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Eiendomsspar (EISP) investor relations material
Eiendomsspar Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Result before tax reached NOK 2,346 million in 2025, up from NOK 793 million in 2024, driven by gains from sales of listed shares, improved results from associated companies, and underlying operations.
Value-adjusted equity per share rose 15% to NOK 669, including dividends.
Liquidity reserve increased to NOK 2,022 million.
Ordinary dividend proposed at NOK 11.00 per share, with an additional extraordinary dividend of NOK 40 per share distributed in December 2025.
Financial highlights
Rental income grew to NOK 1,270 million from NOK 1,130 million in 2024; 50% of growth from new properties, 30% from higher turnover-based rents.
Gross operating profit was NOK 1,168 million (NOK 1,032 million in 2024).
Operating profit was NOK 542 million (NOK 710 million in 2024), impacted by higher depreciation and property write-downs.
Financial income surged to NOK 1,417 million, mainly from realized gains on Scandic and Dalata shares.
Cash flow before tax per share was NOK 37.28 (NOK 35.43 in 2024).
Outlook and guidance
Norwegian interest rates were cut from 4.50% to 4.00% in 2025, with further gradual reductions expected.
Office vacancy in Oslo is expected to rise as new government buildings are completed, but new office construction will slow in 2026.
Hotel market capacity growth remains modest, with demand expected to stay solid, especially from leisure travelers.
Retail and housing markets are expected to see continued growth, supported by real wage increases and low new housing supply.
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