Selvaag Bolig Asa · OSL:SBO
Selvaag Bolig Asa — Q1 2025 Earnings Presentation
84 slides from Selvaag Bolig Asa's earnings presentation, May 21, 2025
Slide 1: Q1 2025
Q1 2025 Oslo, 21 May 2025 Sverre Molvik, CEO Christopher Brunvoll, CFO
Slide 2: Agenda
Agenda Highlights Operational update Financial update Market Summary 2
Slide 3: Highlights Q1 2025
Highlights Q1 2025 • Strong sales of NOK 1.2bn, highest Q1 since 2022 • Reduced inventory of completed units by NOK 500m yoy • Construction start for 183 units during the quarter • > 1,000 units under construction by quarter end • Strong pipeline, with order backlog > NOK 7bn • Financial result impa
Slide 4: Proforma key financials Q1 2025
Proforma key financials* Q1 2025 194 -4.2 Operating revenues Adjusted EBITDA** margin NOK million Per cent 729 9.9 Operating revenues (NGAAP) EBITDA*** margin (NGAAP) NOK million Per cent * Proforma figures: Including SBO share of JV projects ** EBITDA is profit before interest, taxes, depreciation
Slide 5: Agenda
Agenda Highlights Operational update Financial update Market Summary
Slide 6: Sales value and units sold
Sales value and units sold Sales value Number of units sold per quarter NOK million Units 1 385 Q4 1 038 849 Q3 760 679 Q2 6,7 6,8 7,0 6,2 5,5 248 Q1 201 169 116 139 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 2021 2022 2023 2024 2025 Sales value of sold units Average price per unit Annual sales 822 448 360 568 1
Slide 7: Rolling sales value and units sold
Rolling sales value and units sold Sales value 12-month rolling Units sold 12-month rolling NOK million Units 3 951 3 673 3 355 3 154 707 665 604 573 2 210 437 568 598 6,7 6,8 7,0 511 534 6,1 5,5 383 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Total sales value Sales value per unit s
Slide 8: Construction starts and completions
Construction starts and completions Construction starts and completions per quarter Units 298 236 183 168 123 105 95 43 5 0 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Construction starts Units completed Note: Number of units are adjusted for Selvaag Bolig’s share in joint ventures. 8
Slide 9: Units under construction and completions
Units under construction and completions Sales value units under construction Expected completions** per quarter NOK million Units 7 153 6 134 261 4 495 4 211 3 948 1 012 829 114 122 671 661 700 18 0 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Sales value of units under construction
Slide 10: Agenda
Agenda Highlights Operational update Financial update Market Summary
Slide 11: Proforma income statement highlights Q1 2025 (IFRS)
Proforma* income statement highlights Q1 2025 (IFRS) Operating revenues (IFRS) · 34 units delivered (179) NOK million - 9 units from share of JVs (52) · Revenues NOK 194 (868) 979 918 868 - Other revenues NOK 18m (18) · Project costs NOK 155m (725) - Of which NOK 17m is interest (56) 332 · Other cos
Slide 12: Proforma income statement highlights Q1 2025 (NGAAP)
Proforma* income statement highlights Q1 2025 (NGAAP) Revenues and EBITDA margin (NGAAP)** 12 month-rolling (NGAAP)** NOK million NOK million 3 284 3 306 1 063 2 949 2 846 2 740 825 707 729 689 13% 10% 9% 10% 10% 10% 10% 10% 9% 7% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q1 2024 Q2 2024 Q3 2024 Q4 20
Slide 13: Cash flow development Q1 2025
Cash flow development Q1 2025 NOK million 800 400 (30) 384 319 - (930) 1 004 (400) (62) (30) (800) Cash and cash Profit (loss) before Changes in Other changes in CF from investment Net change in Cash and cash equivalents at 1 income taxes inventories (property) working capital activities borrowings
Slide 14: Balance sheet highlights Q1 2025
