Selvaag Bolig Asa · OSL:SBO
Selvaag Bolig Asa — Q4 2025 Earnings Presentation
92 slides from Selvaag Bolig Asa's earnings presentation, Feb 11, 2026
Slide 1: Q4 2025
Q4 2025 Oslo, 11 February 2026 Sverre Molvik, CEO Christopher Brunvoll, CFO
Slide 2: Agenda
Agenda Highlights Operational update Financial update Market Summary 2
Slide 3: Highlights Q4 and FY 2025
Highlights Q4 and FY 2025 • Solid results reflecting cost control and an efficient business model • Sold homes valued over NOK 700 m in the quarter and NOK 3 bn for the full year • Strong pipeline with order backlog of NOK 6.6 bn • Land bank additions of ~900 units in 2025 • Proposed 2025 dividend o
Slide 4: Key financials Q4 and FY 2025 (Proforma)
Key financials Q4 and FY 2025 (Proforma*) Q4 2025 Full year 2025 1 588 19.1 2 790 14.7 Operating revenues Adjusted EBITDA* margin Operating revenues Adjusted EBITDA* margin NOK million Per cent NOK million Per cent 984 13.5 3 338 11.6 Operating revenues (NGAAP) EBITDA** margin (NGAAP) Operating reve
Slide 5: Agenda
Agenda Highlights Operational update Financial update Market Summary
Slide 6: Operational news
Operational news Sales • Highly successful sales starts in beginning of 2026 in Oslo, Ski, Bergen and Stockholm 2026 - Total 257 units sold at total value of NOK 1.8 billion by 10 February - Of which 38 booking agreements in Sweden • Planning for additional sales starts of ~550 units in H1 and ~580
Slide 7: 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 276 690 708 600 122 Q3 44 106 Q2 88 7.0 7.1 6.7 6.1 6.5 Q1 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 2021 2022 2023 2024 2025 Sales value of sold units Average price per unit Annual sales 822 448 360 568 466 N
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 3 256 3 177 707 3 036 665 589 566 521 568 598 6.5 6.6 6.6 6.6 6.5 497 482 466 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Total sales value 12m roling sales value
Slide 9: Construction starts and completions
Construction starts and completions Construction starts and completions per quarter Units 298 261 183 168 171 114 122 18 0 0 Q4 24 Q1 25 Q2 25 Q3 25 Q4 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 7 457 331 7 153 6 574 6 134 183 174 1 165 1 012 1 051 829 912 32 0 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q4 26 Q1 27 Sales value of units under construct
Slide 11: Agenda
Agenda Highlights Operational update Financial update Market Summary
Slide 12: Proforma income statement highlights Q4 2025 (IFRS)
Proforma* income statement highlights Q4 2025 (IFRS) Operating revenues (IFRS) · 261 units delivered (172) NOK million - 67 units from share of JVs (63) 1 588 · Revenues NOK 1 588 (918) - Other revenues NOK 34m (23) · Project costs NOK 1 348m (753) 918 659 - Of which NOK 149m is interest (79) · Othe
Slide 13: Proforma income statement highlights FY 2025 (IFRS)
Proforma* income statement highlights FY 2025 (IFRS) Operating revenues (IFRS) · 433 units delivered (532) NOK million - 91 units from share of JVs (189) 4 299 · Revenues NOK 2 790m (3 098) 3 460 3 370 3 098 - Other revenues NOK 95m (84) 2 790 · Project costs NOK 2 347m (2 551) · Of which NOK 244 of
Slide 14: Proforma income statement highlights Q4 2025 (NGAAP)
Proforma* income statement highlights Q4 2025 (NGAAP) Revenues and EBITDA margin (NGAAP)** 12 month-rolling (NGAAP)** NOK million NOK million 3 416 3 338 3 284 3 306 3 320 1 063 984 839 785 729 13% 14% 12% 11% 12% 10% 11% 10% 10% 10% Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Operat
Slide 15: Cash flow development Q4 2025
Cash flow development Q4 2025 NOK million 63 27 149 140 - 65 255 - 251 201 Profit (loss) before income Changes in inventories CF from investment Cash and cash Cash and cash taxes Share of profits/(losses) (property) Other changes in working activities Net change in borrowings equivalents at 31 equiv
