Selvaag Bolig (SBO) Q1 2026 earnings summary

Executive summary

• Achieved record-high Q1 2026 sales with 358 units sold, including 72 booking agreements in Sweden, valued at over NOK 2.5 billion, reflecting strong demand and effective launches across core markets.

• Delivered 24 units in Q1 2026, down from 34 units year-over-year, with revenues lower due to fewer deliveries.

• Maintained satisfactory results despite low delivery volumes, attributed to a lean and efficient business model.

• Order backlog stands at NOK 7.8 billion, supporting a robust pipeline for future growth.

• 1,078 units under construction at quarter-end, with a sales value of NOK 7,796 million.

Financial highlights

• Proforma operating revenues (IFRS) for Q1 2026 were NOK 188 million, with adjusted EBITDA at NOK -6 million and EBITDA at NOK -21 million.

• NGAAP operating revenues reached NOK 1,059 million, with an EBITDA margin of 11.3%.

• Operating revenues were NOK 122.6 million, down from NOK 167.0 million year-over-year.

• Cash flow from operations was negative NOK 993 million, mainly due to increased production volume; cash flow from financing was positive at NOK 1,065 million.

• Book value of equity per share was NOK 25.3, with an equity ratio of 30.5%.

Outlook and guidance

• Housing shortage and increased purchasing power in core regions expected to support continued strong demand.

• Solid sales momentum year-to-date and a strong pipeline with 1,078 units under construction.

• More construction starts and several attractive sales launches planned for the remainder of 2026.

• Positioned in growth areas in Norway and Stockholm, with a solid land bank and order reserve.

• 242 completions expected in Q2 2026, 688 for the full year.