Balance sheet highlights Q1 2025 Balance sheet composition NOK million · Book value of equity NOK 25.2 per share 6 058 6 058 6 000 - Equity ratio 39.2% Non-current assets - Dividend NOK 1.25 not included in balance sheet 5 000 Equity · Changes from Q4 2024: 4 000 - Inventories increased by NOK 971m
Slide 15: Inventories (property) Q1 2025
Inventories (property) Q1 2025 Q4 2024 vs Q1 2025 Inventory value development NOK million 334 · Land value down NOK 6m · Work in progress up NOK 1 108m 430 467 844 648 · Finished goods down NOK 132m 3 259 2 038 2 150 - 50 unsold completed units by quarter end 1 462 1 652 - 23 sold and completed unit
Slide 16: Debt structure
Debt structure Interest-bearing debt at 31.03.25 Drawn at NOK million 31.03.25 Interest rate Loan facility (NOKm) margin* Construction loan facilities from 1 1 850 1.55% - 2.40% a range of Nordic credit institutions 2 Debt to Urban Property** 774 3.75%*** NOK 2 658 1 850 (Q4: 1 075) 3 Land loan faci
Slide 17: Return on equity (IFRS)
Return on equity (IFRS) 12-month rolling net income (NOKm) ROE (%) 586 530 505 512 471 479 466 366 339 263 241 245 235 239 182 177 24% 26% 23% 19% 20% 21% 19% 14% 15% 100 10% 8% 10% 12 % 12% 11% 8% 4% Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1
Slide 18: Agenda
Agenda Highlights Operational update Financial update Market Summary
Slide 19: Estimated completions in Oslo 2025-27
Estimated completions in Oslo 2025-27 Units 7 000 6 000 5 000 Forecasted housing need of ~3 800 units per year Average number of (medium growth) 4 000 completions (2012-24): ~2 850 units 3 000 2 798** 2 000 2 462 2 094** 1 000 1 267 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Slide 20: Estimated completions in Akershus 2025-27
Estimated completions in Akershus 2025-27 Units 7 000 Forecasted housing need of ~5 500 units per year 6 000 (medium growth) Average # of completions (2012-24): 5 000 ~4 700 units 5 040** 5 082** 4 784 4 000 3 943 3 000 2 000 1 000 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2
Slide 21: Estimated completions in Oslo and Akershus 2025-27
Estimated completions in Oslo and Akershus 2025-27 Units Forecasted housing need of 10 000 ~ 9 300 units per year (medium growth) Average # of completions (2012-24): ~ 7 600 units 7880** 8 000 7246 7134** 6 000 5210 4 000 2 000 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025e
Slide 22: Estimated completions in Bergen 2025-27
Estimated completions in Bergen 2025-27 Units 2 000 1 750 Forecasted housing need of 1 500 Average number of ~1 255 units per year completions (2014-24): (medium growth) 1 250 1 235 units 1 000 999** 750 500 615 627** 459 250 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025e 2026e 2027e
Slide 23: Estimated completions in Stavanger-region
Estimated completions in Stavanger-region Units 2 500 Forecasted housing need of ~1 700 units per year (medium growth) 2 000 Average number of 2 099** 2 094 completions (2012-24): 1 968** ~1 600 units 1 500 1 540 1 000 500 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025e 2026
Slide 24: Newbuild market update
Newbuild market update Oslo – 1.1–30.04, 2025 Akershus – 1.1–30.04, 2025 Units Units 747 1 307 3 635 3 075 530 677 964 817 Available Supplied to Sold* Available Available Supplied to Sold* Available 01.01.2025 market 30.04.2025 01.01.2025 market 30.04.2025 Source: Plot.ai * Including withdrawals 24
Slide 25: Newbuild market update
Newbuild market update Bergen – 1.1–30.04, 2025 Trondheim – 1.1–30.04, 2025 Stavanger area** – 1.1–30.04, 2025 Units Units Units 355 456 518 477 346 323 1 380 1 258 968 906 598 621 Available Supplied to Sold* Available Available Supplied to Sold* Available Available Supplied to Sold* Available 01.01
