Q2 2026 Borgestad ASA Earnings Call Transcript
Key Points
- Borgestad ASA (OSL:BOR) reported a strong second quarter with EBIT of NOK42 million, up from NOK28 million in Q2 2025, driven by improved profitability in Hoganas Borgestad.
- Hoganas Borgestad achieved a significant EBIT improvement to NOK36.8 million in Q2 2026, up from NOK22.3 million in Q2 2025, reflecting successful cost reduction and operational efficiency measures.
- Agora Bytom reached its highest-ever occupancy rate at 97.4%, with an increased leasable area, indicating strong tenant demand and a solid foundation for future cash flow growth.
- The group reduced net interest-bearing debt and improved working capital, with net cash flow from operations improving from negative NOK92.7 million to negative NOK4.6 million year-over-year.
- Borgestad ASA (OSL:BOR) maintains a solid liquidity position with NOK144.8 million available, and the board has the potential to distribute up to NOK1.45 per share in dividends.
- Borgestad ASA (OSL:BOR) experienced a 2.1% decrease in group revenue in Q2 2026, and first-half revenues declined to NOK512 million from NOK523 million in the prior year.
- Agora Bytom reported a 5% decrease in revenue and EBITDA due to tenant changes and a stronger Norwegian krone against the euro, with new leases only expected to have full effect from 2027.
- Market conditions remain challenging across the Nordic region, with high energy costs, increased competition, and cautious investment decisions leading to low activity levels in several industrial segments.
- The Bjuv sale-leaseback transaction remains subject to a legal review, with no material development since Q1, and its completion is conditional on a positive Supreme Court decision.
- The group's net cash flow from operating activities was still negative at NOK4.6 million for the first half, and quarterly results are subject to project timing and seasonal fluctuations, with no guarantee of continuous improvement.
Welcome to this second quarter presentation for Borgestad ASA. First, let's take an introduction. With me today, I have CEO of Hoganas Borgestad Group, Bendik Persch Andersen. And my name is Pal Feen Larsen. I'm the CEO of Borgestad ASA. (Event Instructions)
Let's go into some highlights and key figures. It's a pleasure to report a very positive second quarter for Borgestad. And for second quarter '26, Borgestad Group delivered an EBIT of NOK42 million compared to adjusted NOK28 million in the second quarter 2025. For first half '26, revenues ended at NOK512 million compared to NOK523 million for first half 2026. EBITDA at NOK49 million compared to adjusted NOK38 million for first half '26.
First half of '26, continued to be characterized by uncertainty across global industrial markets. Geopolitical developments, volatile energy markets, trade-related uncertainties and cautious investment climate have contributed to low activity levels in several industrial segments. Although industrial customers remain
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