Remuneration report for 2024

Remuneration report

The purpose of this report is to provide a comprehensive, clear and understandable overview of gross pay and remuneration awarded and due to senior executives for the past financial year, how this remuneration accords with the guidelines adopted by the 2023 annual general meeting (AGM), and extent to which this remuneration is aligned with the performance of the company. The report provides details, both in total and individualised, on the remuneration of the company's senior executives as well as the remuneration received by the company's directors in their capacity as members of the company’s board of directors.

The report comprises remuneration for the company's senior executives, as well as for directors who are or have been employed by, or held office in, the company for the 2024 financial year. The report has been prepared by the board of directors of Selvaag Bolig ASA in accordance with section 6-16 b of the Norwegian Public Limited Liability Act, section 6 of the Norwegian regulations on guidelines for and reporting on remuneration of senior executives, and section 7-31b of the Norwegian Accounting Act.

Company Highlights

Selvaag Bolig ASA is a residential development company that manages the entire value chain from acquisition of land to completed residential and urban areas. The company represents a continuation of Selvaag's 75-year history and experience and has several thousand homes under development in growth areas in and around the largest cities in Norway and Sweden. Selvaag Bolig offers a broad variety of housing types, including the lifestyle concept Selvaag Pluss®, which features homes with shared spaces and services.

Selvaag Bolig started construction of 559 new homes in 2024, and at year end the company had 829 homes under construction and 61 per cent of these had already been sold as of 31.12.2024. Homes sold is recognized in the financial statements upon delivery and therefore the company have a solid order reserve that secure income on delivery to customers in 2025 and 2026.

Considering the challenging market conditions, 2024 was a satisfactory year in terms of results and operations for Selvaag Bolig. The company delivered 532 homes to customers during the year and had total operating revenues of NOK 2 billion. The company sold 568 homes that had a combined value of NOK 3.7 billion in 2024.

The company is also well positioned, with a number of large development projects and land available which could yield some 10 000 homes in and around Greater Oslo, Stavanger, Bergen, Trondheim and Stockholm.

A summary of the company's consolidated key figures for 2020-2024 is provided below.

Key figures

*Year 2020 excludes gain of NOK 1 029 from UP-transaction.
**Solid units are signed contracts with customers according to Bustadoppføringslova in Norway and Bostadsrättslagen in Sweden.

For further details of the company's performance in 2024, see the company's consolidated annual accounts for 2024 as published in the annual report on the company’s website.

Remuneration for senior executives in the company

Principles

Senior executives of Selvaag Bolig are remunerated in accordance with the principle “competitive but not market-leading”. The company seeks to offer a total remuneration which is competitive, flexible and motivational both in the short and long term.

The auditor's report on the company's compliance with the guidelines is available on the company’s website. The remuneration guidelines adopted by the 2023 AGM have been implemented in full.

Composition

The remuneration comprises fixed base pay, short term bonuses, share incentives, a pension scheme and other benefits. Specific ceilings are set for the various variables.

Fixed remuneration

Fixed pay was the main element in the remuneration for senior executives in 2024. Table 1 below shows fixed gross pay. Fixed pay is reviewed annually and determined based on pay trends in general and in the property sector in particular.

Variable remuneration

Performance measures for each senior executive’s variable remuneration in 2024 have been selected to promote the company's strategy and to encourage behaviour which is in the long-term interest of the company. Variable remuneration is related to value creation for shareholders over time and structured to create an ownership culture which ensures interest alignment between shareholders and senior executives.

Bonus scheme

Selvaag Bolig has established a bonus scheme for senior executives. The vesting period is annual, and the the KPIs in the scorecard comprise both financial and non-financial KPIs weighed at 40-60 per cent each. Examples of financial performance criteria are profitability, return on equity and total shareholder return. Examples of non-financial criteria are project development, customer satisfaction, organisational development and ESG. It is the company's opinion that all the KPIs are suited to building long-term shareholder value as well as ensuring continuous improvement of the company's operations.

Share purchase programme

Selvaag Bolig has established a share purchase programme where senior executives can opt to buy shares in the company at a discounted rate of 30 per cent for an amount up to the individual’s annual pay. The lock-up period is three years and compensation is provided for the tax disadvantage of this discount to the employee. The programme is described in the company’s annual report. Ownership is intended to create added value for the company through increased engagement and loyalty.

