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Annual Report
2025
Annual report 202 5 Norwegian Property ASA
Contents 2
Content s
CONTENT S 2
BUSINESS CONCEPT, VISION AND VALUES 3
BUSINESS MODEL 4
CBD 5
NYDALEN 8
FORNEBU 10
OTHER 13
CEO SUMMARY 15
DIRECTORS REPORT 17
ANNUAL GROUP ACCOUNTS 26
ANNUAL ACCOUNTS OF THE PARENT COMPANY 62
DECLARATION BY THE BOARD OF DIRECTORS AND THE CEO 75
INDEPENDENT AUDITOR’S REPORT 76
KEY FIGURES 81
KEY FINANCIAL FIGURES AND APMS 83
EPRA PERFORMANCE MEASURES 85
CORPORATE GOVER N ANCE 90
PRESENTATION OF THE DIRECTORS 97
DEFINITIONS 98
CONTACT 100
Annual report 202 5 Norwegian Property ASA
Business concept, vision and values 3
Business concept, vision and values
BUSINESS CONCEPT
Norwegian Property will create sustainable growth in value through managing, developing, and investing in
property located in central growth areas where we have a comparative advantage. The tenant portfolio will have a
good mix, contributing to the creatio n of meeting places and relationships which encourage engagement.
VISION
We will create meeting places and relationships which encourage engagement.
VALUES
Annual report 202 5 Norwegian Property ASA
Business model 4
Business model
The company’s vision is to create meeting places and relationships which encourage engagement, and our
philosophy and base values are founded on a passion for the property business.
We are a focused and fully integrated real estate specialist, with holdings located primarily in the Oslo area, and
we own, develop and manage our properties. We concentrate on developing attractive environments with a mix of
offices, retail outlets, servi ces and culture.
We have identified four drivers for long -term value creation: marketing and letting, property development,
operation and management as well as transactions and finance.
Our property portfolio breaks down into three areas: Oslo’s central business district (CBD), the Nydalen district
and Fornebu. In addition, the property portfolio includes one retail property at Hasle (Other).
The group holds 72 million shares ( 23 per cent of the share capital) in Fabege AB , a leading Swedish listed real
estate company . The group also holds a major investment related to a 42.5 per cent share in the residential
development company Nordr . At year ‑end 2025, Nordr had 1,164 units under construction and a land bank of
about 10,700 units across Norway and Sweden, mainly in major cities in Eastern Norway and the greater
Stockholm area. In Stavanger, the group has a joint venture with Base Bolig for a development project of 2 62
residential units and approx. 1,200 gross lettable area (GLA) on a 100 per cent basis.
Annual report 202 5 Norwegian Property ASA
CBD 6
CBD
Properties
Norwegian Property owns 13 properties in Oslo
CBD, total ling 171 000 sqm, of which 10 properties
are situated in the Aker Brygge area. In addition, the
company holds three other properties in other parts
of CBD. CBD is accessible through various public
transport modes, such as buses, undergrounds and
trains.
Rental market CBD
The rental market in the CBD experienced lower
leasing volumes measured in signed square metres
in 2025, while rent levels remained stable. Demand
continues to be strong for high -quality properties in
prime locations. Overall, the office market has
stabili zed following several years of strong growth.
Due to the limited supply of new office space, total
vacancy in the CBD remained at an acceptable
level, although it was higher than in previous years.
New lease agreements signed in 2025 amounted to
NOK 44 million in annual rental income, while
renegotiations contributed an increase of NOK 10
million in annual revenue. Lease terminations
during the year totalled NOK 67 mil lion.
The inner -city area remains attractive to both public
and private sector tenants and accounted for the
highest number of signed lease agreements in
2025. The year was characterized by strong supply,
particularly within the 300 –1,000 sqm segment.
Following significant rental growth from 2023 to
2024, rent levels stabili sed throughout 2025.
High -quality landmark properties such as
Telegrafen continued to perform strongly due to
their distinctive qualities. During the year, a new
ground -floor strategy was implemented at
Telegrafen, including the conversion of selected
office areas and revitali sation of the existing food
and beverage concept.
New lease agreements at Telegrafen in 2025
included Ahead Group Norway AS (additional
space) and Atlas Vinbar AS.
Aker Brygge
Aker Brygge was originally a wharf that has been
transformed into a vibrant mixed -use area
comprising residential units, office space and retail
premises. Today, the area is one of Oslo’s most
attractive locations for both office and retail.
Aker Brygge is a largely car -free district, making it
appealing to both tenants and visitors. The area is
characteri sed by the façades of former industrial
buildings converted into modern, urban business
premises, combined with contemporary
architecture.
Rental market Aker Brygge
The Aker Brygge area is characteri sed by high rent
levels and low vacancies . Over time, Aker Brygge
has developed a diversified tenant mix, with
occupiers seeking high -quality premises and
access to a wide range of services, including law
firms, shipping companies, technology companies
and financial institutions. In addition, the area offers
a broad selection of restaurants and retail concepts.
Aker Brygge has consolidated its position as one of
the most attractive office hubs in the CBD,
maintaining strong rent levels. Rent levels remained
stable compared to 2024, and despite a more
uncertain market outlook, high -quality and well -
located propert ies continued to perform well.
Annual report 202 5 Norwegian Property ASA
CBD 7
The l ow growth in overall employment and more
efficient use of office space increase the
importance of attractive properties. Combined with
the limited supply of new office space in the CBD
and Oslo city centre, this supports a positive
outlook for the years ahead.
A selection of new and renegotiated lease
agreements in 2025 includes:
Grieg Shipholding signed a ten -year lease extension
at Bryggegata 6. During the second half of 2025,
Norwegian Property carried out adaptations for
Grieg’s future office premises. Both Norwegian
Property and Grieg Shipholding placed strong
emphasis on sustainability and the reuse of
materials throughout the project.
Google extended its lease at Bryggegata 6 for an
additional three years. The renegotiation was
completed on as -is terms, with no capital
expenditure.
Nestlè Norge signed a seven -year lease at
Grundingen 6. The project was largely based on
reuse and existing qualities, with sustainability as a
key focus for both Norwegian Property and Nestlè.
The tenant moved in during October 2025.
Econpartner extended its lease at Grundingen 6 for
an additional five years. The renegotiation was
carried out on as -is terms, with no capital
expenditure.
Projects
The rehabilitation of Bryggegata 9 (Snekkerbygget)
is well under way, with expected completion in Q1
2027. The project has attracted significant market
interest due to its distinctive character and strong
historical identity. The comprehensive upgrade of
the building’s technical installations will transform it
into a mo dern, energy -efficient office property,
completing the final piece needed to unlock its full
potential. The material palette draws inspiration
from the building’s history and existing archite ctural
qualities, creating a unique and authentic
expression.
The conference centre in Fondbyg g et, formerly
known as Felix Conference Centre , is also
undergoing a major transformation and will further
strengthen the range of amenities available to
tenants at Aker Brygge. The upgraded facility will
include a tenant -exclusive restaurant for lunch, two
large conference halls, several meeting rooms,
flexible break -out areas, and four TrackMan golf
simulators. The project is scheduled for completion
in A ugust 2026. In addition, the Coop Mega in the
Fondbyg g et is refurbishing and expanding its
supermarket premises, while Juels Kolonial will
commence renovation works ahead of taking over
the space previously occupied by Shufl.
Akerrestauranter AS signed a new 35 -year lease
covering Louise, Pastis and Lekter’n. Extensive
refurbishment of the existing restaurant areas, as
well as the introduction of a new concept integrated
into parts of the premises, are planned for Q1 –Q2
2026.
Terminalbygget is currently undergoing a major
transformation. New tenants, including KICKS,
Mendel’s and Studio Sommerfeldt, are scheduled
to open in spring 2026.
Other notable lease signings in 2025 include Der
Pepper’n Gror and Alonzo.
Annual report 202 5 Norwegian Property ASA
Nydalen 9
Nydalen
Properties
Norwegian Property owns thirteen properties in
Nydalen, totalling 90 500 sqm. The portfolio
consists of both old industrial buildings
transformed into offices, as well as new office
buildings.
Nydalen is located just 11 minutes from Oslo City
Centre by subway. Additionally, the area is well -
served by numerous bus connections, and the
Gjøvik railway makes frequent stops at Nydalen
Station. The trail along the Akerselva River is a
popular route for both pedestrians and cyclists.
Rental market in Nydalen
New rental contracts totalling NOK 21 million were
signed in 2025, while existing leases were extended
with an increased annual run rate of NOK 0.3
million. Lease terminations amounted to NOK 27
million. Four tenants accounted for 63% of the
terminated lease area. All of these tenants have
remained within our portfolio, albeit with certain
adjustments to the rent and/or leased area.
The rental market in Nydalen is diversified across
several sectors, with the four dominant segments
being labour hire, IT consultancy, public
administration, and public health services.
Historically, the market in Nydalen has been
dominated by large tenants. In recent years,
however, demand for larger office spaces has
declined. In response, we have adapted our offering
by providing smaller units, from approximately 300
sqm, which has res ulted in increased interest in our
vacant premises.
To further accommodate smaller tenants, we
decided towards the end of the year to launch our
own serviced office concept, W ORKS Nydalen,
opening in 2026. At the time of its opening, the
centre has an occupancy rate of 83%. The vacancy
rate in Nydalen is approximately 7%, while
Norwegian Property ’s vacancy rate is at around 1 5%.
A decision has been made to upgrade the common
areas at Gjerdrums vei 8. As part of this process,
several tenants have been relocated to other
buildings. The objective is to achieve a similarly
positive outcome in 2026 as was delivered through
the upgrade of Sandakerveien 138.
Gullhaug Torg 3, previously leased to the TV 2
studios, is now fully let to Nydalen Padel and XT
Oslo. This represents a valuable addition to the
active ground -floor offering in Nydalen. The
building’s façade will be opened with large
windows, further enha ncing this effect.
Development projects
Gjerdrums vei 1 -5: Norwegian Property seeks to
preserve two listed buildings and replace a small
commercial building with a larger office building.
The ambition is to build a modern and future -
oriented office building. The zoning process started
in 2023, and we are expecting approved zoning in
2027.
Annual report 202 5 Norwegian Property ASA
Fornebu 11
Fornebu
Properties
Norwegian Property owns three properties at
Fornebu: Snarøyveien 30 (S30), Snarøyveien 36
(S36), and Martin Linges vei 33 (ML33). The area is
experiencing strong growth and has developed into
a key hub for innovation.
In 1998, Fornebu began its transformation from an
airport into a vibrant district, combining residential
areas and office developments. In parallel with
urban development, major infrastructure
improvements are ongoing. Norwegian Property ’s
properties are currently accessible within a ten -
minute drive from Oslo city centre, and during peak
hours the express bus operates every two minutes.
Flytårnet Station, as part of the new Fornebu Line,
will be located at S30 and in close proximity to S36
and ML33 when the subway line is completed in
2029. Travel time from the city centre to Fornebu
will then be approximately ten minutes. Norwegian
Property is already experiencing the effect of the
upcoming subway connection, as an increasing
number of tenants now consider Fornebu as a
relevant location when relocating.
Accessibility by car will also further improve when
the new western access road ( ‘Vestre lenke ’) opens
in 2028.
Rental market in 2025
The Fornebu office market is characterized by
relatively large tenants and a high concentration of
knowledge -intensive industries, including
companies such as Telenor and ABB, as well as
petroleum -related industries such as Aker and
Equinor.
Vacancy in the Fornebu area was approximately 10%
as of Q4 2025. This level is expected to decline over
time as the Fornebu Line is completed. The area
also has the potential for the development of up to
10,000 new residential units by 2035, while any
possible new supply of commercial office space is
expected to remain limited.
Given the homogen eous nature of many office
properties in the area, the landlord role becomes
increasingly important. Norwegian Property aims to
differentiate its offering by providing value beyond
the traditional office function.
The first public sector tenant, the Norwegian
National Security Authority (NSM), moved into
Snarøyveien 36 in 2023/2024 and has since
exercised options to lease additional space within
the building.
Martin Linges vei 33 was taken over in March 2024.
The property is among the most renowned office
buildings in Norway, with architecture that has
received several national and international awards.
Equinor has leased the entire building since its
completion in 2012. In 2024, Equinor reduced its
footprint while extending the lease for the
remaining area. Following the reduction, new lease
agreements were signed with NOV , Volvo Car
Norway, NORDR and Kongsberg Digital. The
property is consequently transition ing into a
modern multi -tenant building , c urrently comprising
five tenants . New lease agreements signed in 2025
amounted to NOK 50 million in annual rental
income, while renegotiations contributed an
increase of NOK 0.1 million in annual revenue.
Lease terminations during the year totalled NOK 83
million.
Annual report 202 5 Norwegian Property ASA
Fornebu 12
At the beginning of 2025, the refurbishment of the
canteen area was completed and has received very
positive feedback from both existing and potential
tenants.
S30 development project
Snarøyveien 30 was originally developed by Telenor
in 2002 and comprises approximately 200,000 sqm,
of which around 150,000 sqm are office space. The
property also includes development rights for a new
landmark building — a modern high -rise office
tower.
Norwegian Property ’s vision is to transform S30 and
its surrounding green areas into a multifunctional
destination serving tenants, visitors and the local
community at Fornebu. The ambition is to create a
vibrant and sustainable workplace through long -
term transformation.
During 2025, the development project made
significant progress. One of the main entrances and
common areas was redeveloped into more user -
friendly spaces, including a bakery that has been
well received. In addition, Norwegian Property ’s
own co -working concept, WORKS , was established
in the building. The centre opened in November,
and the first tenants have already moved in.
Association du Lycée Français René Cassin d’Oslo
(the French School) signed a 20 -year lease at
Snarøyveien 30. The school has been located in
Oslo CBD for more than 40 years and will relocate to
Fornebu in 2028. The new campus will
accommodate approximatel y 750 students, from
kindergarten through upper secondary school.
