Selvaag Bolig ASA

Investor Presentation • Feb 13, 2024

Oslo, 13 February 2024

Sverre Molvik, CEO Christopher Brunvoll, CFO

Q4 2023

2

Agenda

Highlights

Operational update

Financial update

Market

Summary

Highlights Q4 and FY 2023

• · Satisfactory sales and result considering challenging market conditions
• · Construction cost level allows for more sales starts moving forward
• · External valuation of remaining land bank of NOK 1 138 million vs book value of NOK 667 million
• · Proposed H2 23 dividend of NOK 1.00 per share, NOK 2.00 per share for the full year

Key financials Q4 and FY 2023

Q4 2023		Full year 2023
1 247	16.3	3 255
Operating revenues NOK million	Adjusted EBITDA* margin Per cent	Operating revenues NOK million
565	7.0	2 153
Operating revenues (NGAAP) NOK million	EBITDA** margin (NGAAP) Per cent	Operating revenues (NGAAP) NOK million

* 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

Operating model	• Risk-minimizing sales model Minimum presale of 60% before construction start - Fixed construction cost secured for all units under construction - Temporary adjustment to operating model, adapting to market uncertainty • Additional contractual reservation: Construction start subject to construction cost -
Construction costs	Construction cost level allows for more sales starts moving forward • Several new contracts signed in Q4 - - Kanaltunet, Langhus- and Solberg projects prove resilience in adjusted operating model
Sales starts	Total number of units for sale at ~400 • • Can sales start ~600 units in H1 2024

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 and the Swedish Bostadsrätsslagen. 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.

**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

· 62% of units under construction sold by Q4 2023

• · 69% of 2024 completions sold by Q4 2023
• · Expected completions for the full year 2024: 515
• · Number of deliveries dependant on sales

  - 95 unsold completed units

Note: Sales value and number of units are adjusted for Selvaag Bolig's share in joint ventures. - ³⁰ sold and completed units, but not delivered *Including share of partially owned projects

6 408 5 641 5 458 5 292 4 496 1 253 1 097 1 018 ⁹⁸⁵ 784 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Sales value of units under construction (NOK million) Units under construction

Agenda

Highlights

Operational update

Financial update

Market

Summary

Income statement highlights Q4 2023 (IFRS)

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

FY 2023 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 Q4 2023 (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 Q4 2023

NOK million

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

• · Cash flow from operations positive at NOK 815m driven by reduced inventories
• · Cash flow from investing activities positive at NOK 22m
• · Cash flow from financing activities negative at NOK 764m mainly due to debt payments

borrowings

Cash and cash equivalents at 31 December

Assets Equity and liabilities

Balance sheet highlights Q4 2023

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 24.5 per share - Equity ratio 48.5% · Changes from Q3 2023: - Inventories decreased by NOK 750m - Trade and other receivables decreased by NOK 47m - Cash increased by NOK 74m · Prepayments from customers represent NOK 21m of other current non-interest-bearing liabilities NOK million

Inventories (property) Q4 2023

Q3 2023 vs Q4 2023 Inventory value development

• · Land value down NOK 26m
• · Work in progress down NOK 933m
  • Due to high number of completions
• · Finished goods up NOK 209m
  • 95 unsold completed units
  • 30 sold and completed units, but not delivered

NOK million

Valuation of remaining land bank*

1 138

(60 Grader Næringsmegling)

NOK million

* SBO land bank not included in the UP transaction

Debt structure

	Loan facility	Drawn at 31.12.23 (NOKm)	Interest rate margin*
1	Construction loan facilities from a range of Nordic credit institutions	910	1.65% - 2.40%
2	Debt to Urban Property**	405	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 31.12.23

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 ** 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

• Payout ratio of 76% in 2023

• NOK 1.00 paid in August 2023

· Average payout ratio of 68%** since IPO

· 93% including UP transaction

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).

		241		245	35%
			182		15%
14%	15%	10%	8%	10%	-5%
					-25%

• 55%

75%

95%

115%

Agenda

Highlights Operational update Financial update Market

Summary

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.

Newbuild market update 01.01–31.12, 2023

Source: Hawii analyse. * Including withdrawls

Newbuild market update 01.01–31.12, 2023

Source: Hawii analyse.

