Selvaag Bolig Asa · OSL:SBO
Selvaag Bolig Asa — Q2 2026 Earnings Presentation
95 slides from Selvaag Bolig Asa's earnings presentation, Aug 6, 2026
Slide 1: Q2 2026
Q2 2026 Oslo, 6 August 2026 Sverre Molvik, CEO Christopher Brunvoll, CFO
Slide 2: Agenda
Agenda Highlights Operational update Financial update Market Summary 2
Slide 3: Highlights Q2 2026
Highlights Q2 2026 • Another strong sales quarter, with 172 units sold valued NOK 1.4 bn • First-half record sales in challenging market • Solid results given market conditions • Strong pipeline with order backlog of NOK 8.1 bn • Dividend decision for 2026 postponed until the full year results are c
Slide 4: Key financials Q2 and H1 2026 (Proforma)
Key financials* Q2 and H1 2026 (Proforma*) Q2 2026 First half 2026 1 493 17.3 1 681 15.0 Operating revenues Adjusted EBITDA* margin Operating revenues Adjusted EBITDA** margin NOK million Per cent NOK million Per cent 1 099 10.9 2 159 11.1 Operating revenues (NGAAP) EBITDA** margin (NGAAP) Operating
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 2 516 Q4 172 8.0 7.1 7.0 Q3 6.5 6.7 1 373** Q2 120 207 106 690 708 600 79 Q1 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 2022 2023 2024 2025 2026 Sales value of sold units Average price per unit Total sales incl. booking 44
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 5 196 776 4 514 688 589 566 3 256 3 177 521 3 036 6.9 7.2 6.6 6.6 6.5 721 655 497 482 466 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Total sales value 12m rolling sales valu
Slide 8: Construction starts and completions
Construction starts and completions Construction starts and completions per quarter Units 290 261 242 171 166 114 122 18 0 0 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 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 8 223 8 056 7 796 7 457 6 574 256 190 1 165 1 078 1 126 1 051 912 102 32 38 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q4 26 Q1 27 Q2 27 Q3 27 Sales value of units under constr
Slide 10: Agenda
Agenda Highlights Operational update Financial update Market Summary
Slide 11: Proforma income statement highlights Q2 2026 (IFRS)
Proforma* income statement highlights Q2 2026 (IFRS) Operating revenues (IFRS) · 187 units delivered (40) NOK million - 1 units from share of JVs (5) 1 588 · Revenues NOK 1 493 (349) 1 493 - Other revenues NOK 23m (19) · Project costs NOK 1 307m (278) 659 - Of which NOK 139m is financial expenses (2
Slide 12: Proforma income statement highlights H1 2026 (IFRS)
Proforma* income statement highlights H1 2026 (IFRS) Operating revenues (IFRS) · 211 units delivered (74) NOK million · 9 units from share of JVs (14) 2 247 · Revenues NOK 1 681m (543) 1 847 - Other revenues NOK 46m (38) 1 681 · Project costs NOK 1 445m (431) 1 251 · Of which NOK 155 is financial ex
Slide 13: Proforma income statement highlights Q2 2026 (NGAAP)
Proforma* income statement highlights Q2 2026 (NGAAP) Revenues and EBITDA margin (NGAAP)** 12 month-rolling (NGAAP)** NOK million NOK million 3 928 1 099 3 668 1 059 984 3 320 3 416 3 338 839 785 14% 12% 11% 12% 12% 12% 11% 11% 11% 10% Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Oper
Slide 14: Cash flow development Q2 2026
Cash flow development Q2 2026 NOK million 700 170 600 119 - 137 500 26 400 - 80 350 300 - 187 171 200 - 94 100 - Profit (loss) before Changes in trade CF from investment Dividends paid to Cash and cash income taxes Changes in inventories receivables Other changes in activities Net change in equity h
Slide 15: Balance sheet highlights Q2 2026
