Selvaag Bolig ASA

Investor Presentation • May 24, 2023

Oslo, 24 May 2023

Sverre Molvik, CEO Christopher Brunvoll, CFO

Q1 2023

2

Agenda

Highlights

Operational update Financial update Market Outlook and summary

Highlights Q1 2023

• · Strong Q1 sales considering challenging market conditions
• · Solid results and healthy margins
• · Acquired new land plats for ~850 units in Bergen and Drammen

Key financials Q1 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.

Agenda

Highlights Operational update Financial update Market Outlook and summary

Operational news

	• Increased due to geopolitical unrest and shortages after COVID-19 pandemic
Construction cost	• New projects in certain areas postponed due to high construction costs
	Construction costs now falling •
	• Risk-minimizing sales model
Operating	- Minimum presale of 60% and fixed construction cost secured for all units under construction
model	• Temporary adjustment to operating model, adapting to market uncertainty
	- Additional contractual reservation: Construction start subject to construction cost
Land bank	Acquired two new land plots in Q1 2023 totalling ~850 units •
	- Sandsli, Bergen ~600 units
	- Tangen, Drammen ~250 units

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 Q1 2023
• · 78% of construction volume in Greater Oslo Area* in Q1 2023

· Expected completions for the full year 2023: 744 · 80% of 2023 completions sold by Q1 2023

Note: Sales value and number of units are adjusted for Selvaag Bolig's share in joint ventures. * Includes: Oslo, Lørenskog, Follo, Tønsberg, Asker.

Agenda

Highlights Operational update Financial update Market Outlook and summary

Income statement highlights Q1 2023 (IFRS)

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

Income statement highlights Q1 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 Q1 2023

NOK million

Note: Items of less than NOK 55 million are excluded from the cash flow overview.

• · Cash flow from operations positive at NOK 39m driven by decreased inventories
• · Cash flow from investing activities negative at NOK 63m mainly due to loans given to joint ventures
• · Cash flow from financing activities negative at NOK 179m due to a net decrease in construction loans

411

-177

Net change in borrowings

Cash and cash equivalents at 31 March 2023

Balance sheet highlights Q1 2023

Balance sheet composition

Assets Equity and Liabilities

0 1 000 2 000 3 000 4 000 5 000 6 000 Cash Non-current assets Current assets · Book value of equity NOK 25.7 per share - Equity ratio 42.0% · Changes from Q4 2022: - Inventories decreased by NOK 112m - Trade and Other receivables increased by NOK 23m - Cash decreased by NOK 202m · Prepayments from customers represent NOK 96m of other current non-interest-bearing liabilities NOK million

Inventories (property) Q1 2023

Q4 22 vs Q1 23 Inventory value development

• · Land value up NOK 7m
• · Work in progress down NOK 96m
  • Due to few construction starts
• · Finished goods down NOK 22m

NOK million

Debt structure

	Loan facility	Drawn at 31.03.23 (NOKm)	Interest rate margin*
1	Construction loan facilities from a range of Nordic credit institutions	1 547	1.65% - 2.40%
2	Debt to Urban Property**	587	3.75%***
3	Land loan facilities from a range of Nordic credit institutions	205	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%

Total net interest-bearing debt NOK 1 873 million at 31.12.22

Interest-bearing debt at 31.3.23

Land loan Debt to Urban Propery Construction loan

NOK million

* Margin added to 3m NIBOR.

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

Return on equity (IFRS)

466

586

512

339 366 26% 23% 14% 15% Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023

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

Agenda

Highlights Operational update Financial update Market Outlook and 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 withdrawals.

Newbuild market update

Stavanger & Sandnes – 1.1.2023 – 1.5.2023

Source: Hawii analyse.

* Including withdrawals.

Regional Newbuild availability on 1 May, 2021-23

24

Source: Hawii analyse.

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

*** Population at YE 2022.

Regional Second-hand inventory on 1 May, 2020-23

Source: Eiendomsverdi, Statistics Norway.

• * Akershus county = Viken ex. counties Buskerud and Østfold.
• ** Includes Stavanger, Sola, Sandnes, Randaberg.
• 25 *** Population at 31.12.2022.

Regional price* development 1.1-30.4, 2013-23

Regional price* development April, 2013-2023

Source: Eiendom Norge.

