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10-Q - Aurora Eiendom AS – Q2 2025 report - Attachment: Aurora Eiendom Q2-2025.pdf

Company: Aurora Eiendom AS Date: 2025-08-15 Language: English Register to download
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**AURORA EIENDOM Q2 2025 REPORT**

# **Table of contents**

| HIGHLIGHTS Q2 2025                                | 01 |
|---------------------------------------------------|----|
| LETTER FROM THE CEO                               | 02 |
| KEY FIGURES                                       | 03 |
| THE REAL ESTATE PORTFOLIO                         | 04 |
| DEVELOPMENT PROJECTS                              | 05 |
| TENANT TURNOVER                                   | 05 |
| SUSTAINABILITY                                    | 06 |
| FINANCIAL DEVELOPMENTS                            | 06 |
| CONSOLIDATED STATEMENT OF PROFIT OR LOSS          | 08 |
| NOTES                                             | 11 |
| OUTLOOK AND RESPONSIBILITY STATEMENT              | 13 |
| ALTERNATIVE PERFORMANCE MEASURES & EPRA REPORTING | 14 |
| GLOSSARY                                          | 17 |

## **HIGHLIGHTS AND SUMMARY OF THE**

# **Second quarter of 2025**

- Rental income in Q2 was NOK 151 million (NOK 147 million), year-to-date rental income was NOK 301 million (NOK 297 million).
- Net income from property management was NOK 123 million in the quarter (NOK 120 million), year-to-date NOK 246 million (NOK 247 million).
- Pre-tax profit, including fair value adjustments of investment properties and interest rate derivatives, was NOK 16 million (NOK 20 million). Fair-value adjustments on investment properties amounted to NOK -1 million and on financial derivatives NOK -48 million.
	- Year-to-date pre-tax profit was NOK 37 million (NOK 102 million).
- In Q2, new leases were started on a total area of 1 142 sqm, while leases for 1 213 sqm expired. Occupancy was 97,4 %.
- The quarter´s gross tenant turnover in our fully owned centers was NOK 2 244 million, which is a like-for-like growth of 2,4 % compared to Q2 2024.
- During Q2 2025 Alti Forvaltning increased its shopping center portfolio by 1 center, currently managing a total of 61 centers in across Norway.
- On June 27, Euronext Oslo Børs accepted the application to delist the shares of Aurora Eiendom AS from Euronext Growth Oslo. The last day of trading will be 25 August 2025.

![](_page_2_Picture_10.jpeg)

![](_page_2_Figure_11.jpeg)

![](_page_2_Figure_12.jpeg)

**EPRA NRV per share** (NOK)

![](_page_2_Figure_13.jpeg)

**Loan to value** (LTV)

![](_page_2_Figure_15.jpeg)

**1 AURORA Q2 2025 REPORT**

## **LETTER FROM THE CEO**

# **Operational Strength and Future Confidence**

The macroeconomic backdrop in Norway is offering encouraging signals for the retail sector. Easing inflation and the first interest rate cut in five years have started to lift consumer sentiment, while persistently low unemployment and expected wage growth of 4,4 percent are set to increase household purchasing power. Although the tenant mix in shopping centres makes the segment less sensitive to economic cycles than many other industries, these macroeconomic factors provide a solid basis for optimism in the second half of the year.

The second quarter delivered another period of solid, stable performance, mirroring the first, with steady footfall and YoY growth in tenant turnover of 2,4 percent, broadly in line with inflation. As the third quarter began, however, we saw momentum accelerate: the positive effects of an improving macroeconomic climate were amplified by a July heatwave, which spurred new consumer needs and higher demand. As a result, July saw visitor numbers rise by 4,7 percent and tenant turnover increase by 6,5 percent.

Demand for quality retail space remains strong, reflecting both resilient tenant confidence and the continued attractiveness of our centres. In the second quarter, lease expiries totalled 1 213 m², while new agreements were signed for 1 141 m² at an average term of 5,2 years. We also renewed 2 625 m² of existing leases, extending average duration by 4,1 years. While interest in space is healthy, the process for new store openings is increasingly complex, often resulting in lengthier decision-making processes. This makes it even more important for us as a landlord to be well prepared, provide clear and timely information to our tenants, and initiate leasing processes at an earlier stage.

With rapid shifts in the financing market, optimising our loan portfolio has remained a top priority. After successfully refinancing our second-largest bank facility earlier this year, we entered into three new loan agreements in the second quarter, securing the refinancing of our largest loan—totalling approximately NOK 3 billion. The refinancing was completed and took effect on July 1st. As a result, the company's average loan margin was reduced. Combined with the recent policy rate cut, these improvements will deliver

meaningful savings in our financial expenses over the coming periods

Operationally, the second quarter was largely business as usual. However, a significant share of management's time and attention was directed toward the proposed delisting. After determining that the drawbacks of being listed outweighed the benefits, the Board announced the plan on 30 April. The proposal received strong shareholder support at the Annual General Meeting on 15 May, with 96 percent of votes in favour. Oslo Børs approved the application on 27 June, and the last day of trading will be 25 August.

Throughout this transition, our commitment to fair and transparent treatment of all shareholders large and small—remains unchanged. We will continue to deliver frequent and high-quality financial reporting, though with some adjustments: from the third quarter onwards, our reports will be published in Norwegian, with some adjustments to the format, and made available on the company website. Additionally, we are working to establish a mechanism to facilitate trading of shares after delisting and will share more information with shareholders as soon as this solution is in place.

Looking ahead, we are encouraged by the early signs of growth in the third quarter across our shopping centres, as well as the broader positive shifts in the market environment. With a strengthened financial position, a healthy leasing pipeline, and increased agility as a private company, we are well equipped to capture new opportunities and create lasting value for our tenants, visitors, and shareholders in the time to come.

