Selvaag Bolig ASA

Earnings Release • Oct 1, 2024

Selvaag Bolig ASA: Q3 2024: Has sold 505 homes worth NOK 3.24 billion so far this year

Selvaag Bolig ASA: Q3 2024: Has sold 505 homes worth NOK 3.24 billion so far this year

Selvaag Bolig has sold 505 homes worth NOK 3 243 million so far this year. Net

sales, sales adjusted for the company s share in joint ventures, came to 446

homes worth NOK 2 824 million. The sales value was more than NOK 1,2 billion

higher than in the same period of last year.

Sales in the third quarter alone came to 116 homes worth NOK 801 million. Net

sales came to 100 homes worth NOK 679 million.

"Sales picked up significantly in the second quarter, but the market has been

somewhat quieter again after the summer. This is roughly as expected since the

interest rate cut has been delayed. We expect the sales pace to pick up in

2025 both because there is a housing shortage in our core areas and because it

has been signaled that the mortgage interest rate will drop," says CEO Sverre

Molvik.

In the quarter, the company started construction of a net 43 homes, completed

5 homes, and delivered 54 homes to buyers. So far this year, Selvaag Bolig has

started construction of 261 homes, completed 346 homes, and delivered 360

homes to buyers.

At 30 September, Selvaag Bolig had 700 homes under construction, 87 completed

homes that remained unsold, and 23 completed homes that were sold but not yet

delivered to buyers. The corresponding figures at 30 June were 661 homes under

construction, 119 completed homes that remained unsold, and 41 completed homes

that were sold but not yet delivered to buyers.

"If the market holds up, we will increase the number of homes under

construction going forward. We also have fewer completed unsold homes than at

the end of the previous quarter, and we are working to reduce the finished

goods inventory further," says Molvik.

Corresponding sales figures for the third quarter of 2023 were 85 homes gross

worth NOK 580 million, and 77 homes net worth NOK 479 million. During the

first nine months of 2023 Selvaag Bolig sold 336 homes gross worth NOK 1 980

million, and 271 homes net worth NOK 1 577 million.

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About Us

Selvaag Bolig ASA is a residential property developer controlling the entire

value chain from acquisition of land to sale of homes. The company has several

thousand homes under development at any given time, and focuses on the growth

areas in and around Greater Oslo, Bergen, Stavanger, Trondheim and Stockholm.

Selvaag Bolig represents a continuation of Selvaag's 75-year history and

experience, and offers a broad variety of property types. The company is

headquartered at Ullern in Oslo.

www.selvaagboligasa.no/en

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This release was distributed by Kristoffer Gregersen, EVP communications and

sustainability, Selvaag Bolig ASA.

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For further information:

Sverre Molvik, CEO

Telephone: +47 40 10 05 85, e-mail: smo@selvaagbolig.no

Christopher Brunvoll, CFO

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

(mailto:chrb@selvaagbolig.no)

Kristoffer Gregersen, EVP communications, sustainability and corporate

strategy

Telephone: +47 95 77 55 93, e-mail: kgr@selvaagbolig.no