Selvaag Bolig ASA

Investor Presentation • Nov 9, 2023

Oslo, 9 November 2023

Sverre Molvik, CEO Christopher Brunvoll, CFO

Q3 2023

2

Agenda

Highlights Operational update Financial update Market Summary

Highlights

• · Successful sales starts in Greater Oslo and Stavanger
• · Satisfactory sales and result considering challenging market conditions
• · Construction costs lower than previous quarters, and is expected to decrease further

Key financials Q3 2023

* 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

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 the operating model, adapting to market uncertainty • - Additional contractual reservation: Construction start subject to construction cost
Construction costs	Construction costs trending downwards, further decrease expected • - Positive sales development for Langhus and Solberg projects where contractual reservations have been made regarding construction costs - Outlook to sign construction contracts at lower cost going forward
Sales starts	Sales start of 5 projects in the quarter, bringing the total number of units for sale to ~430 • Can sales start ~680 units in H1 2024 •

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*

• 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.

^* Reference is made to note 10 in the quarterly report.

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).

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. 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

• · 69% of units under construction sold by Q3 2023
• · 85% of construction volume in Greater Oslo Area* in Q3 2023
• · Expected completions for the full year 2023: 744
• · 85% of 2023 completions sold by Q3 2023
• · 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.

331 214

Highlights Operational update Financial update Market Summary

Income statement highlights Q3 2023 (IFRS)

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

Income statement highlights Q3 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 Q3 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 244m driven by decreased receivables
• · Cash flow from investing activities negative at NOK 10m
• · Cash flow from financing activities negative at NOK 433m mainly due to debt payments

193

-94

Dividends paid to equity holders of Selvaag Bolig ASA

Cash and cash equivalents at 30 September

Balance sheet highlights Q3 2023

Balance sheet composition

Inventories (property) Q3 2023

Q2 2023 vs Q3 2023 Inventory value development

• · Land value up NOK 6m
• · Work in progress down NOK 13m
  • More units completed than started
• · Finished goods up NOK 78m

NOK million

Debt structure

	Loan facility	Drawn at 30.9.23 (NOKm)	Interest rate margin*
1	Construction loan facilities from a range of Nordic credit institutions	1 472	1.65% - 2.40%
2	Debt to Urban Property**	491	3.75%***
3	Land loan facilities from a range of Nordic credit institutions	200	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 30.9.23

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).

Q1 2020 Net income excluding Other gains of NOK 1 029m

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.

* Akershus county = Viken county ex. Buskerud and Østfold.

** 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 November, 2021-23

Source: Hawii analyse

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

26 *** Population at YE 2022.

Regional Second-hand availability on 1 November, 2019-23

27

Source: Eiendomsverdi, Statistics Norway. Incudes projects with 2 units or more

* Akershus county = Viken ex. counties Buskerud and Østfold.

** Includes Stavanger, Sola, Sandnes, Randaberg.

*** Population at YE 2022.

Regional price development 1.1-31.10, 2013-23

Source: Eiendom Norge.

* Includes Stavanger, Sola, Sandnes, Randaberg.

Selected ongoing projects

Lørenskog stasjonsby

~2 000 units total ~200 Pluss units ~750 units remaining for sale

Skårerbyen

~1 100 units total ~250 Pluss units ~400 units remaining for sale

Landås

~650 units total ~400 Pluss units ~450 units remaining for sale

Kaldnes Brygge

~1 500 units total (JV) ~500 Pluss units ~500 units remaining for sale

Stockholm

Selected ongoing projects

Stockholm

Trondheim Greater-Oslo Stavanger Bergen

Sandsli

~1 150 units total ~500 Pluss units ~1000 units remaining for sale

Ringve Pluss

~600 units total (JV) ~400 Pluss units ~500 units remaining for sale

Lervig Brygge

~800 units total ~200 Pluss units ~150 units remaining for sale

Solbergskogen Pluss

~300 Pluss units total ~250 units remaining for sale

Selected upcoming projects

Lørenvangen

~200 units Potential sales start: 2024

Lilleaker

~150 units Potential sales start: 2024

~2 000 units ~500 Pluss units Potential sales start: 2025

Fredrikstad (JV)