Slide 26: Regional Newbuild availability on 30 April, 2022-25
Regional Newbuild availability on 30 April, 2022-25 Units 4 000 3 000 3 075 2 000 1 000 1 258 817 906 621 0 Oslo Akershus* Bergen Trondheim Stavanger-area** 2022 2023 2024 2025 Population*** 724 300 738 000 293 700 216 500 276 000 Available units per 1.1 4.2 2.1 5.8 3.3 1 000 capita Source: Plot.ai
Slide 27: Regional Second-hand availability, May 2021-25
Regional Second-hand availability* 5 May, 2021-25 Units 4 000 3 500 3 348 3 000 3 106 2 500 2 000 1 500 1 000 1 117 500 707 457 0 Oslo Akershus* Bergen Trondheim Stavanger-area** 2021 2022 2023 2024 2025 Population*** 724 300 738 000 293 700 216 500 276 000 Available units per 4.3 4.5 2.4 5.2 1.7 1
Slide 28: Regional price development Jan–Apr 2020-25
Regional price* development Jan – Apr 2020-25 Oslo Bergen 9,0% 7,9% 7,6% 7,3% 6,7% 6,2% 6,4% 4,9% 4,6% 4,6% 3,6% 1,7% 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 Trondheim Stavanger-area** 11,1 % 10,4 % 8,1% 7,1% 7,2 % 6,1% 6,4 % 6,4 % 5,2% 5,5% 4,4% 4,0 % 2020 2021 2022 2023 2024 20
Slide 29: Regional price development April 2020-25
Regional price* development April 2020-25 Oslo Bergen Average price April 2025: NOK 98 381/sqm Average price January 2025 : NOK 59 300/sqm 1,9% 1,6% 1,5% 1,2% 1,3% 0,7% 0,4% -0,3% -0,2% -0,4% -0,5% -0,8% 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 Trondheim Stavanger-area** Average p
Slide 30: Selected ongoing projects
Selected ongoing projects Snøbyen, Lørenskog Kaldnes Brygge| Greater Oslo Solbergskogen | Greater Oslo stasjonsby | Greater Oslo ~ 1 500 units total (JV) ~ 350 units total ~ 2 000 units total ~500 Pluss units ~ 230 Pluss units ~ 200 Pluss units ~ 500 units remaining ~ 250 units remaining ~ 700 units
Slide 31: Selected upcoming projects
Selected upcoming projects Robust project pipeline to meet long term demand Fornebu (JV) | Greater Oslo Bjerke | Oslo Lørenvangen | Oslo ~ 2 000 units ~ 1 500 units ~ 200 units ~ 300 Pluss units ~500 Pluss units (2025) (2026/2027) (2026) Fredrikstad (JV) | Greater Oslo Rådhushagen (JV)| Greater Oslo
Slide 32: Agenda
Agenda Highlights Operational update Financial update Market Summary
Slide 33: Outlook
Outlook • Housing shortage in all SBO core regions gives favorable conditions for new housing • Expect increased purchasing power to enhance sales with interest rates trending down • Improved macro conditions, fueling demand in Stockholm • Selvaag Bolig is well-positioned with a robust land portfoli
Slide 34: Summary
Summary • Strong sales of NOK 1.2bn, highest Q1 since 2022 • Reduced inventory of completed units by NOK 500m yoy • Construction start for 183 units during the quarter • > 1,000 units under construction by quarter end • Strong pipeline, with order backlog > NOK 7bn • Financial result impacted by few
Slide 35: Thank you for your attention
Thank you for your attention Next event: 2nd quarter 2025 7 August 2025
Slide 36: Appendix
Appendix
Slide 37: Selvaag Bolig is a housing development company
Selvaag Bolig is a housing development company which focuses on the growth areas in and around Greater Oslo, Bergen, Stavanger and Stockholm
Slide 38: This is Selvaag Bolig
This is Selvaag Bolig VISION Making cities of the future better MISSION Making it easier for more people to live better AMBITION Contributing to inclusive local communities and facilitating sustainable lifestyles Being a safe, solid and competent partner, always delivering on promises. PROMISES Selv
Slide 39: Led by experienced management team
Led by experienced management team Sverre Molvik Christopher Brunvoll Øystein Klungland Line Lian Mjell Chief Executive Officer Chief Financial Officer Chief Operating Officer EVP Marketing, strategy and sustainability 39
