Q3 2025 Borgestad ASA Earnings Call Transcript
Key Points
- Borgestad ASA (LTS:0DTO) reported a strong third quarter, historically the best quarter for the company, with a year-to-date adjusted profit before tax of NOK49 million.
- Johans Boyer delivered an improved EBITDA margin of 15% in Q3 2025, up from 13.5% in Q3 2024, indicating solid performance.
- Agora Bytom maintained its positive momentum with an EBITDA of NOK10.3 million, consistent with the previous year, and an occupancy rate of 97%.
- The company has a strong cash position with available liquidity of NOK145.3 million, including $26.3 million in undrawn credit facilities.
- Borgestad ASA (LTS:0DTO) is actively pursuing operational improvements and cost-cutting measures, particularly in Sweden, which are already showing positive effects.
- The year-to-date adjusted profit before tax decreased from 2024 due to a slower start of the year for Johans Bota.
- Revenue slightly decreased in both Q3 2025 and year-to-date 2025 compared to the same periods in 2024.
- Net financials are weaker year-to-date due to changes in interest hedging at Agorovium, leading to increased costs.
- The integration of Ecotech is ongoing, but there are no major updates on the previously announced sale-leaseback agreement, which is still pending court approval.
- The market conditions are challenging with tariff uncertainty and high price sensitivity among customers, making it harder to perform well.
Welcome to Borgestad's Q3 presentation. With me from the company, I have CEO of Borgestad, Paul Fan Larsen, and CEO of [Herganna] Borgestad, Bendik Almoen. Before we begin, I would like to remind everyone that they, if they want to ask questions, they can use the chat function in, the webcast. So, I'll hand it over to you, Pal.
Thank you, [Epe]. It's a pleasure to be here. The 3rd quarter is historically the best quarter for Borgestad due to the high season within maintenance and service business within [Hornst-boosa]. Third, so is also the fact this year, 3rd quarter is the best quarter and will be the best quarter in 2025. Group reports a year-to-date adjusted profit before tax at NOK49 million.
It's a decrease from 2024, but the decrease is due to a slower start of the year for [Johans Bota]. Mainly the first quarter was materially weaker, while it's important to highlight that the third quarter was performing better than last year for [Johansboro and Boguta] as a
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