Selvaag Bolig ASA

Investor Presentation • Feb 15, 2022

Oslo, 15 February 2022

Sverre Molvik, CEO Christopher Brunvoll, CFO

Q4 2021

2

Highlights

• Operational update
• Financial update
• Market

Outlook and summary

Highlights Q4 and FY 2021

• · Record high Q4 sales volume and value
• · Record high construction starts
• · Solid revenues and good results
• · Proposed H2 21 dividend of NOK 3.00 per share, NOK 5.00 per share for the full year
• · External valuation of remaining land bank of NOK 1.4bn vs. book value of NOK 0.9bn

Completed, ongoing and upcoming projects

Key financials Q4 and FY 2021

Per cent

15.8 EBITDA** margin (NGAAP) 22.2 Adjusted EBITDA* margin Per cent

* Profit before interest, taxes, depreciation and amortization.

** Operating profit before depreciation, gains (losses) and profit from associated companies

Agenda

Highlights Operational update Financial update Market Outlook and summary

Operational news

Sweden	• Land bank for ~ 800 units acquired last 18 months. • First sales start in 2022 • Awarded land for project in Nacka, Stockholm - "NatureUrban" - Focus on sustainability and lifestyle living with shared area and services ~ 200 units with expected sales start in 2024 -
Land bank	• Started construction of 880 units in 2021 Acquisition of new land in 2021 for ~ 1 000 units •
ESG	• Disclosure of first green house gas (GHG) protocol in April 2022 - Sustainability reporting according to GRI standards

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

NOK million Units

• · 67% of units under construction sold by Q4 2021
• · 73% of construction volume in Greater Oslo Area* in Q4 2021
• · Expected completions for the full year 2022: 625
• · 82% of 2022 completions sold by Q4 2021

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 Q4 2021 (IFRS)

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

Q4 2021 proforma figures including proportionate share of JV

* EBITDA is profit before interest, taxes, depreciation and amortization.

¹³ *

^* 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.

FY 2021 proforma figures including proportionate share of JV

• · 894 units delivered (720)
• · Revenues NOK 4 299m (3 553)
  • Other revenues NOK 74m (70)
• · Project costs NOK 3 342m (2 635)
  • Of which NOK 128m is interest (98)
• · Adjusted EBITDA NOK 827m (732*)
• · EBITDA NOK 698m (635*)
• · EPS in 2021 NOK 5.40 (5.32**)

^* Excluding gains of NOK 1 029m from UP transaction

^** Excludes NOK 11.01 from UP transaction

Income statement highlights Q4 2021 (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 Q4 2021

NOK million

• · Cash flow from operations positive at NOK 721m driven by strong earnings and changes in inventories
• · Cash flow from investing activities at negative NOK 2m
• · Cash flow from financing activities negative at NOK 801m mainly due to repayment of construction loans

Balance sheet highlights Q4 2021

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 26.2 per share - Equity ratio 42.7% · Changes from Q3 2021: - Decreased inventories, down NOK 575m - Trade and other receivables reduced by NOK 27m - Cash reduced by NOK 82m · Prepayments from customers represent NOK 234m of other current non-interestbearing liabilities NOK million

Valuation of remaining land bank*

1 426

^* SBO land bank not included in the UP transaction

Næringsmegling)

NOK million

Inventories (property) Q4 2021

Q4 21 vs Q3 21 Inventory value development

• · Work in progress down NOK 712m
  • Mainly due to completions and deliveries
• · Finished projects up NOK 58m

NOK million

Debt structure

Loan facility

	Loan facility	Drawn at 31.12.21 (NOKm)	Interest rate margin*
1	Construction loan facilities from a range of Nordic credit institutions	1 187	1.65% - 2.40%
2	Land loans Urban Property**	682	3.75%***
3	Land loan facilities from a range of Nordic credit institutions	279	1.50% - 2.95%
4	NOK 150 million revolving credit facility from DNB maturing in 2023	0	2.50% - 3.00%
5	NOK 150 million working capital facility from DNB with annual renewal	0	2.10%
6	NOK 300 million infrastructure facility maturing in 2024	0	2.50%

Total Q4 2021 net interest-bearing debt NOK 1 620 million Total Q3 2021 net interest-bearing debt NOK 2 329 million

Interest-bearing debt at 31.12.21

Land loans Urban Property* Land loan Construction loan

NOK million

* Margin added to 3m NIBOR.

