Slides
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Oslo, 21 May 2025 Sverre Molvik, CEO Christopher Brunvoll, CFO Q1 2025
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2 Agenda Highlights Operational update Financial update Market Summary
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• Strong sales of NOK 1.2bn, highest Q1 since 2022 • Reduced inventory of completed units by NOK 500m yoy • Construction start for 183 units during the quarter • > 1,000 units under construction by quarter end • Strong pipeline, with order backlog > NOK 7bn • Financial result impacted by few deliveries Highlights Q1 2025 3
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Proforma key financials* Q1 2025 4 194 Operating revenues NOK million 729 Operating revenues (NGAAP) NOK million 9.9 EBITDA*** margin (NGAAP) Per cent -4.2 Adjusted EBITDA** margin Per cent * Proforma figures: Including SBO share of JV projects ** EBITDA is profit before interest, taxes, depreciation and amortization. EBITDA adjusted is excluding financial expenses included in project costs. *** EBITDA is operating profit before depreciation, gains (losses) and profit from associated companies.
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Agenda Highlights Operational update Financial update Market Summary
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Sales value Sales value and units sold 6 Number of units sold per quarter Q1 Q3 Q4 Q2 NOK million Units Note: Sales value is adjusted for Selvaag Bolig’s share in joint ventures. Units sold are sales contracts entered into with customers pursuant to the Norwegian Housing Construction Act. In accordance with the IFRS, they are recognised as income on delivery. Annual sales 822 448 360 568 169 760 1 385 679 849 1 038 5,5 6,7 6,8 7,0 6,2 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Sales value of sold units Average price per unit 248 201 116 139 169 2021 2022 2023 2024 2025
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Rolling sales value and units sold 7 Note: Sales value is adjusted for Selvaag Bolig’s share in joint ventures. *Total columns show Selvaag Bolig’s gross sales. **Columns excluding dotted areas show Selvaag Bolig’s net sales. Sales value 12-month rolling Units sold 12-month rolling NOK million Units Units sold are sales contracts entered into with customers pursuant to the Norwegian Housing Construction Act and the Swedish Bostadsrätsslagen. In accordance with the IFRS, they are recognised as income on delivery. 383 511 534 568 598 437 573 604 665 707 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 2 210 3 154 3 355 3 673 3 951 5,5 6,7 6,8 7,0 6,1 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Total sales value Sales value per unit sold (net)
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Construction starts and completions 8 Construction starts and completions per quarter Units Note: Number of units are adjusted for Selvaag Bolig’s share in joint ventures. 123 95 43 298 183 236 105 5 168 0 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Construction starts Units completed
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Units under construction and completions 9 Sales value units under construction Expected completions** per quarter NOK million Units · 64% of units under construction sold by Q1 2025 · 83% of construction volume in Greater Oslo Area* in Q1 2025 · 85% of 2025 completions sold by Q1 2025 · Expected completions for the full year 2025: 393 Note: Sales value and number of units are adjusted for Selvaag Bolig’s share in joint ventures. * Includes: Oslo, Lørenskog, Follo, Tønsberg, Asker. ** Including share of partially owned projects 18 114 261 0 122 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 3 948 4 211 4 495 6 134 7 153 671 661 700 829 1 012 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Sales value of units under construction (NOK million) Units under construction
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Agenda Highlights Operational update Financial update Market Summary
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11 Proforma* income statement highlights Q1 2025 (IFRS) · 34 units delivered (179) - 9 units from share of JVs (52) · Revenues NOK 194 (868) - Other revenues NOK 18m (18) · Project costs NOK 155m (725) - Of which NOK 17m is interest (56) · Other costs NOK 67m (68) · Adjusted EBITDA** NOK -8m (134) · EBITDA*** NOK -25m (78) · EPS in the quarter NOK -0.22 (0.60) Operating revenues (IFRS) Adjusted EBITDA margin 15% 17% 6% 17% -4% NOK million * Include SBO share of JV projects ** EBITDA adjusted is excluding financial expenses included in project costs. The difference compared to reported EBITDA is due to interest, taxes, depreciation and amortization in JVs. *** EBITDA is profit before interest, taxes, depreciation and amortization. 868 979 332 918 194 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
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Proforma* income statement highlights Q1 2025 (NGAAP) 12 Revenues and EBITDA margin (NGAAP)** 12 month-rolling (NGAAP)** * Include SBO share of JV projects ** Construction costs are exclusive of financial expenses in the segment reporting (NGAAP). Note: EBITDA is operating profit before depreciation, gains (losses) and profit from associated companies. NOK million NOK million 707 825 689 1 063 729 10% 9% 7% 13% 10% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Operating revenues EBITDA margin 2 740 2 846 2 949 3 284 3 306 10% 10% 9% 10% 10% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Operating revenues EBITDA margin
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Cash flow development Q1 2025 13 NOK million Note: Other items of less than NOK 25 million are excluded from the cash flow overview. · Cash flow from operations negative at NOK 1 039m driven by changes in inventories · Cash flow from investing activities was negative at NOK 30m related to purchases of associated companies and joint ventures · Cash flow from financing activities positive at NOK 1 004 m due to net proceeds from borrowings, primarily new construction loans 384 319 1 004 (30) (930) (62) (30) (800) (400) - 400 800 Cash and cash equivalents at 1 January Profit (loss) before income taxes Changes in inventories (property) Other changes in working capital CF from investment activities Net change in borrowings Cash and cash equivalents at 31 March
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0 1 000 2 000 3 000 4 000 5 000 6 000 Assets Equity and liabilities Balance sheet highlights Q1 2025 14 Balance sheet composition Cash Current liabilities Equity Non-current assets Non-current liabilitiesCurrent assets · Book value of equity NOK 25.2 per share - Equity ratio 39.2% - Dividend NOK 1.25 not included in balance sheet · Changes from Q4 2024: - Inventories increased by NOK 971m - Current receivables increased by NOK 3m - Cash and cash equivalents decreased by NOK 65m · Prepayments from customers represent NOK 51m of other current non-interest-bearing liabilities NOK million 6 058 6 058
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Inventories (property) Q1 2025 15 Q4 2024 vs Q1 2025 Inventory value development · Land value down NOK 6m · Work in progress up NOK 1 108m · Finished goods down NOK 132m - 50 unsold completed units by quarter end - 23 sold and completed units, but not delivered NOK million 662 634 638 641 635 1 462 1 652 2 038 2 150 3 259 844 648 430 467 334 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Land (undeveloped) Work in progress Finished projects
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34 (Q4:34) 774 1 850 Land loan Debt to Urban Propery Construction loan Debt structure 16 Loan facility Drawn at 31.03.25 (NOKm) Interest rate margin* 1 Construction loan facilities from a range of Nordic credit institutions 1 850 1.55% - 2.40% 2 Debt to Urban Property** 774 3.75%*** 3 Land loan facilities from a range of Nordic credit institutions 34 1.50% - 2.95% 4 NOK 300 million revolving credit facility from DNB maturing in 2027 0 2.50% - 3.00% 5 NOK 150 million working capital facility from DNB with annual renewal 0 2.10% Total Q1 2025 net interest-bearing debt NOK 2 339 million Total Q4 2024 net interest-bearing debt NOK 1 229 million Interest-bearing debt at 31.03.25 NOK 2 658 million (Q4: 1 075) (Q4: 1 613) NOK million (Q4: 504) * Margin added to 3m NIBOR. ** Repurchase agreements portfolio B and seller credits. *** + 2.00% fee at property repurchase.