Ericsson signed a five -year lease and moved into
the building in October. The project had a strong
focus on sustainability and reuse of materials, in
close cooperation between Norwegian Property and
Ericsson.
The Norwegian Fashion Center, which consists of
approximately 120 individual tenants, extended its
lease by three years. Nearly 85% of the tenants
exercised their option to continue their tenancy at
Snarøyveien 30.
Annual report 202 5 Norwegian Property ASA
Other 14
Other
Properties
Norwegian Property owns one property at Hasle,
Vinslottet. The building functions as an attractive
local centre for tenants, residents, and the
surrounding community. Vinslottet comprises retail
and restaurant premises on the ground floor,
combined with privately owned residential
apartments above it.
Historic building
Vinslottet’s history dates back to 1932, when the
building was completed in order to house
Vinmonopolet’s production facility. With a total area
of approximately 50,000 square meters, it was at the
time the largest building in the Nordic region and a
modern industrial facility for the production, storage,
bottling and distribution of No rwegian spirits.
The property quickly became a landmark in Oslo
and is regarded as an architectural icon of its era.
The building has received several prestigious
architectural awards, including the Houen Award for
Outstanding Architecture in 1934.
Following the closure of the facility in 2012, the
former bottling plant has undergone a significant
transformation. Today, the property comprises more
than 200 residential units and a local shopping
centre . The Vinslottet mall officially opened on 24
October 2019.
Rental market in 2025
Vinslottet has now been in operation for five years
and has successfully established a position in the
local retail market, despite competition from two
well -established neighbouring shopping centres that
have operated in the area for many years.
Turnover in 2025 increased by 12.9% compared with
2024, while vacancy remained approximately
unchanged year -on -year.
The property is located in an area undergoing
continuous development, which is expected to
support increased demand over time. Vinslottet is a
relatively small shopping centre with modest footfall
and faces competition from two nearby centres of
similar size. Therefore, a key focus going forward is
to ensure the right tenant mix that appeals to both
local residents and the employees working in nearby
office buildings.
Over the longer term, the full development of the
Hasle area is expected to drive increased footfall to
the centre .
Norwegian Property works continuously to facilitate
activities that strengthen Vinslottet’s role as a local
meeting place. As a neighbourhood center, the
ambition is to create an inclusive and accessible
arena for the community, with a focus on low -
threshold activities such as the Christmas tree
lighting ceremony , events hosted by local sports
teams, reading sessions with nearby kindergartens,
farmers’ markets and second -hand markets.
Annual report 202 5 Norwegian Property ASA
CEO summary 15
CEO summary
Dear all,
I assumed the position as Acting Chief Executive
Officer of Norwegian Property ASA on December 1,
2025. In my new role, I will introduce my own
approach to leadership while continuing the best of
our culture and ways of working. Some changes will
naturally emerge as the organi sation continues to
develop, but our fundamental ambition remains the
same: We shall still be a company with strong
execution capability, where everyone actively
contributes to solid results a s well as a strong
professional and social community.
I am proud of our performance in 2025 - not only
because of the financial results we delivered, but
also because the organi sation has demonstrated an
impressive ability to stand united in a year which was
fast -pace d, with demanding priorities, and
ambitious goals. I have seen how colleagues across
disciplines and functions have stretched themselves
to create value for both the company and those we
are here to serve.
Our approach to leasing has been long -term and
customer -oriented. Signing new contracts worth
NOK 115 million and renegotiating agreements for
an additional NOK 117 million — while at the same
time increasing rental income by NOK 12 million —
shows that we stand strong in our dialogue with our
customers while offer ing attractive products. In total,
approximately 65,000 square met res Gross Floor
Area were signed and renegotiated during the year,
which is an impressive level of activity that reflects
the dedication of all the employees involved in these
processes.
Project and development work has been central to
strengthening the long -term value creation of the
portfolio. In 2025, we initiated 20 projects that will
contribute to increased future earnings , and we
completed 13 projects providing significant support
to ongoing cash flow. The organi sation’s execution
power is high, and our extensive internal expertise is
crucial to our continued success.
On the development side, we have taken important
steps in several key projects. The planning proposal
for Gjerdrums vei 1 –5 has been submitted, the
dialogue regarding Snarøyveien 30 has continued,
and work on new opportunities at Sandakerveien 140
has begu n. These initiatives will lay a solid
foundation for future value creation.
The operations organi sation has worked
systematically with quality, energy efficiency, and
continuous improvement. Certifications and
improvements in energy labels are important
milestones, but how this strengthens the portfolio’s
overall competitiveness is paramount . Good
operations create strong customer experiences,
increase the value of the properties, and support our
sustainability strategy.
Both Aker Brygge and Vinslottet delivered
record -high turnover in the past year.
At Aker Brygge, the ongoing refurbishments of
several premises will strengthen the area’s
attractiveness and moderni se the tenant mix. The
new concepts are expected to increase footfall,
boost turnover, and improve the offering for office
tenants. At Vinslottet, several new operators have
had a very strong start, contributing to increased
activity and turnover at the centre .
Financially, we have continued to develop a robust
platform for growth. Our owners significantly
strengthened the company by contributing 23% of
the shares in the publicly listed Swedish real estate
company Fabege AB, which substantially improves
key metri cs such as loan -to-value and interest
coverage ratios. This greatly contributed to us
Annual report 202 5 Norwegian Property ASA
CEO summary 16
affirming our BBB – rating and being revised from a
negative to a stable outlook. During 2025, the
company secured new credit facilities and
refinanced substantial amounts on competitive
terms, confirming the market’s confidence in the
company. With stable underlying operations and
eight cons ecutive quarters of upward revaluation, we
are well positioned for the future .
Sustainability is integrated into our business model.
In 2025, we took several steps that reinforce this.
Work on reuse, climate and environmental
reporting, along with our societal contributions —
from JA Europe to summer interns and local
community initiatives — are examples of how we use
our position to create more than just financial
results.
Internally, we have spent considerable time building
a strong culture. Our core values — Collaborative,
Courageous, Proactive, and Attentive — are not
words we simply put on the wall. I see them being
practice d every week: when colleagues dare to
challenge, when teams find solutions together, and
when we take the time to listen to one another. It is
our culture that makes us strong when we face
change and opportunity.
Looking back on 2025, I see a year in which we have
moved forward across all key areas. I would like to
extend a big and personal thank -you to all
employees for the effort you put in every day — as
well as to our tenants, partners, and owners for the
trust you place in us. I am greatly look ing forward to
leading the company into its next phase and I am
excited about the road ahead. Together, we build
values that last.
Best regards,
Haavard Rønning
Interim CEO & CFO, Norwegian Property
Annual report 2025 Norwegian Property ASA
Directors’ report 17
Directors’ report
About Norwegian Property
The commercial real estate company Norwegian
located in the Oslo region. The portfolio had a
market value of NOK 28.9 billion and primarily
consists of office premises, complemented by retail
and restaurant spaces as well as associated
warehousing and parking facilities.
The group also holds significant investments in
Fabege, a leading Swedish listed real estate
company, and in the residential development
company Nordr. In addition, the group participates
in the Fabel Forus development project in Stavanger.
Norwegian Property ASA operates through its parent
company and subsidiaries, with headquarters at
Aker Brygge in Oslo. At year-end 2025, the group
employed 69 people, of whom 38 worked in the
commercial real estate business and 31 served as
caretakers and operational staff across the
properties.
Norwegian Property’s articles of association state:
‘The Company operates in management,
acquisitions, sales and development of real estate
and infrastructure, including participation in other
companies and through trading and investment in
interest/units and securities as well as businesses
which are related to such.’
The business in 2025
Market and letting
Letting market
Office vacancy
Office vacancy in Oslo remains moderate,
continuing the trend from previous years. This
stability is largely due to limited new supply, as high
construction costs and elevated yield requirements
have kept development activity subdued. Most of the
new space delivered in 2025 was pre‑leased, and the
2025 Highlights
Strong operational performance
•
Norwegian Property delivered solid operational
results in 2025, with operating profit before
value adjustments and associates/joint ventures
rising to NOK 1,169 million (NOK 1,140 million).
•
Positive fair‑value adjustments of NOK 658
million (2.3 per cent).
•
Property values have increased consistently
through 2024 and 2025, up a total of 5.9 per
cent.
Strengthened financial position
•
The financial position improved significantly
following a NOK 6,247 million share issue.
•
Included a contribution in kind in the form of a
23 per cent ownership interest in the Swedish
real estate company Fabege.
•
Net loan‑to‑value decreased from 52 per cent to
39 per cent.
Solid profitability
•
Profit for 2025 reached NOK 4,356 million (NOK
1,026 million).
•
Includes a NOK 3,098 million gain from the
Fabege share takeover.
Successful financing activities
•
Substantial 2025 refinancing reduced margins
on interest‑bearing debt and lowered overall
financing costs.
•
Average interest margin decreased to 1.49 per
cent (from 1.76 per cent).
•
In early 2026, Scope Ratings affirms the
company’s BBB– rating and revises the Outlook
to Stable from Negative.
Shareholder returns
•
Quarterly dividends totalling NOK 420 million
were approved for 2025.
Strategic development and growth
•
Strategy centred on driving growth through
targeted acquisitions and portfolio
refurbishment, redevelopment and new
development.
•
Major development projects launched at Aker
Brygge and Fornebu, reinforcing commitment
to long‑term value creation.
Annual report 2025 Norwegian Property ASA
Directors’ report 18
pipeline for 2026 remains limited, meaning that any
meaningful increase in supply will only materialise
from 2027 onwards.
Office vacancy in Oslo was 6.8 per cent overall at the
end of 2025 (6.6 per cent at the start of the year), 7.3
per cent in Nydalen (10.2 per cent) and 6.0 per cent
in the city centre (5.1 per cent). Office vacancy at
Fornebu was 10.3 per cent at the end of 2025 (19.1
per cent).
Office rents
Office rents continued to rise through 2025,
supported by the limited availability of high-quality
space and a subdued development pipeline.
After several years of strong rental growth, the
market has now largely stabilised at elevated levels.
Companies remain focused on cost control, which
has led to cautious relocation strategies and
extended decision-making processes. The outlook
for rental prices is closely tied to the Norwegian
economy, where only modest growth is expected in
the near term, suggesting moderate future rent
increases.
Retail and F&B
Aker Brygge remains a leading destination for dining
and shopping, with restaurants making up about half
of the ground-floor run-rate and retail providing a
strong complement. Hasle continues to offer a
balanced mix of stores and eateries. Turnover at
both locations increased in 2025, supported by
strong positioning and new concepts.
Despite the improvement, the sector remains
sensitive to consumption trends: Retail continues to
face pressure from e‑commerce, and restaurants
navigate rising costs and shifting preferences. Earlier
interest rate and inflation headwinds eased towards
year‑end, but growth prospects remain modest.
Letting activity
New and renegotiated leases signed in 2025
generated an annual rental uplift of NOK 127 million
(NOK 73 million), while expired leases totalled
NOK 177 million (NOK 73 million). Therefore, net
letting was negative by NOK 50 million (break‑even
last year).
The portfolio’s total annual rental income (run-rate)
amounted to NOK 1,460 million at year‑end
(NOK 1,487 million).
Overall financial vacancy in the property portfolio
totalled 8.4 per cent as at 31 December 2025 (6.3 per
cent). The weighted average remaining duration of
the leases increased from 5.8 to 6.1 years in 2025.
Net letting and run‑rate were negatively affected by
the ongoing redevelopment activities at Aker Brygge
and Fornebu.
Financing
Financing market
The financing environment for the property sector
improved during 2025 after several challenging
years. Liquidity in the bond market strengthened,
and credit margins continued to normalise,
supported by renewed investor confidence and
active issuance in Nordic high-yield markets.
Norges Bank implemented two rate cuts during the
year, lowering the policy rate from 4.50 per cent to
4.00 per cent by September, following a reduction in
June, as inflation moved closer to target. While
interest rates remain historically high, the outlook
signals a gradual easing path in 2026, which should
further support financing conditions.
Overall, the combination of improved bond market
liquidity, narrowing credit spreads, and early signs of
monetary policy normalisation has created a more
favourable backdrop for property financing
compared to previous years.
Financing activities
During 2025, Norwegian Property completed
substantial refinancing of debt maturities, resulting
in a significant reduction in the overall financing
costs. The average interest margin fell from 1.76 per
cent at the beginning of the year to 1.49 per cent at
year-end. Floating interest rates also declined during
the year, bringing the company’s overall average
interest rate down from 4.84 per cent to 4.52 per
cent, reflecting improved funding terms and
enhanced liquidity.
In February 2026, Scope Ratings removed the
Negative Outlook from Norwegian Property ASA’s
BBB– rating. The company is now assigned a BBB–
rating with a Stable Outlook. This upgrade
strengthens Norwegian Property’s financial standing
and provides a solid platform for the forthcoming
loan refinancing processes.
Annual report 2025 Norwegian Property ASA
Directors’ report 19
Interest-bearing debt totalled NOK 15,958 million as
at 31 December 2025 (NOK 16,121 million),
comprising NOK 11,563 million in non-current debt
and NOK 4,395 million in current debt. Unused
credit facilities amounted to NOK 1,087 million at
year-end.
The group’s net loan-to-value (LTV) ratio, based on
the fair value of investment properties and
associates/joint venture investments, was 39 per
cent (52 per cent). Listed bonds represented 25 per
cent (31 per cent) of total borrowings, alongside 41
per cent (40 per cent) in bilateral bonds and 35 per
cent (29 per cent) in bank facilities. Bonds totalling
NOK 3.9 billion are listed on the Oslo Stock
Exchange.
