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Olav Thon Eiendomsselskap (OLT) investor relations material

Olav Thon Eiendomsselskap Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary6 Nov, 2025

Executive summary

  • Delivered stable Q3 2025 results with profit before tax at NOK 486 million, reflecting a slight year-over-year decrease but maintaining a solid financial foundation and record dividend payout.

  • Gross rental income increased to NOK 992 million, and net rental income rose to NOK 875 million in Q3 2025.

  • Retail sales in shopping centers grew by 4% to NOK 15,392 million, with continued market leadership in shopping centers and commercial real estate.

  • Achieved full ownership of Sartor Storsenter after acquiring the remaining 40%.

Financial highlights

  • Result before tax was NOK 486 million in Q3 2025, down from NOK 502 million in Q3 2024.

  • Result before tax, value changes, and currency was NOK 559 million, up from NOK 518 million year-over-year.

  • Gross rental income increased 4% year-over-year to NOK 992 million in Q3 2025.

  • Net rental income for Q3 was NOK 875 million, up from NOK 831 million in Q3 2024.

  • Equity ratio remained stable at 51%, and loan-to-value at 36%.

Outlook and guidance

  • Solid market position and financial strength expected to support continued operational performance despite high interest rates and macroeconomic uncertainty.

  • Norges Bank signals further rate cuts over the next year, with inflation moderating but still above target.

  • Norwegian economic growth is expected to slow, with moderate increases in unemployment and wage growth.

Q3 property fair value decline drivers?
Impact of increased vacancy on rental income?
Future debt financing and hedging strategy?
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Frequently asked questions

Olav Thon Eiendomsselskap ASA is a Norwegian real estate company primarily focused on owning, managing, and developing commercial properties. Its portfolio includes shopping centers, office buildings, and hotels, with a significant portion of assets concentrated in Norway and Sweden. The company is one of the leading operators of shopping centers in Norway, offering retail space and property management services to various tenants. In addition to commercial real estate, Olav Thon Eiendomsselskap is involved in residential property development, adding diversification to its business operations. The company is headquartered in Oslo, Norway, and its shares are listed on the Oslo Stock Exchange.

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