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Return on equity (IFRS) 17 12-month rolling net income (NOKm) ROE (%) * Net income attributable to shareholders in Selvaag Bolig ASA. ** Based on equity at the start of the period (attributed to shareholders in Selvaag Bolig ASA). 471 479 530 505 466 586 512 339 366 241 182 245 235 263 239 177 100 19% 20% 24% 21% 19% 26% 23% 14% 15% 10% 8% 10% 12 % 12% 11% 8% 4% Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25
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Agenda Highlights Operational update Financial update Market Summary
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19 2 462 1 267 2 094** 2 798** 0 1 000 2 000 3 000 4 000 5 000 6 000 7 000 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025e 2026e 2027e Average number of completions (2012-24): ~2 850 units Forecasted housing need of ~3 800 units per year (medium growth) Actual completions Estimated completions* Sources: Historic data: Statistics Norway (SSB), Forecasted housing completions: Plot.ai, Forecasted housing need next 5 years: Prognosesenteret. Note: Number of persons per household in Oslo: 1.90. Note: Housing need calculated on parameters such as number of persons per household, lag on housing development, housing demolition. Note: Completions exclusive of student- and senior housing. * Estimates based on actual sales, future sales starts, and historical data. ** Uncertainty due to project lead-time. Units Estimated completions in Oslo 2025-27
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Estimated completions** 4 784 3 943 5 040** 5 082** 0 1 000 2 000 3 000 4 000 5 000 6 000 7 000 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025e 2026e 2027e Average # of completions (2012-24): ~4 700 units Forecasted housing need of ~5 500 units per year (medium growth) Units Actual completions Sources: Historic data: Statistics Norway (SSB), Forecasted housing completions: Plot.ai, Forecasted housing need next 5 years: Prognosesenteret. Note: Housing need calculated on parameters such as number of persons per household, lag on housing development, housing demolition. Note: Completions exclusive of student- and senior housing. * Estimates based on actual sales, future sales starts, and historical data. ** Uncertainty due to project lead-time. 20 Estimated completions in Akershus 2025-27
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Estimated completions** 7246 5210 7134** 7880** 0 2 000 4 000 6 000 8 000 10 000 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025e 2026e 2027e Average # of completions (2012-24): ~ 7 600 units Forecasted housing need of ~ 9 300 units per year (medium growth) Units Actual completions Sources: Historic data: Statistics Norway (SSB), Forecasted housing completions: Plot.ai, Forecasted housing need next 5 years: Prognosesenteret. Note: Housing need calculated on parameters such as number of persons per household, lag on housing development, housing demolition. Note: Completions exclusive of student- and senior housing. * Estimates based on actual sales, future sales starts, and historical data. ** Uncertainty due to project lead-time. 21 Estimated completions in Oslo and Akershus 2025-27
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22 459 615 627** 999** 0 250 500 750 1 000 1 250 1 500 1 750 2 000 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025e 2026e 2027e Average number of completions (2014-24): 1 235 units Forecasted housing need of ~1 255 units per year (medium growth) Actual completions Estimated completions* Sources: Historic data: Statistics Norway (SSB), Forecasted housing completions: Plot.ai, Forecasted housing need next 5 years: Prognosesenteret. Note: Number of persons per household in Berger: 2.0. Note: Housing need calculated on parameters including population growth, number of persons per household, lag on housing development and housing demolition. Note: Completions exclusive of student- and senior housing. * Estimates based on actual sales, future sales starts, and historical data. ** Uncertainty due to project lead-time. Units Estimated completions in Bergen 2025-27
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23 2 094 1 540 2 099** 1 968** 0 500 1 000 1 500 2 000 2 500 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025e 2026e 2027e Average number of completions (2012-24): ~1 600 units Forecasted housing need of ~1 700 units per year (medium growth) Actual completions Estimated completions* Sources: Historic data: Statistics Norway (SSB), Forecasted housing completions: Plot.ai, Forecasted housing need next 5 years: Prognosesenteret. Note: Number of persons per household in Oslo: 1.90. Note: Housing need calculated on parameters such as number of persons per household, lag on housing development, housing demolition. Note: Completions exclusive of student- and senior housing. * Estimates based on actual sales, future sales starts, and historical data. ** Uncertainty due to project lead-time. Units Estimated completions in Stavanger-region
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Newbuild market update 24 Oslo – 1.1–30.04, 2025 Akershus – 1.1–30.04, 2025 964 817 530 677 Available 01.01.2025 Supplied to market Sold* Available 30.04.2025 Units Units Source: Plot.ai * Including withdrawals 3 635 3 075 747 1 307 Available 01.01.2025 Supplied to market Sold* Available 30.04.2025
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Newbuild market update 25 Bergen – 1.1–30.04, 2025 Trondheim – 1.1–30.04, 2025 598 621 346 323 Available 01.01.2025 Supplied to market Sold* Available 30.04.2025 Units Units Stavanger area** – 1.1–30.04, 2025 1 380 1 258 355 477 Available 01.01.2025 Supplied to market Sold* Available 30.04.2025 Units Source: Plot.ai. * Including withdrawals ** includes Stavanger, Sandnes, Sola, Randaberg. 968 906 456 518 Available 01.01.2025 Supplied to market Sold* Available 30.04.2025