Slide 16: Balance sheet highlights Q4 2025
Balance sheet highlights Q4 2025 Balance sheet composition NOK million 6 805 6 805 · Book value of equity NOK 25.60 per share 7 000 - Equity ratio 35.4% 6 000 Non-current assets Equity · Changes from Q3 2025: 5 000 - Inventories decreased by NOK 87m 4 000 - Current receivables unchanged Non-current
Slide 17: Inventories (property) Q4 2025
Inventories (property) Q4 2025 Q4 2025 vs Q3 2025 Inventory value development NOK million · Land value up NOK 18m 230 271 244 · Work in progress down NOK 145m · Finished goods up NOK 41m 430 467 4 176 4 031 - 45 unsold completed units by quarter end (38) 3 916 2 038 2 150 - 22 sold and completed uni
Slide 18: 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 18
Slide 19: Debt structure
Debt structure Interest-bearing debt at 31.12.25 Drawn at NOK million 31.12.25 Interest rate Loan facility (NOKm) margin* Construction loan facilities from 1 2 273 1.55% - 2.40% a range of Nordic credit institutions 2 Debt to Urban Property** 730 3.75%*** NOK 2 273 3 036 (Q3: 2 450) 3 Land loan faci
Slide 20: 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 Selvaag Bolig’s ambition is to pay high and Earnings per share 56.5 59.1 57.1 stable dividends to its owners 56.1 Dividend per share 54.8 52.9 52.8 · The company aim
Slide 21: Return on equity (IFRS)
Return on equity (IFRS) 12-month rolling net income (NOKm) ROE (%) 586 505 512 466 366 339 263 241 245 235 239 182 177 26% 23% 6% 21% 19% 100 1% 2% 14% 15% 12% 10% 8% 10% 10% 11% 12 % 133 4% 50 22 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 Q4 25 *
Slide 22: Agenda
Agenda Highlights Operational update Financial update Market Summary
Slide 23: Estimated completions in Oslo well below forecasted need
Estimated completions in Oslo well below forecasted need 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 ~2 750** 2 000 ~2 150* 1 000 1 368 0 2015 2016 2017 2018 2019 2020 2021 2022 20
Slide 24: Estimated completions in Akershus
Estimated completions in Akershus Units 7 000 Forecasted housing need of Average # of ~4 800 units per year 6 000 (medium growth) completions (2015-25): ~4 850 units ~5 100** ~5 100** 5 000 ~4 625* 4 000 3 000 3 113 2 000 1 000 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2,025 2026e 2027e 20
Slide 25: 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 ~7 850** ~7 950** 8 000 ~6 750* 6 000 4481 4 000 2 000 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026e 2027e 2028
Slide 26: Estimated completions in Bergen
Estimated completions in Bergen Units 2 000 1 750 Forecasted housing need of Average number of ~1 300 units per year 1 500 completions (2015-25): (medium growth) 1 200 units 1 250 ~1 200** ~1 100** 1 000 750 ~770* 704 500 250 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026e 2027e 2028e
Slide 27: Estimated completions in the Stavanger region
Estimated completions in the Stavanger region Units 2 500 ~2 250** ~2 275** ~2 250* 2 000 Average number of Forecasted housing need of completions (2012-24): ~1 400 units per year 1 500 ~1 400 units (medium growth) 1 000 1 134 500 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026e 2027e
Slide 28: Newbuild market update
Newbuild market update Oslo – 1.1–31.12, 2025 Akershus – 1.1–31.12, 2025 Units Units 3 035 2 818 1 537 1 812 3 635 3 870 1 239 964 Available Supplied to Sold* Available Available Supplied to Sold* Available 01.01.2025 market 31.12.2025 01.01.2025 market 31.12.2025 Source: Plot.ai * Including withdra
Slide 29: Newbuild market update
Newbuild market update Bergen – 1.1–31.12, 2025 Trondheim – 1.1–31.12, 2025 Stavanger area** – 1.1–31.12, 2025 Units Units Units 1 210 1 112 1 397 1 390 764 787 1 380 1 478 968 975 598 575 Available Supplied to Sold* Available Available Supplied to Sold* Available Available Supplied to Sold* Availab
Slide 30: Regional Newbuild availability