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

* Repurchase agreements portfolio B.

Earnings and dividend per share since IPO

Accumulated dividend and earnings per share

Annual dividend and earnings per share

^*Excluding earnings and dividend from 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).

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: SA – Econ Nye Boliger, Forecasted housing need: Prognosesenteret. Note: Number of persons per household in Oslo: 1.90.

Note: Housing demand calculated on parameters such as number of persons per household, lag on housing development and housing demolition. Note: Completions exclusive of student- and senior housing.

* Estimates based on actual start and time of construction.

** Uncertainty due to project lead-time. Expected to increase as new projects are construction started through 2022 and 2023.

Estimated completions in Akershus*

Sources: Historic data: Statistics Norway (SSB), Forecasted housing completions: SA – Econ Nye Boliger, Forecasted housing need: Prognosesenteret. Note: Number of persons per household in Oslo: 1.90.

Note: Housing demand calculated on parameters such as number of persons per household, lag on housing development and housing demolition. Note: Completions exclusive of student- and senior housing.

* Includes municipalities previously included in Akershus county.

** Estimates based on actual start and time of construction.

25 *** Uncertainty due to project lead-time. Expected to increase as new projects are construction started through 2022 and 2023.

Newbuild market update

Source: SA - ECON Nye Boliger.

Newbuild market update

Source: SA - ECON Nye Boliger.

1 054				793

Regional Newbuild availability YE 2018-2021

* Includes municipalities previously included in Akershus county.

Source: SA - ECON Nye Boliger, Statistics Norway.

Regional Second-hand inventory on 1 February 2019-22

Source: Eiendomsverdi, Statistics Norway.

* Includes all municipalities previously in ex. Akershus county.

** Includes Stavanger, Sola, Sandnes, Randaberg.

Regional price* development January 2010-2022

Source: Eiendom Norge.

* Nominal price change.

** Includes Stavanger, Sola, Sandnes, Randaberg.

Strong pipeline

RingvePluss | Trondheim

• · ~ 650 units total
• · ~ 550 units remaining for sale

Lille Løren Park | Oslo

• · ~ 348 units total (50/50 JV)
• · Sales start: Q1 2022

• · ~ 2 000 units total
• · ~ 850 units remaining for sale
• On 1 February, SBO had approximately 440 units for sale in Norway
• Planning for sales start of 627 units in H1 2022

Lørenskog stasjonsby | Greater Oslo

Skårerbyen | Greater Oslo

• · ~ 1 100 units total
• · ~ 550 units remaining for sale

Significant upcoming projects

Fornebu | Greater Oslo

• · ~ 2 000 units total (50/50 JV)
• · ~ 500 Pluss units
• · Expected sales start: 2024

Bjerke | Oslo

• · ~ 1 200 units total
• · ~ 300 Pluss units
• · Expected sales start: 2024

Fredrikstad | Greater Oslo

• · ~ 2 000 units (50/50 JV)
• · ~ 400 Pluss units
• · Expected sales start: 2022/23

Barkarby | Stockholm

• · ~ 250 units total
• · ~ 250 Pluss units
• · Expected sales start: 2022

Source: www.barkarby.se

Agenda

Highlights Operational update Financial update Market Outlook and summary

Outlook

• · Positive market sentiment and sound macro conditions
• · Attractive projects for sale in all the markets where we operate
• · Growth in Stockholm
• · Solid pipeline planning sales start of 627 units in H1 2022

Summary

• · Record high Q4 sales volume and value
• · Record high construction starts
• · Solid revenues and good results
• · Proposed H2 21 dividend of NOK 3.00 per share, NOK 5.00 per share for the full year
• · External valuation of remaining land bank of NOK 1.4bn vs. book value of NOK 0.9bn

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Next event: 1st quarter 2022 25 May 2022

FY 2021 Income statement highlights (IFRS)

Operating revenues (IFRS)

* EBITDA is profit before interest, taxes, depreciation and amortization. EBITDA adjusted is * Excluding other gains of NOK 1 029m excluding financial expenses included in project costs. Excluding other gains of NOK 1 029m ** Not including gain from UP transaction of NOK 11.01

Return on equity (IFRS)

^* Net income attributable to shareholders in Selvaag Bolig ASA.

