Selvaag Bolig ASA

Investor Presentation • Aug 8, 2024

Oslo, 8 August 2024

Sverre Molvik, CEO Christopher Brunvoll, CFO

Q2 2024

2

Agenda

Highlights

• Operational update
• Financial update
• Market

Summary

Highlights

• · Highest quarterly sales value ever
• · Very strong second-hand market and inventories at normal/low levels
• · Solid results at NOK 0.85 per share, considering challenging market conditions
• · Construction cost level allows for more sales starts moving forward
• · Dividend decision postponed, due to continued market uncertainty

Key financials Q2 and H1 2024

* 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.

Highlights

Operational update

Financial update

Market

Summary

Operational news

Construction costs	• Construction costs stabilized, allowing for more sales starts moving forward - Several new contracts signed - Several contracts under negotiation
Sales	All-time high quarterly sales value in Q2 and solid momentum entering Q3 • • ~425 units for sale on 1 August Planning for more sales starts to capitalize on favorable market conditions •
Land bank	Expansion of existing projects • - Acquired land for ~50 units at Bjerke (Oslo) - Acquired land for ~70 units in Sandsli (Bergen) - transaction completed in Q3 Sold land at Hamang (Bærum) • • Sold remaining land bank at Ringve Pluss (Trondheim) - transaction completed in Q3

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

Sales value units under construction Expected completions** per quarter

NOK million Units

• · 66% of units under construction sold by Q2 2024
• · 83% of construction volume in Greater Oslo Area* in Q2 2024

- · 80% of 2024 completions sold by Q2 2024

· Expected completions for the full year 2024: 515

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

** Including share of partially owned projects

5

48

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

Agenda

Highlights

Operational update

Financial update

Market

Summary

Income statement highlights Q2 2024 (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.

Q2 2024 proforma figures including proportionate share of JV

^* 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 H1 2024 (IFRS)

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

H1 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 Q2 2024 (NGAAP)

^* 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 Q2 2024

NOK million

Note: Items of less than NOK 25 million are excluded from the cash flow overview.

• · Cash flow from operations positive at NOK 87m driven by reduced inventories
• · Cash flow from investing activities negative at NOK 3m
• · Cash flow from financing activities negative at NOK 94m mainly due to dividend payments

Cash and cash equivalents at 30 June

Balance sheet highlights Q2 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 25 per share - Equity ratio 51.7% · Changes from Q1 2024: - Inventories decreased by NOK 34m - Other current receivables increased by NOK 15m - Cash decreased by NOK 9m · Prepayments from customers represent NOK 24.2m of other current non-interestbearing liabilities NOK million

Inventories (property) Q2 2024

Q2 2024 vs Q1 2024 Inventory value development

• · Land value down NOK 29m
• · Work in progress up NOK 190m
• · Finished goods down NOK 196m
  • 119 unsold completed units
  • 41 sold and completed units, but not delivered

NOK million

Debt structure

	Loan facility	Drawn at 30.06.24 (NOKm)	Interest rate margin*
1	Construction loan facilities from a range of Nordic credit institutions	746	1.65% - 2.40%
2	Debt to Urban Property**	437	3.75%***
3	Land loan facilities from a range of Nordic credit institutions	35	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 30.6.24

NOK million

* Margin added to 3m NIBOR.

** Repurchase agreements portfolio B and seller credits. *** + 2.00% fee at property repurchase.

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

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

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

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: Hawii Analyse, 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 August, 2022-24

29

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 Aug, 2019-24

Source: Eiendomsverdi, Statistics Norway.

^* Includes Stavanger, Sola, Sandnes, Randaberg.

^** Population per YE 2023

Regional price* development July, 2020-24

Source: Eiendom Norge.

* Nominal price change.

** Includes Stavanger, Sola, Sandnes, Randaberg.

Regional YTD price* development per 31 July, 2020-24

Source: Eiendom Norge.

* Nominal price change.

** Includes Stavanger, Sola, Sandnes, Randaberg.

Selected ongoing projects

Snøbyen, Lørenskog stasjonsby | Greater Oslo

• ~ 2 000 units total
  • ~ 200 Pluss units
• ~ 750 units remaining

Skårerbyen | Greater Oslo

• ~ 1 100 units total ~ 250 Pluss units
• ~ 380 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 Pluss | Greater Oslo

~ 300 Pluss units total ~ 250 units remaining

33

Selected upcoming projects

Lørenvangen | Oslo ~ 200 units (2025)

Lilleaker | Oslo ~ 150 units (2025)

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

Robust project pipeline to meet long term demand

2024-2025 2025-2026 2026-2027

Potential sales start

Slakthusområdet | Stockholm ~170 Pluss units (2027)

Nacka | Stockholm ~150 Pluss units (2026)

Solheimsvatnet Pluss (JV) | Bergen ~ 220 Pluss units (2024)

Hornsberg| Stockholm ~ 175 CITY units

(2027)

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

Agenda

Highlights Operational update Financial update

Market

Outlook

• · Housing shortage in Oslo and Akershus gives favorable conditions for new housing
• · Interest rates are expected to fall from H2 2024
• · Market conditions have improved enabling more construction starts going forward
• · Well positioned for market recovery
  • · ~425 units for sale on 1 August 2024
  • · Several new sales starts in H2 2024
• · Expect increased sales of completed unsold units

Summary

• · Highest quarterly sales value ever
• · Very strong second-hand market and inventories at normal/low levels
• · Solid results at NOK 0.85 per share, considering challenging market conditions
• · Construction cost level allows for more sales starts moving forward
• · Dividend decision postponed, due to continued market uncertainty

Thank you for your attention – follow us online!