As at 31 December 2025, 58 per cent (54 per cent) of
interest-bearing debt was hedged against interest-
rate fluctuations, with an average hedge term of 3.5
years (4.5 years).
Property transactions
Transaction market
After several years of slow activity, which was caused
by rising interest rates and limited access to
financing, the Norwegian property transaction
market showed strong signs of recovery in 2025.
Investor confidence improved as interest rates
stabilised and financing conditions eased.
The prime yield for Oslo CBD held steady at around
4.50 per cent throughout 2025, reflecting sustained
demand for core properties despite cautious pricing
in secondary markets.
Looking ahead, improved financing conditions and
stabilising macroeconomic indicators are expected
to support further growth in transaction activity
through 2026, particularly for prime assets in Oslo. In
addition, merger and share transactions increased
in 2025, and this type of activity is also expected to
continue into 2026.
Property transactions
Norwegian Property has a strategy to strengthen the
portfolio of properties in its main priority areas in the
Oslo region by the acquisition of additional
properties and by further developing the existing
property portfolio.
The strategy for strengthening the portfolio remains
flexible, enabling Norwegian Property to capitalise
on market opportunities as they arise. Although no
direct property transactions were completed in
2025, the company acquired a significant
shareholding in the real estate company Fabege
through a contribution in kind. Following a period of
substantial portfolio expansion, the primary focus in
2025 has otherwise been on consolidation, as well as
continued development and optimisation of the
existing portfolio.
Associates and Joint Ventures
Fabege
Fabege AB is a leading Swedish property company
listed on Nasdaq Stockholm, specialising in the
development and management of prime office
properties in the Stockholm region. In December
2025, Norwegian Property ASA became Fabege’s
largest shareholder when the company’s owner,
Realty Holdings (NOR) Ltd, contributed 72 million
shares (23 per cent of the share capital) as a
non‑cash in‑kind contribution valued at the stock
price on the date of the equity issue.
At year‑end 2025 the investment was recognised as
an associated company under the equity method.
Fabege’s carried equity is considered to reflect fair
value, with its main asset, investment properties,
measured at market value in accordance with IFRS.
As the carrying amounts exceeded the value of the
share issue, a gain of NOK 3,098 million was
recognised. Norwegian Property’s share of Fabege’s
carried equity amounted to NOK 9.4 billion, and its
share of net loss after the December takeover was
NOK 8 million.
Nordr
Norwegian Property owns a joint venture in Nordr
with Fredensborg and Union Real Estate Fund III. At
year‑end 2025, Nordr had 1,164 units under
construction and a land bank of about 10,700 units
across Norway and Sweden, mainly in major cities in
Eastern Norway and the greater Stockholm area.
Norwegian Property’s share of Nordr’s 2025 net loss
was NOK 29 million, and its share of net assets
amounted to NOK 929 million.
Nordr is divesting its entire Swedish business to a
company owned by Starwood Capital Group in 2026,
Annual report 2025 Norwegian Property ASA
Directors’ report 20
shifting its geographical focus further towards the
Norwegian market while maintaining its overall
strategy.
Fabel Forus
Norwegian Property owns the 262‑unit residential
project at Forus in Stavanger through a joint venture
with Base Bolig. Sales of the 111 phase‑1 units began
in the fourth quarter of 2025, with 30 sold by
year‑end. Construction is expected in 2026, and the
2025 net loss share of NOK 2 million reflects the
result after accrued sales costs.
Strategic goals
Competitive return with balanced risk
Norwegian Property seeks to deliver competitive and
sustainable quarterly dividends, determined on the
basis of an overall assessment of the group’s
financial position, cash flow and investment
opportunities.
High tenant satisfaction
Norwegian Property’s vision is to create meeting
places that foster engagement and provide an
environment conducive to building strong
interpersonal relationships. The group is committed
to ensuring a high level of tenant satisfaction, which
in turn strengthens its reputation and plays a key role
in retaining existing tenants and attracting new ones.
Environmental improvements in line
with the best in the industry
Corporate environmental and social responsibility is
broadly defined, encompassing clear targets for
environmental protection and maintaining high
aesthetic standards for buildings and surrounding
areas. The group’s strategy and objectives are
detailed in the Sustainability Report.
Investment strategy
Norwegian Property’s investment strategy focuses
on the following key parameters:
- Positioning as a leading player in office and
associated commercial properties within
selected areas of the Oslo region.
- Prioritising properties near public transport hubs
and creating natural property clusters in the
group’s core areas.
- Maintaining 5–15 per cent of the portfolio’s area
under development over time to ensure
continuous growth and renewal.
- Active portfolio management through strategic
transactions, including acquiring properties with
potential for value enhancement.
Financing strategy
Norwegian Property aims to deliver a competitive
return over time while maintaining a balanced
financial risk profile. The key parameters of its
financial strategy include:
- Maintaining an LTV ratio that remains below 55
per cent of the total value of the group's
investment properties over time.
- Building long-term borrowing relationships with
banks and other institutions that pursue a
sustainable strategy in the Norwegian property
market.
- Diversifying funding sources and maturity
structure to reduce refinancing risk.
- Ensuring stable cash flow development through
a relatively high level of interest-rate hedging.
Such hedging will cover a minimum of 50 per
cent of the group’s interest-bearing debt, with
terms aligned to lease durations and staggered
over time to avoid concentrated exposure.
Risk and risk management
Norwegian Property manages substantial financial
assets that are exposed to significant risk factors,
including development projects, interest rates, and
the letting market. The management model is built
on a clear delegation of profit responsibility, well-
defined operational parameters, and robust internal
controls.
Overall targets are set and continuously refined
through updates to the group’s strategy. Based on
this strategy, together with the company’s values
and ethical guidelines, a comprehensive
management framework has been established,
specifying delegated authorities for defined roles
within the organisation. In addition, guidelines have
been implemented for managing key risk areas such
as operations and finance. These overarching
principles are supported by governing processes
and routines for day-to-day management. The Board
Annual report 2025 Norwegian Property ASA
Directors’ report 21
regularly reviews the group’s formal governance
documents.
The administration prepares periodic reports for
Board meetings, summarising progress against
targets, key operational and financial conditions, and
the status of risk areas. Quarterly financial reports
are reviewed by the Audit Committee prior to Board
approval. In connection with interim and annual
financial statements, executive management makes
estimates and assumptions about future
developments. These accounting estimates involve
uncertainty, particularly regarding investment
property valuations, which have the greatest
potential impact on future book values.
To mitigate liability exposure, the group maintains
directors’ and officers’ insurance covering all group
companies, with coverage of up to NOK 150 million
per claim and in aggregate per year.
Risk assessment is an integral part of daily
operations, complemented by an annual review
conducted in collaboration with all the relevant
organisational levels. Each risk factor is documented
with potential adverse outcomes, and the analysis
covers the main categories of risk affecting the
group.
Financial risks
The group’s financial risks primarily relate to
changes in equity from adjustments to property
portfolio values, the impact of interest‑rate
fluctuations on profit and liquidity, liquidity risk,
profit effects associated with refinancing debt and
executing major projects as well as currency risk
linked to investments in jointly controlled entities
denominated in foreign currencies.
To mitigate the impact of interest-rate changes on
profit and liquidity, the group employs hedging
strategies. As of 31 December 2025, 58 per cent (54
per cent) of interest-bearing debt was hedged
through interest-rate swaps, with an average
remaining term of 3.5 years (4.5 years).
Consequently, short- and long-term market interest
rate fluctuations have a limited effect on interest
expenses before derivative valuation changes. All
interest-rate swaps are used as economic hedges,
and hedge accounting is not applied.
The group’s credit facilities include financial
covenants linked to interest cover and LTV ratios.
Norwegian Property remained in full compliance
with these and other credit agreement conditions as
of 31 December 2025.
The SEK foreign exchange exposure related to the
investment in Fabege, acquired in December and
not hedged at year‑end, will be managed through
the implementation of a hedging strategy to ensure
consistency with the group’s overall financial
policies.
Market risk
Norwegian Property is exposed to fluctuations in
market rents, portfolio vacancy, turnover-based
rents and inflation. A substantial share of the
portfolio is secured through long-term leases,
providing stable revenues over the lease term. Most
commercial property leases are fully indexed to
changes in the Consumer Price Index (CPI).
Rising market interest rates may lead to higher yield
requirements for the group’s properties, which
could negatively impact property valuations.
Project risk
Major construction projects generally carry risks
related to future occupancy rates and rental levels
for redeveloped areas, potential cost overruns in
procurement and planning, delays, delivery
shortfalls and shifts in market conditions.
Credit risk
Norwegian Property’s office portfolio is distinguished
by high quality, central locations and a financially
robust and diversified tenant base. Bad debt has
been minimal in recent years. Tenants typically pay
rent quarterly in advance, and most leases require
security for rent payments, either through a deposit
account equivalent to three to six months’ rent or a
bank guarantee. The group conducts credit checks
and reviews the history of all new tenants. As a result,
the risk of direct losses from defaults or payment
issues is low and primarily relates to the re-letting of
premises.
Annual report 2025 Norwegian Property ASA
Directors’ report 22
Liquidity risk
The group’s objective is to maintain sufficient
liquidity and credit facilities to meet its obligations,
including ongoing development projects, while
ensuring an adequate buffer for unexpected
commitments. The financing strategy is designed to
preserve market flexibility and withstand fluctuations
in rental income. Liquidity is primarily secured
through unused revolving credit lines and overdraft
facilities rather than bank deposits.
Norwegian Property maintains a high level of
interest-rate hedging, reducing the need for
additional liquidity to cover unexpected interest-
related commitments. Other liquidity risks mainly
relate to loan repayments and refinancing. The
group continues to generate positive cash flow from
operations.
As of 31 December, interest-bearing debt totalled
NOK 15,958 million (NOK 16,121 million), with an
average remaining term of 2.8 years (2.4 years).
Debt maturing and instalments due in 2026 of NOK
4,395 million (NOK 6,015 million) are classified as
current liabilities in the consolidated balance sheet
as of 31 December 2025. Undrawn credit and
overdraft facilities totalled NOK 1,087 million (NOK
623 million), in addition to which a term loan of NOK
779 million has been arranged to refinance
maturities falling due in 2026.
The group aims to maintain a liquidity buffer aligned
with its debt redemption profile, short-term working
capital needs, and requirements arising from
current and planned projects.
Social and governance risk
Social and governance risks include issues related to
human rights, fair working conditions, equality and
non-discrimination among employees, accessibility
for people with disabilities in properties and outdoor
areas, and corruption.
The group has undertaken efforts to identify risks
within the social and governance dimensions of
sustainability. These are described in greater detail
in the Sustainability Report.
Climate risk
Physical climate risks include factors such as
increased precipitation and rising sea levels.
Transition risks relate to growing demand for
environmentally friendly premises, stricter
environmental requirements from investors and
banks, insurance considerations, technological
challenges, reputational risks and higher CO₂ taxes.
Further details on climate risks are provided in the
Sustainability Report.
Group accounts
The consolidated financial statements have been
prepared in accordance with IFRS Accounting
Standards, applying consistent accounting
principles across all periods presented.
Going concern assumption
In accordance with the requirements of the
Norwegian Accounting Act, the Board confirms that
the going concern assumption is appropriate. The
2025 financial statements have been prepared on
this basis.
Income statement
Revenues
In 2025, total rental income reached NOK 1,416
million, compared with NOK 1,386 million in the
previous year.
Operating expenses
Property-related operational expenses totalled NOK
84 million (NOK 89 million). Other property-related
expenses amounted to NOK 93 million (NOK 90
million). Administrative owner expenses were NOK
71 million (NOK 68 million).
No expenses related to research and development
activities were recognised in the financial statements
for either 2025 or 2024.
Share of profit in joint ventures
The total share of profit from joint ventures was NOK
3,059 million (NOK 1 million). Of this, NOK 3,091
million related to Fabege, including a NOK 3,098
Annual report 2025 Norwegian Property ASA
Directors’ report 23
million gain related to the takeover. Nordr recorded
a loss of NOK 29 million, and Forusbeen 35 a loss of
NOK 2 million.
Operating profit before fair-value
adjustments
Operating profit before fair-value adjustments was
NOK 4,228 million (NOK 1,141 million).
Net realised financial items
Financial income, largely comprising interest
income, totalled NOK 32 million (NOK 96 million).
Financial expenses, primarily interest and other
financing-related costs, were NOK 770 million (NOK
775 million).
Profit before income tax and value
adjustments
Profit before tax and fair-value changes amounted to
NOK 3,490 million compared with NOK 462 million
for 2024.
Fair-value changes of investment
property and interest-rate derivatives
Positive fair‑value changes for the group’s property
portfolio amounted to NOK 658 million in 2025
(NOK 910 million), corresponding to a 2.3 per cent
increase from the opening value adjusted for
investments. The increase was driven by reduced
yield levels on selected properties, improved market
rents and new or enhanced leases. Property values
have shown consistently positive development
across all quarters of 2024 and 2025, rising by 5.9
per cent.
The fair-value adjustment for interest-rate derivatives
showed a negative change of NOK 44 million (NOK
33 million). The changes in 2025 primarily reflect the
pull‑to‑par effect as the derivatives approach
maturity, in addition to slight movements in the
market interest rates.
Net profit
Profit before tax was NOK 4,108 million (NOK 1,405
million). The deferred tax provision was reduced by
NOK 248 million in 2025 (increase of NOK 379
million), reflecting the recognition of previously
unrecognised tax benefits. Therefore, net profit for
2025 was NOK 4,356 million (NOK 1,026 million).
Cash flow
Net cash flow from operating activities amounted to
NOK 517 million (NOK 491 million). Profit before tax,
fair value adjustments and profit from
associates/joint ventures was NOK 431 million in
2025. The difference compared with operating cash
flow primarily reflects the changes in working capital
items.