Balance sheet highlights Q2 2026 Balance sheet composition NOK million · Book value of equity NOK 25.3 per share 7 626 7 626 - Equity ratio 31.2 % Non-current assets · Changes from Q1 2026: Equity - Inventories decreased NOK 83m - Current receivables increased NOK 154m Non-current liabilities - Cash
Slide 16: Inventories (property) Q2 2026
Inventories (property) Q2 2026 Q2 2026 vs Q1 2026 Inventory value development NOK million · Land value up NOK 194m 237 · Work in progress down NOK 716m 675 230 324 244 · Finished goods up NOK 438m - 41 unsold completed units by quarter end 4 970 4 255 (32) 3 916 4 176 3 977 - 56 units sold and compl
Slide 17: Debt structure
Debt structure Interest-bearing debt at 30.06.26 Drawn at NOK million 30.06.26 Interest rate Loan facility (NOKm) margin* Construction loan facilities from 1 3 061 1.50% - 2.20% a range of Nordic credit institutions 2 Debt to Urban Property** 949 3.75%*** NOK 3 061 4 042 (Q1: 3 256) 3 Land loan faci
Slide 18: 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 62.4 63.2 Selvaag Bolig’s ambition is to pay high and Earnings per share 59.1 61.0 stable dividends to its owners Dividend per share 56.5 56.1 57.1 57.1 52.9 52.8 54.8 · The c
Slide 19: Return on equity (IFRS)
Return on equity (IFRS) 12-month rolling net income (NOKm) ROE (%) 600 586 512 75% 466 500 55% 366 400 339 35% 263 300 241 245 235 239 26% 223 23% 19% 182 177 5.6% 5.7% 15% 12 % 200 14% 15% 1% 2.2% 10% 10% 10% 12% 11% 9.9% 8% 8% 133 135 100 -5% 100 50 22 0 -25% Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3
Slide 20: Agenda
Agenda Highlights Operational update Financial update Market Summary
Slide 21: Estimated completions in Oslo and Akershus
Estimated completions in Oslo and Akershus Units Forecasted housing need of ~ 9 670 units per year (medium growth) 10 000 Average # of completions (2015-25): ~ 7 500 units ~7 900** ~7 950** 8 000 ~6 700* 6 000 Akers- 4481 hus 4 000 2 000 Oslo 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Slide 22: Estimated completions in Bergen
Estimated completions in Bergen Units 2 000 Forecasted housing need of 1 750 ~1 380 units per year (medium growth) Average number of 1 500 completions (2015-25): 1 200 units ~1 290** ~1 300** 1 250 1 000 ~775* 750 704 500 250 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026e 2027e 2028e
Slide 23: Estimated completions in the Stavanger region
Estimated completions in the Stavanger region Units Forecasted housing need of ~1 680 units per year 3 000 (medium growth) ~2 690** 2 500 ~2 440** ~2 140* 2 000 Average number of completions (2012-24): ~1 400 units 1 500 1134 1 000 500 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026e 2
Slide 24: Estimated completions in the Greater Stockholm region
Estimated completions in the Greater Stockholm region* Units Forecasted housing need of 25 000 ~22 050 units per year 20 000 Average number of completions (2016-24): ~14 300 units 15 000 ~10 900** 10 045 10 000 ~9 000** 5 000 0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026e 2027e Actual com
Slide 25: Regional Newbuild availability Norway on 31 July
Regional Newbuild availability Norway on 31 July Units 4 000 3 848 3 000 2 000 1 772 1 000 1 275 722 0 Oslo Akershus Bergen Stavanger area* 2024 2025 2026 Population** 729 800 750 600 295 400 279 100 Available units per 2.4 5.1 2.4 4.6 1 000 capita Source: Plot.ai; Statistics Norway * Includes Stava
Slide 26: Regional Newbuild availability Sweden on 31 July
Regional Newbuild availability Sweden on 31 July Units 4 000 3 000 3 220 2 000 1 000 961 0 Stockholm län Stockholm kommun 2024 2025 2026 Population* 2 487 900 999 700 Available units per 1.3 1.0 1 000 capita Source: Booli Pro, Statistics Sweden (SCB) Note: Includes apartments only, both bostadsrätte