**Lars Ove Løseth** CEO

![](_page_3_Picture_12.jpeg)

# **Key figures**

| Group Key Figures                   |      |         |                       |          |                                                        |                     |
|-------------------------------------|------|---------|-----------------------|----------|--------------------------------------------------------|---------------------|
|                                     |      | Q2 2025 | Q2 2024               | YTD 2025 | YTD 2024                                               | 2024                |
| Rental Income                       | MNOK | 151     | 147                   | 301      | 297                                                    | 587                 |
| Net income from property management | MNOK | 123     | 120                   | 246      | 247                                                    | 477                 |
|                                     |      |         |                       |          |                                                        |                     |
|                                     |      |         |                       |          | 30.06.2025 30.06.2024 30.06.2025 30.06.2024 31.12.2024 |                     |
| Investment properties               | MNOK | 8 601   | 8 407                 | 8 601    | 8 407                                                  | 8 575               |
| Net interest bearing debt*          | MNOK | 4 493   | 4 481                 | 4 493    | 4 481                                                  | 4 515               |
| Outstanding shares                  |      |         |                       |          | 30 962 431 30 962 431 30 962 431 30 962 431 30 962 431 |                     |
| Equity per share                    | NOK  | 133     | 128                   | 133      | 128                                                    | 132                 |
|                                     |      |         |                       |          |                                                        |                     |
| Alternative Performance Measures*   |      |         | 30.06.2025 30.06.2024 | YTD 2025 |                                                        | YTD 2024 31.12.2024 |
| Interest coverage ratio             |      | 2,0     | 1,8                   | 2,0      | 1,8                                                    | 1,8                 |
| Loan to value (LTV)                 | %    | 52,2    | 53,3                  | 52,2     | 53,3                                                   | 52,7                |
| EPRA NRV per share                  | NOK  | 135     | 128                   | 135      | 128                                                    | 133                 |
| EPRA NTA per share                  | NOK  | 132     | 125                   | 132      | 125                                                    | 129                 |
| EPRA NDV per share                  | NOK  | 133     | 128                   | 133      | 128                                                    | 132                 |
| EPRA Net Initial Yield              | %    | 6,11    | 6,10                  | 6,11     | 6,10                                                   | 6,18                |
| EPRA Topped-Up NIY                  | %    | 6,29    | 6,28                  | 6,29     | 6,28                                                   | 6,37                |
| Net Initial Yield Fully Let         | %    | 6,48    | 6,53                  | 6,48     | 6,53                                                   | 6,55                |
| EPRA Vacancy Rate                   | %    | 2,6     | 3,4                   | 2,6      | 3,4                                                    | 2,4                 |

\* See Alternative Perfomance Measures for details

#### **EPRA earnings per share (NOK)**

![](_page_4_Figure_4.jpeg)

#### **Leasing portfolio summary**

|                                               | Q2 2025 | Q1 2025 | 31.12.2024 |
|-----------------------------------------------|---------|---------|------------|
| Properties wholly owned<br>#                  | 8       | 8       | 8          |
| GLA<br>sqm                                    | 198 971 | 198 655 | 199 050    |
| Occupancy*<br>%                               | 97,4    | 97,7    | 97,6       |
| WAULT<br>year                                 | 4,1     | 4,1     | 4,2        |
| Annualised cash passing rental income<br>MNOK | 603     | 595     | 607**      |

 \*Occupancy: market rent of leased areas divided by estimated market rent of the whole portfolio \*\*Consumer price index adjusted to rental income per 01.01.2025

Change in GLA could be as a result of acquisition, sale or development of properties, or redefinition of areas from or to common areas or non-lettable areas.

#### **Leasing activity**

| Leases started / ended    |     | Q2 2025 | Q1 2025 | YTD 2025 | 2024   |
|---------------------------|-----|---------|---------|----------|--------|
| Total area leases started | sqm | 1 142   | 2 228   | 3 370    | 20 986 |
| Total area leases expired | sqm | 1 213   | 1 990   | 3 203    | 20 661 |
| Net area leased           | sqm | (71)    | 238     | 167      | 325    |
| Net area leased           | %   | 0,0 %   | 0,1 %   | 0,1 %    | 0,2 %  |
|                           |     |         |         |          |        |
| Leases extended           |     | Q2 2025 | Q1 2025 | YTD 2025 | 2024   |
| Total area                | sqm | 2 625   | 4 277   | 6 902    | 15 499 |
| Total area                | %   | 1,3 %   | 2,1 %   | 3,5 %    | 7,8 %  |

Leases extended are defined as new or extended lease contracts with the same tenant on the same area. All other lease contracts are defined as leases started.

Leasing portfolio summary and leasing activity key figures do not include Jærhagen Kjøpesenter or Maxi Storsenter.

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# **Key figures**

![](_page_5_Figure_2.jpeg)

![](_page_5_Picture_3.jpeg)

# **Development projects**

# **Hovlandbanen, Larvik**

## About the project

- 100 % owned by Aurora Eiendom.
- Approximately 700-800 residential units.
- Combined with retail areas.
- Adjacent to Alti Nordbyen.

## Status

- Under zoning approval process.
- Timeframe 2028+.

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![](_page_6_Picture_11.jpeg)

# **Sandstranda, Drammen**

### About the project

- 100 % owned by Aurora Eiendom.
- Approximately 600 housing units on 6-8 floors.
- Shoreline to the Drammen river.
- New residential area next to Alti Buskerud.
- Combined with retail areas.

## Status

- Regulatory / zoning process not yet commenced.
- Timeframe 2028+.

![](_page_6_Picture_22.jpeg)

![](_page_6_Picture_23.jpeg)

# **Tenant turnover Q2 2025**

![](_page_6_Figure_25.jpeg)

*\* Gross turnover tenants Alti Amanda and Arkaden Senter includes Coop OBS! & Coop Extra which are not owned by Aurora. Gross turnover tenants Alti Vinterbro includes adjacent big-box retailers not owned by Aurora.* 

# **Sustainability in Aurora Eiendom**

- As of the end of Q2, the solar panel plants of Aurora Eiendom have produced over 2 500 000 kWh of electric power, supplying our shopping centers with renewable energy.
- At Alti Gulskogen, a major energy project is near completion. 2026 will be the first full year with normal operation of the new energy systems, which is expected to have a big impact on the asset's energy consumption.
- We continue to monitor the development of the situation with the CSRD in the EU. As an alternative, Aurora Eiendom will consider to adopt a reporting regime in line with the suggested VSME standards in the coming reporting years.

![](_page_7_Picture_4.jpeg)

# **Financial developments**

### **Rental income**

Rental income in the quarter was NOK 151 million (NOK 147 million) and NOK 301 million (NOK 297 million) for the first half of 2025. This represents a like-for-like growth in income of 2,6 % and 1,7 % year to date.

