Selvaag Bolig Asa · OSL:SBO
Selvaag Bolig Asa — Q2 2025 Earnings Presentation
90 slides from Selvaag Bolig Asa's earnings presentation, Aug 7, 2025
Slide 1: Q2 2025
Q2 2025 Oslo, 7 August 2025 Sverre Molvik, CEO Christopher Brunvoll, CFO
Slide 2: Agenda
Agenda Highlights Operational update Financial update Market Summary 2
Slide 3: Highlights Q2 2025
Highlights Q2 2025 • Satisfactory results given very few deliveries - reflecting good cost control and efficient business model • Sold homes worth more than NOK 2 bn in H1, and reduced inventory of completed units by NOK 400 m yoy • Strong pipeline with order backlog of NOK 8.2 bn • Landbank increas
Slide 4: Proforma key financials Q2 and H1 2025
Proforma key financials* Q2 and H1 2025 Q2 2025 First half 2025 349 7.2 543 3.1 Operating revenues Adjusted EBITDA* margin Operating revenues Adjusted EBITDA** margin NOK million Per cent NOK million Per cent 839 12.2 1 568 11.1 Operating revenues (NGAAP) EBITDA** margin (NGAAP) Operating revenues (
Slide 5: Agenda
Agenda Highlights Operational update Financial update Market Summary
Slide 6: Operational news
Operational news Operating • Cost efficient business operations Risk-minimizing sales model model - Minimum presale of 60% before construction start - Fixed price contracts and stable overhead cost - Contractual reservation with buyers: Construction start subject to construction cost Sales & • Impro
Slide 7: Sales value and units sold
Sales value and units sold Sales value Number of units sold per quarter NOK million Units 1 385 1 038 Q4 849 679 690 Q3 173 120 207 6,7 6,8 7,0 6,5 Q2 106 6,1 79 Q1 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 2021 2022 2023 2024 2025 Sales value of sold units Average price per unit Annual sales 822 448 360 568 27
Slide 8: 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 3 154 707 665 604 589 573 568 598 6,7 6,8 7,0 511 534 497 6,1 6,5 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Total sales value Sales value per unit s
Slide 9: Construction starts and completions
Construction starts and completions Construction starts and completions per quarter Units 298 183 168 171 105 95 43 18 5 0 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Construction starts Units completed Note: Number of units are adjusted for Selvaag Bolig’s share in joint ventures. 9
Slide 10: Units under construction and completions
Units under construction and completions Sales value units under construction Expected completions** per quarter NOK million Units 8 223 7 153 6 134 261 4 211 4 495 183 174 1 165 1 012 829 114 661 700 0 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Sales value of units under constructi
Slide 11: Agenda
Agenda Highlights Operational update Financial update Market Summary
Slide 12: Proforma income statement highlights Q2 2025 (IFRS)
Proforma* income statement highlights Q2 2025 (IFRS) Operating revenues (IFRS) · 40 units delivered (127) NOK million - 5 units from share of JVs (58) · Revenues NOK 349 (979) 979 918 - Other revenues NOK 19m (22) · Project costs NOK 276m (797) - Of which NOK 22m is interest (57) 332 349 · Other cos
Slide 13: Proforma income statement highlights H1 2025 (IFRS)
Proforma* income statement highlights H1 2025 (IFRS) Operating revenues (IFRS) · 74 units delivered (306) NOK million · 14 units from share of JVs (110) 1 834 1 847 · Revenues NOK 543m (1 847) 1 626 - Other revenues NOK 38m (41) 1 251 · Project costs NOK 431m (1 522) · Of which NOK 38 of which is in
Slide 14: Proforma income statement highlights Q2 2025 (NGAAP)
Proforma* income statement highlights Q2 2025 (NGAAP) Revenues and EBITDA margin (NGAAP)** 12 month-rolling (NGAAP)** NOK million NOK million 3 284 3 306 3 320 1 063 2 949 2 846 825 839 729 689 13% 12% 10% 10% 10% 11% 9% 10% 9% 7% Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q2 2024 Q3 2024 Q4 2024 Q1 20