Pension schemes, insurance,benefits in kind and extraordinary remuneration

In 2024, the company incurred costs relating to pension schemes, AFP, insurance, benefits in kind and extraordinary remuneration to senior executives. These were paid in accordance with the company’s guidelines on remuneration. The basis for earned pension rights under the defined contribution plan is 5 per cent of pay between zero and 7.1 times the National Insurance base amount (G) and 10,5 per cent between 7.1 and 12G. The company may sign other early retirement pension agreements for senior executives, but no such agreements have been entered into.

Table 1: Total remuneration, broken down by component, paid and due to each current or former senior executive in the company for the past financial year. Figures in NOK 1,000.

Reported financial year	Base pay	Other benefits	One-year variable	Share based remuneration	Pension	Total remuneration	Proportion of fixed and variable remuneration
Sverre Molvik – CEO
2024	4,124	224	3,583	1,583	121	9,636	46%	54%
2023	3,958	198	3,502	1,590	116	9,364	46%	54%
Christopher Brunvoll – CFO
2024	2,435	15	2,152	950	121	5,674	45%	55%
2023	2,226	14	1,971	895	116	5,222	45%	55%
Øystein Klungland – COO
2024	4,124	195	3,583	1,583	121	9,607	46%	54%
2023	3,958	163	3,502	1,590	116	9,329	45%	55%
Kristoffer Gregersen – EVP communications and sustainability
2024	1,888	23	1,640	725	121	4,398	46%	54%
2023	1,813	18	1,603	728	116	4,278	46%	54%
Line Lian Mjell – EVP market
2024	1,758	17	1,527	675	121	4,098	46%	54%
2023	1,685	17	1,492	678	116	3,988	46%	54%

Table 2: Number of shares acquired by each senior executive in accordance with the share purchase programme from 2022 to 2024 and the total number of shares they owned at 31 December.

Reported financial year	Shares held at the beginning of the year	Shares acquired	Price paid per share ¹⁾	Acquisition date	Shares sold	Total number of shares held at 31 December	Total number of shares with lockup at 31 December
Sverre Molvik – CEO
2024	592,684	186,016	31.92	29.11.2024	101,297	677,403	573,272
2023	492,814	204,779	27.88	01.12.2023	104,909	592,684	491,387
2022	399,901	182,477	29.94	02.12.2022	89,564	492,814	387,905
Øystein Klungland – COO
2023	592,684	186,016	31.92	29.11.2024	101,297	677,403	573,272
2023	487,582	204,779	27.88	01.12.2023	99,677	592,684	491,387
2022	376,995	182,477	29.94	02.12.2022	71,890	487,582	387,905
Christopher Brunvoll – CFO
2024	276,101	111,690	31.92	29.11.2024	-	387,791	329,534
2023	169,708	115,275	27.88	02.12.2023	8,882	276,101	276,101
2022	67,139	102,569	29.94	02.12.2022	-	169,708	160,826
Kristoffer Gregersen – EVP communications and sustainability
2024	268,580	85,155	31.92	29.11.2024	43,445	310,290	262,446
2023	217,785	93,757	27.88	01.12.2023	42,962	268,580	225,135
2022	163,391	83,534	29.94	02.12.2022	29,140	217,785	174,823
Line Lian Mjell – EVP market
2024	183,188	79,293	31.92	29.11.2024	-	262,481	244,305
2023	95,938	87,250	27.88	01.12.2023	-	183,188	183,188
2022	18,176	77,762	29.94	02.12.2022	-	95,938	95,938
¹⁾ Price before 30 % rabatt.

Table 3: Performance of senior executives in the reported financial year.

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*The scorecard for the executive management for 2024 contains a KPI that counts 10 % where the time for measurement has been postponed from 31.12.2024 to 31.03.2025. If the target is met, the executive management will receive 10 % additional variable remuneration for 2024, which will be paid in 2025. Total target performance for 2024 will therefore potentially amount to 96,2 %.

Table 4: Change in remuneration to senior executives and company performance over the last five reported financial years. Figures in NOK 1,000.

