Interim report
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Q2 2026 Second quarter results
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Q2 2026 1 Selvaag Bolig delivered 187 units in the second quarter. Operating revenues were higher than in the same quarter one year earlier, mainly due to more delivered units. Net sales for the second quarter were 172 units, compared to 106 units one year earlier. The number of homes under construction was 1 126 at the end of the quarter. Due to continued macro-economic uncertainty the board has decided to not make a dividend payment for the first half. A dividend for the full year will be evaluated in February 2027 based on sales in the second half and the annual earnings for 2026, in addition to the outlook. The company’s dividend policy is unchanged. • Operating revenues1 NOK 1 451 million (261) • Adjusted EBITDA3 NOK 255 million (15) and ordinary EBITDA2 NOK 116 million (-2) • Pre-tax profit of NOK 119 million (1) • 172 units sold7 (106), of which 33 were booking agreements in Sweden8 (0). Construction started on 290 units (171) • 242 units completed (18) and 187 delivered (40) • A total of 1 126 units (1 165) under construction at 30 June, with a combined sales value of NOK 8 056 million (8 223) • 61 per cent of units under construction (62) sold. 69 per cent of the units being completed in 2026 are sold (88) (Figures in brackets relate to the same period of the year before) Key figures (figures in NOK 1 000) Q2 2026 Q2 2025 1H 2026 1H 2025 2025 IFRS main figures Operating revenues 1 1 451 425 261 413 1 573 979 428 431 2 086 648 EBITDA2 115 826 -2 248 90 467 (32 206) 133 453 EBITDA adjusted3 254 874 14 567 237 527 (4 720) 291 930 Operating profit/(loss) 114 067 (3 855) 86 968 (35 408) 126 705 Profit/(loss) before taxes 118 743 975 94 675 (29 341) 139 599 Net inc ome 89 311 1 571 70 227 (19 433) 132 996 Cash flow from operating activities 75 856 (345 862) (917 392) (1 440 105) (1 310 088) Net cash flow (178 916) (54 808) (83 575) (119 316) (128 811) Interest-bearing liabilities 4 042 155 3 099 296 4 042 155 3 099 296 3 036 037 Total assets 7 626 210 6 491 437 7 626 210 6 491 437 6 804 609 Equity 2 379 128 2 258 604 2 379 128 2 258 604 2 409 060 Equity ratio 31.2% 34.8% 31.2% 34.8% 35.4% Earnings per share in NOK 0.95 0.02 0.75 (0.20) 1.42 Segment reporting (NGAAP4) Operating revenues 1 003 539 598 893 1 992 753 1 276 744 2 792 866 EBITDA5 99 971 56 765 201 282 121 359 267 199 EBITDA margin 10.0% 9.5% 10.1% 9.5% 9.6% EBITDA pro forma gross6 119 548 101 996 239 328 173 991 387 140 EBITDA margin pro forma gross 10.9% 12.2% 11.1% 11.1% 11.6% Key figures (net, adjusted for share in joint ventures) Number of units sold 7 172 106 530 275 466 - Of which booking agreements in Sweden 8 33 - 105 - - Number of construction starts 290 171 456 354 476 Number of units delivered 187 40 211 74 433 Number of units completed 242 18 242 18 393 1 Operating revenues do not include revenues from joint ventures. 2 EBITDA is operating profit before interest, taxes, depreciation, amortisation and other gains (losses). 3 EBITDA adjusted excludes financial expenses included in project cost. See note 6 for details. 4 The NGAAP accounts utilise the percentage of completion method, i.e percentage of completion multiplied by the sales ratio. 5 EBITDA is operating profit before interest, tax, depreciation, amortisation, profit from joint ventures and other gains (losses). 6 Pro forma gross EBITDA as in footnote 5, but including the gross consolidated share of joint ventures, see note 9. 7 Units sold are sales contracts entered into with customers pursuant to the Norwegian Housing Construction Act, in addition to booking agreements and binding agreements pursuant to the Swedish Bostadsrätsslagen. In accordance with the IFRS, they are recognised as income on delivery. 8 Booking agreements are used in the Swedish sale of new cooperative apartments (BRF), where the buyer pays a booking fee to secure priority for an apartment. The booking agreement is non-binding, and if the buyer withdraws, part of the booking fee will be refunded. The booking agreement is converted into a binding purchase agreement before construction start. Highlights of the second quarter 2026
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Q2 2026 2 Summary of overall results Results for the second quarter of 2026 (Figures in brackets relate to the corresponding period of 2025. The figures are unaudited.) Selvaag Bolig had operating revenues of NOK 1 451.4 million (NOK 261.1 million) in the second quarter. Revenues from units delivered accounted for NOK 1 431.2 million (NOK 244.6 million) of the total. Other revenues derived from non -core activities, mainly provision of services. A total of 187 units ( 40) were delivered in the quarter, including 186 (35) from consolidated project companies and one (five) from joint ventures. Project costs for the quarter totalled NOK 1 269.2 million (NOK 208.2 million), of which NOK 139.0 million (NOK 16.8 million) represented previously capitalised financial expenses. Total project expenses primarily represented construction costs for units delivered as well as costs in projects which do not qualify for capitalisation as inventory. Operating costs excluding project costs totalled NOK 64.5 million (NOK 63.3 million) for the period. Payroll costs accounted for NOK 33.1 million (NOK 30.7 million) of this figure. In addition, NOK 4.6 million (NOK 5.4 million) in payroll costs relating to housing under construction were capitalised during the quarter. These costs will be expensed as project costs on future delivery. Other operating costs came to NOK 29.7 million (NOK 30.9 million) for the quarter, including NOK 9.0 million (NOK 12.3 million) for sales and marketing. The share of profit from associates and joint ventures came to NOK - 3.7 million ( positive at NOK 6.2 million) for the quarter. The de crease compared to last year was primarily due to fewer delivered units from associates and joint ventures. Reported EBITDA (operating profit before interest, tax, depreciation, amortisation and other gains (losses)) was NOK 115.8 million (NOK -2.2 million), corresponding to a margin of 8.0 per cent (-0.9 per cent). EBITDA adjusted for the share of project costs that are financial expenses came to NOK 254.9 million (NOK 14.6 million), corresponding to a margin of 17.6 per cent ( 5.6 per cent). Results from joint ventures are presented net and their turnover is thus not included in the group’s turnover. For more information, see note 8 on proportional consolidation. Consolidated depreciation and amortisation totalled NOK 1.8 million (NOK 1.6 million) for the quarter. Operating profit thereby came to NOK 114.1 million (NOK -3.9 million). Net financial items amounted to NOK 4.7 million (NOK 4. 8 million). Pre-tax profit for the quarter thereby came to NOK 118.7 million (NOK 1.0 million). Tax expense for the period was NOK 29.4 million (positive at NOK 0.6 million). Comprehensive income for the second quarter came to NOK 89.3 million (NOK 1.6 million). NOK 89.3 million of the profit was attributable to the shareholders of Selvaag Bolig ASA (NOK 1.6 million), and NOK 0.0 to non - controlling shareholders (NOK 0.0). (figures in NOK 1 000) Q2 2026 Q2 2025 1H 2026 1H 2025 2025 Total operating revenues 1 451 425 261 413 1 573 979 428 431 2 086 648 Project expenses (1 269 175) (208 185) (1 351 390) (339 042) (1 767 334) Other operating expenses, salaries and personnel costs, depreciation and amortisation (64 517) (63 271) (134 885) (125 057) (262 038) Total operating expenses (1 333 692) (271 456) (1 486 275) (464 099) (2 029 372) Associated companies and joint ventures (3 666) 6 188 (736) 260 69 429 Other gains (losses), net - - - - - Operating profit 114 067 (3 855) 86 968 (35 408) 126 705 Net financial expenses 4 676 4 830 7 707 6 067 12 894 Profit before taxes 118 743 975 94 675 (29 341) 139 599 Income taxes (29 432) 596 (24 448) 9 908 (6 603) Net income 89 311 1 571 70 227 (19 433) 132 996 Financial review
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Q2 2026 3 Results for the first half of 2026 Selvaag Bolig had operating revenues of NOK 1 574.0 million (NOK 428.4 million) in the first half. Revenues from units delivered accounted for NOK 1 535.6 million (NOK 395.6 million) of the total. Other revenues were related to non - core activities, mainly provision of services. A total of 211 units ( 74) were delivered in the first half, including 202 (60) from consolidated project companies and 9 (14) from joint ventures. Project costs for the first half totalled NOK 1 351.4 million (NOK 339.0 million). Total project expenses primarily represented construction costs for units delivered as well as costs in other projects which do not qualify for capitalisation as inventory. Operating costs excluding project costs and associates totalled NOK 134.9 million (NOK 125.1 million) for the period. Payroll costs accounted for NOK 68.7 million (NOK 62.9 million) of this figure. In addition, NOK 8.8 million (NOK 10.8 million) in payroll costs relating to housing under construction was capitalised during the first half and will be expensed as project costs on future delivery. Other operating costs came to NOK 62.7 million (NOK 59.0 million), including NOK 24.2 million (NOK 20.0 million) for sales and marketing. The share of profit from associates and joint ventures was NOK -0.7 million (positive at NOK 0.3 million). Reported EBITDA for the first half was NOK 90.5 million (negative at NOK 32.2 million), corresponding to a margin of 5.7 per cent (negative at 7.5 per cent). EBITDA adjusted for financial expenses included in project costs came to NOK 237.5 million (negative at NOK 4.7 million), corresponding to a margin of 15.1 per cent ( negative at 1.1 per cent). The increase in the EBITDA margin from the first half of 2025 primarily reflected more delivered units. The EBITDA margin is also influenced by results from joint ventures being reported net and thus their revenues are not included in the group’s turnover. For more information, see note 8 on proportional consolidation. Consolidated operating profit for the first half came to NOK 87.0 million ( negative at NOK 35.4 million). Net financial income amounted to NOK 7.7 million (NOK 6.1 million). Pre-tax profit for the first half was NOK 94.7 million (negative at NOK 29.3 million). Estimated tax expense for the period was NOK 24.4 million (positive at NOK 9.9 million). Comprehensive income for the first half came was NOK 70.2 million (negative at NOK 19.4 million). NOK 70.2 million of the profit was attributable to the shareholders of Selvaag Bolig ASA (NOK -19.4 million), and NOK 0.0 to non-controlling shareholders (NOK 0.0). Cash flow Consolidated net cash flow from operational activities was NOK 75.9 million ( negative at NOK 345.9 million) for the second quarter. The change from the year earlier period was primarily due to a substantial increase in units delivered. In the first half, consolidated net cash flow from operational activities was negative at NOK - 917.4 million ( negative at NOK 1 440.1 million). The negative cash flow was primarily due to an increasing number of units in production, which gives a significant increase in inventory. Net cash flow from investing activities amounted to NOK 26.2 million (NOK 13.0 million) for the quarter. The change from last year was related to dividends received from joint ventures. In the first half, cash flow from investing activities was NOK 49.4 million (NOK 38.7 million). The payments received consist of dividends received and repaid loans from joint ventures. Net cash flow from financing activities was NOK -280.9 million (positive at NOK 278.0 million) for the quarter, mainly related to net repayment of construction loans . The change from the same period of last year is related to repayment of construction loans in 2026. In the first half, net cash flow from financing activities was NOK 784.5 million (NOK 1 282.0 million). The change from the same period of 2025 primarily reflected lower net issuance of construction loans in 2026. The group’s holding of cash and cash equivalents at 30 June totalled NOK 171.3 million (NOK 264.3 million), a decrease of NOK 178.9 million from 31 March and a decrease of NOK 93.1 million from a year earlier.
