Selvaag Bolig ASA

Investor Presentation • Nov 7, 2024

Oslo, 7 November 2024

Sverre Molvik, CEO Christopher Brunvoll, CFO

Q3 2024

Agenda

Highlights

Operational update Financial update

Market

Summary

Highlights Q3 2024

• Sold 100 homes valued at NOK 679m in Q3
  • · Sold 446 homes worth NOK 2.8bn in first 9 months
• Earnings impacted by few deliveries
• Increased number of units under construction, and expect further increase going forward

Key financials Q3 2024

6.0

EBITDA** margin (NGAAP) Per cent

Adjusted EBITDA* margin Per cent

* EBITDA is profit before interest, taxes, depreciation and amortization. EBITDA adjusted is excluding financial expenses included in project costs. ** EBITDA is operating profit before depreciation, gains (losses) and profit from associated companies.

Agenda

Highlights

• Operational update
• Financial update
• Market
• Summary

Operational news

• Construction costs stabilized, allowing for more sales starts moving forward
  • Several new contracts signed and more under negotiation
• Fixed price contracts

Land bank

Construction costs

• Land plots in Stockholm. Allocations with low capital requirements:
  • Kolkajen: Potential for up to 100 units. Signed in Q3
  • Terassen: Potential for up to 220 units. Signed in Q4
  • Several new leads under negotiation

Sales value and units sold

Note: Sales value is adjusted for Selvaag Bolig's share in joint ventures. Units sold are sales contracts entered into with customers pursuant to the Norwegian Housing Construction Act. In accordance with the IFRS, they are recognised as income on delivery.

Rolling sales value and units sold

Note: Sales value is adjusted for Selvaag Bolig's share in joint ventures.

*Total columns show Selvaag Bolig's gross sales.

**Columns excluding dotted areas show Selvaag Bolig's net sales.

Units sold are sales contracts entered into with customers pursuant to the Norwegian Housing Construction Act and the Swedish Bostadsrätsslagen. In accordance with the IFRS, they are recognised as income on delivery.

Construction starts and completions

Construction starts and completions per quarter

Units

Note: Number of units are adjusted for Selvaag Bolig's share in joint ventures.

Units under construction and completions

• · 85% of construction volume in Greater Oslo Area* in Q3 2024

· 85% of 2024 completions sold by Q3 2024 · Expected completions for the full year 2024: 515 · Expected completions for the full year 2025: 374

Note: Sales value and number of units are adjusted for Selvaag Bolig's share in joint ventures.

* Includes: Oslo, Lørenskog, Follo, Tønsberg, Asker.

** Including share of partially owned projects

Agenda

Highlights

Operational update

Financial update

Market

Summary

Income statement highlights Q3 2024 (IFRS)

^* EBITDA is profit before interest, taxes, depreciation and amortization. EBITDA adjusted is excluding financial expenses included in project costs.

Q3 2024 proforma figures including proportionate share of JV

Operating revenues (IFRS)

^* EBITDA is profit before interest, taxes, depreciation and amortization.

^** EBITDA adjusted is excluding financial expenses included in project costs. The difference compared to reported EBITDA is due to interest, taxes, depreciation and amortization in JVs.

Income statement highlights Q3 2024 (NGAAP)

Revenues and EBITDA margin (NGAAP)* 12 month-rolling revenues (NGAAP)*

NOK million NOK million

^* Construction costs are exclusive of financial expenses in the segment reporting (NGAAP). Note: EBITDA is operating profit before depreciation, gains (losses) and profit from associated companies.

Q3 2024 proforma figures including proportionate share of JV

Operating revenues EBITDA margin

Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Operating revenues EBITDA margin

^* Construction costs are exclusive of financial expenses in the segment reporting (NGAAP). Note: EBITDA is operating profit before depreciation, gains (losses) and profit from associated companies.

Cash flow development Q3 2024

NOK million

Note: Other items of less than NOK 20 million are excluded from the cash flow overview.