Slide 27: Regional Second-hand availability Norway 31 July
Regional Second-hand availability* Norway 31 July Units 4 000 3 523 3 000 3 053 2 000 1 000 440 366 0 Oslo Akershus Bergen Stavanger** 2024 2025 2026 Population*** 729 800 750 600 295 400 279 100 Available units per 4.8 4.1 1.5 1.3 1 000 capita Source: Eiendomsverdi, Statistics Norway. * Number of u
Slide 28: Regional Second-hand availability Sweden 31 July
Regional Second-hand availability Sweden 31 July Units 8 000 7 000 6 742 6 000 5 000 4 000 3 000 2 000 2 065 1 000 0 Stockholm län Stockholm Kommun 2024 2025 2026 Population* 2 487 900 999 700 Available units per 2.7 2.1 1 000 capita Source: Booli Pro, Statistics Sweden (SCB) Note: Includes apartmen
Slide 29: Regional price development Jan-Jul (Norway)
Regional price development* Jan-Jul (Norway) Oslo Akershus 8.1% 6.8% 6.7% 5.0% 4.0% 4.2% 2.9% 3.3% 0.1% -0.8% 2022 2023 2024 2025 2026 2022 2023 2024 2025 2026 Bergen Stavanger-area** 11.5 % 9.9 % 9.2% 9.0% 8.7 % 8.3 % 7.3% 6.5% 4.7 % 4.2% 2022 2023 2024 2025 2026 2022 2023 2024 2025 2026 Source: Ei
Slide 30: Regional price development (Sweden)
Regional price* development (Sweden) 3 Months (Q2 vs Q1) Central Stockholm** Greater Stockholm** 8.0 % 6.0 % 3.7 % 2.1 % 4.0 % 2.0 % 3.1 % 2.0 % 2.0 % 0.0 % -2.0 % -0.5 % -4.0 % -0.2 % -0.2 % -5.0 % -6.0 % -8.0 % -4.0 % 2022 2023 2024 2025 2026 2022 2023 2024 2025 2026 12 Month (ending June) Central
Slide 31: Selected ongoing projects
Selected ongoing projects Attractive projects in prime locations Snøbyen, Lørenskog | Greater Oslo Telekvartalet | Oslo ~ 2 000 units total ~ 195 units total ~ 200 Pluss units ~ 120 units remaining for sale ~ 650 units remaining for sale and future development Landås | Greater Oslo Solbergskogen | G
Slide 32: Several successful sales launches in Q2 2026
Several successful sales launches in Q2 2026 Examples Fornebu Sentrum, Greater Oslo (JV) Bryggetunet, Stavanger Mindebyen Torg, Bergen (JV) • New urban district taking shape at • 68 apartments, the last project in Lervig • ~450 new apartments in Bergen, next Fornebu, directly above the terminus of B
Slide 33: Selected upcoming projects
Selected upcoming projects Robust project pipeline to meet long term demand Mellomåsen | Greater Oslo Høyden, Moss (JV) | Greater Oslo Slakthus | Stockholm ~ 500 units ~ 800 units ~190 Pluss units ~ 250 Pluss units ~ 250 Pluss units (2028) (2026/2027) (2027/2028) Bjerke | Oslo Hornsberg| Stockholm L
Slide 34: Agenda
Agenda Highlights Operational update Financial update Market Summary
Slide 35: Outlook
Outlook • Strong demand in SBO’s core regions • Strong sales momentum YTD and solid pipeline with 1 126 units under construction - More construction starts are planned, including Terrasskvarteret in Stockholm in Q3 • Recent results demonstrate SBO’s ability to perform under demanding market conditio
Slide 36: Summary
Summary • Another strong sales quarter, with 172 units sold valued NOK 1.4 bn • First-half record sales in challenging market • Solid results given market conditions • Strong pipeline with order backlog of NOK 8.1 bn • Dividend decision for 2026 postponed until the full year results are concluded 36
Slide 37: Thank you for your attention
Thank you for your attention Next event: 3rd quarter 2026 5 November 2026
Slide 38: Appendix
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Slide 39: 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 40: 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 41: 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 41