12-month rolling net income (NOKm) ROE (%)

** Based on equity at the start of the period (attributed to shareholders in Selvaag Bolig ASA).

12-month rolling net income (NOKm) ROE (%)

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

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

· Trading

16 16 16 16 17 17 17 17 18

^* All numbers in brackets from previous quarter.

Largest shareholders at 31.12, 2021

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

Shareholder	# of shares	% share
SELVAAG AS	50 180 087	53.5%
Skandinaviska Enskilda Banken AB *	7 504 973	8.0%
PARETO INVEST AS	4 281 098	4.6%
VERDIPAPIRFONDET ALFRED BERG GAMBA	3 117 700	3.3%
JPMorgan Chase Bank, N.A., London *	1 923 658	2.1%
Skandinaviska Enskilda Banken AB *	1 000 000	1.1%
MUSTAD INDUSTRIER AS	970 000	1.0%
State Street Bank and Trust Comp *	888 439	0.9%
Skandinaviska Enskilda Banken AB *	848 922	0.9%
The Northern Trust Comp, London Br *	840 200	0.9%
BANAN II AS	750 000	0.8%
SANDEN EQUITY AS	730 000	0.8%
Landkreditt Utbytte	700 000	0.7%
VERDIPAPIRFONDET EIKA SPAR	543 194	0.6%
Brown Brothers Harriman & Co. *	518 981	0.6%
Sverre Molvik	399 901	0.4%
VERDIPAPIRFONDET EIKA NORGE	397 699	0.4%
Øystein Klungland	376 995	0.4%
HOLTA INVEST AS	376 500	0.4%
State Street Bank and Trust Comp *	366 247	0.4%
Total 20 largest shareholders	76 714 594	81.8%
Other shareholders	17 051 094	18.2%
Total number of shares	93 765 688	100.0%

• · 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 294 units

Stockholm 790 units

Greater-Oslo

7 930 units

Positioned to realize large projects in Norway's four largest growing urban areas

• Acquire the right mix of zoned and un-zoned land in suitable locations
• Land acquisitions in defined core areas in co-operation with Urban Property
• High degree of site utilization 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 294 units

Geographical spread

Stockholm 790 units

Greater-Oslo 7 930 units

Stavanger 694 units

Bergen 603 units

Land-bank strategy

Note: The numbers represent the size of the land portfolio as at 31 December 2021. All numbers are adjusted for Selvaag Bolig's share in joint ventures. 1) Greater Oslo area: Oslo, Akershus, Buskerud, Vestfold and Østfold, 2) The residential property development portfolio consists of land plots that are to be paid for when planning permission is received. The portfolio has a development potential of ~4 900 residential units.

45

Change in needs calls for new concepts

46

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.

* Includes municipalities previously included in Akershus county.

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.

Trondheim

Stavanger area**

• Average price per sqm at 31.12.21 = NOK 50 472

• FY 2021 increase of 6.8% = NOK 2 533 sqm***
• Average price per sqm at 31.12 = NOK 39 881

Regional price* development 1.1-31.12, 2012-21

Source: Eiendom Norge.

* Nominal price change.

** Includes Stavanger, Sola, Sandnes, Randaberg.

52 *** Based on average price per sqm per 31 December 2020.

Bergen

• FY 2021 increase of 2.3% = NOK 1 870 per sqm***
• Average price per sqm at 31.12.21 = NOK 82 587
• FY 2021 increase of 6.7% = NOK 3 040 per sqm***
• Average price per sqm at 31.12.21 = NOK 48 338

Land bank acquisitions

• Land bank replacement secure long-term growth
• Persistent presence in established areas in Norway
• Increasing exposure in new growth area

Lilleakerveien	Årstadfältet	Slakthus
47 Oslo	Stockholm	area Stockholm
Western part of Oslo ·	Söderort transformation district ·	Söderort transformation district ·
Up to 115 units	140 units	170 units
·	·	·

Barkabystaden Stockholm

• · Söderort transformation district
• · 230 units Plus

Land bank in Oslo and Greater Oslo at 31.12.21

Lørenskog 1 724 units Lørenskog Stasjonsby 613 units Skårer bolig 673 units LSV 300 units 1 724 units Oslo South 315 units Gjertsrud Stensrud 315 units units Follo/Østfold 1 235 units Langhus 49 units Solberg 32 units Ski 88 units Grenseveien 340 units Fredrikstad 726 units 1 235 Lillestrøm Bjerke 1 025 units Bjerke 1 025 units 1 025

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

Land bank in Stavanger area at 31.12.21

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

Land bank in Bergen, Trondheim and Stockholm at 31.12.21

*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.