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Q2 2026 4 Cash flow summary Financial position The carrying amount of Selvaag Bolig’s total inventory (land, units under construction and completed units) at 30 June was NOK 5 729.2 million, compared with NOK 5 812.7 million at 31 March and NOK 4 653.0 million one year earlier. See note 5 for a further specification of inventory. The group’s customer receivables were NOK 199.1 million at the end of the quarter, compared with NOK 61.7 million at 31 March and NOK 79.6 million one year earlier. Customer receivables are m ostly related to settlement for delivered homes and do not involve any credit risk as the funds are in the client's account with the settlement intermediary from the handover of the flat to the final receipt of settlement. Equity was NOK 2 379.1 million (NOK 2 258.6 million) at 30 June, corresponding to an equity ratio of 31.2 per cent (34.8 per cent). Selvaag Bolig ASA paid a dividend of NOK 93.7 million in the second quarter (NOK 117.2 million), based on the profit for 2025 . Non-controlling interests amounted to NOK 7.9 million (NOK 7.9 million) of equity. Other current non- interest-bearing liabilities for the group totalled NOK 387.8 million (NOK 324.4 million) at 30 June, of which NOK 54.3 million (NOK 54.9 million) represented advance payments from customers. At 30 June, consolidated interest-bearing debt amounted to NOK 4 042.2 million (NOK 3 099.3 million), of which NOK 1 337.5 million (NOK 1 485.7 million) was non -current and NOK 2 704.7 million (NOK 1 613.6 million) was current. NOK 949.4 million (NOK 782.4 million) of current debt related to repurchase agreements with and seller credits for Urban Property. See note 7 for more information about debt to Urban Property. The group had land loans totalling NOK 31.8 million (NOK 33.0 million) at 30 June. This relatively low level reflects the fact that a large part of the properties is financed through Urban Property and classified as current liabilities, repurchase agreements and seller credits. Land loans are normally converted to construction loans in line with the progress of the respective development projects. Selvaag Bolig ASA has a credit facility agreement of NOK 300 million with DNB, which matures in December 2027. The agreement contains financial covenants, see note 11. The group also has an annually renewed overdraft facility of NOK 150 million with the same bank. No drawings had been made against any of these facilities at 30 June. (figures in NOK 1 000) Q2 2026 Q2 2025 1H 2026 1H 2025 2025 Profit before taxes 118 743 975 94 675 (29 341) 139 599 Net cash flow from operating activities 75 856 (345 862) (917 392) (1 440 105) (1 310 088) Net cash flow from investment activities 26 171 13 035 49 361 38 740 81 277 Net cash flow from financing activities (280 943) 278 019 784 456 1 282 049 1 100 000 Net change in cash and cash equivalents (178 916) (54 808) (83 575) (119 316) (128 811) Cash and cash equivalents at start of period 350 179 319 141 254 838 383 649 383 649 Cash and cash equivalents at end of period 171 263 264 333 171 263 264 333 254 838
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Q2 2026 5 Net interest-bearing debt The group’s interest -bearing debt falls primarily into four categories: 1) top -up loans, which are liabilities in parent company Selvaag Bolig ASA, 2) land loans, 3) repurchase agreements with Urban Property and 4) construction loans. At 30 June 2026, the group had no top -up loans, land loans of NOK 32 million, repurchase agreements with Urban Property of NOK 949 million and total construction loans of NOK 3 061 million. At 30 June, there were construction loans of NOK 38.3 million (0) related to completed units. Interest-bearing debt at 30 June 2026 (NOK mill) Interest costs on land loans are recognised in profit and loss until the site secures planning permission. They are capitalised against the site from the day the project secures planning permission, and recognised in profit and loss as part of the cost of sales when the units are delivered. Interest charges on construction loans are capitalised during the construction period and recognised under cost of sales in the same way. At 30 June, interest of NOK 32 million on land loans had been capitalised. In connection with the Urban Property (UP) transaction in 2020, a large proportion of the group’s land loans were redeemed and replaced with liabilities in the form of repurchase agreements with UP. This means that interest charges on land loans related to these sites, which are collectively designated as Portfolio B in note 7 , have been replaced by option premiums paid quarterly. These premiums are treated in the accounts in the same way as land-loan interest charges, being capitalised as inventory and included in the cost of sales on delivery of completed units. Option premiums paid and capitalised for sites in Portfolio B came to NOK 3.6 million (NOK 3.8 million) for the second quarter and NOK 7.1 million (NOK 7.8 million) for the first half. Portfolio C comprises land which the group has the right or obligation to purchase from Urban Property in the future. See note 7 for more information. Provision for accrued option premiums is made quarterly as other long -term assets and other long -term lia bilities respectively in Selvaag Bolig’s consolidated accounts. When a purchase agreement is made for a land plot, the debt is reclassified as short-term debt. The asset is reclassified as inventory when the land is taken over. Provision for and capitalisation of option premiums for portfolio C in the second quarter came to NOK 30.4 million (NOK 25.5 million). In the same quarter, NOK 20.4 million was paid and capitalised in the same portfolio (NOK 23.5 million). Provision for and capitalisation of option premiums for portfolio C in the first half came to NOK 56.9 million (NOK 49.8 million), as well as paid and capitalised NOK 44.7 million (49.4). At 30 June, total provision and capitalisation came to NOK 406.9 million (NOK 466.9 million). See note 7 for a description of the collaboration with Urban Property. (figures in NOK 1 000) Q2 2026 Q1 2026 Q2 2025 2025 Non-current interest-bearing debt 1 337 450 1 417 626 1 485 676 1 098 070 Current interest-bearing debt 1 755 279 1 870 846 831 268 1 208 463 Current liabilities repurchase agreements and seller 949 426 868 443 782 352 729 504 Cash and cash equivalents (171 263) (350 179) (264 333) (254 838) Net interest-bearing debt 3 870 892 3 806 736 2 834 963 2 781 199 - 32 949 3 061 4 042 Top-up loans Land loans Repurchase agreements land (UP) Construction loans Total
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Q2 2026 6 Operational reporting Each project is followed up individually in daily operations, and operational reporting accordingly comprises one main segment – Housing development. Reporting also comprises the “Other” segment. The latter primarily includes service deliveries in completed Pluss projects as well as group administration not allocated to the main segment. Operational reporting utilises the percentage of completion method for recognising revenues and profit (NGAAP), which differs from the IFRS where profit is recognised on de livery. Note 4 to the financial statements presents segment information reconciled with the financial reporting figures (IFRS). Segments Housing development This segment comprises all Selvaag Bolig’s projects regardless of geographical location since each project is followed up individually. Operating revenues from housing development for the second quarter were NOK 984.6 million (NOK 583.3 million). They derived from 18 projects (19) in production. Operating costs, primarily for construction and sales, are directly related to the projects and amounted to NOK 852.3 million (NOK 494.6 million) for the second quarter. Construction costs in the segment reporting are exclusive of directly-related financial expenses (interest on construction loans). This differs from the IFRS accounts, where financial expenses are included in project costs on delivery. EBITDA presents operating profit (loss) before interest, tax, depreciation, amortisation, other gains (losses), and share of profit (loss) from associates. It came to NOK 1 32.2 million (NOK 88.7 million) for the quarter, corresponding to a profit margin of 13.4 per cent (15.2 per cent). Other business - unallocated The Other business segment comprises several activities which are not regarded as part of the core business on a stand-alone basis. It also includes administration and management which cannot be attributed directly to the projects and are accordingly not a llocated to the housing development segment. Operating revenues for the segment in the second quarter came to NOK 19.0 million (NOK 15.6 million), while operating costs amounted to NOK 51.2 million (NOK 47.6 million). Costs relate largely to remuneration for the administration and management, as well as other operating costs. EBITDA was thereby negative at NOK 32.2 million (negative at NOK 31.9 million). Second quarter (figures in NOK 1 000) Q2 26 Q2 25 Q2 26 Q2 25 Q2 26 Q2 25 Housing development (NGAAP) 984 557 583 262 132 212 88 681 140 912 109 634 Other 18 982 15 631 (32 241) (31 916) (32 394) (32 466) IFRS adjustments 447 886 (337 480) 15 855 (59 013) 5 549 (81 023) Total group (IFRS) 1 451 425 261 413 115 826 (2 248) 114 067 (3 855) Jan-jun (figures in NOK 1 000) 6M 26 6M 25 6M 26 6M 25 6M 26 6M 25 Housing development (NGAAP) 1 956 783 1 246 307 270 357 192 453 288 354 212 133 Other 35 970 30 437 (69 075) (71 094) (69 922) (72 193) IFRS adjustments (418 774) (848 313) (110 815) (153 565) (131 464) (175 348) Total group (IFRS) 1 573 979 428 431 90 467 -32 206 86 968 (35 408) Operating Operating revenues EBITDA profit/loss Operating revenues EBITDA
