Interim report
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Q3 2026 Third quarter results
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Q3 2026 1 Selvaag Bolig delivered 186 units in the third quarter. Revenue was higher than in the same quarter last year, mainly due to more delivered units. Sales in the quarter were 95 net units, compared to 85 units in the previous period one year earlier. A total of 1 019 units were under construction at the end of the quarter. • Operating revenues1 NOK 1 590 million (568) • Adjusted EBITDA3 NOK 236 million (73) and ordinary EBITDA2 NOK 82 million (28) • Pre-tax profit of NOK 83 million (29) • 95 units sold7 (85) and construction started on 119 new units (0) • 226 units completed (114) and 186 delivered (98) • A total of 1 019 units (1 051) under construction at 30 September, with a combined sales value of NOK 7 206 million (7 457) • 64 per cent of units under construction were sold (64 per cent) at the end of the quarter. 74 per cent of the units to be completed in 2026 are sold (90). At 30 September, the group held 93 completed but unsold units (38) (Figures in brackets relate to the same period of the year before) Key figures (figures in NOK 1 000) Q3 2026 Q3 2025 9M 2026 9M 2025 2025 IFRS main figures Operating revenues 1 1 590 050 567 541 3 164 029 995 972 2 086 648 EBITDA2 82 066 27 703 172 533 (4 503) 133 453 EBITDA adjusted3 236 455 72 831 473 982 68 111 291 930 Operating profit/(loss) 80 218 26 065 167 186 (9 343) 126 705 Profit/(loss) before taxes 82 659 29 124 177 334 (217) 139 599 Net inc ome 55 926 23 320 126 153 3 887 132 996 Cash flow from operating activities 118 412 (124 701) (798 981) (1 564 806) (1 310 088) Net cash flow (48 915) (63 757) (132 490) (183 073) (128 811) Interest-bearing liabilities 3 947 883 3 235 561 3 947 883 3 235 561 3 036 037 Total assets 7 494 449 6 772 750 7 494 449 6 772 750 6 804 609 Equity 2 430 479 2 281 897 2 430 479 2 281 897 2 409 060 Equity ratio 32.4% 33.7% 32.4% 33.7% 35.4% Earnings per share in NOK 0.60 0.25 1.35 0.05 1.42 Segment reporting (NGAAP4) Operating revenues 1 006 481 690 529 2 999 234 1 967 273 2 792 866 EBITDA5 85 763 61 653 287 045 183 012 267 199 EBITDA margin 8.5% 8.9% 9.6% 9.3% 9.6% EBITDA pro forma gross6 105 200 80 114 344 527 254 105 387 140 EBITDA margin pro forma gross 9.6% 10.2% 10.6% 10.8% 11.6% Key figures (net, adjusted for share in joint ventures) Number of units sold 7 95 85 625 360 466 - Of which binding agreements 95 85 610 360 466 - Of which booking agreements in Sweden - - 15 - - Number of construction starts 119 - 575 354 476 Number of units delivered 186 98 397 172 433 Number of units completed 226 114 468 132 393 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. Highlights of the third quarter 2026
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Q3 2026 2 Summary of overall results Results for the third quarter of 2026 (Figures in brackets relate to the corresponding period of 2025. The figures are unaudited.) Selvaag Bolig had operating revenues of NOK 1 590.1 million (NOK 567.5 million) in the third quarter. Revenues from units delivered accounted for NOK 1 572.9 million (NOK 547.1 million) of the total. Other revenues derived from non -core activities, mainly provision of services. A total of 186 units (98) were delivered in the quarter, all from consolidated project companies (88) and none from joint ventures (10). Project costs for the quarter totalled NOK 1 442.3 million (NOK 489.8 million), of which NOK 154.4 million (NOK 45.1 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 63.7 million (NOK 55.8 million) for the period. Payroll costs accounted for NOK 39 .0 million (NOK 34.7 million) of this figure. In addition, NOK 4.1 million (NOK 4. 8 million) in payroll costs relating to housing under construction were capitalised during the quarter. These payrolls costs will be expensed as project costs on future delivery. Other operating costs came to NOK 22.8 million (NOK 19.5 million) for the quarter, including NOK 6.2 million (NOK 8.3 million) for sales and marketing. The share of profit from associates and joint ventures was negative at NOK 3.8 million (positive at NOK 4.2 million) for the quarter. The decrease compared to the year earlier was mainly due to fewer delivered units in joint ventures. Reported EBITDA (operating profit before depreciation and amortisation, adjusted for gains and losses) was NOK 82.1 million (NOK 27.7 million), corresponding to a margin of 5.2 per cent ( 4.9 per cent). EBITDA adjusted for financial expenses included in project costs came to NOK 236.5 million (NOK 72.8 million), corresponding to a margin of 14.9 per cent (12.8 per cent). Results from joint ventures are presented net and their turnover is thu s 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 came to NOK 80.2 million (NOK 26.1 million). Net financial items amounted to NOK 2.4 million (NOK 3. 1 million). Pre -tax profit for the quarter came to NOK 82.7 million (NOK 29.1 million). The tax expense for the period was NOK 26.7 million (NOK 5.8 million). Comprehensive income for the third quarter came to NOK 55.9 million (NOK 23.3 million). NOK 55.9 million of the profit was attributable to the shareholders of Selvaag Bolig ASA (NOK 23.3 million), and NOK 0.0 to non - controlling shareholders (NOK 0.0). (figures in NOK 1 000) Q3 2026 Q3 2025 9M 2026 9M 2025 2025 Total operating revenues 1 590 050 567 541 3 164 029 995 972 2 086 648 Project expenses (1 442 316) (489 787) (2 793 706) (828 829) (1 767 334) Other operating expenses, salaries and personnel costs, depreciation and amortisation (63 706) (55 840) (198 591) (180 897) (262 038) Total operating expenses (1 506 022) (545 627) (2 992 297) (1 009 726) (2 029 372) Associated companies and joint ventures (3 810) 4 151 (4 546) 4 411 69 429 Other gains (losses), net - - - - - Operating profit 80 218 26 065 167 186 (9 343) 126 705 Net financial expenses 2 441 3 059 10 148 9 126 12 894 Profit before taxes 82 659 29 124 177 334 (217) 139 599 Income taxes (26 733) (5 804) (51 181) 4 104 (6 603) Net income 55 926 23 320 126 153 3 887 132 996 Financial review