Regional Newbuild availability on 01 February 2024-26 Units 4 000 3 913 3 000 2 000 1 393 1 455 1 000 996 582 0 Oslo Akershus Bergen Trondheim Stavanger area* 2024 2025 2026 Population** 727 800 747 600 294 800 217 800 278 400 Available units per 1.9 5.2 2.0 6.7 3.6 1 000 capita Source: Plot.ai * In
Slide 31: Regional Second-hand availability
Regional Second-hand availability* 9 February, 2024-26 Units 4 000 3 000 2 852 2 617 2 000 1 000 995 384 306 0 Oslo Akershus* Bergen Trondheim Stavanger-area** 2024 2025 2026 Population*** 727 800 747 600 294 800 217 800 278 400 Available units per 3.6 3.8 1.3 4.6 1.1 1 000 capita Source: Eiendomsve
Slide 32: Regional full year price development 2020-25 (Norway)
Regional full year price* development 2020-25 (Norway) Oslo Bergen 11.3% 9.9% 12.0% 8.5% 6.6% 6.8% 3.4% 2.2% 1.8% 1.8% 0.5% 0.7% 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 Trondheim Stavanger-area** 14.0 % 13.1 % 8.7% 7.6% 7.0 % 5.2 % 5.3 % 2.8% 1.4% 1.5% 3.7 % -1.3% 2020 2021 2022
Slide 33: Regional price development January 2021-26 (Norway)
Regional price* development January 2021-26 (Norway) Oslo Bergen 6.1% 4.5% 5.0% 5.0% 4.6% 3.2% 3.1% 3.0% 3.0% 3.5% 2.6% 2.1% 2021 2022 2023 2024 2025 2026 2021 2022 2023 2024 2025 2026 Trondheim Stavanger-area** 6.7 % 5.1% 5.1 % 4.5 % 4.3 % 3.7 % 3.3% 3.3% 3.4 % 3.0% 2.6% 1.3% 2021 2022 2023 2024 20
Slide 34: 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 ~ 50 units remaining ~ 660 units remaining Landås | Greater Oslo Solbergskogen | Greater Oslo ~ 650 unit
Slide 35: Successful recent sales launches in 2026
Successful recent sales launches in 2026 Telekvartalet, Løren, Oslo Rådhushagen, Ski, Greater Oslo Terrasskvarteret Pluss, Stockholm Sandsli, Bergen • Total 196 apartments in • Total 191 apartments centrally • Total 166 Selvaag Pluss • New project in Sandsli, Selvaag’s old offices in located in Ski,
Slide 36: Selected upcoming projects
Selected upcoming projects Robust project pipeline to meet long term demand Fornebu (JV) | Greater Oslo Bjerke | Oslo Hornsberg| Stockholm ~ 2 000 units ~ 1 500 units ~ 170 CITY units ~ 500 Pluss units ~ 300 Pluss units (2027/2028) (2026) (2027) Fredrikstad (JV) | Greater Oslo Slakthus | Stockholm M
Slide 37: Agenda
Agenda Highlights Operational update Financial update Market Summary
Slide 38: Outlook
Outlook • Housing shortage and increased purchasing power in SBO’s core regions • Record-high sales YTD 2026 secures deliveries in 2027-2028 • Construction started 166 units YTD 2026, increasing pipeline to 1 078 units under construction • Improving Swedish macro – higher growth and lower rates, off
Slide 39: Summary
Summary • Solid results reflecting cost control and an efficient business model • Sold homes valued over NOK 700 m in Q4 and NOK 3 bn for the full year 2025 • Strong pipeline with order backlog of NOK 6.6 bn at end of Q4 2025 • Land bank additions of ~900 units in 2025 • Proposed 2025 dividend of NO
Slide 40: Thank you for your attention
Thank you for your attention Next event: 1st quarter 2026 21 May 2026
Slide 41: Appendix
Appendix & — Pil
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: ~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. 50
Slide 51: 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 51
Slide 52: 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 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 % 15.7
Slide 53: Share performance since IPO in June 2012
53 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 des. 25 0% 100% 200% 300% 400% 50
Slide 54: Share information as at 31.12.25
Share information as at 31.12.25 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 55: Addressing the long-term housing need