Slide 40: Selvaag Bolig is a story about development
Selvaag Bolig is a story about development The Ekeberg The Gullhaug Modular Listed at Oslo House House construction Stock Exchange Terraced Pluss: Housing buildings with extra services Housing for all 1948 1951 1958 1988 1999 2000 2003 2011 2012 2015 2017 2019 FUTURE Urban Property transaction Defin
Slide 41: Efficient and flexible value chain
Efficient and flexible value chain Contracting, Acquire and refine Construction and Project design marketing Delivery to customers land for development sales and pre-sales 6 – 36 MONTHS 6 – 12 MONTHS 3 – 9 MONTHS 12 – 24 MONTHS 0 MONTHS ZONING SALES START CONSTRUCTION START DELIVERIES · Buy (i) opti
Slide 42: Costs and majority of sales value fixed pre-construction
Costs and majority of sales value fixed pre-construction Illustrative risk profile at construction start of a NOK 100 million project with a 12% margin NOK million Limited equity risk 100 A price reduction of 30% on the remaining 40% of the units covers cost base and recovers equity given a 12% marg
Slide 43: Costs and majority of sales value fixed pre-construction
Costs and majority of sales value fixed pre-construction Illustrative risk profile at construction start of a NOK 100 million project with a 20% margin NOK million Limited equity risk 100 A price reduction of 50% on the remaining 40% of the units covers cost base and recovers equity given a 20% marg
Slide 44: Strategic positioning driving healthy profits
Strategic positioning driving healthy profits Strategic priorities Value drivers • Presence in fast-growing urban regions with high demand and large market depth Competitive housing offering, • Competitive prices and defined housing concepts, aimed at wide range of consumers targeting growth regions
Slide 45: ~9 700 homes completed since IPO…
~9 700 homes completed since IPO… Units completed 9 705 9 705 9 191 8 447 7 861 6 994 6 303 5 527 4 673 3 983 3 147 2 319 1 396 718 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Note: Completed ~50 000 units from 1948 to 2011. 45
Slide 46: …for a total value of NOK ~38 billion
…for a total value of NOK ~38 billion NOK billion 38,4 38,5 36,4 33,1 30,2 26,8 24,1 20,8 17,4 14,2 11,2 8,0 5,0 2,8 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 46
Slide 47: Project margin development
Project margin development NOK million 3 342 3 406 3 239 3 179 3 204 3 277 3 215 3 271 3 165 3 264 3 251 3 152 3 052 3 070 2 794 2 629 2 603 2 471 2 386 2 162 2 047 2 088 2 040 2 099 28,6 % 28,0 % 26,3 % 27,5 % 27,0 % 26,3 % 25,3 % 24,0 % 23,0 % 21,2 % 20,3 % 19,6 % 19,0 % 18,5 % 18,8 % 18,8 % 18,6
Slide 48: Share performance since IPO in June 2012
Share performance since IPO in June 2012 NOK 70 60 50 40 30 20 10 0 Share price Dividend paid Source: Oslo Børs 48
Slide 49: Earnings and dividend per share since IPO
Earnings and dividend per share since IPO Accumulated dividend and earnings per share* Aiming to maximize shareholder return 61,0 Selvaag Bolig’s ambition is to pay high and Earnings per share 56,5 59,1 stable dividends to its owners 56,1 Dividend per share 54,8 52,9 52,8 · The company aims to pay d
Slide 50: Share information as at 31.03.25
Share information as at 31.03.25 Number of shareholders 20 largest shareholders · Total number of shares: 93.8 million Shareholder # of shares % share SELVAAG AS 50 180 087 53.5% · Number of shareholders: 6 928 (6 879) 7 000 Skandinav iska Enskilda Banken AB 4 680 572 5.0% PERESTROI KA AS 3 848 312
Slide 51: Addressing the long-term housing need