Net cash flow from investing activities was negative
at NOK 344 million (NOK 393 million). Capital
expenditure in 2025 totalled NOK 373 million, mainly
related to tenant adaptations for new and
renegotiated leases and ongoing operational
investments. Other investing activities in 2025
related to dividends from joint ventures and changes
in interest-bearing receivables.
Net cash flow from financing activities was negative
at NOK 534 million (positive at NOK 48 million).
Interest-bearing debt decreased by NOK 160 million.
Dividend payments totalled NOK 374 million.
The net reduction in cash and cash equivalents was
NOK 361 million (increase of NOK 146 million),
leaving Norwegian Property with NOK 110 million in
cash and cash equivalents (NOK 471 million).
Balance sheet and liquidity
The carrying amount of the group’s total assets was
NOK 39,846 million (NOK 29,884 million),
comprising investment property of NOK 28,708
million (NOK 27,667 million) and owner-occupied
property of NOK 118 million (NOK 106 million). Non-
current receivables totalled NOK 93 million (NOK 152
million), related to the rental guarantee provided by
the seller of the property at Snarøyveien 30.
Investments in joint ventures amounted to NOK
10,313 million (NOK 956 million).
The group held NOK 110 million (NOK 471 million) in
cash and cash equivalents, in addition to unused
credit facilities of NOK 1,087 million (NOK 623
million).
Total interest-bearing debt was NOK 15,958 million
(NOK 16,121 million), of which non-current liabilities
accounted for NOK 11,563 million (NOK 10,106
million) and current liabilities NOK 4,395 million
(NOK 6,015 million). Current debt as at 31 December
2025 relates to facilities maturing in 2026.
Annual report 2025 Norwegian Property ASA
Directors’ report 24
The average interest rate on the group’s loans,
including interest-rate derivatives, was 4.52 per cent
(4.84 per cent), with an average margin of 1.49 per
cent (1.76 per cent). The remaining term to maturity
for interest-bearing debt was 2.8 years (2.4 years).
Financial derivatives for interest hedging
represented a net asset of NOK 136 million (NOK 174
million), with an average remaining maturity of 3.5
years (4.5 years).
As at 31 December, equity totalled NOK 21,884
million (NOK 11,598 million), corresponding to an
equity ratio of 55 per cent (39 per cent). The book
value of equity per share was NOK 18.78 (NOK
17.36).
Valuation of the properties
An independent appraiser, Cushman & Wakefield,
has valued the properties in the company’s portfolio
using the same methods and principles applied in
previous years. In addition, the company prepared
its own valuation based on similar principles. The
accounting valuation as at 31 December 2025 is
based on the average of these two valuations.
The valuation models applied are based on
discounting cash flows from existing leases and
estimating market rent values after lease expiry.
Individual assessments of current expenses,
upgrade costs and vacancy risk are carried out for
each property.
Executive management and the board have
independently assessed the parameters affecting
property values, including interest rate
developments, market rents, occupancy levels, yield
trends in property transactions, and property quality.
The conclusion is that these valuations provide a
reliable basis for determining fair value.
The total market value of the group’s property
portfolio was NOK 28,919 million as at 31 December
2025 (NOK 27,925 million).
Events after the balance sheet
date
In accordance with the mandate from the AGM in
2025, the board resolved on 29 January 2026 that a
dividend of NOK 0.12 per share will be paid on the
basis of the accounts as at 31 December 2025.
Following the publication of the preliminary results
on 29 January 2025, a revaluation of the associate
Fabege was carried out based on the company’s
publicly released figures for the fourth quarter and
full year 2025. Norwegian Property’s preliminary
figures were prepared using publicly available
estimates for the same period. The revaluation
resulted in a negative adjustment of NOK 118 million,
which is reflected in the financial statements.
The joint venture Nordr entered into an agreement
to divest its Swedish operations in January 2026. The
transaction requires no adjustments to the financial
statements as of 31 December 2025.
No other significant incidents since 31 December
2025 provide information concerning the conditions
which existed as at the balance sheet date.
Parent company accounts and
allocation of net profit
The parent company, Norwegian Property ASA,
recorded a net loss of NOK 10 million in 2025 (NOK
28 million).
The board proposes that the net loss of NOK 10
million, together with the NOK 140 million provision
for dividend, be allocated from the share premium
as presented in the annual accounts.
In accordance with the Norwegian Accounting Act,
the board confirms that the going concern
assumption remains appropriate. The financial
statements for 2025 have been prepared on this
basis.
General Meetings, Management
and the Board of Directors
The AGM in May 2025 re-elected Bjørn Henningsen
as Chair, and Kathrine Astrup Fredriksen, Cecilie
Astrup Fredriksen and Lars Erich Nilsen as directors.
In December, Haavard Rønning took on the role of
Interim CEO/CFO of Norwegian Property ASA,
succeeding Bent Oustad, who has taken up the
position of CEO at Fabege AB. Oustad also became
Chair of the Board of Norwegian Property ASA.
Rønning has served as CFO of the company since
2018. Former Chair Bjørn Henningsen continues as a
member of the Board.
Annual report 2025 Norwegian Property ASA
Directors’ report 25
Shareholder information
As of 31 December, Norwegian Property ASA has a
share capital of NOK 597,377,280, divided into
1,171,328,000 shares, each with a nominal value of
NOK 0.51. The company holds 6,250,000 treasury
shares, while Realty Holdings (NOR) Ltd owns the
remaining 1,165,078,000 shares.
On December 15, the general meeting of Norwegian
Property ASA approved a share capital increase of
NOK 253.5 million through the issuance of
497,064,476 new shares with a nominal value of NOK
0.51 at a subscription price of NOK 12.57 per share.
The capital increase was executed as a contribution
in kind, whereby the company’s sole owner, Realty
in Fabege AB to Norwegian Property ASA in
exchange for 497,064,476 shares in Norwegian
Property ASA. As a result, the share capital increased
by NOK 253,502,882.76 to NOK 597,377,280, and the
total number of shares now stands at 1,171,328,000.
Sustainability reporting and
corporate governance
A presentation on corporate governance is included
in the annual report, outlining the group’s principles
and practices in this area.
The group has also prepared a separate
sustainability report, along with reports required
under Norway’s Equality and Discrimination Act and
the Transparency Act. These reports are available on
the company’s website and will be published
concurrently with the annual report.
At the end of 2025, the group employed 69 people
(49 men and 20 women). Total sick leave for 2025
amounted to 796 days, representing 5.1 per cent of
all working days.
Outlook
Norwegian Property maintains a clear strategy for
growth within its core commercial property
business, complemented by an ambition to explore
opportunities in other property segments.
In line with this strategy, the company completed a
substantial asset contribution in 2025 related to a
shareholding in Fabege. The capital increase
significantly strengthened the company’s financial
position, reducing the net LTV ratio from 52 per cent
to 39 per cent in 2025.
Norwegian Property will continue to pursue
value‑enhancing initiatives through selective
acquisitions and by advancing several
refurbishment, long‑term redevelopment and new
development opportunities within its existing
portfolio.
Market conditions in Oslo remain characterised by a
limited supply of new office properties. For new
office developments to increase meaningfully, either
yields must decline, construction costs must fall or
rental levels must rise substantially—or a
combination of these factors. The constrained
supply is expected to support continued demand for
high‑quality office space, and rental levels are likely
to remain on an upward trajectory.
Throughout 2024 and 2025, Norwegian Property’s
asset values have shown consistent positive
development, and capital availability has improved
across several funding sources. Norwegian Property
benefits from a solid balance sheet, with a high
equity ratio and a low loan‑to‑value ratio. The
company’s diversified tenant base—spanning both
public‑sector entities and a broad range of private
businesses—provides resilience and stability.
Combined with the strengthened capital base and
ongoing strategic initiatives, Norwegian Property is
well positioned to navigate potential market
uncertainty while maintaining its focus on long‑term
growth and value creation.
Oslo, 27 March 2026
Norwegian Property ASA
Annual report 2025 Norwegian Property ASA
Annual group accounts 26
Annual group accounts
Consolidated income statement 1 Jan-31 Dec
(Amounts in NOK million)
Note 2025 2024
Rental income for commercial property 15, 16 1,416.2
Revenues 1,416.2
Property-related operational expenses 18 (83.6 ) (88.6 )
Other property-related expenses 18 (92.6 ) (89.5 )
Total property-related expenses (176.2 ) (178.2 )
Administrative expenses 18, 19 (71.0 ) (68.0 )
Total operating expenses (247.2 ) (246.2 )
Share of profit in associates and joint ventures 8 3,059.1
Operating profit before value adjustments 4,228.0
Change in fair value of investment property and rental guarantee 6 658.0
Operating profit 4,886.0
Financial income 9, 17 31.9
Financial expenses 9, 17 (770.2 ) (774.8 )
Net financial items before fair value adjustments of interest derivatives (738.3 ) (678.8 )
Change in fair value of interest derivatives 9, 10 (39.6 ) 33.0
Net financial items (778.0 ) (645.8 )
Profit before income tax 4,108.0
Income tax 14 247.5
(379.3 )
Profit for the year 4,355.5
Profit attributable to non-controlling interests -
Profit attributable to shareholders of the parent company 4,355.5
Basic earnings per share attributable to parent company shareholders (amounts in NOK) 21 6.31
Diluted earnings per share attributable to parent company shareholders (amounts in NOK) 21 6.26
Notes 1 to 26 are an integral part of the consolidated financial statements.
Annual report 2025 Norwegian Property ASA
Annual group accounts 27
Consolidated statement of comprehensive income 1 Jan-31 Dec
(Amounts in NOK million)
2025 2024
Profit for the year 4,355.5 1,025.9
Value adjustment of owner-occupied property 6 13.6 2.3
Income tax related to value adjustment and depreciation of owner-occupied property 14 (3.0 ) (0.5 )
Other comprehensive income that will not be reclassified to profit or loss, net of tax 10.6 1.8
Share of foreign currency translation reserve in associates and joint ventures 8 47.2 6.7
Other comprehensive inc. that subsequently may be reclassified to profit or loss, net of tax 47.2 6.7
Total other comprehensive income for the year 57.9 8.5
Total comprehensive income for the year 4,413.4 1,034.4
Total comprehensive income attributable to shareholders of the parent company 4,413.4 1,034.4
Total comprehensive income attributable to non-controlling interests -
Notes 1 to 26 are an integral part of the consolidated financial statements.
Annual report 2025 Norwegian Property ASA
Annual group accounts 28
Consolidated balance sheet as at 31 Dec
(Amounts in NOK million)
Note 2025 2024
Financial derivative instruments 3, 9
, 10 144.7
Investment property 6 28,707.7
Owner-occupied property 6 118.0
Other fixed assets 7 24.8
Investment in associates and joint ventures 8 10,312.5
Receivables 6, 11 93.4
Total non-current assets 39,401.2
Financial derivative instruments 3, 9, 10 2.0
Receivables 9, 11 332.3
Cash and cash equivalents 3, 9 110.4
Total current assets 444.6
TOTAL ASSETS 39,845.7
Share capital 20 597.4
Treasury shares 20 (3.1 ) (3.1 )
Share premium 10,253.8
Other paid-in equity 7,563.3
Retained earnings 3,473.1 -
Total equity 21,884.4
Deferred tax 14 1,495.8
Financial derivative instruments 3, 9, 10 11.1
Interest-bearing debt 9, 13 11,563.3
Other liabilities 9, 12 2.2
Non-current liabilities 13,072.4
Interest-bearing debt 9, 13 4,395.1
Other liabilities 9, 12 493.8
Total current liabilities 4,888.9
Total liabilities 17,961.3
TOTAL EQUITY AND LIABILITIES 39,845.7
Notes 1 to 26 are an integral part of the consolidated financial statements.
Oslo, 27 March 2026
Norwegian Property ASA
Annual report 2025 Norwegian Property ASA
Annual group accounts 29
Changes in the group’s equity
Note
Share
capital
Treasury
shares
Share
premium
Other paid-in
equity
Retained
earnings
Total equity
(Amounts in NOK million)
Total equity 31 December 2023 331.4
(3.1 ) 3,773.2
Profit for the year -
Other comprehensive income for the
year
Total comprehensive income for the
year
Paid dividend 22 -
(347.5 ) - (347.5 )
Share issue 22 12.5
Total contributions by and
distributions to owners of the parent
Total equity 31 December 2024 343.8
(3.1 ) 4,260.4
Profit for the year -
Other comprehensive income for the
year
Total comprehensive income for the
year
Paid dividend 22 -
(374.1 ) (374.1 )
Share issue 22 253.5
Total contributions by and
distributions to owners of the parent
Total equity 31 December 2025 597.4
(3.1 ) 10,253.8
Notes 1 to 26 are an integral part of the consolidated financial statements.
Annual report 2025 Norwegian Property ASA
Annual group accounts 30
Consolidated cash flow statement 1 Jan-31 Dec
(Amounts in NOK million)
Note 2025 2024
Profit before income tax 4,108.0
Paid taxes 14 -
Net financial items 9, 17 778.0
Interest received 9, 17 31.9
Interest paid 13, 17 (721.6 ) (727.9 )
Interest income on guarantee receivables 6 (4.0 ) (5.8 )
Depreciation of tangible assets 6, 7 5.7
Change in fair value of investment property 6 (658.0 ) (909.8 )
Share of profit in associates and joint ventures 8 (3,059.1 ) (1.0 )
Change in rental guarantee receivables 6 62.1
Change in current items (26.5 ) (80.0 )
Net cash flow from operational activities 516.6
Payment for investment in investment property 6 (373.4 ) (369.0 )
Payment for investment in other fixed assets 7 (0.1 ) (2.2 )
Net change of loans to joint ventures 8 (18.8 ) (22.0 )
Dividends received from joint ventures 8 48.7
Net cash flow from investing activities (343.5 ) (393.2 )
Repayment of interest-bearing debt 13 (3,514.0 ) (3,616.0 )
New interest-bearing debt 13 3,354.5
Share issues 20 (0.5 ) 499.7
Paid dividend 22 (374.1 ) (347.5 )
Net cash flow from financial activities (534.1 ) 48.2
Net change in cash and cash equivalents (361.0 ) 145.7
Cash and cash equivalents at 1 January 3 471.4
Cash and cash equivalents at 31 December 3 110.4
Notes 1 to 26 are an integral part of the consolidated financial statements.
