Selvaag Bolig Asa · OSL:SBO
Selvaag Bolig Asa — Q1 2026 Earnings Presentation
93 slides from Selvaag Bolig Asa's earnings presentation, May 21, 2026
Slide 1: Q1 2026
Q1 2026 Oslo, 21 May 2026 Sverre Molvik, CEO Christopher Brunvoll, CFO
Slide 2: Agenda
Agenda Highlights Operational update Financial update Market Summary 2
Slide 3: Highlights Q1 2026
Highlights Q1 2026 • Record-high sales in the quarter, sold homes valued over NOK 2.5 bn • Satisfactory results given few deliveries - due to lean and efficient business model • Strong pipeline with order backlog of NOK 7.8 bn 3
Slide 4: Key financials Q1 2026 (Proforma)
Key financials Q1 2026 (Proforma*) 188 -2.9 Operating revenues Adjusted EBITDA** margin NOK million Per cent 1 059 11.3 Operating revenues (NGAAP) EBITDA*** margin (NGAAP) NOK million Per cent * Proforma figures: Including SBO share of JV projects ** EBITDA is profit before interest, taxes, deprecia
Slide 5: Agenda
Agenda Highlights Operational update Financial update Market Summary
Slide 6: Operational news
Operational news Sales • Record-high sales in Q1 driven by highly successful sales starts across key markets 2026 - Total 358 units sold at total value of NOK 2.5 billion in Q1 - Of which 72 booking agreements in Sweden with value of NOK 684 million - Continued sales momentum in Q2 with 454 units so
Slide 7: Sales value and units sold
Sales value and units sold Sales value* Number of units sold per quarter NOK million Units 2 516** Q4 7,1 7,0 Q3 6,5 6,7 6,1 Q2 1 038 690 708 358 600 Q1 201 139 169 116 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 2022 2023 2024 2025 2026 Sales value of sold units Average price per unit Total sales incl. booking 4
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 4 514 3 951 707 688 3 256 3 177 3 036 589 566 521 6,6 6,6 6,6 6,5 6,9 655 598 497 482 466 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Total sales value 12m roling sales value
Slide 9: Construction starts and completions
Construction starts and completions Construction starts and completions per quarter Units 261 183 171 166 122 114 18 0 0 0 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 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 7 796 7 457 7 153 6 574 269 242 177 1 165 1 078 1 012 1 051 912 102 32 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q4 26 Q1 27 Q2 27 Sales value of units under const
Slide 11: Agenda
Agenda Highlights Operational update Financial update Market Summary
Slide 12: Proforma income statement highlights Q1 2026 (IFRS)
Proforma* income statement highlights Q1 2026 (IFRS) Operating revenues (IFRS) · 24 units delivered (34) NOK million - 8 units from share of JVs (9) 1 588 · Revenues NOK 188 (194) - Other revenues NOK 23m (18) · Project costs NOK 137m (155) 659 - Of which NOK 16m is interest (17) · Other costs NOK 7
Slide 13: Proforma income statement highlights Q1 2026 (NGAAP)
Proforma* income statement highlights Q1 2026 (NGAAP) Revenues and EBITDA margin (NGAAP)** 12 month-rolling (NGAAP)** NOK million NOK million 3 668 1 059 3 320 3 416 3 338 3 306 984 839 785 729 14% 12% 11% 12% 12% 11% 11% 10% 10% 10% Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Operat
Slide 14: Cash flow development Q1 2026
Cash flow development Q1 2026 NOK million 600 350 400 1 066 255 200 - 24 - - 200 - 400 - 600 23 - 956 - 59 - 800 -1 000 Profit (loss) before income Other changes in working Net change in borrowings Cash and cash equivalents at taxes Changes in inventories capital CF from investment activities Cash a
Slide 15: Balance sheet highlights Q1 2026
Balance sheet highlights Q1 2026 Balance sheet composition NOK million 7 820 7 820 · Book value of equity NOK 25.3 per share Non-current assets - Equity ratio 30.5% Equity · Changes from Q4 2025: - Inventories increased NOK 1 011m Non-current liabilities - Current receivables decreased NOK 46m Curre
Slide 16: Inventories (property) Q1 2026
Inventories (property) Q1 2026 Q1 2026 vs Q4 2025 Inventory value development NOK million · Land value up NOK 105m 237 · Work in progress up NOK 993m 230 324 244 · Finished goods down NOK 87m 334 - 32 unsold completed units by quarter end 4 970 (45) 3 916 4 176 3 977 3 259 - 11 units sold and comple