### **Property related operational expenses and administrative expenses**

Property related operational expenses consist of owner´s share of common costs, maintenance, leasehold, insurance, and other direct property cost. These amounted to NOK 19 million for the quarter (NOK 17 million) and NOK 37 million YTD (NOK 30 million). Please see note 5 for further information.

Administrative expenses were NOK 7 million (NOK 8 million), NOK 14 million YTD (NOK 15 million). This represents the fee paid to Alti Forvaltning AS for managing the eight shopping centers in the Aurora portfolio. Alti Forvaltning AS provides management services to the parent company Aurora Eiendom AS, and the cost of this is included in the management fee.

### **Other operating income and expenses**

Other operating income and expenses consists of income and expenses not related to the properties, such as provision and consultancy and auditing fees. These costs amounted to NOK 3 million in the quarter (NOK 3 million) and NOK 6 million YTD (NOK 5 million).

### **Net income from property management**

Net income from property management amounted to NOK 123 million (NOK 120 million), NOK 246 million YTD (NOK 247 million).

### **Fair value adjustments of investment properties**

The fair value of the investment properties was adjusted by NOK -1 million this quarter, and NOK -35 million YTD. The Group´s investment property portfolio consists of eight 100% owned shopping centers and each individual property is valued by the external appraiser Colliers.

### **Share of results from associated companies**

Aurora Eiendom AS has three associated companies:

- Alti Forvaltning AS owned 50 %.
- 10 % indirect ownership in Jærhagen through JHG Invest AS.
- 25 % of Hamar Storsenter Holding AS.

The Group's share of profit in these companies amounted to NOK 2 million in Q2 (NOK 2 million), and NOK 4 million year to date (NOK 4 million). This figure includes amortisation of NOK 1,3 million of the excess book value on the shares in Alti Forvaltning per quarter.

#### **Financial income**

Financial income is mainly related to interest on bank deposits and amounted to NOK 2 million (NOK 3 million), NOK 4 million YTD (NOK 5 million).

#### **Fair value adjustments on interest rate derivatives**

Aurora Eiendom manages interest rate risk through interest rate swaps, and swaptions. Market value and position of the interest swap agreements amounted to NOK 140 million. The market value of the swaptions amounted to NOK -13 million. The value change from Q2 for the interest rate derivatives portfolio was NOK -48 million, mainly explained by the fall in long-term interest rates.

#### *Interest rate derivatives*

| Interest rate swaps                                                               |       |           |                   |  |  |  |
|-----------------------------------------------------------------------------------|-------|-----------|-------------------|--|--|--|
| Maturity                                                                          | NOKm  | Swap rate |                   |  |  |  |
| 2025-2026                                                                         | 916   | 2,92 %    |                   |  |  |  |
| 2027-2028                                                                         | 121   | 3,22 %    |                   |  |  |  |
| 2029-2030                                                                         | 121   | 3,47 %    |                   |  |  |  |
| 2031-2032                                                                         | 1 407 | 1,88 %    |                   |  |  |  |
| Total                                                                             | 2 565 | 2,39 %    |                   |  |  |  |
|                                                                                   |       |           |                   |  |  |  |
| Swaptions*                                                                        |       |           |                   |  |  |  |
| Start                                                                             | NOKm  | Swap rate | Years to maturity |  |  |  |
| 2025                                                                              | 500   | 2,71 %    | 5                 |  |  |  |
| 2026                                                                              | 400   | 3,21 %    | 7                 |  |  |  |
| 2027                                                                              | 100   | 3,49 %    | 8                 |  |  |  |
| 2030                                                                              | 200   | 3,73 %    | 5                 |  |  |  |
| Total                                                                             | 1 200 | 3,11 %    |                   |  |  |  |
| * Option, but no obligation, for the bank to prolong existing interest rate swaps |       |           |                   |  |  |  |

#### **Forward starting swaps**

| Start | NOKm | Swap rate | Years to maturity |
|-------|------|-----------|-------------------|
| 2025  | 400  | 3,74 %    | 5                 |
| Total | 400  | 3,74 %    |                   |

#### **Financial expenses**

Financial expenses, net of positive cash flow from swap agreements, amounted to NOK 63 million in the quarter (NOK 69 million) and NOK 128 million for the first six months of 2025 (NOK 139 million). The expenses are mainly related to interest and fees on interest-bearing debt. Financial expenses are recognised using the amortised cost method.

#### **Summary**

Profit before income tax excluding fair value adjustments of investment properties and interest rate derivatives was NOK 64 million (NOK 56 million), and NOK 126 million YTD (NOK 117 million).

Pre-tax profit, including fair value adjustments of investment properties and interest rate derivatives, was NOK 16 million (NOK 20 million), and NOK 37 million YTD (NOK 102 million).

#### **Balance sheet**

The Group´s assets amounted to NOK 9 080 million (NOK 8 979 million) Of this, investment properties amounted to NOK 8 601 million (NOK 8 407 million),

Interest-bearing debt was NOK 4 606 million (amortised) at the end of the quarter (NOK 4 619 million in nominal amounts),

Nominal value of debt hedged: 56 % per 30.06.2025.

The equity totaled NOK 4 110 million (45 %).

### **Financing**

The Group´s debt portfolio consists of long-term and short-term debt with Scandinavian banks. The average remaining term for the debt portfolio is 1,8 years. The proportion of bank loans maturing within 12 months is classified as short-term.

#### *Composition and repayment profile of the Group´s interest-bearing debt*

| (NOK million) | 30.06.25 | 2025 | 2026 | 2027  | 2028 | Total |
|---------------|----------|------|------|-------|------|-------|
| Bank loan 1   | 2 973    | 30   | 59   | 2 884 | 0    | 2 973 |
| Bank loan 2   | 268      | 4    | 264  | 0     | 0    | 268   |
| Bank loan 3   | 1 378    | 14   | 42   | 1 322 | 0    | 1 378 |
| Total         | 4 619    | 48   | 365  | 4 206 | 0    | 4 619 |

The bank loans have a weighted average credit margin of 1,98 % over 3 month NIBOR

Aurora Eiendom refinanced Bank Loan 1 on 01.07.2025. From this date the composition and repayment profile of the Group´s interest-bearing debt is shown in the table below.

| (NOK million) | 01.07.25 | 2025 | 2026 | 2027  | 2028  | Total |
|---------------|----------|------|------|-------|-------|-------|
| Bank loan 1   | 1 457    | 0    | 29   | 29    | 1 399 | 1 457 |
| Bank loan 2   | 268      | 4    | 264  | 0     | 0     | 268   |
| Bank loan 3   | 1 378    | 14   | 42   | 1 322 | 0     | 1 378 |
| Bank loan 4   | 1 057    | 0    | 16   | 1 041 | 0     | 1 057 |
| Bank loan 5   | 672      | 3    | 7    | 662   | 0     | 672   |
| Total         | 4 832    | 21   | 358  | 3 054 | 1 399 | 4 832 |

The bank loans have a weighted average credit margin of 1,67 % over 3 month NIBOR

The Group´s investment properties are pledged as security for the bank loans.

