Selvaag Bolig ASA

Earnings Release • Feb 12, 2025

Selvaag Bolig ASA: Q4 2024: Good profitability, more homes under construction and dividend for 2024

Selvaag Bolig ASA: Q4 2024: Good profitability, more homes under construction and dividend for 2024

Selvaag Bolig had operating revenues of NOK 1 971 million and an EBITDA

adjusted for financial expenses of NOK 320 million in 2024. The board proposes

a dividend of NOK 1.25/share for 2024

"Taking market conditions into consideration, we delivered good earnings in

2024 and the profitability of our projects and company is good. The number of

construction-starts in the fourth quarter was the highest in three years and

at the end of the year we had 829 homes with a total value of NOK 6.1 billion

under construction," says CEO Sverre Molvik.

The IFRS result for the year and for the fourth quarter itself was lower than

in 2023 because of fewer delivered units. The NGAAP result, which uses the

percentage of completion method, was however better than 2023 because of an

increase in the number of homes under construction and good profitability in

the projects.

"We are optimistic about 2025. The activity in the company is increasing, the

order backlog is at a solid level and market conditions are improving. We have

roughly 400 homes for sale and if the market remains good, we can in addition

start sales on more than 600 new homes during the next half year," according

to Molvik.

Highlights of the fourth quarter 2024 (fourth quarter 2023)

* Gross sales* amounted to 160 homes (99) with a sales value of NOK 1 121

million (NOK 602 million)

* Net sales* were 122 homes (88) with a sales value of NOK 849 million (NOK

531 million)

* Net construction starts for 298 homes (130), net completions of 168 (331)

and net deliveries of 172 to buyers (276)

* Net 829 homes under construction (784) with a combined sales value of NOK 6

134 million (NOK 4 496 million)

* 61 per cent (62 per cent) of homes under construction sold at 31 December

* 81 (95) completed homes unsold at 31 December

* IFRS**: Operating revenues of NOK 498 million (NOK 1 247 million), EBITDA

adjusted for financial expenses NOK 87 million (NOK 203 million),

corresponding to a margin of 17.4 per cent (16.3 per cent)

* Earnings per share: NOK 0.50 (NOK 1.16)

* NGAAP***: Operating revenues of NOK 877 million (NOK 565 million), EBITDA of

NOK 96 million (NOK 39 million), corresponding to a margin of 10.9 per cent

(7 per cent)

Highlights of 2024 (2023)

* IFRS**: Operating revenues of NOK 1 971 million (NOK 3 255 million), EBITDA

adjusted for financial expenses NOK 320 million (NOK 452 million),

corresponding to a margin of 16.2 per cent (13.9 per cent)

* Earnings per share: NOK 1.90 (NOK 2.62)

* The board proposes a dividend of NOK 1.25 per share (NOK 1.00) for the

second half. Total ordinary dividend for the year will be NOK 1.25 per share

(NOK 2.00)

* NGAAP***: Operating revenues of NOK 2 544 million (NOK 2 153 million),

EBITDA of NOK 220 million (NOK 202 million), corresponding to a margin of

8.7 per cent (9.4 per cent)

* Gross sales* amounted to 665 homes (435) with a sales value of NOK 4 363

million (NOK 2 585 million)

* Net sales* were 568 homes (360) with a sales value of NOK 3 673 million (NOK

2 108 million)

* Net construction starts for 559 homes (275), net completions of 514 (744)

and net deliveries of 532 to buyers (655)

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

Norwegian Housing Construction Act and the Tenancy Act in Sweden. In

accordance with the IFRS, they are recognised as income on delivery. Net sales

include Selvaag Bolig's share of joint venture projects. Gross sales include

all homes in joint venture projects.

** Pursuant to the IFRS, all profit is recognised when the homes are delivered

to the buyer. Profit pursuant to the IFRS accordingly derives primarily from

homes which began to be built roughly two years ago.

*** The accounts pursuant to Norwegian generally accepted accounting

principles (NGAAP) utilise the percentage of completion method. This means

that profits are recognised on the basis of construction progress and sales in

the projects. That presents ongoing value creation in the company.

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For further information:

Sverre Molvik, CEO

Telephone: +47 401 00 585, e-mail: smo@selvaagbolig.no

Christopher Brunvoll, CFO

Telephone: +47 98 82 92 22, e-mail: chbr@selvaagbolig.no

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About Us

Selvaag Bolig ASA is a residential development company that manages the entire

value chain from acquisition of land to completed residential and urban areas.

The company represents a continuation of Selvaag's 75-year history and

experience and has several thousand homes under development in growth areas in

and around the largest cities in Norway and Sweden. Selvaag Bolig offers a

broad variety of housing types, including the lifestyle concept Selvaag

Pluss®, which features homes with shared spaces and services.

www.selvaagboligasa.no/en

This information is subject to disclosure under the Norwegian Securities

Trading Act, §5-12. The information was submitted for publication at

2025-02-12 07:00 CET.