Victoria Eiendom (VIEI) Q4 2025 earnings summary

Executive summary

• Profit before tax reached NOK 2,508 million, up from NOK 803 million in 2024, driven by gains from share sales, improved results from affiliates, and property sales.

• Value-adjusted equity per share rose 16% to NOK 1,201, including dividends.

• Ordinary dividend proposed at NOK 16.00 per share, with an extraordinary dividend of NOK 63.00 per share distributed in December 2025.

• Rental income for the group increased to NOK 1,551 million from NOK 1,398 million year-over-year.

Financial highlights

• Operating profit was NOK 814 million, slightly up from NOK 803 million in 2024.

• Net financial income surged to NOK 1,424 million, mainly from realized gains on share sales.

• Interest-bearing debt at year-end was NOK 16,066 million; liquidity reserve stood at NOK 613 million for Victoria Eiendom excl. Eiendomsspar.

• Group equity ratio was 82%, up from 80% the previous year.

Outlook and guidance

• The company expects continued market volatility due to macroeconomic and geopolitical uncertainties.

• Norwegian interest rates are expected to remain higher than European peers, with potential for further increases in 2026.

• The company is well-positioned financially to handle market fluctuations and capitalize on opportunities.