Slide 42: 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 43: 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 44: 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 45: 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 46: 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 47: ~10 300 homes completed since IPO
~10 300 homes completed since IPO… Units completed 10 098 10 340 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 YTD 2026 Note: Completed ~50 000 units from 1948 to 2011. 47
Slide 48: …for a total value of NOK 42 billion
…for a total value of NOK 42 billion NOK billion 42.0 40.4 38.4 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 YTD 2026 48
Slide 49: Project margin development
Project margin development NOK million 3 424 3 152 3 052 3 070 3 023 2 794 2 776 2 714 2 629 2 603 2 603 2 471 2 386 2 088 2 099 2 162 2 047 2 040 19.6 % 19.0 % 18.5 % 18.8 % 18.8 % 18.6 % 18.7 % 16.5 % 15.7 % 15.4 % 15.5 % 14.9 % 14.1 % 14.9 % 15.0 % 15.0 % 14.6 % 14.2 % Q1 22 Q2 22 Q3 22 Q4 22 Q1
Slide 50: Project margin development (Proforma)
Project margin development (Proforma***) NOK million 3 843 3 587 3 347 3 258 3 212 3 235 3 253 2 880 2 778 2 675 15.9 % 16.2 % 16.2 % 16.0 % 15.8 % 15.1 % 15.1 % 15.4 % 14.9 % 14.0 % Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 12 months rolling operating revenues
Slide 51: Share performance since IPO in June 2012
51 0 10 20 30 40 50 60 70 80 NOK Jun-12 Dec-12 Jun-13 Source: Oslo Børs Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 Jun-23 Dec-23 Jun-24 Dec-24 Jun-25 Dec-25 Jun-26 -100% 0% 100% 200% 300% 400% 500% 600% 700% 80
Slide 52: Share information as at 30.06.26
Share information as at 30.06.26 Number of shareholders 20 largest shareholders · Total number of shares: 93.8 Shareholder # of shares % share million SELVAAG AS 50 180 087 53.5% 7 000 Skandinaviska Enskilda Banken AB * 5 782 973 6.2% · Number of shareholders: 6 261 PERESTROIKA AS 3 848 312 4.1% (6
Slide 53: Addressing the long-term housing need
Addressing the long-term housing need · 60 000 homes since 1948 · Housing for all Bergen Greater-Oslo 1 029 units 7 291 units · Focus on fast growing urban regions Stavanger Stockholm 1 163 units 445 units · Large projects with more than 150 units 53
Slide 54: Substantial land bank in Norway's largest growing urban areas
Substantial land bank in Norway’s 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 development •
Slide 55: Estimated completions in Oslo
Estimated completions in Oslo Units 7 000 6 000 Forecasted housing need of ~4 470 units per year 5 000 (medium growth) 4 000 Average number of completions (2015-25): ~2 650 units ~2 850** 3 000 ~2 800** 2 000 ~2 100* 1 000 1368 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026e 2027e 202
Slide 56: Estimated completions in Akershus
Estimated completions in Akershus Units Forecasted housing need of 7 000 ~5 200 units per year (medium growth) Average # of 6 000 completions (2015-25): ~4 850 units ~5 100** ~5 100** 5 000 ~4 576* 4 000 3 000 3 113 2 000 1 000 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026e 2027e 202
Slide 57: Newbuild market update Greater Oslo area
Newbuild market update Greater Oslo area Oslo 1.1–31.7, 2026 Akershus 1.1–31.7, 2026 Units Units 1 520 1 542 915 1 448 3 870 3 848 1 772 1 239 Available Supplied to Sold* Available Available Supplied to Sold* Available 01.01.2026 market 01.08.2026 01.01.2026 market 01.08.2026 Source: Plot.ai * Inclu
Slide 58: Newbuild market update Bergen and Stavanger
