Selvaag Bolig Asa · OSL:SBO
Selvaag Bolig Asa — Q3 2025 Earnings Presentation
87 slides from Selvaag Bolig Asa's earnings presentation, Nov 6, 2025
Slide 1: Q3 2025
Q3 2025 Oslo, 6 November 2025 Sverre Molvik, CEO Christopher Brunvoll, CFO
Slide 2: Agenda
Agenda Highlights Operational update Financial update Market Summary 2
Slide 3: Highlights Q3 2025
Highlights Q3 2025 • Sold homes valued over NOK 600 m in the quarter and over NOK 2.3 bn so far this year • Satisfactory results despite limited deliveries, reflecting strong cost control and an efficient business model • Strong pipeline with order backlog of NOK 7.5 bn 3
Slide 4: Proforma key financials Q3 2025
Proforma* key financials Q3 2025 659 13.7 Operating revenues Adjusted EBITDA** margin NOK million Per cent 785 10.2 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 1 038 849 Q4 679 690 600 Q3 125 100 83 Q2 85 6.8 7.0 7.1 77 6.1 6.5 Q1 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 2021 2022 2023 2024 2025 Sales value of sold units Average price per unit Annual sales 822 448 360 568 360 No
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 3 256 3 177 707 665 604 589 566 568 598 6.8 7.0 7.1 534 497 6.1 6.5 482 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q3 24 Q4 24 Q1 25 Q2 25 Q3 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 298 183 168 171 114 43 18 5 0 0 Q3 24 Q4 24 Q1 25 Q2 25 Q3 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 8 223 7 457 7 153 300 6 134 261 4 495 183 174 1 165 1 012 1 051 829 700 0 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q4 26 Sales value of units under construc
Slide 10: Agenda
Agenda Highlights Operational update Financial update Market Summary
Slide 11: Proforma income statement highlights Q3 2025 (IFRS)
Proforma* income statement highlights Q3 2025 (IFRS) Operating revenues (IFRS) · 98 units delivered (54) NOK million - 10 units from share of JVs (16) 918 · Revenues NOK 659 (332) - Other revenues NOK 23m (21) 659 · Project costs NOK 569m (276) - Of which NOK 57m is interest (23) 332 349 · Other cos
Slide 12: Proforma income statement highlights 9M 2025 (IFRS)
Proforma* income statement highlights 9M 2025 (IFRS) Operating revenues (IFRS) · 172 units delivered (360) NOK million · 24 units from share of JVs (126) 2 695 2 618 · Revenues NOK 1 202m (2 180) 2 180 2 067 - Other revenues NOK 60m (62) · Project costs NOK 1 000m (1 798) 1 202 · Of which NOK 95 of
Slide 13: Proforma income statement highlights Q3 2025 (NGAAP)
Proforma* income statement highlights Q3 2025 (NGAAP) Revenues and EBITDA margin (NGAAP)** 12 month-rolling (NGAAP)** NOK million NOK million 3 416 3 284 3 306 3 320 1 063 2 949 839 785 729 689 13% 12% 11% 10% 11% 10% 10% 10% 9% 7% Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Operatin
Slide 14: Cash flow development Q3 2025
Cash flow development Q3 2025 NOK million 29 -213 82 264 -21 94 201 -33 Profit (loss) before Changes in trade CF from investment Cash and cash Cash and cash income taxes Changes in inventories receivables Other changes in activities Net change in equivalents at 30 equivalents at 30 June (property) w
Slide 15: Balance sheet highlights Q3 2025
Balance sheet highlights Q3 2025 Balance sheet composition NOK million 6 773 6 773 · Book value of equity NOK 24.3 per share 7 000 - Equity ratio 33.7% 6 000 Non-current assets Equity · Changes from Q2 2025: 5 000 - Inventories increased by NOK 236m 4 000 - Current receivables increased by NOK 29m N
Slide 16: Inventories (property) Q3 2025
Inventories (property) Q3 2025 Q3 2025 vs Q2 2025 Inventory value development NOK million · Land value down NOK 11m 230 244 · Work in progress up NOK 260m 334 · Finished goods down NOK 14m 430 467 3 916 4 176 3 259 - 38 unsold completed units by quarter end 2 038 2 150 - 28 sold and completed units,
