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Olav Thon Eiendomsselskap (OLT) investor relations material
Olav Thon Eiendomsselskap Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Thon Gruppen AS completed a voluntary offer, acquiring 100% of shares at NOK 335 per share, leading to delisting from Euronext Oslo Børs.
The group plans to further develop the company as Norway's largest private real estate firm and may consolidate property portfolios.
A new unified brand, "Ett Thon," will be launched, consolidating shopping centers under the "Thon Senter" name.
Q4 profit before tax was NOK 568 million, down from NOK 1,262 million in Q4 2024; full-year profit before tax was NOK 2,415 million versus NOK 2,863 million last year.
Rental income in Q4 rose to NOK 1,022 million (from NOK 960 million), and for 2025 reached NOK 3,996 million (up from NOK 3,807 million).
Financial highlights
Q4 2025 result before tax was MNOK 568, down from MNOK 1,262 in Q4 2024; value changes were MNOK 148 vs. MNOK 725.
Brutto leieinntekter (gross rental income) for Q4 2025 was MNOK 1,022, up 5% year-over-year.
Equity ratio at 50.2%, loan-to-value (LTV) at 36.6%, and liquidity reserves at MNOK 9,021.
Return including dividend was 23% in 2025 and 103% over the last three years.
Net cash flow from operations in 2025 was NOK 1,974 million (NOK 1,953 million in 2024).
Outlook and guidance
The company expects continued solid operational results despite high interest rates and macroeconomic uncertainty.
Dividend policy will be revised; no ordinary dividend proposed for 2025.
Plans to potentially lower the maximum LTV from 45%.
Norwegian economic growth is expected to remain low, with moderate wage growth and inflation above target.
Norges Bank is expected to reduce interest rates one to two times in 2026.
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