Selvaag Bolig ASA

Investor Presentation • May 22, 2024

Oslo, 22 May 2024

Sverre Molvik, CEO Christopher Brunvoll, CFO

Q1 2024

2

Agenda

Highlights

• Operational update
• Financial update
• Market

Summary

Highlights Q1 2024

• · Q1 sales highest since Q1 2022
• · Strong secondhand market and inventory dropping
• · Solid results at NOK 0.60 per share, considering challenging market conditions and continued high construction costs
• · Construction cost level allows for more sales starts moving forward

Key financials Q1 2024

628
Operating revenues NOK million
547
Operating revenues (NGAAP) NOK million

EBITDA** margin (NGAAP) Per cent

16.9

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.

Highlights

Operational update

Financial update

Market

Summary

Operational news

Construction costs	Construction costs stabilized, allowing more sales starts moving forward • - New contracts signed at Kanaltunet (Stavanger), Mathildetunet (Lørenskog) and Ballerud (Bærum) - More contracts are being negotiated - Regional variations
Sales starts	• Sales started projects with a total potential ~210 units so far this year Potential sales starts of an additional ~700 units in 2024 •
Politics/other	Signs of shorter zoning-time in Oslo • Work to relax mortgage regulations and to simplify the planning and building act • • On track to comply with Corporate Sustainability Reporting Directive (CSRD). Reporting from FY 2025.

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.

Sales value 12-month rolling Units sold 12-month rolling

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

· 80% of construction volume in Greater Oslo Area* in Q1 2024

· 75% of 2024 completions sold by Q1 2024 · Expected completions for the full year 2024: 515

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 Q1 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.

Q1 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 Q1 2024 (NGAAP)

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

NOK million NOK million

Cash flow development Q1 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 147m driven by reduced inventories
• · Cash flow from investing activities positive at NOK 29m
• · Cash flow from financing activities negative at NOK 235m mainly due to debt payments

Assets Equity and liabilities

Balance sheet highlights Q1 2024

Balance sheet composition

0 1 000 2 000 3 000 4 000 5 000 Cash Non-current assets Current assets · Book value of equity NOK 25.1 per share - Equity ratio 52.6% · Changes from Q4 2023: - Inventories decreased by NOK 232m - Other current receivables increased by NOK 20m - Cash decreased by NOK 58m · Prepayments from customers represent NOK 14m of other current non-interest-bearing liabilities NOK million

Inventories (property) Q1 2024

Q1 2024 vs Q4 2023 Inventory value development

• · Land value down NOK 5m
• · Work in progress down NOK 497m
  • Due to high number of completions
• · Finished goods up NOK 270m
  • Up from 95 to 126 unsold completed units
  • Up from 30 to 56 sold and completed units, but not delivered

NOK million

Debt structure

	Loan facility	Drawn at 31.03.24 (NOKm)	Interest rate margin*
1	Construction loan facilities from a range of Nordic credit institutions	667	1.65% - 2.40%
2	Debt to Urban Property**	435	3.75%***
3	Land loan facilities from a range of Nordic credit institutions	95	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 31.03.24

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

Estimated completions in Oslo well below forecasted need

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.

Estimated completions in Akershus

Sources: Historic data: Statistics Norway (SSB), Forecasted housing completions: Hawii Analyse, 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 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: Hawii analyse. * Including withdrawls.

Newbuild market update

Source: Hawii analyse.

* Including withdrawals.

** includes Stavanger, Sandnes, Sola, Randaberg.

Regional Newbuild availability on 1 May, 2022-24

26

Source: Hawii analyse.

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

*** Population at YE 2023.

Regional Second-hand availability on 16 May, 2019-24

* Includes Stavanger, Sola, Sandnes, Randaberg.

Source: Eiendomsverdi, Statistics Norway.

** Population at YE 2023.

Regional price* development April, 2020-24

* Nominal price change.

** Includes Stavanger, Sola, Sandnes, Randaberg.

29

Selected ongoing projects

Snøbyen| Greater Oslo

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

Skårerbyen | Greater Oslo

• ~ 1 100 units total ~ 250 Pluss units
• ~ 400 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

Ringve | Trondheim ~ 600 units total (JV) ~ 400 Pluss units ~ 500 units remaining

Lervig Brygge | Stavanger

~ 200 Pluss units

~ 800 units total ~ 100 units remaining

Solbergskogen Pluss | Greater Oslo

~ 300 Pluss units total ~ 230 units remaining

Selected upcoming projects

30

Lørenvangen | Oslo ~ 200 units

Lilleaker | Oslo ~ 150 units

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

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

Robust project pipeline to meet long term demand

2024 2025 2025, 2026 and 2027

Potential sales start

Slakthusområdet | Stockholm ~170 Pluss units (2027)

Nacka | Stockholm ~150 Pluss units (2026)