Slide 17: Debt structure
Debt structure Interest-bearing debt at 31.03.26 Drawn at NOK million 31.03.26 Interest rate Loan facility (NOKm) margin* Construction loan facilities from 1 3 256 1.55% - 2.40% a range of Nordic credit institutions 2 Debt to Urban Property** 868 3.75%*** NOK 3 256 4 157 (Q4: 2 273) 3 Land loan faci
Slide 18: Return on equity (IFRS)
Return on equity (IFRS) 12-month rolling net income (NOKm) ROE (%) 600 586 512 75% 500 466 55% 400 366 339 35% 300 263 241 245 235 239 26% 23% 15% 200 19% 182 177 6% 6% 14% 15% 12 % 1% 2% 10% 10% 10% 12% 11% 135 8% 8% 133 100 100 -5% 50 22 0 -25% Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24
Slide 19: Agenda
Agenda Highlights Operational update Financial update Market Summary
Slide 20: Estimated completions in Oslo and Akershus
Estimated completions in Oslo and Akershus Units Forecasted housing need of 10 000 ~ 8 750 units per year Average # of (medium growth) 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 21: Estimated completions in Bergen
Estimated completions in Bergen Units 2 000 Forecasted housing need of 1 750 ~1 300 units per year (medium growth) Average number of 1 500 completions (2015-25): ~1 290** ~1 300** 1 200 units 1 250 1 000 ~770* 750 704 500 250 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026e 2027e 2028e
Slide 22: Estimated completions in the Stavanger region
Estimated completions in the Stavanger region Units Forecasted housing need of 3 000 ~1 400 units per year (medium growth) ~2 500** 2 500 ~2 375** ~2 240* 2 000 Average number of completions (2012-24): ~1 400 units 1 500 1 000 1 134 500 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026e
Slide 23: 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 24: Regional Newbuild availability Norway
Regional Newbuild availability Norway on 30 April Units 4 000 3 903 3 000 2 000 1 691 1 000 1 068 751 0 Oslo Akershus Bergen Stavanger area* 2024 2025 2026 Population** 728 700 749 200 294 900 278 800 Available units per 2.3 5.2 2.5 3.8 1 000 capita Source: Plot.ai; Statistics Norway * Includes Stav
Slide 25: Regional Newbuild availability Sweden
Regional Newbuild availability Sweden on 30 April Units 4 000 3 000 3 198 2 000 1 000 858 0 Stocholm län Stockholm kommun 2024 2025 2026 Population* 2 486 300 999 200 Available units per 1.3 0.9 1 000 capita Source: Booli Pro, Statistics Sweden (SCB) Note: Includes apartments only, both bostadsrätte
Slide 26: Regional Second-hand availability Norway
Regional Second-hand availability* Norway 30 April Units 4 000 3 000 3 238 3 263 2 000 1 000 476 372 0 Oslo Akershus Bergen Stavanger** 2024 2025 2026 Population*** 728 700 749 200 294 900 278 800 Available units per 4.4 4.4 1.6 1.3 1 000 capita Source: Eiendomsverdi, Statistics Norway. * Number of
Slide 27: Regional Second-hand availability Sweden
Regional Second-hand availability Sweden 30 April Units 12 000 10 000 10 020 8 000 6 000 4 000 3 826 2 000 0 Stockholm län Stockholm Kommun 2024 2025 2026 Population* 2 486 300 999 200 Available units per 4.0 3.8 1 000 capita Source: Booli Pro, Statistics Sweden (SCB) Note: Includes apartments only,
Slide 28: Regional price development Jan-Apr (Norway)
Regional price development* Jan-Apr (Norway) Oslo Akershus 6,7% 6,7% 7,0% 6,2% 5,8% 4,6% 4,6% 5,0% 3,5% 2,5% 2022 2023 2024 2025 2026 2022 2023 2024 2025 2026 Bergen Stavanger-area** 11,1 % 10,4 % 9,0% 7,9% 8,3% 7,6% 7,9 % 6,4% 7,2 % 6,4 % 2022 2023 2024 2025 2026 2022 2023 2024 2025 2026 Source: Ei
Slide 29: Regional price development (Sweden)
Regional price* development (Sweden) Q1 (Jan-Mar) Central Stockholm** Greater Stockholm** 8,0 % 7,0 % 5,0 % 6,0 % 4,0 % 4,0 % 4,0 % 4,1 % 5,0 % 3,0 % 4,0 % 3,0 % 2,4 % 2,1 % 2,2 % 2,0 % 1,0 % 0,0 % -1,0 % -0,3 % 2022 2023 2024 2025 2026 2022 2023 2024 2025 2026 April Central Stockholm** Greater Stoc
Slide 30: Selected ongoing projects
