“We delivered solid results in 2025, and the profitability of our projects remains very strong considering the market situation. At year-end, we had 912 homes under construction with a total value of NOK 6.6 billion,” says CEO Sverre Molvik.
 
Revenues and profit for the fourth quarter were higher than in the same period in 2024, due to a higher number of delivered units with strong profitability. Although the IFRS result for the year is lower than in 2024 due to fewer delivered units, the NGAAP result, which reflects ongoing value creation in the company, is better in 2025 than the previous year. This is due to an increased number of homes under construction and improved project profitability.
 
“Sales so far in 2026 have been record-high, due to successful launches in Oslo, Ski, Bergen, and Stockholm. Combined with high activity in our other projects, we have 257 sales so far this year, to a value of NOK 1.8 billion. Our order backlog is at a solid level, and the strong sales has enabled us to start construction of 166 homes thus far in 2026, which will be completed and generate results in 2027,” says Molvik.

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 fourth quarter of 2025 (fourth quarter 2024)

• Gross sales* amounted to 115 homes (160) with a sales value of NOK 774 million (NOK 1 121 million)
• Net sales* were 106 homes (122) with a sales value of NOK 708 million (NOK 849 million)
• Net construction starts for 122 homes (298), net completions of 261 (168) and net deliveries of 261 to buyers (172)
• Net 912 homes under construction (829) with a combined sales value of NOK 6 574 million (NOK 6 134 million)
• 60 per cent (61 per cent) of homes under construction sold at 31 December
• 45 (81) completed homes unsold at 31 December
• IFRS**: Operating revenues of NOK 1 091 million (NOK 498 million), EBITDA adjusted for financial expenses NOK 224 million (NOK 87 million), corresponding to a margin of 20.5 per cent (17.4 per cent)
• Proforma IFRS** including Selvaag Bolig’s share of joint venture projects: Operating revenues of NOK 1 588 million (NOK 918 million). EBITDA adjusted for financial expenses NOK 303 million (NOK 158 million), corresponding to a margin of 19.1 per cent (17.3 per cent)
• Earnings per share: NOK 1.37 (NOK 0.50)
• NGAAP***: Operating revenues of NOK 826 million (NOK 877 million), EBITDA of NOK 84 million (NOK 96 million), corresponding to a margin of 10.2 per cent (10.9 per cent)
• Proforma NGAAP*** including Selvaag Bolig’s share of joint venture projects: Operating revenues of NOK 984 million (NOK 1 063 million). EBITDA of NOK 133 million (NOK 139 million), corresponding to a margin of 13.5 per cent (13.1 per cent)

Highlights of 2025 (2024)

• IFRS**: Operating revenues of NOK 2 087 million (NOK 1 971 million), EBITDA adjusted for financial expenses NOK 292 million (NOK 320 million), corresponding to a margin of 14.0 per cent (16.2 per cent)
• Proforma IFRS** including Selvaag Bolig’s share of joint venture projects: Operating revenues of NOK 2 790 million (NOK 3 098 million). EBITDA adjusted for financial expenses NOK 410 million (NOK 482 million), corresponding to a margin of 14.7 per cent (15.6 per cent)
• Earnings per share: NOK 1.42 (NOK 1.90)
• The board proposes a dividend of NOK 1.00 per share (NOK 1.25) for the year 2025.
• NGAAP***: Operating revenues of NOK 2 793 million (NOK 2 544 million), EBITDA of NOK 267 million (NOK 220 million), corresponding to a margin of 9.6 per cent (8.7 per cent)
• Proforma NGAAP*** including Selvaag Bolig’s share of joint venture projects: Operating revenues of NOK 3 338 million (NOK 3 284 million), EBITDA of NOK 387 million (NOK 338 million), corresponding to a margin of 11.6 per cent (10.3 per cent)
• Gross sales* amounted to 521 homes (665) with a sales value of NOK 3 463 million (NOK 4 363 million)
• Net sales* were 466 homes (568) with a sales value of NOK 3 036 million (NOK 3 673 million)
• Net construction starts for 476 homes (559), net completions of 393 (514) and net deliveries of 433 to buyers (532)

* 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 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.