Byggma (BMA) Q1 2025 earnings summary

Executive summary

• Sales increased 17.4% year-over-year to NOK 636.0 million in Q1 2025, with adjusted operating profit rising to NOK 55.4 million from NOK 39.2 million.

• All business segments reported higher sales and improved results compared to Q1 2024, despite historically low construction activity.

• Growth was driven by new products, increased market share, and export markets, with limited contribution from domestic market activity.

• Byggma remains profitable under challenging market conditions, focusing on operational efficiency, cost control, and innovation.

• The company is among the first in its sector to report under the EU's CSRD, intensifying its sustainability efforts.

Financial highlights

• Revenue rose to NOK 636.0 million from NOK 541.6 million year-over-year.

• EBITDA increased to NOK 77.4 million from NOK 61.4 million; adjusted operating profit reached NOK 55.4 million.

• Adjusted pre-tax profit was NOK 30.6 million, up from NOK 18.1 million in Q1 2024.

• Net financial costs increased by NOK 3.6 million due to higher interest rates and changes in swap values.

• Book equity at quarter-end was NOK 980.5 million (32.3% equity ratio), up NOK 68.0 million since year start.

Outlook and guidance

• Market for new homes remains weak, with sales and starts well below the official annual need, but a growing backlog may drive future demand.

• Activity in commercial and public construction is stable; renovation market expected to grow as fewer people move homes.

• Raw material costs and regulations are key challenges; some stabilization in input prices is emerging.

• Byggma continues to invest in digitalization, automation, and sustainability to strengthen its Nordic market position.

• Export growth and new product launches are central to the growth strategy.