Reduced capital binding in practice, in effect no equity needed in Selvaag Bolig for land

Residential development value chain: cooperation between Selvaag Bolig and Urban Property

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 BEFORE URBAN PROPERTY		2 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 Initial project margin and IRR before Urban Property when purchasing land at market value

2 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

^* Assuming flat market development.

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

Project margin development

NOK million

^** Project margins are exclusive of overhead costs.

Substantial portfolio for development

5 130

Total land bank Options and obligations to acquire Land bank in balance sheet

Total land bank portfolio at 31.12.2021

Units

Value of units sold - gross and net

Sales value of units sold

Q2 17 Q3 17 Q4 17 Q1 18 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 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

Income statement IFRS

2020
2 698.0
(1 967.6)
(256.8)
135.0
608.5
(9.8)
045.1 -
1 643.8
9.7
653.5
(129.9)
1 523.6

(figures in NOK million)	Q4 2021	Q4 2020	2021	2020
Total operating revenues	1 553.8	1 347.2	3 402.7	2 698.0
Project expenses	(1 212.9)	(934.9)	(2 617.4)	(1 967.6)
Other operating expenses	(78.0)	(80.9)	(236.4)	(256.8)
Associated companies and joint ventures	9.0	2.8	109.7	135.0
EBITDA	271.9	334.3	658.6	608.5
Depreciation and amortisation	(2.6)	(2.5)	(10.3)	(9.8)
Other gains (loss)	-	16.4	-	1 045.1
EBIT	269.4	348.2	648.3	1 643.8
Net financial expenses	5.1	(0.7)	(3.0)	9.7
Profit/(loss) before taxes	274.4	347.5	645.3	1 653.5
Income taxes	(56.0)	(103.5)	(140.4)	(129.9)
Net income	218.5	243.9	504.9	1 523.6

Balance sheet

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-

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-

-

-

-

(figures in NOK million)	Q4 2021	Q3 2021	2020
Intangible assets	383.4	383.4	383.4
Property, plant and equipment	7.4	6.6	7.3
Investments in associated companies and joint ventures	354.7	342.6	406.9
Other non-current assets	302.3	271.7	228.1
Total non-current assets	1 047.7	1 004.3	1 025.7
Inventories (property)	4 072.5	4 647.4	3 940.8
- Land	1 033.8	954.7	909.3
- Land held for sale
- Work in progress	2 872.2	3 584.0	2 911.0
- Finished goods	166.4	108.6	120.5
Other current receivables	134.3	161.4	119.0
Cash and cash equivalents	527.4	609.7	885.3
Assets held for sale	-	-	-
Total current assets	4 734.2	5 418.5	4 945.1
TOTAL ASSETS	5 782.0	6 422.8	5 970.8
Equity attributed to shareholders in Selvaag Bolig ASA*	2 461.1	2 235.5	2 430.0
Non-controlling interests	7.8	7.8	7.8
Total equity	2 468.8	2 243.3	2 437.8
Non-current interest-bearing liabilities	777.2	1 759.2	1 100.3
Other non-current non interest-bearing liabilities	336.0	308.4	136.5
Total non-current liabilities	1 113.2	2 067.5	1 236.8
Current interest-bearing liabilities	1 370.5	1 179.4	1 368.1
Other current non interest-bearing liabilities	829.4	932.6	928.1
Total current liabilities	2 199.9	2 112.0	2 296.2
TOTAL EQUITY AND LIABILITIES	5 782.0	6 422.8	5 970.8

* Corresponding to a book value of NOK per share 26.25

Cash flow statement

(figures in NOK million)	Q4 2021	Q4 2020	2021	2020
Net cash flow from operating activities	721.1	922.9	392.6	1 615.7
Net cash flow from investment activities	(2.0)	4.7	167.1	413.8
Net cash flow from financing activities	(801.4)	(403.6)	(917.6)	(2 322.9)
Net change in cash and cash equivalents	(82.2)	524.0	(357.9)	(293.4)
Cash and cash equivalents at start of period	609.7	361.3	885.3	1 178.7
Cash and cash equivalents at end of period	527.4	885.3	527.4	885.3

