Byggma (BMA) Q3 2025 earnings summary

Executive summary

• Achieved 6.9% sales growth in Q3 2025 compared to Q3 2024, with YTD sales up 10.9% to NOK 1,766.2 million, despite low newbuild market activity.

• Maintains #1 market position in boards and beams in the Nordics, with growing international and UK presence.

• Focused on product innovation, sustainability, and expanding high-margin product lines, with first-time CSRD reporting.

• Significant growth in the UK market and improved performance in the Windows segment, particularly Uldal.

• Demonstrated operational resilience and profitability despite historically low construction activity.

Financial highlights

• Q3 2025 sales revenue: NOK 538m, up from NOK 503m in Q3 2024; YTD 2025 sales revenue: NOK 1,766m, up from NOK 1,593m YTD 2024.

• Q3 2025 adjusted operating profit: NOK 40m (7.4% margin); YTD 2025 adjusted operating profit: NOK 110m, up from NOK 99m YTD 2024.

• EBITDA for Q3 was NOK 61.8m, YTD EBITDA reached NOK 175.5m.

• Net profit YTD 2025: NOK 174m, compared to a net loss of NOK 75m YTD 2024.

• Net interest-bearing debt: NOK 1,432.7m as of 30 September 2025.

Outlook and guidance

• Revenues from new products expected to increase in 2026, with a backlog of housing demand forming.

• Growth initiatives include manufacturing efficiency, product innovation, M&A, and digitization.

• Well-defined strategy to increase share of value-added products and expand internationally.

• Positioned for future demand recovery and continued investment in efficiency and automation.

• Cost increases in raw materials and intensified competition are pressuring margins, but price increases have been implemented.