* Nominal price change.

** Includes Stavanger, Sola, Sandnes, Randaberg.

Fornebu | Greater Oslo

• · ~ 2 000 units total (JV)
  • · ~ 500 Pluss units
• · Expected sales start: 2025

Bjerke | Oslo

• · ~ 1 500 units total
  • · ~ 300 Pluss units
• · Expected sales start: 2026

Lørenskog stasjonsby | Greater Oslo

• · ~ 2 000 units total
  • · ~ 200 Pluss units
• · ~ 800 units remaining for sale

Skårerbyen | Greater Oslo

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

Fredrikstad | Greater Oslo

• · ~ 2 000 units (JV)
  • · ~ 400 Pluss units
• · Expected sales start: 2024

Ringve Pluss | Trondheim

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

Minde | Bergen

• · ~ 650 units (JV)
  • · ~ 200 Pluss units
• · Expected sales start: 2023

Sandsli | Bergen

• · ~ 1 200 units* total
  • · ~ 250 Pluss units
• · ~ 1 000* units remaining for sale
• · Including new 600-unit plot acquired in Q1

Barkarby Pluss | Stockholm

• · ~ 220 units
  • · ~ 220 Pluss units
• · Expected sales start: 2023

Kaldnes Brygge| Greater Oslo

• · ~ 1 500 units total (JV)
  • · ~500 Pluss units
• · ~ 550 units remaining for sale

Solbergskogen Pluss | Greater Oslo

• · ~ 300 units
  • · ~ 300 Pluss units
• · ~ 280 units remaining for sale

Landås | Greater Oslo

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

Lervig Brygge| Stavanger

• · ~ 800 units total
  • · ~ 200 Pluss units
• · ~ 180 units remaining for sale

Ballerud | Greater Oslo

Lørenvangen| Oslo

• · ~ 150 units
• · ~ Expected sales start: 2024
• · ~ 200 units
• · Expected sales start: 2024
• · ~ 160 units
• · Expected sales start: 2023

Lilleaker | Oslo

Agenda

Highlights Operational update Financial update Market Outlook and summary

Outlook

• · Housing shortage in Oslo area provides favorable conditions for new housing
• · Increased viewing activity and positive sales development so far in 2023
• · Improved momentum from easing of lending regulations
• · Expecting reduction in construction cost going forward
• · Well positioned for market recovery
  • · Approximately 400 units for sale at 1 May
  • · Potential for up to 750 in Q2-Q4 additional units dependent on market conditions

• · Strong Q1 sales considering challenging market conditions
• · Solid results and healthy margins
• · Acquired new land plats for ~850 units in Bergen and Drammen

Summary

Thank you for your attention – follow us online!

Next event: 2 nd quarter 2023 10 August 2023

Appendix

Business model minimizes risk

• Construction cost development
  • Increased due to geopolitical unrest and shortages after COVID-19 pandemic
  • New projects in certain areas postponed because margins are not satisfactory
  • Cost peak seems to have been reached
• Risk mitigation
  • Fixed construction cost secured for all units under construction
  • Minimum presale of 60% before construction start
• Well prepared for shift in market sentiment
  • ~400 units for sale as per 1 May 2023
  • Approximately 750 units ready for market introduction in Q2-Q4 2023
  • Sales starts dependent on market conditions

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

• Sales subject to project cost reservations

• 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
• Sales subject to project cost reservations
• Remaining risk very limited

Earnings and dividend per share since IPO

Accumulated dividend and earnings per share

Half year dividend and earnings per share

^*Excluding earnings and dividend from 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

Q1 16 Q4 16 Q3 17 Q2 18 Q1 19 Q4 19 Q3 20 Q2 21 Q1 22 Q4 22

Number of shareholders

^* All numbers in brackets from previous quarter.