~2 000 units ~400 Pluss units Potential sales start: 2024

Stockholm

Selected upcoming projects

Stockholm

Bjerke

~1 500 units ~300 Pluss units Potential sales start: 2026

Slakhusområdet

~170 Pluss units Potential sales start: 2027

Hornsberg

~175 CITY units Potential sales start: 2025

Nacka

~150 Pluss units Potential sales start: 2026

Agenda

Highlights Operational update Financial update Market Summary

Outlook

• · Housing shortage in the Oslo area provides favorable conditions for new housing
• · Close to peak interest rate
• · Construction declined and is expected to decrease further
• · Well positioned for market recovery
  • · ~430 units for sale on 1 November 2023
  • · Potential for sales start of ~680 additional units in H1 2024 dependent on project economics and market conditions

Summary

• · Successful sales starts in Greater Oslo and Stavanger
• · Satisfactory sales and result considering challenging market conditions
• · Construction costs lower than previous quarters, and is expected to decrease further

Thank you for your attention – follow us online!

Next event: 4 th quarter 2023 13 February 2024

Appendix

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.

* Akershus county = Viken county ex. Buskerud and Østfold.

** Estimates based on actual sales, future sales starts, and historical data.

38 *** Uncertainty due to project lead-time.

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.

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

· Dividend of NOK 1.00 per share in H1 2023

• adequacy
• • Pay out ratio of 80%

· Average payout ratio of 68%** since listing

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

• 20 largest controlling 79.3% (79.0%)

• Selvaag AS largest shareholder - 53.5%

· Trading

total shares outstanding (2.9%)

^* All numbers in brackets from previous quarter.

Largest shareholders at 30.9.2023

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 Comp, London Br Trust *	2 186 000	2.3%
Chase Bank , N.A., London JPMorgan *	912 218 1	2.0%
SANDEN EQUITY AS	1 600 000	1.7%
EGD CAPITAL AS	1 204 580	1.3%
MUSTAD INDUSTRIER AS	1 067 454	1.1%
PERESTROIKA AS	1 066 619	1.1%
Goldman Sachs International *	965 549	1.0%
SELVAAG BOLIG ASA	860 878	0.9%
The Northern Comp, London Trust Br *	840 200	0.9%
BANAN II AS	830 000	0.9%
Brothers Brown Harriman & Co. *	684 331	0.7%
HAUSTA INVESTOR AS	656 879	0.7%
GÅSØ NÆRINGSUTVIKLING AS	530 599	0.6%
Brown Brothers Harriman & Co. *	509 989	0.5%
J.P. SE Morgan *	269 474	0.5%
Paribas BNP *	470 000	0.5%
Skandinaviska Enskilda Banken AB *	412 453	0.4%
Total largest shareholders 20	74 398 728	79.3%
Other shareholders	19 366 960	20.7%
Total number shares of	93 765 688	100.0%

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

Trondheim 267 units

Stockholm 918 units

Greater-Oslo

8 177 units

• · 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

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 267 units

Geographical spread

Stockholm 918 units

Greater-Oslo 8 177 units

Stavanger 664 units

Bergen

1 158 units

Land-bank strategy

Note: The numbers represent the size of the land portfolio at 31 December 2022. All numbers are adjusted for Selvaag Bolig's share in joint ventures. The total portfolio is ~10 550 units. Of these ~5 250 are options and obligations to buy.

47

Change in needs calls for new concepts

48

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.

* Akershus county = Viken county ex. Buskerud and Østfold.

