Eiendomsspar (EISP) investor relations material

Executive summary

• Strong financial performance in H1 2026, with rental income reaching NOK 674 million, up from NOK 615 million year-over-year, and significant increases in pre-tax profit driven by property acquisitions and higher associate contributions, notably from Aurora and Pandox.

• Dividend of NOK 11.00 per share paid out; continued portfolio expansion through property and share acquisitions, including increased stakes in Pandox and Aurora Eiendom.

• Cash flow before tax per share was NOK 20.64, up from NOK 18.96 last year; liquidity reserve increased to NOK 2,639 million as of June 30, 2026.

Financial highlights

• Rental income rose by MNOK 59 in H1 2026, driven by acquisitions, completed projects, and index adjustments; gross operating profit was NOK 625 million, up from NOK 568 million.

• Pre-tax profit increased by MNOK 196 to MNOK 589, a 50% rise from H1 2025.

• Net profit for the period was NOK 537 million, compared to NOK 369 million last year.

• Cash flow before tax (including joint ventures and associates, before gains and rehabilitation costs) was NOK 691 million, up from NOK 632 million.

• Equity per share was NOK 70.75 as of June 30, 2026.

Outlook and guidance

• Expectation of moderate RevPAR growth in Norwegian hotels for the remainder of 2026, with hotel demand solid but international arrivals possibly dampened by a stronger NOK and geopolitical tensions.

• Office rental levels remain flat, with tenants focused on renegotiation rather than relocation; limited growth expected in both office rents and capacity.

• Retail and residential rental markets show strong demand and price growth, especially in Oslo and Bergen, with residential rent growth expected to persist due to limited new supply and high construction costs.

• Continued volatility in the interest rate market, with risk of further rate hikes by Norges Bank in 2026.