hoganasborgestad.com

Höganäs Borgestad develops, manufactures and delivers refractory products,

installations and turnkey solutions that enhance the productivity and

competitiveness of industrial customers. The aim is to contribute to the

customers' profitability by providing high-value refractory solutions to their

challenges. Today, the company is a leading supplier in the refractory market of

the Nordic countries and has a global presence in a number of selected

application areas.