The Group's bank loans incorporate financial covenants related to minimum liquidity, loan-to-value and interest coverage ratio. Aurora Eiendom was in compliance with conditions in the credit agreements as of 30.06.2025.

#### **Cash flow and liquidity**

The net change in cash and cash equivalents was NOK 5 million in Q2 (NOK 9 million), and cash and cash equivalents at the end of the period were NOK 125 million (NOK 179 million). Net change in cash and cash equivalents YTD was NOK 6 million (NOK 0 million).

![](_page_9_Picture_0.jpeg)

### **CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME**

| (NOK million)                                            |      | Q2-2025  | Q2-2024  | YTD-2025 | YTD-2024 | 2024       |
|----------------------------------------------------------|------|----------|----------|----------|----------|------------|
| Aurora Eiendom AS                                        |      |          |          |          |          |            |
| Rental income                                            |      | 151      | 147      | 301      | 297      | 587        |
| Property related operational expenses                    | 5    | -19      | -17      | -37      | -30      | -69        |
| Net rental income                                        |      | 132      | 130      | 265      | 266      | 518        |
|                                                          |      |          |          |          |          |            |
| Other income                                             |      | 1        | 0,3      | 1        | 0,3      | 1          |
| Other operating expenses                                 | 5    | -3       | -3       | -6       | -5       | -13        |
| Administrative expenses                                  | 5    | -7       | -8       | -14      | -15      | -29        |
| Net income from property management                      |      | 123      | 120      | 246      | 247      | 477        |
|                                                          |      |          |          |          |          |            |
| Fair value adjustment, investment property               | 2, 3 | -1       | -38      | -35      | -52      | -16        |
| Share of profit from associates                          |      | 2        | 2        | 4        | 4        | 13         |
| Operating profit                                         |      | 124      | 84       | 215      | 199      | 474        |
|                                                          |      |          |          |          |          |            |
| Financial income                                         |      | 2        | 3        | 4        | 5        | 10         |
| Financial expenses                                       | 2, 4 | -63      | -69      | -128     | -139     | -274       |
| Fair value adjustments, interest rate derivatives        |      | -48      | 3        | -54      | 37       | 48         |
| Net financial items                                      |      | -108     | -64      | -177     | -97      | -215       |
|                                                          |      |          |          |          |          |            |
| Profit before income tax                                 |      | 16       | 20       | 37       | 102      | 258        |
|                                                          |      |          |          |          |          |            |
| Change in deferred tax                                   |      | 5        | 2        | 7        | -8       | -36        |
| Income tax payable                                       |      | -8       | -6       | -15      | -13      | -19        |
| Income tax                                               |      | -3       | -4       | -7       | -21      | -54        |
|                                                          |      |          |          |          |          |            |
| Profit<br>Total comprehensive income for the period/year |      | 13<br>13 | 16<br>16 | 30<br>30 | 81<br>81 | 204<br>204 |
|                                                          |      |          |          |          |          |            |
|                                                          |      |          |          |          |          |            |
| Profit attributable to:                                  |      | Q2-2025  | Q2-2024  | YTD-2025 | YTD-2024 | 2024       |
| Shareholders of the parent                               |      | 13       | 16       | 30       | 81       | 204        |
|                                                          |      |          |          |          |          |            |
| Total comprehensive income attributable to:              |      |          |          |          |          |            |
| Equity holders of the Company                            |      | 13       | 16       | 30       | 81       | 204        |
|                                                          |      |          |          |          |          |            |
| Earnings per share (NOK)                                 |      | 0,42     | 0,53     | 0,97     | 2,61     | 6,58       |

#### **CONSOLIDATED STATEMENT OF FINANCIAL POSITION**

|                                    | Note | 30.06.2025 | 30.06.2024 | 31.12.2024 |
|------------------------------------|------|------------|------------|------------|
| (NOK million)                      |      |            |            |            |
| Non-current assets                 |      |            |            |            |
| Investment properties              | 3    | 8 601      | 8 407      | 8 575      |
| Investment in associated companies |      | 135        | 144        | 146        |
| Receivables                        |      | 29         | 11         | 12         |
| Derivative financial instruments   | 4    | 140        | 179        | 182        |
| Total non-current assets           |      | 8 904      | 8 741      | 8 915      |
|                                    |      |            |            |            |
| Current assets                     |      |            |            |            |
| Trade receivables                  | 4    | 14         | 19         | 14         |
| Other current asset                |      | 36         | 40         | 35         |
| Cash and cash equivalents          | 4    | 125        | 179        | 119        |
| Total current assets               |      | 176        | 238        | 168        |
|                                    |      |            |            |            |
|                                    |      |            |            |            |
| TOTAL ASSETS                       |      | 9 080      | 8 979      | 9 083      |

