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Byggma ASA Earnings Release 2025
3565_rns_2026-02-27_f7e7613b-6684-4ee3-8914-68d54cdb9a34.pdf
Earnings Release
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BYGGMA group
Q4 2025 results
26 Februar 2026
Questions can be directed to [email protected]
2
BYGGMA group
Company
Byggma is a leading Nordic supplier of building product solutions
Introduction
- Leading supplier of building product solutions in the Nordics, with a special focus on various boards, beams, windows & doors, and lighting products
- Byggma owns 6 companies/brands, operates 7 manufacturing facilities and distributes its products to all the leading building materials chains
- Byggma is headquartered in Vennesla and employs ~660 people in total
- The company has been listed on Oslo Stock Exchange since 1997 with ticker “BMA”
Byggma companies / brands
HUNTONIT smartpanel
MASONITE BEAMS
ULDAL
ANETA LIGHTING
LIGHTS FOR HOME AND WORK SINCE 1947
Key KPIs
Vennesla, Norway
Headquarter
NOK 2,349m
LTM² revenue
NOK ~1.1bn¹
Market capitalization
~660
Employees
NOK 122m
LTM Adj. EBIT²
30-50%
Of net profit - dividend policy
Note: 1) As of 26 August 2025
Note: 2) LTM Adj. EBIT = Adjusted Operating Profit last twelve months (Q1 2025 – Q4 2025). Please see Alternative Performance Measures in the interim report.
BYGGMA
#1 market position for boards and beams in the Nordics and growing internationally
| Byggma segment | Boards | I-beams | Windows and doors | Lighting |
|---|---|---|---|---|
| Companies / brands | FORESTIA HUNTONIT | |||
| smartpanel® | MASONITE BEAMS | ULDAL | ANETA | |
| LIGHTING | ||||
| LIGHTS FOR HOME AND WORK SINCE 1947 | ||||
| Product illustrations | ||||
| Nordic market position | Clear #1 position within particle boards, decorative interior panels, fibreboards, MDF interior walls and ceiling panels | Clear #1 position within I-beams | Growing market position | Growing market position |
| International market position | Large position in Netherlands, growing in Europe within refined products | Large and growing position in UK and France |
BYGGMA
Highly attractive offering towards all the major building material chains in the Nordics
Delivering to all the leading building material chains in the Nordics, with high client satisfaction
5 | Note: 1) For boards and I-beams
BYGGMA
6
BYGGMA group
Financials
P&L Summary and Highlights
| NOKm | Q4 2025 | Q4 2024 | YTD 2025 | YTD 2024 | 2024 | 2023 |
|---|---|---|---|---|---|---|
| Sales revenue | 583 | 574 | 2349 | 2167 | 2167 | 2223 |
| EBITDA^{1} | 34 | 49 | 209 | 213 | 213 | 293 |
| Depreciation | -21 | -23 | -87 | -88 | -88 | -90 |
| Adjusted operating profit^{1} | 13 | 26 | 122 | 125 | 125 | 203 |
| Net financials | -23 | -23 | -96 | -93 | -93 | -93 |
| Adjusted profit before tax^{1} | -10 | 3 | 26 | 32 | 32 | 110 |
- Sales growth of 8.4 % from 2024 to 2025
- Still historically low activity in the newbuild market leads to relatively low sales volumes in 2025.
- Adj. Operating Profit margin of 2.2 % in Q4 2025, compared to 4.5 % in Q4 2024.
- Revenues from newly launched products such as Huntonit Pro Wall, Forestsia Premium Ceiling and Forestia Ergospon is expected to increase in 2026.
Note: 1): Please see Alternative Performance Measures in the interim report.
