Selvaag Bolig (SBO) Q2 2026 earnings summary

Executive summary

• Achieved a strong sales quarter in Q2 2026 with 172 units sold, valued at NOK 1.4 billion, and a record first-half sales performance despite challenging market conditions.

• Delivered 187 units in Q2 2026, up from 40 units year-over-year, driving a significant increase in operating revenues to NOK 1,451 million from NOK 261 million.

• Maintained a robust project pipeline with an order backlog of NOK 8.1 billion and 1,126 units under construction.

• Dividend decision for 2026 postponed until full-year results due to macroeconomic uncertainty; no interim dividend for H1 2026.

• Pre-tax profit rose to NOK 119 million (NOK 1 million in Q2 2025), and net income was NOK 89 million (NOK 1.6 million in Q2 2025).

Financial highlights

• Q2 2026 operating revenues (IFRS) reached NOK 1,451 million, with adjusted EBITDA of NOK 255 million and an adjusted EBITDA margin of 18%.

• H1 2026 operating revenues (IFRS) totaled NOK 1,574 million, adjusted EBITDA NOK 238 million, and adjusted EBITDA margin 15%.

• EPS for Q2 2026 was NOK 0.95; H1 2026 EPS was NOK 0.75.

• Cash flow from operations was positive at NOK 76 million in Q2 2026, with cash and cash equivalents at NOK 171 million at quarter end.

• Book value of equity per share was NOK 25.3, and the equity ratio stood at 31.2%.

Outlook and guidance

• Strong demand expected in core regions, with continued sales momentum and a solid pipeline.

• More construction and sales starts planned, including a major Stockholm project in Q3, with launches aligned to market demand.

• Construction costs anticipated to remain stable, with fixed-cost contracts mitigating risk.

• Macroeconomic uncertainty persists, impacting sales pace and project launches; interest rates, inflation, and purchasing power remain key factors.

• Market outlook in Norway remains uncertain due to interest rates; Sweden shows some positive signs but is exposed to macro fluctuations.