Eiendomsspar (EISP) Q1 2026 earnings summary

Executive summary

• Rental income for Q1 2026 was NOK 318.7 million, up from NOK 290.6 million year-over-year.

• Profit before tax reached NOK 395.5 million, a significant increase from NOK 72.5 million in Q1 2025.

• Cash flow before tax per share was NOK 8.38, compared to NOK 6.65 in the prior year.

• Liquidity reserve increased to NOK 3,072 million as of March 31, 2026.

• The company remains financially solid and well-positioned for market volatility.

Financial highlights

• Rental income rose by NOK 28 million year-over-year, driven by property acquisitions, new leases, and CPI adjustments.

• Gross operating profit was NOK 295 million, up from NOK 270 million in Q1 2025.

• Cash flow before tax (including joint ventures and associates) was NOK 280 million, up from NOK 221 million.

• Profit before tax surged due to higher contributions from associates (notably Pandox and Aurora Eiendom) and increased financial income from currency effects and investments.

• Average loan interest rate was 4.4%, unchanged from year-end.

Outlook and guidance

• The company expects continued market volatility, with at least one more interest rate hike by Norges Bank in 2026.

• Office market capacity growth is expected to slow, with selective demand favoring central, high-quality properties.

• Hotel market demand remains robust, but forward bookings in Oslo are slightly weaker and international demand may be affected by currency and geopolitical factors.

• Retail and residential markets are expected to see moderated price growth due to higher interest rates, but real wage growth should support demand.