Newbuild market update Bergen and Stavanger Bergen 1.1–31.7, 2026 Stavanger area** 1.1–31.7, 2026 Units Units 934 1 234 510 657 1 275 722 975 575 Available Supplied to Sold* Available Available Supplied to Sold* Available 01.01.2026 market 01.08.2026 01.01.2026 market 01.08.2026 Source: Plot.ai. * I
Slide 59: Newbuild market update Stockholm area
Newbuild market update Stockholm area Stockholms län 1.1–31.07.2026 Stockholm Kommun 1.1–31.07.2026 Units Units 1 829 1 784 585 685 3 182 3 227 961 864 Available Supplied to Sold* Available Available Supplied to Sold* Available 01.01.2026 market 01.05.2026 01.01.2026 market 01.05.2026 Source: Booli
Slide 60: Regional price development July (Norway)
Regional price* development July (Norway) Oslo Akershus 0.1% 0.0% -0.2% -0.7% -1.2 % -2.0% -2.1 % -2.0 % -1.9 % -2.2 % 2022 2023 2024 2025 2026 2022 2023 2024 2025 2026 Bergen Stavanger-area** 0.7% -0.4 % -1.0% -0.9% -1.4% -1.7 % -2.5 % -2.6% -2.8 % -3.0 % 2022 2023 2024 2025 2026 2022 2023 2024 202
Slide 61: Oslo second-hand market update
Oslo second-hand market update Units sold 1.1 – 31.7, 2020-26 Inventory at 31.7, 2020-26 Units Units 16 000 4 000 3 500 3 000 14 000 2 500 2 000 1 500 12 000 1 000 500 10 000 0 2020 2021 2022 2023 2024 2025 2026 2020 2021 2022 2023 2024 2025 2026 Source: Eiendomsverdi. 61
Slide 62: Akershus second-hand market update
Akershus second-hand market update Units sold 1.1 – 31.7, 2020-26 Inventory at 31.7, 2020-26 Units Units 10 000 6 000 5 000 8 000 4 000 6 000 3 000 4 000 2 000 2 000 1 000 0 0 2020 2021 2022 2023 2024 2025 2026 2020 2021 2022 2023 2024 2025 2026 Source: Eiendomsverdi. 62
Slide 63: Bergen second-hand market update
Bergen second-hand market update Units sold 1.1 – 31.7, 2020-26 Inventory at 31.7, 2020-26 Units Units 6 000 4 000 3 000 4 000 2 000 2 000 1 000 0 0 2020 2021 2022 2023 2024 2025 2026 2020 2021 2022 2023 2024 2025 2026 Source: Eiendomsverdi. 63
Slide 64: Stavanger-area second-hand market update
Stavanger-area* second-hand market update Units sold 1.1 – 31.7, 2020-26 Inventory at 31.7, 2020-26 Units Units 4 000 3 000 2 500 2 000 2 000 1 500 1 000 500 0 0 2020 2021 2022 2023 2024 2025 2026 2020 2021 2022 2023 2024 2025 2026 Source: Eiendomsverdi. * Includes Stavanger, Sola, Sandnes, Randaber
Slide 65: Greater Stockholm second-hand market update
Greater Stockholm second-hand market update Units sold 1.1 – 31.7, 2020-26 Inventory at 31.7, 2020-26 Units Units 18 000 8 000 16 000 7 000 14 000 6 000 12 000 5 000 10 000 4 000 8 000 3 000 6 000 2 000 4 000 2 000 1 000 0 0 2023 2024 2025 2026 2020 2021 2022 2023 2024 2025 2026 Source: Svensk Mäkla
Slide 66: Regional price development – July 2026
Regional price* development – July 2026 % chg. -1M Average Average price Area % chg -1M seasonal % chg YtD % chg -12m % chg -5Y % chg -10Y price/sqm (NOK) (NOK) adj. Oslo -2.0% -1.1% -0.8% -0.4% 13.9% 41.5% 100 590 6 126 887 Bergen 1.4% -0.2% 7.3% 8.2% 35.9% 61.7% 72 025 4 720 813 Trondheim -2.9% -1
Slide 67: Land bank in Oslo and Greater Oslo at 30.6.26
Land bank in Oslo and Greater Oslo at 30.6.26 Bærum 1 100 units Lørenskog 1 022 units Avløs 100 units Lørenskog Stasjonsby 502 units Fornebu 900 units LSV 400 units Løren 87 units Østern Bruk 100 units Pallplassen 120 units Lørenvangen 22 87 units Oslo Vest 110 units Lilleakerveien 110 units Lillest
Slide 68: Land bank in Stavanger area at 30.6.26
Land bank in Stavanger area at 30.6.26 Stavanger 14 units Lervig brygge 14 units Sola 97 units 97 Jaasund 97 units units 14 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 69: Land bank in Bergen and Stockholm at 30.6.26