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 – October 2023

Area	% chg -1M	% chg. -1M seasonal adj.	% chg YtD	% chg -12m	% chg -5Y	% chg -10Y	Average price/sqm (NOK)	Average price (NOK)
Oslo	-0.8%	-0.5%	2.9%	1.7%	25.4%	87.3%	88 742	6 243 156
Bergen	-0.6%	-0.1%	2.8%	-1.5%	19.5%	36.8%	49 661	4 091 872
Trondheim	-0.7%	-0.1%	0.9%	-1.9%	16.3%	36.5%	52 287	4 387 551
Stavanger-area**	-2.9%	-0.8%	6.4%	2.4%	17.1%	7.2%	43 614	4 463 328
Norway	-1.0%	0.2%	2.6%	-0.5%	20.1%	54.8%	50 185	4 370 018

Source: Eiendom Norge.

* Nominal price change.

** Includes Stavanger, Sola, Sandnes, Randaberg.

Regional price* development October, 2013-23

** Includes Stavanger, Sola, Sandnes, Randaberg.

Land bank in Oslo and Greater Oslo at 30.9.23

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

	Lørenskog	1 576 units
	Lørenskog Stasjonsby	613 units
	Skårer Bolig	325 units
	LSV	500 units
	Pallplassen	138 units
	Lillestrøm
1 576
units
	Bjerke	1 400 units
	Bjerke	1 400 units
	Oslo South	315 units
	Gjertsrud Stensrud	315 units
	Follo/Østfold Langhus	1 475 units 48 units
	Ski	90 units
	Grenseveien	257 units
	Fredrikstad	900 units

Land bank in Stavanger area at 30.9.23

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

Land bank in Bergen, Trondheim and Stockholm at 30.9.23

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

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 1 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

^* Includes project revenues only.

Project margin development

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

NOK million

Substantial portfolio for development

Total land bank portfolio at 30.9.2023

Units

Valuation of remaining land bank*

1 218

(60 Grader Næringsmegling)

^* SBO land bank not included in the UP transaction

NOK million

Value of units sold - gross and net

Sales value 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 Sales value of sold units (net) Sales value of sold units (gross)

NOK million

Number of units sold - gross and net

Number of units sold

Units sold net Gross-net

Units

Income statement IFRS

(figures in NOK million)	Q3 2023	Q3 2022	9M 2023	9M 2022	2022
Total operating revenues	436.8	905.4	2 008.0	2 227.5	2 896.4
Project expenses	(345.9)	(742.1)	(1 634.3)	(1 799.3)	(2 313.7)
Other operating expenses	(59.7)	(52.9)	(172.8)	(156.4)	(236.3)
Associated companies and joint ventures	(5.0)	(2.2)	(20.9)	94.0	85.7
EBITDA	26.3	108.2	179.9	365.8	432.1
Depreciation and amortisation	(2.3)	(2.4)	(6.9)	(7.2)	(9.7)
Other gains (loss)	-	-	-	-	-
EBIT	23.9	105.8	173.1	358.6	422.4
Net financial expenses	2.4	1.6	9.0	(0.1)	2.7
Profit/(loss) before taxes	26.3	107.3	182.1	358.5	425.1
Income taxes	(6.7)	(28.3)	(45.7)	(65.1)	(86.3)
Net income	19.6	79.1	136.4	293.4	338.9

Balance sheet

(figures in NOK million)	Q3 2023	Q2 2023	Q3 2022	2022
Intangible assets	383.4	383.4	383.4	383.4
Property, plant and equipment	10.0	9.9	8.0	8.2
Investments in associated companies and joint ventures	217.2	219.0	235.7	234.7
Other non-current assets	551.4	500.1	315.1	345.3
Total non-current assets	1 162.0	1 112.4	942.2	971.6
Inventories (property)	3 949.7	3 878.1	4 124.8	4 273.2
- Land	693.2	687.3	805.2	719.3
- Land held for sale
- Work in progress	2 947.2	2 960.1	3 189.5	3 384.2
- Finished goods	309.3	230.8	130.2	169.7
Other current receivables	132.2	338.5	249.7	92.1
Cash and cash equivalents	193.0	391.8	774.8	612.7
Total current assets	4 274.9	4 608.4	5 149.4	4 978.0
TOTAL ASSETS	5 436.9	5 720.7	6 091.6	5 949.6
Equity attributed to shareholders in Selvaag Bolig ASA*	2 170.0	2 272.0	2 279.1	2 338.1
Non-controlling interests	7.8	7.8	7.8	7.8
Total equity	2 177.9	2 279.8	2 286.9	2 345.9
Non-current interest-bearing liabilities	1 091.5	695.6	1 477.2	1 400.4
Other non-current non interest-bearing liabilities	503.7	448.2	401.6	404.2
Total non-current liabilities	1 595.3	1 143.9	1 878.8	1 804.6
Current interest-bearing liabilities	1 071.0	1 741.5	1 090.0	1 085.4
Other current non interest-bearing liabilities	592.8	555.5	835.9	713.7
Total current liabilities	1 663.8	2 297.0	1 925.9	1 799.1
TOTAL EQUITY AND LIABILITIES	5 436.9	5 720.7	6 091.6	5 949.6

