The Group's sales revenues in Q3 2023 amounted to NOK 470.2 million which is NOK
95.1 million (16.8 %) lower than for the same period in 2022. The trend in sales
revenue in Q3 2023 is positive in the Lighting segment, but lower for other
segments compared to the same period in 2022. Year to date (YTD) 2023 sales
revenues were NOK 1,651.6 million compared to NOK 1,948.7 million YTD 2022.

The Group achieved an EBITDA in Q3 2023 of NOK  47.4  million compared to NOK 
136.7  million in the same period last year.

The operating profit in Q3 2023 was NOK 25.4 million compared to NOK 116.6
million in the same period last year. The operating profit YTD Q3 2023 was NOK
171.3 million compared to NOK 286.8 million YTD Q3 2022. The operating profit in
Q3 2022 contains non-recurring items, see reconciliation of adjusted operating
profit in the table above. The operating profit in Q3 2023 is higher for the
Lighting segment, but lower for the other segments compared to the same period
in 2022.

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 53.9 million in Q3 2023.

The Group achieved a profit before tax in Q3 2023 of NOK 56.2 million compared
to NOK 115.5 million in the same period in 2022. Profit before tax YTD Q3 2023
was NOK 157.0 million compared to NOK 287.2 million YTD 3. kvartal 2022.

YTD Q3 2023, net financials amounted to an expense of NOK 60.8 million which is
NOK 61.2 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. The gain on change in market value of interest rate swaps YTD Q3 2023 was
NOK 4.6 million compared to a gain of NOK 19.9 million YTD Q3 2022. YTD net
interest expenses (incl. payment for interest rate swaps) amounted to NOK 66.5
million YTD Q3 2023 which is NOK 53.5 million higher than for the same period in
2022. Interest on lease obligations amounted to NOK 2.5 million YTD Q3 2023
which is NOK 0.2 million lower than for the same period in 2022.

The liquidity reserve*) as at 30 September 2023 amounted to NOK 208.5 million, a
reduction of NOK 100.1 million from 1 January 2023 and a reduction of NOK 84.6
million from 30 September 2022. The Board of Directors will maintain its focus
on capital and cost-efficiency.

Net interest-bearing debt*) increased from NOK 1,425.4 million as at 1 January
2023 to NOK 1,447.0 million as at 30 September 2023. YTD Q3 2023 long-term
borrowings of NOK 14.9 million as carried out, of which 14.3 million are due to
new lease agreements.

Investments in tangible fixed assets and intangible assets YTD Q3 2023 totalled
NOK 56.9 million which is NOK 41.5 million lower than in 2022. Of the
investments made, capitalised lease agreements amounted to NOK 14.3 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 at 1 January 2023 to NOK
3,047.8 million as at 30 September 2023.

Booked equity as at 30 September 2023 was NOK 963.8 million (31.6 %), which is
an increase of NOK 131.1 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 134.8
million, a currency translation difference of NOK 1.1 million, loss on financial
investment booked in other comprehensive income of NOK 11.0 million share of
other comprehensive income from associate of NOK 8.4 million.

OUTLOOK

Byggma monitors the housing market continuously, as this is an important arena
for the company. We see lower activity in some areas of the market but are
experiencing increased sales of new product launches introduced to the market.
During the last 12 months there are sold 13,973 and commissioned 16,047 housing
units in the market for newbuilds. The need for housing units has been increased
to 29 000 which can lead to serious consequences for the housing supply if the
trend continues. When sales and commissioning are below the need, pent up demand
grows, and more housing units will be produced at a later point in time.
Meanwhile, we are still experiencing high activity in commercial buildings and
public buildings. The renovation and extension market expects to see growth as
the market to a larger extent is characterised by the fact that more people
don't change residence.

The 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 more stable prices 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 is continuously considering various strategic adaptations
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
digitization and automation of the production processes, including the

As per 30 September 2023 Byggma ASA owns ca. 18,5 % of the share capital in
Norske Skog ASA. Together with related party Drangsland Kapital AS, Byggma
controls ca. 24.1% of the shares in Norske Skog.

CEO in Byggma, Geir Drangsland, is CEO in Norske Skog with effect from 1
September 2023. Simultaneously he resigned as Chairman of the board in Norske
Skog. Geir Drangsland has informed the board in Byggma that that he will resign
as CEO in Byggma. The process of hiring a new CEO is started and the plan is to
employ a new CEO in Byggma in the beginning of 2024.

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 the Board's 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 realize their human
potential through their employment at Byggma.


Vennesla 2 November 2023
The Board of Directors of BYGGMA ASA