NPRO: 4Q and full year 2025 - Strengthened balance sheet, a solid refurbishment and redevelopment project pipeline, as well as a strong housing market in Stavanger

29 Jan 2026 16:30 CET

· Contribution in kind of 23 per cent of the shares in Fabege AB transferred
during the quarter
· Net LTV reduced from 51 per cent as of Q3 to 38.5 per cent
· Net profit for the fourth quarter amounted to NOK 3,720 million
corresponding to earnings per share (EPS) of NOK 4.93. For the full year 2025,
net profit totalled NOK 4,473 million equivalent to NOK 6.48 per share. The
profit includes a positive impact of NOK 3,195 million from a gain in connection
with the takeover of the shares in Fabege AB
· The quarter recorded a positive fair value adjustment of investment
properties of NOK 6 million, and property values have increased by 5.9 per cent
since the first quarter of 2024
· Nordr (JV where NPRO owns 42.5 per cent) divests its Swedish operations in
the first quarter of 2026
· Sales have commenced for the residential development project Fabel Forus, a
JV with Base Bolig
· EPRA NRV amounts to NOK 22.42 per share

Haavard Rønning, Acting CEO, says about the quarter:

"2025 has been a year in which the company has entered into several important
lease agreements, initiated and approved several key refurbishment projects, and
further improved its operational performance. In the fourth quarter, the company
significantly strengthened its equity through the contribution in kind of Fabege
shares. This positions the company well for long-term value creation. It is also
encouraging to observe the accelerating housing market in Stavanger. We have
experienced a strong sales start for the residential project Fabel in Stavanger.
With increased activity at Forus, further supported by Equinor's decision to
upgrade and extend the lease on the neighbouring property, we remain positive
regarding the continued development of the project."

For further information, please contact:
Haavard Rønning, Acting CEO and 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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664469_2025_12_31_NPRO_Interim_Report.pdf
664469_2025_12_31_NPRO_4Q_2025_presentation.pdf