#### **CONSOLIDATED STATEMENT OF FINANCIAL POSITION**

|                                            | Note | 30.06.2025 | 30.06.2024 | 31.12.2024 |
|--------------------------------------------|------|------------|------------|------------|
| (NOK million)                              |      |            |            |            |
| Equity                                     |      |            |            |            |
| Share capital                              |      | 2 322      | 2 322      | 2 322      |
| Share premium                              |      | 704        | 704        | 704        |
| Retained earning                           |      | 1 084      | 931        | 1 054      |
| Total equity                               |      | 4 110      | 3 957      | 4 080      |
|                                            |      |            |            |            |
| Non-current liabilities                    |      |            |            |            |
| Loans                                      | 4    | 4 213      | 2 996      | 4 189      |
| Derivative financial instruments           | 4    | 13         | 9          | 2          |
| Lease liabilities                          |      | 9          | 10         | 9          |
| Deferred tax liabilities                   |      | 204        | 183        | 211        |
| Total non-current liabilities              |      | 4 439      | 3 198      | 4 411      |
|                                            |      |            |            |            |
| Current liabilities                        |      |            |            |            |
| Loans                                      | 4    | 394        | 1 659      | 429        |
| Income tax payable                         |      | 15         | 25         | 19         |
| Trade payables                             | 4    | 26         | 29         | 39         |
| Current lease liabilities                  |      | 1          | 1          | 1          |
| Other current liabilities                  |      | 97         | 110        | 104        |
| Total current liabilities                  |      | 532        | 1 824      | 592        |
|                                            |      |            |            |            |
| Total liabilities                          |      | 4 970      | 5 022      | 5 003      |
| Total liabilities and shareholders' equity |      | 9 080      | 8 979      | 9 083      |

#### **CHANGES IN EQUITY**

#### **STATEMENT OF CASH FLOWS**

|                   | Share capital |     | Share premium Retained earnings | Total equity |
|-------------------|---------------|-----|---------------------------------|--------------|
| (NOK million)     |               |     |                                 |              |
| Equity 31.12.2022 | 2 322         | 704 | 1 016                           | 4 042        |
| Profit for period | -             | -   | -166                            | -166         |
| Equity 31.12.2023 | 2 322         | 704 | 850                             | 3 877        |
| Profit for period | -             | -   | 204                             | 204          |
| Equity 31.12.2024 | 2 322         | 704 | 1 054                           | 4 080        |
| Profit for period | -             | -   | 30                              | 30           |
| Equity 30.06.2025 | 2 322         | 704 | 1 084                           | 4 110        |

|                                                         | Q2-2025 | Q2-2024 | YTD 2025 YTD 2024 |      | 2024   |
|---------------------------------------------------------|---------|---------|-------------------|------|--------|
| (NOK million)                                           |         |         |                   |      |        |
| Profit before tax                                       | 16      | 20      | 37                | 102  | 258    |
| Income tax paid                                         | -5      | 1       | -19               | -16  | -27    |
| Net expensed interest and fees on loans and derivatives | 63      | 69      | 128               | 139  | 274    |
| Inflows from derivatives                                | 14      | 17      | 29                | 33   | 69     |
| Outflows from derivatives                               | -       | -2      | -                 | -5   | -10    |
| Fees paid on loans                                      | -76     | -82     | -160              | -165 | -342   |
| Share of profit from associates                         | -2      | -2      | -4                | -4   | -13    |
| Changes in value of investment properties               | 1       | 38      | 35                | 52   | 16     |
| Changes in value of financial instruments               | 48      | -3      | 54                | -37  | -48    |
| Change in working capital                               | -45     | -19     | -34               | -5   | 9      |
| Net cash flow from operating activities                 | 13      | 37      | 67                | 94   | 186    |
|                                                         |         |         |                   |      |        |
| Investment in and upgrades of investment properties     | -14     | -20     | -60               | -41  | -173   |
| Dividends from associates                               | 15      | 5       | 15                | 5    | 11     |
| Net cash flow from investment acitivities               | 1       | -15     | -45               | -36  | -163   |
|                                                         |         |         |                   |      |        |
| Proceeds interest bearing debt                          | -       | -       | 1 392             | -    | 3 003  |
| Repayment interest bearing debt                         | -9      | -13     | -1 408            | -56  | -3 085 |
| Repayment of lease liabilities                          | -       | -0,2    | -                 | -0,3 | -1     |
| Net cash flow from financing activities                 | -9      | -13     | -16               | -57  | -83    |
|                                                         |         |         |                   |      |        |
| Change in cash and cash equivalents                     | 5       | 9       | 6                 | 0,4  | -60    |
| Cash and cash equivalents at beginning of period        | 120     | 170     | 119               | 179  | 179    |
| Cash and cash equivalents at end of period              | 125     | 179     | 125               | 179  | 119    |

### **NOTE 1 – ACCOUNTING PRINCIPLES**

*The financial statements for Q2-2025 have been prepared in accordance with IAS 34 Interim Financial Reporting. The accounting principles that have been used are described in the annual report of 2024. The interim financial statements for Q2-2025 have not been audited.*

## **NOTE 2 – FAIR VALUE**

#### Fair value hierarchy:

Level 1: Quoted (unadjusted) prices in active markets for identical assets and liabilities. Level 2: Other techniques where all of the parameters that have a significant impact on measuring fair value are either directly or indirectly observable. Level 3: Valuation techniques that use parameters that significantly affect the valuation, but which are not observable. *Aurora Eiendom AS has the following assets and liabilities measured at fair value* **Level**

| Investment properties | 3 |
|-----------------------|---|
| Derivatives           | 2 |

# **5 NOTE 3 – INVESTMENT PROPERTIES**

|                                        | Q2-2025 | Q2-2024 | YTD-2025 | YTD-2024 | 2024  |
|----------------------------------------|---------|---------|----------|----------|-------|
| (NOK million)                          |         |         |          |          |       |
| Opening balance                        | 8 588   | 8 425   | 8 575    | 8 418    | 8 418 |
| Investment in the property portfolio   | 14      | 20      | 60       | 41       | 173   |
| Net gain/loss on changes in fair value | (1)     | (38)    | (35)     | (52)     | (16)  |
| Closing balance                        | 8 601   | 8 407   | 8 601    | 8 407    | 8 575 |

*Investment properties are valued at fair value (Level 3) based on independent external valuations. Latest valuation was carried out on 30th of June 2025. Changes in fair value are recognised as through proft and loss.*

**ACCOUNTING PRINCIPLES**

**2 FAIR VALUE**

**1**

**INVESTMENT PROPERTIES**

**FINANCIAL ASSETS AND LIABILITIES**

**4**

**3**

**COSTS**

#### **ASSETS AND LIABILITIES - FAIR VALUE**

The Group uses derivatives to manage its interest rate risk.

The financial derivatives are measured at fair value (Level 2) through profit and loss.

