Q2 2025 Borgestad ASA Earnings Call Transcript
Key Points
- Agora continued positive momentum, posting an EBTA of 12.1 million in Q2 2025, up from 10.7 million in Q2 2024.
- Hensa acquired 100% of Ecotech AB, a Sweden-based company specializing in industrial fluid gas cleaning, enhancing their service offerings.
- Refinancing of existing loan facilities with Nodea Bank extended maturity date until June 30, 2028, with a margin reduction of 0.8%.
- Agora's occupancy rate is expected to exceed 97% by the end of the year, indicating strong leasing activity.
- The acquisition of Ecotech AB is expected to create synergies, especially within sales between Ecotech and Borgestad's refractory business.
- Revenues declined by 7% in Q2 2025 compared to the same period last year, reflecting a general slowdown in the refractory markets.
- Adjusted EBIT decreased to 21.8 million in Q2 2025 from 33.3 million in the same quarter last year.
- Loss of market share in the Swedish markets, with all three Swedish subsidiaries having a rolling 12-month EBIT margin of about 2.5%.
- The administrative court in Malme did not approve the transaction to sell two properties due to insufficient documentation, delaying the process.
- Cash flow from operating activities was negative at 92.7 million year-to-date, compared to negative 13.6 million in 2024, due to shifting inflow from high season activity.
Welcome to Bodygusta's Q2 presentation, with me from the company. I have a CEO Paul Van Lan and head of M&A and investor relation, Benicker.
If you would like to, ask questions, please use the chat function in the webcast. So with no further to do, I will hand over to, Paul.
Thank you very much and Botar released its first 2nd quarter this this morning.
Let's go into the highlights. In 2nd quarter 25, Bosar Group delivered an adjusted result for tax of 20.9 million.
Agora continued positive momentum, posting an EBTA of 12.1 in the second quarter, up from 10.7 in second quarter 24, a really positive development for Agora Beta.
Oh I suppose delivered a weaker quarter compared to second quarter 24, reporting revenues of 296.4% compared to 318 million last year.
Adjusted EBA in a quarter was 227.5 million, down from 39.8 million last year.
In a quarter, Hensa acquired 100% of Ecotech AB, a Sweden-based company specializing
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