Solheimsvatnet Pluss (JV) | Bergen ~ 300 Pluss units

~ 175 CITY units (2025)

Bjerke | Oslo ~ 1 500 units ~ 300 Pluss units

Outlook

• · Housing shortage in the Oslo area provides favorable conditions for new housing
• · Norwegian interest rates have peaked, expected to fall from H2 2024
• · Swedish interest rates were reduced in May, further reductions expected
• · Overall, we see market conditions improving and expect increase in construction starts going forward
• · Well positioned for market recovery
  • · ~400 units for sale on 1 May 2024
  • · Potential for sales start of ~700 additional units in 2024 dependent on project economics and market conditions

Summary

• · Q1 sales highest since Q1 2022
• · Strong secondhand market, and inventory dropping
• · Solid results at NOK 0.60 per share, considering challenging market conditions and continued high construction costs
• · Construction cost level allows for more sales starts moving forward

Thank you for your attention – follow us online!

Next event: 2 nd quarter 2024 8 August 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 Marketing

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

• 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

Value drivers

~9 000 homes completed since IPO…

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

Units completed

…for a total value of NOK ~36 billion

NOK billion

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.

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

• adequacy

· Dividend of NOK 2.00 per share in 2023

• Pay out ratio of 76% in 2023

• NOK 1.00 paid in August 2023

· Average payout ratio of 68%** since IPO

· 93 % including UP transaction

Revised dividend policy:

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.

Old dividend policy:

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

The company aims to pay dividends of minimum 40 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.

The company will maintain an equity ratio of minimum 30 per cent.

Dividend policy

Share performance since IPO in June 2012

Source: Oslo Børs

Share information*

· Total number of shares: 93.8 million

· Number of shareholders: 6 699 (6 466)

• 20 largest controlling 81.2% (80.8%)

• Selvaag AS largest shareholder - 53.5%

· Trading

• 4.7 million shares during the quarter (3.5), 5.0%

of total shares outstanding (3.7%)

• Share turnover totaled NOK 156.2 million (99.7)

	Number	of	shareholders
8 000
7 000
6 000
5 000
4 000
3 000
2 000
1 000

^* All numbers in brackets from previous quarter.

Largest shareholders at 31.3.2024

Shareholder	# of shares	% share
SELVAAG AS	50 ,180 087 ,	53 .5%
PARETO INVEST NORGE AS	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	1,589 000 ,	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%
BANAN AS II	830 000 ,	0 9%
Brown Brothers Harriman & Co	684 331 ,	0 .7%
Brothers & Co Brown Harriman	504 667 ,	0 .5%
Sverre Molvik	491 387 ,	0 .5%
Øystein Klungland	491 387 ,	0 .5%
BNP Paribas	450 000 ,	0 .5%
Skandinaviska Enskilda Banken AB	399 628 ,	0 .4%
KBC Bank NV	388 089 ,	0 .4%
THRANE-STEEN NÆRINGSBYGG AS	342 249 ,	0 .4%
Total largest shareholders 20	76 ,165 240 ,	81.2%
Other shareholders	17,600 ,448	18 8%
Total number shares of	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

7 434 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 7 434 units Stavanger 539 units Bergen 1 125 units

Note: The numbers represent the size of the land portfolio at 31 March 2024. All numbers are adjusted for Selvaag Bolig's share in joint ventures. The total portfolio is ~10 400 units. Of these ~5 250 are options and obligations to buy.

Change in needs calls for new concepts

54

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 – April 2024

Area	% chg -1M	% chg. -1M seasonal adj.	% chg YtD	% chg -12m	% chg -5Y	% chg -10Y	Average price/sqm (NOK)	Average price (NOK)
Oslo	1.3%	0.8%	6.7%	2.4%	27.8%	88.0%	95 761	6 780 293
Bergen	1.5%	0.8%	9.4%	3.3%	25.4%	43.7%	54 712	4 459 053
Trondheim	0.7%	0.2%	5.5%	-1.1%	18.6%	40.7%	58 103	4 243 411
Stavanger-area**	1.6%	0.9%	9.0%	4.9%	26.7%	17.1%	45 887	4 574 766
Norway	1.2%	0.7%	7.2%	1.1%	24.2%	58.9%	55 424	4 763 894

Source: Eiendom Norge.

* Nominal price change.

** Includes Stavanger, Sola, Sandnes, Randaberg.

Land bank in Oslo and Greater Oslo at 31.3.24

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

Lørenskog Lørenskog Stasjonsby Skårer Bolig LSV Pallplassen	1 401 units 632 units 249 units 400 units 120 units
Lillestrøm
	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
	Bjerke

Land bank in Stavanger area at 31.3.24

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

Land bank in Bergen, Trondheim and Stockholm at 31.3.24

*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.