Addressing the long-term housing need · Nearly 60 000 homes over the last 70 years Trondheim 42units · Housing for all Bergen Greater-Oslo 1 284 units 6 953 units · Focus on fast growing urban regions Stavanger Stockholm 1 197 units 537 units · Large projects with more than 150 units 51
Slide 52: Substantial land bank in Norway's four largest growing urban areas
Substantial land bank in Norway’s four largest growing urban areas Land-bank strategy Land bank exposure Geographical spread • Acquire the right mix of zoned and unzoned land in suitable locations • Land acquisitions in defined core areas • High degree of site utilisation and strategic land developm
Slide 53: Oslo second-hand market update
Oslo second-hand market update Units sold 1.1 – 31.3, 2019-25 Inventory at 31.3, 2019-25 Units Units 6 000 6 000 5 000 5 000 4 000 4 000 3 000 3 000 2 000 2 000 1 000 1 000 0 0 2019 2020 2021 2022 2023 2024 2025 2019 2020 2021 2022 2023 2024 2025 Source: Eiendomsverdi 53
Slide 54: Akershus second-hand market update
Akershus second-hand market update Units sold 1.1 – 31.3, 2019-25 Inventory at 31.3, 2019-25 Units Units 12 000 6 000 10 000 5 000 8 000 4 000 6 000 3 000 4 000 2 000 2 000 1 000 0 0 2019 2020 2021 2022 2023 2024 2025 2019 2020 2021 2022 2023 2024 2025 Source: Eiendomsverdi. 54
Slide 55: Bergen second-hand market update
Bergen second-hand market update Units sold 1.1 – 31.3, 2019-25 Inventory at 31.3, 2019-25 Units Units 2 000 2 000 1 750 1 750 1 500 1 500 1 250 1 250 1 000 1 000 750 750 500 500 250 250 0 0 2019 2020 2021 2022 2023 2024 2025 2019 2020 2021 2022 2023 2024 2025 Source: Eiendomsverdi. 55
Slide 56: Trondheim second-hand market update
Trondheim second-hand market update Units sold 1.1 – 31.3, 2019-25 Inventory at 31.3, 2019-25 Units Units 2 000 2 000 1 750 1 750 1 500 1 500 1 250 1 250 1 000 1 000 750 750 500 500 250 250 0 0 2019 2020 2021 2022 2023 2024 2025 2019 2020 2021 2022 2023 2024 2025 Source: Eiendomsverdi. 56
Slide 57: Stavanger-area second-hand market update
Stavanger-area* second-hand market update Units sold 1.1 – 31.3, 2019-25 Inventory at 31.3, 2019-25 Units Units 2 000 2 000 1 750 1 750 1 500 1 500 1 250 1 250 1 000 1 000 750 750 500 500 250 250 0 0 2019 2020 2021 2022 2023 2024 2025 2019 2020 2021 2022 2023 2024 2025 Source: Eiendomsverdi. * Inclu
Slide 58: Regional price development – April 2025
Regional price* development – April 2025 % chg. -1M Average Average price Area % chg -1M seasonal % chg YtD % chg -12m % chg -5Y % chg -10Y price/sqm (NOK) (NOK) adj. Oslo -0.8% -0.6% 4.6% 4.8% 32.0% 76.1% 98 381 6 933 216 Bergen -0.5% -0.8% 7.6% 11.1% 38.1% 44.0% 59 300 4 679 773 Trondheim 0.7% 0.2
Slide 59: Land bank in Oslo and Greater Oslo at 31.3.25
Land bank in Oslo and Greater Oslo at 31.3.25 Jessheim 102 units Lørenskog 1 204 units Bærum 1 129 units Gardermovegen 102 units Lørenskog Stasjonsby 534 units 102 Avløs 100 units units Skårer Bolig 150 units Ballerud 29 units LSV 400 units Løren 195 units Fornebu 900 units Pallplassen 120 units Lør
Slide 60: Land bank in Stavanger area at 31.3.25
Land bank in Stavanger area at 31.3.25 Stavanger 70 units Lervig brygge 70 units Sola 133 units 133 Jaasund 133 units units 70 Stavanger units Sandnes 334 units Aase gård 34 units Sandnes Vågen 300 units Sola Sandnes 334 units *The numbers are adjusted for Selvaag Bolig’s share in joint ventures
Slide 61: Land bank in Bergen, Trondheim and Stockholm at 31.3.25
Land bank in Bergen, Trondheim and Stockholm at 31.3.25 Trondheim 42 units Heimdal 42 units Sweden 42 units Bergen 1 284 units Sandsliåsen 40 120 units Stockholm 1 197 units Sandsliåsen 46 200 units Terrasskvarteren 200 units Finland Sandsliåsen 55 72 units Norway Årsta 140 units Sandslihaugen 30 60
Slide 62: Cooperation with Urban Property