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Q2 2026 7 Review of operations All figures are presented net, adjusted for Selvaag Bolig’s share of joint ventures, unless otherwise specified. Units sold are sales contracts entered into with customers pursuant to the Norwegian Housing Construction Act and the Tenancy Act in Sweden. Booking agreements are used for sales of new cooperative apartments in Sweden, where the buyer pays a booking fee to ensure priority to a new home. Booking agreements are non- binding, and if the buyer withdraws, part of the booking fee will be refunded. The booking agreement is converted to a binding sales agreement prior to construction start. According to IFRS, delivered homes are recognised as revenue on delivery. Operations Gross sales during the quarter totalled 205 units with a combined value of NOK 1 653 million. 33 of those units were sold in Sweden as booking agreements, with a total value of NOK 354 million. Selvaag Bolig’s share amounted to 172 units with a combined value of NOK 1 373 million. Construction started on 290 units during the second quarter, so that Selvaag Bolig had 1 126 units worth some NOK 8.1 billion under construction at 30 June. A total of 242 units were completed during the quarter. To manifest value creation in the group, segment reporting shows revenue and costs in the various projects using the percentage of completion method as its accounting principle. Projects Selvaag Bolig has projects being developed and sold in Greater Oslo, Bergen, Stavanger and Greater Stockholm. As at 30 June, Selvaag had projects under construction in Oslo, Bærum, Asker, Lørenskog, Ski, Ås, Stavanger and Bergen. Quarterly development of the project portfolio Purchase and sale of property During the quarter, Selvaag Bolig purchased three land plots from cooperation partner Urban Property for a total of NOK 489.0 million. See also note 7. Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Units sold 106 85 106 358 172 - Of which booking agreements in Sweden - 72 33 Construction starts 171 - 122 166 290 Units completed 18 114 261 - 242 Completed unsold units 40 38 45 32 41 Completed sold units pending delivery 11 28 22 11 56 Units delivered 40 98 261 24 187 Units under construction 1 165 1 051 912 1 078 1 126 Proportion of sold units under construction 62 % 64 % 60 % 65 % 61 % Sales value of units under construction (NOKm) 8 223 7 457 6 574 7 796 8 056
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Q2 2026 8 Sales development and progress Number of units sold Total housing sales during the second quarter, including Selvaag Bolig’s relative share of joint ventures, amounted to 172 units with a combined sales value of NOK 1 373 million. Of these 172 units, 33 were booking agreements in Sweden. The sales volumes comprise Selvaag Bolig’s consolidated project companies as well as its relative share of units sold in joint-venture projects. Sales in the same period of 202 5 totalled 106 units with a combined value of NOK 690 million, whereas sales in the previous quarter were 358 units with a value of NOK 2 516 million. Value of units sold (NOK mill) During the quarter, Selvaag Bolig started sales in five projects, comprising 262 residential units (208). Of these, 135 units were in Greater Oslo, 26 in Bergen, 54 in Stavanger and 47 in Stockholm. Sales starts in the quarter Construction began on 290 (171) units during the quarter. At 30 June, Selvaag Bolig consequently had 1 126 (1 165) units under construction. They included 766 units in Greater Oslo, 306 units in Bergen and 54 units in Stavanger. Construction starts can vary substantially from quarter to quarter, since construction normally only begins when 60 per cent of the units in the project have been sold. The order backlog at 30 June, in other words, the sales value of the 1 126 (1 165) units then under construction, was NOK 8 056 million (NOK 8 223 million). Completions in the quarter A total of 242 (18) units were completed in the second quarter, and 187 (40), including ones completed earlier, were delivered. The units completed earlier were spread over six projects. At 30 June, the group held 41 completed but unsold units, compared to 32 at the end of the first quarter and 40 at the end of the second quarter of 2025. The group also had 56 completed units that were sold, but not delivered at the end of the quarter (11). Consolidated project companies accounted for 186 (35) of the units delivered during the quarter, while one (five) was in part -owned project companies. Based on anticipated progress for the projects, 190 units are expected to be completed in the third quarter of 2026, of which 136 were sold as at 30 June. Estimated completions for 2026 as a whole amount to 688 units. Expected number of completions 466 530 2025 2026 Q1 Q2 Q3 Q4 690 600 708 2 516 1 373 Units 106 Units 85 Units 106 Units 358 Units 172 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Project No of units Category Region Telekvartalet trinn 2 87 Flat Greater Oslo Fornebu Sentrum trinn 1 48 Flat Greater Oslo Terasskvarteret Pluss 47 Flat Stockholm Bryggetunet Lervig Brygge 54 Flat Stavanger Mindebyen Torg trinn 1 26 Flat Bergen Total 262 Project No of units Category Region Ballerud trinn 1 28 Flat Greater Oslo Ballerud trinn 1 24 Terraced Greater Oslo Snøbyen Pluss 70 Flat Greater Oslo Landåstoppen trinn 1 61 Flat Greater Oslo Solbergskogen Pluss trinn 2 og 3 59 Flat Greater Oslo Total 242 190 256 32 102 38 Q3 26 Q4 26 Q1 27 Q2 27 Q3 27 Expected completions, part-owned units Expected completions, wholly owned units
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Q2 2026 9 Share information The company had 93.77 million issued shares at 30 June, divided between 6 261 shareholders. The 20 largest shareholders controlled 81.4 per cent of the total number of issued shares. The largest shareholder was Selvaag AS, with a 53.5 per cent holding. During the quarter, the Selvaag Bolig share varied in price from NOK 32.20 to NOK 35.50. The closing price at 30 June was NOK 33.40. That compared with NOK 33.00 at 31 March, and the share price accordingly rose by 1.2 per cent over the quarter. A dividend of NOK 1.00 per share was paid in the second quarter. Corrected for this payout, the share price rose by 4.2 per cent over the period. In total, 1.9 million shares, or 2.0 per cent of the overall number outstanding, were traded on Euronext Oslo Børs during the period. Share turnover totalled NOK 64.2 million during the quarter, corresponding to an average daily figure of roughly NOK 1.0 million. 20 largest shareholders at 30 June 2026 Shareholder # of shares % share SELVAAG AS 50 180 087 53.5% Skandinaviska Enskilda Banken AB * 5 782 973 6.2% PERESTROIKA AS 3 848 312 4.1% VERDIPAPIRFONDET ALFRED BERG GAM BA 2 706 726 2.9% The Northern Trust Comp, London Br * 2 149 100 2.3% EGD CAPITAL AS 1 804 471 1.9% SANDEN EQUITY AS 1 760 000 1.9% HAUSTA INVESTOR AS 1 553 557 1.7% M USTAD INDUSTRIER AS 1 067 454 1.1% Brown Brothers Harriman & Co. * 684 331 0.7% VARDE NORGE AS 600 000 0.6% Sverre M olvik 577 375 0.6% Øystein Klungland 577 375 0.6% VERDIPAPIRFONDET ALFRED BERG NORGE 505 298 0.5% Brown Brothers Harriman & Co. * 482 847 0.5% CATILINA INVEST AS 418 070 0.4% M ELESIO INVEST AS 414 261 0.4% WENAASGRUPPEN AS 400 000 0.4% State Street Bank and Trust Comp * 388 900 0.4% KBC Bank NV * 386 569 0.4% Total 20 largest shareholders 76 287 706 81.4% Other shareholders 17 477 982 18.6% Total number of shares 93 765 688 100.0% * Further information regarding shareholders is presented at: http://sboasa.no/en