BYGGMA
Consolidated balance sheet
| Assets (NOK million) | 31 Dec 2025 | 31 Dec 2024 |
|---|---|---|
| Fixed assets | 825 | 773 |
| Investment property | 162 | 157 |
| Intangible assets | 15 | 18 |
| Deferred tax assets | 1 | 1 |
| Long-term derivatives and power contracts | 17 | 25 |
| Investment in associate | 1 247 | 1 158 |
| Other long-term receivables | 0 | 0 |
| Total non-current assets | 2 267 | 2 132 |
| Inventory | 393 | 362 |
| Customer and other short term receivables | 205 | 359 |
| Short-term derivatives and power contracts | 15 | 7 |
| Cash and cash equivavelents | 36 | 51 |
| Total current assets | 649 | 780 |
| Total assets | 2 917 | 2 912 |
- Solid balance and hidden reserves in real estate and land
- Equity ratio of 35.1 % as at 31 December 2025
| Equity and liabilities (NOK million) | 31 Dec 2025 | 31 Dec 2024 |
|---|---|---|
| Share capital and share premium | 53 | 53 |
| Other equity not recognised in P&L | 29 | 26 |
| Retained earnings | 942 | 834 |
| Total equity | 1 024 | 913 |
| Long-term debt | 784 | 817 |
| Long-term leasing obligations | 45 | 41 |
| Long-term financial derivatives | - | - |
| Deferred tax liabilities | 107 | 105 |
| Total long-term liabilities | 935 | 963 |
| Accounts payable and other short-term liabilities | 489 | 464 |
| Tax payable | 7 | 14 |
| Short-term debt | 444 | 538 |
| Short-term leasing obligations | 18 | 21 |
| Short-term financial derivatives | - | - |
| Total short-term liabilities | 958 | 1 037 |
| Total liabilities* | 1 893 | 1 999 |
| Total equity and liabilities | 2 917 | 2 912 |
| *Of which interest-bearing debt (long-term and short-term) | 1 254 | 1 366 |
| Net interest-bearing debt | 1 217 | 1 314 |
| *Of which interest-bearing debt ex. leasing and sale leaseback | 952 | 1 074 |
BYGGMA
Consolidated income statement
| NOKm | 2025 | 2024 | 2023* | 2022* | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|
| Sales revenue | 2 349 | 2 167 | 2 223 | 2 508 | 2 344 | 2 052 | 1 783 | 1 655 |
| Other revenue | 25 | 24 | 26 | 24 | 44 | 23 | 23 | 22 |
| Total revenue | 2 374 | 2 191 | 2 249 | 2 533 | 2 388 | 2 075 | 1 806 | 1 677 |
| COGS | -1 189 | -1 061 | -1 095 | -1 327 | -1 133 | -955 | -844 | -780 |
| Personnel expenses | -509 | -493 | -484 | -501 | -488 | -439 | -424 | -405 |
| D&A | -87 | -88 | -119 | -82 | -87 | -77 | -70 | -54 |
| Freight and complaints | -185 | -164 | -167 | -176 | -171 | -163 | -146 | -143 |
| Marketing | -104 | -98 | -102 | -104 | -96 | -93 | -91 | -72 |
| Other gains (losses) | 21 | -73 | -128 | 414 | 0 | 1 | -3 | 1 |
| Other OPEX | -192 | -193 | -190 | -201 | -179 | -157 | -156 | -159 |
| Total direct costs | -2 244 | -2 169 | -2 285 | -1 978 | -2 155 | -1 883 | -1 733 | -1 612 |
| EBIT | 130 | 22 | -36 | 555 | 233 | 193 | 73 | 65 |
| Share of profit from associate | 83 | -202 | 160 | 0 | 0 | 0 | 0 | 0 |
| Net financials | -96 | -93 | -93 | -25 | -9 | -33 | -11 | -9 |
| Profit before tax | 117 | -273 | 31 | 529 | 224 | 160 | 62 | 56 |
| Tax | -9 | 14 | 30 | -49 | -48 | -35 | -13 | -9 |
| Net profit | 108 | -259 | 61 | 480 | 176 | 125 | 49 | 47 |
*2023 and 2022 are restated due to changed accounting of power contracts
BYGGMA
Byggma is set to continue demonstrated growth through identified growth avenues
BYGGMA
Investment highlights
Market leading position
- The leading Nordic provider of woodchip boards, decorative interior panels, wood fibre boards, MDF interior walls & ceiling panels, and I-Beams
- Growing position in Europe and within adjacent product areas
- Sales agreements with all major building materials chains
Strong underlying market
- >80% of revenues in the Nordics
- Large, stable and growing underlying market
- The Norwegian building materials industry is a NOK 50bn market
Strong brands and broad portfolio of sustainable products
- Recognized brands and continuous focus on product development
- Diversified portfolio from commodity products to highly refined products
- Utilizing renewable raw materials to provide sustainable building material solutions
Long history of growth
- Long history of revenue growth (CAGR of >9% since 2000), both organically and through acquisitions
- Improving profitability, from >8% EBIT in 2020 to >9%* in 2024, and with high cash conversion
- High dividend capacity, with NOK 70m paid in 2022. Policy of 30-50% of net income going forward.
