Victoria Eiendom (VIEI) Q2 2026 earnings summary

Executive summary

• Consolidated revenue for the group reached NOK 819 million for H1 2026, up from NOK 754 million year-over-year.

• Result before tax for the group increased to NOK 614 million from NOK 539 million year-over-year.

• Standalone (excluding Eiendomsspar), rental income was NOK 145 million, with a pre-tax result of NOK 259 million, down from NOK 398 million due to one-off gains in 2025.

• Group acquired and divested several properties, including a new school lease and residential sales.

Financial highlights

• Group rental income rose by NOK 65 million year-over-year.

• Standalone rental income increased by NOK 6 million year-over-year.

• Group net profit for H1 2026 was NOK 550 million, up from NOK 505 million year-over-year.

• Cash flow before tax per share (standalone) was NOK 23.38 for H1 2026.

• Group equity per share at period end was NOK 1,125.

Outlook and guidance

• Expectation of continued volatility in interest rates, with risk of further hikes in 2026.

• Office market to see limited new supply and stable demand, but with regional differences.

• Hotel market demand remains solid, but international arrivals are dampened by geopolitical events.

• Retail and residential markets expected to see slower price growth due to higher rates and supply factors.