The Group's sales revenues in Q1 2023 amounted to NOK 636.7 million, which is
NOK 63.6 million lower than for the same period in 2022. The trend in sales
revenue in Q1 2023 is positive in the Windows and Lighting segment, but lower
for other segments compared to the same period in 2022.

The Group achieved an EBITDA in Q1 2023 of NOK 114.5 million, compared to NOK
101.9 million in Q1 2022.

"We are experiencing reduced activity in the building sector. We are happy that
our operating revenues in Q1 2023 are significantly less reduced than the
general development in the sector. This implies that Byggmas position within the
sector is strengthened during the quarter," says CEO Geir Drangsland.

The operating profit for Q1 2023 was NOK 92.4 million, compared to NOK 81.6
million in Q1 2022. The operating profit in Q1 2023 is higher for the Panels
segment, but lower for the other segments compared to the same period in 2022.

"Byggmas operating profit and operating margin increased materially in Q1 2023.
We are very happy that our profitability has improved in these challenging
times," says CEO Geir Drangsland.

From 9 March 2023 the investment in Norske Skog ASA is classified as an
investment in associate and is accounted for using the equity method in
accordance with IAS 28. See note 12 for more information. Share of profit from
associate was NOK -15.6 in Q1 2023.

The Group achieved a profit before tax in Q1 2023 of NOK 55.4 million, compared
to NOK 86.9 million for the same period in 2022. 

In Q1, net financials amounted to an expense of NOK 21.4 million in 2023, which
is NOK 31.5 million weaker compared to the same period in 2022. The main reason
for the increase in net financial expenses is increased interest rates and debt,
and that there was a finance income on increased value of interest rate swaps in
2022. Year to date, net interest expenses (incl. payment for interest rate
swaps) amounted to NOK 18.6 million in 2023, which is NOK 13.9 million higher
than in the same period in 2022. Interest on lease obligations amounted to NOK
0.8 million, which is NOK 0.1 million lower than for the same period in 2022.

The liquidity reserve*) as at 31 March 2023 amounted to NOK 206.9 million, a
reduction of NOK 112.4 million from 31 March 2022 and a reduction of NOK 101.7
from 31 December 2022. The Board of Directors will maintain its focus on capital
and cost-efficiency.

Interest-bearing debt*) increased from NOK 1,462.5 million as of 1 January 2023
to NOK 1,555.8 million as at 31 March 2023. Year to date 2023, long-term
borrowings of NOK 8.3 million was carried out, of which all are due to new lease
agreements.

Investments in tangible fixed assets and intangible assets year to date 2023
totalled NOK 21.8 million, which is NOK 5.2 million higher than in 2022. Of the
investments made, capitalised lease agreements amounted to NOK 8.3 million.

The financial accounts for 2022 have been restated following a change in
financial statement principle for Byggma Eiendom Lyngdal to investment property
in accordance with IAS 40. See note 32 in Byggma ASA's annual report for 2022
for more information.

Total assets increased from NOK 2,945.7 million as of 1 January 2023 to NOK
3,041.0 million as of 31 March 2023.

Booked equity as of 31 March 2023 was NOK 881.1 million (29.0%), which is an
increase of NOK 48.4 million compared to 1 January 2023 (28.3%). The reasons for
the change in equity are due to the profit of the year of NOK 39.9 million, a
currency translation difference of NOK -2.0 million, loss on financial
investment booked in OCI of NOK 11.0 million and share of other comprehensive
income from associate of NOK 21.7 million.

Outlook
Byggma monitors the housing market continuously, as this is an important arena
for the company. We see somewhat lower activity in some areas of the market but
are experiencing increased sale of new product launches introduced to the
market. During the last 12 months there are sold 16,541 and commissioned 20,614
housing units in the market for newbuilds. The need for housing units have been
increased to 29 000 which can lead to serious consequences for the housing
supply if the trend continues leading to pent up demand. Meanwhile, we are still
experiencing high activity in commercial buildings and public buildings. The
renovation and extension market is expects to see growth as the market to a
large extent don't change residence.

Vast increase in raw materials is the most important explanation for lower sales
and commissioning of new housing units in 2023. Additionally, the interest rate
development may affect the activity in the newbuild and the renovation and
extension market. The conflict in Ukraine may also affect markets and factors as
access to raw materials, energy and increased prices on imported goods. However,
we see a price decrease on timber going forward, which may increase sales and
commissioning of new housing units increasing the demand for building materials.
This is supported by the upward adjustment of the official number of housing
units needed in Norway to 29.000 per year. This may increase the demand for
Byggma ASAs products in the medium and long term.

We experience the same market development for Byggma's products outside Norway.

The market development has meant that the input factors for several of the
segments are considerably more expensive. Byggma has implemented price increases
during the last two years in order to maintain a reasonable margin.

Group management is continuously monitoring the situation in order to be able to
implement cost reductions resulting from lower activity levels.

The board of directors are continuously considering various strategic adaptions
and possibilities for alliances and transactions. The goal is to strengthen
Byggma's position in the Nordic building materials market.

In order to ensure further growth, investment in the sale of the Group's
products outside Norway is an important part of Byggma's strategy. Innovation
and technological development are vital components of the Group's growth
strategy, driven by a forceful determination to invest in essential equipment
and expertise to maintain its position as a leading player in the Nordic
building materials market in the future. Byggma Group is firmly focused on
achieving efficiency, dominance, and profitability.

Byggma is well positioned for implementing its enhancement processes for
maintaining its position as a leading, efficient producer of building products.
Several major investments have been made to streamline our processes. New
investments in equipment have also been decided and this will enable greater
efficiency. In principle, Byggma will be directing its investments toward
digitisation and automation of the production processes, including the
environment and sustainability.

As per 31 March 2023 Byggma ASA owns ca. 18,0 % of the share capital in Norske
Skog ASA and the CEO of Byggma is elected as chairman of the board in Norske
Skog. Together with related party Drangsland Kapital AS, Byggma controls ca.
23.6% of the shares in Norske Skog.

It is an important part of Byggma's strategy to strengthen its position as a
leading original brand manufacturer of environmentally friendly and sustainable
products in the Nordic building materials market. It is of the boards opinion
that completed adjustments and cost reductions entails that the group is well
positioned and well prepared to tackle future challenges.

Byggma Group has a stable and highly competent work force and the supply for
manpower is good. The group aims to be an attractive employer. We will continue
to focus on ensuring that all employees in the Group can realise their human
potential through their employment at Byggma.

Vennesla 16 May 2023

The Board of Directors of BYGGMA ASA

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