* Including withdrawals

** includes Stavanger, Sandnes, Sola, Randaberg.

Regional Newbuild availability on 1 February, 2022-24

Source: Hawii analyse.

** Includes Stavanger, Sola, Sandnes, Randaberg.

** Population at YE 2022.

Regional Second-hand availability on 07 February, 2019-24

Source: Eiendomsverdi, Statistics Norway.

^* Includes Stavanger, Sola, Sandnes, Randaberg.

^** Population at YE 2022.

Regional price* development January, 2013-24

30

Selected ongoing projects

Lørenskog stasjonsby | 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
• ~ 450 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 ~ 1000 units remaining

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

~ 500 units remaining

Lervig Brygge | Stavanger

~ 200 Pluss units

~ 800 units total ~ 150 units remaining

Solbergskogen Pluss | Greater Oslo ~ 300 Pluss units total ~ 230 units remaining

Selected upcoming projects

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

Slakhusområdet | 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

Highlights Operational update Financial update Market

Summary

Outlook

• · Housing shortage in several regions gives favorable conditions for new housing
• · Interest rates have peaked, expected to fall from H2 2024
• · Well positioned for market recovery
  • · ~400 units for sale on 1 February 2024
  • · Potential for sales start of ~600 additional units in H1 2024 dependent on market conditions

Summary

• · Satisfactory sales and result considering challenging market conditions
• · Construction cost level allows for more sales starts moving forward
• · External valuation of remaining land bank of NOK 1 138 million vs book value of NOK 667 million
• · Proposed H2 23 dividend of NOK 1.00 per share, NOK 2.00 per share for the full year

Thank you for your attention – follow us online!

Next event: 1st quarter 2024 22 May 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

· Construction costs financed 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

~8 800 homes completed since IPO…

Units completed

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

…for a total value of NOK ~36 billion

46

NOK billion

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

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

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.

Share performance since IPO in June 2012

Source: Oslo Børs

Share information*

^* All numbers in brackets from previous quarter.

Largest shareholders at 31.12.2023

Shareholder	# of shares	% share
SELVAAG AS	50 180 087	53.5%
PARETO INVEST NORGE AS	4 680 572	5.0%
VERDIPAPIRFONDET ALFRED BERG GAMBA	3 266 051	3.5%
The Northern Trust Comp, London Br *	2 186 000	2.3%
JPMorgan Chase Bank, N.A., London *	1 912 218	2.0%
EGD CAPITAL AS	1 704 752	1.8%
SANDEN EQUITY AS	1 600 000	1.7%
HAUSTA INVESTOR AS	1 600 000	1.7%
MUSTAD INDUSTRIER AS	1 067 454	1.1%
PERESTROIKA AS	1 066 619	1.1%
Goldman Sachs International *	965 549	1.0%
The Northern Trust Comp, London Br *	840 200	0.9%
BANAN II AS	830 000	0.9%
Brown Brothers Harriman & Co. *	684 331	0.7%
Sverre Molvik	592 684	0.6%
Øystein Klungland	592 684	0.6%
GÅSØ NÆRINGSUTVIKLING AS	530 599	0.6%
BNP Paribas *	530 000	0.6%
Brown Brothers Harriman & Co. *	507 059	0.5%
Skandinaviska Enskilda Banken AB *	399 628	0.4%
Total 20 largest shareholders	75 736 487	80.8%
Other shareholders	18 029 201	19.2%
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

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

Trondheim 332 units

Geographical spread

Stockholm 947 units

Greater-Oslo 7 970 units

Stavanger 566 units

Bergen 1 125 units

Land-bank strategy

Note: The numbers represent the size of the land portfolio at 31 December 2023. All numbers are adjusted for Selvaag Bolig's share in joint ventures. The total portfolio is ~10 950 units. Of these ~5 250 are options and obligations to buy.

54

Change in needs calls for new concepts

55

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

Regional price development 01.01–31.12, 2013-23

56

Source: Eiendom Norge.

* Includes Stavanger, Sola, Sandnes, Randaberg.

Oslo second-hand market update

Akershus second-hand market update

Bergen second-hand market update

Trondheim second-hand market update

Stavanger-area* second-hand market update

Source: Eiendomsverdi.

