Selvaag Bolig (SBO) Q2 2025 earnings summary

Executive summary

• Satisfactory Q2 2025 results despite low deliveries, supported by strong cost control and an efficient business model.

• Over NOK 2 billion in homes sold in H1 2025, with inventory of completed units reduced by NOK 400 million year-over-year.

• Order backlog stands at NOK 8.2 billion, and the landbank increased by 800 units, mainly in Greater Oslo.

• Dividend decision for 2025 postponed until full-year results; no interim dividend for H1 2025.

• Delivered 40 units in Q2 2025, down from 127 units year-over-year, due to fewer completions and macroeconomic uncertainty.

Financial highlights

• Q2 2025 operating revenues (IFRS) at NOK 261–349 million, down from NOK 620–979 million in Q2 2024; adjusted EBITDA NOK 14.6–25 million (NOK 123.7–170 million in Q2 2024).

• H1 2025 operating revenues (IFRS) at NOK 543 million, down from NOK 1,847 million in H1 2024; adjusted EBITDA NOK 17 million (NOK 305 million in H1 2024).

• EPS for Q2 2025 at NOK 0.02 (NOK 0.85 in Q2 2024); H1 2025 EPS at NOK -0.20 (NOK 1.45 in H1 2024).

• Cash flow from operations negative NOK 345–346 million in Q2 2025 due to increased inventories; cash flow from financing activities positive at NOK 278 million.

• Book value of equity at NOK 24.0 per share; equity ratio 34.8%.

Outlook and guidance

• Housing shortage in all core regions expected to support favorable conditions for new housing.

• Anticipated increase in purchasing power and lower interest rates to boost sales.

• Improved macro conditions expected to fuel demand in Stockholm; strong land purchasing capacity through Urban Property.

• Uncertainty remains due to macroeconomic factors, but increased sales and project starts signal normalization.

• Company plans more sales starts and new projects in line with market demand.