Slides
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Oslo, 5 November 2026 Sverre Molvik, CEO Christopher Brunvoll, CFO Q3 2026
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2 Agenda Highlights Operational update Financial update Market Summary
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• Maintaining sales momentum in challenging market, with 95 units sold valued NOK 643 m • Record sales value year-to-date • Solid financial results given market conditions • Strong pipeline with order backlog of NOK 7.2 bn • Construction start in Stockholm Highlights Q3 2026 3
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Key financials Q3 2026 (Proforma*) 4 1 593 Operating revenues NOK million 1 099 Operating revenues (NGAAP) NOK million 9.6 EBITDA*** margin (NGAAP) Per cent 15.0 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 • Adjusted for Selvaag Bolig’s share in joint ventures. Includes booking agreements in Sweden. ** Of which 15 booking agreements (bokningsavtaler) Includes binding contracts under Norwegian and Swedish laws, plus booking agreements used in Sweden. Booking agreements are non-binding agreements secured by a deposit; they are converted into binding purchase agreements before construction start. 600 708 2 516 1 373 643 7.1 6.7 7.0 8.0 6.8 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Sales value of sold units Average price per unit 83 77 100 85 95 2022 2023 2024 2025 2026 Total sales incl. booking agreements 448 360 568 466 YTD 625**
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Rolling sales value and units sold 7 Note: Sales value is adjusted for Selvaag Bolig’s share in joint ventures. Note: Total columns show Selvaag Bolig’s gross sales. Note: Columns excluding dotted areas show Selvaag Bolig’s net sales. Sales value 12-month rolling Units sold 12-month rolling NOK million Units Includes binding contracts under Norwegian and Swedish laws, plus booking agreements used in Sweden. Booking agreements are non-binding agreements secured by a deposit; they are converted into binding purchase agreements before construction start. 482 466 655 721 731 566 521 688 776 795 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Units sold Gross-Net Gross 12 months rolling 3 177 3 036 4 514 5 196 5 240 6.6 6.5 6.9 7.2 7.2 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Total sales value 12m roling sales value per unit sold (net)
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Construction starts and completions 8 Construction starts and completions per quarter Units 0 122 166 290 119 114 261 0 242 226 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Construction starts Units completed Note: Number of units are adjusted for Selvaag Bolig’s share in joint ventures.
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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 Q3 2026 · 59% of construction volume in Greater Oslo Area* in Q3 2026 · 74% of 2026 completions sold by Q3 2026 · Expected completions for the full year 2026: 688 · Expected completions for the full year 2027: 390 Note: Sales value and number of units are adjusted for Selvaag Bolig’s share in joint ventures. * Includes: Oslo, Akershus and selected urban areas in eastern Norway ** Including share of partially owned projects 220 88 46 7 249 Q4 26 Q1 27 Q2 27 Q3 27 Q4 27 7 457 6 574 7 796 8 056 7 206 1 051 912 1 078 1 126 1 019 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 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 Q3 2026 (IFRS) · 186 units delivered (98) - 0 units from share of JVs (10) · Revenues NOK 1 593 (659) - Other revenues NOK 20m (23) · Project costs NOK 1 443m (569) - Of which NOK 154m is financial expenses (57) · Other costs NOK 69m (60) · Adjusted EBITDA** NOK 239m (90) · EBITDA*** NOK 84m (33) · EPS in the quarter NOK 0.60 (0.25) Operating revenues (IFRS) Adjusted EBITDA margin 14% 19% -3% 17% 15% NOK million * Includes 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. 659 1 588 188 1 493 1 593 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
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Proforma* income statement highlights 9M 2026 (IFRS) 12 Operating revenues (IFRS) 2 695 2 067 2 180 1 202 3 274 YTD 2022 YTD 2023 YTD 2024 YTD 2025 YTD 2026 · 397 units delivered (172) · 9 units from share of JVs (24) · Revenues NOK 3 274m (1 202) - Other revenues NOK 66m (60) · Project costs NOK 2 887m (1 000) · Of which NOK 309 is financial expenses (95) · Other costs NOK 214m (198) · Adjusted EBITDA** NOK 491m (107) · EBITDA*** NOK 181m (12) · EPS YTD NOK 1.35 (0.05) NOK million Adjusted EBITDA margin 18% 12% 15% 9% 15% * Includes 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.