Addressing the long-term housing need · 60 000 homes since 1948 · Housing for all Bergen Greater-Oslo 1 132 units 7 579 units · Focus on fast growing urban regions Stavanger Stockholm 1 163 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 – 31.12, 2019-25 Inventory at 31.12, 2019-25 Units Units 25 000 6 000 22 500 5 000 20 000 17 500 4 000 15 000 12 500 3 000 10 000 2 000 7 500 5 000 1 000 2 500 0 0 2019 2020 2021 2022 2023 2024 2025 2019 2020 2021 2022 2023 2024 2025 Source: Eiendomsverd
Slide 58: Akershus second-hand market update
Akershus second-hand market update Units sold 1.1 – 31.12, 2019-25 Inventory at 31.12, 2019-25 Units Units 16 000 6 000 14 000 5 000 12 000 4 000 10 000 8 000 3 000 6 000 2 000 4 000 1 000 2 000 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 – 31.12, 2019-25 Inventory at 31.12, 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. 59
Slide 60: Trondheim second-hand market update
Trondheim second-hand market update Units sold 1.1 – 31.12, 2019-25 Inventory at 31.12, 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. 60
Slide 61: Stavanger-area second-hand market update
Stavanger-area* second-hand market update Units sold 1.1 – 31.12, 2019-25 Inventory at 31.12, 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: Eien
Slide 62: Regional price development – January 2026
Regional price* development – January 2026 % chg. -1M Average Average price Area % chg -1M seasonal % chg YtD % chg -12m % chg -5Y % chg -10Y price/sqm (NOK) (NOK) adj. Oslo 2.6% -0.2% 2.6% 1.5% 17.4% 66.6% 101 200 6 785 961 Bergen 4.6% 1.0% 4.6% 9.4% 36.7% 56.7% 63 918 4 944 917 Trondheim 3.3% 0.7%
Slide 63: Estimated completions in the Greater Stockholm region
Estimated completions in the Greater Stockholm region* Units Forecasted housing need of 18 000 ~22 050 units per year Average number of 16 000 completions (2016-24): ~14 300 units 14 000 12 000 ~10 700** 9 866 10 000 ~8 900** 8 000 6 000 4 000 2 000 0 2016 2017 2018 2019 2020 2021 2022 2023 2024 202
Slide 64: Regional price development (Sweden)
Regional price* development (Sweden) Full year 2022-2025 Sweden Central Stockholm** Greater Stockholm** 9% 8% 8% 7.1 % 7.0 % 7% 7% 3.7 % 6% 3% 6% 5% 3% 5% 4% 4% 3% 0.7 % 3% 2% 2% 1% 1% 0% -1% -1% -2% -2% -3% -3% -4% -4% -5% -5% -6% -6% -7% -7% -8% -8% -9% -9% -8% -10% -10% -11% -10% -11% -12% -12% 2
Slide 65: Land bank in Oslo and Greater Oslo at 31.12.25
Land bank in Oslo and Greater Oslo at 31.12.25 Lørenskog 1 082 units Bærum 1 131 units Lørenskog Stasjonsby 534 units Avløs 100 units Skårer Bolig 28 units Ballerud 31 units LSV 400 units Løren 195 units Fornebu 900 units Pallplassen 120 units Lørenvangen 22 195 units Østern Bruk 100 units Oslo Vest
Slide 66: Land bank in Stavanger area at 31.12.25
Land bank in Stavanger area at 31.12.25 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 67: Land bank in Bergen and Stockholm at 31.12.25
Land bank in Bergen and Stockholm at 31.12.25 Sweden Bergen 1 132 units Sandsliåsen 40 80 units Stockholm 1 163 units Sandsliåsen 46 206 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 68: 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 69: 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 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: Number of units sold - gross and net
Number of units sold - gross and net Number of units sold Units 306 274 271 209 235 225 209 196 196 186 180 169 154 160 147 152 139 276 487 443 116 117 115 248 394 102 99 99 199 201 207 93 85 178 173 169 164 140 142 139 125 120 49 116 122 100 106 107 83 79 77 88 85 44 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q
Slide 75: 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 1 031 920 927 859 874 868 801 771 774 731 753 487 674 602 1 385 1 242 1 265 554 564 443 543 394 1 010 1 033 1 038 910 871 849 840 705 696 760 708 634 636 255 658 679 690 600
Slide 76: Income statement highlights Q4 2025 (IFRS)