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Q3 2026 3 Results for the first nine months of 2026 Selvaag Bolig had operating revenues of NOK 3 164.0 million (NOK 996.0 million) in the first nine months. Revenues from units delivered accounted for NOK 3 108.4 million (NOK 942.7 million) of the total. Other revenues were related to non - core activities, mainly provision of services. A total of 397 units ( 172) were delivered in the period, including 388 (148) from consolidated project companies and 9 (24) from joint ventures. Project costs for the first nine months totalled NOK 2 793.7 million (NOK 828.8 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 198.6 million (NOK 180.9 million) for the period. Payroll costs accounted for NOK 107.7 million (NOK 97.6 million) of this figure. In addition, NOK 12.9 million (NOK 15.6 million) in payroll costs from housing under construction were capitalised during the first nine months and will be expensed as project costs on future delivery. Other operating costs came to NOK 85.5 million (NOK 78.5 million), including NOK 30.4 million (NOK 28.3 million) for sales and marketing. The share of profit from associates and joint ventures was negative at NOK 4.6 million (positive at NOK 4.4 million). Reported EBITDA for the first nine months was NOK 172.5 million ( negative at NOK 4.5 million), corresponding to a margin of 5.5 per cent ( negative at 0.5 per cent). EBITDA adjusted for financial expenses included in project costs came to NOK 474.0 million (NOK 68.1 million), corresponding to a margin of 15.0 per cent (6.8 per cent). The increase in the EBITDA margin from the first nine months of 2025 primarily reflected more delivered units. The EBITDA margin is also influenced by presenting results from joint ventures net rather than including them in turnover. For more information, see note 8 on proportional consolidation. Consolidated operating profit for the first nine months came to NOK 167.2 million ( negative at NOK 9.3 million). Net financial income amounted to NOK 10.1 million (NOK 9.1 million), so pre-tax profit for the first nine months was NOK 177.3 million (NOK - 0.2 million). The tax expense for the period was NOK 51.2 million (tax benefit of NOK 4.1 million). Comprehensive income for the first nine months was NOK 126.2 million (NOK 3.9 million). NOK 126.2 million of the profit was attributable to the shareholders of Selvaag Bolig ASA (NOK 3.9 million), and NOK 0.0 to non -controlling shareholders (NOK 0.0). Cash flow Consolidated net cash flow from operational activities was NOK 118.4 million (negative at NOK 124.7 million) for the third quarter. The change from the same period of 2025 was primarily due to a significant increase in units delivered. In the first nine months, consolidated net cash flow from operational activities was negative at NOK 799.0 million (negative at NOK 1 564.8 million). The negative cash flow was due to an increase in units under construction, which gives a significant increase in inventory. Net cash flow from investing activities was NOK 0.4 million (negative at NOK 20.6 million) for the quarter . The change from the same period one year earlier is related to financing joint ventures in 2025. In the first nine months, cash flow from investing activities was NOK 49.8 million (NOK 18.1 million). The payments received consist of dividends received and repaid loans from joint ventures. Net cash flow from financing activities was negative at NOK 167.8 million ( positive at NOK 81.6 million) for the quarter, mostly due to net repayment of construction loans in the period. The change from the same period of 2025 was due to the company having net issuance of construction loans in the third quarter of 2025. In the first nine months, net cash flow from financing activities was NOK 616.7 million (NOK 1 363.6 million). The change from the same period of 2025 primarily reflected lower net issuance of construction loans. The group’s holding of cash and cash equivalents at 30 September totalled NOK 122.3 million (NOK 200.6 million), a decrease of NOK 48.9 million from 30 June and a decrease of NOK 78.2 million from a year earlier.
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Q3 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 September was NOK 5 450.4 million, compared with NOK 5 729.2 million at 30 June and NOK 4 888.6 million a year earlier. See note 5 for a further specification of inventory. The group's customer receivables were NOK 367.8 million at the end of the quarter. In comparison, customer receivables were NOK 199.1 million at the end of the previous quarter and NOK 113.0 million at the same time the year before. Customer receivables are mainly linked 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 2 430.5 million (NOK 2 281.9 million) at 30 September, corresponding to an equity ratio of 32.4 per cent (33.7 per cent). Selvaag Bolig ASA pa id a dividend of NOK 93.7 million in the second quarter (NOK 117.2 million), based on profit for 2025. Non-controlling interests amounted to NOK 8.0 million (NOK 7.9 million) of equity. Other current non -interest-bearing liabilities for the group totalled NOK 359.3 million (NOK 410.5 million) at 30 Septem- ber, of which NOK 41.6 million (NOK 54.6 million) represent- ed advance payments from customers. At 30 September, consolidated interest -bearing debt amounted to NOK 3 947.9 million (NOK 3 235.6 million), of which NOK 1 464.0 million (NOK 1 867.1 million) was non - current and NOK 2 483.9 million (NOK 1 368.4 million) was current. NOK 1 047.7 million (NOK 752.9 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 31.8 million (NOK 33.0 million) at 30 September. 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 construc tion 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 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 September 2026. See note 11 for financial covenants tied to the agreements. (figures in NOK 1 000) Q3 2026 Q3 2025 9M 2026 9M 2025 2025 Profit before taxes 82 659 29 124 177 334 (217) 139 599 Net cash flow from operating activities 118 412 (124 701) (798 981) (1 564 806) (1 310 088) Net cash flow from investment activities 438 (20 606) 49 799 18 134 81 277 Net cash flow from financing activities (167 765) 81 550 616 692 1 363 599 1 100 000 Net change in cash and cash equivalents (48 915) (63 757) (132 490) (183 073) (128 811) Cash and cash equivalents at start of period 171 263 264 333 254 838 383 649 383 649 Cash and cash equivalents at end of period 122 348 200 576 122 348 200 576 254 838