Annual report 2025 Norwegian Property ASA
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Notes and other explanatory
information
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3
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2
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2
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Annual accounts of the parent company 62
Annual accounts of the parent
company
Income statement 1 Jan-31 Dec
(Amounts in NOK million)
Note 2025 2024
Management and service fee from group companies 3 79.0 66.9
Total operating revenue 79.0 66.9
Payroll costs 4 (114.3) (101.6)
Depreciation 8 (1.2) (1.3)
Other operating costs 4 (36.6) (35.3)
Total operating costs (152.1) (138.2)
Operating profit (73.1) (71.3)
Financial income 5 1,339.0 1,299.0
Financial expenses 5 (1,279.9) (1,184.5)
Net financial items 59.1 114.5
Profit before tax (14.0) 43.1
Income tax expense 6 4.2 (71.6)
Profit for the year (9.9) (28.4)
Proposed allocations:
Dividend distribution to shareholders (139.8) (93.5)
Transferred to/from share premium (149.7) (122.0)
Annual report 2025 Norwegian Property ASA
Annual accounts of the parent company 63
Balance sheet as at 31 Dec
Oslo, 27 March 2026
Norwegian Property ASA
(Amounts in NOK million)
Note 2025 2024
ASSETS
Non-current assets:
Deferred tax assets 12 42.6 48.1
Financial derivative instruments 7 144.7 186.4
Tangible assets 8 3.2 4.6
Investments in subsidiaries 9 7,393.9 4,770.5
Investments in associates 9 6,247.4 -
Total non-current assets 13,831.7 5,009.6
Current assets:
Financial derivative instruments 7 2.0 1.2
Intercompany balances 3 11,361.4 12,334.0
Other receivables 10.6 2.7
Cash and cash equivalents 12 88.4 354.1
Total current assets 11,462.3 12,692.1
TOTAL ASSETS 25,294.0 17,701.7
EQUITY AND LIABILITIES
Equity:
Share capital 594.3 340.8
Share premium 8,348.1 2,785.0
Total equity 10 8,942.4 3,125.8
Non-current liabilities:
Financial derivative instruments 7 11.1 13.2
Interest-bearing debt 11 11,563.3 10,105.7
Other long-term debt - 0.3
Total non-current liabilities 11,574.4 10,119.1
Current liabilities:
Financial derivative instruments 7 - -
Interest-bearing debt 11 4,395.1 4,176.0
Provision for dividend 10 139.8 93.5
Other current liabilities 12 242.2 187.1
Total current liabilities 4,777.2 4,456.7
Total liabilities 16,351.6 14,575.8
TOTAL EQUITY AND LIABILITIES 25,294.0 17,701.7
Annual report 2025 Norwegian Property ASA
Annual accounts of the parent company 64
Cash flow statement 1 Jan-31 Dec
(Amounts in NOK million)
Note 2025 2024
Ordinary profit before tax (14.0) 43.1
Net financial items 5 (59.1) (114.5)
Interest received 5 1,377.9 1,265.8
Other financial income received 5 0.0 0.2
Interest paid 5 (1,201.8) (1,128.1)
Other financial expenses paid 5 (30.2) (32.4)
Depreciation of tangible assets 8 1.2 1.3
Changes in other current items (4.6) (7.9)
Net cash flow from operating activities 69.4 27.6
Purchase of tangible assets 8 0.2 (1.9)
Capital increase in subsidiaries 9 (5,000.0) (2,000.0)
Repayment of intercompany balances 3 3,358.9 1,646.8
Net cash flow from investment activities (1,640.9) (355.1)
Repayment of interest-bearing debt 11 (3,215.0) (3,215.0)
New interest-bearing debt 11 4,895.4 3,512.0
Dividends paid 10 (374.1) (347.5)
Share issue 10 (0.5) 499.7
Net cash flow from financing activities 1,305.8 449.2
Net change in cash and cash equivalents (265.7) 121.7
Cash and cash equivalents 1 January 11 354.1 232.4
Cash and cash equivalents 31 December 11 88.4 354.1
Annual report 2025 Norwegian Property ASA
Annual accounts of the parent company 65
NOTE 1: General information
Norwegian Property ASA is the holding company of
the group, registered as a public limited company in
Norway with its head office at Bryggegata 3 in Oslo
(Norway). The company holds ownership interests in
its subsidiaries and equity‑accounted investees.
The group’s portfolio comprises 31 commercial
properties in the Oslo region, primarily office space
supplemented by warehousing and parking facilities
as well as retail and restaurant premises. The group
also maintains significant investments in Fabege, a
leading listed Swedish real estate company, and in
the residential developer Nordr. In addition, the
group participates in the Fabel Forus development
project in Stavanger.
The financial statements were approved by the
Board on 27 March 2026 for final approval at the
AGM in 2026.
NOTE 2: Summary of significant
accounting policies
The financial statements are prepared in accordance
with the Norwegian Accounting Act and Norwegian
generally accepted accounting principles.
The principal accounting policies applied in the
preparation of these financial statements are set out
below. These policies have been consistently applied
to all the years presented, unless otherwise stated.
2.1 - Classifications
Assets held for sale or for use in the ordinary
business cycle, or owned mainly for trade, or
expected to be realised within 12 months, or
representing cash and cash equivalents are
classified as current assets. All other assets are
classified as non-current assets. Liabilities which are
expected to be settled in the ordinary course of
business, are mainly held for trade or are expected
to be settled within 12 months are classified as
current liabilities. All other liabilities are classified as
non-current liabilities.
2.2 - Subsidiaries
The cost method is applied to investments in other
companies. If a decline in value is considered other
than temporary, the investment is written down to
fair value. The carrying amount is increased when
additional capital is provided through share issues or
group contributions. Dividends received are
recognised as income, unless they exceed the share
of retained earnings at acquisition, in which case
they reduce the carrying amount. Dividends or
group contributions from subsidiaries are
recognised in the year the subsidiary records the
provision.
2.3 - Associates
Associates are entities in which the company has
significant influence but does not exercise control
over. Such influence typically exists when the
company’s ownership represents between 20 per
cent and 50 per cent of the voting share capital.
Investments in associates are accounted for using
the cost method. If a decline in value is assessed to
be other than temporary, the investment is written
down to its fair value.
2.4 - Tangible assets
Impairment tests are carried out if there is an
indication that the carrying amount of an asset
exceeds the estimated recoverable amount. The test
is performed on the lowest level of fixed assets at
which independent cashflows can be identified. If
the carrying amount is higher than both the fair
value less cost to sell and value in use (net present
value of future use/ownership), the asset is written
down to the highest of fair value less the cost to sell
and the value in use.
2.5 - Trade receivables
Trade receivables and other receivables are
recognised initially at par, less provision for
impairment. Provision for the impairment of trade
receivables is based on individual assessments of
each receivable.
2.6 - Cash and cash equivalents
Cash and cash equivalents include cash on hand,
bank deposits, other current highly liquid
investments with original maturities of three months
or less and bank overdrafts. Bank overdrafts are
shown under borrowings in current liabilities in the
balance sheet.
Annual report 2025 Norwegian Property ASA
Annual accounts of the parent company 66
2.7 - Share capital, share premium and
share options
Shares are classified as equity when there is no
obligation to transfer cash or other assets. Costs
directly attributable to the issue of new shares or
options are shown in equity as a deduction, net of
tax, from the proceeds. Treasury shares are
recognised at par.
Employee options represent rights for employees to
subscribe for shares in the company at a future time
at a predetermined subscription price (subscription
right). Drawing requires continued employment. The
fair value of employee benefits received in exchange
for the granting of options is recognised as an
expense. The total amount to be expensed over the
vesting period reflects the fair value of the options
granted. On the balance-sheet date, the company
revises the estimates of the number of options
expected to be utilised and changes in estimates are
recognised in the income statement over the
remaining vesting period with a corresponding
adjustment of equity. The value of allotted shares
after the deduction of directly-linked transaction
costs is credited to share capital and share premium
reserve when exercisable options are exercised.
2.8 - Borrowings
Borrowings are initially recognised at fair value, net
of the transaction costs incurred. Borrowings are
subsequently stated at amortised cost using the
effective interest method. Any differences between
the proceeds (net of transaction costs) and the
redemption value are recognised in the income
statement over the duration of the borrowings.
2.9 - Interest expense
Interest expenses on borrowings are recognised
under the financial costs in the income statement
using the effective interest-rate method. This
method is used to allocate amortised cost on
financial assets and financial liabilities as well as the
correct accrual of interest income and interest
expense. The effective interest rate allocates future
cash flows throughout the duration of the loan and
indicates the real net value of the financial asset or
liability.
When calculating the effective interest rate, the
group estimates all contractual cash flows related to
the financial instrument (such as terms of payment)
but does not take future loss into account. When
calculating the effective interest rate, all the fees are
included and distributed over the relevant period
(term to maturity).
2.10 - Management fees and other
operating revenue
Management fees charged to subsidiaries relate to
property management, managing customer centres
and financial management. Management fees are
recognised when they are earned.
2.11 - Derivatives
The group is exposed to interest-rate risk related to
floating rate loans. The company uses forward rate
agreements to reduce interest-rate risk. Unrealised
profits/losses related to these contracts are
recognised in the income statement.
2.12 - Pensions
Norwegian Property ASA operates a defined
contribution plan for all employees. A defined
contribution pension plan is a scheme where the
group pays fixed (defined) amounts to a separate
legal entity. The group has no legal or other
obligations to pay further amounts if the entity has
insufficient assets to make all the payments which
are due to the employees under the rights earned in
current or previous periods. Contributions are
recognised as an employee benefit expense when
they fall due. Prepaid contributions are recognised
as an asset to the extent that cash refunds or
reductions in future payments are available.
2.13 - Income tax
Tax in the income statement consists of tax payable
and changes in deferred tax. Deferred income tax is
calculated at the applicable rate based on the
temporary differences between the tax bases of
assets and liabilities as well as their carrying
amounts in the consolidated financial statements
and the tax loss carried forward as at 31 December.
Tax increasing or reducing temporary differences
which are reversed or can be reversed in the same
period are offset. Deferred tax assets are recognised
to the extent that it is probable that future taxable
profit will be available against which the temporary
differences can be utilised.
Annual report 2025 Norwegian Property ASA
Annual accounts of the parent company 67
2.14 - Use of estimates
The preparation of the income statement in
accordance with the generally accepted Norwegian
accounting principles requires the use of estimates
and assumptions which affect the income statement
and the valuation of assets and liabilities as well as
the information related to contingent assets and
liabilities as at the balance-sheet date.
Contingent losses which are probable and
quantifiable are recognised as they occur.
2.15 - Cash flow statement
The preparation of the cash flow statement is based
on the indirect method.
NOTE 3: Related-party disclosures
All transactions, agreements and business
relationships with related parties are made on
normal commercial terms.
Financial relationships related to the board and
senior management are described in notes 4 and 10.
On 15 December 2025, Norwegian Property acquired
22.9 per cent of the shares in Fabege AB through a
non‑cash contribution in kind. Under the
transaction, the company’s sole shareholder, Realty
Holdings (NOR) Ltd, transferred its shares in Fabege
AB to Norwegian Property ASA in exchange for newly
issued shares in Norwegian Property ASA. The share
issue was based on Fabege AB’s market price at the
transaction date (NOK 86.80 per share). In total,
71,973,181 shares were transferred, corresponding to
a consideration of NOK 6,247.3 million.
A management fee of NOK 3 million has been
expensed in 2025 from a company related to the
shareholder Realty Holdings (NOR) Ltd.
Income-statement and balance-sheet items related
to group companies are specified in the table below.
NOTE 4: Payroll costs and
remuneration of executive officers
and the auditor
The payroll cost for the year is as follows.
Pursuant to the Norwegian Act on Mandatory
Occupational Pensions, Norwegian Property ASA is
required to operate certain pension plans. The
company has plans which satisfy these requirements
(defined contribution plan for all employees).
Fees paid in 2025 to the company’s elected auditor
EY are shown in the table below. The statutory audit
fees include fees related to the audit for the financial
years 2024 and 2025 paid in the calendar year 2025.
The fees are net of VAT (amounts in NOK).
(Amounts in NOK million)
2025 2024
Income statement:
Management and service fee, group
companies
79.0 6
6.9
Rental cost, subsidiaries (5.9) (
6.1)
Interest income from group companies
(note 5)
199.6 1
04.1
Balance sheet:
Investments in subsidiaries (note 9) 7,393.9 4,770.5
Current assets, intercompany balances 11,361.4 12,334.0
(Amounts in NOK million)
2025 2024
Salaries and remuneration 94.0 86.9
Social security costs 13.2 9.0
Pension costs (defined
contribution plan)
4.0 3.5
Other employee expenses 3.1 2
.2
Total payroll costs
114.3 101.6
Number of employees at 31
December
61 60
Number of full-time equivalent
positions in the fiscal year
61 56
Average number of employees in
the fiscal year
61 58
Type of fees 2025 2024
Statutory audit 1,122,936 1,179,025
Other certification services 649,200 490,500
Tax/VAT advice - -
Other services 285,955
Total 1,772,136 1,955,480
Annual report 2025 Norwegian Property ASA
Annual accounts of the parent company 68
Fees to directors in 2025 are presented in the table
below.
1) Reported benefits paid in 2025 (amounts in NOK). In
addition to that are the employer’s National Insurance
contributions.
