Victoria Eiendom (VIEI) investor relations material

Macroeconomic and real estate market trends

• Domestic inflation and wage growth support further interest rate hikes, with market pricing a 4.7% policy rate by year-end 2025, though expectations have shifted rapidly in recent months.

• Transaction volume in Norway is expected to rise 17% to NOK 93 billion in 2025, with offices, residential land, and logistics as key segments.

• Office market faces rising vacancy and flat rental growth, while residential rental prices are under upward pressure due to fewer available units.

Financial performance and key figures

• Ordinary dividend of NOK 15 and extraordinary dividend of NOK 63 per share distributed; proposed 2025 dividend is NOK 16 per share.

• Result before tax increased from NOK 244 million to NOK 1,196 million, mainly due to property sales, dividends, and revaluations.

• Net asset value (VEK) per share estimated at NOK 1,201 by end-2025, a 16% increase from 2024; share price rose 39% to NOK 910, trading at a 24% discount to NAV.

• Low vacancy rate (3%) and average contract duration of 10 years, with stable rental income primarily from fixed leases.

Portfolio and investment activity

• Property sales in 2025 included Henrik Ibsens gate 36 (Oslo) and Myrveien 1 (Bryne), totaling ~NOK 210 million.

• Acquired shares for NOK 162 million, increasing exposure in Victoria Eiendom.

• Investment in Dalata Hotels Group (8.8% stake) yielded a NOK 450 million gain after a structured sale and reorganization, with Scandic acquiring hotel operations.