* Includes Stavanger, Sola, Sandnes, Randaberg.

Regional price* development – January 2024

Area	% chg -1M	% chg. -1M seasonal adj.	% chg YtD	% chg -12m	% chg -5Y	% chg -10Y	Average price/sqm (NOK)	Average price (NOK)
Oslo	3.0%	0.9%	3.0%	3.0%	26.3%	90.8%	91 966	6 593 594
Bergen	5.0%	1.5%	5.0%	3.5%	22.3%	41.3%	52 428	4 135 310
Trondheim	2.6%	0.1%	2.6%	-0.4%	17.4%	39.5%	53 724	4 269 038
Stavanger-area**	4.3%	1.2%	4.3%	5.0%	23.0%	13.2%	44 145	4 404 920
Norway	3.4%	0.7%	3.4%	1.4%	22.1%	57.9%	52 488	4 527 937

Source: Eiendom Norge.

* Nominal price change.

** Includes Stavanger, Sola, Sandnes, Randaberg.

Land bank in Oslo and Greater Oslo at 31.12.23

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

	Lørenskog	1 597 units
	Lørenskog Stasjonsby	632 units
	Skårer Bolig	345 units
	LSV	500 units
	Pallplassen	120 units
1 597 units	Lillestrøm
	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

Land bank in Stavanger area at 31.12.23

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

Land bank in Bergen, Trondheim and Stockholm at 31.12.23

*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

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

	Acquire and refine land for development	Project design	Contracting, marketing and pre-sales	Construction and sales	Delivery to customers
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	· Target 100% sale at delivery
15%					Project margin 18%
10%
5%
0%
	Land acquired with minimum 10% project margin	Adding value through building permits and area utilisation	Value added when achieving 60% pre-sale	Maximising price in accordance with market	Delivery in accordance with expectations
	1) Assuming flat market development.

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 1 2 BEFORE URBAN PROPERTY		PROJECT CALCULATIONS 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%

2

1 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 31.12.2023

Units

Value of units sold - gross and net

Sales value of units sold

554		394	564	543	602
439	255	658	440	479	531
	220

Q4 18 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 Sales value of sold units (net) Gross-net

NOK million

Number of units sold - gross and net

Number of units sold

Q4 18 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 Units sold net Gross-net

Units

Income statement IFRS

(figures in NOK million)	Q4 2023	Q4 2022	2023	2022
Total operating revenues	1 246.7	668.8	3 254.7	2 896.4
Project expenses	(1 042.8)	(514.4)	(2 677.2)	(2 313.7)
Other operating expenses	(81.2)	(79.8)	(254.0)	(236.3)
Associated companies and joint ventures	7.5	(8.2)	(13.4)	85.7
EBITDA	130.2	66.3	310.1	432.1
Depreciation and amortisation	(2.4)	(2.5)	(9.2)	(9.7)
Other gains (loss)	-	-	-	-
EBIT	127.8	63.8	300.9	422.4
Net financial expenses	9.6	2.8	18.6	2.7
Profit/(loss) before taxes	137.4	66.6	319.5	425.1
Income taxes	(29.1)	(21.2)	(74.8)	(86.3)
Net income	108.3	45.4	244.7	338.9

Balance sheet

-

-

-

-

-

(figures in NOK million)	Q4 2023	Q3 2023	2022
Intangible assets	383.4	383.4	383.4
Property, plant and equipment	9.8	10.0	8.2
Investments in associated companies and joint ventures	230.0	217.2	234.7
Other non-current assets	580.1	551.4	345.3
Total non-current assets	1 203.3	1 162.0	971.6
Inventories (property)	3 199.5	3 949.7	4 273.2
- Land	667.3	693.2	719.3
- Work in progress	2 013.8	2 947.2	3 384.2
- Finished goods	518.3	309.3	169.7
Other current receivables	85.2	132.2	92.1
Cash and cash equivalents	266.5	193.0	612.7
Total current assets	3 551.2	4 274.9	4 978.0
TOTAL ASSETS	4 754.5	5 436.9	5 949.6
Equity attributed to shareholders in Selvaag Bolig ASA*	2 299.1	2 170.0	2 338.1
Non-controlling interests	7.8	7.8	7.8
Total equity	2 307.0	2 177.9	2 345.9
Non-current interest-bearing liabilities	681.8	1 091.5	1 400.4
Other non-current non interest-bearing liabilities	525.7	503.7	404.2
Total non-current liabilities	1 207.4	1 595.3	1 804.6
Current interest-bearing liabilities	728.4	1 071.0	1 085.4
Other current non interest-bearing liabilities	511.6	592.8	713.7
Total current liabilities	1 240.1	1 663.8	1 799.1
TOTAL EQUITY AND LIABILITIES	4 754.5	5 436.9	5 949.6

