Victoria Eiendom (VIEI) Q3 2025 earnings summary

Executive summary

• Consolidated rental income reached NOK 1,153.1 million for the first nine months of 2025, up from NOK 1,036.5 million year-over-year.

• Profit before tax increased to NOK 798.5 million from NOK 461.6 million, driven by higher rental income, property sales gains, increased dividends, and improved results from associates.

• Major property sales and strategic investments, including the acquisition of Dalata Hotel Group PLC through a consortium, were completed.

• The company maintains a strong liquidity reserve and financial flexibility, positioning it well for future opportunities.

Financial highlights

• Rental income (excl. Eiendomsspar) for Jan–Sep 2025 was NOK 208.9 million, up from NOK 197.2 million year-over-year.

• Operating profit (excl. Eiendomsspar) rose to NOK 282.2 million from NOK 139.6 million, with pre-tax profit at NOK 421.7 million versus NOK 246.4 million.

• Consolidated operating profit reached NOK 837.7 million, up from NOK 637.8 million year-over-year.

• Cash flow before tax per share (excl. Eiendomsspar) was NOK 26.82, up from NOK 23.12.

• Group equity at period end was NOK 16,208.7 million.

Outlook and guidance

• Only one further interest rate cut is expected from Norges Bank by end-2026, with rates remaining higher than European peers.

• Office vacancy in Oslo is expected to rise due to significant new supply, with moderate rent growth anticipated.

• Hotel market remains strong with limited new capacity and continued high demand, especially from international tourists.

• Retail and residential markets are expected to benefit from real wage growth and lower mortgage rates.