Slide 17: Debt structure
Debt structure Interest-bearing debt at 30.09.25 Drawn at NOK million 30.09.25 Interest rate Loan facility (NOKm) margin* Construction loan facilities from 1 2 450 1.55% - 2.40% a range of Nordic credit institutions 2 Debt to Urban Property** 753 3.75%*** NOK 2 450 3 236 (Q2: 2 284) 3 Land loan faci
Slide 18: Return on equity (IFRS)
Return on equity (IFRS) 12-month rolling net income (NOKm) ROE (%) 586 530 505 512 466 366 339 263 241 245 235 239 182 177 24% 26% 23% 21% 19% 100 1% 2% 14% 15% 12% 10% 8% 10% 10% 12 % 8% 4% 50 22 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 25 Q2 25 Q3 25 *
Slide 19: Agenda
Agenda Highlights Operational update Financial update Market Summary
Slide 20: 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 2 778** 2 170** 2 000 2 462 1 000 1 167* 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Slide 21: Estimated completions in Akershus 2025-27
Estimated completions in Akershus 2025-27 Units 7 000 Forecasted housing need of ~5 400 units per year 6 000 (medium growth) Average # of completions (2012-24): 5 494** ~4 700 units 5 089** 5 000 4 784 4 000 3 000 3 042 2 000 1 000 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2
Slide 22: Estimated completions in Oslo and Akershus 2025-27
Estimated completions in Oslo and Akershus 2025-27 Units Forecasted housing need of 10 000 ~ 9 200 units per year (medium growth) Average # of completions (2012-24): ~ 7 600 units 7664** 7860** 8 000 7246 6 000 4209 4 000 2 000 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025e
Slide 23: Estimated completions in Bergen 2025-27
Estimated completions in Bergen 2025-27 Units 2 000 1 750 Forecasted housing need of ~1 400 units per year 1 500 Average number of (medium growth) completions (2014-24): 1 250 1 235 units 1 193** 1 000 771** 750 500 508 459 250 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025e 2026e 202
Slide 24: Estimated completions in the Stavanger-region
Estimated completions in the Stavanger-region Units Forecasted housing need of ~1 600 units per year (medium growth) 2 500 2 323** 2 241** 2 000 Average number of 2 094 completions (2012-24): ~1 600 units 1 500 1 443 1 000 500 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025e
Slide 25: Newbuild market update
Newbuild market update Oslo – 1.1–1.11, 2025 Akershus – 1.1–1.11, 2025 Units Units 2 635 2 535 1 669 1 423 3 635 3 735 964 1 210 Available Supplied to Sold* Available Available Supplied to Sold* Available 01.01.2025 market 01.11.2025 01.01.2025 market 01.11.2025 Source: Plot.ai * Including withdrawa
Slide 26: Newbuild market update
Newbuild market update Bergen – 1.1–1.11, 2025 Trondheim – 1.1–1.11, 2025 Stavanger area** – 1.1–1.11, 2025 Units Units Units 1 091 977 1 283 1 178 652 677 1 380 1 494 968 1 073 598 573 Available Supplied to Sold* Available Available Supplied to Sold* Available Available Supplied to Sold* Available
Slide 27: Regional Newbuild availability on 1 November, 2022-25
Regional Newbuild availability on 1 November, 2022-25 Units 4 000 3 735 3 000 2 000 1 494 1 000 1 210 1 073 573 0 Oslo Akershus* Bergen Trondheim Stavanger-area** 2022 2023 2024 2025 Population*** 725 200 745 400 293 800 216 750 277 600 Available units per 1.7 5.0 2.0 6.9 3.9 1 000 capita Source: Pl
Slide 28: Regional Second-hand availability 1 November, 2023-25
Regional Second-hand availability* 1 November, 2023-25 Units 4 000 3 500 3 597 3 000 3 164 2 500 2 000 1 500 1 000 1 071 500 515 387 0 Oslo Akershus* Bergen Trondheim Stavanger-area** 2023 2024 2025 Population*** 725 200 745 400 293 800 216 750 277 600 Available units per 4.4 4.8 1.8 4.9 1.4 1 000 c
Slide 29: Regional price development Jan – Oct 2020-25