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Proforma* income statement highlights Q3 2026 (NGAAP) 13 Revenues and EBITDA margin (NGAAP)** 12 month-rolling (NGAAP)** * Includes 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 785 984 1 059 1 099 1 099 10% 14% 11% 11% 10% Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Operating revenues EBITDA margin 3 416 3 338 3 668 3 928 4 242 11% 12% 12% 12% 11% Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Operating revenues EBITDA margin
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Cash flow development Q3 2026 14 NOK million Note: Other items from NOK -20 to NOK +20 million are excluded from the cash flow overview. · Cash flow from operations positive at NOK 118 from positive earnings and deliveries releasing inventory · Cash flow from investing activities was positive NOK 0.4m related to dividends from JVs · Cash flow from financing negative at NOK 168m driven by debt repayments and interests paid 83 288 - 169 - 84 - 167 171 122 Cash and cash equivalents at 30 June Profit (loss) before income taxes Changes in inventories (property) Changes in trade receivables Other changes in working capital Net change in borrowings Cash and cash equivalents at 30 September - 100 200 300 400 500 600 Cash and cash equivalents at 30 June Profit (loss) before income taxes Changes in inventories (property) Change in trade receivables Other changes in working capital Net change in borrowings Cash and cash equivalents at 30 September
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7 494 7 494 Assets Equity and liabilities Balance sheet highlights Q3 2026 15 Cash Current liabilities Equity Non-current assets Non-current liabilitiesCurrent assets · Book value of equity NOK 25.8 per share - Equity ratio 32.4 % · Changes from Q2 2026: - Inventories decreased NOK 279m - Current receivables increased NOK 168m - Cash and cash equivalents decreased by NOK 49m · Prepayments from customers represent NOK 42m of other current non-interest- bearing liabilities NOK million Balance sheet composition
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Inventories (property) Q3 2026 16 Q3 2026 vs Q2 2026 Inventory value development · Land value up NOK 67m · Work in progress down NOK 663m · Finished goods up NOK 317m - 93 unsold completed units by quarter end (41) - 44 units sold and completed, but not delivered (56) NOK million 482 501 605 799 866 4 176 3 977 4 970 4 255 3 592 230 324 237 675 992 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Land (undeveloped) Work in progress Finished projects
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32 (Q2:32) 1 048 2 868 Land loan Debt to Urban Property Construction loan Debt structure 17 Loan facility Drawn at 30.09.26 (NOKm) Interest rate margin* 1 Construction loan facilities from a range of Nordic credit institutions 2 868 1.50% - 2.20% 2 Debt to Urban Property** 1 048 3.75%*** 3 Land loan facilities from a range of Nordic credit institutions 32 1.50% - 2.80% 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 Q3 2026 net interest-bearing debt NOK 3 826 million Total Q2 2026 net interest-bearing debt NOK 3 871 million Interest-bearing debt at 30.09.26 NOK 3 948 million (Q2: 3 061) (Q2: 4 042) NOK million (Q2: 949) * 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) 18 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). 466 586 512 339 366 241 182 245 235 263 239 177 100 22 50 133 135 223 255 19% 26% 23% 14% 15% 10% 8% 10% 10% 12% 11% 8% 4% 1% 2% 6% 6% 10% 11% 0% 5% 10% 15% 20% 25% 30% 0 100 200 300 400 500 600 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 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26
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Agenda Highlights Operational update Financial update Market Summary
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Estimated completions** 4 481 ~6 600* ~7 700** ~7 950** 0 2 000 4 000 6 000 8 000 10 000 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026e 2027e 2028e Average # of completions (2015-25): ~ 7 500 units Forecasted housing need of ~ 9 600 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. ** Uncertain estimates, depending on actual sales, future sales starts, regulation and project lead-time. 20 Estimated completions in Oslo and Akershus Oslo Akers- hus
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21 704 ~775* ~1 290** ~1 300** 0 250 500 750 1 000 1 250 1 500 1 750 2 000 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026e 2027e 2028e Average number of completions (2015-25): 1 200 units Forecasted housing need of ~1 380 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: 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. ** Uncertain estimates, depending on actual sales, future sales starts, regulation and project lead-time. Units Estimated completions in Bergen
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22 1 134 ~2 140* ~2 440* ~2 770* 0 500 1 000 1 500 2 000 2 500 3 000 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026e 2027e 2028e Average number of completions (2012-24): ~1 400 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: Stavanger region includes Stavanger, Sandnes, Sola, Randaberg 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. ** Uncertain estimates, depending on actual sales, future sales starts, regulation and project lead-time. Units Estimated completions in the Stavanger region
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Regional Newbuild availability Norway on 1 November 23 Source: Plot.ai; Statistics Norway * Includes Stavanger, Sola, Sandnes, Randaberg. ** Population at 30.06.2026. Population** 729 400 753 000 295 000 279 352 Available units per 1 000 capita 2.5 5.1 2.7 4.4 1 859 3 831 791 1 225 0 1 000 2 000 3 000 4 000 Oslo Akershus Bergen Stavanger area* 2024 2025 2026 Units
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3 457 1 086 0 1 000 2 000 3 000 4 000 Stockholm län Stockholm kommun 2024 2025 2026 Regional Newbuild availability Sweden on 31 October 24 Population* 2 498 257 1 002 906 Available units per 1 000 capita 1.4 1.1 Units Source: Booli Pro, Statistics Sweden (SCB) Note: Includes apartments only, both bostadsrätter (BRF) and äganderätter. * Population at 31.08.2026
