Selvaag Bolig ASA

Investor Presentation • Feb 12, 2025

Q4 2024

Oslo, 12 February 2025

Sverre Molvik, CEO Christopher Brunvoll, CFO

2

Agenda

Highlights

Operational update Financial update Market Summary

• Solid results considering market conditions
• Strong sales increase driven by improving markets and attractive projects
  • FY 2024 gross sales up NOK 1.78bn to NOK 4.36bn
• Highest quarterly construction starts in three years
  • 298 construction starts in Q4
  • 829 units under construction by YE
• Land bank additions of 880 units in 2024
• Proposed 2024 dividend of NOK 1.25 per share

Highlights Q4 and FY 2024

Key financials Q4 and FY 2024

Per cent

8.7 EBITDA** margin (NGAAP) 16.2 Adjusted EBITDA* margin Per cent

^* 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

Summary

Operational news

Operating	Risk-minimizing sales model •
model	- Minimum presale of 60% before construction start
	- Fixed price contracts
	- Contractual reservation with buyers: Construction start subject to construction cost
Sales &	Sales picking up driven by increased purchasing power and attractive offering •
construction	- Successful sales starts and 475 units for sale at 1 February
starts	- Planning for 550 sales starts in H1 and additional 450 units in H2 depending on market conditions
	• Construction starts picking up
Land bank	Added 880 units in 2024 •
	- Greater Oslo area 400
	- Stockholm 300
	- Bergen 180
	Utilizing market downturn to develop landbank, expecting further additions in 1H 2025 •

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.

**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 and the Swedish Bostadsrätsslagen. In accordance with the IFRS, they are recognised as income on delivery.

Construction starts and completions

Construction starts and completions per quarter

Note: Number of units are adjusted for Selvaag Bolig's share in joint ventures.

Units under construction and completions

· 82% of construction volume in Greater Oslo Area* in Q4 2024

· Expected completions for the full year 2025: 374

Note: Sales value and number of units are adjusted for Selvaag Bolig's share in joint ventures.

^* Includes: Oslo, Lørenskog, Follo, Tønsberg, Asker.

^** Including share of partially owned projects

Agenda

Highlights

Operational update

Financial update

Market

Summary

Income statement highlights Q4 2024 (IFRS)

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

Q4 2024 proforma figures including proportionate share of JV

Operating revenues (IFRS)

^* 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.

FY 2024 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 highlights Q4 2024 (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.

Q4 2024 proforma figures including proportionate share of JV

^* 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 Q4 2024

NOK million

Note: Other items of less than NOK 25 million are excluded from the cash flow overview.

• · Cash flow from operations negative at NOK 47m driven by changes in inventories
• · Cash flow from investing activities positive at NOK 22m related mainly repayment of loans from JV partners
• · Cash flow from financing activities positive at NOK 219m due to net proceeds from borrowings, primarily new construction loans

equivalents at 31

Balance sheet highlights Q4 2024

Balance sheet composition

0 1 000 2 000 3 000 4 000 5 000 6 000 Cash Non-current assets Current assets · Book value of equity NOK 25.4 per share - Equity ratio 46.4% · Changes from Q3 2024: - Inventories increased by NOK 151m - Current receivables reduced by NOK 20m - Cash and cash equivalents increased by NOK 195m · Prepayments from customers represent NOK 37m of other current non-interest-bearing liabilities NOK million

Inventories (property) Q4 2024

Q3 2024 vs Q4 2024 Inventory value development

• · Land value up NOK 3m
• · Work in progress up NOK 112m
• · Finished goods up NOK 36m
  • 81 unsold completed units by year end
    • 63 unsold at 6 February, 2025
  • 26 sold and completed units, but not delivered

NOK million

Valuation of remaining land bank*

904

Book value at 31.12.2024 Gap Valuation Nov 2024 (60 Grader Næringsmegling)

NOK million

* SBO land bank not included in the UP transaction

Debt structure

	Loan facility	Drawn at 31.12.24 (NOKm)	Interest rate margin*
1	Construction loan facilities from a range of Nordic credit institutions	1 075	1.65% - 2.40%
2	Debt to Urban Property**	504	3.75%***
3	Land loan facilities from a range of Nordic credit institutions	34	1.50% - 2.95%
4	NOK 300 million revolving credit facility from DNB maturing in 2027	0	2.50% - 3.00%
5	NOK 150 million working capital facility from DNB with annual renewal	0	2.10%

Interest-bearing debt at 31.12.24

NOK million

^* Margin added to 3m NIBOR.