Regional price* development Jan – Oct 2020-25 Oslo Bergen 12.5% 9.6% 8.4% 9.1% 8.6% 5.9% 4.9% 3.6% 2.9% 2.9% 2.4% 2.8% 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 Trondheim Stavanger-area** 10.6% 14.3 % 8.2% 11.1 % 9.1 % 7.9 % 7.8 % 4.9% 6.4 % 4.3% 3.6% 0.9% 2020 2021 2022 2023 2024
Slide 30: Regional price development October 2020-25
Regional price* development October 2020-25 Oslo Bergen 1.0% 1.2% 0.1% 0.6% 0.0% -0.2% -0.2% -0.8% -0.3% -0.6% -2.4% -1.4% 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 Trondheim Stavanger-area** 0.4% 0.4% 0.3 % 0.2 % -0.2% -0.7% -0.7 % -1.3 % -1.5% -1.6 % -1.8% -1.9 % 2020 2021 2022 2
Slide 31: Selected ongoing projects
Selected ongoing projects Attractive projects in prime locations Snøbyen, Lørenskog stasjonsby | Greater Oslo Solheimsvatnet Pluss (JV) | Bergen ~ 2 000 units total ~ 160 Pluss units ~ 200 Pluss units ~ 60 units remaining ~ 670 units remaining Landås | Greater Oslo Solbergskogen | Greater Oslo ~ 650
Slide 32: 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 ~500 Pluss units ~ 300 Pluss units (2026) (2026) (2027) Fredrikstad (JV) | Greater Oslo Rådhushagen (JV)| Greater Oslo ~ 2
Slide 33: Agenda
Agenda Highlights Operational update Financial update Market Summary
Slide 34: Outlook
Outlook • Housing shortage in SBO’s core regions gives favorable conditions for new housing - Sales expected to be supported by increased purchasing power - Oslo market affected by transitory oversupply of former rental units • Improving macro in Sweden – higher GDP growth and lower interest rate, o
Slide 35: Summary
Summary • Sold homes valued over NOK 600 m in the quarter and over NOK 2.3 bn so far this year • Satisfactory results despite limited deliveries, reflecting strong cost control and an efficient business model • Strong pipeline with order backlog of NOK 7.5 bn 35
Slide 36: Thank you for your attention
Thank you for your attention Next event: 4th quarter 2025 11 February 2026
Slide 37: Appendix
Appendix
Slide 38: 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 39: 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 40: 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 40
Slide 41: 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 42: 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 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 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 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 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 45: 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 46: ~9 800 homes completed since IPO…
~9 800 homes completed since IPO… Units completed 9 705 9 837 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. 46
Slide 47: …for a total value of NOK ~40 billion
…for a total value of NOK ~40 billion NOK billion 39.4 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 47
Slide 48: 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 2 776 2 629 2 603 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 %
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 61.1 Selvaag Bolig’s ambition is to pay high and Earnings per share 56.5 59.1 stable dividends to its owners 56.1 56.1 Dividend per share 54.8 52.9 52.8 · The company aim
Slide 50: Share performance since IPO in June 2012
50 0 10 20 30 40 50 60 70 80 NOK jun. 12 des. 12 jun. 13 Source: Oslo Børs des. 13 jun. 14 des. 14 jun. 15 des. 15 jun. 16 des. 16 jun. 17 des. 17 jun. 18 des. 18 jun. 19 des. 19 jun. 20 des. 20 jun. 21 des. 21 jun. 22 des. 22 jun. 23 des. 23 jun. 24 des. 24 jun. 25 0% 100% 200% 300% 400% 500% 600%
Slide 51: Share information as at 30.09.25
Share information as at 30.09.25 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: 6 675 (6 899) 7 000 Skandinaviska Enskilda Banken AB 4 980 572 5.3% PERESTROIKA AS 3 848 312 4.