• · Cash flow from operations negative at NOK 101m driven by changes in inventories
• · Cash flow from investing activities negative at NOK 25m related to funding of JV projects
• · Cash flow from financing activities positive at NOK 116m mainly due to new construction loans

Net change in borrowings

Cash and cash equivalents at 30 September

Balance sheet highlights Q3 2024

Balance sheet composition

0 1 000 2 000 3 000 4 000 5 000 Assets Equity and liabilities Cash Non-current assets Current assets · Book value of equity NOK 24.9 per share - Equity ratio 49.4% · Changes from Q2 2024: - Inventories increased by NOK 173m - Other current receivables reduced by NOK 3m - Cash decreased by NOK 10m · Prepayments from customers represent NOK 28m of other current non-interest-bearing liabilities NOK million

Inventories (property) Q3 2024

Q3 2024 vs Q2 2024 Inventory value development

• · Land value up NOK 4m
• · Work in progress up NOK 386m
• · Finished goods down NOK 218m
  • Unsold completed units reduced by 32 to 87
  • 23 sold and completed units, but not delivered

NOK million

Debt structure

	Loan facility	Drawn at 30.09.24 (NOKm)	Interest rate margin*
1	Construction loan facilities from a range of Nordic credit institutions	924	1.65% - 2.40%
2	Debt to Urban Property**	397	3.75%***
3	Land loan facilities from a range of Nordic credit institutions	34	1.50% - 2.95%
4	NOK 300 million revolving credit facility from DNB maturing in 2025	0	2.50% - 3.00%
5	NOK 150 million working capital facility from DNB with annual renewal	0	2.10%

Interest-bearing debt at 30.9.24

NOK million

* Margin added to 3m NIBOR.

** Repurchase agreements portfolio B and seller credits.

*** + 2.00% fee at property repurchase.

Return on equity (IFRS)

12-month rolling net income (NOKm) ROE (%)

* Net income attributable to shareholders in Selvaag Bolig ASA.

** Based on equity at the start of the period (attributed to shareholders in Selvaag Bolig ASA).

-25%

-5%

15%

35%

55%

75%

95%

115%

0

100

200

300

400

500

600

700

800

Re-negotiated covenants with Urban Property

• 1. Equity > NOK 1.5bn
• 1. Debt ratio < 50%
• 1. Net debt / 12 months rolling EBITDA according to IFRS < 3
• 1. Max 2.5 years accumulated unpaid option premium

• Net debt / 12 months rolling earnings before depreciation

• Max 2.5 year accumulated unpaid option premium

• 1. Equity > NOK 1.8bn
• 1. Debt ratio < 40%
• and tax according to NGAAP < 3

• 1. 500 units under production

  2. Calculated as an average over the last 12 months
  3. For joint ventures, SBO's share of the projects is used
• 1. Sales ratio > 60% for units under production
• 1. Outstanding seller credits < 50% of the SBO equity
     -
  2. * See note 11 in the Q3 2024 report for additional information

• SBO must have free liquidity available, including available credit facilities, to cover 10% of outstanding seller credits

Before 1.1.2025 From 1.1.2025*

Agenda

Highlights Operational update Financial update Market

Summary

Sources: Historic data: Statistics Norway (SSB), Forecasted housing completions: Plot.ai, Forecasted housing need next 5 years: Prognosesenteret. Note: Number of persons per household in Oslo: 1.90.

Note: Housing need calculated on parameters such as number of persons per household, lag on housing development, housing demolition. Note: Completions exclusive of student- and senior housing.

* Estimates based on actual sales, future sales starts, and historical data.

** Uncertainty due to project lead-time.

Estimated completions in Oslo well below forecasted need

Sources: Historic data: Statistics Norway (SSB), Forecasted housing completions: Plot.ai, Forecasted housing need next 5 years: Prognosesenteret. Note: Housing need calculated on parameters such as number of persons per household, lag on housing development, housing demolition. Note: Completions exclusive of student- and senior housing.

* Estimates based on actual sales, future sales starts, and historical data.

** Uncertainty due to project lead-time.

Estimated completions in Akershus

Estimated completions in Oslo and Akershus

Sources: Historic data: Statistics Norway (SSB), Forecasted housing completions: Plot.ai, Forecasted housing need next 5 years: Prognosesenteret. Note: Number of persons per household in Oslo: 1.90.

Note: Housing need calculated on parameters such as number of persons per household, lag on housing development, housing demolition. Note: Completions exclusive of student- and senior housing.

* Estimates based on actual sales, future sales starts, and historical data.