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Q3 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 September 2026, the group had no top- up loans, land loans of NOK 32 million, repurchase agreements with Urban Property of NOK 1 048 million and total construction loans of NOK 2 868 million. At 30 September, there were no construction loans tied to completed units. Interest-bearing debt at 30 Sept 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 September, interest of NOK 32 million on land loans had been capitalised. In connection with the Urban Property (UP) transaction in 2020, a sizeable proportion of the group’s land loans were redeemed and replaced with liabilities in the form of repurchase agreements with Urban Property. This means that interest charges on land l oans related to these sites, which are collectively designated 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 3.4 million (NOK 3.7 million) for the third quarter and NOK 10.5 million (NOK 11.4 million) for the first nine months. Portfolio C comprises land which the group has the right or obligation to purchase from UP in the future. Provision for accrued option premiums is made quarterly as other long - term assets and other long -term liabilities respectively in Selvaag Bolig’s cons olidated 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 purchased. Provision for and capitalisation of option premiums for portfolio C in the third quarter came to NOK 25.3 million (NOK 29.0 million), as well as paid and capitalised NOK 21.3 million for the same portfolio (25.7). In addition, NOK 44.3 million was paid related to previously capitalised option premiums. Provision for and capitalisation of option premiums for portfolio C in the first nine months came to NOK 82.1 million (NOK 78.7 million), as well as paid and capitalised NOK 65.9 million ( 75.1). At 30 September, accumulated provision and capitalisation came to NOK 374.1 million (NOK 492.0 million). See note 7 for more information and a description of the collaboration with UP. (figures in NOK 1 000) Q3 2026 Q2 2026 Q3 2025 2025 Non-current interest-bearing debt 1 464 022 1 337 450 1 867 142 1 098 070 Current interest-bearing debt 1 436 120 1 755 279 615 523 1 208 463 Current liabilities repurchase agreements and seller 1 047 741 949 426 752 896 729 504 Cash and cash equivalents (122 348) (171 263) (200 576) (254 838) Net interest-bearing debt 3 825 535 3 870 892 3 034 985 2 781 199 - 32 1 048 2 868 3 948 Top-up loans Land loans Repurchase agreements land (UP) Construction loans Total
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Q3 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 third quarter were NOK 992.0 million (NOK 671.4 million). They were derived from 20 projects (18) in production. Operating costs, primarily for construction and sales, are directly related to the projects and amounted to NOK 867.3 million (NOK 580.4 million) for the third 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 depreciation, amortisation, gain (loss), and share of profit (loss) from associates. It came to NOK 124.7 million (NOK 91.0 million) for the quarter, corresponding to a profit margin of 12.6 per cent (13.5 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 allocated to the housing development segment. Operating revenues for the segment in the third quarter came to NOK 14.5 million (NOK 19.1 million), while operating costs amounted to NOK 53.5 million (NOK 48.5 million). Costs relate largely to remuneration for the administration and management, as well as other operating costs. EBITDA was thereby negative at NOK 39.0 million (negative at NOK 29.3 million). Third quarter (figures in NOK 1 000) Q3 26 Q3 25 Q3 26 Q3 25 Q3 26 Q3 25 Housing development (NGAAP) 991 981 671 388 124 723 90 968 135 077 97 267 Other 14 500 19 141 (38 960) (29 315) (39 751) (29 907) IFRS adjustments 583 569 (122 988) (3 697) (33 950) (15 108) (41 295) Total group (IFRS) 1 590 050 567 541 82 066 27 703 80 218 26 065 Jan-Sep (figures in NOK 1 000) 9M 26 9M 25 9M 26 9M 25 9M 26 9M 25 Housing development (NGAAP) 2 948 764 1 917 695 395 080 283 421 423 431 309 400 Other 50 470 49 578 (108 035) (100 409) (109 673) (102 100) IFRS adjustments 164 795 (971 301) (114 512) (187 515) (146 572) (216 643) Total group (IFRS) 3 164 029 995 972 172 533 -4 503 167 186 (9 343) Operating Operating revenues EBITDA profit/loss Operating revenues EBITDA
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Q3 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 purchase agreement prior to construction start. According to IFRS, delivered homes are recognised as revenue on delivery. Operations Gross sales during the quarter totalled 112 units with a combined value of NOK 774 million. Selvaag Bolig’s share amounted to 95 units with a combined value of NOK 643 million. Construction started on 119 units during the third quarter, and Selvaag Bolig had 1 019 units worth some NOK 7.2 billion under construction at 30 September. A total of 226 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 September, Selvaag had projects under construction in Oslo, Bærum, Asker, Lørenskog, Ski, Ås, Stavanger, Bergen and Stockholm. Quarterly development of the project portfolio Purchase and sale of property During the quarter, Selvaag Bolig purchased two land plots from cooperation partner Urban Property for a total of NOK 277 million. See also note 7. 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
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Q3 2026 8 Sales development and progress Number of units sold Total housing sales during the third quarter amounted to 95 units, with 89 units in Norway and six in Sweden. with a combined sales value of NOK 643 million. The sales value of the 95 units comprises 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 85 units with a combined value of NOK 600 million. In the second quarter of 2026, 172 units were sold with a combined value of NOK 1 373 million. In the first nine months, Selvaag Bolig sold 625 units with a total value of NOK 4 531 million. At the end of the third quarter, 15 of these were booking agreements* with a total value of NOK 62 million, while the others are binding purchase agreements in Norway and Sweden. During the third quarter, the booking agreements at Terrasskvarteret Pluss in Sweden were converted to binding purchase agreements prior to the start of construction. After that, new purchase agreements have been entered into, and the project had 96 binding purchase agreements at the end of the period. In comparison, there were 90 booking agreements in the project at the end of the previous quarter. Quarterly development of sales Value of units sold (NOK mill) Selvaag Bolig started sales during the quarter in one project, comprising 14 residential units (51). Sales starts in the quarter Construction started on 119 units (0) during the quarter. At 30 September, Selvaag Bolig consequently had 1 019 (1 051) units under construction. They included 598 units in Greater Oslo, 248 units in Bergen , 54 units in Stavanger and 119 in Greater Stockholm. Construction starts can vary substantially from quarter to quarter, since construction normally only begins when 60 per cent of the units in a project have been sold. The order backlog at 30 September – in other words, the sales value of the 1 019 (1 051) units under construction – was NOK 7 206 million (NOK 7 457 million). 466 625 2025 2026 Q1 Q2 Q3 Q4 All figures are Selvaag Bolig's share Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 9M 2026 Units sold and booking agreements 85 106 358 172 95 625 - Sold units in Norway 85 106 286 139 89 514 - Sold units in Sweden (excluding booking agreements) - - - - 6 96 - Booking agreements Sweden * - - 72 33 - 15 * 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 reservation fee will be refunded The reservation is converted into a binding agreement before construction start. 600 708 2 516 1 373 643 Units 85 Units 106 Units 358 Units 172 Units 95 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Project No of units Category Region Bryggetunet Lervig Brygge 14 Flat Stavanger Total 14
