Borgestad, 28 February 2024: The Höganäs Borgestad Group, which operates the
refractory business of Borgestad ASA, has entered into three maintenance
contracts with a total estimated contract value of SEK 140 - 185 million. 

The contracts will be delivered within the installation business of the Höganäs
Borgestad Group and comprise supply of both products and installation services.
The contracts are structured as "time and material" contracts, and the
counterparties are deemed to be financially robust.

One of the contracts, entered into with a Nordic steel group, represents a
renewal of a historical recurring contract for the Höganäs Borgestad Group, but
the agreed value of the maintenance to be delivered under the contract in 2024
is doubled compared to the maintenance delivered in 2023. The contract is
estimated to have a contract value of SEK 35 million and will be fully be
delivered in 2024, with estimated delivery time in the third quarter of 2024.

The two other contracts, entered into with a Nordic iron ore group, have a
duration of three and six years, respectively, and are estimated to have a total
contract value of SEK 105 - 150 million, depending on the level of maintenance
required. One of the contracts will be fully operational through 2024, and the
other will enter into force on 1 September 2024. The main delivery will be
completed during planned maintenance shutdowns. Total estimated turnover from
the two contracts to the Nordic iron ore group is SEK 15 - 20 million in 2024. 

For further information, please contact:
Pål Feen Larsen, CEO of Borgestad ASA Tel.: +47 48 84 53 33

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act. 

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.