** Uncertainty due to project lead-time.

Newbuild market update

Source: Plot.ai * Including withdrawals.

Newbuild market update

Source: Plot.ai.

* Including withdrawals.

** includes Stavanger, Sandnes, Sola, Randaberg.

Regional Newbuild availability on 1 November, 2022-24

28

Source: Plot.ai

• * Akershus county = Viken ex. counties Buskerud and Østfold.
• ** Includes Stavanger, Sola, Sandnes, Randaberg.

*** Population per YE 2023.

Regional Second-hand availability on 1 November, 2020-24

Source: Eiendomsverdi, Statistics Norway.

^* Includes Stavanger, Sola, Sandnes, Randaberg.

^** Population at YE 2023.

Regional YTD price* development per 31 October, 2014-24

Source: Eiendom Norge.

* Nominal price change.

** Includes Stavanger, Sola, Sandnes, Randaberg.

Stavanger-area**

Regional price* development October 2014-24

Selected ongoing projects

Snøbyen, Lørenskog stasjonsby | Greater Oslo

• ~ 2 000 units total
  • ~ 200 Pluss units
• ~ 730 units remaining

Skårerbyen | Greater Oslo

• ~ 1 100 units total
  • ~ 250 Pluss units
• ~ 300 units remaining

Landås | Greater Oslo

• ~ 650 units total
  • ~ 400 Pluss units
• ~ 400 units remaining

Kaldnes Brygge| Greater Oslo

~ 1 500 units total (JV) ~500 Pluss units ~ 500 units remaining

Sandsli | Bergen ~ 1 150 units total ~ 500 Pluss units ~ 950 units remaining

Barkarby | Stockholm

• ~ 220 Pluss units total
• ~ 210 units remaining

Lervig Brygge | Stavanger

• ~ 800 units total ~ 200 Pluss units
• ~ 100 units remaining

Solbergskogen | Greater Oslo

~ 350 units total ~ 230 Pluss units ~ 250 units remaining

Solheimsvatnet Pluss (JV) | Bergen

• ~ 160 Pluss units
• ~ 160 units remaining

Selected upcoming projects

Lørenvangen | Oslo ~ 200 units (2025)

Lilleaker | Oslo ~ 150 units (2025)

Fornebu (JV) | Greater Oslo ~ 2 000 units ~500 Pluss units (2025)

Fredrikstad (JV) | Greater Oslo ~ 2 000 units ~400 Pluss units (2025)

Robust project pipeline to meet long term demand

2025 2025-2026 2027-2028

Potential sales start

Slakthusområdet | Stockholm ~190 Pluss units (2027)

Nacka | Stockholm ~150 Pluss units (2027)

Mindemyren Torg (JV)| Bergen ~ 225 units (2025)

Hornsberg| Stockholm ~ 190 CITY units (2027)

Bjerke | Oslo ~ 1 500 units ~ 300 Pluss units (2026)

Agenda

Highlights Operational update Financial update Market

Summary

Outlook

• Housing shortage in Oslo, Akershus and Bergen gives favorable conditions for new housing
• Selvaag Bolig is well-positioned with a robust land portfolio to capitalize on a recovering market, with interest rates trending downward
• Expect to increase the number of homes under construction going forward
• Strong land purchasing capacity through Urban Property

Summary

• Sold 100 homes valued at NOK 679m in Q3
  • · Sold 446 homes worth NOK 2.8bn in first 9 months
• Earnings impacted by few deliveries
• Increased number of units under construction, and expect further increase going forward

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Next event: 4 th quarter 2024 12 February 2025

Appendix

Selvaag Bolig is a housing development company which focuses on the growth areas in and around Greater Oslo, Bergen, Stavanger, Trondheim and Stockholm

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

PROMISES Being a safe, solid and competent partner, always delivering on promises. Selvaag Bolig shall develop smart, sustainable and profitable projects

VALUES Care and creativity

Led by experienced management team

Sverre Molvik Chief Executive Officer

Christopher Brunvoll Chief Financial Officer

Øystein Klungland Chief Operating Officer

Kristoffer Gregersen EVP Communications and Sustainability

Line Lian Mjell EVP Market

Selvaag Bolig is a story about development

50 000 homes completed

Efficient and flexible value chain

with construction loans

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

Limited equity risk

• Construction starts after minimum 60% pre-sale

• Remaining risk very limited

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

Limited equity risk

• Construction starts after minimum 60% pre-sale

• Remaining risk very limited.

