Borgestad ASA: Initiation of offer to buy back own shares

27 May 2026 07:30 CEST

NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED
STATES, CANADA, AUSTRALIA, JAPAN OR ANY OTHER JURISDICTION IN WHICH THE
DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL OR WOULD REQUIRE REGISTRATION OR OTHER
MEASURES. PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THIS COMMUNICATION.

Lysaker, 27 May 2026: Borgestad ASA (the "Company") hereby launches an offer to
buy back existing shares in the Company for a total consideration of up to NOK
1,530,000 (the "Offer"). The purpose of the Offer is to meet obligations arising
from the Company's incentive programs.

The Company has mandated Arctic Securities AS (the "Manager") to assist with the
Offer.

The Offer will be conducted as a reverse bookbuilding process in which all
shareholders, subject to the restrictions set out herein, are invited to submit
sales offers for desired volume(s) and desired price(s) defined by the
respective selling shareholder.

The final purchase price per share will be set based on the sales orders
received at a level representing a satisfactory price and offer volume (to be
determined by the Company at its sole discretion). The final purchase price will
be identical for all selling shareholders.

The application period for tendering shares in the Offer commences today, 27 May
2026, at 09:00 hours (CEST) and is expected to close at 16:30 hours (CEST) on 1
June 2026 (the "Application Period"). Notification of allocation and pricing is
expected to be made on 2 June 2026 (T), and settlement is expected to take place
on or about 3 June 2026 (T+2) on a normal delivery versus payment basis (DVP).

The Company may, at its sole discretion, extend or shorten the Application
Period at any time and for any reason without or on short notice. If the
Application Period is extended or shortened, the other dates referred to herein
might be changed accordingly.

Existing shareholders in the Company wishing to sell shares in the Offer can
contact the Manager at +47 22 93 72 37 in order to place a sales order before
the end of the Application Period. Existing shareholders in the Company who
would like to participate in the Offer and who are not registered as clients of
the Manager must establish a client relationship with the Manager before
participating.

In the event that the total volume offered by selling shareholders in the Offer
exceeds the final offer size at or below the final purchase price, the
allocation will, to the extent possible, be made on a pro rata basis based on
the volume offered by each selling shareholder, with the objective of treating
all shareholders equally based on their indicated interest in participating in
the Offer at or below the final purchase price. The selling shareholders will be
bound to sell up to the offered number of shares on the offered terms if and at
such time the offer is accepted by the Company, irrespective of whether the
Company decides to purchase a lower number of shares from a selling shareholder
than offered for sale by the respective shareholder.

The Company reserves the right to, at its sole discretion, accept any volume up
to an accepted price, or to reject all received offers in the Offer. The Company
may further, at its sole discretion, amend, terminate or withdraw the Offer at
any time until the time of completion of the Offer.

The Company has a total of 35,062,072 shares issued. Prior to the Offer, the
Company does not hold any own shares.

The Offer is launched, and repurchases are made, in accordance with the
authorization granted to the board of director by the Company's general meeting
held on 22 May 2026.

For further information, please contact:

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

This stock exchange announcement is published in accordance with section 5-12
the Norwegian Securities Trading Act.

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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.

IMPORTANT NOTICE

The Offer will be carried out in accordance with applicable laws and regulations
and information pertaining to the Offer will be disclosed by way of stock
exchange notices.

The Offer and the distribution of this announcement and other information in
connection with the Offer may be restricted by law in certain jurisdictions
(including, but not limited to, the United States, Canada, Australia and Japan).
None of the Company or the Manger assume any responsibility in the event there
is a violation by any person of such restrictions. This includes shareholders
who have changed their domicile to such jurisdictions but which may access their
ES-OSL accounts. Persons into whose possession this announcement or relevant
information should come are required to inform themselves about and to observe
any such restrictions.

The Offer is not being made directly or indirectly in, or by use of the mails
of, or by any means or instrumentality of interstate or foreign commerce of, or
any facilities of a national securities exchange of, the United States of
America, its territories and possessions, any State of the United States and the
District of Columbia (the "United States") or any other jurisdiction in which
this would be unlawful, require registration or other measures. This includes,
but is not limited to, facsimile transmission, internet delivery, e-mail and
telephones. Copies of this release and any related documents are not being, and
must not be, mailed, e-mailed or otherwise distributed or sent in or into the
United States or any such jurisdiction and so doing may invalidate any purported
offer and acceptance.

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