Interim report Q3 2025People Green Innovation Technology

Sales revenues YTD rose from NOK 1,593.0 million in 2024 to NOK 1,766.2 million in 2025, reflecting an 10.9 % increase. The adjusted operating profit increased from NOK 98.9 million YTD Q3 of 2024 to NOK 109.5 million YTD Q3 of 2025.

In Q3, sales revenue increased from NOK 503.1 million in 2024 to NOK 537.8 million in 2025, corresponding to a rise of NOK 34.7 million (6.9%). Adjusted operating profit in Q3 increased from NOK 38.1 million in 2024 to NOK 39.8 million in 2025.

The construction materials sector is currently experiencing the most challenging market conditions since the Second World War. A critical barometer for market size fluctuations is the residential construction companies' reports on the volume of houses sold and initiated. Over the past year, these figures stand at 15,365 and 14,536 units, respectively, against Norway's annual housing requirement of 30,000. Like many sectors, ours is influenced by various elements, including global unrest, rising interest rates, and pronounced inflation, leading many to defer their homebuilding plans. However, a silver lining exists in the increasing fundamental demand for housing. Consequently, when home sales are substantially below the necessary levels, the theoretical backlog of orders surges, which will eventually catalyze a robust upswing for the industry. It is a testament to Byggma Group's resilience that, despite the exceptionally challenging market conditions, the group has maintained solid profitability throughout the quarter.

Over the past year, Uldal has implemented a series of operational measures to enhance its position and profitability. These initiatives have delivered strong results. Year-to-date, Uldal has achieved revenues of NOK 198.3 million compared to NOK 176.0 million for the same period last year, representing a revenue growth of 12.6%. This improvement has contributed to turning last year’s year-to-date loss into a profit this year. The company’s market share in the Norwegian window market has also increased significantly compared to last year. Uldal is a prime example of how outperforming the market is possible by working smarter and harder than the competition.

In 2024, Byggma established Masonite Beams Ltd to manage I-beam sales in the UK with a dedicated local sales team. This initiative has been well received by both existing and new customers. In Q3 2025, sales of I-beams to the UK increased to NOK 10.1 million from NOK 2.7 million in the same period last year. This confirms that our products resonate well with the market and that our approach is on the right track. We expect continued growth in sales and profitability from this market going forward.

As of 6 November 2025, Byggma ASA and its related party Drangsland Kapital AS owns 26.8 % of the share capital in Norske Skog ASA. Byggma aims to be a long-term owner in Norske Skog ASA. There are several synergy effects between Norske Skog and Byggma regarding process equipment, raw materials, logistics, product development and environment.

In 2022, Forestia made a strategic investment in a new 4,000 m² logistics center located at Braskereidfoss. This facility enables our clientele to consolidate orders and receive chipboard, OSB, and plywood boards in a single shipment. This initiative not only adds significant value for Forestia and its customers but also provides an environmental benefit through more efficient transportation of goods. Year-to-date in 2025, we achieved a sales growth of 42.8% in plywood and OSB boards compared to same period in 2024. This substantial increase confirms the attractiveness and effectiveness of the solutions we offer to our customers

Our product launches Forestia Premium Ceiling, Forestia Ergospon and Huntonit Proff Vegg are still experiencing increasing sales in the market. These decorative interior products add more value to the customer and hence have high unit prices. The increasing sales of these products are consequently increasing the profitability of the group.

In 2025, Byggma reported for the first time in accordance with the EU’s Corporate Sustainability Reporting Directive (CSRD), positioning itself as one of the few companies in the Nordic building materials industry to do so. This milestone reflects our commitment to transparency and responsible business practices. Through the CSRD process, we have conducted a double materiality assessment and identified key impacts, risks, and opportunities across our value chain. These insights form the foundation for our updated sustainability strategy and action plans, aimed at enhancing our long-term competitiveness. The full report is available on Byggma’s website. See more in the Sustainability section in this report.

Forestia has been in dialogue with Innovasjon Norge to secure grants for a plant to process and clean wood waste for reuse in new woodchip boards. On 8 April 2022, Forestia was informed by the Minister of Finance, and Minister of Trade and Industry, that Innovasjon Norge's Board of Directors had approved a NOK 80 million grant for this project. This initiative will enhance Forestia's value, make its woodchip boards more circular by recycling wood waste, and reduce CO₂ emissions. It will also lower sourcing risks by reducing dependence on raw materials from sawmills. Forestia is working with vendors to secure long-term supply agreements for the project.