Strategic priorities

Strategic positioning driving healthy profits

Competitive housing offering, targeting growth regions

Efficient and flexible cost structure

Capital-efficient business model backed by strong balance sheet

Large, actively-managed land bank, owned by partner Urban Property

Value drivers

• · Presence in fast-growing urban regions with high demand and large market depth
• · Competitive prices and defined housing concepts, aimed at wide range of consumers
• · Energy and area efficient buildings with low life-cycle environmental footprint
• · Value appreciation through refinement of land for housing development
• · Flexibility to develop thousands of homes in growing urban regions
• · Active asset management
• · Partnership reduces invested capital and strengthens ability to buy land
• · No in-house construction arm; improves flexibility and cost optimisation
• · Project-based business model improves flexibility and reduces risk
• · Economies of scale through large projects
• · Lean organisation reduces overhead
• · Partnering strategy for land acquisition reduces capital employed and interest rate sensitivity
• · 60% pre-sale before construction start lowers project financing need and inventory risk
• · Sound debt structure and financial flexibility

~9 500 homes completed since IPO…

Units completed

Note: Completed ~50 000 units from 1948 to 2011.

…for a total value of NOK ~38 billion

NOK billion

2 386
	2 047	2 088	2 040	2 099	2 162

2024

Project margin development

* Includes project revenues only.

** Project margins are exclusive of overhead costs. Construction costs are exclusive of financial expenses in the segment reporting (NGAAP).

NOK million

Net profit per unit delivered

• · Nearly 60 000 homes over the last 70 years
• · Housing for all
• · Focus on fast growing urban regions
• · Large projects with more than 150 units

Addressing the long-term housing need

Trondheim 102 units

Stockholm 1 047 units

Greater-Oslo

7 173 units

Substantial land bank in Norway's four largest growing urban areas

• 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
• Substantial land bank to accommodate targets/growth in core areas
• Good infrastructure and public transport
• Joint ventures (JVs)

Land bank exposure

Geographical spread

Land-bank strategy

Trondheim 102 units Greater-Oslo 7 173 units Stavanger 537 units Bergen 1 187 units

Note: The numbers represent the size of the land portfolio at 30 September 2024. All numbers are adjusted for Selvaag Bolig's share in joint ventures. The total portfolio is ~10 100 units. Of these ~5 250 are options and obligations to buy.

Oslo second-hand market update

Source: Eiendomsverdi

Akershus second-hand market update

Source: Eiendomsverdi.

Bergen second-hand market update

Source: Eiendomsverdi.

Trondheim second-hand market update

Source: Eiendomsverdi.

Stavanger-area* second-hand market update

Source: Eiendomsverdi.

* Includes Stavanger, Sola, Sandnes, Randaberg.

Regional price* development – October 2024

Area2	% chg -1M	% chg. -1M seasonal adj.	% chg YtD	% chg -12m	% chg -5Y	% chg -10Y	Average price/sqm (NOK)	Average price (NOK)
Oslo	-0.2%	0.5%	5.9%	5.6%	27.1%	79.7%	94 308	5 887 849
Bergen	1.2%	1.8%	12.5%	10.7%	30.9%	42.5%	55 155	3 900 767
Trondheim	-0.2%	0.7%	4.9%	2.9%	20.9%	39.0%	54 674	3 853 963
Stavanger-area**	-1.9%	-0.2%	11.1%	8.1%	33.1%	20.4%	46 382	4 247 326
Norway	-0.7%	0.3%	6.9%	4.9%	25.1%	55.4%	52 694	4 050 662

Source: Eiendom Norge.

* Nominal price change.

