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Selvaag Bolig (SBO) investor relations material

Selvaag Bolig 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 summary7 Aug, 2025

Executive summary

  • Satisfactory Q2 2025 results despite low deliveries, supported by strong cost control and an efficient business model.

  • Over NOK 2 billion in homes sold in H1 2025, with inventory of completed units reduced by NOK 400 million year-over-year.

  • Order backlog stands at NOK 8.2 billion, and the landbank increased by 800 units, mainly in Greater Oslo.

  • Dividend decision for 2025 postponed until full-year results; no interim dividend for H1 2025.

  • Delivered 40 units in Q2 2025, down from 127 units year-over-year, due to fewer completions and macroeconomic uncertainty.

Financial highlights

  • Q2 2025 operating revenues (IFRS) at NOK 261–349 million, down from NOK 620–979 million in Q2 2024; adjusted EBITDA NOK 14.6–25 million (NOK 123.7–170 million in Q2 2024).

  • H1 2025 operating revenues (IFRS) at NOK 543 million, down from NOK 1,847 million in H1 2024; adjusted EBITDA NOK 17 million (NOK 305 million in H1 2024).

  • EPS for Q2 2025 at NOK 0.02 (NOK 0.85 in Q2 2024); H1 2025 EPS at NOK -0.20 (NOK 1.45 in H1 2024).

  • Cash flow from operations negative NOK 345–346 million in Q2 2025 due to increased inventories; cash flow from financing activities positive at NOK 278 million.

  • Book value of equity at NOK 24.0 per share; equity ratio 34.8%.

Outlook and guidance

  • Housing shortage in all core regions expected to support favorable conditions for new housing.

  • Anticipated increase in purchasing power and lower interest rates to boost sales.

  • Improved macro conditions expected to fuel demand in Stockholm; strong land purchasing capacity through Urban Property.

  • Uncertainty remains due to macroeconomic factors, but increased sales and project starts signal normalization.

  • Company plans more sales starts and new projects in line with market demand.

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Frequently asked questions

Selvaag Bolig ASA prepares land for construction; and constructs and sells terraced houses and apartments. It also manages properties on behalf of owners. In addition, the company offers financial services, including, among others, financing of property transactions, insurance policies for housing associations and customers/associates, property management services as well as finance leasing of equipment. The company was formerly known as Strømmen Boligbyggelag ASA and changed its name to Selvaag Bolig ASA. Selvaag Bolig ASA was founded in 2008 and is based in Oslo, Norway.

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