*All amounts in NOK million*

| Financial assets measured at fair value      | 30.06.2025 | 30.06.2024 | 31.12.2024 |
|----------------------------------------------|------------|------------|------------|
| Derivatives                                  | 140        | 179        | 182        |
|                                              |            |            |            |
| Financial liabilities measured at fair value | 30.06.2025 | 30.06.2024 | 31.12.2024 |
| Derivatives                                  | 13         | 9          | 2          |

#### **ASSETS AND LIABILITIES - AMORTISED COST**

The following of the Group`s financial assets and liabilities are measured at amortised cost

| Assets                      | 30.06.2025 | 30.06.2024 | 31.12.2024 |
|-----------------------------|------------|------------|------------|
| Accounts receivable         | 14         | 19         | 14         |
| Cash and cash equivalents   | 125        | 179        | 119        |
| Total Financial assets      | 139        | 198        | 133        |
|                             |            |            |            |
| Liabilities                 | 30.06.2025 | 30.06.2024 | 31.12.2024 |
| Bank Loan 1                 | 2 962      | 3 000      | 2 989      |
| Bank Loan 2                 | 268        | 276        | 272        |
| Bank Loan 3                 | 1 377      | 1 379      | 1 358      |
| Trade payables              | 26         | 29         | 39         |
| Total financial liabilities | 4 632      | 4 684      | 4 658      |

#### **REAL ESTATE RELATED COSTS**

| Operating costs                                        | Q2-2025 | Q2-2024 | YTD 2025 YTD 2024 |    | 2024 |
|--------------------------------------------------------|---------|---------|-------------------|----|------|
| Maintenance                                            | 10      | 9       | 19                | 13 | 36   |
| Leasehold and property insurance                       | 1       | 2       | 3                 | 3  | 6    |
| Owner's share of shared costs of investment properties | 7       | 6       | 14                | 12 | 26   |
| Other expenses / direct property costs                 | 0,2     | 0,4     | 1                 | 2  | 2    |
| SUM                                                    | 19      | 17      | 37                | 30 | 69   |

Expenses directly related to the operation of existing properties are presented as real estate related costs.

#### **OTHER COSTS**

| Other operating expenses                | Q2-2025 | Q2-2024 | YTD 2025 YTD 2024 |    | 2024 |
|-----------------------------------------|---------|---------|-------------------|----|------|
| Consultancy fees and external personnel | 1       | 0,4     | 2                 | 1  | 3    |
| Other operating costs                   | 2       | 2       | 4                 | 4  | 9    |
| Total operating expenses                | 3       | 3       | 6                 | 5  | 13   |
|                                         |         |         |                   |    |      |
| Administrative expenses                 | Q2-2025 | Q2-2024 | YTD 2025 YTD 2024 |    | 2024 |
| Administrative expenses                 | 7       | 7       | 14                | 14 | 28   |
| Board remuneration                      | -       | 1       | -                 | 1  | 1    |
| Total                                   | 7       | 8       | 14                | 15 | 29   |

Admininistrative expenses represent the management fee paid to Alti Forvaltning AS for mangagement of the shopping center portfolio. Alti Forvaltning AS also provides management services for the parent company Aurora Eiendom AS, the cost of which is included in the management fee. Board rem. was paid and invoiced by Alti Forvaltning AS

We are very pleased with Aurora Eiendom's performance over the past six months. Demand for premises in our shopping centres remains strong, and our tenants continue to see growth in turnover.

Aurora Eiendom delivered rental income of NOK 301 million in the first half of the year, an increase of 1,7 % compared to the same period last year. Net income from property management was in line with last year at NOK 246 million (NOK 247 million). We achieved a year-to-date pre-tax profit before value adjustments of NOK 126 million, up from NOK 117 million last year. Net income from property management was impacted by higher maintenance costs than in 2024, while the improved pre-tax profit was driven by lower market interest rates and margins on our debt portfolio.

Our partly owned management company, Alti Forvaltning, has kept a clear focus on supporting tenant success. Targeted and strategic efforts remain a priority to ensure an optimal tenant mix, tailored to each centre's profile and market needs.

At the same time, we have prioritised maintaining and developing our properties, making significant investments since acquisition. This has contributed to efficient operations and attractive properties – for both tenants and visitors.

We are seeing stable growth in tenant turnover in the first half, combined with a very high occupancy rate, which we consider a clear indication of a robust market and a strong property portfolio.

Norges Bank recently cut its policy rate for the first time since 2021, and long-term interest rates have also declined. We are also seeing a positive trend in bank margins and have refinanced a significant portion of our loan portfolio effective 1st July. Together, this results in lower interest costs, strengthening our financial position.

International trade is marked by uncertainty, tariff barriers, and disruptions in transport and supply chains. Combined with lower global growth and changing trade structures, this could affect the Norwegian economy and the retail sector in general. On the positive side, Norwegian unemployment remains low, and this year's wage settlements have increased purchasing power. Together with expected interest rate cuts ahead, this may improve household finances and support higher consumption.

With Alti Forvaltning's efficient operations and close follow-up of tenants, combined with Aurora Eiendom's solid financial position and attractive property portfolio, we have an excellent platform for further growth and success.

# **Outlook Responsibility statement**

To the best of our knowledge, we declare that:

- The consolidated financial statements for the half-year report 2025 have been prepared in accordance with IAS 34 – Interim reporting.
- The information in the consolidated financial statements pr 30.06.2025 provides a true and fair picture of the overall assets, liabilities, financial position and financial result for the Group.
- The half-year report gives a true and fair presentation of the important events that have taken place during the reporting period, their impact on the financial statements and the most important risks and uncertainties facing the Group in the coming accounting period.

**SURNADAL, 15TH AUGUST 2025**

**Petter A. Stordalen** Chairman of the Board

**Marianne Mazarino Håkonsen** Board member

**Marius Varner** Board member

**Tine Herlofsen Slaatten** Board member

**Sigurd Stray** Board member

**Lars Ove Løseth** CEO

**13 AURORA Q2 2025 REPORT**

# **Aurora Eiendom's Alternative performance measures and EPRA reporting**

Aurora Eiendom AS' financial reporting is prepared in accordance with IFRS. As a supplement to the financial statements, the company reports alternative performance measures. These are intended to be a supplement to the financial statements, to enhance the understanding of the Group's performance.