Well positioned for further growth and cash generation
- Well defined growth strategy within all business areas, both organic and inorganic
- Large potential from transition to higher share of innovative and value-added products with higher average sales price
-
Set to leverage on demonstrated M&A capabilities – with several targets identified
-
Adjusted for non-recurring items
BYGGMA
Large potential from recent product innovations
Notes: Revenue before rebates and other revenue reductions.
BYGGMA
Segment information
| Sales revenue (NOKm) | Q4 2025 | Q4 2024 | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|---|
| Panel sales to external customers | 389 | 399 | 1 667 | 1 550 | 1 523 | 1 662 |
| I-Beams sales to external customers | 69 | 58 | 273 | 244 | 311 | 457 |
| Window sales to external customers | 83 | 78 | 282 | 254 | 280 | 291 |
| Lighting sales to external customers | 41 | 41 | 128 | 121 | 109 | 98 |
| Net sales revenues for the Group | 583 | 574* | 2 349 | 2 167 | 2 223 | 2 508 |
| Adjusted operating profit (NOKm) | Q4 2025 | Q4 2024 | 2025 | 2024 | 2023 | 2022* |
| --- | --- | --- | --- | --- | --- | --- |
| Panel | -30 | 15 | 82 | 99 | 125 | 161 |
| I-Beams | -2 | -4 | 6 | -1 | 34 | 70 |
| Window | 6 | 2 | 9 | -5 | 8 | 19 |
| Lighting | 5 | 5 | 7 | 5 | 3 | -6 |
| Real Estate | 12 | 11 | 47 | 46 | 43 | 44 |
| Group / eliminations | 23 | -3 | -29 | -19 | -10 | -20 |
| Operating profit for the Group | 13 | 26 | 122 | 125 | 203 | 268 |
*2023 and 2022 are restated due to changed accounting of power contracts. Earlier years are as previously stated.
BYGGMA
Byggma still has ample available production capacity and high growth potential from value-added products
| Company / brand | Key financials (2025) | Nominal production capacity | Available capacity | Growth potential | Other potential |
|---|---|---|---|---|---|
| FORESTIA | Revenue: NOK 1,211m | ||||
| EBITDA: NOK 111m | 300,000 m³ / year | ~25% | HIGH | ||
| Large potential from transitioning to higher share of innovative/ value-added products with higher average sales price | Production capacity can be expanded by ~10% by extending the manufacturing line | ||||
| HUNTONIT | Revenue: NOK 342m | ||||
| EBITDA: NOK 7m | 60,000 ton / year | ~40% | HIGH | ||
| Growth potential both through available production capacity and innovative, higher priced products such as “Proff Vegg” | |||||
| smartpanel® | Revenue: NOK 164m | ||||
| EBITDA: NOK (5m) | 3.5 million m² / year | ~40% | HIGH | ||
| Growth potential both through available production capacity and innovative, higher priced products such as “Fuktbestandig” | |||||
| MASONITE BEAMS | Revenue¹: NOK 411m | ||||
| EBITDA¹: NOK 10m | 15 million running meters / year | ~60% | HIGH | ||
| Large potential through utilizing significant available production capacity. High international sales potential |
Note 1: The numbers for Masonite Beams include Masonite Beams AS, Masonite Beams AB and Masonite Beams LTD
BYGGMA
Targeted approach towards environmentally friendly production and initiatives
1. Raw material sourcing
Byggma utilize sustainable wood raw materials from certificated sources
2. Product recycling
Byggma's wood-based products can be recycled into new products and thereby contribute to the circular economy
3. Product recycling
Byggma utilizes sustainable wood raw materials from certificated sources
4. Product refining
Byggma produces products with significant environmental benefits compared to products based on other raw materials
5. Production line
Byggma has invested in modern and energy efficient production equipment to secure full utilization of the raw material when processing it in the factories
Byggma's manufacturing and product offering contribute to a more environmentally friendly society
