Selvaag Bolig ASA

Earnings Release • Jan 2, 2024

Selvaag Bolig ASA: Q4 2023: Sold homes worth NOK 2.6 billion in 2023

Selvaag Bolig ASA: Q4 2023: Sold homes worth NOK 2.6 billion in 2023

During 2023, Selvaag Bolig sold 435 homes with a total value of NOK 2 585

million. Sales in the fourth quarter came to 99 homes for a total of NOK 602

million, which is more than double the amount compared with the same quarter

of last year.

"Sales have been good taken into account that the housing market has been

challenging throughout 2023," says CEO Sverre Molvik.

"The need for housing is great and we are experiencing good interest, but the

home buyers have been waiting due to rising interest rates, increased living

costs and because the banks have been more restrictive in providing financing.

"However, we see signs that the market is improving. Our sales in the fourth

quarter were significantly better than at the same time last year, and the

policy rate path shows cuts this year and in the two following years.

"In addition, the construction cost has stabilized at a level that will make

it possible to start several new projects. We are ready to meet this with

around 400 homes for sale and several new sales starts," says Molvik.

In the fourth quarter, Selvaag Bolig sold a total of 99 homes for NOK 602

million. Net sales, adjusted for Selvaag Bolig's share of joint ventures, came

to 88 homes for NOK 531 million. Construction of 130 homes was started, 331

homes were completed, and 276 homes were handed over to buyers.

At the end of the year, Selvaag Bolig had 784 homes under construction and 95

completed homes which remained unsold.

During 2023 Selvaag Bolig sold a total of 435 homes for NOK 2 582 million. Net

sales ended at 359 homes for NOK 2 108 million. Construction of 275 homes was

started, 744 homes were completed and 655 homes were delivered to buyers.

Gross sales for the fourth quarter of 2022 amounted to 49 homes worth NOK 255

million, while net sales came to 44 homes worth NOK 219 million. Corresponding

figures for the full year of 2022 were 561 homes gross worth NOK 2 963

million, and 447 homes net worth NOK 2 328 million.

Units sold are sales contracts entered into with customers pursuant to the

Norwegian Housing Construction Act and the Tenancy Act in Sweden.

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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