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Victoria Eiendom (VIEI) investor relations material
Victoria Eiendom Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Result before tax reached NOK 2,508 million in 2025, up from NOK 803 million in 2024, driven by gains from sales of listed shares, positive results from associated companies, and property sales.
Value-adjusted equity per share was NOK 1,201 at year-end, a 16% increase year-over-year, including dividends.
The board proposes an ordinary dividend of NOK 16.00 per share and distributed an extraordinary dividend of NOK 63 per share in December 2025.
Financial highlights
Group rental income for 2025 was NOK 1,551 million, up from NOK 1,398 million in 2024, mainly due to new properties, higher turnover-based rents, and CPI adjustments.
Operating profit was NOK 814 million, nearly flat from NOK 803 million in 2024, as higher rental income and sales gains were offset by increased property write-downs.
Net financial income surged to NOK 1,424 million from NOK 213 million, mainly from realized gains on share sales.
Value-adjusted equity (including minorities) was NOK 14,029 million, with an 82% equity ratio, up 2 percentage points from last year.
Outlook and guidance
The company is financially robust with significant liquidity reserves, well-positioned to handle market volatility and higher interest rates.
Ordinary dividend proposed at NOK 16.00 per share for 2025, with continued focus on shareholder returns.
Market outlook remains uncertain due to global economic and geopolitical factors, but moderate growth in property and rental prices is expected.
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