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Q3 2026 9 Completions in the quarter A total of 226 (114) units were completed in the third quarter, and 186 (98) – including ones completed earlier – were delivered. The units completed earlier were spread over seven projects. At 30 September, the group held 93 completed but unsold units, compared to 41 at the end of the previous quarter, and 38 at the end of the third quarter of 202 5. The group also had 44 completed units that were sold, but not delivered at the end of the quarter (28). Consolidated project companies accounted for 186 (88) of the units delivered, while none (10) were in joint ventures. Based on anticipated progress for the projects, 220 units are expected to be completed in the fourth quarter of 202 6. Of these, 132 were sold as of 30 September. Estimated completions for 2026 as a whole amount to 688 units. Expected number of completions Share information The company had 93.77 million issued shares at 30 September, divided between 6 128 shareholders. The 20 largest shareholders controlled 8 1.6 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 30.50 to NOK 33.90. The closing price at 30 Sep- tember was NOK 30.50. That compared with NOK 33.40 at 30 June, and the share price accordingly fell by 8.7 per cent over the quarter. A total of 2.4 million shares, or 2.6 per cent of the overall number outstanding, were traded on Euronext Oslo Børs during the period. Share turnover totalled NOK 76.1 million during the quarter, corresponding to an average daily figure just below NOK 1.2 million. 20 largest shareholders at 30 September 2026 Project No of units Category Region Ballerud trinn 2 44 Flat Greater Oslo Ballerud trinn 3 24 Terraced Greater Oslo Snøbyen Pluss 28 Flat Greater Oslo Landåstoppen trinn 2 29 Flat Greater Oslo Mathildetunet - Skårerløkka 43 Flat Greater Oslo Sandsliåsen Hageby 46 Flat Bergen Sandsliåsen Hageby 12 Terraced Bergen Total 226 220 88 46 7 249 Q4 26 Q1 27 Q2 27 Q3 27 Q4 27 Expected completions, part-owned units Expected completions, wholly owned units 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
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Q3 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 fluctuations in 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 one project under construction in Sweden, which started construction in the third quarter. The company continually assesses it s exposure to SEK and potential measures to limit foreign exchange risk. As a pure housing developer, without its own construction arm, Selvaag Bolig puts all building work out to competitive tender. This gives great operational flexibility, and the company can adapt its activity and resource use to changing market conditions. As a general rule, it requires 60 per cent advance sales before initiating projects. 64 per cent of total units under construction and 74 per cent of planned completions in 2026 had been sold at 30 September. See the group’s annual report for 2025 , 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 power, along with financing and construction costs and the level of economic activity, will be crucial factors for demand for new housing and for the tempo of the new home market, both in Norway and Sweden. So far this year, 625 net units have been sold, with a combined value of NOK 4 531 million. In the third quarter, net sales were 95 units valued at NOK 643 million. The sales development demonstrates that the company has attractive projects, even in a some what 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. A low supply of new homes in several of the company’s core areas, combined with expectations of real wage growth, could, in isolati on, 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 announced easing of construction engineering requirements (TEK) could, if implemented, contribute positively to 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 and available capital through the Urban Property (UP) agreement to buy new land plots. As in the second quarter of 2026, the Board considers the macroeconomic environment to remain uncertain. The basis for the 2026 dividend will be assessed based on sales performance, the
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Q3 2026 11 full-year results and the outlook going forward. The company’s dividend policy remains unchanged. 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 details. During the third quarter, Selvaag Bolig purchased two land plots from Urban Property for a total of NOK 277 million. 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 nine months of 2026. The number of homes being offered for sale and being sold was 2.5 per cent and five per cent lower, respectively, than in the same period of 2025, but higher than in the same period during the years 2021-2024. The inventory in Oslo was still high, partly due to the ongoing sale of flats from larger rental portfolios. The inventory has risen somewhat in the Stavanger region, but it is still relatively low in 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 4.2 per cent in the first nine months of the year, and were up 2.4 per cent compared to the same period one year earlier. In Oslo, prices fell 0.7 per cent in the first nine months and were down 1.1 per cent compared to the same period last year . Prices in Bergen have risen by 8. 2 per cent in the first nine months and are 8.5 per cent higher than one year earlier. In the Stavanger region, prices rose 7.0 per cent in the first nine months and were 7.0 per cent higher compared to one year earlier. In Sweden, nine per cent more second -hand apartments (bostadsrätter) were sold in the first nine months as in the year earlier period, according to Svensk Mäklarstatistik. The sale of apartments in Greater Stockholm was 12 per cent higher than one year earlier. Second -hand prices for apartments in Sweden were unchanged in the third quarter and were 5.4 per cent higher than one year earlier. In Greater Stockholm, prices fell by one per cent in the third quarter but were 6.5 per cent higher than one year earlier.