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817 3 075 621 1 258 906 0 1 000 2 000 3 000 4 000 Oslo Akershus* Bergen Trondheim Stavanger-area** 2022 2023 2024 2025 Regional Newbuild availability on 30 April, 2022-25 26 Source: Plot.ai * Akershus county = Viken ex. counties Buskerud and Østfold. ** Includes Stavanger, Sola, Sandnes, Randaberg. *** Population at 25.02.2025. Population*** 724 300 738 000 293 700 216 500 276 000 Available units per 1 000 capita 1.1 4.2 2.1 5.8 3.3 Units
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3 106 3 348 707 1 117 457 0 500 1 000 1 500 2 000 2 500 3 000 3 500 4 000 Oslo Akershus* Bergen Trondheim Stavanger-area** 2021 2022 2023 2024 2025 Regional Second-hand availability* 5 May, 2021-25 27 Source: Eiendomsverdi, Statistics Norway. * Number of unsold units with less than 180 days in the market ** Includes Stavanger, Sola, Sandnes, Randaberg. *** Population at 25.02.2025. Population*** 724 300 738 000 293 700 216 500 276 000 Available units per 1 000 capita 4.3 4.5 2.4 5.2 1.7 Units
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Regional price* development Jan – Apr 2020-25 28 Source: Eiendom Norge. * Nominal price change. ** Includes Stavanger, Sola, Sandnes, Randaberg. 1,7% 4,9% 4,6% 6,2% 6,7% 4,6% 2020 2021 2022 2023 2024 2025 Oslo 3,6% 7,3% 6,4% 7,9% 9,0% 7,6% 2020 2021 2022 2023 2024 2025 Bergen 4,0 % 6,4 % 6,4 % 10,4 % 7,2 % 11,1 % 2020 2021 2022 2023 2024 2025 Stavanger-area** 4,4% 7,1% 8,1% 5,2% 5,5% 6,1% 2020 2021 2022 2023 2024 2025 Trondheim
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Regional price* development April 2020-25 29 Source: Eiendom Norge. * Nominal price change. ** Includes Stavanger, Sola, Sandnes, Randaberg. -0,3% -0,4% -0,2% 1,2% 1,3% -0,8% 2020 2021 2022 2023 2024 2025 Oslo 0,4% 1,9% 0,7% 1,6% 1,5% -0,5% 2020 2021 2022 2023 2024 2025 Bergen 0,4 % 0,7 % 1,2 % 1,3 % 1,6 % 0,1 % 2020 2021 2022 2023 2024 2025 Stavanger-area** 0,6% 1,2% 0,8% 1,5% 0,7% 0,7% 2020 2021 2022 2023 2024 2025 Trondheim Average price April 2025: NOK 98 381/sqm Average price January 2025 : NOK 59 300/sqm Average price January 2025 : NOK 56 010/sqm Average price January 2025 : NOK 49 724/sqm
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Snøbyen, Lørenskog stasjonsby | Greater Oslo ~ 2 000 units total ~ 200 Pluss units ~ 700 units remaining Skårerbyen | Greater Oslo ~ 1 100 units total ~ 250 Pluss units ~ 270 units remaining Landås | Greater Oslo ~ 650 units total ~ 400 Pluss units ~ 400 units remaining Kaldnes Brygge| Greater Oslo ~ 1 500 units total (JV) ~500 Pluss units ~ 500 units remaining Sandsli | Bergen ~ 1 200 units total ~ 500 Pluss units ~ 950 units remaining Barkarby | Stockholm ~ 220 Pluss units total ~ 210 units remaining Lervig Brygge | Stavanger ~ 800 units total ~ 200 Pluss units ~ 100 units remaining Solbergskogen | Greater Oslo ~ 350 units total ~ 230 Pluss units ~ 250 units remaining 30 Solheimsvatnet Pluss (JV) | Bergen ~ 160 Pluss units ~ 75 units remaining Selected ongoing projects
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Selected upcoming projects Lørenvangen | Oslo ~ 200 units (2025) Lilleaker | Oslo ~ 150 units (2026) Fornebu (JV) | Greater Oslo ~ 2 000 units ~500 Pluss units (2026) Fredrikstad (JV) | Greater Oslo ~ 2 000 units ~400 Pluss units (2026) Robust project pipeline to meet long term demand 2026 2026/2027 Potential sales start Slakthusområdet | Stockholm ~190 Pluss units (2027) Rådhushagen (JV)| Greater Oslo ~ 180 units (2025) Hornsberg| Stockholm ~ 190 CITY units (2027) Bjerke | Oslo ~ 1 500 units ~ 300 Pluss units (2026/2027) 31 2025/2026 Terrasskvarteret | Stockholm ~ 200 Pluss units (2026)
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Agenda Highlights Operational update Financial update Market Summary
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Outlook 33 • Housing shortage in all SBO core regions gives favorable conditions for new housing • Expect increased purchasing power to enhance sales with interest rates trending down • Improved macro conditions, fueling demand in Stockholm • Selvaag Bolig is well-positioned with a robust land portfolio to capitalize on a recovering market • Expect to increase the number of homes under construction going forward • Strong land purchasing capacity through Urban Property
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Summary • Strong sales of NOK 1.2bn, highest Q1 since 2022 • Reduced inventory of completed units by NOK 500m yoy • Construction start for 183 units during the quarter • > 1,000 units under construction by quarter end • Strong pipeline, with order backlog > NOK 7bn • Financial result impacted by few deliveries 34
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Thank you for your attention Next event: 2nd quarter 2025 7 August 2025
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Appendix
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Selvaag Bolig is a housing development company which focuses on the growth areas in and around Greater Oslo, Bergen, Stavanger and Stockholm
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This is Selvaag Bolig 38 VISION Making cities of the future better MISSION Making it easier for more people to live better AMBITION Contributing to inclusive local communities and facilitating sustainable lifestyles PROMISES Being a safe, solid and competent partner, always delivering on promises. Selvaag Bolig shall develop smart, sustainable and profitable projects VALUES Care and creativity
