Borgestad leaves a disappointing H1-25 behind, with the Q2/25 result missing expectations even when adjusting for one-offs. While the shopping centre keeps delivering solid figures, Höganäs Borgestad has clearly been impacted by the macroeconomic turmoil. In conjunction with this update, we have revised EBITDA for the group down by 4% in 2026-2027 and tightened our valuation range on the back of it. Our base case has been lowered slightly to NOK 20.5 (NOK 20.7), with a range of NOK 16.2-24.7 (NO ....
