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Olav Thon Eiendom (OLT) investor relations material
Olav Thon Eiendom Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 profit before tax was NOK 255m vs NOK 486m; excluding fair-value changes and currency, it was NOK 460m vs NOK 559m.
Rental income rose to NOK 1,070m from NOK 992m; shopping-centre sales increased 2.4% to NOK 15,579m.
The July acquisition of Anthon Eiendom added 16 Oslo-area properties totaling ~150,000 sq. m; further portfolio transfers are planned for Q4.
Financial highlights
Q3 net rental income was NOK 854m vs NOK 879m; property-related expenses rose to NOK 498m from NOK 362m, including maintenance costs of NOK 175m vs NOK 69m.
Q3 net income was NOK 194m vs NOK 382m; 9M profit before tax was NOK 2,107m vs NOK 1,847m, and 9M net income was NOK 1,646m vs NOK 1,441m.
Q3 property fair-value changes were negative NOK 321m vs negative NOK 127m; interest-rate derivative fair-value changes were positive NOK 52m vs positive NOK 51m.
Q3 net financial items were negative NOK 208m vs negative NOK 226m; net interest expense increased to NOK 336m from NOK 271m, while SEK-related gains were NOK 86m vs NOK 2m.
9M net investments were NOK 5,048m vs NOK 1,475m, including NOK 4,206m from acquisitions and disposals of companies.
Outlook and guidance
Restructured portfolio preliminarily forecast at NOK 120–125bn in property values, NOK 8.0–8.2bn annual rental income and NOK 46–48bn interest-bearing debt at 31 December 2026; maximum LTV target remains 40%.
Continued sound operating performance is expected despite high interest rates and macroeconomic uncertainty, supported by a strong market position and financial standing.
Heggedal Hage’s 118 homes were over 75% sold; completion is planned for 1H 2027.
- Rental and retail growth were outweighed by steep property revaluations and higher rates.OLT
Q4 2023 - Q2 profit before tax rose 31%, with portfolio expansion and strong liquidity despite higher costs.OLT
Q2 2026 - Profit before tax rose 38% and retail sales grew 7%, with strong liquidity and full ownership.OLT
Q1 2026 - Profit before tax fell, but rental income, retail sales, and liquidity reserves rose.OLT
Q4 2025 - Stable Q3 with NOK 486m profit before tax, 4% retail sales growth, and 51% equity ratio.OLT
Q3 2025 - Profit and rental income rose year-over-year, with strong liquidity and stable equity ratio.OLT
Q2 2025 - Profit before tax was MNOK 502, with strong liquidity and a 41% 12-month share return.OLT
Q3 2024 - Q2 profit before tax was NOK 286 million, with strong liquidity and rising retail sales.OLT
Q2 2024 - Q1 2025 pre-tax profit up 23% to NOK 1,004 million, driven by rental and retail growth.OLT
Q1 2025
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