Selvaag Bolig (SBO) Q3 2025 earnings summary

Executive summary

• Sold homes valued at over NOK 600 million in Q3 2025 and NOK 2.3 billion year-to-date, with satisfactory results despite limited deliveries due to strong cost control and an efficient business model.

• Delivered 98 units in Q3 2025, up from 54 units year-over-year, driving higher revenue and EPS.

• Maintains a robust pipeline with an order backlog of NOK 7.5 billion, positioning well for future growth.

• 85 net units sold in Q3 2025, down from 100 a year earlier; no new construction starts in Q3.

• 1,051 units under construction at quarter-end, with a sales value of NOK 7,457 million.

Financial highlights

• Q3 2025 proforma operating revenues reached NOK 659 million (up from NOK 332 million in Q3 2024), with adjusted EBITDA of NOK 90 million (NOK 19 million in Q3 2024) and an adjusted EBITDA margin of 13.7%.

• IFRS operating revenues for Q3 2025 were NOK 568 million (NOK 225 million in Q3 2024), with adjusted EBITDA of NOK 73 million (NOK 4 million in Q3 2024) and an adjusted EBITDA margin of 13%.

• Net income for Q3 2025 was NOK 23.3 million (loss of NOK 5.0 million in Q3 2024).

• Year-to-date 2025 IFRS operating revenues were NOK 996 million (NOK 1,473 million in 2024), with adjusted EBITDA of NOK 68 million (NOK 233 million in 2024) and an adjusted EBITDA margin of 7%.

• EPS for Q3 2025 was NOK 0.25 (NOK -0.05 in Q3 2024); YTD EPS was NOK 0.05 (NOK 1.40 in 2024).

Outlook and guidance

• Housing shortage in core regions is expected to support favorable conditions for new housing, with sales anticipated to benefit from increased purchasing power.

• Oslo market faces temporary oversupply from former rental units, while Sweden is expected to improve due to higher GDP growth and lower interest rates.

• The company is well-positioned with a robust land portfolio and solid financing to capitalize on market recovery.

• 64% of units under construction and 90% of 2025 completions are sold.

• Lower interest rates and limited new supply expected to support demand, but macroeconomic uncertainty remains.