2) On 1 December 2025, Bent Oustad became Chair of the
Board. Former Chair Bjørn Henningsen continued as a
Board Director.
Fees to directors in 2024 are presented in the table
below.
1) Reported benefits paid in 2024 (amounts in NOK). In
addition to that are the employer’s National Insurance
contributions.
Remuneration of senior management in 2025 is specified in the table below.
1) Applies to salary for 2025 and bonus for 2024 paid in 2025 (amounts in NOK). In addition to that are the employer’s National
Insurance contributions.
2) Contribution paid to defined contribution pension plans and employee insurance in 2025 (amounts in NOK).
3) On 1 December 2025, Haavard Rønning took on the role of Interim CEO/CFO of Norwegian Property ASA, succeeding Bent
Oustad.
Name
Remune-
ration
1
58,333
662,500
250,000
250,000
250,000
1,470,833
Bjørn Henningsen, chair 01/01-01/12 and
director 01/12-31/12
2
Cecilie Astrup Fredriksen, director 01/01-31/12
Kathrine Astrup Fredriksen, director 01/01-31/12
Lars Erich Nilsen, director 01/01-31/12
Total
Bent Oustad, chair 01/12-31/12
2
Name
Remune-
ration
1
700,000
250,000
250,000
250,000
1,450,000
Bjørn Henningsen, chair 01/01-31/12
Cecilie Astrup Fredriksen, director 01/01-31/12
Kathrine Astrup Fredriksen, director 01/01-31/12
Lars Erich Nilsen, director 01/01-31/12
Total
Name
Title Salary
1
Bonuses
1
Other benefits
1
Pension/
insurance
benefits
2
Haavard Rønning
3
CFO (01/01-01/12), Interim
CEO/CFO (01/12-01/12)
3,359,857 1,578,000 7,926 127,430
Bent Oustad
3
CEO (01/01-01/12) 4,408,900 2,125,000 4,026 126,622
Bjørge Aarvold EVP property management 2,361,737 662,760 130,392 142,920
Ellen Cathrine Kobro EVP sales and marketing 2,709,794 789,000 12,233 130,698
Sindre Kornrud EVP projects 2,167,835 631,200 4,392 125,703
Vidar Stokkeland EVP development 2,224,466 520,740 8,609 123,854
Thomas Weeden EVP bus. dev. and strategy 2,326,750 504,171 4,392 124,534
Total 19,559,340 6,810,871 171,970 901,761
Annual report 2025 Norwegian Property ASA
Annual accounts of the parent company 69
Remuneration of senior management in 2024 is specified in the table below:
1) Applies to salary for 2024 and bonus for 2023 paid in 2024 (amounts in NOK). In addition to that are the employer’s National
Insurance contributions.
2) Contribution paid to defined contribution pension plans and employee insurance in 2024 (amounts in NOK).
NOTE 5: Net financial items
Net financial items for the year are as follows.
NOTE 6: Deferred tax and income tax
The tax expense for the year in the income
statement and the deferred taxes in the balance
sheet are as follows.
Name
Title Salary
1
Bonuses
1
Other benefits
1
Pension/
insurance
benefits
2
Bent Oustad CEO 4,895,186 3,000,000 4,392 123,677
Haavard Rønning CFO 2,992,525 1,500,000 9,477 119,208
Bjørge Aarvold EVP property management 2,293,441 630,000 127,392 133,474
Ellen Cathrine Kobro EVP sales and marketing 2,522,088 750,000 7,297 121,653
Sindre Kornrud EVP projects 2,025,731 600,000 4,392 117,698
Vidar Stokkeland EVP development 2,051,036 495,000 11,256 116,108
Thomas Weeden EVP bus. dev. and strategy 2,160,080 639,000 4,392 116,675
Total 18,940,086 7,614,000 168,598 848,493
(Amounts in NOK million)
2025 2024
Financial income:
Interest income from group
companies
199.6 104.1
Other interest income 1,178.3 1,161.7
Changes in value of financial
derivative instruments
(38.9) 33.0
Other financial income 0.0 0.2
Total financial income 1,339.0 1,299.0
Financial expenses:
Interest cost on loans (1,249.7) (1,152.1)
Other financial expenses (29.4) (32.4)
Total financial expenses (1,279.9) (1,184.5)
Net financial items 59.1 114.5
(Amounts in NOK million)
2025 2024
The tax expense for the year is
distributed as follows:
Tax payable -
-
Changes in deferred tax (4.2)
71.6
Income tax expense (4.2) 71.6
Calculation of the tax base for the year:
Profit before tax (14.0)
43.1
Permanent differences 346.8 282.2
Changes in temporary differences 48.1 (43.1)
Group contribution 44.0 181.0
Tax base for the year 424.8
463.2
Specification of temporary differences
and deferred tax:
Tangible assets 0.8 0.9
Financial derivative instruments 135.6 174.4
Provisions 21.8 31.0
Interest deduction carried forward
1
(351.6) -
Tax loss carried forward -
(424.8)
Basis for deferred tax (193.4) (218.5)
Deferred tax in the balance sheet 42.6 48.1
Reconciliation of tax expense and
calculated effective tax rate:
Calculated tax expense on profit before
tax (22 per cent)
(3.1) 9.5
Permanent differences (1.1) 62.1
Tax payable - -
Income tax expense (4.2) 71.6
Effective tax rate (per cent) 29.6 165.9
Annual report 2025 Norwegian Property ASA
Annual accounts of the parent company 70
1) Total interest deductions carried forward amount to NOK
351.6 million at year‑end 2025 and are expected to be
utilised.
NOTE 7: Derivatives
7.1 - Derivatives in the annual accounts
The company is exposed to interest-rate risk related
to loans with floating interest rates, and interest-rate
hedge agreements have been entered into in order
to reduce the interest-rate risk. Unrealised
gains/losses associated with such agreements are
recognised in the income statement.
The fair value of derivatives is determined by the net
present value of future cash flows, calculated using
quoted interest-rate curves and exchange rates as at
the balance-sheet date. The technical calculations
are generally prepared by the company’s banks. The
company checks and tests the valuation for
reasonableness. The fair value of the company’s
derivatives as at 31 December is specified in the
table below.
2025:
2024:
7.2 - Interest-rate derivatives
The group is subject to interest-rate risk related to
floating rate loans. Norwegian Property’s overall
guidance pursuant to current loan agreements is a
hedging ratio of at least 50 per cent related to
outstanding floating-rate loans. Notional principal
amounts for the company’s interest-rate hedges as
at 31 December are specified in the table below. The
maturity dates are broken down in note 11.
NOTE 8: Tangible assets
Changes in tangible assets are specified in the table
below.
The company uses linear depreciation. The
economic life of the assets is four years for IT
equipment, five years for licences, cars and
furnishings as well as seven years for fixtures.
(Amounts in NOK million)
Assets Liabilities
Interest-rate contracts 146.7 11.1
(Amounts in NOK million)
Assets Liabilities
Interest-rate contracts 187.6 13.2
Currency 2025 2024
Notional principal
amount
NOK 3,700.0 4,900.0
(Amounts in NOK
million)
IT-systems
and other
in
tangible
assets
Fixtures
and
e
quipment
Total
Acquisition cost:
At 31 December 2023 3.6 3.6 7.2
Additions 1.9 - 1.9
At 31 December 2024 5.5 3
.6 9.1
Additions 0.4 - 0.4
Disposals - (0.6) (0.6)
At 31 December 2025 6.0 3.0 8.9
Accumulated
depreciation:
At 31 December 2023 1.3 1
.9 3.2
Depreciation and
impairment for the year
0.7 0.7 1
.3
At 31 December 2024 2.0 2.6 4.6
Depreciation and
impairment for the year
1.1 0.1 1.2
At 31 December 2025 3.0 2.7 5.8
Book value:
At 31 December 2024 3.5 1.0 4.6
At 31 December 2025 2.9 0.2 3.2
Annual report 2025 Norwegian Property ASA
Annual accounts of the parent company 71
NOTE 9: Investments in subsidiaries
and associates
9.1 - Subsidiaries
Investments in subsidiaries as at 31 December 2025
are specified in the table below. The companies own
the group’s properties (single-purpose entities).
1) Voting ownership interest is identical to ordinary
ownership.
Changes in the book value for the year are as
follows.
9.2 - Associates
Norwegian Property is the largest shareholder in the
associated company Fabege AB, holding 22.9 per
cent of the company’s shares. Fabege AB is a
leading Swedish property company listed on Nasdaq
Stockholm.
Norwegian Property ASA acquired the shares in
Fabege AB on 15 December 2025 by way of a non-
cash contribution in kind, whereby the company’s
sole owner, Realty Holdings (NOR) Ltd, transferred
its shares in Fabege AB to Norwegian Property ASA
in exchange for shares in Norwegian Property ASA.
The share issue in Norwegian Property ASA was
based on Fabege AB’s share price at the time of the
transaction. The investment is accounted for using
the cost method.
Changes in the book value of associates for the year
are as follows.
NOTE 10: Equity
10.1 - Change in equity
Changes in the balance-sheet items for equity are
specified in the table below.
1) As of 31 December, Norwegian Property ASA has a share
capital of NOK 597,377,280, divided into 1,171,328,000
shares, each with a nominal value of NOK 0.51.
2) The holding of treasury shares as at 31 December 2025
was 6,250,000 shares.
10.2 - The company’s shareholders as at
31 December
As of 31 December, Norwegian Property ASA has a
share capital of NOK 597,377,280, divided into
1,171,328,000 shares, each with a nominal value of
NOK 0.51. The company holds 6,250,000 treasury
shares, while Realty Holdings (NOR) Ltd owns the
remaining 1,165,078,000 shares.
NPRO
Holding
AS
NPRO
Invest AS
Npro 1 AS
Established Date 17.01.07 26.09.13 23.11.20
Business office City Oslo Oslo Oslo
Share
1
Per cent 100.0 100.0 100.0
Book value NOK mill. 7,393.7 0.1 0.1
(Amounts in NOK million)
2025 2024
Book value at 1 January 4,770.5 3,193.9
Investments in subsidiaries 5,000.0 2,000.0
Group contribution recognised
against shares in subsidiaries
(2,376.6) (
423.3)
Book value at 31 December 7,393.9 4,770.5
(Amounts in NOK million)
2025 2024
Book value at 1 January -
-
Investments in associates 6,247.4
-
Book value at 31 December 6,247.4 -
(Amounts in NOK
million)
Share
capital
1
Own
shares
2
Share
premium
Total
equity
Equity at 31
December 2023
331.4 (3.1) 2,682.8 3,011.2
Paid dividend - - (263.1) (263.1)
Share issue 12.5 - 487.2 499.7
Dividend
appropriation
- - (93.5) (93.5)
Transactions with
share-holders
12.5 - 130.7 143.1
Profit for the year - - (28.4) (28.4)
Profit for the year - - (28.4) (28.4)
Equity at 31
December 2024
343.9 (3.1) 2,785.0 3,125.8
Paid dividend - - (280.6) (280.6)
Share issue 253.5 - 5,993.3 6,246.8
Dividend
appropriation
- - (139.8) (139.8)
Transactions with
share-holders
253.5 - 5,572.9 5,826.4
Profit for the year - - (9.9) (9.9)
Profit for the year - - (9.9) (9.9)
Equity at 31
December 2025
597.4 (3.1)
8,348.1 8,942.4
Annual report 2025 Norwegian Property ASA
Annual accounts of the parent company 72
On 15 December, the general meeting of Norwegian
Property ASA approved a share capital increase of
NOK 253.5 million through the issuance of
497,064,476 new shares with a nominal value of NOK
0.51 at a subscription price of NOK 12.57 per share.
The capital increase was executed as a contribution
in kind, whereby the company’s sole owner, Realty
Holdings (NOR) Ltd, transferred its 71,973,181 shares
in Fabege AB to Norwegian Property ASA in
exchange for 497,064,476 shares in Norwegian
Property ASA. As a result, the share capital increased
by NOK 253,502,882.76 to NOK 597,377,280, and the
total number of shares now stands at 1,171,328,000.
10.3 - Shares held by senior executives
and directors as at 31 December
The directors Cecilie Astrup Fredriksen, Kathrine
Astrup Fredriksen and Lars Erich Nilsen are related
to Realty Holdings (NOR) Ltd, which is the
company’s sole proprietor at the end of 2025.
10.4 - Share options
Share options were granted to Bent Oustad, former
CEO and current Chair of the Board, under an
agreement entered into in 2017, entitling him to
subscribe for 5,750,000 shares in Norwegian
Property ASA. The Board retained the right to settle
any gain in cash. All options have been exercised
and were settled in cash in March 2026. In
connection with the settlement, Oustad purchased
405,656 treasury shares in Norwegian Property ASA.
NOTE 11: Interest-bearing debt and
financial risk management
11.1 - Interest-bearing debt
The table below presents an overview as at 31
December of the company’s interest-bearing debt,
including hedging ratio, average interest rate and
remaining term to maturity.
1) Include all interest-rate swaps which had commenced at
the balance-sheet date.
The company’s interest-bearing non-current and
current debt as at 31 December is specified in the
tables below.
2025:
2024:
All bonds are secured by properties and a NOK 3.9
billion portfolio of bonds are listed on the Oslo Stock
Exchange. None of the bonds have running terms
related to financial covenants. All the bonds have
change of control clauses, and the requirement of a
maximum of 65 per cent LTV on the mortgaged
building at the time of borrowing.
