Victoria Eiendom (VIEI) Q2 2026 earnings summary

Executive summary

• Strong financial performance in H1 2026, with consolidated group revenue at NOK 819 million and pre-tax profit at NOK 614 million, driven by property acquisitions, project completions, and index adjustments.

• Dividend distributions and strategic property and share acquisitions in both Eiendomsspar and Victoria Eiendom, including new school lease and residential sales.

• Continued focus on sustainability, robust liquidity, and a high proportion of fixed-rate financing.

• Standalone (excluding Eiendomsspar) rental income was NOK 145 million, with a pre-tax result of NOK 259 million, down from NOK 398 million due to one-off gains in 2025.

• Group acquired and divested several properties, with board authorization for share repurchases and new share issues for mergers.

Financial highlights

• Rental income rose by NOK 65 million year-over-year for the group, with about half from new acquisitions.

• Pre-tax profit increased by NOK 196 million year-over-year, reaching NOK 589 million; group net profit was NOK 550 million.

• Cash flow per share up 9% from 2025; standalone cash flow before tax per share was NOK 23.38.

• Victoria Eiendom saw a drop in pre-tax profit to NOK 259 million due to loss of sales gains, despite underlying rental growth.

• Group equity per share at period end was NOK 1,125.

Outlook and guidance

• Expectation of continued volatility in interest rates, with risk of further hikes in 2026.

• Office rental levels remain flat, with tenants prioritizing renegotiations over relocations; limited new supply and stable demand, but regional differences.

• Hotel market demand remains solid, but international arrivals are dampened by geopolitical events.

• Retail and residential rental markets show strong demand and price growth, but growth expected to moderate due to higher rates and supply factors.