Borgestad’s Q4/25 report did not include a previously guided one-off effect. Excluding this fact, EBITDA came in slightly below our expectations and (adjusted for one-offs) flat y-o-y. Going forward, we note guidance of challenging market conditions and a significant drop in the order backlog for Höganäs Borgestad. Although we view a strong Polish real estate market and the Bjuv transaction as clear positive triggers, we consider it fair to tighten and lower our valuation range to 16.1-22.9/shar ....