2025 2024
Interest-bearing debt (NOK million) 15,958.4 14,281.7
Interest hedging ratio (per cent)
1
58.3 54.0
Cash and cash equivalents (NOK
million)
88.4 354.1
Unutilised credit facilities (NOK
million)
1,087.1 623.3
Average interest rate (per cent) 4.52 4.84
Average interest margin (per cent) 1.49 1.76
Remaining time to maturity for
interest-bearing debt (years)
2.8 2.4
Remaining time to maturity for
interest hedge agreements (years)
3.5 4.5
(Amounts in NOK million)
Long-
term
Short-
term Total
Bonds, listed 1,940.0 1,
979.0 3,919.0
Bonded, unlisted (bilateral bonds) 5,542.0 1,
000.0 6,542.0
Bank borrowings (loan facilities) 4,092.5 1,4
30.0 5,522.5
Total interest-bearing debt 11,574.5 4,4
09.0 15,983.5
Accrued financial items (11.2) (1
3.9) (25.0)
Total book value interest-bearing
debt
11,563.3 4,3
95.1 15,958.4
(Amounts in NOK million)
Long-
term
Short-
term Total
Bonds, listed 3,419.0 1,675.0 5,094.0
Bonded, unlisted (bilateral bonds) 4,542.0 -
4,542.0
Bank borrowings (loan facilities) 2,158.0 2,5
10.0 4,668.0
Total interest-bearing debt 10,119.0 4,1
85.0 14,304.0
Accrued financial items (13.3) (9.0) (22.3)
Total book value interest-bearing
debt
10,105.7 4,176.0 14,281.7
Annual report 2025 Norwegian Property ASA
Annual accounts of the parent company 73
The security for bank facilities is shared with
bondholders. The bank facilities are subject to
annual renewal. The most important terms for all
these facilities are a minimum interest-rate hedge
ratio of 50 per cent, interest cover of at least 1.4 and
a maximum LTV of 75 per cent. Agreed
requirements in the loan agreements were met at
year-end 2024 and 2025 as well as all quarterly
interim reporting dates in 2024 and 2025.
Maturities for the company’s non-current interest-
bearing debt as at 31 December are broken down in
the table below.
The carrying amount of assets pledged as security
for debt as at 31 December is as follows.
1) Shares in property companies owned by other group
entities are also pledged as security for the corporate
facilities in Norwegian Property ASA. See also note 13 to the
group’s financial statements.
2) Properties owned by the subsidiaries have been pledged
as security for bonds.
11.2 - Financial risk management
The company’s activities imply exposure to a variety
of financial risks: market, credit and liquidity.
Market risk
Market risk for the company is primarily related to
the interest-rate risk and foreign exchange risk. The
company’s revenues relate entirely to the
management fees from subsidiaries.
The company is exposed to interest-rate risk related
to floating rate loans. To manage interest-rate risk,
the group has entered into interest-rate swap
agreements. Notional principal amounts and the
maturity structure for the company’s overall portfolio
of interest-rate hedges as at 31 December are
specified in NOK million in the table below.
Norwegian Property ASA holds an interest in the
Swedish associate Fabege, as described in Note 9.
The total carrying amount of this investment at
year‑end 2025 was NOK 6,247 million. The foreign
exchange exposure related to SEK was unhedged at
year‑end 2025. A hedging strategy will be
implemented following the investment in Fabege to
align the management of currency exposure with the
company’s overall financial policies.
Credit risk
The company’s receivables mainly relate to
intercompany balances, where credit risk is
considered low.
Liquidity risk
The company aims to ensure that liquidity/credit
facilities are sufficient to meet its foreseeable
obligations. In addition, it will have a reasonable
capacity to meet unforeseen obligations. One goal is
that the liquidity reserve should consist as far as
possible of available revolving credit and overdraft
facilities rather than cash and cash equivalents. The
company’s liquidity reserve as at 31 December is
specified in the table below.
(Amounts in NOK million)
2025 2024
Due in 2027 and 2028 (2026 and
2027)
965.0 5,602.0
Due in 2029, 2030 and 2031 (2028,
2029 and 2030)
9,409.5 4,517.0
Due after 2031 (after 2030) 1,200.0 -
Total 11,574.5 10,119.0
(Amounts in NOK million)
2025 2024
Investment in subsidiaries
1
7,393.9 4,770.5
Total 7,393.9 4,770.5
Liabilities secured
2
5,522.5 4,668.0
Year 2025 2024
< 1 year 200.0 400.0
1-2 years - 200.0
3-5 years 1,800.0 2,100.0
Over 5 years 1,700.0 2,200.0
Notional principal amount 3,700.0 4,900.0
(Amounts in NOK million)
2025 2024
The company's own accounts
and net balance in the group
accounts
6,000.7 8,866.6
Intercompany net balance in the
group accounts
1
(5,912.3) (8,512.4)
Cash and cash equivalents 88.4 354.1
Restricted bank deposits (3.8) (3.8)
Available cash and cash
equivalents
84.6 350.3
Unused credit and overdraft
facilities
1,087.1 623.3
Liquidity reserve 1,171.7 973.6
Annual report 2025 Norwegian Property ASA
Annual accounts of the parent company 74
1) Subsidiaries’ deposits in the parent company’s group
cash pool system are included as cash and cash
equivalents in Norwegian Property ASA.
As described hereinabove, the company has a high
level of hedging against changes in market interest
rates, thereby reducing the need for liquidity
reserves to meet unforeseen obligations related to
these areas. Liquidity risk primarily relates to
servicing instalments on and maturity of liabilities.
The table below specifies the company’s liabilities in
accordance with the maturity structure. The
classification is based on the timing of maturities
specified in the contracts. The amounts in the table
specify the timing of the repayments of notional
principal amounts (NOK million).
2025
1
:
2024
1
:
1) The difference between the carrying amount and
expected cash flow reflects the capitalised and estimated
interest cost based on the average interest rate as at 31
December. The difference between the carrying amount
and expected cash flow for other liabilities relates to
provision for hedge contracts.
NOTE 12: Other current liabilities
Other current liabilities as at 31 December are
specified in the table below.
NOTE 13: Contingent liabilities
Norwegian Property ASA has no substantial
contingent liabilities through guarantees or other
circumstances arising in the ordinary course of
business.
NOTE 14: Events after the balance-
sheet date
Events after the balance-sheet date are events,
favourable or unfavourable, which occur between
the balance-sheet date and the date when the
financial statements are authorised for issue. Such
events can be events which provide information on
conditions which existed at the balance-sheet date,
resulting in adjustments to the financial statements
or events which do not require such adjustments.
No significant events have occurred after 31
December 2025 which provide information on the
conditions existing as at the balance-sheet date.
(Amounts in NOK million)
Interest-
bearing
debt
Other
liabilities
< 1 year 5,029.1 242.2
1-2 year 1,464.1
3-5 year 10,145.8
Over 5 year 1,281.0
Expected cash flow 17,920.0 242.2
Book value 15,958.4 242.2
(Amounts in NOK million)
Interest-
bearing
debt
Other
liabilities
< 1 year 4,776.0 187.1
1-2 year 5,014.5
3-5 year 2,595.6
Over 5 year 3,627.7
Expected cash flow 16,013.9 187.1
Book value 14,281.7 187.1
(Amounts in NOK million)
2025 2024
Public duties 6.5 6.6
Accrued salaries 8.4 7.7
Accrued interest 186.8
138.9
Trade payables 2.6
1.0
Other payables 37.9 32.9
Total other current liabilities 242.2 187.1
Annual report 2025 Norwegian Property ASA
Declaration by the board of directors and the CEO 75
Declaration by the board of
directors and the CEO
The board and chief executive have considered and approved the directors’ report as well as the annual
consolidated and parent company financial statements for Norwegian Property ASA as at 31 December 2025. The
consolidated financial statements for the year have been prepared in accordance with the IFRS as approved by the
EU and associated interpretative statements as well as the additional Norwegian information requirements
pursuant to the Norwegian Accounting Act and which were to be applied as at 31 December 2025. The parent
company financial statements for the year have been prepared in accordance with the Norwegian Accounting Act
and Norwegian generally accepted accounting standards as at 31 December 2025. The directors’ report for the
group and the parent company accords with the requirements of the Accounting Act and good Norwegian
accounting practice (NRS 16 directors’ report) as at 31 December 2025.
To the best of our knowledge, we hereby confirm that:
• the consolidated and parent company financial statements for 2025 have been prepared in
accordance with the applicable accounting standards.
• the information in the financial statements provides a true and fair picture of the overall assets,
liabilities, financial position and financial results of the parent company and the group as at 31
December 2025.
• the directors’ report for the group and the parent company provides a true and fair view of the
development, financial results and position of the group and the parent company as well as of the
most important risk factors and uncertainties facing the group and the parent company.
Oslo, 27 March 2026
Norwegian Property ASA
Annual report 2025 Norwegian Property ASA
Independent auditor’s report 76
Independent auditor’s report
Annual report 2025 Norwegian Property ASA
Independent auditor’s report 77
Annual report 2025 Norwegian Property ASA
Independent auditor’s report 78
Annual report 2025 Norwegian Property ASA
Independent auditor’s report 79
Annual report 2025 Norwegian Property ASA
Independent auditor’s report 80
Annual report 2025 Norwegian Property ASA
Key figures 81
Key figures
Financial highlights
Annual report 2025 Norwegian Property ASA
Key figures 82
Key figures funding
Annual report 2025 Norwegian Property ASA
Key financial figures and APMs 83
Key financial figures and APMs
The table below shows a summary of key IFRS figures from the annual group accounts as well as alternative
performance measures (APMs). The financial information for Norwegian Property is prepared in accordance with
IFRS. The company also reports on supplementary financial alternative performance measures (APMs).
Profit and loss measures Measure Units
2025 2024
Revenues
IFRS
1
NOK mill. 1,416.2 1,386.4
Operating profit before administrative expenses
APM
2
NOK mill. 1,240.0 1,208.2
Operating profit before value adjustments
IFRS
1
NOK mill. 4,228.0 1,141.3
Operating profit before value adjustments and JVs/Assoc.
APM
2
NOK mill. 1,168.9 1,140.2
Profit before income tax and value adjustments
APM
2
NOK mill. 3,489.7 462.4
Profit before income tax, value adjustments and JVs/Assoc.
APM
2
NOK mill. 430.6 461.4
Change in fair value of investment property and rental guarantee
IFRS
1
NOK mill. 658.0 909.8
Profit before income tax
IFRS
1
NOK mill. 4,108.0 1,405.2
Profit after income tax
IFRS
1
NOK mill. 4,355.5 1,025.9
Balance sheet measures Measure Units
2025 2024
Market value of property portfolio
APM
2
NOK mill. 28,919.1 27,925.1
Market value of associates
APM
2
NOK mill. 10,721.8 -
Market value of joint ventures
APM
3
NOK mill. 1,113.1 1,976.3
Gross interest-bearing debt
APM
2
NOK mill. 15,958.4 16,120.7
Net interest-bearing debt
APM
2
NOK mill. 15,724.0 15,488.4
Net LTV
APM
2
Per cent 38.6 51.8
Total equity
IFRS
1
NOK mill. 21,884.4 11,598.2
Equity ratio
APM
2
Per cent 54.9 38.8
Pre-tax return on equity
APM
2
Per cent 25.2 12.8
Cash flow measures Measure Units
2025 2024
Net cash flow from operating activities
IFRS
1
NOK mill. 516.6 490.7
Cash and cash equivalents (year end balance)
IFRS
1
NOK mill. 110.4 471.4
IFRS measures; per share Measure Units
2025 2024
Number of shares outstanding, end of the period Mill. shares 1,165.1 668.0
Average number of shares in the period Mill. shares 689.8 645.8
Profit before income tax (IFRS)
APM
3
NOK 5.96 2.18
Basic earnings per share (EPS)
APM
3
NOK 6.31 1.59
Net cash flow from operating activities (IFRS)
APM
3
NOK 0.75 0.76
Gross interest-bearing debt
APM
3
NOK 13.70 24.13
NAV, book value
APM
3
NOK 18.78 17.36
Annual report 2025 Norwegian Property ASA
Key financial figures and APMs 84
1) The IFRS figures appear in the annual group accounts.
2) APMs which do not derive directly from the IFRS group accounts and which are explained in the overview of definitions at the
end of this report.
3) When calculating the APMs and IFRS measures per share, the figures related to the profit and cash flow have been divided by
the average number of shares for the period as well as those related to the balance sheet by the number of shares at the end of
the period. The number of shares excludes treasury shares.
4) The calculation of the EPRA APMs is specified in the separate EPRA performance measures section of this report.
EPRA performance measures Measure Units
2025 2024
EPRA Earnings
EPRA earnings, per share
APM
4
NOK 0.50 0.60
EPRA NAV metrics
Net Reinstatement Value (NRV), per share
APM
4
NOK 22.26 21.34
Net Tangible Assets (NTA), per share
APM
4
NOK 21.27 21.01
Net Disposal Value (NDV), per share
APM
4
NOK 18.93 18.85
EPRA net initial yield
EPRA Net Initial Yield (NIY)
APM
4
Per cent 4.90 4.88
EPRA “Topped-up” NIY
APM
4
Per cent 4.95 4.97
EPRA vacancy rate
EPRA vacancy rate
APM
4
Per cent 7.38 5.51
EPRA cost ratio
EPRA cost ratio, including direct vacancy cost
APM
4
Per cent 17.67 17.87
EPRA cost ratio, excluding direct vacancy cost
APM
4
Per cent 14.90 15.42
EPRA LTV
EPRA LTV ratio
APM
4
Per cent 52.8 56.6
Annual report 2025 Norwegian Property ASA
EPRA Performance Measures 85
EPRA Performance Measures
EPRA (European Public Real Estate Association) is a non-profit organisation representing the publicly listed
European real estate sector. EPRA has a broad membership base, including companies, investors and service
providers. Its mission is to promote and strengthen the industry through improved transparency, best practices
and active engagement with stakeholders. For more information, visit www.epra.com. EPRA has issued Best
Practices Recommendations to enhance reporting consistency and transparency across Europe.