5.8%
The CO₂ sequestration from Byggma’s board products corresponds to 5.8% of the Norway’s total road traffic emission
12%
Huntonit’s specific energy consumption has been reduced by 12% over the last 5 years
47%
Masonite’s I-beam systems use 47% less raw material compared to massive tree constructions
48%
Forestia’s new closed cooling system has contributed to 48% reduction in use of cooling water
BYGGMA
Byggma takes an active role towards sustainability and responsible production
Byggma's main goal is to develop and deliver sustainable solutions based on renewable raw materials and unique competence. Sustainability is, and has always been, a core element in Byggma's business model and a natural part of its overarching goal. Management and Board of Directors in Byggma wish for sustainability to be a natural part of operations and innovation in the Byggma group
Climate and Environment
- Effective utilization of raw materials
- Manufacturing facilities located with proximity to raw materials
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Packaging solutions with minimum waste while ensuring protection during transportation
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Wood-based building materials store significant amounts of carbon
- Effective distribution system for transportation of goods to customers
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The wood that is applied is sourced from certified suppliers or sustainable forestry
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Resource effective constructions lead to good utilization of raw materials
- Ensure that we do not pollute the environment that affects life on land, watercourses or the ocean.
Human and Society
- Employees are given the opportunity for personal and professional development
- Collaborations with academia
- Vocational education
-
Advanced training
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Factories with proximity to raw materials
- Byggma's presence contributes to sustainable cities and communities
- Byggma's presence provides significant assignments and income for other players in the value chain
Business model
-
Good profitability gives basis for secure jobs and development of the companies
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Byggma is seeking new and innovative solutions for a better customer experience and a more profitable and efficient construction prosess
- Focus on the triple bottom line in all R&D activities
- Increased efficiency and streamlining of operations through continuous improvement and industrial investments
BYGGMA
Leading Nordic presence, with growing international customer base
Production facilities and offices
- Production and distribution facilities
- Distribution and offices
Revenue by country (NOKm)
BYGGMA
Strong topline and profitability improvements last few years
- Organic growth from 2015-2018, while the growth from 2018 is a combination of organic growth initiatives and the acquisition of Smartpanel (2018) and Byggform (2019), adding NOK 117m in revenues in 2019, and NOK 34m in 2020 (full-year effect of the Byggform acquisition)
- The growth in 2020 and 2021 is partly related to realized market synergies from increased market share following the Smart Panel acquisition. Other growth drivers include change in product mix, volume increase (partly off-set by a drop in Europe), price increases and other (incl. currency)
- Byggma has more than doubled its EBITDA and almost tripled its EBIT since 2019
- The strong improvement is primarily due to realization of synergies from the Smartpanel acquisition, product mix optimization and price increases. Byggma has seen an increase in raw material prices and experienced unfavorable currency development, but has been able to offset this by increase prices to end users and ultimately improve the margins
