2025 – THE YEAR IN BRIEF
2025 has been a year of solid execution in a demanding new housing market.
Despite fewer deliveries than normal, Selvaag Bolig delivered positive results, gained market share in its core areas and strengthened its project portfolio for the coming year. The company has maintained good cost control, built on strong housing concepts and continued to integrate sustainability into its business strategy with a particular focus on CO2 emissions.
HIGHLIGHTS 2025
- Sales and market:
Selvaag Bolig sold 466 homes in 2025, and was the best-selling housing developer in Bergen and number two in Eastern Norway. Demand was variable throughout the year, but the company gained market share in its key markets. - Results and dividend:
Earnings per share were 1.42 kroner, and the board has proposed a dividend of NOK 1.00 per share. - Production and portfolio:
Construction was started on 476 homes and 433 homes were delivered. By the end of the year, the company had increased production to 912 homes under construction, with a combined sales value of NOK 6.6 billion. The land bank was strengthened with agreements that will provide approximately 900 new homes. - Sustainability:
Estimated greenhouse gas emissions per completed m2 gross floor area (GFA) were 202 kg CO2e, well ahead of the company's long-term target of a 30 per cent reduction from the base year 2022 (343 kg CO2e) by 2050. Selvaag Bolig is reporting in 2025 in line with the voluntary sustainability standard VSME and the most recently updated double materiality assessment. - Housing concepts and customer satisfaction:
Customer satisfaction after delivery was among the highest in the industry in Norway, with a score of 84 out of 100. The lifestyle concept Selvaag Pluss® accounted for over a third of sales and is an important competitive advantage. The Pluss and Selvaag Nabolag concepts contribute to differentiation, high customer satisfaction and social sustainability. - Outlook:
With a solid project portfolio, good cost control and a strong financial position, Selvaag Bolig is well positioned for the future.
KEY FIGURES
Key financial figures
| (NOK million) | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| IFRS main figures | |||||
| Operating revenues | 2 086.6 | 1 971.0 | 3 254.7 | 2 896.4 | 3 402.7 |
| Operating profit | 126.7 | 198.2 | 300.9 | 422.4 | 648.3 |
| PRE-TAX PROFIT | 139.6 | 209.2 | 319.5 | 425.1 | 645.3 |
| Cash flow from operations3) | -1 310.1 | 87.1 | 1 196.6 | 63.4 | 392.6 |
| Net cash flow | -128.8 | 117.1 | -346.1 | 85.2 | -357.9 |
| Equity ratio | 35% | 46% | 49% | 39% | 43% |
| EARNINGS PER SHARE IN NOK | 1.42 | 1.90 | 2.62 | 3.63 | |
| 1) Includes proposed dividend for 2025 of NOK 1.00 per share. | |||||
| 2) Units sold are sales contracts entered into in accordance with the Housing Construction Act in Norway and the Swedish Tenancy Act. Pursuant to the IFRS, these are recognised on delivery. | |||||
| 3) The negative cash flow in 2025 was mainly due to the increase in number of units under construction, with a corresponding increase in inventory. | |||||
Key operating figures
| 2025 | 2024 | |
|---|---|---|
| Units sold (Selvaag Bolig’s share) | 466 | 568 |
| Net sales value (NOK million) | 3 036 | 3 673 |
| Number of construction starts | 476 | 559 |
| Number of units delivered | 433 | 532 |
| Number of units completed | 393 | 514 |
| Number of units under construction (at 31 Dec) | 912 | 829 |
| Land bank (at 31 Dec) | ~ 10 400 units | ~ 10 000 units |
| Number of employees (at 31 Dec) | 82 | 83 |
Sustainability and society (selected key figures)
| 2025 | 2024 | |
|---|---|---|
| Greenhouse gas emissions, Scope 1, 2 and 3 (tCO2e) | 10 046 | 10 948 |
| Emissions per m² gross floor area (GFA) of completed housing (kg CO2e) | 202 | 179 |
| Sorting rate of construction site waste | 86% | 91% |
| Customer satisfaction after delivery (KTI) | 84 of 100 | 80 of 100 |
| Employee satisfaction | 89% | 87% |
| Sickness absence | 5.9% | 3.0% |
| Proportion, shareholder-elected women on the board | 40% | 40% |
SUSTAINABILITY IN SELVAAG BOLIG – STATUS AND PRIORITIES 2025
ESG in Selvaag Bolig – a brief summary
Sustainability is an integral part of Selvaag Bolig’s business model, project development and governance. In 2025, the company focused on measures aimed at balancing profitable housing production with a reduced climate footprint and the development of high-quality, inclusive living environments. Efforts have been directed towards maintaining high project quality, ensuring safe execution, and promoting responsible practices across the value chain.
Selvaag Bolig is not subject to the CSRD for 2025, but reports voluntarily in line with the VSME framework, based on the company’s double materiality assessment.
Material sustainability topics
Based on the double materiality assessment, Selvaag Bolig considers the following sustainability themes to be most material to the business and stakeholders:
- Environment (E): Climate and greenhouse gas emissions from construction projects (E1), resource use, circular economy and waste (E5), pollution (E2), and biodiversity (E4).
- Social conditions (S): Own workforce (S1), health and safety and working conditions in the supply chain and on site (S2), impact on customers and local communities (S3).
- Governance (G): Business practices, ethics, compliance (G1).
These topics form the basis for the company's goals, measures and reporting within sustainability.
Status 2025 – selected key points
- Environment (E): Selvaag Bolig's largest climate and environmental impact occurs in construction projects. In 2025, Selvaag Bolig's estimated greenhouse gas emissions were 202 kg CO2e per completed m² GFA, a reduction of 41 per cent from the base year 2022 (343 kg CO2e) and well ahead of the company's long-term target of a 30 per cent reduction by 2050. Emissions per m² GFA increased by 13 per cent from 2024, mainly as a result of project mix and improved data quality. The waste sorting rate at the construction sites was 86 per cent, significantly above the target of 75 per cent. The results are in line with Selvaag Bolig's ambition to achieve its environmental goals in a cost-effective manner and with limited risk.
- Social conditions (S): Customer satisfaction was among the highest in Norway in 2025, with a score of 84 out of 100, while employee satisfaction increased by two percentage points to 89 per cent. Through housing and neighbourhood concepts, including Selvaag Pluss®, Selvaag Bolig contributes to increased safety, well-being and community. The company works systematically to ensure safe construction sites and good working conditions in its own operations and in the value chain, with a goal of zero serious personal injuries. In 2025, there were no work-related personal injuries among employees, and the injury frequency on the construction site was low, with 2.4 lost-time injuries per million man-hours worked. The results show a positive development in customer satisfaction, employee engagement and housing concepts, and provide a good basis for further improvement.
- Governance (G): Good corporate governance and high ethical standards are a prerequisite for long-term value creation. In 2025, there were no reported violations of human rights, corruption or financial crime, and the company received no whistleblower notifications. ESG is integrated into risk management, project development and incentive schemes, including through ESG KPIs in variable executive pay.
A more detailed account of the environment, social conditions and governance can be found in the sustainability chapter and in the Appendix: Details on ESG, with a table of contents for the VSME framework at the end.