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Regional Second-hand availability* Norway 1 November 25 Source: Eiendomsverdi, Statistics Norway. * Number of unsold units with less than 270 days in the market – basis of calculation extended from 180 days ** Includes Stavanger, Sola, Sandnes, Randaberg. *** Population at 30.06.2026 Population*** 729 400 753 000 295 000 279 000 Available units per 1 000 capita 5.3 4.9 1.8 2.1 Units 3 843 3 698 540 596 0 1 000 2 000 3 000 4 000 5 000 Oslo Akershus Bergen Stavanger** 2024 2025 2026
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Regional Second-hand availability Sweden 31 October 26 Population* 2 498 257 1 002 906 Available units per 1 000 capita 3.8 3.4 Units 9 580 3 387 0 2 000 4 000 6 000 8 000 10 000 12 000 Stockholm län Stockholm Kommun 2024 2025 2026 Source: Booli Pro, Statistics Sweden (SCB) Note: Includes apartments only, both bostadsrätter (BRF) and äganderätter. * Population at 31.08.2026
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Regional price development* Jan-Oct (Norway) 27 Source: Eiendom Norge. * Nominal price change. ** Includes Stavanger, Sola, Sandnes, Randaberg. 2.9% 2.9% 5.9% 3.6% -0.9% 2022 2023 2024 2025 2026 Oslo 4.9% 2.8% 12.5% 9.6% 6.8% 2022 2023 2024 2025 2026 Bergen 7.8 % 6.4 % 11.1 % 14.3 % 5.4 % 2022 2023 2024 2025 2026 Stavanger-area** 2.4% 1.8% 5.2% 4.7% 0.4% 2022 2023 2024 2025 2026 Akershus
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Regional price development* (Sweden) 28 Source: Svensk Mäklarstatistik *Nominal price change, using three months rolling statistics ** Definitions from Svensk Mäklarstatistik for bostadsrätter. Greater Stockholm comprises Stockholm Län -5.0 % 4.0 % 2.9 % 2.6 % 9.3 % 2022 2023 2024 2025 2026 Central Stockholm** -6.0 % 4.0 % 2.8 % 0.6 % 6.5 % 2022 2023 2024 2025 2026 Greater Stockholm** 12 Months (ending September)
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Snøbyen, Lørenskog, Greater Oslo ~ 2 000 units total, including ~ 200 Pluss units ~ 650 units remaining for sale and future development Skårerbyen, Greater Oslo ~ 1 100 units total, including ~ 250 Pluss units ~ 130 units remaining for sale Landås, Greater Oslo ~ 650 units total, including ~ 400 Pluss units ~ 330 units remaining for sale and future development Sandsli, Bergen ~ 1 200 units total, including ~ 500 Pluss units ~ 800 units remaining for sale and future development Solbergskogen, Greater Oslo ~ 350 units total, including ~ 210 Pluss units ~ 180 units remaining for sale and future development Telekvartalet, Oslo ~ 195 units total ~ 110 units remaining for sale Selected ongoing projects 29 Attractive projects in prime locations
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Construction start of Terrasskvarteret Pluss in Stockholm Milestone in Selvaag Bolig’s expansion in the Stockholm region • Construction of the first 119 of 166 homes started in Q3 2026 • More than 65% of sales value under binding purchase agreements • Construction of the remaining units is expected to start in Q4 2026 • Deliveries are planned in 2028. 30
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Selected upcoming projects Lilleaker, Oslo ~ 110 units (2027) Fredrikstad (JV), Greater Oslo ~ 2 000 units , including ~ 400 Pluss units (2027) Robust project pipeline to meet long term demand Slakthusområdet, Stockholm ~190 Pluss units (2028) Hornsberg, Stockholm ~ 180 CITY units (2029) Bjerke, Oslo ~ 1 500 units, including ~ 300 Pluss units (2028/2029) 31 Høyden, Moss (JV) , Greater Oslo ~ 800 units , including ~ 250 Pluss units (2027/2028) Mellomåsen, Greater Oslo ~ 500 units, including ~ 250 Pluss units (2027) Parkkvarteret Nacka, Stockholm ~170 Pluss units (2029/2030) Kaldnes (JV), Tønsberg ~ 250 Pluss units (2027/2028) 2027-2028 2028-2030 Potential sales start 2027
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Agenda Highlights Operational update Financial update Market Summary
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Outlook 33 • High demand for homes in SBO’s core regions - The Stockholm market is improving - The Norwegian market remains challenging • Record sales value YTD and solid pipeline - 1 019 units under construction secures results in the coming years - Results demonstrate SBO’s ability to perform under demanding market conditions • Construction cost expected to remain high - Fixed-cost contract strategy mitigating risk - High construction costs on the political agenda • Well-positioned with a robust land bank and solid land purchasing capacity
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Summary • Maintaining sales momentum in challenging market, with 95 units sold valued NOK 643 m • Record sales value year-to-date • Solid financial results given market conditions • Strong pipeline with order backlog of NOK 7.2 bn • Construction start in Stockholm 34
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Thank you for your attention Next event: 4th quarter 2026 11 February 2027
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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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~10 600 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 10 098 10 566 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD 2026 Note: Completed ~50 000 units from 1948 to 2011. Units completed
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…for a total value of NOK 44 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 40.4 43.6 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD 2026 NOK billion
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3 052 3 070 2 794 2 629 2 386 2 047 2 088 2 040 2 099 2 162 2 471 2 603 2 603 2 776 2 714 3 023 3 424 3 745 19.0 % 18.5 % 18.8 % 18.8 % 18.6 % 18.7 % 16.5 % 15.7 % 14.9 % 14.1 % 14.9 % 15.0 % 15.4 % 15.5 % 15.0 % 14.6 % 14.2 % 13.9 % Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 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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Project margin development (Proforma***) 48 * Includes project revenues only. ** Project margins are exclusive of overhead costs. Construction costs are exclusive of financial expenses in the segment reporting (NGAAP) *** Proforma figures: Including SBO share of JV projects NOK million 2 675 2 778 2 880 3 212 3 235 3 253 3 347 3 258 3 587 3 843 4162 15.8 % 14.9 % 14.0 % 15.1 % 15.1 % 15.9 % 16.2 % 16.2 % 16.0 % 15.4 % 15.0 % Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 12 months rolling operating revenues (NGAAP)* 12m rolling project margin**