Next event: 3 rd quarter 2024 7 November 2024

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

44

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

~9 000 homes completed since IPO…

Units completed

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

…for a total value of NOK ~36 billion

NOK billion

2 629
	2 386
		2 047	2 088	2 040	2 099
			16.5 %	15.7 %	14.9 %

Project margin development

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

NOK million

^* Includes project revenues only.

Net profit per unit delivered

Net profit per unit delivered

* Excluding other gains of NOK 1 029 million 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, paid in two instalments over the year. However, the size of the dividend will be weighed against the company's liquidity forecasts and capital adequacy.

Dividend policy

Share performance since IPO in June 2012

Source: Oslo Børs

Share information*

· Total number of shares: 93.8 million

· Number of shareholders: 6 742 (6 699)

• 20 largest controlling 81.1% (81.2%)

• Selvaag AS largest shareholder - 53.5%

· Trading

• 2.2 million shares during the quarter (4.7), 2.4%

of total shares outstanding (5.0%)

• Share turnover totaled NOK 82.3 million (156.2)

^* All numbers in brackets from previous quarter.

Largest shareholders at 30.6.2024

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 Comp London Br Trust * ,	2 186 000 , ,	2 3%
EGD CAPITAL AS	704 752 1 , ,	8% 1
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 Comp London Trust Br * ,	840 200 ,	0 9%
AS BANAN II	830 000 ,	0 9%
Brothers Brown Harriman & Co *	684 331 ,	0 7%
Brown Brothers Harriman & Co *	500 604 ,	0 5%
Sverre Molvik	491 387 ,	0 5%
Øystein Klungland	491 387 ,	0 5%
Skandinaviska Enskilda Banken AB *	399 628 ,	0 4%
Bank KBC NV *	388 089 ,	0 4%
THRANE-STEEN NÆRINGSBYGG AS	342 249 ,	0 4%
VARDE NORGE AS	333 783 ,	0 4%
Total 20 largest shareholders	76 040 460 , ,	81 1%
Other shareholders	725 228 17 , ,	18 9%
Total number of shares	93 765 688 , ,	100 0%

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

• · 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 332 units

Stockholm 947 units

Greater-Oslo

7 216 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 332 units

Stockholm 947 units

Greater-Oslo 7 216 units Stavanger 539 units Bergen 1 125 units

Note: The numbers represent the size of the land portfolio at 30 June 2024. All numbers are adjusted for Selvaag Bolig's share in joint ventures. The total portfolio is ~10 150 units. Of these ~5 250 are options and obligations to buy.

Change in needs calls for new concepts

59

Selvaag Pluss

• Lifestyle concept
• Attractive common areas
• Professional hosting services
• Service offerings and good neighbourliness, make every day living easier
• Guestrooms for family and friends
• Work-out- and fitness centre

Selvaag City

• Urban lifestyle concept with compact apartments
• Attractive common areas
• Professional hosting services
  -
• Guestrooms for family and friends
• Work-out- and fitness centre

• Service offerings and good neighbourliness, make every day living easier

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 – July 2024

Area	% chg -1M	% chg. -1M seasonal adj.	% chg YtD	% chg -12m	% chg -5Y	% chg -10Y	Average price/sqm (NOK)	Average price (NOK)
Oslo	0.0%	0.2%	6.7%	3.4%	28.1%	86.3%	97 844	5 887 849
Bergen	-0.9%	0.3%	9.2%	6.5%	24.7%	40.8%	59 141	3 900 767
Trondheim	-1.8%	-0.8%	4.1%	-0.4%	18.4%	38.7%	59 332	3 853 963
Stavanger-area**	-1.7%	0.4%	6.5%	6.5%	29.0%	16.7%	47 334	4 247 326
Norway	1.3%	-0.1%	6.6%	2.4%	24.4%	57.8%	51 307	4 050 662

Source: Eiendom Norge.

* Nominal price change.

** Includes Stavanger, Sola, Sandnes, Randaberg.

Land bank in Oslo and Greater Oslo at 30.6.24

*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	1 445 units
	Ski	90 units
	Grenseveien	271 units
	Fredrikstad	900 units
	Vestby	180 units

Land bank in Stavanger area at 30.6.24

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

Land bank in Bergen, Trondheim and Stockholm at 30.6.24

*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
• Covenants
  • Equity > NOK 1.5bn
  • Net leverage* < 50%
  • Leverage ratio** < 3
  • Max 2.5 years accumulated non-paid option premium

• 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

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.