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Q3 2026 12 Interim financial statements (IFRS) Statement of comprehensive income (figures in NOK 1 000, except earnings per share) Q3 2026 Q3 2025 9M 2026 9M 2025 2025 Revenues 1 572 850 547 109 3 108 423 942 706 2 002 368 Other revenues 17 200 20 432 55 606 53 266 84 280 Total operating revenues 1 590 050 567 541 3 164 029 995 972 2 086 648 Project expenses (1 442 316) (489 787) (2 793 706) (828 829) (1 767 334) Salaries and personnel costs (39 048) (34 674) (107 706) (97 555) (146 684) Depreciation and amortisation (1 848) (1 638) (5 347) (4 840) (6 748) Other operating expenses (22 810) (19 528) (85 538) (78 502) (108 606) Total operating expenses (1 506 022) (545 627) (2 992 297) (1 009 726) (2 029 372) Associated companies and joint ventures (3 810) 4 151 (4 546) 4 411 69 429 Other gains (losses), net - - - - - Operating profit 80 218 26 065 167 186 (9 343) 126 705 Financial income 5 813 5 541 18 623 20 031 26 246 Financial expenses (3 372) (2 482) (8 475) (10 905) (13 352) Net financial expenses 2 441 3 059 10 148 9 126 12 894 Profit/(loss) before taxes 82 659 29 124 177 334 (217) 139 599 Income taxes (26 733) (5 804) (51 181) 4 104 (6 603) Net income 55 926 23 320 126 153 3 887 132 996 Other comprehensive income/expenses Translation differences (4 575) (27) (11 040) 1 968 3 822 Total comprehensive income/(loss) for the period 51 351 23 293 115 113 5 855 136 818 Net income for the period attributable to: Non-controlling interests 11 10 31 31 41 Shareholders in Selvaag Bolig ASA 55 915 23 310 126 122 3 856 132 955 Total comprehensive income/(loss) for the period attributable to: Non-controlling interests 11 10 31 31 41 Shareholders in Selvaag Bolig ASA 51 340 23 283 115 082 5 824 136 777 Earnings per share for net income/(loss) attributed to shareholders in Selvaag Bolig ASA: Earnings per share (basic and diluted) in NOK 0.60 0.25 1.35 0.05 1.42 The consolidated financial information has not been audited
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Q3 2026 13 Statement of financial position (figures in NOK 1 000) Note Q3 2026 Q2 2026 Q3 2025 2025 ASSETS Non-current assets Goodwill 383 376 383 376 383 376 383 376 Property, plant and equipment 8 228 8 756 8 583 7 724 Right-of-use lease assets 24 642 25 688 28 824 27 779 Investments in associated companies and joint ventures 253 702 256 016 289 508 312 905 Loans to associated companies and joint ventures 205 219 205 198 210 976 193 214 Other non-current assets 7 645 531 613 850 637 290 697 981 Total non-current assets 1 520 698 1 492 884 1 558 557 1 622 979 Current assets Inventories (property) 5, 7 5 450 352 5 729 203 4 888 616 4 802 114 Trade receivables 367 755 199 053 112 991 108 759 Other current receivables 33 296 33 807 12 010 15 919 Cash and cash equivalents 122 348 171 263 200 576 254 838 Total current assets 5 973 751 6 133 326 5 214 193 5 181 630 TOTAL ASSETS 7 494 449 7 626 210 6 772 750 6 804 609 EQUITY AND LIABILITIES Equity attributed to shareholders in Selvaag Bolig ASA 2 422 526 2 371 186 2 273 985 2 401 138 Non-controlling interests 7 953 7 942 7 912 7 922 Total equity 2 430 479 2 379 128 2 281 897 2 409 060 LIABILITIES Non-current liabilities Pension liabilities 2 315 2 315 2 086 2 315 Deferred tax liabilities 81 742 74 412 77 995 91 241 Provisions 62 296 62 296 60 365 62 296 Other non-current liabilities 7 429 209 462 671 548 420 513 052 Non-current lease liabilities 23 123 23 926 26 354 25 534 Non-current interest-bearing liabilities 1 464 022 1 337 450 1 867 142 1 098 070 Total non-current liabilities 2 062 707 1 963 070 2 582 362 1 792 508 Current liabilities Current lease liabilities 3 232 3 249 3 226 3 282 Current interest-bearing liabilities 1 436 120 1 755 279 615 523 1 208 463 Current liabilities repurchase agreements and seller credits 7 1 047 741 949 426 752 896 729 504 Trade payables 103 650 155 253 120 324 161 948 Current tax payables 51 181 32 959 6 030 877 Other current non-interest-bearing liabilities 359 339 387 846 410 492 498 967 Total current liabilities 3 001 263 3 284 012 1 908 491 2 603 041 Total liabilities 5 063 970 5 247 082 4 490 853 4 395 549 TOTAL EQUITY AND LIABILITIES 7 494 449 7 626 210 6 772 750 6 804 609 The consolidated financial information has not been audited
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Q3 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 - - - - - 126 122 126 122 31 126 153 Other comprehensive income/(loss) for the period - - - (11 040) - - (11 040) - (11 040) Equity at 30 September 2026 187 387 1 394 857 700 629 3 451 3 528 132 673 2 422 526 7 953 * 2 430 479 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 - - - - - 3 856 3 856 31 3 887 Other comprehensive income/(loss) for the period - - - 1 968 - - 1 968 - 1 968 Equity at 30 Septembre 2025 187 529 1 394 857 700 629 12 637 3 528 -25 196 2 273 985 7 912 * 2 281 897 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 - - - - - 129 099 129 099 10 129 109 Other comprehensive income/(loss) for the period - - - 1 854 - - 1 854 - 1 854 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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Q3 2026 15 Statement of cash flow (figures in NOK 1 000) Note Q3 2026 Q3 2025 9M 2026 9M 2025 2025 CASH FLOW FROM OPERATING ACTIVITIES Profit/(loss) before taxes 82 659 29 124 177 334 (217) 139 599 Income taxes paid (5 254) 390 (6 131) (31 578) (33 853) Depreciation and amortisation 1 848 1 638 5 347 4 840 6 748 p ( ) companies and joint ventures 3 810 (4 151) 4 546 (4 411) (69 429) Changes in inventories (property) 5 288 424 (212 538) (497 499) (1 521 715) (1 372 810) Changes in trade receivables (168 702) (33 393) (258 996) (50 580) (46 348) Changes in trade payables (51 603) 5 733 (58 298) (12 176) 29 448 Changes in other operating working capital assets 470 (222) (21 788) (6 617) (48 436) Changes in other operating working capital (33 241) 88 718 (143 495) 57 648 84 993 Net cash flow from operating activities 118 412 (124 701) (798 981) (1 564 806) (1 310 088) CASH FLOW FROM INVESTMENT ACTIVITIES Purchases of PPE and intangible assets (278) (2 335) (2 728) (2 430) (2 430) Proceeds from sale of associated companies and joint ventures - - - - 44 388 Purchases of associated companies and joint ventures - (15) - (10 030) (10 030) Proceeds from sale of other investments and repayment of loans 3 000 - 11 011 17 050 41 305 Purchases of other investments and loans (3 000) (18 256) (19 200) (48 956) (54 456) Dividends and disbursements from associated companies and joint ventures 716 - 60 716 62 500 62 500 Net cash flow from investment activities 438 (20 606) 49 799 18 134 81 277 - - CASH FLOW FROM FINANCING ACTIVITIES Proceeds from borrowings 7 1 260 069 640 636 3 726 595 2 317 196 3 068 417 Repayments of borrowings 7 (1 355 880) (532 949) (2 871 665) (791 168) (1 745 261) Interest payments (71 471) (25 684) (143 153) (43 886) (92 280) Repayments of lease liabilities (820) (764) (2 460) (2 292) (3 056) Dividends paid to equity holders of Selvaag Bolig - - (93 694) (117 207) (117 207) Share buy back Selvaag Bolig ASA - - - - (27 807) Proceeds from disposal of shares Selvaag Bolig ASA 338 311 1 068 956 17 194 Net cash flow from financing activities (167 765) 81 550 616 692 1 363 599 1 100 000 Net change in cash and cash equivalents (48 915) (63 757) (132 490) (183 073) (128 811) Cash and cash equivalents at start of period 171 263 264 333 254 838 383 649 383 649 Cash and cash equivalents at end of period 122 348 200 576 122 348 200 576 254 838 The consolidated financial information has not been audited
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Q3 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 in formation 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 whic h 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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Q3 2026 17 Third quarter 2026 (figures in NOK 1 000) Housing development Other Total Operating revenues 991 981 14 500 1 006 481 Project expenses (858 016) - (858 016) Other operating expenses (9 242) (53 460) (62 702) EBITDA (percentage of completion, NGAAP) 124 723 (38 960) 85 763 Reconciliation EBITDA to operating profit (loss) EBITDA (percentage of completion) 124 723 (38 960) 85 763 Sales revenues (adjustment effect of percentage of completion) (988 884) - (988 884) Sales revenues (completed contract) 1 572 452 - 1 572 452 Project expenses (adjustment effect of percentage of completion) 833 251 - 833 251 Project expenses (completed contract) (1 417 550) - (1 417 550) Lease expenses - 844 844 Depreciation and amortisation - (1 848) (1 848) Share of income (losses) from associated companies and joint ventures (3 810) - (3 810) Other gain (loss), net - - - Operating profit (loss), (IFRS) 120 182 (39 964) 80 218 Units under construction 1 019 N/A N/A Units delivered 186 N/A N/A Third quarter 2025 (figures in NOK 1 000) Housing development Other Total Operating revenues 671 388 19 141 690 529 Project expenses (571 482) (2 391) (573 873) Other operating expenses (8 938) (46 065) (55 003) EBITDA (percentage of completion, NGAAP) 90 968 (29 315) 61 653 Reconciliation EBITDA to operating profit (loss) EBITDA (percentage of completion) 90 968 (29 315) 61 653 Sales revenues (adjustment effect of percentage of completion) (669 651) - (669 651) Sales revenues (completed contract) 546 662 - 546 662 Project expenses (adjustment effect of percentage of completion) 556 871 - 556 871 Project expenses (completed contract) (472 784) - (472 784) Lease expenses - 801 801 Depreciation and amortisation - (1 638) (1 638) Share of income (losses) from associated companies and joint ventures 4 151 - 4 151 Other gain (loss), net - - - Operating profit (loss), (IFRS) 56 217 (30 152) 26 065 Units under construction 1 051 N/A N/A Units delivered 98 N/A N/A
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Q3 2026 18 At 30 September 2026 (figures in NOK 1 000) Housing development Other Total Operating revenues 2 948 764 50 470 2 999 234 Project expenses (2 516 365) (48) (2 516 413) Other operating expenses (37 319) (158 457) (195 776) EBITDA (percentage of completion, NGAAP) 395 080 (108 035) 287 045 Reconciliation EBITDA to Operating profit (loss): EBITDA (percentage of completion) 395 080 (108 035) 287 045 Sales revenues (adjustment effect of percentage of completion) (2 928 833) - (2 928 833) Sales revenues (completed contract) 3 093 628 - 3 093 628 Project expenses (adjustment effect of percentage of completion) 2 477 046 - 2 477 046 Project expenses (completed contract) (2 754 339) - (2 754 339) Lease expenses - 2 532 2 532 Depreciation and amortisation - (5 347) (5 347) Share of profits (losses) from associated companies and joint ventures (4 546) - (4 546) Other gain (loss), net - - - Operating profit (loss), (IFRS) 278 036 (110 850) 167 186 Units under construction 1 019 N/A N/A Units delivered 397 N/A N/A At 30 September 2025 (figures in NOK 1 000) Housing development Other Total Operating revenues 1 917 695 49 578 1 967 273 Project expenses (1 601 037) (4 764) (1 605 801) Other operating expenses (33 237) (145 223) (178 460) EBITDA (percentage of completion, NGAAP) 283 421 (100 409) 183 012 Reconciliation EBITDA to operating profit (loss): - EBITDA (percentage of completion) 283 421 (100 409) 183 012 Sales revenues (adjustment effect of percentage of completion) (1 911 513) - (1 911 513) Sales revenues (completed contract) 940 211 - 940 211 Project expenses (adjustment effect of percentage of completion) 1 570 579 - 1 570 579 Project expenses (completed contract) (793 606) - (793 606) Lease expenses - 2 403 2 403 Depreciation and amortisation - (4 840) (4 840) Share of profits (losses) from associated companies and joint 4 411 - 4 411 Other gain (loss), net - - - Operating profit (loss), (IFRS) 93 503 (102 846) (9 343) Units under construction 1 051 N/A N/A Units delivered 172 N/A N/A