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0 10 20 30 40 50 60 70 80 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 Jun-23 Dec-23 Jun-24 Dec-24 Jun-25 Dec-25 Jun-26 Performance since IPO in June 2012 49 Source: Oslo Børs NOK -100% 0% 100% 200% 300% 400% 500% 600% 700% 800% Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 Jun-23 Dec-23 Jun-24 Dec-24 Jun-25 Dec-25 Jun-26 Share price development Total shareholder return
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50 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 62.4 63.8 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 57.1 57.1 H2'12 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD 2026 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 1.00 per share in 2025 - Pay-out ratio of 70 % · Due to macro economic uncertainty, the board has decided to postpone dividend considerations for H1 2026 until the full year results are concluded Earnings and dividend per share since IPO
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Shareholder # of shares % share SELVAAG AS 50 180 087 53.5% Skandinaviska Enskilda Banken AB 6 692 335 7.1% PERESTROIKA AS 3 848 312 4.1% VERDIPAPIRFONDET ALFRED BERG GAM BA 2 706 726 2.9% The Northern Trust Comp, London Br 2 186 000 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% 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. 482 558 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 392 529 0.4% KBC Bank NV 386 569 0.4% BNP Paribas 350 000 0.4% Total 20 largest shareholders 76 519 854 81.6% Other shareholders 17 245 834 18.4% Total number of shares 93 765 688 100.0% * Further information regarding shareholders is presented at: http://sboasa.no/en Share information as at 30.09.26 51 Number of shareholders · Total number of shares: 93.8 million · Number of shareholders: 6 128 (6 261) - 20 largest controlling 81.6% (81.4%) - Selvaag AS largest shareholder - 53.5% · Trading - 2.4 million shares during the quarter (1.9), 2.6% of total shares outstanding (2.0%) - Share turnover totaled NOK 76.1 million (64.2) 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 Q4 25 Q3 26 20 largest shareholders Note: Numbers in brackets from the previous quarter.
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· More than 60 000 homes since 1948 · Housing for all · Focus on fast growing urban regions · Large projects with more than 150 units 52 Addressing the long-term housing need Greater-Oslo 7 286 units Stavanger 445 units Bergen 1 022 units Stockholm 1 044 units
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Substantial land bank in Norway’s 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 53 Stockholm 1 044 units Greater-Oslo 7 286 units Stavanger 445 units Bergen 1 022 units Note: The numbers represent the size of the land portfolio at 30 September 2026. All numbers are adjusted for Selvaag Bolig’s share in joint ventures. The total portfolio is ~9 800 units. Of these ~5 250 are options and obligations to buy.
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54 1368 ~2 100* ~2 800** ~2 850** 0 1 000 2 000 3 000 4 000 5 000 6 000 7 000 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026e 2027e 2028e Average number of completions (2015-25): ~2 650 units Actual completions Estimated 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. ** Uncertain estimates, depending on actual sales, future sales starts, regulation and project lead-time. Units Estimated completions in Oslo Forecasted housing need of ~4 400 units per year (medium growth)
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Estimated completions** 3 113 ~4 500* ~4 900** ~5 100** 0 1 000 2 000 3 000 4 000 5 000 6 000 7 000 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026e 2027e 2028e Average # of completions (2015-25): ~4 850 units Forecasted housing need of ~5 200 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. ** Uncertain estimates, depending on actual sales, future sales starts, regulation and project lead-time. 55 Estimated completions in Akershus
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Newbuild market update Greater Oslo area 56 Oslo 1.1–31.10, 2026 Akershus 1.1–31.10, 2026 1 239 1 859 1 815 1 195 Available 01.01.2026 Supplied to market Sold* Available 01.11.2026 Units Units Source: Plot.ai * Including withdrawals 3 870 3 831 2 020 2 059 Available 01.01.2026 Supplied to market Sold* Available 01.11.2026
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Newbuild market update Bergen and Stavanger 57 Bergen 1.1–31.10, 2026 Units Stavanger area** 1.1–31.10, 2026 Units Source: Plot.ai. * Including withdrawals ** includes Stavanger, Sandnes, Sola, Randaberg. 575 791 957 741 Available 01.01.2026 Supplied to market Sold* Available 01.11.2026 975 1 225 1 501 1 251 Available 01.01.2026 Supplied to market Sold* Available 01.11.2026
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Newbuild market update Stockholm area 58 Stockholms län 1.1–31.10.2026 Units Stockholm Kommun 1.1–31.10.2026 Units Source: Booli Pro. Note: Includes apartments only, both bostadsrätter (BRF) and äganderätter. * Including withdrawals 3 182 3 460 3 357 3 059 Available 01.01.2026 Supplied to market Sold* Available 31.10.2026 864 1 089 1 167 942 Available 01.01.2026 Supplied to market Sold* Available 31.10.2026
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Regional price* development October (Norway) 59 Source: Eiendom Norge and Eiendomsverdi * Nominal price change. ** Includes Stavanger, Sola, Sandnes, Randaberg. -2.4% -0.8% -0.2% -0.2% -0.2% 2022 2023 2024 2025 2026 Oslo -1.4% -0.6% 1.2% 0.0% -1.3% -4.0 % -2.0 % 0.0 % 2.0 % 2022 2023 2024 2025 2026 Bergen -1.6 % -1.3 % -1.9 % 0.2 % -1.5 % -4.0 % -2.0 % 0.0 % 2.0 % 2022 2023 2024 2025 2026 Stavanger-area** -2.0 % -1.1 % -0.5 % -0.7 % -1.6 % -2.5 % -0.5 % 1.5 % 2022 2023 2024 2025 2026 Akershus
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Oslo second-hand market update 60 Units Units 0 2 000 4 000 6 000 8 000 10 000 12 000 2020 2021 2022 2023 2024 2025 2026 0 4 000 8 000 12 000 16 000 20 000 24 000 2020 2021 2022 2023 2024 2025 2026 Units sold 1.1 – 31.10, 2020-26 Inventory at 31.10, 2020-26 Source: Eiendomsverdi.