Selected ongoing projects Attractive projects in prime locations Snøbyen, Lørenskog | Greater Oslo Solheimsvatnet Pluss (JV) | Bergen ~ 2 000 units total ~ 160 Pluss units total ~ 200 Pluss units ~ 30 units remaining for sale ~ 650 units remaining for sale and future development Landås | Greater Osl
Slide 31: Several successful sales launches in 2026
Several successful sales launches in 2026 Examples Terrasskvarteret Pluss, Stockholm Telekvartalet, Løren, Oslo • Total 166 Selvaag Pluss apartments, • Total 196 apartments in Selvaag’s old in Norra Djurgårdsstaden offices in central Løren, Oslo • First sales launch in February, • Sold 71 of 108 uni
Slide 32: Selected upcoming projects
Selected upcoming projects Robust project pipeline to meet long term demand Fornebu (JV) | Greater Oslo Bjerke | Oslo Slakthus | Stockholm ~ 2 000 units ~ 1 500 units ~190 Pluss units ~ 500 Pluss units ~ 300 Pluss units (2027) (2026) (2027) Fredrikstad (JV) | Greater Oslo ~ 2 000 units Hornsberg| St
Slide 33: Agenda
Agenda Highlights Operational update Financial update Market Summary
Slide 34: Outlook
Outlook • Housing shortage and increased purchasing power in SBO’s core regions • Very good sales momentum YTD and solid pipeline with 1 078 units under construction - More construction starts are planned - Several attractive sales launches planned – both new projects and additional phases • Recent
Slide 35: Summary
Summary • Record-high sales in the quarter, sold homes valued over NOK 2.5 bn • Satisfactory results given few deliveries - due to lean and efficient business model • Strong pipeline with order backlog of NOK 7.8 bn 35
Slide 36: Thank you for your attention
Thank you for your attention Next event: 2nd quarter 2026 6 August 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: ~10 200 homes completed since IPO
~10 200 homes completed since IPO… Units completed 10 171 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. 46
Slide 47: For a total value of NOK >40 billion
…for a total value of NOK >40 billion NOK billion 41,2 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 3 406 3 277 3 215 3 271 3 264 3 342 3 251 3 165 3 152 3 052 3 070 3 023 2 794 2 776 2 714 2 629 2 603 2 603 2 471 2 386 2 162 2 047 2 088 2 040 2 099 28,0 % 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 % 18,7 % 16,5 %
Slide 49: Share performance since IPO in June 2012
49 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 -100% 0% 100% 200% 300% 400% 500% 600% 700% 800% Jun-
Slide 50: 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 62,4 62,2 Selvaag Bolig’s ambition is to pay high and Earnings per share 56,5 59,1 56,1 57,1 58,1 stable dividends to its owners Dividend per share 52,9 52,8 54,8 · The c
Slide 51: Share information as at 31.03.26
Share information as at 31.03.26 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: 6 379 (6 595) 7 000 Skandinav iska Enskilda Banken AB * 5 532 973 5.9% PERESTROIKA AS 3 848 312
Slide 52: 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 7 527 units · Focus on fast growing urban regions Stavanger Stockholm 1 163 units 501 units · Large projects with more than 150 units 52
Slide 53: 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 54: Estimated completions in Oslo
Estimated completions in Oslo Units 7 000 6 000 5 000 Forecasted housing need of ~3 950 units per year (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 55: Estimated completions in Akershus
Estimated completions in Akershus Units 7 000 Forecasted housing need of Average # of ~4 800 units per year 6 000 completions (2015-25): (medium growth) ~4 850 units ~5 100** ~5 100** 5 000 ~4 575* 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 56: Newbuild market update Greater Oslo area
Newbuild market update Greater Oslo area Oslo 1.1–30.4, 2026 Akershus 1.1–30.4, 2026 Units Units 986 953 564 1 016 3 870 3 903 1 691 1 239 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: Plot.ai * Including
Slide 57: Newbuild market update Bergen and Stavanger
Newbuild market update Bergen and Stavanger Bergen 1.1–30.4, 2026 Stavanger area** 1.1–30.4, 2026 Units Units 702 609 346 522 975 1 068 751 575 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: Plot.ai. * Inc