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Led by experienced management team 39 Sverre Molvik Chief Executive Officer Christopher Brunvoll Chief Financial Officer Øystein Klungland Chief Operating Officer Line Lian Mjell EVP Marketing, strategy and sustainability
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Selvaag Bolig is a story about development 40 1948 1951 1958 1988 1999 2000 2003 2011 2012 2015 2017 FUTURE The Ekeberg House Industrial production Veitvet area Terraced buildings The Gullhaug House Løren area Modular construction Pluss: Housing with extra services Defined housing concepts 50 000 homes completed Listed at Oslo Stock Exchange Sold homes for NOK 3.2 billion Housing for all 2019 Urban Property transaction
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Efficient and flexible value chain · Buy (i) options on unzoned land or (ii) ready-to-build land · Lever acquired land to improve ROE · Fixed-price contracts with reputable counterpart · Prices on remaining 40% increased gradually during sell-out phase · Construction costs financed with construction loans · 60% pre-sale before start- up · Plan and prepare for construction · Target 100% sale at delivery 6 – 36 MONTHS 6 – 12 MONTHS 12 – 24 MONTHS3 – 9 MONTHS 0 MONTHS Acquire and refine land for development Construction and sales Project design Contracting, marketing and pre-sales Delivery to customers ZONING SALES START CONSTRUCTION START DELIVERIES 41
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Costs and majority of sales value fixed pre-construction 1) Including 10% project margin and 2% contingency. 42 Illustrative risk profile at construction start of a NOK 100 million project with a 12% margin Limited equity risk • Construction starts after minimum 60% pre-sale • Remaining risk very limited NOK million 40 60% minimum pre-sale 60 40% remaining after pre-sale Total costs 100 88 A price reduction of 30% on the remaining 40% of the units covers cost base and recovers equity given a 12% margin 1. Sales at market value Fixed cost
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Costs and majority of sales value fixed pre-construction 1) Including 18% project margin and 2% contingency. 43 Illustrative risk profile at construction start of a NOK 100 million project with a 20% margin Limited equity risk • Construction starts after minimum 60% pre-sale • Remaining risk very limited. NOK million 40% remaining after pre-sale60% minimum pre-sale 40 Total costs 100 60 80 A price reduction of 50% on the remaining 40% of the units covers cost base and recovers equity given a 20% margin 1. Sales at market value Fixed cost
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Strategic priorities Strategic positioning driving healthy profits Competitive housing offering, targeting growth regions Efficient and flexible cost structure Capital-efficient business model backed by strong balance sheet • Presence in fast-growing urban regions with high demand and large market depth • Competitive prices and defined housing concepts, aimed at wide range of consumers • Energy and area efficient buildings with low life-cycle environmental footprint Large, actively-managed land bank, owned by partner Urban Property · Value appreciation through refinement of land for housing development · Flexibility to develop thousands of homes in growing urban regions · Active asset management · Partnership reduces invested capital and strengthens ability to buy land · No in-house construction arm; improves flexibility and cost optimisation · Project-based business model improves flexibility and reduces risk · Economies of scale through large projects · Lean organisation reduces overhead · Partnering strategy for land acquisition reduces capital employed and interest rate sensitivity · 60% pre-sale before construction start lowers project financing need and inventory risk · Sound debt structure and financial flexibility Value drivers 44
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~9 700 homes completed since IPO… 45 718 1 396 2 319 3 147 3 983 4 673 5 527 6 303 6 994 7 861 8 447 9 191 9 705 9 705 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Note: Completed ~50 000 units from 1948 to 2011. Units completed
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…for a total value of NOK ~38 billion 46 2,8 5,0 8,0 11,2 14,2 17,4 20,8 24,1 26,8 30,2 33,1 36,4 38,4 38,5 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 NOK billion
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3 239 3 179 3 204 3 277 3 215 3 271 3 165 3 264 3 342 3 406 3 251 3 152 3 052 3 070 2 794 2 629 2 386 2 047 2 088 2 040 2 099 2 162 2 471 2 603 26,3 % 27,5 % 28,6 % 28,0 % 27,0 % 26,3 % 25,3 % 24,0 % 23,0 % 21,2 % 20,3 % 19,6 % 19,0 % 18,5 % 18,8 % 18,8 % 18,6 % 18,7 % 16,5 % 15,7 % 14,9 % 14,1 % 14,9 % 15,0 % Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 12 months rolling revenues (NGAAP)* 12 months rolling project margin** Project margin development 47 * Includes project revenues only. ** Project margins are exclusive of overhead costs. Construction costs are exclusive of financial expenses in the segment reporting (NGAAP). NOK million
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Share performance since IPO in June 2012 48 0 10 20 30 40 50 60 70 Share price Source: Oslo Børs NOK Dividend paid