Income statement highlights Q4 2025 (IFRS) Operating revenues (IFRS) · 261 units delivered (172) NOK million - 67 units from share of JVs (63) 1 091 · Revenues NOK 1 091m (498) - Other revenues NOK 31m (20) · Project costs NOK 939m (406) 568 498 - Of which NOK 86m is interest (36) 261 · Other costs
Slide 77: Income statement highlights FY 2025 (IFRS)
Income statement highlights FY 2025 (IFRS) Operating revenues (IFRS) · 433 units delivered (532) NOK million - 91 units from share of JVs (189) · Revenues NOK 2 087m (1 971) 3 403 3 255 2 896 - Other revenues NOK 84m (76) · Project costs NOK 1 767m (1 580) 1 971 2 087 - Of which NOK 158m is interest
Slide 78: Income statement highlights Q4 2025 (NGAAP)
Income statement highlights Q4 2025 (NGAAP) Revenues and EBITDA margin (NGAAP)* 12 month-rolling revenues (NGAAP)* NOK million NOK million 2 845 2 793 877 2 674 2 670 2 544 826 678 691 599 11% 10% 10% 9% 9% 9% 9% 10% 10% 9% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2
Slide 79: Proforma income statement highlights FY 2025 (NGAAP)
Proforma* income statement highlights FY 2025 (NGAAP) Revenues and EBITDA margin (NGAAP)** 12 month-rolling (NGAAP)** NOK million NOK million 3 338 3500 3 284 3 416 3 284 3 306 3 320 3 338 3000 2 744 2500 2000 12% 11% 12% 12% 10% 10% 10% 10% 1500 1000 2023 2024 2025 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q
Slide 80: Income statement IFRS
Income statement IFRS (figures in NOK million) Q4 2025 Q4 2024 2025 2024 2024 Total operating revenues 1 090.7 498.1 2 086.6 1 971.0 1 971.0 Project expenses (938.5) (405.5) (1 767.3) (1 580.3) (1 580.3) Other operating expenses (79.2) (78.0) (255.3) (255.0) (255.0) Associated companies and joint ve
Slide 81: Balance sheet
Balance sheet (figures in NOK million) Q4 2025 Q3 2025 2024 Intangible assets 383.4 383.4 383.4 Property, plant and equipment 7.7 8.6 7.9 Investments in associated companies and joint ventures 312.9 289.5 276.6 Other non-current assets 919.0 877.1 766.8 Total non-current assets 1 623.0 1 558.6 1 434
Slide 82: Cash flow statement
Cash flow statement (figures in NOK million) Q4 2025 Q4 2024 2025 2024 Net cash flow from operating activities 254.7 (46.8) (1 254.4) 87.1 Net cash flow from investment activities 63.1 22.1 25.6 23.2 Net cash flow from financing activities (263.6) 219.3 1 100.0 6.8 Net change in cash and cash equiva
Slide 83: Operational highlights – key operating figures
Operational highlights – key operating figures Number of units Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Units sold 122 169 106 85 106 Construction starts 298 183 171 - 122 Units completed 168 - 18 114 261 Completed unsold units 81 50 40 38 45 Completed sold units pending delivery 26 23 11 28 22 Units delivered
Slide 84: EBITDA 2025
EBITDA 2025 Q4 Property (figures in NOK million) development Other Total Operating revenues 795.8 29.8 825.6 Project expenses (659.9) (1.5) (661.4) Other operating expenses (12.3) (67.8) (80.0) EBITDA (percentage of completion) 123.6 (39.4) 84.2 Note: Construction costs are exclusive of financial ex
Slide 85: 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 86: 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 87: 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 88: 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% 43% 42% 40% 39% 28% 37% 36% 36% 35% 40% 33% 26.2 % 26.3 % 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 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: Norway – relatively limited volatility
Norway – relatively limited volatility GDP growth 2022 - 2027e Unemployment 2022 - 2027e 6% 10% 4% 8% 6% 2% 4% 0% 2% -2% 0% 2022 2023 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 2040e Cen
Slide 91: 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 2021 2022 2023 2024 2025e 2026e 2027e 2028e GDP GDP mainland Unemployment rate Mainland demand Household consumption Housing inves
Slide 92: Selvaag Bolig
SELVAAG BOLIC