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Akershus second-hand market update 61 Units Units 0 1 000 2 000 3 000 4 000 5 000 6 000 7 000 8 000 2020 2021 2022 2023 2024 2025 2026 Source: Eiendomsverdi. 0 4 000 8 000 12 000 16 000 2020 2021 2022 2023 2024 2025 2026 Units sold 1.1 – 31.10, 2020-26 Inventory at 31.10, 2020-26
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Bergen second-hand market update 62 Units Units 0 1 000 2 000 3 000 4 000 2020 2021 2022 2023 2024 2025 2026 Source: Eiendomsverdi. 0 2 000 4 000 6 000 8 000 2020 2021 2022 2023 2024 2025 2026 Units sold 1.1 – 31.10, 2020-26 Inventory at 31.10, 2020-26
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Stavanger-area* second-hand market update 63 Source: Eiendomsverdi. * Includes Stavanger, Sola, Sandnes, Randaberg. Units Units 0 1 000 2 000 3 000 2020 2021 2022 2023 2024 2025 2026 0 2 000 4 000 6 000 2020 2021 2022 2023 2024 2025 2026 Units sold 1.1 – 31.10, 2020-26 Inventory at 31.10, 2020-26
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Source: Svensk Mäklarstatistik ** Definitions from Svensk Mäklarstatistik for bostadsrätter. Greater Stockholm comprises Stockholm Län Greater Stockholm second-hand market update 64 Source: Booli Pro Note: Includes appartments only, both bostadsrätter (BRF) and äganderätter. Stockholm Län Units Units 0 2 000 4 000 6 000 8 000 10 000 12 000 2020 2021 2022 2023 2024 2025 2026 0 5 000 10 000 15 000 20 000 25 000 30 000 35 000 40 000 2023 2024 2025 2026 Units sold 1.1 – 30.09, 2023-26 Inventory at 31.10, 2020-26
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Regional price* development – October 2026 Area % chg -1M % chg -1M seasonal adj. % chg YTD % chg -12M % chg -5Y % chg -10Y Average price/sqm (NOK) Average price (NOK) Oslo -0.2% 0.3% -0.9% -1.1% 13.3% 35.7% 95 566 6 774 145 Bergen -1.3% -0.5% 6.8% 7.0% 33.6% 59.0% 64 473 5 192 727 Trondheim -2.0% -0.9% 3.0% 1.0% 6.4% 25.4% 54 594 4 482 568 Stavanger-area** -1.5% -0.1% 5.4% 5.2% 41.9% 59.2% 53 922 5 438 257 Norway -1.0% 0.1% 3.2% 1.9% 16.6% 42.7% 53 862 4 875 883 Source: Eiendom Norge. * Nominal price change. ** Includes Stavanger, Sola, Sandnes, Randaberg. 65
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Land bank in Oslo and Greater Oslo at 30.9.26 1 100 units 325 units 1 022 units 87 units 315 units 2 267 units 225 units *The numbers are adjusted for Selvaag Bolig’s share in joint ventures Oslo Bærum Asker Lillestrøm 1 250 units 590 units Bærum 1 100 units Avløs 100 units Fornebu 900 units Østern Bruk 100 units Follo/Østfold 2 267 units Ski 102 units Grenseveien 156 units Mellomåsveien 1 525 units Fredrikstad 900 units Vestby 184 units Rabekkgata 4-6 400 units Oslo Vest 105 units Lilleakerveien 105 units Oslo South 315 units Gjertsrud Stensrud 315 units Løren 87 units Lørenvangen 22 87 units Bjerke 1 250 units Bjerke 1 250 units Tønsberg 225 units Kaldnes 225 units Drammen 590 units Skalstadskogen 315 units Glassverket 275 units Asker 325 units Landås 325 units Lørenskog 1 022 units Lørenskog Stasjonsby 502 units LSV 400 units Pallplassen 120 units 105 units
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Land bank in Stavanger area at 30.9.26 97 units 14 units 334 units *The numbers are adjusted for Selvaag Bolig’s share in joint ventures Stavanger Sandnes Sola Sola 97 units Jaasund 97 units Stavanger 14 units Lervig brygge 14 units Sandnes 334 units Aase gård 34 units Sandnes Vågen 300 units
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Land bank in Bergen and Stockholm at 30.9.26 *The numbers are adjusted for Selvaag Bolig’s share in joint ventures. 68 1 022 units 1 044 units Norway Sweden Finland Bergen 1 022 units Sandsliåsen 40 80 units Sandsliåsen 46 110 units Sandslihaugen 30 600 units Torvmyra 14 units Kanalveien 51 – 53 218 units Stockholm 1 044 units Terrasskvarteren 47 units Årsta 160 units Slakthusområdet 194 units Barkarby 223 units Nacka 150 units Hornsberg 170 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 • Covenants : - Equity > NOK 1.8bn - Debt ratio < 40% - Net debt / 12 months rolling earnings before depreciation and tax according to NGAAP < 3 - Max 2.5 year accumulated unpaid option premium - > 500 units under production - Calculated as an average over the last 12 months - For joint ventures, SBO's share of the projects is used - Sales ratio > 60% for units under production - 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 69 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. • 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)
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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 70
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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 71 Margin development through project stages1 · Buy (i) options on unzoned land or (ii) ready-to-build land · Optimize 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 72
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Substantial portfolio for development 9 800 4 550 5 250 Total land bank Options and obligations to acquire Land bank in balance sheet Total land bank portfolio at 30.09.2026 Units 73
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Number of units sold - gross and net 394443 487 209 Number of units sold 164 142 178 199 248 173 125 276 201 120 83 44 116 79 77 88 139 207 100 122 169 106 85 107 358 172 95 196 186 209 225 274 180 147 306 271 139 102 49 152 99 85 99 154 235 116 160 196 117 93 115 363 205 112 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 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Units sold net Gross-net Units 74 Includes binding contracts under Norwegian and Swedish laws, plus booking agreements used in Sweden. Booking agreements are non-binding agreements secured by a deposit; they are converted into binding purchase agreements before construction start.