** Includes Stavanger, Sola, Sandnes, Randaberg.

Land bank in Oslo and Greater Oslo at 30.9.24

*The numbers are adjusted for Selvaag Bolig's share in joint ventures

Lørenskog	1 358 units
Lørenskog Stasjonsby	632 units
Skårer Bolig	206 units
LSV	400 units
Pallplassen	120 units
Lillestrøm 1 358
units
Bjerke	1 250 units
Bjerke	1 250 units
Oslo South	315 units
Gjertsrud Stensrud	315 units
Follo/Østfold	1 402 units
Ski	90 units
Grenseveien	228 units
Fredrikstad	900 units

Land bank in Stavanger area at 30.9.24

*The numbers are adjusted for Selvaag Bolig's share in joint ventures

Land bank in Bergen, Trondheim and Stockholm at 30.9.24

*The numbers are adjusted for Selvaag Bolig's share in joint ventures.

Cooperation with Urban Property

• How it works:

• Urban Property has a right of first refusal (ROFR) to purchase all new land Selvaag Bolig wants to develop
• Urban Property acquires land on Selvaag Bolig recommendations
• Selvaag Bolig has the option to repurchase the land in stages
• Fee structure:
  • 2.5% transaction fee
  • Annual option premium of NIBOR +375bp

• Benefits for Selvaag Bolig:

• Eliminates need for equity when purchasing land, as SBO pay 50% of purchasing price at construction start and 50% at project

• More efficient and predictable funding of existing and new land

• completion

• Increases return on equity
• Allows for a higher dividend payout ratio
• plots

• fee)

• Increases competitiveness when making land purchases

• Down-side risk for SBO limited to 48 months option premium (break

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.

^* Net debt/(Net debt+Equity)

^** Net debt/ 12m rolling EBITDA

No equity investment in early phase through land bank cooperation with Urban Property

Cooperation between Selvaag Bolig and Urban Property

1) + 2.5% transaction fee and option price (Nibor + 375bps).

Business model securing healthy project margins

Delivery in accordance with expectations

Project margin 18%

Delivery to customers

	Acquire and refine land for development	Project design	Contracting, marketing and pre-sales	Construction and sales
Project margin 20%	· Buy (i) options on unzoned land or (ii) ready-to-build land · Opitmize project for zoning process	· Optimize project design - Net/gross-factor - Tailor to meet market demand price/quality · Plan and prepare for construction	· Pre-marketing · Competitive tender for construction · 60% pre-sale before construction start	· Fixed-price contracts · Prices on remaining 40% increased gradually · Construction financed with construction loans
15%
10%
5%
0%
	Land acquired with minimum 10% project margin 1) Assuming flat market development.	Adding value through building permits and area utilisation	Value added when achieving 60% pre-sale	Maximising price in accordance with market

Margin development through project stages¹

· Target 100% sale at delivery

Example project calculations before and after

Example apply a land ownership period in Urban Property of 3-4 years, and a finance cost of 4% on all capital employed in the project.

		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%
Other costs	24.5	7.0%	24.5	7.0%
Project cost	290.0	83.2%	305.5	87.7%
Net finance (excluding Urban Property)	16.8	4.8%	5.3	1.5%
TOTAL REVENUE	348.5	100.0%	348.5	100.0%
TOTAL COST	306.8	88.0%	310.9	89.2%
PROFIT	41.7	12.0 %	37.7	10.8%
Internal rate of return (IRR)		12.2%		28.0%

• 1 Initial project margin and IRR before Urban Property when purchasing land at market value
• 2 Initial project margin and IRR with Urban Property as partner when purchasing land at market value (including option premium)

In total marginal lower project margins, but significantly increased IRR and RoE

Earnings and dividend per share since IPO

Accumulated dividend and earnings per share* Aiming to maximize shareholder return

* Including EPS of NOK 11.01 and DPS of NOK 22 from UP transaction ** Excluding EPS of NOK 11.01 and DPS of NOK 22 from UP transaction

Selvaag Bolig's ambition is to pay high and stable dividends to its owners

· The company aims to pay dividends of minimum 60 per cent of net annual profit

· Dividend will be weighed against the company's liquidity forecasts and capital

· Due to challenging market conditions, the board has decided to postpone dividend considerations for H1 2024 until the full year

• adequacy
• results are concluded

Substantial portfolio for development

Total land bank Options and obligations to acquire Land bank in balance sheet

Total land bank portfolio at 30.9.2024

Units

Value of units sold - gross and net

Sales value of units sold

Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Sales value of sold units (net) Gross-net