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49 Accumulated dividend and earnings per share* Aiming to maximize shareholder return 3,0 4,7 7,4 10,4 13,6 18,0 24,1 31.1 47.5 52,9 56,5 59,1 61,0 0 0,5 1,7 3,2 4,8 7,8 12,3 15,8 43,8 48,8 52,8 54,8 56,1 H2'12 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Earnings per share Dividend per share * Including EPS of NOK 11.01 and DPS of NOK 22 from UP transaction ** Excluding EPS of NOK 11.01 and DPS of NOK 22 from UP transaction Selvaag Bolig’s ambition is to pay high and stable dividends to its owners · The company aims to pay dividends of minimum 60 per cent of net annual profit · Dividend will be weighed against the company’s liquidity forecasts and capital adequacy · Dividend of NOK 1.25 per share in 2024 - Pay-out ratio of 66% · Accumulated pay-out ratio of 68%** since IPO - 92% including UP transaction · Total shareholder return of 12.1% in 2024 Earnings and dividend per share since IPO
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Share information as at 31.03.25 50 Number of shareholders · Total number of shares: 93.8 million · Number of shareholders: 6 928 (6 879) - 20 largest controlling 80.5% (81.0%) - Selvaag AS largest shareholder - 53.5% · Trading - 4.6 million shares during the quarter (2.9), 4.9% of total shares outstanding (3.1%) - Share turnover totaled NOK 163.0 million (100.5) 1 000 2 000 3 000 4 000 5 000 6 000 7 000 Q1 16 Q4 16 Q3 17 Q2 18 Q1 19 Q4 19 Q3 20 Q2 21 Q1 22 Q4 22 Q3 23 Q2 24 Q1 25 20 largest shareholders Note: Numbers in brackets from the previous quarter. Shareholder # of shares % share SELVAAG AS 50 180 087 53.5% Skandinaviska Enskilda Banken AB 4 680 572 5.0% PERESTROIKA AS 3 848 312 4.1% VERDIPAPIRFONDET ALFRED BERG GAMBA 3 096 726 3.3% The Northern Trust Comp, London Br 2 186 000 2.3% EGD CAPITAL AS 1 704 752 1.8% SANDEN EQUITY AS 1 660 000 1.8% HAUSTA INVESTOR AS 1 383 000 1.5% MUSTAD INDUSTRIER AS 1 067 454 1.1% The Northern Trust Comp, London Br 840 200 0.9% Brown Brothers Harriman & Co. 684 331 0.7% Sverre Molvik 573 272 0.6% Øystein Klungland 573 272 0.6% Skandinaviska Enskilda Banken AB 572 906 0.6% VERDIPAPIRFONDET ALFRED BERG NORGE 505 298 0.5% Brown Brothers Harriman & Co. 490 917 0.5% KBC Bank NV 387 922 0.4% VARDE NORGE AS 385 904 0.4% MELESIO INVEST AS 360 866 0.4% THRANE-STEEN NÆRINGSBYGG AS 342 249 0.4% Total 20 largest shareholders 75 524 040 80.5% Other shareholders 18 241 648 19.5% Total number of shares 93 765 688 100.0% * Further information regarding shareholders is presented at: http://sboasa.no/en
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· Nearly 60 000 homes over the last 70 years · Housing for all · Focus on fast growing urban regions · Large projects with more than 150 units 51 Addressing the long-term housing need Trondheim 42units Greater-Oslo 6 953 units Stavanger 537 units Bergen 1 284 units Stockholm 1 197 units
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Substantial land bank in Norway’s four largest growing urban areas • Acquire the right mix of zoned and unzoned land in suitable locations • Land acquisitions in defined core areas • High degree of site utilisation and strategic land development • Substantial land bank to accommodate targets/growth in core areas • Good infrastructure and public transport • Joint ventures (JVs) Land bank exposure Geographical spread Land-bank strategy 52 Trondheim 42 units Stockholm 1 197 units Greater-Oslo 6 953 units Stavanger 537 units Bergen 1 284 units Note: The numbers represent the size of the land portfolio at 31 March 2024. All numbers are adjusted for Selvaag Bolig’s share in joint ventures. The total portfolio is ~10 400 units. Of these ~5 250 are options and obligations to buy.
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Oslo second-hand market update 53 Units Units Source: Eiendomsverdi 0 1 000 2 000 3 000 4 000 5 000 6 000 2019 2020 2021 2022 2023 2024 2025 0 1 000 2 000 3 000 4 000 5 000 6 000 2019 2020 2021 2022 2023 2024 2025 Units sold 1.1 – 31.3, 2019-25 Inventory at 31.3, 2019-25
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Akershus second-hand market update 54 Source: Eiendomsverdi. Units Units 0 1 000 2 000 3 000 4 000 5 000 6 000 2019 2020 2021 2022 2023 2024 2025 0 2 000 4 000 6 000 8 000 10 000 12 000 2019 2020 2021 2022 2023 2024 2025 Units sold 1.1 – 31.3, 2019-25 Inventory at 31.3, 2019-25
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Bergen second-hand market update 55 Source: Eiendomsverdi. Units Units 0 250 500 750 1 000 1 250 1 500 1 750 2 000 2019 2020 2021 2022 2023 2024 2025 0 250 500 750 1 000 1 250 1 500 1 750 2 000 2019 2020 2021 2022 2023 2024 2025 Units sold 1.1 – 31.3, 2019-25 Inventory at 31.3, 2019-25
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Trondheim second-hand market update 56 Source: Eiendomsverdi. Units Units 0 250 500 750 1 000 1 250 1 500 1 750 2 000 2019 2020 2021 2022 2023 2024 2025 0 250 500 750 1 000 1 250 1 500 1 750 2 000 2019 2020 2021 2022 2023 2024 2025 Units sold 1.1 – 31.3, 2019-25 Inventory at 31.3, 2019-25
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Stavanger-area* second-hand market update 57 Source: Eiendomsverdi. * Includes Stavanger, Sola, Sandnes, Randaberg. Units Units 0 250 500 750 1 000 1 250 1 500 1 750 2 000 2019 2020 2021 2022 2023 2024 2025 0 250 500 750 1 000 1 250 1 500 1 750 2 000 2019 2020 2021 2022 2023 2024 2025 Units sold 1.1 – 31.3, 2019-25 Inventory at 31.3, 2019-25
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Regional price* development – April 2025 Area % chg -1M % chg. -1M seasonal adj. % chg YtD % chg -12m % chg -5Y % chg -10Y Average price/sqm (NOK) Average price (NOK) Oslo -0.8% -0.6% 4.6% 4.8% 32.0% 76.1% 98 381 6 933 216 Bergen -0.5% -0.8% 7.6% 11.1% 38.1% 44.0% 59 300 4 679 773 Trondheim 0.7% 0.2% 6.1% 3.4% 23.3% 35.9% 56 010 4 544 340 Stavanger-area** 0.1% 0.4% 11.1% 13.5% 46.4% 34.0% 49 724 5 063 517 Norway 0.2% -0.2% 6.7% 5.9% 30.6% 55.7% 59 955 4 873 834 Source: Eiendom Norge. * Nominal price change. ** Includes Stavanger, Sola, Sandnes, Randaberg. 58
