Olav Thon Eiendom (OLT) investor relations material

Executive summary

• Achieved strong profit growth in Q2 and H1 2026, with profit before tax in Q2 at NOK 467 million, up from NOK 357 million, despite higher maintenance costs.

• Rental income for Q2 2026 reached NOK 1,025 million, a 5% increase from Q2 2025.

• Positive value development in the property portfolio and increased retail sales at shopping centers.

• Completed the acquisition of Anthon Eiendom AS, adding 16 properties in Oslo, and became sole owner of Thon Senter Vestkanten.

• Rebranded to Olav Thon Eiendom AS and converted to a private limited company in May 2026.

Financial highlights

• Profit before tax in Q2 2026 was NOK 467 million, up from NOK 357 million in Q2 2025.

• H1 2026 profit before tax was NOK 1,852 million, up from NOK 1,362 million year-over-year.

• Maintenance costs rose sharply to NOK 196 million in Q2 2026 from NOK 70 million in Q2 2025.

• Net cash flow from operations in H1 2026 was NOK 1,042 million.

• Retail sales increased by 1.1% in Q2 and 3.8% in H1 year-over-year.

Outlook and guidance

• Plans to further develop as Norway’s largest private real estate company and continue growth.

• Dividend payments are expected to remain relatively low in coming years.

• Most of the group’s property portfolio to be consolidated under Olav Thon Eiendom by end of 2026.

• Solid market position and financial standing expected to support continued strong operational results despite high interest rates and macroeconomic uncertainty.

• Norwegian economic growth expected to remain low, but unemployment and wage growth to outpace inflation.