Slide 52: 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 1 166 units 7 700 units · Focus on fast growing urban regions Stavanger Stockholm 1 197 units 537 units · Large projects with more than 150 units 52
Slide 53: 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 54: Oslo second-hand market update
Oslo second-hand market update Units sold 1.1 – 30.9, 2019-25 Inventory at 30.9, 2019-25 Units Units 20 000 6 000 5 000 17 500 4 000 3 000 15 000 2 000 1 000 12 500 0 2019 2020 2021 2022 2023 2024 2025 2019 2020 2021 2022 2023 2024 2025 Source: Eiendomsverdi. 54
Slide 55: Akershus second-hand market update
Akershus second-hand market update Units sold 1.1 – 30.9, 2019-25 Inventory at 30.9, 2019-25 Units Units 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 2019 2020 2021 2022 2023 2024 2025 2019 2020 2021 2022 2023 2024 2025 Source: Eiendomsverdi. 55
Slide 56: Bergen second-hand market update
Bergen second-hand market update Units sold 1.1 – 30.9, 2019-25 Inventory at 30.9, 2019-25 Units Units 7 000 2 000 6 000 1 750 1 500 5 000 1 250 4 000 1 000 3 000 750 2 000 500 1 000 250 0 0 2019 2020 2021 2022 2023 2024 2025 2019 2020 2021 2022 2023 2024 2025 Source: Eiendomsverdi. 56
Slide 57: Trondheim second-hand market update
Trondheim second-hand market update Units sold 1.1 – 30.9, 2019-25 Inventory at 30.9, 2019-25 Units Units 5 200 2 000 1 750 5 000 1 500 4 800 1 250 4 600 1 000 750 4 400 500 4 200 250 4 000 0 2019 2020 2021 2022 2023 2024 2025 2019 2020 2021 2022 2023 2024 2025 Source: Eiendomsverdi. 57
Slide 58: Stavanger-area second-hand market update
Stavanger-area* second-hand market update Units sold 1.1 – 30.9, 2019-25 Inventory at 30.9, 2019-25 Units Units 5 000 2 000 4 500 1 750 4 000 1 500 3 500 3 000 1 250 2 500 1 000 2 000 750 1 500 500 1 000 500 250 0 0 2019 2020 2021 2022 2023 2024 2025 2019 2020 2021 2022 2023 2024 2025 Source: Eiendo
Slide 59: Regional price development – October 2025
Regional price* development – October 2025 % chg. -1M Average Average price Area % chg -1M seasonal % chg YtD % chg -12m % chg -5Y % chg -10Y price/sqm (NOK) (NOK) adj. Oslo -0.2% 0.6% 3.6% 4.6% 21.7% 71.1% 96 110 7 067 334 Bergen 0.0% 0.7% 9.6% 10.1% 34.0% 51.6% 60 798 4 741 813 Trondheim -0.7% 0.1
Slide 60: Land bank in Oslo and Greater Oslo at 30.9.25
Land bank in Oslo and Greater Oslo at 30.9.25 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 61: Land bank in Stavanger area at 30.9.25
Land bank in Stavanger area at 30.9.25 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 62: Land bank in Bergen, Trondheim and Stockholm at 30.9.25
Land bank in Bergen, Trondheim and Stockholm at 30.9.25 Trondheim 42 units Heimdal 42 units Sweden 42 units Bergen 1 166 units Sandsliåsen 40 120 units Stockholm 1 197 units Sandsliåsen 46 200 units Terrasskvarteren 200 units Finland Sandslihaugen 30 600 units Norway Årsta 140 units Torvmyra 14 unit
Slide 63: 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 64: 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 65: No equity investment in early phase through land bank cooperation with Urban Property
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 66: 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 67: 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 68: Substantial portfolio for development
Substantial portfolio for development Total land bank portfolio at 30.9.2025 Units 5 250 10 650 5 400 Total land bank Options and obligations to acquire Land bank in balance sheet 68
Slide 69: Number of units sold - gross and net
Number of units sold - gross and net Number of units sold Units 306 274 271 209 235 225 209 192 196 196 186 180 169 154 160 147 152 139 276 487 443 116 117 248 394 102 99 99 199 201 207 93 85 178 173 169 159 164 140 142 139 125 120 49 116 122 100 106 83 79 77 88 85 44 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q
Slide 70: 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 1 244 209 1 177 1 104 1 121 1 031 914 920 927 859 874 868 801 771 731 753 487 674 602 443 1 385 1 242 1 265 554 564 543 394 1 010 1 033 1 038 910 871 849 840 756 705 696 760 634 636 255 658 679 690 600
Slide 71: Income statement highlights Q3 2025 (IFRS)