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Q2 2026 10 Risk and uncertainty factors As a housing developer, Selvaag Bolig is exposed to risks which could affect the group’s business, financial position and earnings. Risk factors are primarily related to land development, sales and execution of housing projects, and can be divided into market risk, operational risk, financial risk and climate risk. The group prioritises its work on managing and dealing with risk, and has established routines and control systems to limit and control risk exposure. Macroeconomic conditions, including the development in interest rates, inflation, unemployment and household purchasing power, along with demographic changes, are key factors that affect demand for new homes and the group’s development. With weaker demand, the pace of sales and price achievement can be lower than expected, and planned sales and construction starts could be postponed. The company is also exposed to increased construction costs, which could impact project profitability and feasibility. In addition, changes in regulatory operating conditions and municipal planning processes can influence the pace of production, volume and the level of costs in the projects. The group also has activity in Sweden and is thus exposed to market and regulatory conditions in the Swedish housing market. This also includes risk tied to the pace of sales and the price development in the Stockholm area. As of today, Selvaag Bolig has no projects under construction in Sweden, but with future construction starts, foreign exchange risk tied to SEK could influence earnings and balance sheet items measured in NOK. As a pure housing developer, without its own construction arm, Selvaag Bolig puts all building work out to competitive tender. This means the group has great operational flexibility and can adapt its activities and use of resources to changing levels of activity in the market. As a general rule, it requires 60 per cent advance sales before initiating projects. 61 per cent of total units under construction and 69 per cent of planned completions in 2026 had been sold at 30 June 2026. See the annual report for 202 5, available on the group’s website, for a more detailed explanation of the risk and uncertainty factors it faces, including climate risk. Outlook Selvaag Bolig is positioned with projects in growth areas in and around the largest cities in Norway and in the Stockholm region. The long-term drivers for housing demand in the group’s core areas in Norway and Sweden are still considered good due to urbanisation and population growth in the major cities. At the same time, the macroeconomic landscape remains uncertain. The development in interest rates, inflation and household purchasing powe r, along with financing and construction costs and the level of economic activity, will be important factors for demand for new housing and for the tempo of the new home market, both in Norway and Sweden. During the second quarter of 2026, the company sold 172 units net, including Swedish booking agreements, for a total of NOK 1 373 million. The sales development was driven by sales launches in Fornebu Sentrum, Bergen and Stavanger, and demonstrates that the company has attractive projects, even in a somewhat challenging market for new housing. The company is planning more sales starts going forward and is launching new projects in line with the demand in the market and the sales ratio in the portfolio . A low supply of new homes in several of the company’s core areas, combined with expectations of real wage growth, could , in isolation, help drive increased demand. At the same time, geopolitical unrest, uncertainty tied to macroeconomic conditions, including the level of interest rates, could influence both the pace of sales and the timing of new projects going forward. In Norway, the market outlook is still characterised by uncertainty related to interest rates, and could have a dampening effect on housing demand. At the same time, the decision to consider easing some construction engineering requirements (TEK) could have a somewhat positive long - term impact on construction costs and the feasibility of new projects. In Sweden, some operating conditions are more positive than in Norway, including lower interest rates and lower construction costs. At the same time, the Swedish housing market Is more exposed to macroeconomic fluctuations, and higher unemployment could co ntribute to continued uncertainty. Nevertheless, there are indications of an improvement in market conditions and demand. Selvaag Bolig is well equipped organisationally, operationally and financially to support and potentially strengthen its market position going forward. The company has a good order backlog, a solid land bank in the company’s core areas
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Q2 2026 11 and available capital to buy new land plots through the Urban Property (UP) agreement. Transactions with related parties According to the accounting rules, Urban Property is a related party to the group. This means that ongoing option premiums as well as sales and repurchases of land are regarded as related-party transactions, see note 7 for further information. During the quarter, Selvaag Bolig purchased three land plots from cooperation partner Urban Property for a total of NOK 489 million. See also note 7. See note 23 to the group’s annual reports for detailed information on transactions with related parties in earlier years. Housing market There has been relatively high sales activity in the second - hand Norwegian housing market in the first half of 2026. The number of homes being offered for sale and being sold was two and four per cent lower, respectively, than in the first half of 2025, but higher than in the same period during the years 2021- 2024. The inventory in Oslo rose during the second quarter, and the market is still influenced by the many rental units being put on the market. Inventory is still low in the Stavanger region and Bergen. The price development so far this year has varied in the company’s core regions. According to Real Estate Norway, the national second-hand housing prices rose 5.5 per cent in the first half of the year, and were up 3.9 per cent compared to the same period one year earlier. In Oslo, prices rose 1.2 per cent in the first half and were up 0.9 per cent compared to the same period last year. In Stavanger, prices rose 8.0 per cent in the first half year and 9.9 per cent compared to one year earlier. Prices in Bergen have risen by 8.8 per cent in the first half and are 10.5 per cent higher than one year earlier. In Sweden, nine per cent more second -hand apartments (bostadsrätter) were sold in the second quarter as in the year earlier period, according to Svensk Mäklarstatistik. The sale of apartments in Greater Stockholm was 11 per cent higher than one year earlier. Second-hand prices for apartments in Sweden rose 0.8 per cent in the second quarter and were 4.7 per cent higher than one year earlier. In Greater Stockholm, prices fell 0.2 per cent in the second quarter and were 5.6 per cent higher than one year earlier.
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Q2 2026 12 Interim financial statements (IFRS) Statement of comprehensive income (figures in NOK 1 000, except earnings per share) Q2 2026 Q2 2025 1H 2026 1H 2025 2025 Revenues 1 431 161 244 614 1 535 573 395 597 2 002 368 Other revenues 20 264 16 799 38 406 32 834 84 280 Total operating revenues 1 451 425 261 413 1 573 979 428 431 2 086 648 Project expenses (1 269 175) (208 185) (1 351 390) (339 042) (1 767 334) Salaries and personnel costs (33 060) (30 728) (68 658) (62 881) (146 684) Depreciation and amortisation (1 759) (1 607) (3 499) (3 202) (6 748) Other operating expenses (29 698) (30 936) (62 728) (58 974) (108 606) Total operating expenses (1 333 692) (271 456) (1 486 275) (464 099) (2 029 372) Associated companies and joint ventures (3 666) 6 188 (736) 260 69 429 Other gains (losses), net - - - - - Operating profit 114 067 -3 855 86 968 (35 408) 126 705 Financial income 7 243 7 671 12 810 14 490 26 246 Financial expenses (2 567) (2 841) (5 103) (8 423) (13 352) Net financial expenses 4 676 4 830 7 707 6 067 12 894 Profit/(loss) before taxes 118 743 975 94 675 (29 341) 139 599 Income taxes (29 432) 596 (24 448) 9 908 (6 603) Net income 89 311 1 571 70 227 (19 433) 132 996 Other comprehensive income/expenses Translation differences (538) 470 (6 465) 1 995 3 822 Total comprehensive income/(loss) for the period 88 773 2 041 63 762 (17 438) 136 818 Net income for the period attributable to: Non-controlling interests 10 10 20 21 41 Shareholders in Selvaag Bolig ASA 89 301 1 561 70 207 (19 454) 132 955 Total comprehensive income/(loss) for the period attributable to: Non-controlling interests 10 10 20 21 41 Shareholders in Selvaag Bolig ASA 88 763 2 031 63 742 (17 459) 136 777 Earnings per share for net income/(loss) attributed to shareholders in Selvaag Bolig ASA: Earnings per share (basic and diluted) in NOK 0.95 0.02 0.75 (0.20) 1.42 The consolidated financial information has not been audited