#### **AURORA EIENDOM'S ALTERNATIVE PERFORMANCE MEASURES ARE**

### **1. Debt ratio – Loan to value (LTV)**

**2. Interest Coverage Ratio**

#### **3. EPRA Performance Measures**

- **A.** EPRA Earnings EPRA Earnings per share (EPS)
- **B.** EPRA Net Asset Value metrics EPRA Net Reinstatement Value (NRV) EPRA Net Tangible Assets (NTA) EPRA Net Disposal Value (NDV)
- **C.** EPRA Net Initial Yield EPRA Topped-Up Net Initial Yield **D.** EPRA Vacancy Rate
- EPRA metrics are presented in accordance with the best practices defined by the European Public Real Estate Association BPR 2024.

## **1. DEBT RATIO – LOAN TO VALUE (LTV)**

| Loan to Value (LTV)                 | Q2 2025 | Q2 2024 | 31.12.2024 | 31.12.2023 |
|-------------------------------------|---------|---------|------------|------------|
| NOK million                         |         |         |            |            |
| Fair value of investment properties | 8 601   | 8 407   | 8 575      | 8 418      |
|                                     |         |         |            |            |
| Nominal interest - bearing debt     | 4 619   | 4 661   | 4 635      | 4 717      |
| Cash and cash equivalents           | 125     | 179     | 119        | 179        |
| Net interest-bearing debt           | 4 493   | 4 481   | 4 515      | 4 538      |
|                                     |         |         |            |            |
| Loan to value                       | 52,2 %  | 53,3 %  | 52,7 %     | 53,9 %     |
|                                     |         |         |            |            |

## **2. INTEREST COVERAGE RATIO (ICR)**

| NOK million                         | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | 2024 |
|-------------------------------------|---------|---------|----------|----------|------|
| Net income from property management | 123     | 120     | 246      | 247      | 477  |
| Financial expenses*                 | 61      | 66      | 124      | 134      | 264  |
| Interest coverage ratio             | 2,0     | 1,8     | 2,0      | 1,8      | 1,8  |

*\* Financial expenses = amortised interests less interest income for the period.*

#### **3. EPRA PERFORMANCE MEASURES 3. EPRA PERFORMANCE MEASURES**

|   |                                  | Unit | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | 2024 |
|---|----------------------------------|------|---------|---------|----------|----------|------|
| A | EPRA earnings per share (EPS)    | NOK  | 1,65    | 1,42    | 3,20     | 2,98     | 5,74 |
| B | EPRA NRV per share               | NOK  | 135     | 128     | 135      | 128      | 133  |
|   | EPRA NTA per share               | NOK  | 132     | 125     | 132      | 125      | 129  |
|   | EPRA NDV per share               | NOK  | 133     | 128     | 133      | 127      | 132  |
| C | EPRA Net Initial Yield           | %    | 6,11    | 6,10    | 6,11     | 6,10     | 6,18 |
|   | EPRA Topped-Up Net Initial Yield | %    | 6,29    | 6,28    | 6,29     | 6,28     | 6,37 |
| D | EPRA Vacancy Rate                | %    | 2,6     | 3,4     | 2,6      | 3,4      | 2,4  |

| A. EPRA EARNINGS QUARTERLY                 |               | Q2 2025          |               |
|--------------------------------------------|---------------|------------------|---------------|
| All amounts in NOK million                 | IFRS reported | EPRA adjustments | EPRA Earnings |
| Rental income                              | 151           |                  | 151           |
| Operating costs                            | -19           |                  | -19           |
| Net operating income                       | 132           | 0                | 132           |
|                                            |               |                  |               |
| Other revenue                              | 1             |                  | 1             |
| Other costs                                | -3            |                  | -3            |
| Administrative costs                       | -7            |                  | -7            |
| Share of profit from associates            | 2             |                  | 2             |
| Net realised financials                    | -61           |                  | -61           |
| Net income                                 | 64            | 0                | 64            |
|                                            |               |                  |               |
| Changes in value of investment properties  | -1            | 1                | 0             |
| Changes in value of financial instruments  | -48           | 48               | 0             |
| Profit before tax/EPRA Earnings before tax | 16            | 49               | 64            |
|                                            |               |                  |               |
| Tax payable                                | -8            |                  | -8            |
| Change in deferred tax                     | 5             | -11              | -6            |
| Profit for period/EPRA Earnings            | 13            | 38               | 51            |
| Average outstanding shares (million)       |               |                  | 31,0          |
| EPRA Earnings per share (NOK)              |               |                  | 1,65          |

EPRA Earnings is a measure of operational performance and represents the net income generated from the company's operational activities.

| A. EPRA EARNINGS YEARLY                    |               | YTD 2025         |               |
|--------------------------------------------|---------------|------------------|---------------|
| All amounts in NOK million                 | IFRS reported | EPRA adjustments | EPRA Earnings |
| Rental income                              | 301           |                  | 301           |
| Operating costs                            | -37           |                  | -37           |
| Net operating income                       | 265           | 0                | 265           |
|                                            |               |                  |               |
| Other revenue                              | 1             |                  | 1             |
| Other costs                                | -6            |                  | -6            |
| Administrative costs                       | -14           |                  | -14           |
| Share of profit from associates            | 4             |                  | 4             |
| Net realised financials                    | -124          |                  | -124          |
| Net income                                 | 126           | 0                | 126           |
|                                            |               |                  |               |
| Changes in value of investment properties  | -35           | 35               | 0             |
| Changes in value of financial instruments  | -54           | 54               | 0             |
| Profit before tax/EPRA Earnings before tax | 37            | 89               | 126           |
|                                            |               |                  |               |
| Tax payable                                | -15           |                  | -15           |
| Change in deferred tax                     | 7             | -19              | -12           |
| Profit for period/EPRA Earnings            | 30            | 69               | 99            |
| Average outstanding shares (million)       |               |                  | 31,0          |
| EPRA Earnings per share (NOK)              |               |                  | 3,20          |

#### **3. EPRA PERFORMANCE MEASURES 3. EPRA PERFORMANCE MEASURES**

#### **B. EPRA NET ASSET VALUE METRICS (NOK million)**

|                                                   |       | 31.06.2025 |       |
|---------------------------------------------------|-------|------------|-------|
|                                                   | NRV   | NTA        | NDV   |
| IFRS Equity                                       | 4 110 | 4 110      | 4 110 |
| Net Asset Value (NAV) at fair value               | 4 110 | 4 110      | 4 110 |
| Deferred tax properties and financial instruments | 204   | 204        |       |
| Estimated real tax liability                      |       | 102        |       |
| Net fair value on financial derivatives           | -127  | -127       |       |
| EPRA NAV                                          | 4 187 | 4 085      | 4 110 |
| Outstanding shares at period end (million)        | 31    | 31         | 31    |
| EPRA NAV per share (NOK)                          | 135   | 132        | 133   |

EPRA Net Reinstatement Value (NRV): the objective of this metric is to highlight the value of net assets on a long term-basis, assuming that no selling of assets takes place.

