Selvaag Bolig ASA: Q4 2025: Solid profitability, dividend, and homes under construction for NOK 6.6 billion

11 Feb 2026 07:01 CET

Selvaag Bolig had operating revenues of NOK 2,790 million and an adjusted
EBITDA of NOK 410 million in 2025, including the company's share in joint
venture projects. The board of directors proposes a dividend of NOK 1.00 per
share for 2025.

"We delivered solid results in 2025, and the profitability of our projects
remains very strong considering the market situation. At year-end, we had 912
homes under construction with a total value of NOK 6.6 billion," says CEO
Sverre Molvik.

Revenues and profit for the fourth quarter were higher than in the same period
in 2024, due to a higher number of delivered units with strong profitability.
Although the IFRS result for the year is lower than in 2024 due to fewer
delivered units, the NGAAP result, which reflects ongoing value creation in
the company, is better in 2025 than the previous year. This is due to an
increased number of homes under construction and improved project
profitability.

"Sales so far in 2026 have been record-high, due to successful launches in
Oslo, Ski, Bergen, and Stockholm. Combined with high activity in our other
projects, we have 257 sales so far this year, to a value of NOK 1.8 billion.
Our order backlog is at a solid level, and the strong sales has enabled us to
start construction of 166 homes thus far in 2026, which will be completed and
generate results in 2027," says Molvik.

A webcast of the presentation will be available from 08:30 here
(https://qcnl.tv/p/3wKTOHCihq9oWL8kG9WkkA). An English transcript of the
presentation will be made available on the company's website.

Highlights of the fourth quarter of 2025 (fourth quarter 2024)

* Gross sales* amounted to 115 homes (160) with a sales value of NOK 774
million (NOK 1 121 million)
* Net sales* were 106 homes (122) with a sales value of NOK 708 million (NOK
849 million)
* Net construction starts for 122 homes (298), net completions of 261 (168)
and net deliveries of 261 to buyers (172)
* Net 912 homes under construction (829) with a combined sales value of NOK 6
574 million (NOK 6 134 million)
* 60 per cent (61 per cent) of homes under construction sold at 31 December
* 45 (81) completed homes unsold at 31 December
* IFRS**: Operating revenues of NOK 1 091 million (NOK 498 million), EBITDA
adjusted for financial expenses NOK 224 million (NOK 87 million),
corresponding to a margin of 20.5 per cent (17.4 per cent)
* Proforma IFRS** including Selvaag Bolig's share of joint venture projects:
Operating revenues of NOK 1 588 million (NOK 918 million). EBITDA adjusted
for financial expenses NOK 303 million (NOK 158 million), corresponding to a
margin of 19.1 per cent (17.3 per cent)
* Earnings per share: NOK 1.37 (NOK 0.50)
* NGAAP***: Operating revenues of NOK 826 million (NOK 877 million), EBITDA of
NOK 84 million (NOK 96 million), corresponding to a margin of 10.2 per cent
(10.9 per cent)
* Proforma NGAAP*** including Selvaag Bolig's share of joint venture projects:
Operating revenues of NOK 984 million (NOK 1 063 million). EBITDA of NOK 133
million (NOK 139 million), corresponding to a margin of 13.5 per cent (13.1
per cent)

Highlights of 2025 (2024)

* IFRS**: Operating revenues of NOK 2 087 million (NOK 1 971 million), EBITDA
adjusted for financial expenses NOK 292 million (NOK 320 million),
corresponding to a margin of 14.0 per cent (16.2 per cent)
* Proforma IFRS** including Selvaag Bolig's share of joint venture projects:
Operating revenues of NOK 2 790 million (NOK 3 098 million). EBITDA adjusted
for financial expenses NOK 410 million (NOK 482 million), corresponding to a
margin of 14.7 per cent (15.6 per cent)
* Earnings per share: NOK 1.42 (NOK 1.90)
* The board proposes a dividend of NOK 1.00 per share (NOK 1.25) for the year
2025.
* NGAAP***: Operating revenues of NOK 2 793 million (NOK 2 544 million),
EBITDA of NOK 267 million (NOK 220 million), corresponding to a margin of
9.6 per cent (8.7 per cent)
* Proforma NGAAP*** including Selvaag Bolig's share of joint venture projects:
Operating revenues of NOK 3 338 million (NOK 3 284 million), EBITDA of NOK
387 million (NOK 338 million), corresponding to a margin of 11.6 per cent
(10.3 per cent)
* Gross sales* amounted to 521 homes (665) with a sales value of NOK 3 463
million (NOK 4 363 million)
* Net sales* were 466 homes (568) with a sales value of NOK 3 036 million (NOK
3 673 million)
* Net construction starts for 476 homes (559), net completions of 393 (514)
and net deliveries of 433 to buyers (532)

* Units sold are sales contracts entered into with customers pursuant to the
Norwegian Housing Construction Act and the Tenancy Act in Sweden. In
accordance with the IFRS, they are recognised as income on delivery. Net sales
include Selvaag Bolig's share of joint venture projects. Gross sales include
all homes in joint venture projects.
** Pursuant to the IFRS, all profit is recognised when the homes are delivered
to the buyer. Profit pursuant to the IFRS accordingly derives primarily from
homes which began to be built roughly two years ago.
*** The accounts pursuant to Norwegian generally accepted accounting
principles (NGAAP) utilise the percentage of completion method. This means
that profits are recognised on the basis of construction progress and sales in
the projects. That presents ongoing value creation in the company.

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About Us
Selvaag Bolig ASA is a residential development company that manages the entire
value chain from acquisition of land to completed residential and urban areas.
The company represents a continuation of Selvaag's 75-year history and
experience and has several thousand homes under development in growth areas in
and around the largest cities in Norway and Sweden. Selvaag Bolig offers a
broad variety of housing types, including the lifestyle concept Selvaag
Pluss®, which features homes with shared spaces and services.
www.selvaagboligasa.no/en

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This release was distributed by Line Lian Mjell, EVP marketing, strategy and
sustainability, Selvaag Bolig ASA.

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For further information:
Sverre Molvik, CEO
Telephone: +47 401 00 585, e-mail: smo@selvaagbolig.no

Christopher Brunvoll, CFO
Telephone: +47 98 82 92 22, e-mail: chbr@selvaagbolig.no

Line Lian Mjell, EVP marketing, strategy and sustainability
Telephone: +47 975 39 225, e-mail: limj@selvaagbolig.no

This information is subject to disclosure under the Norwegian Securities
Trading Act, §5-12. The information was submitted for publication, through the
agency of the contact persons set out above, at 2026-02-11 07:00 CET.

More information:
Access the news on Oslo Bors NewsWeb site

665340_Report 4th quarter 2025.pdf
665340_Presentation Q4 2025.pdf