Selvaag Bolig ASA

Investor Presentation • May 21, 2025

Oslo, 21 May 2025

Sverre Molvik, CEO Christopher Brunvoll, CFO

Q1 2025

2

Agenda

Highlights

• Operational update
• Financial update
• Market

Summary

• Strong sales of NOK 1.2bn, highest Q1 since 2022
• Reduced inventory of completed units by NOK 500m yoy
• Construction start for 183 units during the quarter

• 1,000 units under construction by quarter end

• Strong pipeline, with order backlog > NOK 7bn
• Financial result impacted by few deliveries

Highlights Q1 2025

Proforma key financials* Q1 2025

* Proforma figures: Including SBO share of JV projects

** 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

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

Units

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

Units under construction and completions

· 83% of construction volume in Greater Oslo Area* in Q1 2025

· 85% of 2025 completions sold by Q1 2025 · Expected completions for the full year 2025: 393

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

Proforma* income statement highlights Q1 2025 (IFRS)

^* Include SBO share of JV projects

^** 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.

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

Proforma* income statement highlights Q1 2025 (NGAAP)

* Include SBO share of JV projects

** 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 2025

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

• · Cash flow from operations negative at NOK 1 039m driven by changes in inventories
• · Cash flow from investing activities was negative at NOK 30m related to purchases of associated companies and joint ventures
• · Cash flow from financing activities positive at NOK 1 004 m due to net proceeds from borrowings, primarily new construction loans

Assets Equity and liabilities

Balance sheet highlights Q1 2025

Balance sheet composition

	NOK million
· Book value of equity NOK 25.2 per share
- Equity ratio 39.2%	6 000
- Dividend NOK 1.25 not included in balance sheet	5 000	Non-current assets
· Changes from Q4 2024:	4 000
- Inventories increased by NOK 971m
- Current receivables increased by NOK 3m	3 000
- Cash and cash equivalents decreased by NOK 65m	2 000
· Prepayments from customers represent NOK 51m of other current non-interest-bearing	1 000
liabilities	0	Cash

Inventories (property) Q1 2025

Q4 2024 vs Q1 2025 Inventory value development

• · Land value down NOK 6m
• · Work in progress up NOK 1 108m
• · Finished goods down NOK 132m
  • 50 unsold completed units by quarter end
  • 23 sold and completed units, but not delivered

NOK million

Debt structure

	Loan facility	Drawn at 31.03.25 (NOKm)	Interest rate margin*
1	Construction loan facilities from a range of Nordic credit institutions	1 850	1.55% - 2.40%
2	Debt to Urban Property**	774	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 31.03.25

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).

Agenda

• Highlights
• Operational update
• Financial update
• Market
• Summary

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 2025-27

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 2025-27

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 2025-27

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 Berger: 2.0.

Note: Housing need calculated on parameters including population growth, number of persons per household, lag on housing development and 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 Bergen 2025-27

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 Stavanger-region

Newbuild market update

Source: Plot.ai * Including withdrawals

Newbuild market update

Source: Plot.ai.

* Including withdrawals

** includes Stavanger, Sandnes, Sola, Randaberg.

Regional Newbuild availability on 30 April, 2022-25

Source: Plot.ai

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

26 *** Population at 25.02.2025.

Source: Eiendomsverdi, Statistics Norway.

Regional Second-hand availability* 5 May, 2021-25

• * Number of unsold units with less than 180 days in the market
• ** Includes Stavanger, Sola, Sandnes, Randaberg.
• 27 *** Population at 25.02.2025.

Regional price* development Jan – Apr 2020-25

Source: Eiendom Norge.

* Nominal price change.

** Includes Stavanger, Sola, Sandnes, Randaberg.

Regional price* development April 2020-25

Source: Eiendom Norge.

* Nominal price change.

** Includes Stavanger, Sola, Sandnes, Randaberg.

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

Skårerbyen | Greater Oslo

~ 1 100 units total ~ 250 Pluss units

~ 270 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 ~ 950 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 ~ 160 Pluss units

~ 75 units remaining

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 (2026)

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

Robust project pipeline to meet long term demand

2026 2026/2027

Potential sales start

Slakthusområdet | Stockholm ~190 Pluss units (2027)

Rådhushagen (JV)| Greater Oslo ~ 180 units (2025)

Hornsberg| Stockholm ~ 190 CITY units

(2027)

Bjerke | Oslo

~ 1 500 units ~ 300 Pluss units (2026/2027)

2025/2026

Terrasskvarteret | Stockholm ~ 200 Pluss units (2026)

Highlights Operational update Financial update Market

Summary

Outlook

• Housing shortage in all SBO core regions gives favorable conditions for new housing
• Expect increased purchasing power to enhance sales with interest rates trending down
• Improved macro conditions, fueling demand in Stockholm
• 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

