NPRO: 1Q 2025 - Good results from operations, strong focus on leasing activities and in final negotiations to refinance loans maturing in 2025

10 Apr 2025 13:47 CEST

· Rental income of MNOK 360 in the first quarter showed a growth of 16 per cent
compared with Q1 last year.
· Operating profit before value adjustments of MNOK 280, which is an
improvement of MNOK 29 from the same period last year.
· Profit before income tax and value adjustments was MNOK 90 (NOK 0.13 per
share) for the first quarter, decreasing from MNOK 135 (NOK 0.21 per share) for
the same quarter last year.
· The fair-value adjustment of investment properties was positive by MNOK 156
(0.6 %), and negative changes for the derivatives amounted to MNOK 11.
· The net profit was MNOK 186 for the first quarter which corresponds to an
earnings per share (EPS) of NOK 0.28.
· EPRA NRV (Long-term net reinstatement value) was NOK 21.44 per share.

Bent Oustad, CEO, says about the quarter:

"Despite turmoil in the world's financial markets, we keep focus on the things
we can do something about. Once again, we deliver good rental results for the
quarter. The situation is being closely monitored, and we are very satisfied
with our tenant mix and its profile with large and solid companies. We notice
that there are some large rental searches in the market. From there to getting a
contract signed, it is all about hard work and good collaboration between all
our departments, and that is where our focus lies.

In the quarter, we have completed the refinancing of Martin Linges vei 33
(ML33). Bonds totaling MNOK 2,000 were issued in January 2025. We have also
refinanced Sandakerveien 138-140 with a new bank loan of MNOK 608. These days,
we are finalising negotiations on the refinancing of bank loans and bonds
maturing in 2025. In somewhat turbulent times in the financial market, it gives
extra comfort to have long and good relationships with our financing partners."

For further information, please contact:
Bent Oustad, CEO, mob: +47 4801 6082, e-mail: bo@npro.no
Haavard Rønning, CFO, mob. +47 400 200 19, e-mail: hr@npro.no

This information is subject of the disclosure requirements according to §5-12 of
the Norwegian Securities Trading Act ('Verdipapirhandelloven').

Norwegian Property is a focused and fully integrated office property company
with properties located mainly in the Oslo area in Norway. The portfolio is
characterized by central location and attractive premises with high quality
tenants. The group's properties consist largely of office premises, associated
warehousing and car parking, as well as retail and catering space. The company
has identified four value drivers for long-term value creation; Marketing &
letting, Property management, Property development and Transactions & finance.
www.npro.no

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643498_2025_03_31_NPRO_1Q_2025_presentation.pdf
643498_2025_03_31_NPRO_Interim_Report.pdf