In the first quarter of 2026, Selvaag Bolig sold 358 homes net, with a sales value of NOK 2,516 million. Of these, 72 sales were booking agreements in Sweden, with a value of NOK 684 million. The quarterly sales are the highest in the company’s history and represent more than a doubling from the first quarter of 2025.
 
– Sales in the quarter were the highest in the company’s history, despite a challenging market for new homes. Record-high sales and several successful sales launches in Greater Oslo, Bergen and Stockholm have enabled us to start construction of several new projects. At the end of the quarter, we had homes under construction with a total sales value of NOK 7.8 billion, providing a solid basis for earnings in the coming years, says CEO Sverre Molvik.
 
During the quarter, Selvaag Bolig started construction of 166 homes. By the end of the quarter, the company had 1,078 homes under construction, and 65 percent of these homes were sold.
 
– Although the IFRS result for the quarter is affected by few deliveries, the NGAAP accounts show solid ongoing value creation. High activity and strong project margins provide a solid foundation for results going forward, says Molvik.
 
Selvaag Bolig has around 600 homes for sale. The company is planning several sales launches going forward, including the first sales phase in Fornebu Sentrum, which will be launched in June.

A webcast of the presentation can be viewed from 08:30 here.

Key figures Q1 2026 (Q1 2025)

• Net sales* amounted to 358 homes (169) with a sales value of NOK 2,516 million (1,038), of which 72 booking agreements** for NOK 684 million
• Gross sales* amounted to 363 homes (196) with a sales value of NOK 2,563 million (1,244), of which 72 booking agreements** for NOK 684 million
• Net construction starts of 166 homes (183), no new homes completed (0), and net deliveries of 24 homes to buyers (34)
• Net 1,078 homes under construction (1,012) with a combined sales value of NOK 7,796 million (7,153)
• 65 percent of the homes under construction were sold at the end of the quarter (64)
• 32 completed homes unsold at the end of the quarter (50)
• IFRS***: Operating revenues of NOK 123 million (167). EBITDA adjusted for financial expenses NOK -17 million (-19), corresponding to a margin of -14 percent (-12)
• Proforma IFRS*** including Selvaag Bolig’s share in joint ventures: Operating revenues of NOK 188 million (194). EBITDA adjusted for financial expenses NOK -6 million (-8), corresponding to a margin of -3 percent (-4)
• Earnings per share: NOK -0.20 (-0.22)
• NGAAP****: Operating revenues of NOK 989 million (678). EBITDA of NOK 101 million (65), corresponding to a margin of 10 percent (10)
• Proforma NGAAP**** including Selvaag Bolig’s share in joint ventures: Operating revenues of NOK 1,059 million (729). EBITDA of NOK 120 million (72), corresponding to a margin of 11 percent (10)

 
* Units sold comprise sales contracts entered into with customers pursuant to the Norwegian Housing Construction Act and the Tenant-Ownership Act (Bostadsrättslagen) in Sweden, as well as booking agreements in Sweden. In accordance with 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.
**Booking agreements are used for sales of new collective flats in Sweden, where the buyer pays a booking fee to ensure priority to a new home. Booking agreements are non-binding, and if the buyer withdraws, part of the booking fee will be refunded. The booking agreement is converted to a binding purchase agreement prior to construction start.
*** Pursuant to IFRS, all profit is recognised when the homes are delivered to the buyer. Profit pursuant to IFRS accordingly derives primarily from homes which began to be built roughly two years ago.
**** The accounts pursuant to Norwegian generally accepted accounting principles (NGAAP) utilise the percentage of completion method. This means that profits are recognised on the basis of construction progress and sales in the projects. That presents ongoing value creation in the company.