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Q3 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) Q3 2026 Q2 2026 Q3 2025 2025 Land (undeveloped) 866 193 799 176 482 038 500 618 Work in progress 3 591 721 4 254 868 4 176 354 3 977 350 Completed units 992 438 675 159 230 224 324 146 Carrying amount 5 450 352 5 729 203 4 888 616 4 802 114 (figures in NOK 1 000) Q3 2026 Q3 2025 9M 2026 9M 2025 2025 Project expenses (1 442 316) (489 787) (2 793 706) (828 829) (1 767 334) Finance expenses (154 389) (45 128) (301 449) (72 614) (158 477) Other project expenses (1 287 927) (444 659) (2 492 258) (756 215) (1 608 857) (figures in NOK 1 000) Q3 2026 Q3 2025 9M 2026 9M 2025 2025 EBITDA1 82 066 27 703 172 533 (4 503) 133 453 EBITDA margin 5.2% 4.9% 5.5% -0.5% 6.4% EBITDA adjusted2 236 455 72 831 473 982 68 111 291 930 EBITDA margin adjusted 14.9% 12.8% 15.0 % 6.8% 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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Q3 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 3.4 million in the third quarter (NOK 3.7 million). For the first nine months, option premiums paid and capitalised were NOK 10.5 million (NOK 11.4 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 new 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 acquisition, 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 amounted to NOK 25.3 million in the third quarter (NOK 29.0 million). NOK 21.3 million (25.7) was paid and capitalised in the same portfolio during the quarter. In addition, NOK 44.3 million was paid related to previously capitalised option premiums. For the first nine months, the provision for and capitalisation of option premiums totalled NOK 82.1 million (NOK 78.7 million), in addition to NOK 65.9 million (75.1) paid and capitalised. Accumulated provisions and capitalisation at 30 September totalled NOK 374.1 million (NOK 492.0 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. SBO purchased two land plot s from UP during the third quarter for a total of NOK 276.6 million. No seller credits were repaid (NOK 62.3 million) in the third quarter. Debt
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Q3 2026 21 related to repurchase agreements and seller credits was NOK 1 047.7 million (NOK 752.9 million) at 30 September 2026. Of this, NOK 130.6 million was Portfolio B (NOK 184.4 million) and NOK 917.1 million was seller credits (NOK 568.4 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 1 572 850 - 1 572 850 547 109 88 892 636 001 Other revenues 17 200 2 731 19 931 20 432 2 252 22 684 Total operating revenues 1 590 050 2 731 1 592 781 567 541 91 144 658 685 Project expenses (1 442 316) (362) (1 442 678) (489 787) (79 072) (568 859) Salaries and personnel costs (39 048) (299) (39 347) (34 674) (286) (34 960) Depreciation and amortisation (1 848) (1 156) (3 004) (1 638) (1 152) (2 790) Other operating expenses (22 810) (3 662) (26 472) (19 528) (2 294) (21 822) Total operating expenses (1 506 022) (5 478) (1 511 500) (545 627) (82 804) (628 431) Associated companies and joint ventures (3 810) 3 810 - 4 151 (4 151) - Other gains (losses), net - - - - - - Operating profit 80 218 1 063 81 281 26 065 4 189 30 254 Financial income 5 813 300 6 113 5 541 153 5 694 Financial expenses (3 372) (2 438) (5 810) (2 482) (3 161) (5 643) Net financial expenses 2 441 (2 138) 303 3 059 (3 008) 51 Profit/(loss) before taxes 82 659 (1 075) 81 584 29 124 1 181 30 305 Income taxes (26 733) 1 074 (25 659) (5 804) (1 181) (6 985) Net income 55 926 - 55 926 23 320 - 23 320 EBITDA 1 82 066 2 219 84 285 27 703 5 341 33 044 EBITDA margin1 5.2 % N/A 5.3 % 4.9 % N/A 5.0 % EBITDA adj2 236 455 2 219 238 673 72 831 17 591 90 422 EBITDA margin adj2 14.9 % N/A 15.0 % 12.8% N/A 13.7% 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. Q3 2026 Q3 2025
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Q3 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 3 108 423 99 648 3 208 071 942 706 198 579 1 141 285 Other revenues 55 606 10 242 65 848 53 266 7 155 60 421 Total operating revenues 3 164 029 109 890 3 273 919 995 972 205 734 1 201 706 Project expenses (2 793 706) (93 686) (2 887 392) (828 829) (170 729) (999 558) Salaries and personnel costs (107 706) (921) (108 627) (97 555) (746) (98 301) Depreciation and amortisation (5 347) (3 463) (8 810) (4 840) (3 455) (8 295) Other operating expenses (85 538) (10 918) (96 456) (78 502) (13 364) (91 866) Total operating expenses (2 992 297) (108 988) (3 101 285) (1 009 726) (188 293) (1 198 019) Associated companies and joint ventures (4 546) 4 546 - 4 411 (4 411) - Other gains (losses), net - - - - - - Operating profit 167 186 5 448 172 634 (9 343) 13 030 3 687 Financial income 18 623 952 19 575 20 031 448 20 479 Financial expenses (8 475) (7 629) (16 104) (10 905) (11 483) (22 388) Net financial expenses 10 148 (6 677) 3 471 9 126 (11 035) (1 909) Profit/(loss) before taxes 177 334 (1 229) 176 105 (217) 1 995 1 778 Income taxes (51 181) 1 229 (49 952) 4 104 (1 995) 2 109 Net income 126 153 - 126 153 3 887 - 3 887 EBITDA 1 172 533 8 911 181 444 -4 503 16 485 11 982 EBITDA margin1 5.5 % N/A 5.5 % -0.5% N/A 1.0% EBITDA adj2 473 982 16 712 490 693 68 111 39 349 107 460 EBITDA margin adj2 15.0 % N/A 15.0 % 6.8% N/A 8.9% 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. 9M 2026 9M 2025