Slide 15: Cash flow development Q2 2025
Cash flow development Q2 2025 NOK million -117 396 319 -379 -264 264 48 Changes in inventories Net change in borrowings Cash and cash equivalents at 30 Cash and cash equivalents at 31 (property) Other changes in working Dividends paid to equity holders June March capital of Selvaag Bolig ASA · Cash
Slide 16: Balance sheet highlights Q2 2025
Balance sheet highlights Q2 2025 Balance sheet composition NOK million 6 491 6 491 · Book value of equity NOK 24.0 per share 6 000 Non-current assets - Equity ratio 34.8% Equity 5 000 · Changes from Q1 2025: 4 000 - Inventories increased by NOK 425m Non-current - Current receivables increased by NOK
Slide 17: Inventories (property) Q2 2025
Inventories (property) Q2 2025 Q1 2025 vs Q2 2025 Inventory value development NOK million 244 · Land value down NOK 143m 334 · Work in progress up NOK 656m 467 430 · Finished goods down NOK 91m 648 3 916 3 259 - 40 unsold completed units by quarter end 2 038 2 150 1 652 - 11 sold and completed units
Slide 18: Debt structure
Debt structure Interest-bearing debt at 30.06.25 Drawn at NOK million 30.06.25 Interest rate Loan facility (NOKm) margin* Construction loan facilities from 1 2 284 1.55% - 2.40% a range of Nordic credit institutions 2 Debt to Urban Property** 782 3.75%*** NOK 3 099 2 284 Land loan facilities from a
Slide 19: 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 60,8 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 20: Return on equity (IFRS)
Return on equity (IFRS) 12-month rolling net income (NOKm) ROE (%) 586 530 505 512 479 466 366 339 263 241 245 235 239 182 177 24% 26% 23% 20% 21% 19% 100 14% 15% 12 % 10% 8% 10% 10% 11% 8% 4% 1% 22 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 25 Q2 25
Slide 21: Agenda
Agenda Highlights Operational update Financial update Market Summary
Slide 22: 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** 2 000 2 462 2 070** 1 000 1 267 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Slide 23: 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 5 094** 5 089** 4 784 4 000 3 000 3 429 2 000 1 000 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2
Slide 24: 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 7867** 8 000 7246 7164** 6 000 4696 4 000 2 000 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025e
Slide 25: 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 1 209** 1 000 929** 750 846 500 459 250 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025e 2026e 202
Slide 26: Estimated completions in Stavanger-region
Estimated completions in Stavanger-region Units Forecasted housing need of 2 500 ~1 700 units per year (medium growth) Average number of 2 181** 2 171** 2 000 2 094 completions (2012-24): ~1 600 units 1 500 1 445 1 000 500 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025e 2026
Slide 27: Newbuild market update
Newbuild market update Oslo – 1.1–01.08, 2025 Akershus – 1.1–01.08, 2025 Units Units 1 469 1 780 3 635 1 211 1 069 3 324 964 1 106 Available Supplied to Sold* Available Available Supplied to Sold* Available 01.01.2025 market 01.08.2025 01.01.2025 market 01.08.2025 Source: Plot.ai * Including withdra
Slide 28: Newbuild market update
Newbuild market update Bergen – 1.1–01.08, 2025 Trondheim – 1.1–01.08, 2025 Stavanger area** – 1.1–01.08, 2025 Units Units Units 585 682 786 817 469 488 1 380 1 283 968 937 598 579 Available Supplied to Sold* Available Available Supplied to Sold* Available Available Supplied to Sold* Available 01.01
Slide 29: Regional Newbuild availability on 1 Aug, 2022-25