Largest shareholders at 31.3.2023

Shareholder	# of shares	% share
SELVAAG AS	50 180 087	53.5%
PARETO INVEST NORGE AS	4 671 772	5.0%
VERDIPAPIRFONDET ALFRED BERG GAMBA	3 266 051	3.5%
The Northern Trust Comp, London Br *	2 186 000	2.3%
Chase Bank, London * JPMorgan N.A.,	912 218 1	2.0%
SANDEN EQUITY AS	1 600 000	1.7%
EGD CAPITAL AS	1 204 580	1.3%
MUSTAD INDUSTRIER AS	067 454 1	1.1%
Skandinaviska Enskilda Banken AB *	1 000 000	1.1%
International Goldman Sachs *	974 443	1.0%
HAUSTA INVESTOR AS	950 000	1.0%
The Northern Trust Comp, London Br *	840 200	0.9%
BANAN II AS	830 000	0.9%
Brothers Harriman & Co. * Brown	684 200	0.7%
GÅSØ NÆRINGSUTVIKLING AS	620 000	0.7%
Skandinaviska Enskilda Banken AB *	534 628	0.6%
Brothers Harriman & Co. * Brown	339 511	0.5%
J.P. Morgan SE *	459 927	0.5%
Paribas BNP *	430 000	0.5%
MELESIO INVEST AS	400 000	0.4%
Total 20 largest shareholders	74 322 899	79.3%
Other shareholders	19 442 789	20.7%
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

Stockholm 743 units

Greater-Oslo

8 313 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

Trondheim 267 units

Geographical spread

Stockholm 743 units

Greater-Oslo 8 313 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.

Change in needs calls for new concepts

47

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.

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 2023

Area	% chg -1M	% chg. -1M seasonal adj.	% chg YtD	% chg -12m	% chg -5Y	% chg -10Y	Average price/sqm (NOK)	Average price (NOK)
Oslo	0.7%	1.0%	6.2%	1.2%	28.2%	81.8%	91 449	6 372 478
Bergen	1.2%	0.8%	7.9%	0.5%	22.6%	40.1%	53 990	4 233 073
Trondheim	1.3%	1.0%	5.2%	-0.5%	18.5%	38.8%	57 418	4 208 016
Stavanger-area**	1.1%	0.2%	10.4%	4.4%	21.9%	7.8%	42 787	4 477 427
Norway	1.0%	0.7%	6.8%	0.5%	24.0%	56.0%	53 704	4 594 966

Source: Eiendom Norge.

* Nominal price change.

** Includes Stavanger, Sola, Sandnes, Randaberg.

Land bank in Oslo and Greater Oslo at 31.3.2023

*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	1 532 units
	Langhus	48 units
	Ski	90 units
	Grenseveien	314 units
	Fredrikstad	900 units

Land bank in Stavanger area at 31.3.2023

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

Land bank in Bergen, Trondheim and Stockholm at 31.3.2023

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

Cooperation with Urban Property from 1.1.2021

• 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 an option to repurchase the land in stages
  • Fee structure:
    • 2.5% transaction fee
    • Annual option premium of NIBOR +375bp

• Eliminates need for equity when purchasing land, as SBO pay 50% of purchasing price at construction start and 50%

• Benefits for Selvaag Bolig:

  • at project completion
  • Increases return on equity
  • Allows for a higher dividend payout ratio

  • land plots

  • (break fee)

• More efficient and predictable funding of existing and new

• Increases competitiveness when making land purchases - Down-side risk for SBO limited to 48 months option premium

Selvaag Bolig sold most of its land bank to Urban Property in January 2020, entering a long-term and strategic partnership. Urban Property is a financially sound, well capitalized and predictable partner.

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 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 Options and obligations to acquire Land bank in balance sheet

Total land bank portfolio at 31.3.2023

Units

Value of units sold - gross and net

Sales value of units sold

Q2 18 Q3 18 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 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

Untis sold net Units sold gross

Units

Q1 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 IFRS

(figures in NOK million)	Q1 2023	Q1 2022	2022
Total operating revenues	734 2	356 2	2 896 4
Project expenses	(579 9)	(253 2)	(2 313 7)
Other operating expenses	(57 9)	(46 3)	(236 3)
Associated companies and joint ventures	(8 7)	(5 0)	85 7
EBITDA	87 .7	51.8	432 .1
Depreciation and amortisation	(2 2)	(2 3)	(9 7)
Other gains (loss)	-	-	-
EBIT	85 .5	49 .5	422 4
Net financial expenses	0 6	(2 2)	2 7
Profit/(loss) before taxes	86 0	47 3	425 .1
taxes Income	(20 8)	(9 7)	(86 3)
Net income	65 2	37 6	338 9
Net income for the period attributable to:
Non-controlling interests	0 0	-	0 0
Shareholders in Selvaag Bolig ASA	65 2	37 6	338 8