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Q2 2026 13 Statement of financial position (figures in NOK 1 000) Note Q2 2026 Q1 2026 Q2 2025 2025 ASSETS Non-current assets Goodwill 383 376 383 376 383 376 383 376 Property, plant and equipment 8 756 7 143 6 841 7 724 Right-of-use lease assets 25 688 26 733 29 870 27 779 Investments in associated companies and joint ventures 256 016 287 147 284 534 312 905 Loans to associated companies and joint ventures 205 198 202 314 190 099 193 214 Other non-current assets 7 613 850 671 497 583 367 697 981 Total non-current assets 1 492 884 1 578 210 1 478 087 1 622 979 Current assets Inventories (property) 5, 7 5 729 203 5 812 687 4 653 011 4 802 114 Trade receivables 199 053 61 747 79 598 108 759 Other current receivables 33 807 16 847 16 408 15 919 Cash and cash equivalents 171 263 350 179 264 333 254 838 Total current assets 6 133 326 6 241 460 5 013 350 5 181 630 TOTAL ASSETS 7 626 210 7 819 670 6 491 437 6 804 609 EQUITY AND LIABILITIES Equity attributed to shareholders in Selvaag Bolig ASA 2 371 186 2 376 117 2 250 702 2 401 138 Non-controlling interests 7 942 7 932 7 902 7 922 Total equity 2 379 128 2 384 049 2 258 604 2 409 060 LIABILITIES Non-current liabilities Pension liabilities 2 315 2 315 2 086 2 315 Deferred tax liabilities 74 412 77 036 78 340 91 241 Provisions 62 296 62 296 60 365 62 296 Other non-current liabilities 7 462 671 492 898 523 371 513 052 Non-current lease liabilities 23 926 24 731 27 174 25 534 Non-current interest-bearing liabilities 1 337 450 1 417 626 1 485 676 1 098 070 Total non-current liabilities 1 963 070 2 076 902 2 177 012 1 792 508 Current liabilities Current lease liabilities 3 249 3 265 3 170 3 282 Current interest-bearing liabilities 1 755 279 1 870 846 831 268 1 208 463 Current liabilities repurchase agreements and seller credits 7 949 426 868 443 782 352 729 504 Trade payables 155 253 133 660 114 591 161 948 Current tax payables 32 959 2 643 - 877 Other current non-interest-bearing liabilities 387 846 479 862 324 440 498 967 Total current liabilities 3 284 012 3 358 719 2 055 821 2 603 041 Total liabilities 5 247 082 5 435 621 4 232 833 4 395 549 TOTAL EQUITY AND LIABILITIES 7 626 210 7 819 670 6 491 437 6 804 609 The consolidated financial information has not been audited
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Q2 2026 14 Statement of changes in equity Share capital Share premium account Other paid-in capital e translation difference Other reserves Retained earnings Equity attributed to shareholders in Selvaag Bolig ASA Non- controlling interests Total equity Equity at 1 January 2026 187 387 1 394 857 700 629 14 491 3 528 100 245 2 401 138 7 922 * 2 409 060 Transactions with owners: Dividend - - - - - (93 694) (93 694) - (93 694) Share buy back - - - - - - - - - Employ ee s har e pr og r amme - - - - - - - - - Total comprehensive income/(loss) for the period: Net income/(loss) for the period - - - - - 70 207 70 207 20 70 227 Other comprehensive income/(loss) for the period - - - (6 465) - - (6 465) - (6 465) Equity at 30 June 2026 187 387 1 394 857 700 629 8 026 3 528 76 758 2 371 186 7 942 * 2 379 128 Equity at 1 January 2025 187 529 1 394 857 700 629 10 669 3 528 88 155 2 385 368 7 881 * 2 393 249 Transactions with owners: Dividend - - - - - (117 207) (117 207) - (117 207) Share buy back - - - - - - - - - Employ ee s har e pr og r amme - - - - - - - - - Total comprehensive income/(loss) for the period: Net income/(loss) for the period - - - - - (19 454) (19 454) 21 (19 433) Other comprehensive income/(loss) for the period - - - 1 995 - - 1 995 - 1 995 Equity at 30 June 2025 187 529 1 394 857 700 629 12 664 3 528 -48 506 2 250 702 7 902 * 2 258 604 Transactions with owners: Dividend - - - - - - - - - Share buy back (1 600) - - - - (26 207) (27 807) - (27 807) Employ ee s har e pr og r amme 1 458 - - - - 22 549 24 007 - 24 007 - - - - - - - - - Total comprehensive income/(loss) for the period: - - - - - - - - - Net income/(loss) for the period - - - - - 152 409 152 409 20 152 429 Other comprehensive income/(loss) for the period - - - 1 827 - - 1 827 - 1 827 Equity at 31 December 2025 187 387 1 394 857 700 629 14 491 3 528 100 245 2 401 138 7 922 * 2 409 060 The consolidated financial information has not been audited. * Non-controlling interests include tax from profits in companies subject to partnership taxation. Income taxes in the group do not include taxes from tax subjects outside the Selvaag Bolig group.
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Q2 2026 15 Statement of cash flow (figures in NOK 1 000) Note Q2 2026 Q2 2025 1H 2026 1H 2025 2025 CASH FLOW FROM OPERATING ACTIVITIES Profit/(loss) before taxes 118 743 975 94 675 (29 341) 139 599 Income taxes paid (877) (11 147) (877) (31 968) (33 853) Depreciation and amortisation 1 759 1 607 3 499 3 202 6 748 p ( ) companies and joint ventures 3 666 (6 188) 736 (260) (69 429) Changes in inventories (property) 5 169 598 (379 185) (785 923) (1 309 177) (1 372 810) Changes in trade receivables (137 306) (14 181) (90 294) (17 187) (46 348) Changes in trade payables 21 593 (7 013) (6 695) (17 909) 29 448 Changes in other operating working capital assets (17 874) (7 608) (22 259) (6 395) (48 436) Changes in other operating working capital (83 446) 76 877 (110 254) (31 070) 84 993 Net cash flow from operating activities 75 856 (345 862) (917 392) (1 440 105) (1 310 088) CASH FLOW FROM INVESTMENT ACTIVITIES Purchases of PPE and intangible assets (2 329) (15) (2 450) (95) (2 430) Proceeds from sale of associated companies and joint ventures - - - - 44 388 Purchases of associated companies and joint ventures - - - (10 015) (10 030) Proceeds from sale of other investments and repayment of loans 3 000 17 050 8 011 17 050 41 305 Purchases of other investments and loans (4 500) (4 000) (16 200) (30 700) (54 456) Dividends and disbursements from associated companies and joint ventures 30 000 - 60 000 62 500 62 500 Net cash flow from investment activities 26 171 13 035 49 361 38 740 81 277 - - CASH FLOW FROM FINANCING ACTIVITIES Proceeds from borrowings 7 1 329 388 536 222 2 466 526 1 676 560 3 068 417 Repayments of borrowings 7 (1 450 591) (129 656) (1 515 785) (258 219) (1 745 261) Interest payments (65 564) (10 898) (71 682) (18 202) (92 280) Repayments of lease liabilities (820) (764) (1 640) (1 528) (3 056) Dividends paid to equity holders of Selvaag Bolig (93 694) (117 207) (93 694) (117 207) (117 207) Share buy back Selvaag Bolig ASA - - - - (27 807) Proceeds from disposal of shares Selvaag Bolig ASA 338 323 731 645 17 194 Net cash flow from financing activities (280 943) 278 019 784 456 1 282 049 1 100 000 Net change in cash and cash equivalents (178 916) (54 808) (83 575) (119 316) (128 811) Cash and cash equivalents at start of period 350 179 319 141 254 838 383 649 383 649 Cash and cash equivalents at end of period 171 263 264 333 171 263 264 333 254 838 The consolidated financial information has not been audited
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Q2 2026 16 Selected notes to the quarterly financial statements 1. General information and accounting principles Selvaag Bolig ASA (the “ company”) and its subsidiaries (together “the group”) is a property development group, involved in the construction of residential property for sale in the ordinary course of business. The condensed consolidated interim financial information consists of the group and the group’s interest in associated companies and jointly controlled entities. The group's consolidated financial information has been prepared in accordance with IAS 34 Interim Financial Reporting. The report does not include all the information and disclosures required for annual financial statements and should be read in conjunction with the group’s consolidated financial statements for 2025. The accounting policies applied in preparing these interim condensed consolidated financial statements are otherwise consistent with those applied in the group’s consolidated financial statements for the year ended 31 December 2025. 2. Accounting judgements, estimates and assumptions The preparation of interim financial information requires management to make judgements, estimates and assumptions which affect the application of accounting principles and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates. In preparing this consolidated interim financial information, the significant judgements made by management in applying the group’s accounting policies and the key sources of estimation uncertainty were largely the same as those which applied in the consolidated financial statements for the year ended 31 December 2025. 3. Transactions with related parties See note 23 to the consolidated financial statements for 2025 for detailed information on related -party transactions in previous years. 4. Segment information The main segment is defined as Housing development. In addition, the Other segment consists of services and estate agent as well as unallocated revenues and costs. The group utilises the percentage of completion method in its internal reporting for which the degree of completion is estimated on the basis of expenses incurred relative to total estimated costs and sales rate. Operating revenue under the percentage of completion method also includes an estimated profit element. The consolidated income statement is based on the completed contract method, in which revenue is recognised at the time of transfer of risk and control, being the time of delivery of the property. A reconciliation of this effect (from stage of completion to completed contract) can be found in the segment reporting under "Reconciliation EBITDA to operating profit (loss)". The group considers segment results based on the percentage of completion method for determining EBITDA. The method of measurement is defined as operating profit (loss) before “Depreciation and amortisation”, “Other gain (loss), net”, and “Share of income (losses) from disposals from associated companies and joint ventures”. Financial income and expenses are not allocated to operating segments since this type of activity is managed by a central finance function focused on managing the group’s liquidity.
