Selvaag Bolig (SBO) Q4 2025 earnings summary

Executive summary

• Solid Q4 and FY 2025 results driven by cost control, efficient business model, and higher unit deliveries, with 261 units delivered in Q4 2025, up from 172 in Q4 2024.

• Homes sold valued at over NOK 700 million in Q4 and NOK 3 billion for the full year.

• Operating revenues for Q4 2025 were NOK 1,588 million (proforma IFRS) and NOK 1,091.7 million (statutory), both up from Q4 2024.

• Net income for Q4 2025 reached NOK 129.1 million, compared to NOK 46.6 million in Q4 2024.

• Proposed dividend of NOK 1.00 per share for 2025, with a 70% payout ratio, down from NOK 1.25 in 2024.

Financial highlights

• Q4 2025 proforma operating revenues (IFRS) reached NOK 1,588 million, up from NOK 918 million in Q4 2024; statutory revenues NOK 1,091.7 million (Q4 2024: NOK 498.1 million).

• Adjusted EBITDA for Q4 2025 was NOK 303 million (19% margin) proforma, NOK 223.8 million (20.5% margin) statutory.

• FY 2025 proforma operating revenues (IFRS) were NOK 2,790 million, down from NOK 3,098 million in FY 2024; statutory revenues NOK 2,086.6 million (2024: NOK 1,971.0 million).

• FY 2025 adjusted EBITDA was NOK 410 million (15% margin) proforma; statutory net income NOK 133.0 million (2024: NOK 177.0 million).

• EPS for Q4 2025 was NOK 1.37 (Q4 2024: NOK 0.50); FY 2025 EPS was NOK 1.42 (FY 2024: NOK 1.90).

Outlook and guidance

• Record-high sales YTD 2026 secure deliveries into 2027-2028, with 1,078 units under construction.

• No units expected to be completed in Q1 2026; estimated completions for 2026 total 688 units.

• Positive impact expected from eased Swedish amortization regulations from April 2026.

• Well-positioned with a robust land bank, strong order backlog, and solid financing to capture market recovery.

• Market demand expected to improve with lower interest rates and limited new supply, but macroeconomic uncertainty may impact new project starts.