Cash flow statement

(figures in NOK million)	Q3 2023	Q3 2022	9M 2023	9M 2022	2022
Net cash flow from operating activities	243.8	126.1	381.7	115.0	63.4
Net cash flow from investment activities	(10.1)	119.2	(67.5)	250.4	239.8
Net cash flow from financing activities	(432.6)	(180.0)	(733.9)	(118.1)	(218.0)
Net change in cash and cash equivalents	(198.8)	65.3	(419.7)	247.4	85.2
Cash and cash equivalents at start of period	391.8	709.5	612.7	527.4	527.4
Cash and cash equivalents at end of period	193.0	774.8	193.0	774.8	612.7

Operational highlights – key operating figures

œ -
)	D

	Q3 22	Q4 22	Q1 23	Q2 23	Q3 23
Units sold	83	44	116	79	77
Construction starts	68	146	5	83	57
Units completed	142	160	161	162	90
Units delivered	144	147	150	155	74
Units under construction	1 268	1 253	1 097	1 018	985
Proportion of sold units under construction	73 %	67 %	69 %	68 %	69 %
Completed unsold units	19	31	37	43	60
Sales value of units under construction (NOK million)	6 225	6 408	5 641	5 458	5 292

EBITDA Q3 2023

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

Total
451.5
(352.3) (61.8)
37.3
436.8
(345.9)
(59.7)
(5.0)

development	Other	Total
435.1	16.3	451.5
		(352.3)
		(61.8)
72.1		37.3
420.5	16.3	436.8
		(345.9)
		(59.7)
	-	(5.0)
-
59.0	(32.7)	26.3
	Property (351.8) (11.1) (345.4) (11.1) (5.0)	(0.5) (50.7) (34.8) (0.5) (48.5)

EBITDA 9M 2023

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

Total
1,588.4
(1,246.3) (179.2) 162.9
2.008.0 (1,634.3) (172.8)
(20.9) 179.9
N/A N/A

	Property
(figures in NOK million)	development	Other	Total
Operating revenues	1,539.9	48.5	1,588.4
Project expenses	(1,244.9)	(1.4)	(1,246.3)
operating Other expenses	(32.4)	(146.8)	(179.2)
(percentage of completion) EBITDA	262.6	(99.7)	162.9
Note: Construction costs are exclusive of financial expenses in the segment reporting.
IFRS full year per segment EBITDA
Operating revenues	1,959.5	48.5	2,008.0
Project expenses	(1,633.0)	(1.4)	(1,634.3)
Other operating expenses	(32.4)	(140.4)	(172.8)
Share of income (losses) from associated companies and joint ventures	(20.9)	-	(20.9)
EBITDA	273.2	(93.3)	179.9
Units in production	985	N/A	N/A
Units delivered	379	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
  • · 80% (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 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 (2022) Homeownership rate (2022)

Source: OECD, Statista, Eurostat, Statistics Norway. * 2021 Household debt

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.

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 2020 - 2026e

Real economy 2020 - 2026e Demand 2020 - 2026e

2020 2021 2022 2023e 2024e 2025e 2026e Mainland demand Household consumption Housing investment

Source: Monetary Policy Report 2|23, Central Bank of Norway.