Borgestad (BOR) Q2 2026 earnings summary

Executive summary

• Q2 2026 EBIT rose to NOK 42–43.4 million (MNOK 42.4), up from adjusted NOK 27.8–28 million in Q2 2025, with EBITDA for H1 2026 at NOK 49–51.9 million, reflecting improved profitability and cost discipline, especially in the refractory segment.

• Revenues for H1 2026 were NOK 512 million, slightly down from NOK 523 million in H1 2025; Agora Bytom's revenue declined 5% year-over-year, but occupancy reached a record 97.4%.

• Operational improvements and cost-saving initiatives in Höganäs Borgestad drove margin gains.

• Group order intake and backlog increased by 12.6% year-over-year, supporting a positive outlook.

• Net profit for Q2 2026 was MNOK 29.9, compared to MNOK 16.8 in Q2 2025.

Financial highlights

• Q2 2026 group revenue was MNOK 310.3, with EBIT of MNOK 42.4–43.4 and EBITDA of MNOK 51.9, up from adjusted MNOK 36.9 in Q2 2025.

• Net interest-bearing debt was MNOK 374.6 as of June 30, 2026, down from MNOK 391.6 a year earlier.

• Available liquidity at period end was MNOK 144.8–145, including undrawn credit facilities.

• Working capital decreased to MNOK 263.0 from MNOK 321.1 as of June 2025.

• Net cash flow from operations improved to -MNOK 4.6 in H1 2026 from -MNOK 92.7 in H1 2025.

Outlook and guidance

• Management expects moderate increases in revenue and EBITDA, with continued positive margin development in both segments.

• Full effect of new Agora Bytom leases expected from 2027; margins for Agora Bytom anticipated to rise in 2027.

• Midterm ambition remains an EBIT margin of 10%; current adjusted EBIT margin at 7%.

• Focus remains on sustainable revenue growth, capital efficiency, and consolidation opportunities.

• Strategic opportunities, including M&A and liquidity events, will continue to be evaluated.