Slide 58: Newbuild market update Stockholm area
Newbuild market update Stockholm area Stockholms län 1.1–30.4, 2026 Stockholm Kommun 1.1–30.4, 2026 Units Units 1 097 1 080 312 319 3 182 3 199 864 857 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 59: Regional price development April (Norway)
Regional price* development April (Norway) Oslo Akershus 1,2% 1,3% 1,2 % 1,3 % 0,7 % 0,2% 0,0 % -0,2% -0,2 % -0,8% 2022 2023 2024 2025 2026 2022 2023 2024 2025 2026 Bergen Stavanger-area** 1,6 % 1,6 % 1,6% 1,5% 1,4% 1,2 % 1,3 % 0,7% 0,1 % -0,5% 2022 2023 2024 2025 2026 2022 2023 2024 2025 2026 Sourc
Slide 60: Oslo second-hand market update
Oslo second-hand market update Units sold 1.1 – 30.4, 2010-26 Inventory at 30.4, 2010-26 Units Units 10 000 10 000 8 000 8 000 6 000 6 000 4 000 4 000 2 000 2 000 0 0 2020 2021 2022 2023 2024 2025 2026 2020 2021 2022 2023 2024 2025 2026 Source: Eiendomsverdi. 60
Slide 61: Akershus second-hand market update
Akershus second-hand market update Units sold 1.1 – 30.4 Inventory at 30.4 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 2020 2021 2022 2023 2024 2025 2026 2020 2021 2022 2023 2024 2025 2026 Source: Eiendomsverdi. 61
Slide 62: Bergen second-hand market update
Bergen second-hand market update Units sold 1.1 – 30.4 Inventory at 30.4 Units Units 3 000 3 000 2 500 2 500 2 000 2 000 1 500 1 500 1 000 1 000 500 500 0 0 2020 2021 2022 2023 2024 2025 2026 2020 2021 2022 2023 2024 2025 2026 Source: Eiendomsverdi. 62
Slide 63: Stavanger-area second-hand market update
Stavanger-area* second-hand market update Units sold 1.1 – 30.4 Inventory at 30.4 Units Units 3 000 3 000 2 500 2 500 2 000 2 000 1 500 1 500 1 000 1 000 500 500 0 0 2020 2021 2022 2023 2024 2025 2026 2020 2021 2022 2023 2024 2025 2026 Source: Eiendomsverdi. * Includes Stavanger, Sola, Sandnes, Rand
Slide 64: Greater Stockholm second-hand market update
Greater Stockholm second-hand market update Units sold 1.1 – 30.4 Inventory at 30.4 Units Units 18 000 12 000 16 000 10 000 14 000 12 000 8 000 10 000 6 000 8 000 6 000 4 000 4 000 2 000 2 000 0 0 2023 2024 2025 2026 2020 2021 2022 2023 2024 2025 2026 Source: Svensk Mäklarstatistik Source: Booli Pro
Slide 65: Regional price development – April 2026
Regional price* development – April 2026 % 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% 0.2% 2.5% 1.3% 16.2% 58.8% 100 786 6 979 476 Bergen 1.4% 1.1% 8.3% 10.6% 35.8% 59.4% 69 154 5 150 012 Trondheim -0.3% -0.7%
Slide 66: Land bank in Oslo and Greater Oslo at 31.3.26
Land bank in Oslo and Greater Oslo at 31.3.26 Lørenskog 1 061 units Bærum 1 100 units Lørenskog Stasjonsby 502 units Avløs 100 units Skårer Bolig 39 units Fornebu 900 units LSV 400 units Løren 195 units Østern Bruk 100 units Pallplassen 120 units Lørenvangen 22 195 units Oslo Vest 110 units Lilleake
Slide 67: Land bank in Stavanger area at 31.3.26
Land bank in Stavanger area at 31.3.26 Stavanger 70 units Lervig brygge 70 units Sola 97 units 97 Jaasund 97 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 68: Land bank in Bergen and Stockholm at 31.3.26
Land bank in Bergen and Stockholm at 31.3.26 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 69: 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 70: 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 71: 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 72: 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 73: Substantial portfolio for development
Substantial portfolio for development Total land bank portfolio at 31.12.2025 Units 5 250 10 400 5 400 Total land bank Options and obligations to acquire Land bank in balance sheet 73
Slide 74: Valuation of remaining land bank
Valuation of remaining land bank* NOK million 177 678 501 Book value at 31.12.2025 Gap Valuation at 31.12.2025 (CBRE) * SBO land bank not included in the UP transaction 74
Slide 75: Number of units sold - gross and net
Number of units sold - gross and net Number of units sold Units 363 306 209 274 271 235 225 209 196 196 186 180 160 358 147 152 487 154 139 443 276 116 394 117 248 115 102 99 99 199 201 207 93 85 164 178 173 169 142 139 125 120 49 116 122 100 106 107 83 79 77 88 85 44 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q