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Land bank in Oslo and Greater Oslo at 31.3.25 1 129 units 378 units 1 204 units 195 units 315 units 1 730 units 225 units *The numbers are adjusted for Selvaag Bolig’s share in joint ventures Oslo Bærum Asker Lillestrøm 1 250 units 315 units Bærum 1 129 units Avløs 100 units Ballerud 29 units Fornebu 900 units Østern Bruk 100 units Follo/Østfold 1 730 units Ski 90 units Grenseveien 156 units Fredrikstad 900 units Vestby 184 units Rabekkgata 4-6 400 units Oslo Vest 110 units Lilleakerveien 110 units Jessheim 102 units Gardermovegen 102 units Oslo South 315 units Gjertsrud Stensrud 315 units Løren 195 units Lørenvangen 22 195 units Bjerke 1 250 units Bjerke 1 250 units Tønsberg 225 units Kaldnes 225 units Drammen 315 units Skalstadskogen 315 units Asker 378 units Landås 378 units Lørenskog 1 204 units Lørenskog Stasjonsby 534 units Skårer Bolig 150 units LSV 400 units Pallplassen 120 units 110 units 102 units
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Land bank in Stavanger area at 31.3.25 133 units 70 units 334 units *The numbers are adjusted for Selvaag Bolig’s share in joint ventures Stavanger Sandnes Sola Sola 133 units Jaasund 133 units Stavanger 70 units Lervig brygge 70 units Sandnes 334 units Aase gård 34 units Sandnes Vågen 300 units
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Land bank in Bergen, Trondheim and Stockholm at 31.3.25 *The numbers are adjusted for Selvaag Bolig’s share in joint ventures. 61 1 284 units 42 units 1 197 units Norway Sweden Finland Trondheim 42 units Heimdal 42 units Bergen 1 284 units Sandsliåsen 40 120 units Sandsliåsen 46 200 units Sandsliåsen 55 72 units Sandslihaugen 30 600 units Torvmyra 14 units Kanalveien 46 – 48 53 units Kanalveien 51 – 53 225 units Stockholm 1 197 units Terrasskvarteren 200 units Årsta 140 units Slakthusområdet 194 units Barkarby 223 units Näcka 150 units Hornsberg 190 units Kolkajen 100 units
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Cooperation with Urban Property • How it works: - Urban Property has a right of first refusal (ROFR) to purchase all new land Selvaag Bolig wants to develop - Urban Property acquires land on Selvaag Bolig recommendations - Selvaag Bolig has the option to repurchase the land in stages - Fee structure: - 2.5% transaction fee - Annual option premium of NIBOR +375bp - Covenants - Equity > NOK 1.5bn - Net leverage* < 50% - Leverage ratio** < 3 - Max 2.5 years accumulated non-paid option premium • Benefits for Selvaag Bolig: - Eliminates need for equity when purchasing land, as SBO pay 50% of purchasing price at construction start and 50% at project completion - Increases return on equity - Allows for a higher dividend payout ratio - More efficient and predictable funding of existing and new land plots - Increases competitiveness when making land purchases - Down-side risk for SBO limited to 48 months option premium (break fee) 62 Selvaag Bolig sold most of its land bank to Urban Property, entering a long-term and strategic partnership. Urban Property is a financially sound, well capitalized and predictable partner. * Net debt/(Net debt+Equity) ** Net debt/ 12m rolling EBITDA
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Re-negotiated covenants with Urban Property 1. Equity > NOK 1.5bn 2. Debt ratio < 50% 3. Net debt / 12 months rolling EBITDA according to IFRS < 3 4. Max 2.5 years accumulated unpaid option premium 1. Equity > NOK 1.8bn 2. Debt ratio < 40% 3. Net debt / 12 months rolling earnings before depreciation and tax according to NGAAP < 3 4. Max 2.5 year accumulated unpaid option premium 5. > 500 units under production - Calculated as an average over the last 12 months - For joint ventures, SBO's share of the projects is used 6. Sales ratio > 60% for units under production 7. Outstanding seller credits < 50% of the SBO equity - SBO must have free liquidity available, including available credit facilities, to cover 10% of outstanding seller credits * See note 11 in the Q3 2024 report for additional information 63 Before 1.1.2025 From 1.1.2025*
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Project design Marketing and sale Construction Sales start Construction start DeliveryZoning Delivery to customerRefine land for development Acquire, own and dispose of landUrban Property No equity investment in early phase through land bank cooperation with Urban Property 100% 50% 0% Acquisition of land 50% 100%0%Equity investment Equity investment Cooperation between Selvaag Bolig and Urban Property 1) + 2.5% transaction fee and option price (Nibor + 375bps). Sale of land, 50% partial payment1 Sale of land, 50% partial payment1 64
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Business model securing healthy project margins 0% 5% 10% 15% 20% Project margin Maximising price in accordance with market Value added when achieving 60% pre-sale Adding value through building permits and area utilisation Delivery in accordance with expectations Project margin 18% Acquire and refine land for development Construction and sales Project design Contracting, marketing and pre-sales Delivery to customers 1) Assuming flat market development. Land acquired with minimum 10% project margin 65 Margin development through project stages1 · Buy (i) options on unzoned land or (ii) ready-to-build land · Opitmize project for zoning process · Fixed-price contracts · Prices on remaining 40% increased gradually · Construction financed with construction loans · Pre-marketing · Competitive tender for construction · 60% pre-sale before construction start · Optimize project design - Net/gross-factor - Tailor to meet market demand price/quality · Plan and prepare for construction · Target 100% sale at delivery
