Selvaag Bolig
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Selvaag Bolig (SBO) investor relations material

Selvaag Bolig Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary11 Feb, 2026

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.

What is the strategy for managing increased seller credits to UP?
Reconcile positive market outlook with lower construction starts
How will negative full-year operating cash flow be reversed?
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Frequently asked questions

Selvaag Bolig ASA prepares land for construction; and constructs and sells terraced houses and apartments. It also manages properties on behalf of owners. In addition, the company offers financial services, including, among others, financing of property transactions, insurance policies for housing associations and customers/associates, property management services as well as finance leasing of equipment. The company was formerly known as Strømmen Boligbyggelag ASA and changed its name to Selvaag Bolig ASA. Selvaag Bolig ASA was founded in 2008 and is based in Oslo, Norway.

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