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Q3 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. Profit and loss NGAAP (figures in NOK 1 000) Q3 2026 Q3 2025 9M 2026 9M 2025 2025 Revenues 989 281 670 097 2 943 628 1 914 007 2 708 586 Other revenues 17 200 20 432 55 606 53 266 84 280 Total operating revenues 1 006 481 690 529 2 999 234 1 967 273 2 792 866 Project expenses (858 016) (573 873) (2 516 413) (1 605 801) (2 267 173) Salaries and personnel costs (39 048) (34 674) (107 706) (97 555) (146 684) Depreciation and amortisation (802) (592) (2 210) (1 703) (2 566) Other operating expenses (23 654) (20 329) (88 070) (80 905) (111 810) Total operating expenses (921 520) (629 468) (2 714 399) (1 785 964) (2 528 233) Associated companies and joint ventures 10 365 6 299 28 362 25 991 59 597 Other gains (losses), net - - - - - Operating profit 95 326 67 360 313 197 207 300 324 230 Financial income 5 813 5 541 18 623 20 031 26 246 Financial expenses (38 070) (28 318) (138 383) (82 381) (113 329) Net financial expenses (32 257) (22 777) (119 760) (62 350) (87 083) Profit/(loss) before taxes 63 069 44 583 193 437 144 950 237 147 The consolidated financial information has not been audited
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Q3 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 989 281 89 424 1 078 705 670 097 92 429 762 526 Other revenues 17 200 2 730 19 930 20 432 2 248 22 680 Total operating revenues 1 006 481 92 154 1 098 635 690 529 94 677 785 206 Project expenses (858 016) (68 755) (926 771) (573 873) (73 637) (647 510) Salaries and personnel costs (39 048) (299) (39 347) (34 674) (286) (34 960) Depreciation and amortisation (802) (1 156) (1 958) (592) (1 152) (1 744) Other operating expenses (23 654) (3 664) (27 318) (20 329) (2 294) (22 623) Total operating expenses (921 520) (73 873) (995 393) (629 468) (77 368) (706 836) Associated companies and joint ventures 10 365 (10 365) - 6 299 (6 299) - Other gains (losses), net - - - - - - Operating profit 95 326 7 916 103 242 67 360 11 010 78 370 Financial income 5 813 301 6 114 5 541 153 5 694 Financial expenses (38 070) (5 292) (43 362) (28 318) (9 376) (37 694) Net financial expenses (32 257) (4 991) (37 248) (22 777) (9 223) (32 000) Profit/(loss) before taxes 63 069 2 925 65 994 44 583 1 787 46 370 Income taxes (5 930) (2 925) (8 855) (8 732) (1 787) (10 519) Net income 57 139 - 57 139 35 851 - 35 851 EBITDA 1 85 763 19 437 105 200 61 653 18 461 80 114 EBITDA margin1 8.5% N/A 9.6% 8.9% N/A 10.2% 1 EBITDA is operating profit before interest, taxes, depreciation, amortisation, associated companies and joint ventures and other gains (losses). Q3 2026 Q3 2025
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Q3 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 the alternative performance measures that 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 2 943 628 248 028 3 191 656 1 914 007 378 923 2 292 930 Other revenues 55 606 10 239 65 845 53 266 7 146 60 412 Total operating revenues 2 999 234 258 267 3 257 501 1 967 273 386 069 2 353 342 Project expenses (2 516 413) (188 945) (2 705 358) (1 605 801) (300 867) (1 906 668) Salaries and personnel costs (107 706) (921) (108 627) (97 555) (746) (98 301) Depreciation and amortisation (2 210) (3 463) (5 673) (1 703) (3 455) (5 158) Other operating expenses (88 070) (10 920) (98 990) (80 905) (13 364) (94 269) Total operating expenses (2 714 399) (204 248) (2 918 647) (1 785 964) (318 431) (2 104 395) Associated companies and joint ventures 28 362 (28 362) - 25 991 (25 991) - Other gains (losses), net - - - - - - Operating profit 313 197 25 657 338 854 207 300 41 647 248 947 Financial income 18 623 952 19 575 20 031 448 20 479 Financial expenses (138 383) (18 609) (156 992) (82 381) (33 985) (116 366) Net financial expenses (119 760) (17 657) (137 417) (62 350) (33 538) (95 888) Profit/(loss) before taxes 193 437 8 001 201 438 144 950 8 110 153 060 Income taxes (34 109) (8 000) (42 109) (28 085) (8 109) (36 194) Net income 159 328 - 159 328 116 865 - 116 865 EBITDA 1 287 045 57 482 344 527 183 012 71 093 254 105 EBITDA margin1 9.6% N/A 10.6% 9.3% N/A 10.8% 1 EBITDA is operating profit before interest, taxes, depreciation, amortisation, associated companies and joint ventures and other gains (losses). 9M 2026 9M 2025
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Q3 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 import - ant 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) Q3 2026 Q3 2025 9M 2026 9M 2025 2025 Operating profit 80 218 26 065 167 186 (9 343) 126 705 Depreciation and amortisation 1 848 1 638 5 347 4 840 6 748 Other gains (losses), net - - - - - EBITDA 82 066 27 703 172 533 (4 503) 133 453 Finance expenses 1 154 389 45 128 301 449 72 614 158 477 EBITDA adjusted 236 455 72 831 473 982 68 111 291 930 1 See note 6
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Q3 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 September 202 6. 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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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