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Example project calculations before and after Example apply a land ownership period in Urban Property of 3-4 years, and a finance cost of 4% on all capital employed in the project. PROJECT CALCULATIONS BEFORE URBAN PROPERTY PROJECT CALCULATIONS AFTER URBAN PROPERTY Figures for illustration purposes only MNOK % MNOK % Sales revenue 348.5 100.0% 348.5 100.0% Construction cost 195.8 56.2% 195.8 56.2% Land cost 69.7 20.0% 85.2 24.4% Other costs 24.5 7.0% 24.5 7.0% Project cost 290.0 83.2% 305.5 87.7% Net finance (excluding Urban Property) 16.8 4.8% 5.3 1.5% TOTAL REVENUE 348.5 100.0% 348.5 100.0% TOTAL COST 306.8 88.0% 310.9 89.2% PROFIT 41.7 12.0 % 37.7 10.8% Internal rate of return (IRR) 12.2% 28.0% 1 2 1 2 Initial project margin and IRR before Urban Property when purchasing land at market value Initial project margin and IRR with Urban Property as partner when purchasing land at market value (including option premium) In total marginal lower project margins, but significantly increased IRR and RoE 66
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Substantial portfolio for development 10 000 4 750 5 250 Total land bank Options and obligations to acquire Land bank in balance sheet Total land bank portfolio at 31.3.2025 Units 67
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Number of units sold - gross and net 394443 487 209 Number of units sold 210 159 140 164 142 178 199 248 173 125 276 201 120 83 44 116 79 77 88 139 207 100 122 169 276 192 169 196 186 209 225 274 180 147 306 271 139 102 49 152 99 85 99 154 235 116 160 196 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Units sold net Gross-net Units 68
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Value of units sold - gross and net 394443 487 209 Sales value of units sold 1 106 756 705 840 696 910 1 010 1 242 871 634 1 265 1 033 636 439 220 658 440 479 531 760 1 385 679 849 1 038 1 393 914 859 1 031 920 1 104 1 177 1 431 927 731 1 401 1 401 753 554 255 874 564 543 602 868 1 574 801 1 121 1 244 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Sales value of sold units (net) Gross-net NOK million 69
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Income statement highlights Q1 2025 (IFRS) 70 Operating revenues (IFRS) * EBITDA is profit before interest, taxes, depreciation and amortization. EBITDA adjusted is excluding financial expenses included in project costs. · 34 units delivered (179) - 9 units from share of JVs (52) · Revenues NOK 167m (628) - Other revenues NOK 16m (16) · Project costs NOK 131m (516) - Of which NOK 11m is interest (38) · Other costs NOK 62m (63) · Adjusted EBITDA* NOK -19m (106) · EBITDA* NOK -30m (68) · EPS in the quarter NOK -0.22 (0.60) NOK million Adjusted EBITDA margin 17% 20% 2% 17% -12% 628 620 225 498 167 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
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Income statement highlights Q1 2025 (NGAAP) 71 Revenues and EBITDA margin (NGAAP)* 12 month-rolling revenues (NGAAP)* * Construction costs are exclusive of financial expenses in the segment reporting (NGAAP). Note: EBITDA is operating profit before depreciation, gains (losses) and profit from associated companies. NOK million NOK million 547 603 516 877 678 8% 8% 6% 11% 10% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Operating revenues EBITDA margin 2 105 2 166 2 231 2 544 2 674 8% 8% 7% 9% 9% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Operating revenues EBITDA margin
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Income statement IFRS 72 (figures in NOK million) Q1 2025 Q1 2024 2024 Total operating revenues 167.0 627.7 1 971.0 Project expenses (130.9) (515.9) (1 580.3) Other operating expenses (60.2) (60.8) (255.0) Associated companies and joint ventures (5.9) 16.9 72.3 EBITDA (30.0) 67.9 208.0 Depreciation and amortisation (1.6) (2.3) (9.8) Other gains (loss) - - - EBIT (31.6) 65.6 198.2 Net financial expenses 1.2 1.4 11.0 Profit/(loss) before taxes (30.3) 67.0 209.2 Income taxes 9.3 (11.1) (32.2) Net income (21.0) 55.9 177.0
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Balance sheet 73 (figures in NOK million) Q1 2025 Q1 2024 2024 Intangible assets 383.4 383.4 383.4 Property, plant and equipment 7.4 12.6 7.9 Investments in associated companies and joint ventures 277.3 228.6 276.6 Other non-current assets 757.2 589.6 766.8 Total non-current assets 1 425.3 1 214.2 1 434.6 Inventories (property) 4 228.3 2 967.5 3 257.8 - Land 635.3 662.1 641.1 - Land held for sale - Work in progress 3 258.6 1 461.9 2 150.2 - Finished goods 334.4 843.5 466.5 Other current receivables 85.1 105.3 83.0 Cash and cash equivalents 319.1 208.4 383.6 Total current assets 4 632.6 3 281.2 3 724.4 TOTAL ASSETS 6 057.9 4 495.4 5 159.0 Equity attributed to shareholders in Selvaag Bolig ASA* 2 365.9 2 355.0 2 385.4 Non-controlling interests 7.9 7.8 7.9 Total equity 2 373.8 2 362.9 2 393.2 Non-current interest-bearing liabilities 1 075.6 634.0 935.4 Other non-current non interest-bearing liabilities 673.3 533.1 630.6 Total non-current liabilities 1 748.9 1 167.1 1 566.0 Current interest-bearing liabilities 1 582.5 562.7 677.7 Other current non interest-bearing liabilities 352.7 402.7 522.0 Total current liabilities 1 935.2 965.4 1 199.7 TOTAL EQUITY AND LIABILITIES 6 057.9 4 495.4 5 159.0