	Q4 21 276
		456
		334
		324
		323
		67 %
		25
		736

Operational highlights – key operating figures

	Q1 20	Q2 20	Q3 20	Q4 20	Q1 21	Q2 21	Q3 21	Q4 21
Units sold	164	142	178	199	248	173	125	276
Construction starts	15	31	196	254	134	142	148	456
Units completed	89	104	212	286	95	120	318	334
Units delivered	114	122	212	272	124	132	314	324
Units under construction	1 431	1 357	1 342	1 310	1 349	1 371	1 201	1 323
Proportion of sold units under construction	76 %	78 %	77 %	74 %	82 %	82 %	76 %	67 %
Completed unsold units	37	25	19	19	17	15	16	25
Sales value of units under construction (NOK million)	6 742	6 327	6 660	6 413	6 627	6 749	6 200	6 736

EBITDA Q4 2021

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

Total
795.2
(601.4) (80.6) 113.3
1 553.8 (1 212.9) (78.0)
9.0
271.9
N/A N/A

	Property
(figures in NOK million)	development	Other	Total
Operating revenues	782.2	13.0	795.2
Project expenses	(600.2)	(1.1)	(601.4)
Other operating expenses	(18.3)	(62.2)	(80.6)
EBITDA (percentage of completion)	163.6	(50.4)	113.3
Note: Construction costs are exclusive of financial expenses in the segment reporting.
IFRS EBITDA for the quarter, per segment
Operating revenues	1 540.8	13.0	1 553.8
Project expenses	(1 211.8)	(1.1)	(1 212.9)
Other operating expenses	(18.3)	(59.7)	(78.0)
Share of income (losses) from associated companies
and joint ventures Other gain (loss), net	9.0 -	-	9.0
EBITDA	319.8	(47.8)	271.9
Units in production	1 323	N/A	N/A
Units delivered	324	N/A	N/A

EBITDA FY 2021

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

Total
3 308.1
(2 538.0) (246.6) 523.5
3 402.7 (2 617.4) (236.4)
109.7 658.6
N/A N/A

	Property
(figures in NOK million)	development	Other	Total
Operating revenues	3 250.6	57.6	3 308.1
Project expenses	(2 536.5)	(1.5)	(2 538.0)
Other operating expenses	(55.0)	(191.6)	(246.6)
EBITDA (percentage of completion)	659.1	(135.6)	523.5
Note: Construction costs are exclusive of financial expenses in the segment reporting.
IFRS EBITDA full year per segment
Operating revenues	3 345.2	57.6	3 402.7
Project expenses	(2 615.9)	(1.5)	(2 617.4)
Other operating expenses	(55.0)	(181.5)	(236.4)
Share of income (losses) from associated companies
and joint ventures	109.7	-	109.7
EBITDA	784.0	(125.4)	658.6
Units in production	1 323	N/A	N/A
Units delivered	894	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

Source: Statistics Norway, Samfunnsøkonomisk Analyse.

* Estimated annual growth for the 2020-25 period.

** Number of persons per household in Norway.

Price development Norway and selected regions (2005-22)

Price development (rebased 1.1.2005)

Source: Eiendomsverdi.

* Stavanger area includes: Randaberg, Sandnes, Sola, Stavanger.

Increasing share of population growth in Oslo and Akershus

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 2020 - 2030e and 2040e Interest rates* 2013 - 2022e

Source: Bloomberg, UN.

GDP growth 2013 - 2023e Unemployment 2013 - 2023e -10% -5% 0% 5% 10% 2018 2019 2020 2021e 2022e 2023e Norway Sweden Denmark Germany UK

2018 2019 2020 2021e 2022e 2023e Norway Sweden Denmark Germany UK 2018 2019e 2020 2021e 2022e 2023e Norway Sweden Denmark EU UK

* Central bank rates.

Norway – moving back to normal in through 2022

Wages & disposable income 2019 – 2024e Prices & interest rates 2019 – 2024e

Real economy 2019 - 2024e Demand 2019 - 2024e -4% -2% 0% 2% 4% 6% 2019 2020 2021e 2022e 2023e 2024E GDP GDP mainland Unemployment rate

Source: Monetary Policy Report 4|21, Central Bank of Norway.