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Q2 2026 17 Second quarter 2026 (figures in NOK 1 000) Housing development Other Total Operating revenues 984 557 18 982 1 003 539 Project expenses (840 312) 346 (839 966) Other operating expenses (12 033) (51 569) (63 602) EBITDA (percentage of completion, NGAAP) 132 212 (32 241) 99 971 Reconciliation EBITDA to operating profit (loss) EBITDA (percentage of completion) 132 212 (32 241) 99 971 Sales revenues (adjustment effect of percentage of completion) (971 082) - (971 082) Sales revenues (completed contract) 1 418 969 - 1 418 969 Project expenses (adjustment effect of percentage of completion) 826 250 - 826 250 Project expenses (completed contract) (1 255 460) - (1 255 460) Lease expenses - 844 844 Depreciation and amortisation - (1 759) (1 759) Share of income (losses) from associated companies and joint ventures (3 666) - (3 666) Other gain (loss), net - - - Operating profit (loss), (IFRS) 147 223 (33 156) 114 067 Units under construction 1 126 N/A N/A Units delivered 187 N/A N/A Second quarter 2025 (figures in NOK 1 000) Housing development Other Total Operating revenues 583 262 15 631 598 893 Project expenses (479 899) 236 (479 663) Other operating expenses (14 682) (47 783) (62 465) EBITDA (percentage of completion, NGAAP) 88 681 (31 916) 56 765 Reconciliation EBITDA to operating profit (loss) EBITDA (percentage of completion) 88 681 (31 916) 56 765 Sales revenues (adjustment effect of percentage of completion) (580 241) - (580 241) Sales revenues (completed contract) 242 761 - 242 761 Project expenses (adjustment effect of percentage of completion) 469 683 - 469 683 Project expenses (completed contract) (198 205) - (198 205) Lease expenses - 801 801 Depreciation and amortisation - (1 607) (1 607) Share of income (losses) from associated companies and joint ventures 6 188 - 6 188 Other gain (loss), net - - - Operating profit (loss), (IFRS) 28 867 (32 722) (3 855) Units under construction 1 165 N/A N/A Units delivered 40 N/A N/A
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Q2 2026 18 At 30 June 2026 (figures in NOK 1 000) Housing development Other Total Operating revenues 1 956 783 35 970 1 992 753 Project expenses (1 658 349) (48) (1 658 397) Other operating expenses (28 077) (104 997) (133 074) EBITDA (percentage of completion, NGAAP) 270 357 (69 075) 201 282 Reconciliation EBITDA to Operating profit (loss): EBITDA (percentage of completion) 270 357 (69 075) 201 282 Sales revenues (adjustment effect of percentage of completion) (1 939 949) - (1 939 949) Sales revenues (completed contract) 1 521 176 - 1 521 176 Project expenses (adjustment effect of percentage of completion) 1 643 795 - 1 643 795 Project expenses (completed contract) (1 336 789) - (1 336 789) Lease expenses - 1 688 1 688 Depreciation and amortisation - (3 499) (3 499) Share of profits (losses) from associated companies and joint ventures (736) - (736) Other gain (loss), net - - - Operating profit (loss), (IFRS) 157 854 (70 886) 86 968 Units under construction 1 126 N/A N/A Units delivered 211 N/A N/A At 30 June 2025 (figures in NOK 1 000) Housing development Other Total Operating revenues 1 246 307 30 437 1 276 744 Project expenses (1 029 555) (2 373) (1 031 928) Other operating expenses (24 299) (99 158) (123 457) EBITDA (percentage of completion, NGAAP) 192 453 (71 094) 121 359 Reconciliation EBITDA to operating profit (loss): - EBITDA (percentage of completion) 192 453 (71 094) 121 359 Sales revenues (adjustment effect of percentage of completion) (1 241 862) - (1 241 862) Sales revenues (completed contract) 393 549 - 393 549 Project expenses (adjustment effect of percentage of completion) 1 013 708 - 1 013 708 Project expenses (completed contract) (320 822) - (320 822) Lease expenses - 1 602 1 602 Depreciation and amortisation - (3 202) (3 202) Share of profits (losses) from associated companies and joint 260 - 260 Other gain (loss), net - - - Operating profit (loss), (IFRS) 37 286 (72 694) (35 408) Units under construction 1 165 N/A N/A Units delivered 74 N/A N/A
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Q2 2026 19 5. Inventory - property The group has property which comprises land and buildings intended for sale in the ordinary course of business or in the process of construction or development for such sale. Inventories thus comprise land, property held for resale, and property under development and construction. Inventories are valued at the lower of acquisition cost and net realisable value. 6. Project expenses and EBITDA The group expenses all directly attributable costs in construction projects as project expenses. These also include financial expenses. Below is a specification showing the project cost and EBITDA including and excluding financial expenses. The EBITDA margins are affected positively by presenting results from joint ventures net and excluding them from turnover. For more information, see note 8 on proportional consolidation, which presents the effect if the joint ventures had been included with their share of turnover, in other words, not presented net. . (figures in NOK 1 000) Q2 2026 Q1 2026 Q2 2025 2025 Land (undeveloped) 799 176 605 157 493 278 500 618 Work in progress 4 254 868 4 970 385 3 915 558 3 977 350 Completed units 675 159 237 145 244 175 324 146 Carrying amount 5 729 203 5 812 687 4 653 011 4 802 114 (figures in NOK 1 000) Q2 2026 Q2 2025 1H 2026 1H 2025 2025 Project expenses (1 269 175) (208 185) (1 351 390) (339 042) (1 767 334) Finance expenses (139 048) (16 815) (147 060) (27 486) (158 477) Other project expenses (1 130 127) (191 370) (1 204 330) (311 556) (1 608 857) (figures in NOK 1 000) Q2 2026 Q2 2025 1H 2026 1H 2025 2025 EBITDA1 115 826 (2 248) 90 467 (32 206) 133 453 EBITDA margin 8.0% -0.9% 5.7% -7.5% 6.4% EBITDA adjusted2 254 874 14 567 237 527 (4 720) 291 930 EBITDA margin adjusted 17.6% 5.6% 15.1 % -1.1% 14.0% 1 EBITDA is operating profit before interest, taxes, depreciation, amortisation and other gains (losses). 2 EBITDA adjusted excludes financial expenses included in project costs.
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Q2 2026 20 7. Collaboration with Urban Property With effect from 2020, large parts of the available land portfolio for Selvaag Bolig (SBO) have been owned by Urban Property (UP). The companies are long-term and strategic partners. UP is owned by Oslo Pensjonsforsikring AS with a 40 per cent holding, Equ inor Pensjon with 30 per cent, Selvaag AS with 20 per cent and Rema Etablering Norge AS with 10 per cent. The Selvaag AS holding in UP makes the latter a related party to SBO pursuant to the IFRS, but not according to the Norwegian Public Limited Companies Act. See note 26 to the consolidated accounts for 2020 for detailed information on the transaction. UP is a financially sound, well-capitalised and predictable partner. The collaboration agreement includes the following elements: • UP has a pre -emptive right to buy new land SBO wants to develop. • SBO has an option to purchase the land from UP. • The land is purchased in stages from UP at its original acquisition price plus an annual option premium of Nibor plus 3.75 per cent. In addition comes a transaction fee, which is 0.5 per cent when UP buys property from the landowner and 2.0 per cent when SBO buys from UP. • SBO pays 50 per cent of the purchase price to UP on taking over a property (when construction starts) and 50 per cent on completion of the project. • If SBO decides not to exercise the option on a land plot, there is a 48-month option premium (break fee). • The agreement includes financial covenants, see note 11. Portfolio B In accounting terms, Portfolio B is treated as a financing arrangement because SBO retains control of these properties. This means that the carrying amount of Portfolio B remains unchanged as inventory after the transaction, while the consideration from th e sale of Portfolio B has been recognised as a liability for repurchase agreements (to UP) in the SBO balance sheet. The option premium related to the properties in Portfolio B is paid quarterly. These premiums are treated for accounting purposes in the same way as interest charges on land loans. They are recognised in the balance sheet as part of inventory and expensed as cost of sales when completed residential units are delivered. Option premiums paid and capitalised for land in Portfolio B amounted to NOK 3.6 million in the second quarter (NOK 3.8 million). For the first half, option premiums paid and capitalised were NOK 7.1 million (NOK 7.8 million). SBO can cancel the option at any given time on payment of a fixed break fee corresponding to 48 months of option premiums for the property. SBO pays 50 per cent of the purchase price to UP on taking over a property and 50 per cent on completion of the project. Portfolio C Portfolio C covers properties which the group has the right to purchase in the future. An agreement has been entered into which means that UP acquires rights and obligations corresponding to those currently held by the group in relation to the landowners. SBO will remain the formal counterparty to the present landowners. The agreement covers agreements on future property acquisitions where UP will be the formal counterparty to the landowners. After UP has acquired a property, SBO will have an option to buy it back on specified terms. Fifty per cent of the option premium in Portfolio C falls due when SBO acquires the land from UP, with the remainder falling due on completion of the relevant project. Starting on 1 January 2025, 