Balance sheet

(figures in million) NOK	Q1 2023	Q1 2022	2022
Intangible assets	383 4	383 4	383 4
equipment Property , plant and	9 6	8 2	8 2
in associated companies joint Investments and ventures	231 5	239 4	234 7
Other non-current assets	435 1	340 5	345 3
Total non-current assets	1 059 .5	971 .5	971 6
Inventories (property)	4 161 4	4 357 .1	4 273 2
- Land	725 6	007 1 5	719 3
- Land held for sale
- Work in progress	3 287 9	3 199 3	3 384 2
- Finished goods	147 9	150 2	169 7
Other current receivables	115 1	60 9	92 1
Cash and cash equivalents	410 8	694 4	612 7
Total current assets	4 687 3	5 112 4	4 978 0
TOTAL ASSETS	5 746 8	6 083 9	5 949 6
Equity attributed to shareholders in Selvaag Bolig ASA*	2 408 1	2 486 2	2 338 1
Non-controlling interests	7 8	7 8	7 8
Total equity	2 415 9	2 494 0	2 345 9
Non-current interest-bearing liabilities	194 2 1	189 9 1	400 4 1
Other non-current non interest-bearing liabilities	439 5	357 1	404 2
Total non-current liabilities	633 1 .7	547 0 1	804 6 1
Current interest-bearing liabilities	145 0 1	372 1 1	085 4 1
Other current non interest-bearing liabilities	552 2	670 8	713 7
liabilities Total current	1 697 2	2 042 9	1 799 .1
TOTAL EQUITY AND LIABILITIES	5 746 8	6 083 9	5 949 6

Cash flow statement

-

-

-

(figures in million) NOK	Q1 2023	Q1 2022	2022
cash flow from operating activities Net	39 5	(308 5)	63 4
cash flow from investment activities Net	(62 7)	86 4	239 8
cash flow from financing activities Net	(178 6)	389 1	(218 0)
Net change in cash and cash equivalents	(201 8)	167 0	85 2
equivalents of period Cash and cash at start	612 7	527 4	527 4
equivalents of period Cash and cash at end	410 8	694 4	612 7

Operational highlights – key operating figures

	Q1 22	Q2 22	Q3 22	Q4 22	Q1 23
Units sold	201	120	8 3	4 4	116
Construction starts	113	190	6 8	146	5
Units completed	7 4	210	142	160	161
Units delivered	7 7	217	144	147	150
Units construction under	1 361	1 342	1 268	1 253	1 097
Proportion of units construction sold under	% 73	% 75	% 73	% 67	% 69
units Completed unsold	1 9	1 3	1 9	3 1	3 7
of units construction (NOK million) Sales value under	7 034	6 807	6 225	6 408	5 641

EBITDA Q1 2023

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

	Property
(figures in million) NOK	development	Other	Total
Operating revenues	579.5	15.7	595.3
Project expenses	(463.2)	(0.4)	(463.6)
Other operating expenses	(11.0)	(49.0)	(60.0)
(percentage of completion) EBITDA	105.3	(33.7)	71.6
Note: Construction costs are exclusive of financial expenses in the segment reporting.
for IFRS EBITDA the quarter, per segment
Operating revenues	718.4	15.7	734.2
Project expenses	(579.4)	(0.4)	(579.9)
Other operating expenses	(11.0)	(46.9)	(57.9)
Share of income (losses) from associated companies
and joint ventures	(8.7)	-	(8.7)
EBITDA	119.3	(31.6)	87.7
Units in production	097 1	N/A	N/A
Units delivered	150	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

Source: OECD, Statista.

Shift in demographics trigger new housing needs

0%

10%

Source: Statistics Norway, Samfunnsøkonomisk Analyse.

* Estimated annual growth for the next 5-year period.

** Number of persons per household in Norway.

Share of small & single households Share of newbuild and population growth by region

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

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* 2018 - 2024e

Source: Bloomberg, UN.

* Central bank rates.

Healthy macroeconomics

Wages & disposable income 2019 – 2026e Prices & interest rates 2019 – 2026e

Source: Monetary Policy Report 1|23, Central Bank of Norway.