Eiendomsspar (EISP) investor relations material

Macroeconomic and property market trends

• Domestic inflation remains above Norges Bank's target, supporting further rate hikes, while NOK strength could argue for cuts; market expects a 4.7% policy rate by year-end 2025, with likely 1–2 more hikes this year.

• Norwegian property transaction volume is projected to rise 17% to NOK 93bn in 2025, with offices leading at 28% share, followed by residential and logistics; residential is making a comeback.

• Office market faces rising vacancy and flat rental growth, with tenants prioritizing renegotiation over relocation; significant yield pressure persists.

Financial performance and key metrics

• Pre-tax profit surged from MNOK 244 in 2024 to MNOK 1,196 in 2025, driven by property sales, dividends, and increased rental income.

• Cash flow per share rose 264% due to extraordinary dividends; value per share (VEK) estimated at NOK 1,201 by end-2025, up 16% from 2024, while share price increased 39% to NOK 910.

• Portfolio vacancy remains low at 3%, with average lease duration extended to 10 years, supported by new long-term contracts.

Portfolio and investment activity

• Major property sales included Henrik Ibsens gate 36 (Oslo) and Myrveien 1 (Bryne), totaling ~NOK 210m; NOK 162m invested in new shares.

• Rental income is predominantly fixed, with warehouse/workshop and retail/food service as largest segments.

• Investment in Dalata Hotels Group (8.8% stake) yielded a significant gain, with a phased exit and reorganization planned through 2026.