50 per cent of the option premium in portfolio C is current payable on a quarterly basis. Provision for accrued option premiums is made quarterly in SBO’s consolidated accounts, as other non-current assets and other non- current liabilities, respectively. When a purchase agreement is made for a land plot, the debt is reclassified as short -term debt. The asset is reclassified as inventory upon the land takeover, while the remaining unpaid option premium is reclassified to short - term liabilities, repurchase agreements and seller credits. Provision for and capitalisation of option premiums for portfolio C in the second quarter came to NOK 30.4 million (NOK 25.5 million). In the same quarter, NOK 20.4 million was paid and capitalised in the same portfolio (NOK 23.5 million). Provision for an d capitalisation of option premiums for portfolio C in the first half came to NOK 56.9 million (NOK 49.8 million), as well as paid and capitalised NOK 44.7 million (49.4). At 30 June, total provision and capitalisation came to NOK 406.9 million (NOK 466.9 million). SBO can cancel the option at any given time in exchange for a break fee comprising the accumulated increase in the repurchase price for the property plus a fixed supplement corresponding to 48 months of growth in the repurchase price. When exercising an option, SBO pays 50 per cent of the purchase price to UP upon takeover of the property and 50 per cent upon project completion. During the second quarter, Selvaag Bolig purchased three land plots from UP for a total of NOK 489.0 million . The group repaid NOK 185.0 million in seller credits (NOK 3.8 million). Debt related to repurchase agreements and seller
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Q2 2026 21 credits was NOK 949.4 million (NOK 782.4 million) at 30 June 2026. Of this, NOK 184.4 million was portfolio B (NOK 184.4 million) and NOK 765.0 million was seller credits (NOK 598.0 million). 8. Proportional consolidation related to associate companies and joint ventures – pro forma information Selvaag Bolig executes a number of its housing projects in collaboration with other parties, often on a 50-50 basis. These are recognised in the statement of comprehensive income pursuant to the IFRS using the equity method, where Selvaag Bolig’s share of the net result is presented as share of profit/(loss) from associated companies and joint ventures. Selvaag Bolig finds that the share of collaboration projects is increasing and that, in this context, it is relevant to provide information on ho w the statement of comprehensive income would have appeared were the equity interest in collaboration projects to be consolidated. In the table below, the statement of comprehensive income pursuant to the IFRS has been restated to show the proportional consolidation of associated companies and joint ventures in accordance with Selvaag Bolig’s equity interest in collaboration projects. Statement of proportional consolidation (figures in NOK 1 000) IFRS Adj share Assoc/JV gross Pro forma gross Assoc/JV IFRS Adj share Assoc/JV gross Pro forma gross Assoc/JV Revenues 1 431 161 38 645 1 469 806 244 614 84 533 329 147 Other revenues 20 264 2 847 23 111 16 799 2 606 19 405 Total operating revenues 1 451 425 41 492 1 492 917 261 413 87 139 348 552 Project expenses (1 269 175) (38 179) (1 307 354) (208 185) (67 763) (275 948) Salaries and personnel costs (33 060) (299) (33 359) (30 728) (157) (30 885) Depreciation and amortisation (1 759) (1 156) (2 915) (1 607) (1 152) (2 759) Other operating expenses (29 698) (4 141) (33 839) (30 936) (7 058) (37 994) Total operating expenses (1 333 692) (43 773) (1 377 465) (271 456) (76 129) (347 585) Associated companies and joint ventures (3 666) 3 666 - 6 188 (6 188) - Other gains (losses), net - - - - - - Operating profit 114 067 1 385 115 452 (3 855) 4 822 967 Financial income 7 243 325 7 568 7 671 148 7 819 Financial expenses (2 567) (2 690) (5 257) (2 841) (3 077) (5 918) Net financial expenses 4 676 (2 365) 2 311 4 830 (2 929) 1 901 Profit/(loss) before taxes 118 743 (981) 117 762 975 1 893 2 868 Income taxes (29 432) 981 (28 451) 596 (1 893) (1 297) Net income 89 311 - 89 311 1 571 - 1 571 EBITDA 1 115 826 2 540 118 366 -2 248 5 974 3 726 EBITDA margin1 8.0 % N/A 7.9 % (0.9) % N/A 1.1 % EBITDA adj2 254 874 2 679 257 553 14 567 10 675 25 242 EBITDA margin adj2 17.6 % N/A 17.3 % 5.6% N/A 7.2% 1 EBITDA is operating profit before interest, taxes, depreciation, amortisation and other gains (losses). 2 EBITDA adjusted excludes financial expenses included in project costs. See note 6. Q2 2026 Q2 2025
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Q2 2026 22 Statement of proportional consolidation (figures in NOK 1 000) IFRS Adj share Assoc/JV gross Pro forma gross Assoc/JV IFRS Adj share Assoc/JV gross Pro forma gross Assoc/JV Revenues 1 535 573 99 648 1 635 221 395 597 109 688 505 285 Other revenues 38 406 7 511 45 917 32 834 4 903 37 737 Total operating revenues 1 573 979 107 159 1 681 138 428 431 114 590 543 021 Project expenses (1 351 390) (93 325) (1 444 715) (339 042) (91 657) (430 699) Salaries and personnel costs (68 658) (622) (69 280) (62 881) (461) (63 342) Depreciation and amortisation (3 499) (2 308) (5 807) (3 202) (2 303) (5 505) Other operating expenses (62 728) (7 256) (69 984) (58 974) (11 070) (70 044) Total operating expenses (1 486 275) (103 510) (1 589 785) (464 099) (105 489) (569 588) Associated companies and joint ventures (736) 736 - 260 (260) - Other gains (losses), net - - - - - - Operating profit 86 968 4 385 91 353 (35 408) 8 841 (26 567) Financial income 12 810 652 13 462 14 490 295 14 785 Financial expenses (5 103) (5 191) (10 294) (8 423) (8 322) (16 745) Net financial expenses 7 707 (4 539) 3 168 6 067 (8 027) (1 960) Profit/(loss) before taxes 94 675 (154) 94 521 (29 341) 814 (28 527) Income taxes (24 448) 154 (24 294) 9 908 (814) 9 094 Net income 70 227 - 70 227 (19 433) - -19 433 EBITDA 1 90 467 6 693 97 160 -32 206 11 144 -21 063 EBITDA margin1 5.7 % N/A 5.8 % -7.5% N/A -3.9% EBITDA adj2 237 527 14 493 252 020 -4 720 21 758 17 038 EBITDA margin adj2 15.1 % N/A 15.0 % -1.1% N/A 3.1% 1 EBITDA is operating profit before interest, taxes, depreciation, amortisation and other gains (losses). 2 EBITDA adjusted excludes financial expenses included in project costs. See note 6. 1H 2026 1H 2025
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Q2 2026 23 9. Additional information about percentage of completion (NGAAP) In the operational reporting, the percentage of completion method (NGAAP) is used for revenue and profit recognition, which differs from IFRS, where profit is recognised upon delivery. See note 4 for a more detailed description. Below is a statement of results based on the percentage of completion method (NGAAP). Additionally, a proportional consolidation of associated companies and joint ventures under the percentage of completion method (NGAAP) is shown, based on the same method described in note 8. (figures in NOK 1 000) Q2 2026 Q2 2025 1H 2026 1H 2025 2025 Revenues 983 275 582 077 1 954 347 1 243 910 2 708 586 Other revenues 20 264 16 816 38 406 32 834 84 280 Total operating revenues 1 003 539 598 893 1 992 753 1 276 744 2 792 866 Project expenses (839 966) (479 663) (1 658 397) (1 031 928) (2 267 173) Salaries and personnel costs (33 060) (30 728) (68 658) (62 881) (146 684) Depreciation and amortisation (714) (562) (1 408) (1 111) (2 566) Other operating expenses (30 542) (31 737) (64 416) (60 576) (111 810) Total operating expenses (904 282) (542 690) (1 792 879) (1 156 496) (2 528 233) Associated companies and joint ventures 8 700 20 965 17 997 19 692 59 597 Other gains (losses), net - - - - - Operating profit 107 957 77 168 217 871 139 940 324 230 Financial income 7 243 7 671 12 810 14 490 26 246 Financial expenses (48 840) (26 075) (100 313) (54 063) (113 329) Net financial expenses (41 597) (18 404) (87 503) (39 573) (87 083) Profit/(loss) before taxes 66 360 58 764 130 368 100 367 237 147 The consolidated financial information has not
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Q2 2026 24 Statement of proportional consolidation NGAAP (figures in NOK 1 000) NGAAP Adj share Assoc/JV gross Pro forma gross Assoc/JV NGAAP Adj share Assoc/JV gross Pro forma gross Assoc/JV Revenues 983 275 93 026 1 076 301 582 077 237 721 819 798 Other revenues 20 264 2 847 23 111 16 816 2 607 19 423 Total operating revenues 1 003 539 95 873 1 099 412 598 893 240 328 839 221 Project expenses (839 966) (71 858) (911 824) (479 663) (187 883) (667 546) Salaries and personnel costs (33 060) (299) (33 359) (30 728) (157) (30 885) Depreciation and amortisation (714) (1 156) (1 870) (562) (1 152) (1 714) Other operating expenses (30 542) (4 140) (34 682) (31 737) (7 058) (38 795) Total operating expenses (904 282) (77 452) (981 734) (542 690) (196 249) (738 939) Associated companies and joint ventures 8 700 (8 700) - 20 965 (20 965) - Other gains (losses), net - - - - - - Operating profit 107 957 9 721 117 678 77 168 23 114 100 282 Financial income 7 243 325 7 568 7 671 148 7 819 Financial expenses (48 840) (7 593) (56 433) (26 075) (17 283) (43 358) Net financial expenses (41 597) (7 268) (48 865) (18 404) (17 136) (35 540) Profit/(loss) before taxes 66 360 2 453 68 813 58 764 5 979 64 743 Income taxes (15 187) (2 453) (17 640) (8 867) (5 978) (14 845) Net income 51 173 - 51 173 49 897 - 49 897 EBITDA 1 99 971 19 577 119 548 56 765 45 231 101 996 EBITDA margin1 10.0% N/A 10.9% 9.5% N/A 12.2% 1 EBITDA is operating profit before interest, taxes, depreciation, amortisation, associated companies and joint ventures and other gains (losses). Q2 2026 Q2 2025
