Interim report Q4 2025People Green Innovation Technology

Sales revenues rose from NOK 574.4 million in the fourth quarter in 2024 to NOK 582.8 million in fourth quarter in 2025, reflecting a 1.5 % increase. However, the adjusted operating profit declined from NOK 26.2 million in fourth quarter of 2024 to NOK 12.9 million in fourth quarter of 2025.

Sales revenues have increased from NOK 2,167.4 million in 2024 to NOK 2,349.0 million in 2025 corresponding to an increase of NOK 181.6 million (8.4 %). Adjusted operating profit decreased from NOK 125.1 million in 2024 to NOK 122.4 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 15,057 and 15,477 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.

Aneta Lighting continues to grow in the Norwegian electrical and installer market, gaining market share and delivering strong sales growth in a market characterised by low activity levels. The professional segment is now clearly the largest and most important market for Aneta Lighting in Norway, and the company recorded significant sales growth in this segment in 2025. In 2025, the Lighting segment achieved an operating profit of NOK 7.2 million, compared with NOK 5.2 million in the same period last year. This corresponds to an operating margin of 5.7% in 2025, and demonstrates that it is possible to outperform the market by working smarter and harder than competitors.

After a weak 2024, Uldal has implemented a number of strategic and operational measures to improve performance. In the fourth quarter of 2025, the window segment reported an operating margin of 6.6%, compared with 2.0% in the same period last year. This demonstrates that the initiatives taken have delivered tangible results.

As of 31 December 2025, Byggma ASA and its related party Drangsland Kapital AS owns ca. 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. In 2025, we achieved a sales growth of MNOK 48.4 (45.7%) in plywood and OSB boards compared to 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 Pro Wall are still experiencing increasing sales in the market. These decorative interior products add more value for the customer and hence have high unit prices. The increasing sales of these products are consequently increasing the profitability of the group.

The Group is constantly identifying new valuable sustainability projects that reduce emissions to both air and water, which simultaneously are economically profitable for Byggma. 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.