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Olav Thon Eiendomsselskap (OLT) investor relations material

Olav Thon Eiendomsselskap Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary14 Aug, 2025

Executive summary

  • Q2 2025 pre-tax profit was NOK 357 million, up from NOK 286 million in Q2 2024; H1 pre-tax profit reached NOK 1,362 million, up 24% year-over-year.

  • Retail sales in shopping centers increased by 3.6–4% year-over-year in Q2 2025.

  • Net rental income for Q2 was NOK 839 million (Q2 2024: NOK 829 million); H1 net rental income was NOK 1,757 million (H1 2024: NOK 1,694 million).

  • Equity ratio at 50–50.5% and liquidity reserves at NOK 7,420 million at the end of H1 2025.

  • Profit dampened by value declines in financial instruments and higher maintenance costs compared to Q2 2024.

Financial highlights

  • Q2 2025 pre-tax profit: NOK 357 million; H1 2025 pre-tax profit: NOK 1,362 million.

  • H1 2025 gross rental income: NOK 1,982 million (up 4% from H1 2024).

  • Fair value adjustments of investment properties in Q2: NOK 26 million (Q2 2024: NOK -328 million).

  • Dividend of NOK 7.25 per share paid in Q2; share price up 34% over 12 months.

  • Market value of properties at 30.06.2025: NOK 59,767 million (up from 56,641 a year earlier).

Outlook and guidance

  • Solid market position and strong financials expected to support continued good operating results.

  • Norges Bank cut policy rate to 4.25% in June 2025, with further cuts likely in H2 2025.

  • Lower interest rates and high wage growth anticipated to boost disposable income and private consumption.

  • Transaction activity in real estate expected to rise as investor sentiment improves.

  • Persistent geopolitical uncertainty and high interest rates continue to create macroeconomic uncertainty.

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Frequently asked questions

Olav Thon Eiendomsselskap ASA is a Norwegian real estate company primarily focused on owning, managing, and developing commercial properties. Its portfolio includes shopping centers, office buildings, and hotels, with a significant portion of assets concentrated in Norway and Sweden. The company is one of the leading operators of shopping centers in Norway, offering retail space and property management services to various tenants. In addition to commercial real estate, Olav Thon Eiendomsselskap is involved in residential property development, adding diversification to its business operations. The company is headquartered in Oslo, Norway, and its shares are listed on the Oslo Stock Exchange.

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