Cooperation with Urban Property Selvaag Bolig sold most of its land bank to Urban Property, entering a long-term and strategic partnership. Urban Property is a financially sound, well capitalized and predictable partner. • How it works: • Benefits for Selvaag Bolig: - Urban Property has a right of f
Slide 63: Re-negotiated covenants with Urban Property
Re-negotiated covenants with Urban Property Before 1.1.2025 From 1.1.2025* 1. Equity > NOK 1.5bn 1. Equity > NOK 1.8bn 2. Debt ratio < 50% 2. Debt ratio < 40% 3. Net debt / 12 months rolling EBITDA according to IFRS < 3 3. Net debt / 12 months rolling earnings before depreciation and tax according t
Slide 64: No equity investment in early phase through land bank cooperation
No equity investment in early phase through land bank cooperation with Urban Property Cooperation between Selvaag Bolig and Urban Property Acquisition of land Zoning Sales start Construction start Delivery Refine land for Marketing Project design Construction Delivery to customer development and sal
Slide 65: Business model securing healthy project margins
Business model securing healthy project margins Margin development through project stages1 Acquire and refine Contracting, marketing Project design Construction and sales Delivery to customers land for development and pre-sales · Buy (i) options on unzoned · Optimize project design · Pre-marketing ·
Slide 66: Example project calculations before and after
Example project calculations before and after PROJECT CALCULATIONS PROJECT CALCULATIONS 1 BEFORE URBAN PROPERTY 2 AFTER URBAN PROPERTY Figures for illustration purposes only MNOK % MNOK % Sales revenue 348.5 100.0% 348.5 100.0% Construction cost 195.8 56.2% 195.8 56.2% Land cost 69.7 20.0% 85.2 24.4
Slide 67: Substantial portfolio for development
Substantial portfolio for development Total land bank portfolio at 31.3.2025 Units 5 250 10 000 4 750 Total land bank Options and obligations to acquire Land bank in balance sheet 67
Slide 68: Number of units sold - gross and net
Number of units sold - gross and net Number of units sold Units 306 276 274 271 209 235 225 209 192 196 196 186 180 169 154 160 147 152 139 487 276 443 248 116 102 394 210 99 99 199 201 85 207 178 173 169 159 164 140 142 139 125 120 49 116 122 88 100 83 79 77 44 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q
Slide 69: Value of units sold - gross and net
Value of units sold - gross and net Sales value of units sold NOK million 1 574 1 431 1 401 1 401 1 393 1 209 244 1 177 1 104 1 121 1 031 914 920 927 859 874 868 801 731 753 487 1 385 1 265 443 602 1 242 554 564 543 1 106 394 1 010 1 033 1 038 910 871 849 840 756 705 696 760 634 636 255 658 679 479
Slide 70: Income statement highlights Q1 2025 (IFRS)
Income statement highlights Q1 2025 (IFRS) Operating revenues (IFRS) · 34 units delivered (179) NOK million - 9 units from share of JVs (52) 628 620 · Revenues NOK 167m (628) 498 - Other revenues NOK 16m (16) · Project costs NOK 131m (516) - Of which NOK 11m is interest (38) 225 167 · Other costs NO
Slide 71: Income statement highlights Q1 2025 (NGAAP)
Income statement highlights Q1 2025 (NGAAP) Revenues and EBITDA margin (NGAAP)* 12 month-rolling revenues (NGAAP)* NOK million NOK million 877 2 674 2 544 2 166 2 231 2 105 678 603 547 516 11% 10% 9% 9% 8% 8% 8% 8% 7% 6% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Slide 72: Income statement IFRS
Income statement IFRS (figures in NOK million) Q1 2025 Q1 2024 2024 Total operating revenues 167.0 627.7 1 971.0 Project expenses (130.9) (515.9) (1 580.3) Other operating expenses (60.2) (60.8) (255.0) Associated companies and joint ventures (5.9) 16.9 72.3 EBITDA (30.0) 67.9 208.0 Depreciation and
Slide 73: Balance sheet
