Olav Thon Eiendomsselskap (OLT) investor relations material

Executive summary

• Achieved satisfactory results in Q1 2026, with profit before tax rising to NOK 1,385 million from NOK 1,004 million year-over-year and increased property values.

• Rental income increased to NOK 1,063 million from NOK 1,009 million compared to Q1 2025.

• Retail sales in shopping centers grew by 7% year-over-year to NOK 14,148 million.

• Thon Gruppen acquired 100% ownership, leading to delisting from Oslo Børs.

• Strategic focus on consolidating real estate assets and rebranding under a unified name.

Financial highlights

• Result before tax rose to MNOK 1,385 in Q1 2026 from MNOK 1,004 in Q1 2025.

• Fair value adjustments in investment properties and derivatives totaled NOK 776 million, up from NOK 439 million.

• Net cash flow from operations increased to NOK 584 million from NOK 542 million year-over-year.

• Equity ratio at 47.9%–48% as of 31.03.2026.

• Liquidity reserves increased to NOK 11,590 million as of 31.03.2026.

Outlook and guidance

• Expect continued solid operational results despite high interest rates and macroeconomic uncertainty.

• Dividend policy to be redefined, with no ordinary dividend for 2025 and likely reductions ahead.

• Plans to merge real estate portfolios valued at MNOK 127,000 into a single group.

• Low economic growth and moderate wage increases expected in Norway for 2026.

• Norges Bank is signaling potential further interest rate hikes in 2026.