Regional Newbuild availability on 1 Aug, 2022-25 Units 4 000 3 324 3 000 2 000 1 000 1 283 1 106 937 579 0 Oslo Akershus* Bergen Trondheim Stavanger-area** 2022 2023 2024 2025 Population*** 725 300 742 500 294 100 216 900 276 900 Available units per 1.5 4.5 2.0 5.9 3.4 1 000 capita Source: Plot.ai *
Slide 30: Regional Second-hand availability 1 August, 2021-25
Regional Second-hand availability* 1 August, 2021-25 Units 3 500 3 000 3 108 2 500 2 671 2 000 1 500 1 000 1 071 500 496 359 0 Oslo Akershus* Bergen Trondheim Stavanger-area** 2021 2022 2023 2024 2025 Population*** 725 300 742 500 294 100 216 900 276 900 Available units per 3.8 4.2 1.7 4.9 1.3 1 000
Slide 31: Regional price development Jan – Jul 2020-25
Regional price* development Jan – Jul 2020-25 Oslo Bergen 9,2% 9,0% 8,1% 8,0% 6,8% 6,7% 7,2% 6,5% 5,4% 4,2% 3,1% 2,9% 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 Trondheim Stavanger-area** 11,5 % 9,9 % 9,0 % 9,4 % 8,8% 8,7 % 8,3 % 7,3% 6,0% 4,1% 3,0% 2,1% 2020 2021 2022 2023 2024 202
Slide 32: Regional price development July 2020-25
Regional price* development July 2020-25 Oslo Bergen Average price July 2025: NOK 102 145/sqm Average price July 2025 : NOK 65 788/sqm 1,3% 1,1% 0,7% 0,1% 0,0% -0,2% -0,6% -0,7% -1,0% -0,9% -1,2% -2,6% 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 Trondheim Stavanger-area** Average pri
Slide 33: Selected ongoing projects
Selected ongoing projects Kaldnes Brygge| Greater Oslo Snøbyen, Lørenskog ~ 1 500 units total (JV) stasjonsby | Greater Oslo Solbergskogen | Greater Oslo ~500 Pluss units ~ 2 000 units total ~ 350 units total ~ 500 units remaining ~ 200 Pluss units ~ 230 Pluss units ~ 680 units remaining ~ 240 units
Slide 34: Bringing attractive projects to market in Bergen
Bringing attractive projects to market in Bergen • SBO was the most selling residential developer in Bergen in H1 with ~20% market share* • Solheimsvatnet Pluss (JV), Minde - 160 Pluss units (JV), successful sales results since launch in Q4 2024. - In production, delivery in 2026-2027. • Sandsliåsen
Slide 35: 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 (2025) (2026) (2027) Fredrikstad (JV) | Greater Oslo Rådhushagen (JV)| Greater Oslo ~ 2
Slide 36: Developing pipeline in key Oslo and Stockholm markets
Developing pipeline in key Oslo and Stockholm markets • Strong landbank in high growth areas. • Examples of pipeline in Oslo and Stockholm: • Lørenvangen, Oslo - ~200 apartments in Løren - Zoning approved, planning for sales start in Q4 2025 - High interest among potential buyers • Terrasskvarteret
Slide 37: Agenda
Agenda Highlights Operational update Financial update Market Summary
Slide 38: 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 39: Summary
Summary • Satisfactory results given very few deliveries - reflecting good cost control and efficient business model • Sold homes worth more than NOK 2 bn in H1, and reduced inventory of completed units by NOK 400 m yoy • Strong pipeline with order backlog of NOK 8.2 bn • Landbank increased by 800 u
Slide 40: Thank you for your attention
Thank you for your attention Next event: 3rd quarter 2025 6 November 2025
Slide 41: Appendix
Appendix
Slide 42: 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 43: 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 44: 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 44
Slide 45: 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 46: 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 47: 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 48: 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 49: 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 50: ~9 700 homes completed since IPO…
~9 700 homes completed since IPO… Units completed 9 705 9 723 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. 50
Slide 51: …for a total value of NOK ~38 billion