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Value of units sold - gross and net 394443 487 209 Sales value of units sold 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 1 038 690 600 708 2 516 1 373 643 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 1 244 771 674 774 2 563 1 653 774 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 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Sales value of sold units (net) Gross-net NOK million 75 Includes binding contracts under Norwegian and Swedish laws, plus booking agreements used in Sweden. Booking agreements are non-binding agreements secured by a deposit; they are converted into binding purchase agreements before construction start.
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Income statement highlights Q3 2026 (IFRS) 76 Operating revenues (IFRS) * EBITDA is profit before interest, taxes, depreciation and amortization. EBITDA adjusted is excluding financial expenses included in project costs. · 186 units delivered (98) - 0 units from share of JVs (10) · Revenues NOK 1 590m (568) - Other revenues NOK 17m (20) · Project costs NOK 1 442m (490) - Of which NOK 154m is interest (45) · Other costs NOK 64m (56) · Adjusted EBITDA* NOK 236m (73) · EBITDA* NOK 82m (28) · EPS in the quarter NOK 0.60 (0.25) NOK million Adjusted EBITDA margin 13% 21% -14% 18% 15% 568 1 091 123 1 451 1 590 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
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Income statement highlights 9M 2026 (IFRS) 77 Operating revenues (IFRS) * EBITDA is profit before interest, taxes, depreciation and amortization. EBITDA adjusted is excluding financial expenses included in project costs. · 397 units delivered (172) · 9 units from share of JVs (24) · Revenues NOK 3 164m (996) - Other revenues NOK 56m (53) · Project costs NOK 2 794m (829) - Of which NOK 301 is interest (73) · Other costs NOK 199m (181) · Adjusted EBITDA* NOK 474m (68) · EBITDA* NOK 173m (-5) · EPS YTD NOK 1.35 (0.05) NOK million Adjusted EBITDA margin 19% 12% 16% 7% 15% 2 228 2 008 1 473 996 3 164 YTD 22 YTD 23 YTD 24 YTD 25 YTD 26
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Income statement highlights 9M 2026 (NGAAP) 78 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 691 826 989 1 004 1 006 9% 10% 10% 10% 9% Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Operating revenues EBITDA margin 2 845 2 793 3 104 3 509 3 825 10% 10% 10% 10% 10% Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Operating revenues EBITDA margin
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Proforma* income statement highlights YTD 2026 (NGAAP) 79 Revenues and EBITDA margin (NGAAP)** 12 month-rolling (NGAAP)** * Includes 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 2 017 2 222 2 353 3 258 11% 9% 11% 11% 1000 1500 2000 2500 3000 3500 YTD 2023 YTD 2024 YTD 2025 YTD 2026 Operating revenues EBITDA margin 3 416 3 338 3 668 3 928 4 242 12% 12% 12% 12% 11% Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Operating revenues EBITDA margin
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(figures in NOK million) Q3 2026 Q3 2025 9M 2026 9M 2025 2025 Total operating revenues 1 590.1 567.5 3 164.0 996.0 2 086.6 Project expenses (1 442.3) (489.8) (2 793.7) (828.8) (1 767.3) Other operating expenses (61.9) (54.2) (193.2) (176.1) (255.3) Associated companies and joint ventures (3.8) 4.2 (4.5) 4.4 69.4 EBITDA 82.1 27.7 172.5 (4.5) 133.5 Depreciation and amortisation (1.8) (1.6) (5.3) (4.8) (6.7) Other gains (loss) - - - - - EBIT 80.2 26.1 167.2 (9.3) 126.7 Net financial expenses 2.4 3.1 10.1 9.1 12.9 Profit/(loss) before taxes 82.7 29.1 177.3 (0.2) 139.6 Income taxes (26.7) (5.8) (51.2) 4.1 (6.6) Net income 55.9 23.3 126.2 3.9 133.0 Income statement IFRS 80
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(figures in NOK million) Q3 2026 Q2 2026 Q3 2025 2025 Intangible assets 383.4 383.4 383.4 383.4 Property, plant and equipment 8.2 8.8 8.6 7.7 Investments in associated companies and joint ventures 253.7 256.0 289.5 312.9 Other non-current assets 875.4 844.7 877.1 919.0 Total non-current assets 1 520.7 1 492.9 1 558.6 1 623.0 Inventories (property) 5 450.4 5 729.2 4 888.6 4 802.1 - Land 866.2 799.2 482.0 500.6 - Land held for sale - Work in progress 3 591.7 4 254.9 4 176.4 3 977.4 - Finished goods 992.4 675.2 230.2 324.1 Other current receivables 401.1 232.9 125.0 124.7 Cash and cash equivalents 122.3 171.3 200.6 254.8 Total current assets 5 973.8 6 133.3 5 214.2 5 181.6 TOTAL ASSETS 7 494.4 7 626.2 6 772.8 6 804.6 Equity attributed to shareholders in Selvaag Bolig ASA* 2 422.5 2 371.2 2 274.0 2 401.1 Non-controlling interests 8.0 7.9 7.9 7.9 Total equity 2 430.5 2 379.1 2 281.9 2 409.1 Non-current interest-bearing liabilities 1 464.0 1 337.5 1 867.1 1 098.1 Other non-current non interest-bearing liabilities 598.7 625.6 715.2 694.4 Total non-current liabilities 2 062.7 1 963.1 2 582.4 1 792.5 Current interest-bearing liabilities 2 483.9 2 704.7 1 368.4 1 938.0 Other current non interest-bearing liabilities 517.4 579.3 540.1 665.1 Total current liabilities 3 001.3 3 284.0 1 908.5 2 603.0 TOTAL EQUITY AND LIABILITIES 7 494.4 7 626.2 6 772.8 6 804.6 Balance sheet 81
