Eiendomsspar (EISP) Q4 2025 earnings summary

Executive summary

• 2025 saw robust growth in rental income and property values, driven by acquisitions, new projects, and strong market demand.

• Result before tax reached NOK 2,346 million in 2025, up from NOK 793 million in 2024, driven by gains from sales of listed shares, improved results from associated companies, and underlying operations.

• Significant transactions included the Dalata Hotels Group acquisition, increased stakes in key properties, and major share sales.

• Both Eiendomsspar and Victoria Eiendom distributed substantial ordinary and extraordinary dividends.

• Liquidity reserve increased to NOK 2,022 million.

Financial highlights

• Rental income rose to NOK 1,270 million in 2025, up from NOK 1,130 million in 2024; 50% of growth from new properties, 30% from higher turnover-based rents.

• Result before tax surged by 196% to NOK 2,346 million, mainly due to property sales, higher rental income, and gains from associated companies.

• Victoria Eiendom's rental income increased to MNOK 280, with result before tax up 390% to MNOK 1,196.

• Net asset value (VEK) per Eiendomsspar share reached NOK 669 (+15%), and Victoria Eiendom reached NOK 1,201 (+16%).

• Both companies' share prices outperformed, with Eiendomsspar up 58% and Victoria Eiendom up 39% (including dividends).

Outlook and guidance

• Rental growth is expected to continue, supported by limited new supply and strong demand in prime locations.

• Norwegian interest rates were cut from 4.50% to 4.00% in 2025, with further gradual reductions expected.

• Hotel and retail segments anticipate moderate growth in 2026, with some cities facing softer demand.

• Office vacancy in Oslo is expected to rise as new government buildings are completed, but new office construction will slow in 2026.

• Reallønnsvekst and consumer spending trends support continued positive development in retail and residential markets.