Land bank in Bergen and Stockholm at 30.6.26 Sweden Bergen 1 029 units Sandsliåsen 40 80 units Stockholm 1 163 units Sandsliåsen 46 110 units Terrasskvarteren 166 units Finland Sandslihaugen 30 600 units Norway Årsta 160 units Torvmyra 14 units Slakthusområdet 194 units Kanalveien 46 – 48 7 units 1
Slide 70: 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: • Covenants : • Benefits for Selvaag Bolig: - Urban Property ha
Slide 71: 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 72: 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 73: 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 74: Substantial portfolio for development
Substantial portfolio for development Total land bank portfolio at 30.06.2026 Units 5 250 9 900 4 650 Total land bank Options and obligations to acquire Land bank in balance sheet 74
Slide 75: Number of units sold - gross and net
Number of units sold - gross and net Number of units sold Units 363 306 209 274 271 235 225 209 205 196 196 186 180 160 358 147 152 487 154 139 443 248 276 116 117394 115 102 99 99 199 201 207 93 85 164 178 173 169 172 142 139 125 120 49 116 122 100 106 107 83 79 77 88 85 44 Q1 20 Q2 20 Q3 20 Q4 20
Slide 76: Value of units sold - gross and net
Value of units sold - gross and net Sales value of units sold NOK million 2 563 209 1 653 1 574 1 431 1 401 1 401 1 244 1 177 2 516 1 104 487 1 121 1 031 443 920 927 874 394 868 753 801 771 774 731 674 554 564 602 1 385 1 373 1 242 1 265 543 1 033 1 038 840 910 1 010 871 849 696 255 658 760 679 690
Slide 77: Income statement highlights Q2 2026 (IFRS)
Income statement highlights Q2 2026 (IFRS) Operating revenues (IFRS) · 187 units delivered (40) NOK million - 1 units from share of JVs (5) 1 451 · Revenues NOK 1 451m (261) - Other revenues NOK 20m (17) 1 091 · Project costs NOK 1 269m (208) - Of which NOK 139m is interest (17) 568 · Other costs NO
Slide 78: Income statement highlights H1 2026 (IFRS)
Income statement highlights H1 2026 (IFRS) Operating revenues (IFRS) · 211 units delivered (74) NOK million · 9 units from share of JVs (14) 1 571 1 574 · Revenues NOK 1 574m (428) 1 322 1 247 - Other revenues NOK 38m (32) · Project costs NOK 1 351m (339) - Of which NOK 147m is interest (27) 428 · O
Slide 79: Income statement highlights H1 2026 (NGAAP)
Income statement highlights H1 2026 (NGAAP) Revenues and EBITDA margin (NGAAP)* 12 month-rolling revenues (NGAAP)* NOK million NOK million 3 509 989 1 004 3 104 2 845 2 793 826 2 670 691 599 9% 10% 10% 10% 9% 10% 10% 10% 10% 9% Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Slide 80: Income statement IFRS
Income statement IFRS (figures in NOK million) Q2 2026 Q2 2025 1H 2026 1H 2025 2025 Total operating revenues 1 451,4 261,4 1 574,0 428,4 2 086,6 Project expenses (1 269,2) (208,2) (1 351,4) (339,0) (1 767,3) Other operating expenses (62,8) (61,7) (131,4) (121,9) (255,3) Associated companies and join
Slide 81: Balance sheet
Balance sheet (figures in NOK million) Q2 2026 Q1 2026 Q2 2025 2025 Intangible assets 383,4 383,4 383,4 383,4 Property, plant and equipment 8,8 7,1 6,8 7,7 Investments in associated companies and joint ventures 256,0 287,1 284,5 312,9 Other non-current assets 844,7 900,5 803,3 919,0 Total non-curren
Slide 82: Cash flow statement
Cash flow statement (figures in NOK million) Q2 2026 Q2 2025 1H 2026 1H 2025 Net cash flow from operating activities 75,9 (345,9) (917,4) (1 440,1) Net cash flow from investment activities 26,2 13,0 49,4 38,7 Net cash flow from financing activities (280,9) 278,0 784,5 1 282,0 Net change in cash and