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Q2 2026 25 10. Alternative Performance Measures (APMs) The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and as endorsed by the EU. In addition, Selvaag Bolig presents s everal Alternative Performance Measures (APMs). APMs are performance measures not defined in the applicable financial reporting framework of IFRS and are therefore not necessarily comparable or equal to the calculation of similar measures used by other com panies. The APMs are reported in addition to, but are not substitutes for, the group’s consolidated financial statements, prepared in accordance with IFRS. Below we present an overview of which alternative performance measures are included in the quarterly report, why they are used and how they are defined: EBITDA: EBITDA is a measure of operating profit before interest, tax, depreciation, amortisation, and other gains (losses). The basis for the calculation of this are the consolidated financial statements according to IFRS, see the table below. The group presents this because group management believes that EBITDA gives useful additional information about the profitability of the group’s operations. EBITDA is used by many companies and is well suited to comparing profitability between companies. Adjusted EBITDA: Adjusted EBITDA is EBITDA, as defined above, less financial expenses which are a part of project costs, see the table below. Since IFRS requires that financial expenses that are capitalised as a part of inventory must be expensed as costs of goods on delivery, adjusted EBITDA is presented to show the profitability of the group’s operations before financial expenses. The group presents this because group management believes that adjusted EBITDA provides useful additional information about the underlying profitability of the group’s operations. Statement of proportional consolidation NGAAP (figures in NOK 1 000) NGAAP Adj share Assoc/JV gross Pro forma gross Assoc/JV NGAAP Adj share Assoc/JV gross Pro forma gross Assoc/JV Revenues 1 954 347 158 604 2 112 951 1 243 910 286 494 1 530 404 Other revenues 38 406 7 509 45 915 32 834 4 899 37 733 Total operating revenues 1 992 753 166 113 2 158 866 1 276 744 291 393 1 568 137 Project expenses (1 658 397) (120 190) (1 778 587) (1 031 928) (227 231) (1 259 159) Salaries and personnel costs (68 658) (622) (69 280) (62 881) (461) (63 342) Depreciation and amortisation (1 408) (2 308) (3 716) (1 111) (2 303) (3 414) Other operating expenses (64 416) (7 256) (71 672) (60 576) (11 070) (71 646) Total operating expenses (1 792 879) (130 375) (1 923 254) (1 156 496) (241 063) (1 397 559) Associated companies and joint ventures 17 997 (17 997) - 19 692 (19 692) - Other gains (losses), net - - - - - - Operating profit 217 871 17 741 235 612 139 940 30 638 170 578 Financial income 12 810 652 13 462 14 490 295 14 785 Financial expenses (100 313) (13 317) (113 630) (54 063) (24 609) (78 672) Net financial expenses (87 503) (12 666) (100 169) (39 573) (24 315) (63 888) Profit/(loss) before taxes 130 368 5 076 135 444 100 367 6 323 106 690 Income taxes (28 179) (5 076) (33 255) (19 353) (6 323) (25 676) Net income 102 189 - 102 189 81 014 - 81 014 EBITDA 1 201 282 38 046 239 328 121 359 52 632 173 991 EBITDA margin1 10.1% N/A 11.1% 9.5% N/A 11.1% 1 EBITDA is operating profit before interest, taxes, depreciation, amortisation, associated companies and joint ventures and other gains (losses). 1H 2026 1H 2025
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Q2 2026 26 EBITDA (percentage of completion, NGAAP): EBITDA (percentage of completion, NGAAP) is the operating profit before interest, tax, depreciation, amortisation, profits from associated companies and joint ventures and other gains (losses). The basis for this is from the group’s segment reporting where the percentage of completion method, which is the completion ratio multiplied by sales ratio, is used, see note 4. The group presents this because group management believes that EBITDA (percentage of completion, NGAAP) gives important additional information about the underlying value creation trends in the group. Net interest-bearing debt: Net interest -bearing debt is the sum of interest -bearing debt less cash and cash equivalents, see table on page 5. The group presents this because it believes it to be a useful indicator of the group’s debt, financial flexibility and capital structure. (figures in NOK 1 000) Q2 2026 Q2 2025 1H 2026 1H 2025 2025 Operating profit 114 067 -3 855 86 968 (35 408) 126 705 Depreciation and amortisation 1 759 1 607 3 499 3 202 6 748 Other gains (losses), net - - - - - EBITDA 115 826 -2 248 90 467 (32 206) 133 453 Finance expenses 1 139 048 16 815 147 060 27 486 158 477 EBITDA adjusted 254 874 14 567 237 527 (4 720) 291 930 1 See note 6
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Q2 2026 27 11. Financial covenants The collaboration agreement with Urban Property, as described in note 7, includes financial covenants with the following requirements: 1) Equity must be greater than NOK 1 800 million. 2) Debt ratio must be below 40 per cent. Debt ratio is defined as: Net debt / (Net debt + equity). 3) Net debt / rolling 12- month earnings before depreciation and tax according to NGAAP must be below 3. 4) Maximum 2.5- year accumulated, unpaid option premium. This consists of three elements multiplied with each other: (Lowest of market value or acquisition price of land plots in UP) times (annual option premium which is 3 -month NIBOR + 3.75 per cent) times 2.5. 5) Selvaag Bolig must have at least 500 units in production, calculated as an average over the last 12 months. For joint ventures, Selvaag Bolig's share of the projects is used. 6) SBO must have a sales ratio of at least 60 per cent for units in production. 7) Outstanding seller credits must at the most be equal to 50 per cent of the equity in SBO and SBO must have free liquidity available, including available credit facilities, to cover 10 per cent of outstanding seller credits. The calculation of net debt in covenant number 2 shall exclude construction loans and Selvaag Bolig’s balance sheet debt related to Portfolio B. At the same time, the accumulated accrued option premium and seller credits shall be included in the calculation. In the calculation of net debt in covenant number 3, construction loans, seller credits, loans on completed units and debt in portfolio B shall be excluded from Selvaag Bolig’s balance sheet. At the same time, the accumulated accrued option premium shall be included in the calculation. On a breach of financial covenants, Selvaag Bolig must receive approval from UP for dividend and other distributions until the covenants once again are met. If there is a breach of covenants for three months, the option premium increases by 25 basis points until the covenants again are met. On a breach of covenants, the company’s purchase of own shares for the employee share programme are excluded from the rule about approval of dividends or other distributions from Selvaag Bolig. Selvaag Bolig ASA has a credit facility agreement of NOK 300 million with DNB, which matures in December 2027. No drawings had been made against this facility at 30 June 2026. The agreement includes financial covenants with the following requirements: • The equity ratio must be at least 25 per cent. • The average sales ratio for units in production must be at least 60 per cent. If the sales ratio is between 60 and 65 per cent, the lender must give its approval for the loan facilities to be drawn on, and the margin increases by 50 basis points. Selvaag Bolig has not been in breach of covenants so far in 2026, nor in 2025.
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Q2 2026 28 Declaration from the board of directors and CEO We declare, to the best of our knowledge, that the half-year financial statements for the period from 1 January to 30 June 2026 have been prepared in accordance with IAS 34 on interim financial reporting, and that the information in the accounts provides a true and fair picture of the group’s assets, liabilities, financial position and overall results. We further declare, to the best of our knowledge, that the directors’ report for the first half year provides a true and fair view of important events in the accounting period and their influence on the half -year accounts, and the principal risk and uncert ainty factors facing the business in the next accounting period. The board of directors for Selvaag Bolig ASA Oslo, 5 August 2026 Olav Hindahl Selvaag Chair Øystein Thorup Director Petra Krüger Director Andrea Utne Tveter Director Tore Myrvold Director Gisele Marchand Director Patrik Eriksson Director Sverre Molvik CEO
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For further information, please contact: Sverre Molvik, CEO Selvaag Bolig ASA Telephone: +47 401 00 585, e-mail: smo@selvaagbolig.no About Us Selvaag Bolig ASA is a residential development company that manages the entire value chain from acquisition of land to completed residential and urban areas. The company represents a continuation of Selvaag’s 75-year history and experience and has several thousand homes under development in growth areas in and around the largest cities in Norway and Sweden. Selvaag Bolig offers a broad variety of housing types, including the lifestyle concept Selvaag Pluss®, which features homes with shared spaces and services. www.selvaagboligasa.no/eng