• Strong sales of NOK 1.2bn, highest Q1 since 2022
• Reduced inventory of completed units by NOK 500m yoy
• Construction start for 183 units during the quarter

• 1,000 units under construction by quarter end

• Strong pipeline, with order backlog > NOK 7bn
• Financial result impacted by few deliveries

Thank you for your attention

Next event: 2nd quarter 2025 7 August 2025

Appendix

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

Line Lian Mjell EVP Marketing, strategy and sustainability

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

• 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

Value drivers

~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

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

Share performance since IPO in June 2012

Source: Oslo Børs

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

Share information as at 31.03.25

Number of shareholders

• · Total number of shares: 93.8 million
• · Number of shareholders: 6 928 (6 879)
  • 20 largest controlling 80.5% (81.0%)
  • Selvaag AS largest shareholder 53.5%
• · Trading
  • 4.6 million shares during the quarter (2.9), 4.9% of total shares outstanding (3.1%)
  • Share turnover totaled NOK 163.0 million (100.5)

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	3 848 312	4.1%
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	1 383 000	1.5%
MUSTAD INDUSTRIER AS	1 067 454	1.1%
The Northern Trust Comp, London Br	840 200	0.9%
Brown Brothers Harriman & Co.	684 331	0.7%
Sverre Molvik	573 272	0.6%
Øystein Klungland	573 272	0.6%
Skandinaviska Enskilda Banken AB	572 906	0.6%
VERDIPAPIRFONDET ALFRED BERG NORGE	505 298	0.5%
Brown Brothers Harriman & Co.	490 917	0.5%
KBC Bank NV	387 922	0.4%
VARDE NORGE AS	385 904	0.4%
MELESIO INVEST AS	360 866	0.4%
THRANE-STEEN NÆRINGSBYGG AS	342 249	0.4%
Total 20 largest shareholders	75 524 040	80.5%
Other shareholders	18 241 648	19.5%
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

Greater-Oslo 6 953 units

Stockholm 1 197 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

Stockholm 1 197 units

Note: The numbers represent the size of the land portfolio at 31 March 2024. All numbers are adjusted for Selvaag Bolig's share in joint ventures. The total portfolio is ~10 400 units. Of these ~5 250 are options and obligations to buy.

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 – April 2025

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%	-0.6%	4.6%	4.8%	32.0%	76.1%	98 381	6 933 216
Bergen	-0.5%	-0.8%	7.6%	11.1%	38.1%	44.0%	59 300	4 679 773
Trondheim	0.7%	0.2%	6.1%	3.4%	23.3%	35.9%	56 010	4 544 340
Stavanger-area**	0.1%	0.4%	11.1%	13.5%	46.4%	34.0%	49 724	5 063 517
Norway	0.2%	-0.2%	6.7%	5.9%	30.6%	55.7%	59 955	4 873 834

Source: Eiendom Norge.

* Nominal price change.

** Includes Stavanger, Sola, Sandnes, Randaberg.

Land bank in Oslo and Greater Oslo at 31.3.25

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

	Lørenskog	1 204 units
	Lørenskog Stasjonsby	534 units
	Skårer Bolig	150 units
	LSV	400 units
	Pallplassen	120 units
1 204 units	Lillestrøm
	Bjerke	1 250 units
	Bjerke	1 250 units
	Oslo South	315 units
	Gjertsrud Stensrud	315 units
	Follo/Østfold Ski	1 730 units 90 units
	Grenseveien	156 units
	Fredrikstad Vestby	900 units 184 units

Land bank in Stavanger area at 31.3.25

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

Land bank in Bergen, Trondheim and Stockholm at 31.3.25

*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
• Covenants
  • Equity > NOK 1.5bn
  • Net leverage* < 50%
  • Leverage ratio** < 3
  • Max 2.5 years accumulated non-paid option premium

• 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

	Acquire and refine land for development	Project design	Contracting, marketing and pre-sales	Construction and sales	Delivery to customers
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	· Target 100% sale at delivery
15%					Project margin 18%
10%
5%
0%
	Land acquired with minimum 10% project margin	Adding value through building permits and area utilisation	Value added when achieving 60% pre-sale	Maximising price in accordance with market	Delivery in accordance with expectations
	1) Assuming flat market development.

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			PROJECT CALCULATIONS
	1	2 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

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 31.3.2025

Units

Number of units sold - gross and net

Number of units sold

Units sold net Gross-net

Units

Value of units sold - gross and net

Sales value of units sold

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 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25

Sales value of sold units (net) Gross-net

NOK million

Income statement highlights Q1 2025 (IFRS)

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

Income statement highlights Q1 2025 (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.

