Byggma (BMA) Q4 2025 earnings summary

Executive summary

• Achieved NOK 2,349m in 2025 sales revenue, up 8.4% year-over-year despite the most challenging market conditions since WWII.

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

• Focused on product innovation, sustainability, and expanding high-margin product lines, supported by major investments in automation and operational improvements.

Financial highlights

• Q4 2025 sales revenue was NOK 583m, up from NOK 574m in Q4 2024; full-year EBITDA was NOK 209.1m.

• LTM adjusted EBIT was NOK 122.4m; Q4 2025 adjusted operating profit margin was 2.2% (down from 4.5% in Q4 2024).

• Net profit for 2025 was NOK 108m, a turnaround from a NOK 259m loss in 2024.

• Equity ratio stood at 35.1% as of 31 December 2025, with booked equity at NOK 1,023.5m.

• Net interest-bearing debt at NOK 1,254m as of year-end, with robust cash conversion and strong operating cash flow.

Outlook and guidance

• Revenues from new products like Huntonit Pro Wall and Forestia Premium Ceiling expected to increase in 2026.

• Growth strategy includes organic expansion, product innovation, targeted M&A, and expanding sales outside Norway.

• Dividend policy targets 30-50% of net profit payout.

• Investments will continue in digitization, automation, and sustainability.