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

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 1.25 per share in 2024

• adequacy
• Pay-out ratio of 66%
• IPO
  -

· Accumulated pay-out ratio of 68%** since

• 92% including UP transaction

· Total shareholder return of 12.1% in 2024

Earnings and dividend per share since IPO

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).

Agenda

Sources: Historic data: Statistics Norway (SSB), Forecasted housing completions: Plot.ai, 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 Oslo well below forecasted need

Sources: Historic data: Statistics Norway (SSB), Forecasted housing completions: Plot.ai, 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.

* 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: Plot.ai, 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.

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

** Uncertainty due to project lead-time.

Estimated completions in Oslo and Akershus

Newbuild market update

Source: Plot.ai * Including withdrawals

Source: Plot.ai.

* Including withdrawals

** includes Stavanger, Sandnes, Sola, Randaberg.

Newbuild market update

Regional Newbuild availability on 31 December, 2022-24

30

Source: Plot.ai

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

*** Population at 30.09.2024.

Source: Eiendomsverdi, Statistics Norway.

Regional Second-hand availability* February, 2021-25

• * Number of unsold units with less than 180 days in the market
• ** Includes Stavanger, Sola, Sandnes, Randaberg.
• 31 *** Population at 30.09.2024.

Regional full year price* development 2014-24

Source: Eiendom Norge.

* Nominal price change.

** Includes Stavanger, Sola, Sandnes, Randaberg.

Stavanger-area**

6.6% 2.8% 4.6% 2.4% -0.8% 1.3% 7.6% 8.7% 1.4% -1.3% 2.8% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Trondheim

Regional price* development January 2015-25

Snøbyen, Lørenskog stasjonsby | Greater Oslo ~ 2 000 units total

~ 200 Pluss units ~ 700 units remaining

Skårerbyen | Greater Oslo

• ~ 1 100 units total ~ 250 Pluss units
• ~ 300 units remaining

Landås | Greater Oslo ~ 650 units total ~ 400 Pluss units ~ 400 units remaining

Kaldnes Brygge| Greater Oslo ~ 1 500 units total (JV) ~500 Pluss units ~ 500 units remaining

Sandsli | Bergen ~ 1 200 units total ~ 500 Pluss units ~ 1000 units remaining

Barkarby | Stockholm

• ~ 220 Pluss units total
• ~ 210 units remaining

Lervig Brygge | Stavanger ~ 800 units total ~ 200 Pluss units

~ 100 units remaining

Solbergskogen | Greater Oslo

• ~ 350 units total
• ~ 230 Pluss units
• ~ 250 units remaining

Solheimsvatnet Pluss (JV) | Bergen

Selected ongoing projects

Selected upcoming projects

Lørenvangen | Oslo ~ 200 units (2025)

Lilleaker | Oslo ~ 150 units (2026)

Fornebu (JV) | Greater Oslo ~ 2 000 units ~500 Pluss units (2025/2026)

Fredrikstad (JV) | Greater Oslo ~ 2 000 units ~400 Pluss units (2025/2026)

Robust project pipeline to meet long term demand

2025/2026 2026/2027

Potential sales start

Slakthusområdet | Stockholm

~190 Pluss units (2027)

Mindemyren Torg (JV)| Bergen ~ 225 units (2025)

Hornsberg| Stockholm ~ 190 CITY units (2027)

Bjerke | Oslo

~ 1 500 units ~ 300 Pluss units (2026)

2025

Terrasskvarteret | Stockholm ~ 200 Pluss units (2025/2026)

Agenda

Highlights Operational update Financial update Market

Summary

Outlook

• Housing shortage in Oslo, Akershus and Bergen gives favorable conditions for new housing
• Expect increased purchasing power to enhance sales with interest rates trending down
• Selvaag Bolig is well-positioned with a robust land portfolio to capitalize on a recovering market
• Expect to increase the number of homes under construction going forward
• Strong land purchasing capacity through Urban Property

Summary

• Solid results considering market conditions
• Strong sales increase driven by improving markets and attractive projects
  • FY 2024 gross sales up NOK 1.78bn to NOK 4.36bn
• Highest quarterly construction starts in three years
  • 298 construction starts in Q4
  • 829 units under construction by YE
• Land bank additions of 880 units in 2024
• Proposed 2024 dividend of NOK 1.25 per share

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Appendix

Selvaag Bolig is a housing development company which focuses on the growth areas in and around Greater Oslo, Bergen, Stavanger, Trondheim and Stockholm

This is Selvaag Bolig

VISION Making cities of the future better

MISSION Making it easier for more people to live better

AMBITION Contributing to inclusive local communities and facilitating sustainable lifestyles

PROMISES Being a safe, solid and competent partner, always delivering on promises. Selvaag Bolig shall develop smart, sustainable and profitable projects

VALUES Care and creativity

Led by experienced management team

Sverre Molvik Chief Executive Officer

Christopher Brunvoll Chief Financial Officer

Øystein Klungland Chief Operating Officer

Kristoffer Gregersen EVP Communications and Sustainability

Line Lian Mjell EVP Market

Selvaag Bolig is a story about development

50 000 homes completed

Efficient and flexible value chain

with construction loans

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.

