Interim report Q4 2025People Green Innovation Technology

"If we can make it now, we can make it anytime" - an adapted application of Frank Sinatra's stanza from “Theme From New York, New York”. The building materials market continues to experience historically low activity, which is reflected in our financial results. Despite this, Byggma has managed to achieve a surplus during a period of the lowest construction activity since World War II. This is a clear demonstration of resilience and attests to the fact that all employees at Byggma are aware of their responsibilities. They roll up their sleeves and exert extra effort when needed. We should take pride in this accomplishment!

Increased productivity and customer value at Huntonit. On 26 January 2026, we announced an important milestone for the Group: Byggma is consolidating the Smartpanel and Huntonit brands at the Huntonit factory in Vennesla. The co-location means that customers can now receive both painted MDF from Smartpanel and Huntonit’s high‑quality wood fibreboards from a single site—an efficient “one‑stop‑shop” solution.

This delivers significant customer value through more efficient logistics, lower freight costs, and a simplified ordering process. Fewer and better‑utilised shipments also reduce the carbon footprint. The co‑location enables a streamlined flow of goods, orders, and invoicing, with customers interacting with a single supplier and one point of order. Market feedback has been very positive.

Finished‑painted panels from Huntonit and Smartpanel enable a more efficient construction process, as they can be installed directly onto studs without filling, sanding, or painting. The co‑location further strengthens efficiency across the value chain and illustrates Byggma’s continuous focus on increasing productivity and customer value.

In connection with the co‑location, we have invested in a completely new factory building and established a new painting line at the Huntonit facility. The building is of high quality and has largely been constructed using the Group’s own products, including structural beams from Masonite Beams, windows from Uldal, industrial lighting from Aneta Lighting, and panels from Huntonit and Forestia.

The new painting line is one of three lines previously located at the Smartpanel factory in Fredrikstad, which has now been relocated, rebuilt, and technologically upgraded. The existing painting line at Huntonit is among the most efficient in Northern Europe, but requires some changeover time when switching between light and dark colours. The new line uses different technology with very rapid changeovers and high flexibility. Overall, the two lines complement each other very effectively.

The project is highly profitable, delivering significant economies of scale and increased productivity for all Byggma stakeholders. The investment has made Huntonit a more efficient and flexible manufacturing facility, with the entire Smartpanel volume absorbed without additional shifts or staffing, while operating costs in Fredrikstad are being reduced.

The co‑location of Smartpanel and Huntonit demonstrates how Byggma systematically develops the Group through targeted industrial initiatives with high returns and limited risk.

The investment strengthens our industrial platform, enhances competitiveness in a challenging market, and provides a solid foundation for continued profitable growth. It also demonstrates how we leverage the Group’s combined expertise and value chain across companies. Structural improvements of this kind—integrating productivity, customer value, and sustainability—will remain a core element of Byggma’s strategy and capital allocation.

The way forward. While we cannot control market conditions, we can focus on our priorities and actions to outperform the market and gain market share. Although housing construction in the Nordic region remains well below long‑term demand, a theoretical backlog is building. In recent months, housing units sold have exceeded units started—often a leading indicator of increased construction activity. There are growing signs that the market has bottomed out, though the pace of recovery remains uncertain. As conditions gradually improve, we are focused on strengthening our operations and preparing for an expected increase in demand.

At Byggma, we have excellent machinery and equipment, but our most valuable resource is our people. Without your dedication, Byggma would not hold the position it does today. Thank you for your efforts in 2025. I look forward to continuing our work together in the future!