Victoria Eiendom (VIEI) Q4 2024 earnings summary

Executive summary

• Result before tax reached NOK 803 million in 2024, up from NOK 260 million in 2023, mainly due to improved results from Pandox, higher rental income, and better gross operating profit.

• Value-adjusted equity per share as of 31.12.2024 was NOK 1,100, a 15% increase year-over-year, including dividends.

• The board proposes an ordinary dividend of NOK 15.00 per share for 2024, up from NOK 13.00.

Financial highlights

• Rental income for the group was NOK 1,398 million in 2024, up from NOK 1,292 million in 2023.

• Group result before tax was NOK 803 million (NOK 260 million in 2023).

• Value-adjusted equity for the group was NOK 13,081 million, with an 80% equity ratio.

• Cash flow before tax per share (Victoria Eiendom excl. Eiendomsspar) was NOK 25.6, up from NOK 19.8.

• Liquidity reserve (excl. Eiendomsspar) was NOK 381 million at year-end.

Outlook and guidance

• Market expects Norges Bank to cut rates 2-3 times in 2025, with the first cut likely in March.

• Uncertainty remains due to global macro factors, Norwegian elections, and ESG regulations.

• Office rental prices may weaken in 2025 due to increased supply.

• Hotel market expected to see continued growth, especially in Northern Norway.

• Solid financial position and liquidity reserve position the company well for future opportunities.