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(figures in NOK million) Net cash flow from operating activities Net cash flow from investment activities Net cash flow from financing activities Net change in cash and cash equivalents Cash and cash equivalents at start of period Cash and cash equivalents at end of period Cash flow statement 82 Q3 2026 Q3 2025 9M 2026 9M 2025 118.4 (124.7) (799.0) (1 564.8) 0.4 (20.6) 49.8 18.1 (167.8) 81.6 616.7 1 363.6 (48.9) (63.8) (132.5) (183.1) 171.3 264.3 254.8 383.6 122.3 200.6 122.3 200.6
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Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Units sold 85 106 358 172 95 Construction starts - 122 166 290 119 Units completed 114 261 - 242 226 Completed unsold units 38 45 32 41 93 Completed sold units pending delivery 28 22 11 56 44 Units delivered 98 261 24 187 186 Units under construction 1 051 912 1 078 1 126 1 019 Proportion of sold units under construction 64 % 60 % 65 % 61 % 64 % Sales value of units under construction (NOK million) 7 457 6 574 7 796 8 056 7 206 83 Operational highlights – key operating figures
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EBITDA Q3 2026 Note: EBITDA is operating profit before depreciation, gains (losses) and profit from associated companies. 84 (figures in NOK million) Property development Other Total Operating revenues 992.0 14.5 1 006.5 Project expenses (858.0) - (858.0) Other operating expenses (9.2) (53.5) (62.7) EBITDA (percentage of completion) 124.7 (39.0) 85.8 Note: Construction costs are exclusive of financial expenses in the segment reporting. IFRS EBITDA for the quarter, per segment Operating revenues 1 575.5 14.5 1 590.0 Project expenses (1 442.3) - (1 442.3) Other operating expenses (9.2) (52.6) (61.9) Share of income (losses) from associated companies and joint ventures (3.8) - (3.8) g ( ) EBITDA 120.2 (38.1) 82.1 Units in production 1 019 N/A N/A Units delivered 186 N/A N/A
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EBITDA 9M 2026 Note: EBITDA is operating profit before depreciation, gains (losses) and profit from associated companies. 85 (figures in NOK million) Property development Other Total Operating revenues 2 948.8 50.5 2 999.2 Project expenses (2 516.4) (0.0) (2 516.4) Other operating expenses (37.3) (158.5) (195.8) EBITDA (percentage of completion) 395.1 (108.0) 287.0 Note: Construction costs are exclusive of financial expenses in the segment reporting. IFRS EBITDA full year per segment Operating revenues 3 113.6 50.5 3 164.0 Project expenses (2 793.7) (0.0) (2 793.7) Other operating expenses (37.3) (155.9) (193.2) Share of income (losses) from associated companies and joint ventures (4.5) - (4.5) EBITDA 278.0 (105.5) 172.5 Units in production 1 019 N/A N/A Units delivered 397 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 · ~80% (one of the world’s highest) · Economic benefits for homeowners · 22% of mortgage loan interest payments are tax-deductible · Transfer stamp duty for new houses is significantly lower than for secondhand homes · Tax-free capital gains on primary residence if used as primary residence at least 12 months within the last two years · Strong population growth · Norway’s urban areas are among the fastest-growing in Europe · Good market for new homes 86 Source: Selvaag Bolig and Eurostat.
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Swedish housing market • Low risk for housebuilders - Advance sales: banks typically require that 50-70% of homes are sold before construction starts - Two-step to binding offer: Starting with a booking agreement (bokningsavtal) with small deposit followed by a binding agreement before decision is taken on construction start • High level of home ownership ~65% - Slightly lower than Norway, but still strong ownership culture • Economic benefits for homeowners - 30% of mortgage loan interest payments are tax-deductible up to SEK 100,000 and 21% on amounts above that - Capital gains on primary houses up to SEK 3 million deferred if reinvested into new primary home • More lenient regulations from 01 April 2026 - Raised the mortgage cap from 85% to 90%, reducing the required down payment from 15% to 10%. - Removed rule requiring borrowers with debt above 4.5x income to make an additional 1% annual repayment • Strong population growth - Stockholm's population has grown by over 20% since 2000, and is experiencing solid internal migration 87 Source: Selvaag Bolig and Eurostat.