Slide 83: Operational highlights – key operating figures
Operational highlights – key operating figures Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Units sold 106 85 106 358 172 Construction starts 171 - 122 166 290 Units completed 18 114 261 - 242 Completed unsold units 40 38 45 32 41 Completed sold units pending deliv ery 11 28 22 11 56 Units deliv ered 40 98 261 24
Slide 84: EBITDA Q2 2026
EBITDA Q2 2026 Property (figures in NOK million) development Other Total Operating revenues 984,6 19,0 1 003,5 Project expenses (840,3) 0,3 (840,0) Other operating expenses (12,0) (51,6) (63,6) EBITDA (percentage of completion) 132,2 (32,2) 100,0 Note: Construction costs are exclusive of financial e
Slide 85: EBITDA H1 2026
EBITDA H1 2026 Property (figures in NOK million) development Other Total Operating revenues 1 956,8 36,0 1 992,8 Project expenses (1 658,3) (0,0) (1 658,4) Other operating expenses (28,1) (105,0) (133,1) EBITDA (percentage of completion) 270,4 (69,1) 201,3 Note: Construction costs are exclusive of f
Slide 86: 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 · ~80% (one of the world’s highest)
Slide 87: Swedish housing market
Swedish housing market • Low risk for housebuilders - Advance sales: banks typically require that 50-70% of homes are sold before construction starts - Two-step to binding offer: Starting with a booking agreement (bokningsavtal) with small deposit followed by a binding agreement before decision is t
Slide 88: Total household debt and homeownership
Total household debt and homeownership 222% 94% 215% 87% 209% 84% 85% 203% 81% 77% 78% 75% 74% 75% 74% 181% 179% 178% 72% 72% 69% 68% 68% 68% 70% 66% 65% 63% 62% 162% 61% 58% 58% 59% 52% 141% 130% 48% 122% 115% 41% 104% 103% 98% 85% 85% 79% 78% 77% 74% 74% 74% 60% 53% 50% 39% 38% 27% Household debt
Slide 89: Price development (rebased 1.1.2005)
89 100 150 200 250 300 350 0 50 Jan-05 Jun-05 Nov-05 Apr-06 Sep-06 Source: Eiendomsverdi. Feb-07 Jul-07 Dec-07 May-08 Oct-08 Mar-09 Aug-09 Jan-10 Jun-10 Nov-10 * Stavanger area includes: Randaberg, Sandnes, Sola, Stavanger. Apr-11 Sep-11 Feb-12 Jul-12 Price development (rebased 1.1.2005) Dec-12 Berg
Slide 90: Population growth in Oslo and Akershus remains high
Population* growth in Oslo and Akershus remains high 55% 55% 57% 53% 32% 45% 46% 47% 43% 42% 44% 40% 39% 30% 36% 37% 36% 35% 37% 33% 31% 28% 27% 26.2 % 26.3 % 26% 25.8 % 26.0 % 26.1 % 25.4 % 25.6 % 25.7 % 24.9 % 25.1 % 25.2 % 24.6 % 24.8 % 17% 24.4 % 24.5 % 24% 24.2 % 7% 22% -3% 20% 2010 2011 2012 2
Slide 91: 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 92: Macroeconomics Norway
Macroeconomics Norway Real economy 2020 - 2029e Demand 2020 - 2029e 6.0 % 10.0 % 4.0 % 0.0 % 2.0 % 0.0 % -10.0 % -2.0 % -20.0 % -4.0 % 2020 2021 2022 2023 2024 2025 2026e 2027e 2028e 2029e -30.0 % 2020 2021 2022 2023 2024 2025 2026e 2027e 2028e 2029e GDP GDP mainland Unemployment rate Mainland deman
Slide 93: Macroeconomics Sweden
Macroeconomics Sweden Real economy 2022 - 2028e Demand 2022 - 2028e 10% 8% 8% 6% 6% 4% 4% 2% 2% 0% 0% -2% 2021 2022 2023 2024 2025 2026e 2027e 2028e 2021 2022 2023 2024 2025 2026e 2027e 2028e GDP Unemployment rate Household consumption Public consumption Wages and disposable income 2022 - 2028e Pric
Slide 94: Macroeconomics Europe
Macroeconomics Europe GDP growth 2022 - 2028e Unemployment 2022 - 2028e 6% 10% 8% 4% 6% 2% 4% 2% 0% 0% -2% -2% 2022 2023 2024 2025 2026e 2027e 2028e 2022 2023 2024 2025 2026e 2027e 2028e Norway Sweden Denmark Germany UK Norway Sweden Denmark Germany UK Population growth 2025 -> 2030e and 2040e Centr
Slide 95: Selvaag Bolig
SELVAAG BOLIC