Cash flow statement

-

-

-

(figures in NOK million)	Q4 2023	Q4 2022	2023	2022
Net cash flow from operating activities	814.9	(51.6)	1 196.6	63.4
Net cash flow from investment activities	22.3	(10.6)	(45.3)	239.8
Net cash flow from financing activities	(763.6)	(99.9)	(1 497.5)	(218.0)
Net change in cash and cash equivalents	73.6	(162.1)	(346.1)	85.2
Cash and cash equivalents at start of period	193.0	774.8	612.7	527.4
Cash and cash equivalents at end of period	266.5	612.7	266.5	612.7

Q4 23
88
130
331
95
30
276
784
62 %
4 496

Operational highlights – key operating figures

	Q4 22	Q1 23	Q2 23	Q3 23	Q4 23
Units sold	44	116	79	77	88
Construction starts	146	5	83	57	130
Units completed	160	161	162	90	331
Completed unsold units	31	37	43	60	95
Completed sold units pending delivery	5	10	11	10	30
Units delivered	147	150	155	74	276
Units under construction	1 253	1 097	1 018	985	784
Proportion of sold units under construction	67 %	69 %	68 %	69 %	62 %
Sales value of units under construction (NOK million)	6 408	5 641	5 458	5 292	4 496

EBITDA Q4 2023

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

	Property
(figures in NOK million)	development	Other	Total
Operating revenues	548.4	16.3	564.7
Project expenses	(450.5)	8.6	(441.9)
Other operating expenses	(15.8)	(67.6)	(83.4)
EBITDA (percentage of completion)	82.1	(42.6)	39.4
Note: Construction costs are exclusive of financial expenses in the segment reporting.
IFRS EBITDA for the quarter, per segment
Operating revenues	1 230.4	16.3	1 246.7
Project expenses	(1 051.4)	8.6	(1 042.8)
Other operating expenses	(15.8)	(65.5)	(81.2)
Share of income (losses) from associated companies
and joint ventures	7.5	-	7.5
EBITDA	170.7	(40.5)	130.2
Units in production	784	N/A	N/A
Units delivered	276	N/A	N/A

Q4 2023 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.

EBITDA 12M 2023

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

	Property
(figures in NOK million)	development	Other	Total
Operating revenues	2 088.3	64.8	2 153.1
Project expenses	(1 695.4)	7.3	(1 688.2)
Other operating expenses	(48.1)	(214.4)	(262.5)
EBITDA (percentage of completion)	344.7	(142.3)	202.4
Note: Construction costs are exclusive of financial expenses in the segment reporting.
IFRS EBITDA full year per segment
Operating revenues	3 189.8	64.8	3 254.7
Project expenses	(2 684.4)	7.3	(2 677.2)
Other operating expenses	(48.1)	(205.9)	(254.0)
Share of income (losses) from associated companies
and joint ventures	(13.4)	-	(13.4)
EBITDA	443.9	(133.8)	310.1
Units in production	784	N/A	N/A
Units delivered	655	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 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

Household debt in % of net disposable income (2021) Homeownership rate (2020)

Source: OECD, Statista.

Price development Norway and selected regions (2005-23)

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 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

GDP growth 2019 - 2025e Unemployment 2019 - 2025e -15% -10% -5% 0% 5% 10% 15% 2019 2020 2021 2022 2023e 2024e 2025e Norway Sweden Denmark Germany UK

*Central bank policy rates

Healthy macroeconomics

Source: Monetary Policy Report 4|23, Central Bank of Norway.