EPRA Net Tangible Assets (NTA): the calculation assumes entities buy and sell assets, thereby crystallising certain levels of deferred tax liability. Aurora Eiendom has chosen option (iii) in the EPRA BPR Guidelines. In this calculation 50% of the deferred taxes are added back.

EPRA Net Disposal Value (NDV) provides the reader with a scenario where deferred tax, financial instruments and certain other adjustments are calculated to the full extent of their liability, net of any resulting tax, this to illuatrate shareholder value in a scenario of orderly sale of all the company´s assets.

| C. EPRA NIY AND 'TOPPED-UP' NIY                                              |     | 30.06.2025 | 30.06.2024 | 31.12.2024 |
|------------------------------------------------------------------------------|-----|------------|------------|------------|
| (NOK million)                                                                |     |            |            |            |
| Investment property - wholly owned                                           |     | 8 601      | 8 407      | 8 575      |
| Less: developments                                                           |     | -131       | -139       | -131       |
| Completed property portfolio                                                 |     | 8 470      | 8 268      | 8 444      |
| Allowance for estimated purchasers' costs                                    |     | 17         | 17         | 17         |
| Gross up completed property portfolio valuation                              | B   | 8 487      | 8 285      | 8 461      |
| Annualised cash passing rental income                                        |     | 603        | 583        | 607 *      |
| Property outgoings                                                           |     | -84        | -78        | -83        |
| Annualised net rents                                                         | A   | 518        | 505        | 523        |
| Add: notional rent expiration of rent free periods or other lease incentives |     | 15         | 15         | 16         |
| Topped-up net annualised rent                                                | C   | 534        | 520        | 539        |
| Add: market rent of vacant space                                             |     | 17         | 21         | 16         |
| Fully let net annualised rent                                                | D   | 550        | 541        | 554        |
| EPRA NIY                                                                     | A/B | 6,11 %     | 6,10 %     | 6,18 %     |
| EPRA "topped-up" NIY                                                         | C/B | 6,29 %     | 6,28 %     | 6,37 %     |
| Fully let net yield                                                          | D/B | 6,48 %     | 6,53 %     | 6,55 %     |
| Valuation yield                                                              |     | 6,47 %     | 6,61 %     | 6,45 %     |

*\* Consumer price index adjusted to rental income per 01.01.2025*

*The numbers do not include Jærhagen Kjøpesenter or Maxi Storsenter.* 

*Market value of investment properties and development projects are independently valued by Colliers. The latest valuation was carried out 30.06.2025*

*The allowance for estimated purchaser´s costs is an estimate based on the company´s experiences.* 

*The property outgoings are based on the owner´s costs estimated in the independent valuation. The market rent of vacant space is based on the independent valuation.*

*The valuation yield is set by the independent valuer, based on reference transactions and adjusted for conditions specific to the individual properties.*

#### **3. EPRA PERFORMANCE MEASURES GLOSSARY**

| D. EPRA VACANCY RATE                          |     | 30.06.2025 | 30.06.2024 | 31.12.2024 |
|-----------------------------------------------|-----|------------|------------|------------|
| (NOK million)                                 |     |            |            |            |
| Estimated rental value of vacant space        | A   | 17         | 21         | 16         |
| Estimated rental value of the whole portfolio | B   | 634        | 619        | 638        |
| EPRA Vacancy Rate                             | A/B | 2,6 %      | 2,3 %      | 2,4 %      |

*The market rent of vacant space is based on the independent valuation. EPRA vacancy rate does not include Jærhagen Kjøpesenter or Maxi Storsenter.*

| EPRA                              | European Public Real Estate Association                                                                                                                                                                                                                                                                                              |
|-----------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| EPRA NDV                          | EPRA Net Disposal Value (NDV) provides the reader with a scenario where<br>deferred tax, financial instruments and certain other adjustments are<br>calculated to the full extent of their liability, net of any resulting tax, this to<br>illuatrate shareholder value in a scenario of orderly sale of all the company's<br>assets |
| EPRA NRV                          | Net Reinstatement Value (NRV): the objective of this metric is to highlight the<br>value of net assets on a long term-basis, assuming that no selling of assets takes<br>place                                                                                                                                                       |
| EPRA NTA                          | EPRA Net Tangible Assets (NTA): the calculation assumes entities buy and<br>sell assets, thereby crystallising certain levels of deferred tax liability. Aurora<br>Eiendom has chosen option (iii) in the EPRA BPR Guidelines. In this calculation<br>50 % of the deferred taxes are added back                                      |
| EPRA sBPR                         | EPRA sustainability best practice recommendations                                                                                                                                                                                                                                                                                    |
|                                   |                                                                                                                                                                                                                                                                                                                                      |
| External / Independent Appraisers | Colliers                                                                                                                                                                                                                                                                                                                             |
| GLA                               | Gross Lettable Area, areas exclusive to the tenant including storage units                                                                                                                                                                                                                                                           |
| ICR                               | Interest Coverage Ratio, Net income from property management divided by<br>amortised interest less interest income for the period                                                                                                                                                                                                    |
| LTV                               | Loan To Value, Nominal Interest-bearing debt minus cash and cash deposits<br>divided by fair value of investment properties                                                                                                                                                                                                          |
| Occupancy                         | Market rent of leased areas divided by estimated market rent of the whole<br>portfolio                                                                                                                                                                                                                                               |
| Valuation Yield                   | Valuation yield set by external appraiser, used in the valuation of investment<br>properties                                                                                                                                                                                                                                         |

![](_page_19_Picture_0.jpeg)

# **Contact information**

**Lars Ove Løseth** CEO Aurora Eiendom AS

lars.ove.loeseth@alti.no +47 928 17 859

**Kathrine Mauset** CFO Aurora Eiendom AS

kathrine.mauset@alti.no +47 464 48 411

# **Financial calendar**

Friday November 14th 2025

**Report** Q3 2025

**www.aurora.no**