Income statement highlights Q3 2025 (IFRS) Operating revenues (IFRS) · 98 units delivered (54) NOK million - 10 units from share of JVs (16) 568 · Revenues NOK 568m (225) 498 - Other revenues NOK 20m (18) · Project costs NOK 490m (169) 261 225 - Of which NOK 45m is interest (14) 167 · Other costs NO
Slide 72: Income statement highlights YTD 2025 (IFRS)
Income statement highlights YTD 2025 (IFRS) Operating revenues (IFRS) · 172 units delivered (360) NOK million - 24 units from share of JVs (126) 2 228 · Revenues NOK 996m (1 473) 2 008 1 849 - Other revenues NOK 53m (55) 1 473 · Project costs NOK 829m (1 175) 996 - Of which NOK 73m is interest (76)
Slide 73: Income statement highlights Q3 2025 (NGAAP)
Income statement highlights Q3 2025 (NGAAP) Revenues and EBITDA margin (NGAAP)* 12 month-rolling revenues (NGAAP)* NOK million NOK million 2 845 877 2 674 2 670 2 544 2 231 678 691 599 516 11% 10% 9% 9% 9% 9% 10% 9% 7% 6% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 202
Slide 74: Proforma income statement highlights YTD 2025 (NGAAP)
Proforma* income statement highlights YTD 2025 (NGAAP) Revenues and EBITDA margin (NGAAP)** 12 month-rolling (NGAAP)** NOK million NOK million 2600 3 320 3 416 2400 2 353 3 284 3 306 2 222 2 949 2200 2 017 2000 1800 12% 1600 11% 11% 10% 10% 11% 1400 9% 9% 1200 1000 YTD 2023 YTD 2024 YTD 2025 Q3 2024
Slide 75: Income statement IFRS
Income statement IFRS (figures in NOK million) Q3 2025 Q3 2024 9M 2025 9M 2024 2024 Total operating revenues 567.5 225.0 996.0 1 472.9 1 971.0 Project expenses (489.8) (169.0) (828.8) (1 174.8) (1 580.3) Other operating expenses (54.2) (57.4) (176.1) (177.0) (255.0) Associated companies and joint ve
Slide 76: Balance sheet
Balance sheet (figures in NOK million) Q3 2025 Q2 2025 Q3 2024 2024 Intangible assets 383.4 383.4 383.4 383.4 Property, plant and equipment 8.6 6.8 8.7 7.9 Investments in associated companies and joint ventures 289.5 284.5 241.3 276.6 Other non-current assets 877.1 803.3 725.2 766.8 Total non-curren
Slide 77: Cash flow statement
Cash flow statement (figures in NOK million) 9M 2025 9M 2024 2024 Net cash flow from operating activities (1 509.2) 133.9 87.1 Net cash flow from investment activities (37.5) 1.2 23.2 Net cash flow from financing activities 1 363.6 (212.4) 6.8 Net change in cash and cash equivalents (183.1) (77.4) 1
Slide 78: Operational highlights – key operating figures
Operational highlights – key operating figures Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Antall solgte enheter 100 122 169 106 85 Antall igangsatte enheter 43 298 183 171 - Antall ferdigstilte enheter 5 168 - 18 114 Antall ferdigstilte ikke solgte enheter 87 81 50 40 38 Antall ferdigstilte solgte ikke overlever
Slide 79: EBITDA Q3 2025
EBITDA Q3 2025 Property (figures in NOK million) development Other Total Operating revenues 671.4 19.1 690.5 Project expenses (571.5) (2.4) (573.9) Other operating expenses (8.9) (46.1) (55.0) EBITDA (percentage of completion) 91.0 (29.3) 61.7 Note: Construction costs are exclusive of financial expe
Slide 80: 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 · 81% (one of the world’s highest) ·
Slide 81: 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 82: Price development Norway and selected regions (2005-25)
Price development Norway and selected regions (2005-25) Price development (rebased 1.1.2005) 350 300 250 200 150 100 50 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Bergen Norge Oslo Stavanger m/omegn Trondheim Source: Eiendomsverdi. * St
Slide 83: Population growth in Oslo and Akershus remains high
Population growth in Oslo and Akershus remains high 60% 55% 55% 30% 45% 46% 50% 43% 42% 44% 42% 40% 39% 28% 37% 36% 36% 35% 40% 33% 26.2 % 26% 25.8 % 26.0 % 26.1 % 25.7 % 30% 25.4 % 25.6 % 25.1 % 25.2 % 24.8 % 24.9 % 24.4 % 24.5 % 24.6 % 24.2 % 24% 20% 22% 10% 0% 20% 2010 2011 2012 2013 2014 2015 20
Slide 84: 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 85: 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 2024 2025e 2026e 2027e 2022 2023 2024 2025e 2026e 2027e Norway Sweden Denmark Germany UK Norway Sweden Denmark Germany UK Population growth 2024 - 2030e and
Slide 86: 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 87: Selvaag Bolig
SELVAAG BOLIC