Income statement IFRS

(figures in NOK million)	Q1 2025	Q1 2024	2024
Total operating revenues	167.0	627.7	1 971.0
Project expenses	(130.9)	(515.9)	(1 580.3)
Other operating expenses	(60.2)	(60.8)	(255.0)
Associated companies and joint ventures	(5.9)	16.9	72.3
EBITDA	(30.0)	67.9	208.0
Depreciation and amortisation	(1.6)	(2.3)	(9.8)
Other gains (loss)	-	-	-
EBIT	(31.6)	65.6	198.2
Net financial expenses	1.2	1.4	11.0
Profit/(loss) before taxes	(30.3)	67.0	209.2
Income taxes	9.3	(11.1)	(32.2)
Net income	(21.0)	55.9	177.0

Balance sheet

(figures in NOK million)	Q1 2025	Q1 2024	2024
Intangible assets	383.4	383.4	383.4
Property, plant and equipment	7.4	12.6	7.9
Investments in associated companies and joint ventures	277.3	228.6	276.6
Other non-current assets	757.2	589.6	766.8
Total non-current assets	1 425.3	1 214.2	1 434.6
Inventories (property)	4 228.3	2 967.5	3 257.8
- Land	635.3	662.1	641.1
- Land held for sale
- Work in progress	3 258.6	1 461.9	2 150.2
- Finished goods	334.4	843.5	466.5
Other current receivables	85.1	105.3	83.0
Cash and cash equivalents	319.1	208.4	383.6
Total current assets	4 632.6	3 281.2	3 724.4
TOTAL ASSETS	6 057.9	4 495.4	5 159.0
Equity attributed to shareholders in Selvaag Bolig ASA*	2 365.9	2 355.0	2 385.4
Non-controlling interests	7.9	7.8	7.9
Total equity	2 373.8	2 362.9	2 393.2
Non-current interest-bearing liabilities	1 075.6	634.0	935.4
Other non-current non interest-bearing liabilities	673.3	533.1	630.6
Total non-current liabilities	1 748.9	1 167.1	1 566.0
Current interest-bearing liabilities	1 582.5	562.7	677.7
Other current non interest-bearing liabilities	352.7	402.7	522.0
Total current liabilities	1 935.2	965.4	1 199.7
TOTAL EQUITY AND LIABILITIES	6 057.9	4 495.4	5 159.0

Cash flow statement

(figures in NOK million)	Q1 2025	Q1 2024	2024
Net cash flow from operating activities	(1 038.6)	147.3	87.1
Net cash flow from investment activities	(29.9)	29.2	23.2
Net cash flow from financing activities	1 004.0	(234.6)	6.8
Net change in cash and cash equivalents Cash and cash equivalents at start of period	(64.5) 383.6	(58.2) 266.5	117.1 266.5
Cash and cash equivalents at end of period	319.1	208.4	383.6

Operational highlights – key operating figures

	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25
Units sold	139	207	100	122	169
Construction starts	123	95	43	298	183
Units completed	236	105	5	168	-
Completed unsold units	126	119	87	81	50
Completed sold units pending delivery	56	41	23	26	23
Units delivered	179	127	54	172	34
Units under construction	671	661	700	829	1 012
Proportion of sold units under construction	62 %	66 %	67 %	61 %	64 %
Sales value of units under construction (NOK million)	3 948	4 211	4 495	6 134	7 153

EBITDA Q1 2025

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

	Property
(figures in NOK million)	development	Other	Total
Operating revenues	663.0	14.8	677.9
Project expenses	(549.7)	(2.6)	(552.3)
Other operating expenses	(9.6)	(51.4)	(61.0)
EBITDA (percentage of completion)	103.8	(39.2)	64.6
Note: Construction costs are exclusive of financial expenses in the segment reporting.
IFRS EBITDA for the quarter, per segment
Operating revenues	152.2	14.8	167.0
Project expenses	(128.2)	(2.6)	(130.9)
Other operating expenses	(9.6)	(50.6)	(60.2)
Share of income (losses) from associated companies
and joint ventures Other gain (loss), net	(5.9)	-	(5.9)
EBITDA	8.4	(38.4)	(30.0)
Units in production	1 012	N/A	N/A
Units delivered	34	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 cash deposit
• · High level of home ownership
  • · 82% (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 significantly lower than for secondhand 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.

Price development Norway and selected regions (2005-25)

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

GDP growth 2022 - 2027e Unemployment 2022 - 2027e

Population growth 2024 - 2030e and 2040e Interest rates* 2021 - 2026e

Source: Bloomberg, UN

*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 1|25, Central Bank of Norway.