Year reported	2020	2021	2022	2023	2024
Annual change	(2020 vs 2019)	(2021 vs 2020)	(2022 vs 2021)	(2023 vs 2022)	(2024 vs 2023)
Senior executive's remuneration
Sverre Molvik – CEO¹⁾
Amount(NOK 1 000)	7,778	8,361	8,878	9,364	9,636
Change (%)	-9%	7%	6%	5%	3%
Øystein Klungland – COO
Amount (NOK 1 000)	7,778	8,385	8,874	9,329	9,607
Change (%)	-9%	8%	6%	5%	3%
Kristoffer Gregersen – EVP communications and sustainability
Amount (NOK 1 000)	3,415	3,787	4,104	4,278	4,398
Change (%)	-16%	11%	8%	4%	3%
Christopher Brunvoll – CFO²⁾
Amount (NOK 1 000)	-	4,180	4,972	5,222	5,674
Change (%)	N/A	N/A	19%	5%	9%
Petter Cedell – EVP property investment⁴⁾
Amount (NOK 1 000)	4,019	3,692	-	-	-
Change (%)	-19%	-8%	N/A	N/A	N/A
Line Lian Mjell – EVP market³⁾
Amount (NOK 1 000)	-	1,436	3,723	3,988	4,098
Change (%)	N/A	N/A	159%	7%	3%
Halvard Kverne – EVP regions ⁴⁾
Amount (NOK 1 000)	4,738	-	-	-	-
Change (%)	-27%	N/A	N/A	N/A	N/A
Rolf Thorsen – CEO ¹⁾
Amount (NOK 1 000)	9,395	-	-	-	-
Change (%)	19%	N/A	N/A	N/A	N/A
Companys performance
Net profit IFRS⁶⁾
Amount (NOK 1 000)	494,955	504,909	338,846	244,633	176,914
Change (%)	-24%	2%	-33%	-28%	-28%
Net profit NGAAP⁶⁾
Amount (NOK 1 000)	579,299	453,606	268,730	150,070	165,156
Change (%)	-8%	-22%	-41%	-44%	10%
Total shareholder return ⁷⁾	17%	-3%	-27%	13%	12%
Return on equity ⁷⁾	15%	21%	14%	10%	8%
Average remuneration of employees on a full-time equivalent basis
Number of employees⁸⁾	82	80	87	84	84
Average pay per employee⁹⁾	1,273	1,291	1,298	1,335	1,388
Change from previous year	7%	1%	1%	3%	4%
¹) Rolf Thorsen resigned as CEO of Selvaag Bolig ASA in october 2020. Severance pay is included in the remuneration for 2020. Sverre Molvik was appointed new CEO from the position of CFO in october 2020.
²⁾ Christopher Brunvoll was appointed CFO of Selvaag Bolig ASA in March 2021.
³⁾ Line Lian Mjell was employed by Selvaag Bolig ASA in August 2021.
⁴⁾ Halvard Kverne stepped down from the executive management in october 2020. Petter Cedell stepped down from the executive management in december 2021.
⁵⁾ Return on Equity is calculated by dividing fiscal year net profit by total equity at 31.12 in previous fiscal year.
⁶⁾ Net profit attributable to shareholders in Selvaag Bolig ASA. Year 2020 excluding gain of NOK 1 029 from UP transaction.
⁷⁾Shareholder return = share price development year over year including paid dividend.
⁸⁾ Number of paid employees, excluding executive management.
⁹⁾ Averge pay is including fixed and variable remuneration on a full-time equivalent basis.

For more information on remuneration to senior executives in the company, see the annual report and the company’s guidelines on remuneration on the company’s website.

Remuneration of the board of directors

The following describes the remuneration received by directors of Selvaag Bolig ASA in their capacity as directors of the company alone.

Pursuant to the company’s articles of association, proposals for the remuneration of the board of directors are prepared by the company’s nomination committee. Remuneration of the company’s directors is then approved by a resolution of the company’s general meeting.

The company’s directors are not included in any variable remuneration, pension scheme or share-based remuneration programmes. Employee-elected directors may be eligible to participate in such programmes in their capacity as employees.

Table 5: Remuneration of the board of directors. Figures in NOK 1,000.

Type of remuneration	2024	2023
Olav Hindahl Selvaag – Chair
Regular director remuneration	575	550
Remuneration as chair of the remuneration committee	74	70
Gisele Marchand – Director
Regular director remuneration	380	365
Remuneration as member of the remuneration commitee	58	55
Remuneration as chair of the audit committee	190	180
Tore Myrvold – Director
Regular director remuneration	380	365
Remuneration as member of the audit committee	125	120
Øyestein Thorup – Director
Regular director remuneration	380	365
Remuneration as member of the remuneration committee	58	55
Camilla Wahl – Director
Regular director remuneration	380	365
Sissel Kragnes – Director (elected by the employees)
Regular director remuneration	45	43
Patrik Eriksson – Director (elected by the employees)
Regular director remuneration	45	43

Table 6: Number of shares held by the board of directors at year end.