NOK million

Number of units sold - gross and net

Number of units sold

Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24

Units sold net Gross-net

Units

Operational highlights – key operating figures

	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24
Antall solgte enheter	77	88	139	207	100
Antall igangsatte enheter	57	130	123	95	43
Antall ferdigstilte enheter	90	331	236	105	5
Antall ferdigstilte ikke solgte enheter	60	95	126	119	87
Antall ferdigstilte solgte ikke overleverte enheter	10	30	56	41	23
Antall overleverte enheter	74	276	179	127	54
Antall enheter under bygging	985	784	671	661	700
Andel solgte enheter under bygging	69 %	62 %	62 %	66 %	67 %
Salgsverdi av bolig i produksjon (NOK millioner)	5 292	4 496	3 948	4 211	4 495

(figures in NOK million)	Q3 2024	Q3 2023	9M 2024	9M 2023	2023
Total operating revenues	225.0	436.8	472.9 1	2 008.0	3 254.7
Project expenses	(169.0)	(345.9)	(1 174.8)	(1 634.3)	(2 677.2)
Other operating expenses	(57.4)	(59.7)	(177.0)	(172.8)	(254.0)
Associated companies joint and ventures	(8.4)	(5.0)	35.9	(20.9)	(13.4)
EBITDA	(9.8)	26.3	157.0	179.9	310.1
Depreciation and amortisation	(2.7)	(2.3)	(7.3)	(6.9)	(9.2)
gains (loss) Other	-	-	-	-	-
EBIT	(12.5)	23.9	149.7	173.1	300.9
financial Net expenses	3.9	2.4	0.6	9.0	18.6
Profit/(loss) before taxes	(8.6)	26.3	150.3	182.1	319.5
Income taxes	3.6	(6.7)	(19.9)	(45.7)	(74.8)
income Net	(5.0)	19.6	130.3	136.4	244.7

Income statement IFRS

(figures in NOK million)	Q3 2024	Q2 2024	Q3 2023	2023
Intangible assets	383.4	383.4	383.4	383.4
equipment Property, plant and	8.7	12.2	10.0	9.8
Investments in associated companies and joint ventures	241.3	244.0	217.2	230.0
Other non-current assets	725.2	650.3	551.4	580.1
Total non-current assets	1 358.6	1 290.0	1 162.0	1 203.2
Inventories (property)	3 106.5	2 933.4	3 949.7	3 199.5
- Land	637.9	633.5	693.2	667.3
- Land held for sale
- Work in progress	2 038.2	651.9 1	2 947.2	959.2 1
- Finished goods	430.4	647.9	309.3	573.0
Other current receivables	96.9	120.6	132.2	85.2
Cash and cash equivalents	189.1	198.9	193.0	266.5
Total current assets	3 392.5	3 252.9	4 274.9	3 551.2
TOTAL ASSETS	4 751.1	4 542.8	5 436.9	4 754.4
Equity attributed shareholders in Selvaag Bolig ASA* to	2 336.9	2 340.3	2 170.0	2 299.1
Non-controlling interests	7.9	7.9	7.8	7.8
equity Total	2 344.8	2 348.1	2 177.9	2 307.0
Non-current interest-bearing liabilities	602.3	336.9	091.5 1	681.8
non interest-bearing liabilities Other non-current	616.9	562.8	503.7	533.3
liabilities Total non-current	1 219.2	899.6	1 595.3	1 215.1
Current interest-bearing liabilities	753.0	881.0	071.0 1	728.4
non interest-bearing liabilities Other current	434.1	414.1	592.8	503.9
liabilities Total current	1 187.1	1 295.1	1 663.8	1 232.3
TOTAL EQUITY LIABILITIES AND	4 751.1	4 542.8	436.9 5	4 754.4

Balance sheet

(figures in million) NOK	9M 2024	9M 2023	2023
flow from operating activities Net cash	133.9	381.7	1 196.6
Net cash flow from investment activities	1.2	(67.5)	(45.3)
flow from financing activities Net cash	(212.4)	(733.9)	(1 497.5)
in equivalents Net change cash and cash	(77.4)	(419.7)	(346.1)
equivalents of period Cash and cash at start	266.5	612.7	612.7
equivalents of period Cash and cash at end	189.1	193.0	266.5

