Olav Thon Eiendomsselskap (OLT) Q4 2025 earnings summary

Executive summary

• Thon Gruppen AS completed a voluntary offer, acquiring 100% of shares at NOK 335 per share, leading to delisting from Euronext Oslo Børs.

• The group plans to further develop the company as Norway's largest private real estate firm and may consolidate property portfolios.

• A new unified brand, "Ett Thon," will be launched, consolidating shopping centers under the "Thon Senter" name.

• Q4 profit before tax was NOK 568 million, down from NOK 1,262 million in Q4 2024; full-year profit before tax was NOK 2,415 million versus NOK 2,863 million last year.

• Rental income in Q4 rose to NOK 1,022 million (from NOK 960 million), and for 2025 reached NOK 3,996 million (up from NOK 3,807 million).

Financial highlights

• Q4 2025 result before tax was MNOK 568, down from MNOK 1,262 in Q4 2024; value changes were MNOK 148 vs. MNOK 725.

• Brutto leieinntekter (gross rental income) for Q4 2025 was MNOK 1,022, up 5% year-over-year.

• Equity ratio at 50.2%, loan-to-value (LTV) at 36.6%, and liquidity reserves at MNOK 9,021.

• Return including dividend was 23% in 2025 and 103% over the last three years.

• Net cash flow from operations in 2025 was NOK 1,974 million (NOK 1,953 million in 2024).

Outlook and guidance

• The company expects continued solid operational results despite high interest rates and macroeconomic uncertainty.

• Dividend policy will be revised; no ordinary dividend proposed for 2025.

• Plans to potentially lower the maximum LTV from 45%.

• Norwegian economic growth is expected to remain low, with moderate wage growth and inflation above target.

• Norges Bank is expected to reduce interest rates one to two times in 2026.