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Cash flow statement 74 (figures in NOK million) Q1 2025 Q1 2024 2024 Net cash flow from operating activities (1 038.6) 147.3 87.1 Net cash flow from investment activities (29.9) 29.2 23.2 Net cash flow from financing activities 1 004.0 (234.6) 6.8 Net change in cash and cash equivalents (64.5) (58.2) 117.1 Cash and cash equivalents at start of period 383.6 266.5 266.5 Cash and cash equivalents at end of period 319.1 208.4 383.6
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75 Operational highlights – key operating figures Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Units sold 139 207 100 122 169 Construction starts 123 95 43 298 183 Units completed 236 105 5 168 - Completed unsold units 126 119 87 81 50 Completed sold units pending delivery 56 41 23 26 23 Units delivered 179 127 54 172 34 Units under construction 671 661 700 829 1 012 Proportion of sold units under construction 62 % 66 % 67 % 61 % 64 % Sales value of units under construction (NOK million) 3 948 4 211 4 495 6 134 7 153
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EBITDA Q1 2025 Note: EBITDA is operating profit before depreciation, gains (losses) and profit from associated companies. 76 (figures in NOK million) Property development Other Total Operating revenues 663.0 14.8 677.9 Project expenses (549.7) (2.6) (552.3) Other operating expenses (9.6) (51.4) (61.0) EBITDA (percentage of completion) 103.8 (39.2) 64.6 Note: Construction costs are exclusive of financial expenses in the segment reporting. IFRS EBITDA for the quarter, per segment Operating revenues 152.2 14.8 167.0 Project expenses (128.2) (2.6) (130.9) Other operating expenses (9.6) (50.6) (60.2) Share of income (losses) from associated companies and joint ventures (5.9) - (5.9) Other gain (loss), net EBITDA 8.4 (38.4) (30.0) Units in production 1 012 N/A N/A Units delivered 34 N/A N/A
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Norwegian housing market · Low risk for housebuilders · Advance sales: banks require that 50-70% of homes are sold before construction starts · Binding offers: offer to purchase is a binding sales contract, and requires cash deposit · High level of home ownership · 82% (one of the world’s highest) · Economic benefits for home owners · 22% of mortgage loan interest payments are tax-deductible · Transfer stamp duty for new houses is significantly lower than for secondhand homes · Strong population growth · Norway’s urban areas are among the fastest-growing in Europe · Good market for new homes 77 Source: Selvaag Bolig and Eurostat.
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Total household debt and homeownership 246% 244% 228% 222% 201% 154% 148% 127% 125% 124% 118% 107% 99% 98% 93% 91% 82% 81% 77% 81% 59% 69% 42% 65% 71% 65% 64% 77% 69% 71% 75% 50% 75% 55% 72% 92% 81% 79% Household debt in % of net disposable income (2021) Homeownership rate (2020) 78 Source: OECD, Statista.
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Price development Norway and selected regions (2005-25) 79 Price development (rebased 1.1.2005) Source: Eiendomsverdi. * Stavanger area includes: Randaberg, Sandnes, Sola, Stavanger. Jan Jul Jan Jul Jan Jul Jan Jul Jan Jul Jan Jul Jan Jul Jan Jul Jan Jul Jan Jul Jan Jul Jan Jul Jan Jul Jan Jul Jan Jul Jan Jul Jan Jul Jan Jul Jan Jul Jan Jul Jan 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 100 200 300 400 Bergen Norge Oslo Stavanger m/omegn Trondheim
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Population growth in Oslo and Akershus remains high 80 24,2 % 24,4 % 24,5 % 24,6 % 24,8 % 24,9 % 25,1 % 25,2 % 25,4 % 25,6 % 25,7 % 25,8 % 26,0 % 26,1 % 26,2 % 36% 39% 33% 36% 40% 43% 42% 45% 55% 55% 46% 44% 37% 35% 42% 20% 22% 24% 26% 28% 30% 0% 10% 20% 30% 40% 50% 60% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Share of total population in Oslo and Akershus Share of total population growth in Oslo and Akershus Source: Statistics Norway, per Q4 2024
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Homeownership rate among immigrants in Norway (per year living in Norway) Immigration increases demand over time # of years in Norway 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 Immigrants from EU Immigrants from Africa and Asia Average homeownership rate in Norway Source: Statistics Norway. 81
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Norway – relatively limited volatility Unemployment 2022 - 2027eGDP growth 2022 - 2027e Interest rates* 2021 - 2026ePopulation growth 2024 - 2030e and 2040e Source: Bloomberg, UN 5% 4% 3% 7% -5% 3% 2% 2% 3% -2% Norway Sweden Denmark United Kingdom Germany 2030e 2040e -1% 0% 1% 2% 3% 4% 5% 6% 2022 2023e 2024e 2025e 2026e 2027e Norway Sweden Denmark Germany UK 0% 2% 4% 6% 8% 10% 2022 2023 2024 2025e 2026e 2027e Norway Sweden Denmark Germany UK -0,75% 1,25% 3,25% 5,25% 7,25% 2021 2022 2023 2024 2025e 2026e Norway Sweden Denmark EU UK *Central bank policy rates 82
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Healthy macroeconomics Demand 2020 - 2027eReal economy 2020 - 2027e Prices & interest rates 2019 - 2027eWages & disposable income 2020 - 2027e Source: Monetary Policy Report 1|25, Central Bank of Norway. 83 -4% -2% 0% 2% 4% 6% 2020 2021 2022 2023 2024 2025e 2026e 2027e GDP GDP mainland Unemployment rate -25% -20% -15% -10% -5% 0% 5% 10% 15% 2020 2021 2022 2023 2024 2025e 2026e 2027e Mainland demand Household consumption Housing investment 0% 2% 4% 6% 8% 10% 2020 2021 2022 2023 2024 2025e 2026e 2027e CPI House prices Household credit (C2) Policy rate -5% 0% 5% 10% 15% 2020 2021 2022 2023 2024 2025e 2026e 2027e Annual wages Real disposable income Savings ratio