Selvaag Bolig ASA

Earnings Release • Aug 7, 2025

Selvaag Bolig ASA: Q2 2025: Solid sales and record-high value of homes under construction

Selvaag Bolig ASA: Q2 2025: Solid sales and record-high value of homes under construction

In the first half of the year, Selvaag Bolig sold homes worth more than NOK 2

billion. The company has increased the number of homes under construction to

1,165 units with a sales value of NOK 8.2 billion, the highest value in the

company's history. Two new acquisitions in the Greater Oslo area have been

added to the land bank.

In the first half of 2025, Selvaag Bolig sold 313 homes for NOK 2,015 million

gross. Net sales in the first half totaled 275 homes for NOK 1,728 million.

"We are satisfied with the sales in the first half year. There is increasing

optimism in the market, which we believe will continue throughout autumn due

to wage growth above inflation and expectations of further interest rate cuts

in Norway. The solid sales have enabled us to start construction of more

homes, and we now have a record-high value of NOK 8.2 billion in homes under

construction," says CEO Sverre Molvik.

Selvaag Bolig started construction of 171 homes in the quarter. At the end of

the second quarter, the company had 1,165 homes net under construction with a

total sales value of NOK 8.2 billion. 62 per cent of these units were sold at

the end of the quarter, and 88 per cent of the homes to be completed in 2025

were sold.

"Selvaag Bolig has also added two attractive land plots in the Greater Oslo

area to the land bank. We have acquired a transformation plot with the

potential for about 525 new homes in Nordre Follo and entered into a joint

venture for a land plot with a potential of up to 550 homes in Drammen,"

Molvik continues.

Fewer deliveries resulted in weaker IFRS results for the first half year.

However, the ongoing value creation in the company is good, due to an

increased number of homes under construction and good profitability in the

projects.

"Due to the continued uncertain macroeconomic outlook, the board has decided

not to pay a dividend for the first half at this time. Dividends for the full

year will be assessed in February 2026 based on the results for the year and

the market outlook. The company's policy of paying a dividend of at least 60

per cent of the result has not changed," says Molvik.

A webcast of the presentation will be available from 08:30 here.

(https://channel.royalcast.com/landingpage/hegnarmedia/20250807_2/)

Highlights of the second quarter 2025 (second quarter 2024)

* Gross sales* amounted to 117 homes (235) with a sales value of

NOK 771 million (NOK 1 574 million).

* Net sales were 106 homes (207) with a sales value of NOK 690 million (NOK 1

385 million).

* Net construction starts of 171 homes (95), completions of 18 net (105) and

deliveries of 40 net (127) to buyers.

* 1 165 homes net under construction (661) with a combined sales value of

NOK 8 223 million (NOK 4 211 million).

* 62 per cent (66 per cent) of homes under construction sold at 30 June.

* 40 completed homes (119) unsold at 30 June.

* IFRS**: Operating revenues of NOK 261 million (NOK 620 million), EBITDA

adjusted for financial expenses NOK 15 million (NOK 124 million),

corresponding to a margin of 5.6 per cent (19.9 per cent).

* Proforma IFRS** including Selvaag Bolig's share of joint venture projects:

Operating revenues of NOK 349 million (NOK 979 million). EBITDA adjusted for

financial expenses NOK 25 million (NOK 170 million), corresponding to a

margin of 7.2 per cent (17.4 per cent)

* Earnings per share: NOK 0.02 (NOK 0.85).

* NGAAP***: Operating revenues of NOK 599 million (NOK 603 million), EBITDA of

NOK 57 million (NOK 48 million), corresponding to a margin of 9.5 per cent

(8.0 per cent).

* Proforma NGAAP*** including Selvaag Bolig's share of joint ventures:

Operating revenues of NOK 839 million (NOK 825 million). EBITDA of NOK 102

million (NOK 78 million), corresponding to a margin of 12.2 per cent (9.4

per cent).

Highlights of the first half of 2025 (first half of 2024)

* IFRS**: Operating revenues of NOK 428 million (NOK 1 248 million), EBITDA

adjusted for financial expenses NOK -5 million (NOK 230 million),

corresponding to a margin of -1.1 per cent (18.4 per cent).

* Proforma IFRS** including Selvaag Bolig's share of joint venture projects:

Operating revenues of NOK 543 million (NOK 1 847 million). EBITDA adjusted

for financial expenses NOK 17 million (NOK 305 million), corresponding to a

margin of 3.1 per cent (16.5 per cent)

* Earnings per share: NOK -0.20 (NOK 1.45).

* NGAAP***: Operating revenues of NOK 1 277 million (NOK 1 150 million),

EBITDA of NOK 121 million (NOK 93 million), corresponding to a margin

of 9.5 per cent (8.1 per cent).

* Proforma NGAAP*** including Selvaag Bolig's share of joint ventures:

Operating revenues of NOK 1 568 million (NOK 1 533 million). EBITDA of NOK

174 million (NOK 149 million), corresponding to a margin of 11.1 per cent

(9.7 per cent).

* Gross sales* amounted to 313 homes (389) with a sales value of NOK 2 015

million (NOK 2 441 million).

* Net sales were 275 homes (346) with a sales value of NOK 1 728 million

(NOK 2 144 million).

* Construction starts of 354 homes net (218), completions of 18 net (341) and

deliveries of 74 net (306) to buyers.

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

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

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

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

all homes in joint venture projects.

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

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

homes which began to be built roughly two years ago.

*** The accounts pursuant to Norwegian generally accepted accounting

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

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

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

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About Us

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

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

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

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

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

broad variety of housing types, including the lifestyle concept Selvaag

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

www.selvaagboligasa.no/en

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This release was distributed by Line Lian Mjell, EVP marketing, strategy and

sustainability, Selvaag Bolig ASA.

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For further information:

Sverre Molvik, CEO

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

Christopher Brunvoll, CFO

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

Line Lian Mjell, EVP marketing, strategy and sustainability

Telephone: +47 975 39 225, e-mail: limj@selvaagbolig.no

This information is subject to disclosure under the Norwegian Securities

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

2025-08-07 07:00 CEST.