…for a total value of NOK ~38 billion NOK billion 38,4 38,8 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 51
Slide 52: 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 2 603 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 %
Slide 53: 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 53
Slide 54: Share information as at 30.06.25
Share information as at 30.06.25 Number of shareholders 20 largest shareholders · Total number of shares: 93.8 million Shareholder # of shares % share · Number of shareholders: 6 899 (6 928) 7 000 SELVAAG AS 50 180 087 53.5% Skandinav iska Enskilda Banken AB * 4 680 572 5.0% - 20 largest controlling
Slide 55: 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 55
Slide 56: 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 57: Oslo second-hand market update
Oslo second-hand market update Units sold 1.1 – 30.6, 2019-25 Inventory at 30.6, 2019-25 Units Units 15 000 6 000 12 500 5 000 10 000 4 000 7 500 3 000 5 000 2 000 2 500 1 000 0 0 2019 2020 2021 2022 2023 2024 2025 2019 2020 2021 2022 2023 2024 2025 Source: Eiendomsverdi 57
Slide 58: Akershus second-hand market update
Akershus second-hand market update Units sold 1.1 – 30.6, 2019-25 Inventory at 30.6, 2019-25 Units Units 25 000 6 000 5 000 20 000 4 000 15 000 3 000 10 000 2 000 5 000 1 000 0 0 2019 2020 2021 2022 2023 2024 2025 2019 2020 2021 2022 2023 2024 2025 Source: Eiendomsverdi. 58
Slide 59: Bergen second-hand market update
Bergen second-hand market update Units sold 1.1 – 30.6, 2019-25 Inventory at 30.6, 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: Eiendomsverdi.
Slide 60: Trondheim second-hand market update
Trondheim second-hand market update Units sold 1.1 – 30.6, 2019-25 Inventory at 30.6, 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: Eiendomsverd
Slide 61: Stavanger-area second-hand market update
Stavanger-area* second-hand market update Units sold 1.1 – 30.6, 2019-25 Inventory at 30.6, 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 62: Regional price development – July 2025
Regional price* development – July 2025 % chg. -1M Average Average price Area % chg -1M seasonal % chg YtD % chg -12m % chg -5Y % chg -10Y price/sqm (NOK) (NOK) adj. Oslo -0.7% -0.3% 2.9% 3.0% 24.7% 67.3% 102 145 5 888 173 Bergen 0.7% 1.7% 9.0% 12.8% 34.7% 46.8% 65 788 4 400 213 Trondheim -2.1% -0.9
Slide 63: Land bank in Oslo and Greater Oslo at 30.6.25
Land bank in Oslo and Greater Oslo at 30.6.25 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 64: Land bank in Stavanger area at 30.6.25
Land bank in Stavanger area at 30.6.25 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 65: Land bank in Bergen, Trondheim and Stockholm at 30.6.25
Land bank in Bergen, Trondheim and Stockholm at 30.6.25 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 66: 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 67: 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 68: 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 69: 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 70: 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 71: Substantial portfolio for development
Substantial portfolio for development Total land bank portfolio at 30.6.2025 Units 5 250 10 650 5 400 Total land bank Options and obligations to acquire Land bank in balance sheet 71
Slide 72: Number of units sold - gross and net
Number of units sold - gross and net Number of units sold Units 306 276 274 271 209 235 225 209 192 196 196 186 180 169 154 160 147 152 139 276 487 443 116 117 248 394 102 99 99 210 199 201 207 85 178 173 169 159 164 140 142 139 125 120 49 116 122 100 106 83 79 77 88 44 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20
