Lysaker, 10 December 2025: Reference is made to the stock exchange announcement
by Borgestad ASA (the "Company" and, together with its consolidated
subsidiaries, the "Group") published on 27 October 2023 regarding the
conditional agreement entered into with Bjuv municipality for the sale and
leaseback of two properties in Sweden, where the Group's production plant and
other production facilities for refractory products are located (the
"Transaction"), and the later stock exchange announcements published by the
Company regarding the approval of the Transaction by Bjuv municipality, the
complaint over such approval and the ruling by the Administrative Court in Malmö
to revoke Bjuv municipality's approval of the Transaction. 

The Administrative Court of Appeal in Gothenburg (Kammarrätten i Göteborg) (the
"Court of Appeal") has now set aside the ruling of the Administrative Court in
Malmö. The Court of Appeal found that the purchase price in the Transaction had
been sufficiently substantiated by Bjuv municipality, and that there are no
other grounds to revoke Bjuv municipality's approval of the Transaction. The
ruling of the Court of Appeal can be appealed by the claimants within three
weeks. 

Bjuv municipality's approval of the Transaction will become binding if the
complaint has been finally resolved in the claimants' disfavour, and the
completion of the Transaction is conditional upon such binding approval. The
Transaction can hence be completed if the ruling of the Court of Appeal becomes
final and binding. 

For further information, please contact:

Pål Feen Larsen, CEO of Borgestad ASA 
Tel.: +47 48 84 53 33

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to section 5-12 of the Norwegian Securities Trading Act. 

This stock exchange announcement was published by Pål Feen Larsen, CEO of
Borgestad ASA, on 10 December 2025 at 12:30 CET on behalf of the Company.

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About Borgestad| www.borgestad.no 
Borgestad ASA (OSE:BOR) is an investment company focused on real estate and
industry. The key investments include Agora Bytom shopping center and the
leading refractory manufacturer Höganäs Borgestad.

About Höganäs Borgestad | www.hoganasborgestad.com
Höganäs Borgestad develops, manufactures and delivers refractory products,
installations and turnkey solutions that enhance the productivity and
competitiveness of industrial customers. The aim is to contribute to the
customers' profitability by providing high-value refractory solutions to their
challenges. Today, the company is a leading supplier in the refractory market of
the Nordic countries and has a global presence in a number of selected
application areas.