Strategic priorities

Strategic positioning driving healthy profits

Competitive housing offering, targeting growth regions

Efficient and flexible cost structure

Capital-efficient business model backed by strong balance sheet

Large, actively-managed land bank, owned by partner Urban Property

Value drivers

• · Presence in fast-growing urban regions with high demand and large market depth
• · Competitive prices and defined housing concepts, aimed at wide range of consumers
• · Energy and area efficient buildings with low life-cycle environmental footprint
• · Value appreciation through refinement of land for housing development
• · Flexibility to develop thousands of homes in growing urban regions
• · Active asset management
• · Partnership reduces invested capital and strengthens ability to buy land
• · No in-house construction arm; improves flexibility and cost optimisation
• · Project-based business model improves flexibility and reduces risk
• · Economies of scale through large projects
• · Lean organisation reduces overhead
• · Partnering strategy for land acquisition reduces capital employed and interest rate sensitivity
• · 60% pre-sale before construction start lowers project financing need and inventory risk
• · Sound debt structure and financial flexibility

~9 700 homes completed since IPO…

Units completed

Note: Completed ~50 000 units from 1948 to 2011.

…for a total value of NOK ~38 billion

NOK billion

12 months rolling revenues (NGAAP)* 12 months rolling project margin**

Project margin development

* Includes project revenues only.

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

NOK million

Net profit per unit delivered

• · 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 102 units

Stockholm 1 197 units

Greater-Oslo

7 084 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

Geographical spread

Land-bank strategy

Trondheim 102 units

Greater-Oslo 7 084 units

Stavanger 537 units

Bergen 1 249 units

Note: The numbers represent the size of the land portfolio at 31 December 2024. All numbers are adjusted for Selvaag Bolig's share in joint ventures. The total portfolio is ~10 200 units. Of these ~5 250 are options and obligations to buy.

Stockholm 1 197 units

Oslo second-hand market update

Source: Eiendomsverdi

Akershus 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 – January 2025

Area2	% chg -1M	% chg. -1M seasonal adj.	% chg YtD	% chg -12m	% chg -5Y	% chg -10Y	Average price/sqm (NOK)	Average price (NOK)
Oslo	4.5%	1.9%	4.5%	8.4%	30.9%	81.1%	100 128	6 679 682
Bergen	5.0%	1.4%	5.0%	13.1%	33.5%	44.1%	59 465	4 675 216
Trondheim	3.0%	0.5%	3.0%	3.2%	19.8%	35.6%	54 718	4 280 040
Stavanger-area**	6.7%	2.1%	6.7%	13.9%	36.9%	27.6%	49 223	4 876 017
Norway	4.4%	1.4%	4.4%	7.3%	27.4%	56.3%	56 289	4 712 860

Source: Eiendom Norge.

* Nominal price change.

** Includes Stavanger, Sola, Sandnes, Randaberg.

Land bank in Oslo and Greater Oslo at 31.12.24

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

	Lørenskog	1 288 units
	Lørenskog Stasjonsby	562 units
	Skårer Bolig	206 units
	LSV	400 units
	Pallplassen	120 units
	Lillestrøm
1 288 units
	Bjerke	1 250 units
	Bjerke	1 250 units
	Oslo South	315 units
	Gjertsrud Stensrud	315 units
	Follo/Østfold	1 802 units
	Ski	90 units
	Grenseveien	228 units
	Fredrikstad	900 units
	Vestby Rabekkgata 4-6	184 units 400 units

Land bank in Stavanger area at 31.12.24

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

Land bank in Bergen, Trondheim and Stockholm at 31.12.24

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

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

• 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.