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Total household debt and homeownership 222% 215% 209% 203% 181% 179% 178% 162% 141% 130% 122% 115% 104% 103% 98% 85% 85% 79% 78% 77% 74% 74% 74% 60% 53% 50% 39% 38% 27% 77% 58% 63% 52% 69% 58% 62% 78% 61% 68% 84% 59% 66% 72% 65% 68% 41% 75% 74% 94% 48% 68% 75% 72% 87% 74% 81% 85% 70% Household debt in % of net disposable income (2024) Household Tenure Owner (2024) 88 Source: OECD, *Statistics Norway
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Price development Second-hand market Norway and selected regions (2005-26) 89 Price development (rebased 1.1.2005) Source: Eiendomsverdi. * Stavanger area includes: Randaberg, Sandnes, Sola, Stavanger. 0.0 50.0 100.0 150.0 200.0 250.0 300.0 350.0 Jan-05 Jun-05 Nov-05 Apr-06 Sep-06 Feb-07 Jul-07 Dec-07 May-08 Oct-08 Mar-09 Aug-09 Jan-10 Jun-10 Nov-10 Apr-11 Sep-11 Feb-12 Jul-12 Dec-12 May-13 Oct-13 Mar-14 Aug-14 Jan-15 Jun-15 Nov-15 Apr-16 Sep-16 Feb-17 Jul-17 Dec-17 May-18 Oct-18 Mar-19 Aug-19 Jan-20 Jun-20 Nov-20 Apr-21 Sep-21 Feb-22 Jul-22 Dec-22 May-23 Oct-23 Mar-24 Aug-24 Jan-25 Jun-25 Nov-25 Apr-26 Sep-26 Bergen Norge Oslo Stavanger area* Akershus
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Population* growth in Oslo and Akershus remains high 90 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 % 26.3 % 26.3 % 36% 39% 33% 36% 40% 43% 42% 45% 55% 55% 46% 44% 37% 35% 53% 31% 47% 20% 22% 24% 26% 28% 30% 32% -3% 7% 17% 27% 37% 47% 57% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Share of total population in Oslo and Akershus Share of total population growth in Oslo and Akershus * Population as per 30.06,2026 Source: Statistics Norway
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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. 91
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Macroeconomics Norway Demand 2020 - 2029eReal economy 2020 - 2029e Prices and interest rates 2020 - 2029eWages and disposable income 2020 - 2029e Source: Monetary Policy Report 2|26 June, Central Bank of Norway. 92 -4.0 % -2.0 % 0.0 % 2.0 % 4.0 % 6.0 % 2020 2021 2022 2023 2024 2025 2026e 2027e 2028e 2029e GDP GDP mainland Unemployment rate -30.0 % -20.0 % -10.0 % 0.0 % 10.0 % 2020 2021 2022 2023 2024 2025 2026e 2027e 2028e 2029e Mainland demand Household consumption Housing investment -2.00% 0.00% 2.00% 4.00% 6.00% 2020 2021 2022 2023 2024 2025 2026e 2027e 2028e 2029e Annual wages Real disposable income 0.0 % 2.0 % 4.0 % 6.0 % 8.0 % 10.0 % 2020 2021 2022 2023 2024 2025 2026e 2027e 2028e 2029e CPI House prices Household credit (C2) Policy rate
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Macroeconomics Sweden Demand 2022 - 2028eReal economy 2022 - 2028e Prices and interest rates 2022 - 2028eWages and disposable income 2022 - 2028e Source: Monetary Policy Report June 2026, Central Bank of Sweden. 93 0% 2% 4% 6% 8% 10% 2021 2022 2023 2024 2025 2026e 2027e 2028e GDP Unemployment rate -2% 0% 2% 4% 6% 8% 2021 2022 2023 2024 2025 2026e 2027e 2028e Household consumption Public consumption 0% 2% 4% 6% 8% 10% 2021 2022 2023 2024 2025 2026e 2027e 2028e CPI Policy rate -1% 0% 1% 2% 3% 4% 5% 2021 2022 2023 2024 2025 2026e 2027e 2028e Hourly wage, NMO Individual savings
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Macroeconomics Europe Source: Bloomberg, UN 94 -2% 0% 2% 4% 6% 2022 2023 2024 2025 2026e 2027e 2028e Norway Sweden Denmark Germany UK 0% 2% 4% 6% 8% 10% 2022 2023 2024 2025 2026e 2027e 2028e Norway Sweden Denmark Germany UK 0% 1% 2% 3% 4% 5% 6% 2022 2023 2024 2025 2026e 2027e 2028e Norway Sweden Denmark EU UK 2.1 % 1.8 % 1.4 % 2.6 % -1.8 % 4.4 % 4.1 % 2.4 % 6.2 % -4.4 % -6% -4% -2% 0% 2% 4% 6% 8% Norway Sweden Denmark United Kingdom Germany 2040e 2030e Unemployment 2022 - 2028eGDP growth 2022 - 2028e Central bank policy rates 2022 - 2027ePopulation growth 2025 -> 2030e and 2040e