Balance sheet (figures in NOK million) Q1 2025 Q1 2024 2024 Intangible assets 383.4 383.4 383.4 Property, plant and equipment 7.4 12.6 7.9 Investments in associated companies and joint ventures 277.3 228.6 276.6 Other non-current assets 757.2 589.6 766.8 Total non-current assets 1 425.3 1 214.2 1 43
Slide 74: Cash flow statement
Cash flow statement (figures in NOK million) Q1 2025 Q1 2024 2024 Net cash flow from operating activities (1 038.6) 147.3 87.1 Net cash flow from investment activities (29.9) 29.2 23.2 Net cash flow from financing activities 1 004.0 (234.6) 6.8 Net change in cash and cash equivalents (64.5) (58.2) 1
Slide 75: Operational highlights – key operating figures
Operational highlights – key operating figures Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Units sold 139 207 100 122 169 Construction starts 123 95 43 298 183 Units completed 236 105 5 168 - Completed unsold units 126 119 87 81 50 Completed sold units pending delivery 56 41 23 26 23 Units delivered 179 127 54 17
Slide 76: EBITDA Q1 2025
EBITDA Q1 2025 Property (figures in NOK million) development Other Total Operating revenues 663.0 14.8 677.9 Project expenses (549.7) (2.6) (552.3) Other operating expenses (9.6) (51.4) (61.0) EBITDA (percentage of completion) 103.8 (39.2) 64.6 Note: Construction costs are exclusive of financial exp
Slide 77: Norwegian housing market
Norwegian housing market · Low risk for housebuilders · Advance sales: banks require that 50-70% of homes are sold before construction starts · Binding offers: offer to purchase is a binding sales contract, and requires cash deposit · High level of home ownership · 82% (one of the world’s highest) ·
Slide 78: Total household debt and homeownership
Total household debt and homeownership 246% 244% 228% 222% 92% 81% 201% 81% 79% 77% 75% 75% 71% 71% 72% 69% 69% 65% 65% 64% 59% 154% 148% 55% 50% 127% 125% 124% 42% 118% 107% 99% 98% 93% 91% 82% 81% 77% Household debt in % of net disposable income (2021) Homeownership rate (2020) Source: OECD, Stati
Slide 79: Price development Norway and selected regions (2005-25)
Price development Norway and selected regions (2005-25) Price development (rebased 1.1.2005) 400 300 200 100 0 Jan Jul Jan Jul Jan Jul Jan Jul Jan Jul Jan Jul Jan Jul Jan Jul Jan Jul Jan Jul Jan Jul Jan Jul Jan Jul Jan Jul Jan Jul Jan Jul Jan Jul Jan Jul Jan Jul Jan Jul Jan 2005 2006 2007 2008 2009
Slide 80: Population growth in Oslo and Akershus remains high
Population growth in Oslo and Akershus remains high 60% 55% 55% 30% 50% 45% 46% 43% 42% 44% 42% 40% 28% 39% 40% 37% 36% 36% 35% 33% 26% 30% 26,0 % 26,1 % 26,2 % 25,6 % 25,7 % 25,8 % 25,2 % 25,4 % 24,9 % 25,1 % 24,6 % 24,8 % 24,4 % 24,5 % 24% 20% 24,2 % 10% 22% 0% 20% 2010 2011 2012 2013 2014 2015 20
Slide 81: Immigration increases demand over time
Immigration increases demand over time Homeownership rate among immigrants in Norway (per year living in Norway) 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50
Slide 82: Norway – relatively limited volatility
Norway – relatively limited volatility GDP growth 2022 - 2027e Unemployment 2022 - 2027e 6% 10% 5% 8% 4% 3% 6% 2% 4% 1% 2% 0% -1% 0% 2022 2023e 2024e 2025e 2026e 2027e 2022 2023 2024 2025e 2026e 2027e Norway Sweden Denmark Germany UK Norway Sweden Denmark Germany UK Population growth 2024 - 2030e an
Slide 83: Healthy macroeconomics
Healthy macroeconomics Real economy 2020 - 2027e Demand 2020 - 2027e 6% 15% 10% 4% 5% 2% 0% -5% 0% -10% -15% -2% -20% -4% -25% 2020 2021 2022 2023 2024 2025e 2026e 2027e 2020 2021 2022 2023 2024 2025e 2026e 2027e GDP GDP mainland Unemployment rate Mainland demand Household consumption Housing invest
Slide 84: Selvaag Bolig
SELVAAG BOLIC