- In 2019, the EBITDA and EBIT have been adjusted for normalizations following the acquisition of Smartpanel in 2018
BYGGMA
Robust cash conversion ratio
- Byggma has a history of strong cash flow generation over the last years which is set to continue going forward
- This has allowed the company to invest significantly in product innovation in addition to increased manufacturing capacity and efficiency
- Byggma has targeted a long-term dividend payout ratio of minimum 30%-50%
- The company will pay out a higher dividend when possible after evaluating various growth opportunities
BYGGMA
Consolidated cash flow statement
| NOKm | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|
| Operating activities | |||||||
| Cash flow from operations | 312 | 153 | 336 | 388 | 193 | 230 | 102 |
| Interest paid | -96 | -100 | -105 | -38 | -23 | -24 | -21 |
| Interest received | 22 | 24 | 23 | 6 | 3 | 5 | 7 |
| Taxes paid | -6 | -26 | -41 | -41 | -34 | -4 | -9 |
| Cash flow from operating activities | 232 | 50 | 214 | 315 | 139 | 207 | 79 |
| Investing activities | |||||||
| Purchase of subsidiaries | 0 | 0 | 0 | 0 | 0 | 0 | -21 |
| Purchase of fixed assets | -87 | -35 | -53 | -128 | -89 | -59 | -90 |
| Sale of fixed assets | 0 | 0 | 1 | 15 | 0 | 0 | 1 |
| Purchase of non-tangible assets | -1 | -2 | -4 | -2 | -2 | -2 | -2 |
| Received dividend from associated company | 0 | 0 | 12 | 0 | 0 | 0 | 0 |
| Purchase of associated company | 0 | 0 | -87 | -1 016 | 0 | 0 | 0 |
| Group loans | -1 | 0 | 1 | 0 | 39 | -27 | |
| Cash flow from investing activities | -88 | -37 | -131 | -1 132 | -52 | -87 | -113 |
| Financing activities | |||||||
| Repurchase of shares | 0 | 0 | 0 | 0 | 0 | 0 | -4 |
| Dividend paid | 0 | 0 | 0 | -70 | -559 | -7 | -7 |
| Cash flow distributed to shareholders | 0 | 0 | 0 | -70 | -559 | -7 | -11 |
| Change in overdrafts | -96 | 134 | 70 | 73 | 16 | -3 | 4 |
| New debt raised | 6 | 18 | 1 | 814 | 72 | 150 | 50 |
| Debt down payment | -81 | -234 | -133 | -88 | -67 | -62 | -49 |
| Loan from related parties | 11 | 58 | 5 | 54 | 0 | 0 | 0 |
| Change in interest bearing receivables | 0 | 0 | 0 | 0 | 0 | 0 | -12 |
| Cash flow from external financing | -161 | -25 | -58 | 854 | 20 | 85 | -7 |
| Cash flow from financing activities | -161 | -25 | -58 | 784 | -538 | 78 | -18 |
| Change in cash and cash equivalents | -17 | -12 | 25 | -33 | -451 | 197 | -52 |
| Currency gains (losses) | 2 | 0 | 1 | -1 | -4 | 5 | -3 |
BYGGMA
Byggma operates 8 high-end manufacturing and distribution facilities
Huntonit Eiendom AS
Location: Vennesla, Agder
Total area: 78,112m²
Production area: 19,664m²
Year of construction: 1948-1988
Uldal AS (Birkeland Eiendom AS)
Location: Birkenes, Agder
Total area: 15,100m²
Production area: 4,930m²
Year of construction: 1967-1991
Forestia Eiendom AS
Location: Våler, Innlandet
Total area: 321,460m²
Production area: 21,079m²
Year of construction: 1969-1987 and 1997
Aneta Lighting AS
Location: Kristiansand, Agder
Total area: 6,300m²
Warehouse facility: 3,500m²
Aneta Lighting AB
Location: Växjö, Sweden
Total area: 31,728m²
Warehouse facility: 6,500m²
Year of construction: 1970 and 1979
Masonite Fastighet AB
Location: Nordmaling, Sweden
Total area: 187,585m²
Production area: 38,107m²
Year of construction: 1921-2001
Smartpanel AS
Location: Fredrikstad, Viken
Warehouse facility: 7,100m²
Production area: 13,700m²
Note: Byggma also owns another manufacturing facility which is leased to a third party
BYGGMA
Key takeaways
BYGGMA group
24
Market leading position
Robust underlying market
Strong brands and product offering
Long history of profitable growth
Attractive growth trajectory
BYGGMA group
Bygga i noe
www.byggma.no