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  2. •

    Non-energy minerals

  3. •

    Construction materials
Borgestad ASA

Borgestad ASA

18.50
NOK
+2.45
(+15.26%)
-0.50EPS
559.86MMarket Cap
Oct 30Next Earn
Borgestad ASA
LSE:0DTO
(London Stock Exchange)

Recent

price

18.50

P/E

ratio

- -

div

yld

2.78%

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
NOK
47.31
43.99
2,090.41
2,123.17
1,715.37
1,750.58
1,837.13
1,866.3
2,524.62
1,429.32
711.89
749.39
88.4
35.11
32.52
31.54
31.67
Revenue per Share
-156.08
-176.41
-94.65
28.97
-62.96
-58.84
-145.94
30.25
10.27
-98.98
-140.45
-20.43
-12.01
-2.48
1.29
0.44
-0.49
Basic EPS, GAAP
-121.39
-176.59
-218.11
-10.33
-32.86
-69.52
-150.49
-21.44
-205.14
4.05
-10.81
-11.39
-6.71
4.09
3.91
0.3
-0.02
Free Cash Flow per Basic Share
40.29
40.32
25.02
5.51
4.55
4.84
- -
- -
- -
- -
- -
- -
- -
- -
- -
0.8
0.52
Dividend per Share
1,474.11
1,182.17
1,574.87
1,100.43
1,099.96
1,106.53
892.49
993.45
894.98
379.08
271.12
238.64
32.07
19.47
20.79
20.4
19.3
Book Value per Share
1,474.08
1,182.17
1,254.48
907.58
904.68
894.26
689.22
785.49
685.25
305.33
194.17
163.05
25.82
16.08
17.48
16.91
15.89
Tangible Book Value per Share
- -
- -
- -
- -
- -
- -
- -
- -
- -
1
1
1
10
32
35
35
34
Basic Weighted Avg Shares
11
11
501
694
715
729
766
779
791
889
839
883
919
1,106
1,140
1,106
1,078
Sales/Revenue/Turnover
-162.87
-190.29
-3.03
2.87
4.83
3.69
2.41
4.57
2.95
3.22
-1.24
4.9
0.82
5.47
6.59
4.27
4.88
Operating Margin (%)
2
2
11
24
24
26
25
26
27
38
40
33
32
32
35
40
40
Depreciation Expense
-38
-42
-23
9
-26
-25
-61
13
3
-62
-166
-24
-125
-78
45
15
-17
Net Income, GAAP
- -
- -
- -
- -
- -
- -
- -
18.49
- -
- -
- -
- -
- -
- -
24.94
14.82
368.47
Effective Tax Rate (%)
-329.91
-400.98
-4.53
1.36
-3.67
-3.36
-7.94
1.62
0.41
-6.93
-19.73
-2.73
-13.58
-7.08
3.97
1.38
-1.56
Profit Margin (%)
66
23
78
-42
123
-387
51
-225
52
150
-16
-196
111
191
236
207
192
Working Capital
163
144
270
600
805
344
811
518
824
832
733
442
606
363
368
370
387
LT Debt
353
282
390
473
474
485
398
446
439
514
384
339
508
756
809
803
755
Total Equity
- -
- -
- -
- -
- -
- -
- -
2.07
- -
- -
- -
- -
- -
- -
6.36
3.58
-7.53
Return on Invested Capital (%)
- -
- -
- -
- -
- -
- -
- -
2.79
- -
- -
- -
- -
- -
- -
4
2.89
-7.93
Return on Capital (%)
-9.96
-13.34
-6.88
2.26
-5.72
-5.33
-14.6
3.21
0.82
-15.01
-43.24
-8.01
-33.98
-13.78
6.41
2.12
-2.45
Return on Common Equity (%)

Capital Structure

NOK

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
88
78
107
LT Borrowings
339
323
322
LT Finance Leases
30
55
66
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
35
35
35
Market Capitalization
635
- -
560

Working Capital

NOK

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
477
420
513
Cash, Cash Equivalents & STI
137
121
120
Accounts Receivable, Net
152
159
242
Inventories
138
139
151
Total Current Liabilities
270
265
321
Payables & Accruals
- -
- -
- -
ST Debt
88
78
107
Deferred Revenue
- -
- -
- -

Growth Rates

NOK

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
7.75%
18.64%
-0.76%
Free Cash Flow
-0.6%
10.7%
-92.38%
Net Income, GAAP
-181.87%
14.34%
-66.15%
Sales/Revenue/Turnover
4.47%
5.95%
-3.03%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

NOK

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
223
337
360
250
1,140
2025
206
316
- -
250
1,106
2026
202
310
- -
- -
- -

Quarterly Earnings Per Share

NOK

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
-0.08
0.54
0.66
0.08
1.29
2025
-0.5
-0.05
- -
-0.36
0.44
2026
-0.68
0.6
- -
- -
- -

Quarterly Dividends Per Share

NOK

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
- -
2025
- -
- -
- -
- -
0.8
2026
0.5
- -
- -
- -
- -
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Business
Borgestad ASA is a Norwegian investment company focused on refractory solutions and real estate. The company holds majority ownership in Höganäs Borgestad Group, which develops, produces and supplies refractory products and high-temperature solutions including shaped and unshaped refractories, technical insulation, personnel protective equipment, rollers for the steel industry, heat treatment furnaces, boiler cleaning systems and flue gas cleaning technologies; and fully owns Agora Bytom, a shopping center with rental space and parking garage in Bytom, Poland. Höganäs Borgestad serves industries such as ferro-alloys, aluminum, pulp and paper, steel, cement, energy production and heavy manufacturing primarily in the Nordic region with operations in Norway, Sweden and Finland. Founded in 1904 and headquartered in Lysaker, Norway, Borgestad ASA lists on the Oslo Stock Exchange under ticker BOR.OL. In June 2025, subsidiary Höganäs Borgestad Holding AB acquired Emcotech AB, a Swedish firm specializing in industrial flue gas cleaning systems, spare parts and services for SEK 10.5-20.5 million to enhance synergies in filter markets, sustainability and customer offerings. In 2023, Borgestad established a new board of directors led by Chair Glen Ole Rødland and revitalized strategy to boost Höganäs Borgestad profitability.