Slide 73: 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 1 244 209 1 177 1 104 1 121 1 031 914 920 927 859 874 868 801 771 731 753 487 1 385 1 265 602 443 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
Slide 74: Income statement highlights Q2 2025 (IFRS)
Income statement highlights Q2 2025 (IFRS) Operating revenues (IFRS) · 40 units delivered (127) NOK million - 5 units from share of JVs (58) 620 · Revenues NOK 261m (620) 498 - Other revenues NOK 17m (20) · Project costs NOK 208m (490) 261 - Of which NOK 17m is interest (25) 225 167 · Other costs NO
Slide 75: Income statement highlights H1 2025 (IFRS)
Income statement highlights H1 2025 (IFRS) Operating revenues (IFRS) · 74 units delivered (306) NOK million - 14 units from share of JVs (110) 1 684 1 571 · Revenues NOK 428m (1 248) 1 248 - Other revenues NOK 33m (37) · Project costs NOK 339m (1 006) 723 - Of which NOK 27m is interest (63) 428 · Ot
Slide 76: Income statement highlights Q2 2025 (NGAAP)
Income statement highlights Q2 2025 (NGAAP) Revenues and EBITDA margin (NGAAP)* 12 month-rolling revenues (NGAAP)* NOK million NOK million 877 2 674 2 670 2 544 2 166 2 231 678 603 599 516 11% 10% 9% 9% 9% 9% 8% 8% 7% 6% Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Slide 77: Proforma income statement highlights H1 2025 (NGAAP)
Proforma* income statement highlights H1 2025 (NGAAP) Revenues and EBITDA margin (NGAAP)** 12 month-rolling (NGAAP)** NOK million NOK million 1800 1 752 3 284 3 306 3 320 1700 2 949 2 846 1600 1 568 1 533 1500 1 431 1400 1 313 1300 12% 11% 11% 10% 10% 11% 9% 10% 10% 9% 1200 1100 1000 H1 2023 H2 2023
Slide 78: Income statement IFRS
Income statement IFRS (figures in NOK million) Q2 2025 Q2 2024 1H 2025 1H 2024 2024 Total operating revenues 261.4 620.2 428.4 1 247.9 1 971.0 Project expenses (208.2) (489.9) (339.0) (1 005.8) (1 580.3) Other operating expenses (61.7) (58.8) (121.9) (119.6) (255.0) Associated companies and joint ve
Slide 79: Balance sheet
Balance sheet (figures in NOK million) Q2 2025 Q1 2025 Q2 2024 2024 Intangible assets 383.4 383.4 383.4 383.4 Property, plant and equipment 6.8 7.4 12.2 7.9 Investments in associated companies and joint ventures 284.5 277.3 244.0 276.6 Other non-current assets 803.3 757.2 650.3 766.8 Total non-curre
Slide 80: Cash flow statement
Cash flow statement (figures in NOK million) 1H 2025 1H 2024 2024 Net cash flow from operating activities (1 384.5) 235.0 87.1 Net cash flow from investment activities (16.9) 25.9 23.2 Net cash flow from financing activities 1 282.0 (328.4) 6.8 Net change in cash and cash equivalents (119.3) (67.6)
Slide 81: Operational highlights – key operating figures
Operational highlights – key operating figures Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Units sold 207 100 122 169 106 Construction starts 95 43 298 183 171 Units completed 105 5 168 - 18 Completed unsold units 119 87 81 50 40 Completed sold units pending delivery 41 23 26 23 11 Units delivered 127 54 172 34 4
Slide 82: EBITDA Q2 2025
EBITDA Q2 2025 Property (figures in NOK million) development Other Total Operating revenues 583.3 15.6 598.9 Project expenses (479.9) 0.2 (479.7) Other operating expenses (14.7) (47.8) (62.5) EBITDA (percentage of completion) 88.7 (31.9) 56.8 Note: Construction costs are exclusive of financial expen
Slide 83: 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 84: 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 85: 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 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. * Stavanger are
Slide 86: 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 87: 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 88: 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 89: 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 90: Selvaag Bolig
SELVAAG BOLIC