Victoria Eiendom (VIEI) Q4 2025 earnings summary

Executive summary

• Strong financial performance in 2025, with pre-tax profit reaching NOK 2,508 million, driven by gains from sales of listed shares, positive results from associates, and property sales.

• Value-adjusted equity per share increased 16% to NOK 1,201, with significant dividend payouts including an ordinary dividend of NOK 16.00 and an extraordinary dividend of NOK 63.00 per share.

• Major portfolio transactions included acquisitions, divestments, and active capital allocation through dividends and investments.

• All 2020-2025 sustainability targets were met, with a new, more ambitious strategy and goals set for 2026-2030.

• The company is financially robust with significant liquidity reserves and well-positioned to handle market volatility and higher interest rates.

Financial highlights

• Group rental income for 2025 was NOK 1,551 million, up from NOK 1,398 million in 2024, mainly due to acquisitions, new builds, and index adjustments.

• Pre-tax profit surged to NOK 2,508 million (+196%), mainly due to sales gains and increased income from associates.

• Net asset value (VEK) per share increased 16% to NOK 1,201.

• Share prices rose 39%, trading at a discount to NAV.

• Ordinary and extraordinary dividends distributed, with proposals for further increases in 2026.

Outlook and guidance

• Moderate growth expected in hotel RevPAR for 2026, with some cities facing declines.

• Retail and residential rental markets remain robust, supported by real wage growth and limited new supply.

• Market outlook remains uncertain due to global economic and geopolitical factors, but moderate growth in property and rental prices is expected.