		PROJECT CALCULATIONS		PROJECT CALCULATIONS
	1	2 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

5 150

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

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 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 Units sold net Gross-net

Units

Net profit per delivered unit

* Excluding other gains of NOK 1 029 million from UP transaction

Income statement IFRS

(figures in NOK million)	Q1 2024	Q1 2023	2023
Total operating revenues	627.7	734.2	3 254.7
Project expenses	(515.9)	(579.9)	(2 677.2)
operating Other expenses	(60.8)	(57.9)	(254.0)
Associated companies and joint ventures	16.9	(8.7)	(13.4)
EBITDA	67.9	87.7	310.1
Depreciation and amortisation	(2.3)	(2.2)	(9.2)
Other gains (loss)	-	-	-
EBIT	65.6	85.5	300.9
Net financial expenses	1.4	0.6	18.6
Profit/(loss) before taxes	67.0	86.0	319.5
Income taxes	(11.1)	(20.8)	(74.8)
Net income	55.9	65.2	244.7

Balance sheet

(figures in million) NOK	Q1 2024	Q1 2023	2023
Intangible assets	383.4	383.4	383.4
Property, plant and equipment	12.6	9.6	9.8
Investments in associated companies and joint ventures	228.6	231.5	230.0
Other non-current assets	589.6	435.1	580.1
Total non-current assets	1 214.2	1 059.5	1 203.2
Inventories (property)	2 967.5	4 161.4	3 199.5
- Land	662.1	725.6	667.3
- Land held for sale
- Work in progress	1 461.9	3 287.9	1 959.2
- Finished goods	843.5	147.9	573.0
Other current receivables	105.3	115.1	85.2
Cash and cash equivalents	208.4	410.8	266.5
Total current assets	3 281.2	4 687.3	3 551.2
TOTAL ASSETS	4 495.4	5 746.8	4 754.4
Equity attributed to shareholders in Selvaag Bolig ASA*	2 355.0	2 408.1	2 299.1
Non-controlling interests	7.8	7.8	7.8
equity Total	2 362.9	2 415.9	2 307.0
Non-current interest-bearing liabilities	634.0	1 194.2	681.8
Other non-current non interest-bearing liabilities	533.1	439.5	533.3
non-current liabilities Total	1 167.1	1 633.7	1 215.1
interest-bearing liabilities Current	562.7	1 145.0	728.4
Other current non interest-bearing liabilities	402.7	552.2	503.9
current liabilities Total	965.4	1 697.2	1 232.3
TOTAL EQUITY AND LIABILITIES	4 495.4	5 746.8	4 754.4

Cash flow statement

(figures in NOK million)	Q1 2024	Q1 2023	2023
Net cash flow from operating activities	147.3	39.5	1 196.6
Net cash flow from investment activities	29.2	(62.7)	(45.3)
Net cash flow from financing activities	(234.6)	(178.6)	(1 497.5)
change in cash and cash equivalents Net	(58.2)	(201.8)	(346.1)
Cash and cash equivalents at start of period	266.5	612.7	612.7
Cash and cash equivalents end of period at	208.4	410.8	266.5

Operational highlights – key operating figures

	Q1 23	Q2 23	Q3 23	Q4 23	Q1 24
Antall solgte enheter	116	79	77	88	139
Antall igangsatte enheter	5	83	57	130	123
Antall ferdigstilte enheter	161	162	90	331	236
Antall ferdigstilte ikke solgte enheter	37	43	60	95	126
Antall ferdigstilte solgte ikke overleverte enheter	10	11	10	30	56
Antall overleverte enheter	150	155	74	276	179
Antall enheter under bygging	097 1	018 1	985	784	671
Andel solgte enheter under bygging	69 %	68 %	69 %	62 %	62 %
Salgsverdi av bolig i produksjon (NOK millioner)	5 641	5 458	5 292	4 496	3 948

EBITDA Q1 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	531.6	15.8	547.4
Project expenses	(438.4)	(1.0)	(439.4)
Other operating expenses	(12.7)	(50.3)	(63.0)
(percentage of completion) EBITDA	80.4	(35.5)	45.0
for IFRS EBITDA the quarter, per segment
Operating revenues	611.9	15.8	627.7
Project expenses	(514.9)	(1.0)	(515.9)
operating Other expenses	(12.7)	(48.1)	(60.8)
Share of income (losses) from associated companies and joint ventures	16.9	-	16.9
EBITDA	101.2	(33.3)	67.9
Units in production	671	N/A	N/A
Units delivered	179	N/A	N/A

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 cash deposit
• · High level of home ownership
  • · 82% (one of the world's highest)
• · Economic benefits for home owners
  • · 22% of mortgage loan interest payments are tax-deductible
  • · Transfer stamp duty for new houses is significantly lower than for secondhand 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.

Price development Norway and selected regions (2005-24)

Price development (rebased 1.1.2005)

Source: Eiendomsverdi.

^* 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 Q4 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

Real economy 2021 - 2027e Demand 2021 - 2027e