^* Net debt/(Net debt+Equity)

^** Net debt/ 12m rolling EBITDA

Re-negotiated covenants with Urban Property

• 1. Equity > NOK 1.5bn
• 1. Debt ratio < 50%
• 1. Net debt / 12 months rolling EBITDA according to IFRS < 3
• 1. Max 2.5 years accumulated unpaid option premium

• Net debt / 12 months rolling earnings before depreciation

• Max 2.5 year accumulated unpaid option premium

• 1. Equity > NOK 1.8bn
• 1. Debt ratio < 40%
• and tax according to NGAAP < 3

• 1. 500 units under production

  2. Calculated as an average over the last 12 months
  3. For joint ventures, SBO's share of the projects is used
• 1. Sales ratio > 60% for units under production
• 1. Outstanding seller credits < 50% of the SBO equity
  2. facilities, to cover 10% of outstanding seller credits
  3. * See note 11 in the Q3 2024 report for additional information

• SBO must have free liquidity available, including available credit

Before 1.1.2025 From 1.1.2025*

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).

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 BEFORE URBAN PROPERTY		PROJECT CALCULATIONS 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

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

Substantial portfolio for development

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

Total land bank portfolio at 31.12.2024

Units

Value of units sold - gross and net

Sales value of units sold

Q1 19Q2 19Q3 19Q4 19Q1 20Q2 20Q3 20Q4 20Q1 21Q2 21Q3 21Q4 21Q1 22Q2 22Q3 22Q4 22Q1 23Q2 23Q3 23Q4 23Q1 24Q2 24Q3 24Q4 24

Sales value of sold units (net) Gross-net

NOK million

Number of units sold - gross and net

Number of units sold

Q1 19Q2 19Q3 19Q4 19Q1 20Q2 20Q3 20Q4 20Q1 21Q2 21Q3 21Q4 21Q1 22Q2 22Q3 22Q4 22Q1 23Q2 23Q3 23Q4 23Q1 24Q2 24Q3 24Q4 24

Units sold net Gross-net

Units

Operational highlights – key operating figures

	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24
Units sold	88	139	207	100	122
Construction starts	130	123	95	43	298
Units completed	331	236	105	5	168
Completed unsold units	95	126	119	87	81
Completed sold units pending delivery	30	56	41	23	26
Units delivered	276	179	127	54	172
Units under construction	784	671	661	700	829
Proportion of sold units under construction	62 %	62 %	66 %	67 %	61 %
Sales value of units under construction (NOK million)	4 496	3 948	4 211	4 495	6 134

Income statement IFRS

(figures in NOK million)	Q4 2024	Q4 2023	2024	2023
Total operating revenues	498.1	1 246.7	1 971.0	3 254.7
Project expenses	(405.5)	(1 042.8)	(1 580.3)	(2 677.2)
Other operating expenses	(78.0)	(81.2)	(255.0)	(254.0)
Associated companies and joint ventures	36.5	7.5	72.3	(13.4)
EBITDA	51.1	130.2	208.0	310.1
Depreciation and amortisation	(2.5)	(2.4)	(9.8)	(9.2)
Other gains (loss)	-	-	-	-
EBIT	48.6	127.8	198.2	300.9
Net financial expenses	10.4	9.6	11.0	18.6
Profit/(loss) before taxes	58.9	137.4	209.2	319.5
Income taxes	(12.3)	(29.1)	(32.2)	(74.8)
Net income	46.6	108.3	177.0	244.7

Balance sheet

(figures in NOK million)	Q4 2024	Q3 2024	2023
Intangible assets	383.4	383.4	383.4
Property, plant and equipment	7.9	8.7	9.8
Investments in associated companies and joint ventures	276.6	241.3	230.0
Other non-current assets	766.8	725.2	580.1
Total non-current assets	1 434.6	1 358.6	1 203.2
Inventories (property)	3 257.8	3 106.5	3 199.5
- Land	641.1	637.9	667.3
- Land held for sale
- Work in progress	2 150.2	2 038.2	1 959.2
- Finished goods	466.5	430.4	573.0
Other current receivables	83.0	96.9	85.2
Cash and cash equivalents	383.6	189.1	266.5
Total current assets	3 724.4	3 392.5	3 551.2
TOTAL ASSETS	5 159.0	4 751.1	4 754.4
Equity attributed to shareholders in Selvaag Bolig ASA*	2 385.4	2 336.9	2 299.1
Non-controlling interests	7.9	7.9	7.8
Total equity	2 393.2	2 344.8	2 307.0
Non-current interest-bearing liabilities	935.4	602.3	681.8
Other non-current non interest-bearing liabilities	632.1	616.9	533.3
Total non-current liabilities	1 567.6	1 219.2	1 215.1
Current interest-bearing liabilities	677.7	753.0	728.4
Other current non interest-bearing liabilities	520.5	434.1	503.9
Total current liabilities	1 198.2	1 187.1	1 232.3
TOTAL EQUITY AND LIABILITIES	5 159.0	4 751.1	4 754.4