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 1 574 1 431 1 401 1 401 1 244 1 177 2 516 1 104 1 121 1 031 487 859 920 927 874 868 443 801 394771 774 731 753 674 554 564 602 1 385 1 242 1 265 543 1 033 1 038 840 910 1 010 871 849 705 696 255 658 760 679 690 708 6
Slide 77: Income statement highlights Q1 2026 (IFRS)
Income statement highlights Q1 2026 (IFRS) Operating revenues (IFRS) · 24 units delivered (34) NOK million - 8 units from share of JVs (9) 1 091 · Revenues NOK 123m (167) - Other revenues NOK 18m (16) · Project costs NOK 82m (131) 568 - Of which NOK 8m is interest (11) 261 · Other costs NOK 70m (62)
Slide 78: Income statement highlights Q1 2026 (NGAAP)
Income statement highlights Q1 2026 (NGAAP) Revenues and EBITDA margin (NGAAP)* 12 month-rolling revenues (NGAAP)* NOK million NOK million 3 104 989 2 845 2 793 2 674 2 670 826 678 691 599 10% 9% 10% 10% 9% 10% 10% 10% 9% 9% Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1
Slide 79: Income statement IFRS
Income statement IFRS (figures in NOK million) Q1 2026 Q1 2025 2025 Total operating revenues 122.6 167.0 2 086.6 Project expenses (82.2) (130.9) (1 767.3) Other operating expenses (68.6) (60.2) (255.3) Associated companies and joint ventures 2.9 (5.9) 69.4 EBITDA (25.4) (30.0) 133.5 Depreciation and
Slide 80: Balance sheet
Balance sheet (figures in NOK million) Q1 2026 Q1 2025 2025 Intangible assets 383.4 383.4 383.4 Property, plant and equipment 7.1 7.4 7.7 Investments in associated companies and joint ventures 287.1 277.3 312.9 Other non-current assets 900.5 757.2 919.0 Total non-current assets 1 578.2 1 425.3 1 623
Slide 81: Cash flow statement
Cash flow statement (figures in NOK million) Q1 2026 Q1 2025 2025 Net cash flow from operating activities (993.2) (1 094.2) (1 310.1) Net cash flow from investment activities 23.2 25.7 81.3 Net cash flow from financing activities 1 065.4 1 004.0 1 100.0 Net change in cash and cash equivalents 95.3 (
Slide 82: Operational highlights – key operating figures
Operational highlights – key operating figures Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Units sold 169 106 85 106 358 - Of which booking agreements in Sweden - 72 Construction starts 183 171 - 122 166 Units completed - 18 114 261 - Completed unsold units 50 40 38 45 32 Completed sold units pending delivery 23
Slide 83: EBITDA Q1 2026
EBITDA Q1 2026 Property (figures in NOK million) development Other Total Operating revenues 972.2 17.0 989.2 Project expenses (818.0) (0.4) (818.4) Other operating expenses (16.0) (53.4) (69.5) EBITDA (percentage of completion) 138.1 (36.8) 101.3 Note: Construction costs are exclusive of financial e
Slide 84: 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 85: 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 86: 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 87: Price development Second-hand market
87 100 150 200 250 300 350 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 Price development (rebased 1.1.2005) Jul-12 Dec-12 Berg
Slide 88: 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 89: 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 90: Macroeconomics Norway
Macroeconomics Norway Real economy 2022 - 2028e Demand 2022 - 2028e 4,0 % 20,0 % 3,0 % 10,0 % 0,0 % 2,0 % -10,0 % 1,0 % -20,0 % 0,0 % 2022 2023 2024 2025 2026e 2027e 2028e -30,0 % 2022 2023 2024 2025 2026e 2027e 2028e GDP GDP mainland Unemployment rate Mainland demand Household consumption Housing i
Slide 91: Macroeconomics Sweden
Macroeconomics Sweden Real economy 2022 - 2028e Demand 2022 - 2028e 10% 4% 3% 8% 2% 6% 1% 4% 0% 2% -1% 0% -2% 2022 2023 2024 2025 2026e 2027e 2028e 2022 2023 2024 2025 2026e 2027e 2028e GDP Unemployment rate Household consumption Public consumption Wages and disposable income 2022 - 2028e Prices and
Slide 92: Macroeconomics Europe
Macroeconomics Europe GDP growth 2022 - 2028e Unemployment 2022 - 2028e 6% 10% 5% 8% 4% 3% 6% 2% 1% 4% 0% 2% -1% -2% 0% 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 20
Slide 93: Selvaag Bolig
SELVAAG BOLIC