Cash flow statement

	Property
(figures in NOK million)	development	Other	Total
Operating revenues	498.3	17.6	515.9
Project expenses	(425.4)	0.4	(425.0)
Other operating expenses	(9.7)	(50.2)	(59.9)
EBITDA (percentage of completion)	63.2	(32.2)	31.0
Note: Construction costs are exclusive of financial expenses in the segment reporting.
IFRS EBITDA for the quarter, per segment
Operating revenues	207.4	17.6	225.0
Project expenses	(169.4)	0.4	(169.0)
Other operating expenses	(9.7)	(47.7)	(57.4)
Share of income (losses) from associated companies
and joint ventures Other gain (loss), net	(8.4) -	-	(8.4)
EBITDA	19.9	(29.8)	(9.8)
Units in production	700	N/A	N/A
Units delivered	54	N/A	N/A

EBITDA Q3 2024

Note: EBITDA is operating profit before depreciation, gains (losses) and profit from associated companies.

Share information as at 30.9

Number of shareholders

• · Number of shareholders: 6 766 (6 742)
  • 20 largest controlling 80.6% (81.1%)
  • Selvaag AS largest shareholder 53.5%
• · Trading
  • 1.8 million shares during the quarter (2.2), 1.9% of total shares outstanding (2.4%)
  • Share turnover totaled NOK 62.7 million (82.3)

20 largest shareholders

Shareholder	# of shares	% share
SELVAAG AS	50 180 087	53,5%
Skandinaviska Enskilda Banken AB *	4 680 572	5,0%
PERESTROIKA AS	3 443 837	3,7%
VERDIPAPIRFONDET ALFRED BERG GAMBA	3 266 051	3,5%
The Northern Trust Comp, London Br *	2 186 000	2,3%
EGD CAPITAL AS	1 704 752	1,8%
SANDEN EQUITY AS	1 660 000	1,8%
HAUSTA INVESTOR AS	1 584 500	1,7%
MUSTAD INDUSTRIER AS	1 067 454	1,1%
Goldman Sachs International *	965 549	1,0%
The Northern Trust Comp, London Br *	840 200	0,9%
Brown Brothers Harriman & Co. *	684 331	0,7%
Brown Brothers Harriman & Co. *	498 314	0,5%
Sverre Molvik	491 387	0,5%
Øystein Klungland	491 387	0,5%
Skandinaviska Enskilda Banken AB *	399 628	0,4%
KBC Bank NV *	387 922	0,4%
VARDE NORGE AS	350 000	0,4%
THRANE-STEEN NÆRINGSBYGG AS	342 249	0,4%
Brown Brothers Harriman & Co. *	321 200	0,3%
Total 20 largest shareholders	75 545 420	80,6%
Other shareholders	18 220 268	19,4%
Total number of shares	93 765 688	100,0%

* Further information regarding shareholders is presented at: http://sboasa.no/en

Note: Numbers in brackets from the previous quarter.

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 a minimum 10% cash deposit
• · High level of home ownership
  • · 85% (one of the world's highest)
• · Economic benefits for home owners
  • · 23% of mortgage loan interest payments are tax deductible
  • · Transfer stamp duty for new houses is lower than for second-hand homes
• · Strong population growth
  • · Norway's urban areas are among the fastest growing in Europe
  • · Good market for new homes

Source: Selvaag Bolig and Eurostat.

Total household debt and homeownership

Source: OECD, Statista.

Price development Norway and selected regions (2005-23)

Price development (rebased 1.1.2005)

* Stavanger area includes: Randaberg, Sandnes, Sola, Stavanger.

Population growth in Oslo and Akershus remains high

Share of total population in Oslo and Akershus Share of total population growth in Oslo and Akershus

Source: Statistics Norway, per Q3 2023

Homeownership rate among immigrants in Norway (per year living in Norway)

Immigration increases demand over time

of years in Norway

Norway – relatively limited volatility

GDP growth 2019 - 2025e Unemployment 2019 - 2025e

Population growth 2022 - 2030e and 2040e Interest rates* 2019 - 2025e

Source: Bloomberg, IMF, UN

*Central bank policy rates

Healthy macroeconomics

Real economy 2020 - 2027e Demand 2020 - 2027e

Wages & disposable income 2020 - 2027e Prices & interest rates 2019 - 2027e

Source: Monetary Policy Report 3|24, Central Bank of Norway.