Eiendomsspar (EISP) Q3 2025 earnings summary

Executive summary

• Lease income for January–September 2025 reached NOK 944.2 million, up from NOK 839.3 million year-over-year, driven by new leases, property acquisitions, and index adjustments.

• Pre-tax profit for the period was NOK 642.9 million, a significant increase from NOK 435.8 million in the same period last year, mainly due to higher contributions from associated companies and increased rental income.

• Cash flow before tax per share was NOK 28.13, up from NOK 24.17 year-over-year.

• The company completed several strategic investments, including the acquisition of Tryvannstårnet and increased stakes in Dalata Hotel Group PLC and Hagabacken Fastighets AB.

• Major property development projects are ongoing, notably the Urtekvartalet complex in Oslo and Mack-Øst in Tromsø.

Financial highlights

• Lease income for the first nine months was NOK 944.2 million, up NOK 104.9 million from the previous year.

• Gross operating profit was NOK 878.2 million, up from NOK 768.0 million year-over-year.

• Cash flow before tax (including joint ventures and associates) was NOK 938.7 million, compared to NOK 803.5 million last year.

• Pre-tax profit rose to NOK 642.9 million from NOK 435.8 million.

• The liquidity reserve stood at NOK 1,626 million as of September 30, 2025.

Outlook and guidance

• The company expects continued moderate growth in the Norwegian property market, with some uncertainty due to macroeconomic factors and interest rate developments.

• Office vacancy in Oslo is expected to rise slightly due to new supply, with moderate rent growth anticipated for 2025 and 2026.

• The hotel market is projected to remain strong, with limited new capacity and continued high demand, especially from international tourists.

• Retail and residential markets are expected to benefit from real wage growth and lower interest rates, supporting further price and rent increases.