	1	PROJECT CALCULATIONS 2		PROJECT CALCULATIONS
		BEFORE URBAN PROPERTY		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

2

Initial project margin and IRR before Urban Property when purchasing land at market value

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

Substantial portfolio for development

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

Total land bank portfolio at 31.3.2024

Units

Value of units sold - gross and net

Sales value of units sold

1,574

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 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 Units sold net Gross-net

Units

Income statement IFRS

(figures in NOK million)	Q2 2024	Q2 2023	2024 1H	2023 1H
Total operating revenues	620 2	836 9	247 9 1	1 571 1
Project expenses	(489 9)	(708 6)	(1 8) 005	(1 5) 288
Other operating expenses	(58 8)	(55 2)	(119 6)	(113 1)
Associated companies joint and ventures	27 4	(7 2)	44 3	(15 9)
EBITDA	98 9	66 0	166 8	153 .7
Depreciation and amortisation	(2 4)	(2 3)	(4 6)	(4 5)
gains (loss) Other	-	-	-	-
EBIT	96 6	63 .7	162 2	149 .1
Net financial expenses	(4 7)	6 0	(3 3)	6 6
Profit/(loss) before taxes	91 9	69 .7	158 9	155.7
taxes Income	(12 5)	(18 2)	(23 6)	(39 0)
income Net	79 4	51.6	135 3	116 8

Balance sheet

(figures in million) NOK	Q2 2024	Q1 2024	2023
Intangible assets	383 4	383 4	383 4
, plant and equipment Property	12 2	12 6	9 8
in associated companies joint Investments and ventures	244 0	228 6	230 0
Other non-current assets	650 3	589 6	580 1
Total non-current assets	1 290 0	1 214 2	1 203 2
Inventories (property)	2 933 4	2 967 .5	3 199 .5
- Land	633 5	662 1	667 3
- Land held for sale
in - Work progress	1 651 9	1 461 9	1 959 2
- Finished goods	647 9	843 5	573 0
Other receivables current	120 6	105 3	85 2
equivalents Cash and cash	198 9	208 4	266 5
Total current assets	3 252 9	3 281 2	3 551.2
TOTAL ASSETS	4 542 8	4 495 4	4 754 4
Equity attributed to shareholders in Selvaag Bolig ASA*	2 340 3	2 355 0	2 299 1
Non-controlling interests	9 7	8 7	8 7
Total equity	2 348 .1	2 362 9	2 307 0
Non-current interest-bearing liabilities	336 9	634 0	681 8
Other non interest-bearing liabilities non-current	562 8	533 1	533 3
liabilities Total non-current	899 6	1 167 .1	1 215 .1
interest-bearing liabilities Current	881 0	562 7	728 4
Other current non interest-bearing liabilities	414 1	402 7	503 9
Total current liabilities	295 1 .1	965 4	232 3 1
TOTAL EQUITY AND LIABILITIES	4 542 8	4 495 4	4 754 4

Cash flow statement

(figures in million) NOK	1H 2024	1H 2023	2023
cash flow from operating activities Net	235 0	137 9	196 6 1
cash flow from investment activities Net	25 9	(57 4)	(45 3)
flow from financing activities Net cash	(328 4)	(301 3)	(1 5) 497
in equivalents Net change cash and cash	(67 6)	(220 9)	(346 1)
equivalents of period Cash and cash at start	266 5	612 7	612 7
equivalents of period Cash and cash at end	198 9	391 8	266 5

EBITDA Q2 2024

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

	Property
(figures in NOK million)	development	Other	Total
Operating revenues	583.5	19.5	602.9
Project expenses	(494.3)	0.5	(493.8)
operating Other expenses	(10.8)	(49.9)	(60.7)
(percentage of completion) EBITDA	78.3	(29.9)	48.4
Construction are exclusive of financial expenses in reporting. Note: costs the segment
for IFRS EBITDA the quarter, per segment
Operating revenues	600.7	19.5	620.2
Project expenses	(490.3)	0.5	(489.9)
Other operating expenses	(10.8)	(48.0)	(58.8)
Share of income (losses) from associated companies
and joint ventures Other gain (loss), net	27.4 -	-	27.4
EBITDA	127.0	(28.0)	98.9
Units in production	661	N/A	N/A
Units delivered	127	N/A	N/A

Operational highlights – key operating figures

Q2 24
207
95
105
119
41
127
661
66 %
4 211

	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24
Units sold	79	77	88	139	207
Construction starts	83	57	130	123	95
Units completed	162	90	331	236	105
Completed unsold units	43	60	95	126	119
units pending delivery Completed sold	11	10	30	56	41
Units delivered	155	74	276	179	127
Units under construction	018 1	985	784	671	661
Proportion of sold units under construction	68 %	69 %	62 %	62 %	66 %
of units construction (NOK million) Sales value under	5 458	5 292	4 496	3 948	4 211

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

Source: Statistics Norway.

Norway – relatively limited volatility

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

Source: Bloomberg, IMF, UN

*Central bank policy rates

Healthy macroeconomics

Wages & disposable income 2020 - 2026e Prices & interest rates 2019 - 2026e

Source: Monetary Policy Report 2|24, Central Bank of Norway.