Cash flow statement

(figures in NOK million)	Q4 2024	Q4 2023	2024	2023
Net cash flow from operating activities	(46.8)	814.9	87.1	1 196.6
Net cash flow from investment activities	22.1	22.3	23.2	(45.3)
Net cash flow from financing activities	219.3	(763.6)	6.8	(1 497.5)
Net change in cash and cash equivalents Cash and cash equivalents at start of period	194.5 189.1	73.6 193.0	117.1 266.5	(346.1) 612.7
Cash and cash equivalents at end of period	383.6	266.5	383.6	266.5

EBITDA Q4 2024

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

	Property
(figures in NOK million)	development	Other	Total
Operating revenues	858.0	19.4	877.4
Project expenses	(701.2)	(0.0)	(701.2)
Other operating expenses	(10.8)	(69.3)	(80.2)
EBITDA (percentage of completion)	146.0	(50.0)	96.0
Note: Construction costs are exclusive of financial expenses in the segment reporting.
IFRS EBITDA for the quarter, per segment
Operating revenues	478.8	19.4	498.1
Project expenses	(405.5)	(0.0)	(405.5)
Other operating expenses	(10.8)	(67.1)	(78.0)
Share of income (losses) from associated companies and
joint ventures Other gain (loss), net	36.5 -	-	36.5
EBITDA	98.8	(47.8)	51.1
Units in production	829	N/A	N/A
Units delivered	172	N/A	N/A

Share information as at 31.12.24

Number of shareholders

• · Total number of shares: 93.8 million
• · Number of shareholders: 6 879 (6 766)
  • 20 largest controlling 81.0% (80.6%)
  • Selvaag AS largest shareholder 53.5%
• · Trading
  • 2.9 million shares during the quarter (1.8), 3.1% of total shares outstanding (1.9%)
  • Share turnover totaled NOK 100.5 million (62.7)

20 largest shareholders

Note: Numbers in brackets from the previous quarter.

Shareholder	# of shares % share
SELVAAG AS	50 180 087	53.5%
Skandinaviska Enskilda Banken AB *	4 680 572	5.0%
PERESTROIKA AS	3 443 837	3.7%
VERDIPAPIRFONDET ALFRED BERG GAMBA 3 096 726		3.3%
The Northern Trust Comp, London Br *	2 186 000	2.3%
EGD CAPITAL AS	1 704 752	1.8%
SANDEN EQUITY AS	1 660 000	1.8%
HAUSTA INVESTOR AS	1 600 000	1.7%
MUSTAD INDUSTRIER AS	1 067 454	1.1%
Goldman Sachs International *	965 549	1.0%
The Northern Trust Comp, London Br *	840 200	0.9%
Brown Brothers Harriman & Co. *	684 331	0.7%
Sverre Molvik	677 403	0.7%
Øystein Klungland	677 403	0.7%
VERDIPAPIRFONDET ALFRED BERG NORGE 505 298		0.5%
Brown Brothers Harriman & Co. *	492 551	0.5%
Skandinaviska Enskilda Banken AB *	399 628	0.4%
KBC Bank NV *	387 922	0.4%
Christopher Brunvoll	387 791	0.4%
VARDE NORGE AS	350 000	0.4%
Total 20 largest shareholders	75 987 504	81.0%
Other shareholders	17 778 184	19.0%
Total number of shares	93 765 688	100.0%

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

Norwegian housing market

• · Low risk for housebuilders
  • · Advance sales: banks require that 50-70% of homes are sold before construction starts
  • · Binding homeowners offer to purchase is a binding sales contract, and requires a minimum 10% cash deposit
• · High level of home ownership
  • · Approximately 80% (one of the world's highest)
• · Economic benefits for homeowners
  • · 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

Total household debt and homeownership

Source: OECD, Statista.

Price development Norway and selected regions (2005-24)

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, per Q4 2024

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

GDP growth 2019 - 2025e Unemployment 2019 - 2025e 0% 2% 4% 6% 8% 10%

2019 2020 2021 2022 2023e 2024e 2025e 2026e Norway Sweden Denmark Germany UK

*Central bank policy rates

Healthy macroeconomics

Real economy 2020 - 2027e Demand 2020 - 2027e

Wages & disposable income 2020 - 2027e Prices & interest rates 2019 - 2027e

Source: Monetary Policy Report 4|24, Central Bank of Norway.