Interim report Q4 2025People Green Innovation Technology

THE PANELS SEGMENT consists of the companies Huntonit AS, Forestia AS and Smartpanel AS.

In Q4 2025, the Panels segment achieved lower sales revenues, and lower adjusted operating profit compared with the same period in 2024. There is continuous work to optimize operations and to maintain good discipline in the procurement process. Demand for products in the panels segment varies between the various product groups.

The Board of Directors (BoD) is satisfied with sales and profitability in Q4 2025. The BoD understands that the vast downturn in the market results in lower profit for the Panels segment compared to last year. Management has a continuous focus on improvements, including trends in sales and costs. During the current market conditions, it is of utmost importance that the sales organisation manages the professional market and that the products are presented in the best fashion possible at the building materials outlets.

THE BEAMS SEGMENT consists of the company Masonite Beams AB, Masonite Beams AS and Masonite Beams Ltd.

Beams have increased their market share in most markets, and we are experiencing greater acceptance for I-Beams as a construction material.

In 2024, Masonite Beams Ltd was established in the UK, and the first beams were delivered and invoiced in Q4 2024. This has been well received by both existing and new customers, and we expect continued growth in sales and earnings from this market going forward.

Sales revenues and operating profit are significantly higher in Q4 2025 than for the corresponding period in 2024. There is a focus on efficient operations to adapt to this period with lower activity in the market for new housing units.

The Board of Directors (BoD) acknowledges the sales and profit figures for Q4 2025. The BoD understands that the vast downturn in the market results in lower sales and profit for the Beams segment compared to last year. The management and board are strongly committed to driving increased sales in both existing and new markets. This strategic focus aims to enhance capacity utilization and improve profitability.

THE WINDOWS SEGMENT consists of the company Uldal AS.

In Q4 2025, the Windows segment achieved increased sales revenues compared with the corresponding period in 2024. The window segment continues to face strong competition and pricing pressure; however, there are indications of a slight improvement in the market.

The demand for aluminum windows is increasing and Uldal meets this by increasing its production capacity for this group of windows. This is among other things achieved by the investment in a clips machine. The project will also free manpower and facilitate a more efficient production.

The Board of Directors (BoD) is satisfied with the sales and operating profit in Q4 2025, and acknowledges the significant improvement from last year. The BoD understands that the vast downturn in the market has impacted the sales and profit for the Windows segment. Management will continue to focus on sales and cost trends.

THE LIGHTING SEGMENT consists of the companies Aneta Lighting AS, Scan Lamps VTA AS in Norway and Aneta Lighting AB in Sweden.

In Q4 2025, the Lighting segment achieved higher sales revenues and operating profit compared with the corresponding period in 2024.

The Lighting is segment is starting to see some effect from the increased efforts to penetrate the electric installations market. It is expected to see a larger effect from this going forward.

The Board of Directors is satisfied with the sales revenues and operating profit in Q4 2025. Management will continue to focus on sales and cost trends.

THE REAL ESTATE SEGMENT consists of the companies Byggma Eiendom AS, Huntonit Eiendom AS, Forestia Eiendom AS, Byggma Eiendom Lyngdal AS and Grammarholmen Fastighets AB.

The segment’s rental revenues are based on lease contracts with the Group’s industrial companies except for Byggma Eiendom Lyngdal AS which has a lease contract with an external party.

Please see the Real Estate overview later in this report.