Selvaag Bolig ASA: Q3 2026: Increased earnings and record-high sales value

In the third quarter, Selvaag Bolig sold 95 homes net with a sales value of NOK 643 million. During the same period, 186 homes were delivered to buyers, compared with 98 in the same period last year.

So far this year, Selvaag Bolig has started construction of 575 homes and delivered 397 homes to buyers. At the end of the third quarter, Selvaag Bolig had 1 019 homes under construction with a combined sales value of NOK 7.2 billion. Of these, 64 percent were sold. Of the homes expected to be completed in 2026, 74 percent were sold. The company had 93 completed unsold homes at the end of the period.

“We are pleased with the increased earnings and with having exceeded our previous full-year record in sales value in just nine months. This indicates that our projects and housing concepts meet buyers’ needs. However, the market remains challenging. Buyers’ purchasing power is under pressure, and high construction and financing costs make it more difficult to launch new projects. The number of completed unsold homes has also increased,” says CEO Sverre Molvik.

In the third quarter, Selvaag Bolig started construction of the first 119 homes at Terrasskvarteret Pluss in Stockholm. The project comprises a total of 166 homes, and binding purchase agreements have been signed for more than 65 percent of the project’s total sales value.

“The construction start of Terrasskvarteret Pluss marks an important milestone for our operations in Sweden. We also see an improvement in Central Stockholm’s housing market, with rising house prices and increased activity, although buyers remain selective. In total, we have more than 1 000 homes under construction in Norway and Sweden, and we are pleased with the level of activity in a market that remains challenging,” Molvik continues.

A webcast of the presentation will be available from 08:30 here. An English transcript of the presentation will be made available on the company’s website.

Highlights of the third quarter 2026 (third quarter 2025)

• Gross sales* amounted to 112 homes (93) with a sales value of NOK 774 million (NOK 674 million).
• Net sales* were 95 homes (85) with a sales value of NOK 643 million (NOK 600 million).
• Construction starts of 119 homes net (0), completions of 226 net (114) and deliveries of 186 net (98) to buyers.
• 1 019 homes net under construction (1 051) with a combined sales value of NOK 7 206 million (NOK 7 457 million).
• 64 percent (64 percent) of homes under construction sold at 30 September.
• 93 completed homes (38) unsold at 30 September.
• IFRS***: Operating revenues of NOK 1 590 million (NOK 568 million), EBITDA adjusted for financial expenses NOK 236 million (NOK 73 million), corresponding to a margin of 14.8 percent (12.8 percent).
• Proforma IFRS*** including Selvaag Bolig’s share of joint venture projects: Operating revenues of NOK 1 593 million (NOK 659 million). EBITDA adjusted for financial expenses NOK 239 million (NOK 90 million), corresponding to a margin of 15.0 percent (13.7 percent).
• Earnings per share: NOK 0.60 (NOK 0.25).
• NGAAP****: Operating revenues of NOK 1 006 million (NOK 691 million), EBITDA of NOK 86 million (NOK 62 million), corresponding to a margin of 8.5 percent (8.9 percent).
• Proforma NGAAP**** including Selvaag Bolig's share of joint ventures: Operating revenues of NOK 1 099 million (NOK 785 million). EBITDA of NOK 105 million (NOK 80 million), corresponding to a margin of 9.6 percent (10.2 percent).

Highlights of the first nine months of 2026 (first nine months of 2025)

• IFRS***: Operating revenues of NOK 3 164 million (NOK 996 million), EBITDA adjusted for financial expenses NOK 474 million (NOK 68 million), corresponding to a margin of 15.0 percent (6.8 percent).
• Proforma IFRS*** including Selvaag Bolig’s share of joint venture projects: Operating revenues of NOK 3 274 million (NOK 1 202 million). EBITDA adjusted for financial expenses NOK 491 million (NOK 107 million), corresponding to a margin of 15.0 percent (8.9 percent).
• Earnings per share: NOK 1.35 (NOK 0.05).
• NGAAP****: Operating revenues of NOK 2 999 million (NOK 1 967 million), EBITDA of NOK 287 million (NOK 183 million), corresponding to a margin of 9.6 percent (9.3 percent).
• Proforma NGAAP**** including Selvaag Bolig's share of joint ventures: Operating revenues of NOK 3 258 million (NOK 2 353 million). EBITDA of NOK 345 million (NOK 254 million), corresponding to a margin of 10.6 percent (10.8 percent).
• Gross sales* amounted to 680 homes (406) with a sales value of NOK 4 989 million (NOK 2 689 million), of which 15 booking agreements** for NOK 62 million.
• Net sales* were 625 homes (360) with a sales value of NOK 4 531 million (NOK 2 328 million), of which 15 booking agreements** for NOK 62 million.
• Construction starts of 575 homes net (354), completions of 468 net (132) and deliveries of 397 net (172) to buyers.

 
* 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.