Name of board member	Position	31.12.2023	Purchase	Sold	31.12.2024
Olav Hindahl Selvaag ¹⁾	Chair	50,288,761	-	-	50,288,761
Gisele Marchand	Director	10,025	700	-	10,725
Tore Myrvold ²⁾	Director	18,000	1,000	-	19,000
Camilla Wahl²⁾	Director	3,607	700	-	4,307
Øystein Thorup	Director	4,200	700	-	4,900
Sissel Kragnes	Director (elected by the employees)	3,958	-	-	3,958
Patrik Eriksson	Director (elected by the employees)	10,776	5,873	-	16,649
1) Includes shares owned by Selvaag AS and other related parties.
2) Includes shares owned by related parties.

Table 7: Change in remuneration to the board of directors over the last five reported financial years. Figures in NOK 1,000.

Year reported	2020	2021	2022	2023	2024
Annual change	2020 vs 2019	2021 vs 2020	2022 vs 2021	2023 vs 2022	2024 vs 2023
Director's remuneration
Olav Hindahl Selvaag - Chair
Amount (NOK 1000)	555	565	588	620	649
Change(%)	N/A	2%	4%	5%	5%
Gisele Marchand - Director
Amount (NOK 1000)	480	490	552	600	628
Change(%)	-36%	2%	13%	9%	5%
Tore Myrvold - Director
Amount (NOK 1000)	405	415	450	485	505
Change(%)	1%	2%	8%	8%	4%
Øystein Thorup¹⁾ - Director
Amount (NOK 1000)	-	390	402	420	438
Change(%)	N/A	N/A	3%	4%	4%
Camilla Wahl¹⁾ - Director
Amount (NOK 1000)	-	340	450	365	380
Change(%)	N/A	N/A	32%	-19%	4%
Peter Groth¹⁾ - Director
Amount (NOK 1000)	380	-	-	-	-
Change(%)	1%	N/A	N/A	N/A	N/A
Anne Sofie Bjørkholt¹⁾ - Director
Amount (NOK 1000)	280	-	-	-	-
Change(%)	2%	N/A	N/A	N/A	N/A
Sissel Kragnes - Director (elected by the employees)
Amount (NOK 1000)	37	39	41	43	45
Change(%)	3%	5%	5%	5%	5%
Magnus Klund Kristiansen³⁾ - Director(elected by the employees)
Amount (NOK 1000)	7	39	14	-	-
Change(%)	N/A	457%	-64%	-100%	N/A
Rune Magnus Thomassen³⁾ - Director(elected by the employees)
Amount (NOK 1000)	30	-	-	-	-
Change(%)	N/A	N/A	N/A	N/A	N/A
Christopher Brunvoll²⁾ - Director(elected by the employees)
Amount (NOK 1000)	8	-	-	-	-
Change(%)	-78%	N/A	N/A	N/A	N/A
Patrik Eriksson⁴⁾ - Director(elected by the employees)
Amount (NOK 1000)	-	-	27	43	45
Change(%)	N/A	N/A	N/A	59%	5%
1) Peter Groth and Anne Sofie Bjørkholt was replaced by Camilla Wahl and Øystein Thorup in April 2020.
2) Christopher Brunvoll stepped down as a director in February 2020.
3) Magnus Klund Kristiansen replaced Rune Thomassen as a director in March 2020.
4) Patrik Eriksson replaced Magnus Klund Kristiansen as a director in April 2021.

Statement by the board of directors

The board of directors has considered and approved the remuneration report 2024 for Selvaag Bolig ASA.

The remuneration report is presented in accordance with section 6-16b of the Norwegian Public Limited Liability Act, section 6 of the Norwegian regulations on guidelines for and reporting on remuneration of senior executives and section 7-31b of the Norwegian Accounting Act.

In the board’s opinion, the remuneration report complies with the company’s remuneration policy as adopted by the 2023 AGM and is free of material misstatements, whether owing to fraud or error.

Approval of the remuneration report will be put to an indicative vote at the AGM.

Oslo, 20 March 2025

Attestation statement

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