Norwegian Property reports on the following EPRA Performance Measures.
EPRA Earnings
EPRA Earnings is a key measure of the underlying operating performance of the property portfolio and an
indication of the extent to which current dividend payments are supported by earnings. EPRA Earnings is
calculated based on the IFRS Earnings for the commercial property portfolio adjusted for changes in the market
value of investment properties, changes in the market value of financial derivative instruments and the related tax
effects.
1) Earnings from the Nordr joint venture (JV) are adjusted for as it is related to the development of residential properties for sale,
and they are not relevant for the measurement of the performance of the commercial property portfolio. The results for 2025
relating to the associated company Fabege have also been excluded from the figures. The profit includes a significant income
component related to a gain in relation to the takeover.
EPRA NAV Metrics
The EPRA NAV set of metrics make adjustments to the NAV per the IFRS financial statements to provide
stakeholders with the most relevant information on the fair value of the assets and liabilities of a real estate
investment company under different scenarios.
EPRA Net Reinstatement Value (NRV)
The EPRA NRV metric assumes that entities never sell assets and it aims to represent the value required to rebuild
the entity.
Investments in JVs are revalued based on an estimated fair value of such investments. The fair value on financial
derivatives and the deferred taxes on investment properties are both excluded. Property transfer taxes do not
normally apply to Norwegian transactions and, therefore, such taxes are not included in the NRV calculation. The
fair value of financial instruments, which are used for hedging purposes where the company has the intention of
keeping the hedge position until the end of the contractual duration, is excluded. Under normal circumstances,
EPRA earnings 31.12.2025 31.12.2024
IFRS earnings NOK mill. 4,473.2 1,025.8
Adjustments to calculate EPRA Earnings:
Change in market value of inv. property and rental guarantee NOK mill. (658.0) (909.8)
Change in market value of financial derivative instruments NOK mill. 39.6 (33.0)
Share of profit from JVs and associates
1
NOK mill. (3,165.8) 13.5
Income tax NOK mill. (340.9) 293.3
EPRA earnings NOK mill. 348.2 389.9
Average outstanding shares Mill. shares 689.8 645.8
EPRA Earnings per share NOK 0.50 0.60
Annual report 2025 Norwegian Property ASA
EPRA Performance Measures 86
the financial derivatives that companies use to provide an economic hedge are held until maturity and, therefore,
any fair value movements will not crystallise.
1) The revaluation of the joint venture Nordr is based on a valuation of the company, in which projects and land bank are valued
by independent appraisers. The revaluation of the associate Fabege is based on reported year-end 2025 EPRA NRV figures.
Norwegian Property’s preliminary 2025 reporting as of 29 January 2026 was based on Fabege’s 30 September 2025 EPRA NRV
figures.
EPRA Net Tangible Assets (NTA)
The EPRA NTA metric assumes that entities buy and sell assets, thereby crystallising certain levels of unavoidable
deferred tax.
Investments in JVs are revalued based on an estimated fair value of such investments. Norwegian Property has
adopted the second option in the EPRA BPR guidelines to adjust for deferred tax, estimating the real tax assets and
liabilities based on how the company has previously carried out transactions and otherwise utilised the existing tax
positions. The fair value of financial instruments that are used for hedging purposes are excluded.
1) The revaluation of the joint venture Nordr is based on a valuation of the company, in which projects and land bank are valued
by independent appraisers. The revaluation of the associate Fabege is based on reported year-end 2025 EPRA NTA figures.
Norwegian Property’s preliminary 2025 reporting as of 29 January 2026 was based on Fabege’s 30 September 2025 EPRA NTA
figures.
2) Estimated fair value of deferred taxes where the estimated fair value of the tax asset related to carry-forward losses are greater
than the estimated fair value of relevant tax liabilities. The calculations assume that carry-forward losses can be utilised over the
next 5 years with a discount rate of 5 per cent. The real tax liability related to the gains/losses accounts is estimated on the basis
of the annually depreciation rates in the Norwegian tax legislation and a discount rate of 5 per cent. The estimated fair value of
the deferred tax liability related to the temporary differences of properties as of 31 December 2025 has been calculated to 3.6 per
cent based on a discount rate of 5 per cent and the assumption that properties outside Aker Brygge are realised over the next 50
years period in transactions structured as sale of companies in which the tax discount is 5.5 per cent.
EPRA Net Disposal Value (NDV)
The EPRA NDV metric represents the shareholders’ value under a disposal scenario, where deferred tax, financial
instruments and certain other adjustments are calculated to the full extent of their liability, net of any resulting tax.
EPRA Net Reinstatement Value (NRV) 31.12.2025 31.12.2024
IFRS equity NOK mill. 21,884.4 11,598.2
Revaluation of investments made in JVs and associates
1
NOK mill. 2,198.4 1,020.5
Net Asset Value (NAV) at fair value NOK mill. 2
4,082.8 12,618.7
Deferred tax on properties and financial instruments NOK mill. 1,983.4 1,811.4
Net fair value on financial derivatives NOK mill. (135.6) (174.4)
Net Reinstatement Value (NRV) NOK mill. 25,930.7 14,255.6
Outstanding shares at period end Mill. shares 1,165.1 668.0
NRV per share (NOK) NOK 22.26 21.34
EPRA Net Ta ngible As sets (NTA) 31.12.2025 3
1.12.2024
IFRS equity NOK mill. 21,884.4 11,598.2
Revaluation of investments made in JVs and associates
1
NOK mill. 1,474.0 1,020.5
Net Asset Value (NAV) at fair value NOK mill. 23,358.4 12,618.7
Reversal deferred tax liability as per balance sheet NOK mill. 1,495.8 1,740.3
Adjustment for estimated fair value of deferred tax
2
NOK mill. 64.0 (151.6)
Net fair value on financial derivatives NOK mill. (135.6) (174.4)
Net Ta ngible As sets (NTA) NOK mill. 24,782.7 14,032.9
Outstanding shares at period end Mill. shares 1,165.1 668.0
NTA per sha re (NOK) NOK 21.27 21.01
Annual report 2025 Norwegian Property ASA
EPRA Performance Measures 87
Investments in JVs are revalued based on an estimated fair value of such investments. Financial liabilities are
valued at the estimated fair value, net of deferred tax.
1) The revaluation of the joint venture Nordr is based on a valuation of the company, in which projects and land bank are valued
by independent appraisers. The revaluation of the associate Fabege is based on reported year-end 2025 EPRA NDV figures.
Norwegian Property’s preliminary 2025 reporting as of 29 January 2026 was based on Fabege’s 30 September 2025 EPRA NDV
figures.
2) The fair value adjustment related to financial liabilities is related to a valuation where the estimated difference between the
current margins and the market conditions are taken into account as well as changes in the fair value of listed bonds. Tax is
taken into account with 22 per cent.
EPRA Net Initial Yield
EPRA Net Initial Yield (NIY) and EPRA ‘Topped-up’ NIY
The EPRA Net Initial Yield metrics presents annualised rental income based on the cash rents passing as at the
balance sheet date, less non-recoverable property operating expenses, divided by the market value of the
property and increased with estimated purchasers’ costs. The EPRA NIY is a comparable measure for portfolio
valuations.
The EPRA ‘Topped-up’ NIY metric incorporates an adjustment to the EPRA NIY in respect of the expiration of rent-
free periods or other unexpired lease incentives such as discounted rent periods and step rents.
1) The relevant joint ventures have no material investment properties. The associate, Fabege, does not report this metric.
EPRA Net Disposal Value (NDV) 31.12.2025 3
1.12.2024
IFRS equity NOK mill. 21,884.4 11,598.2
Revaluation of investments made in JVs and associates
1
NOK mill. 172.0 1,020.5
Net Asset Value (NAV) at fair value NOK mill. 2
2,056.4 12,618.7
Fair value adjustment of financial liabilities, net of tax
2
NOK mill. 4.1 (23.7)
Net Disposal Value (NDV) NOK mill. 2
2,060.4 12,595.0
Outstanding shares at period end Mill. shares 1,165.1 668.0
NDV per share (NOK) NOK 18.93 18.85
EPRA Net Initial Yield 31.12.2025 31.12.2024
Investment property, wholly owned NOK mill. 28,919.1 27,925.1
Investment property, share of JVs and associates
1
NOK mill. - 1.0
Total property portfolio NOK mill. 28,919.1 27,926.1
Less projects and land and developments NOK mill. (1,776.0) (12.1)
Completed management portfolio NOK mill. 27,143.1 27,914.0
Allowance for estimated purchasers’ cost NOK mill. 110.0 108.5
Gross up completed management portfolio valuation NOK mill. 27,253.1 28,022.5
12 months rolling rent NOK mill. 1,459.7 1,487.7
Estimated ownership cost NOK mill. (124.5) (120.4)
Annualised net rents NOK mill. 1,335.2 1,367.3
Rent free periods or other lease incentives NOK mill. 15.2 24.3
Topped up net annualised net rents NOK mill. 1,350.4 1,391.6
EPRA NIY (net initial yield) Per cent 4.90 4.88
EPRA "topped-up" NIY (net initial yield) Per cent 4.95 4.97
Annual report 2025 Norwegian Property ASA
EPRA Performance Measures 88
EPRA Vacancy Rate
The EPRA Vacancy Rate is calculated based on the Estimated Market Rental Value (ERV) of vacant space divided
by the ERV of the whole portfolio, and it is a percentage measure of investment property space that is vacant
based on ERV.
1) Assumptions based on the external valuations for the periods relating to Norwegian Property, excluding joint ventures and
associates.
EPRA Cost Ratio
The EPRA Cost Ratio is calculated based on the administrative and operating costs (including and excluding costs
of direct vacancy) divided by gross rental income. It is a key measure to enable the meaningful measurement of
the changes in a company’s operating costs.
1) The EPRA cost ratios are calculated for Norwegian Property, excluding joint ventures and associates.
EPRA Vacancy Rate 31.12.2025 31.12.2024
Market rent vacant areas
1
NOK mill. 134.4 95.3
Total market rent
1
NOK mill. 1,822.2 1,730.1
EPRA vacancy rate Per cent 7.38 5.51
EPRA Cost Ratios
1
31.12.2025 31.12.2024
Operating costs NOK mill. (247.2) (246.2)
Share of joint venture expenses NOK mill. (3.2) (1.6)
EPRA cost (including direct vacancy cost) NOK mill. (250.5) (247.8)
Direct vacancy cost NOK mill. 39.3 33.9
EPRA cost (excluding direct vacancy cost) NOK mill. (211.2) (213.8)
Gross rental income less ground rent NOK mill. 1,416.2 1,386.4
Share of joint ventures NOK mill. 1.1 0.5
Total gross rental income less ground rent NOK mill. 1,417.3 1,386.9
EPRA cost ratio (including direct vacancy cost) Per cent 17.67 17.87
EPRA cost ratio (excluding direct vacancy cost) Per cent 14.90 15.42
Annual report 2025 Norwegian Property ASA
EPRA Performance Measures 89
EPRA LTV
The EPRA LTV’s aim is to assess the gearing of the shareholder equity within a real estate company. The EPRA LTV
is calculated based on the IFRS reporting with certain defined adjustments. The adjustments include, among
other things, that the EPRA LTV is calculated based on proportional consolidation. This implies that the EPRA LTV
include the group’s share in the net debt and net assets of joint venture and material associates. Assets are
included at fair value and net debt at nominal value.
1) Related to the share of book values for Nordr and Forusbeen 35.
2) Related to the year-end reported share of book values for Fabege. Norwegian Property’s preliminary 2025 reporting as of 29
January 2026 was based on estimated book values for Fabege.
7) Properties held for sale is related to properties classified as inventory. The property inventory includes land, residential
projects under development and completed units for sale.
Group as
reported
Sha re of JV
1
Sha re of
assoc.
2
Combined
Group as
reported
Sha re of JV
1
Combined
Interest bearing liabilities NOK mill. 1
5,958.4 2,289.0 8,619.5 26,866.9 16,120.7 2,385.5 18,506.2
Net payables NOK mill. 163.7 384.2 567.9 1,115.8 96.0 657.7 753.7
Cash and bank deposits NOK mill. (110.4) (192.5) (7.5) (310.3) (471.3) (159.4) (630.8)
Net debt NOK mill. 16,011.8 2,480.8 9,179.9 27,672.4 15,745.4 2,883.8 18,629.1
Investment properties NOK mill. 28,919.1 0.5 19,645.7 48,565.3 27,925.1 1.0 27,926.1
Properties held for sale
3
NOK mill. - 3,646.9 233.6 3,880.5 - 4,977.5 4,977.5
Net receivables NOK mill. - - - - - - -
Total property value NOK mill. 28,919.1 3,647.4 19,879.3 52,445.8 27,925.1 4,978.5 32,903.6
EPRA LTV Per cent 55.4 52.8 56.4 56.6
31.12.2024
EPRA LTV Metric
31.12.2025
Annual report 202 5 Norwegian Property ASA
Corporate governance 90
Corporate
governance
Norwegian Property’s corporate governance is for
securing a clear and appropriate division of the
responsibilities between the shareholder, board of
directors and executive management as well as
ensuring control of the group and contributing to a
positive trust -based relationship between Norwegian
Property and the group’s bond investors,
shareholder and other stakeholders. Good corporate
governance will contribute to the highest possible
value creation over time to the benefit of all
stakeholders.
1 Presentation on corporate
governance
Norwegian Property complies with the reporting
requirements specified in the Norwegian
Accounting Act. The company was delisted in 2021,
and the requirements for reporting on corporate
governance have, therefore, been reduced. Where
relevant, the company w ill continue to report
according to Oslo Børs Code of Practice for IR
published on 1 March 2021, which is available on the
Euronext Oslo Børs website, and the latest version of
the code of practice from the Norwegian Corporate
Governance Board (NCGB) which was published on
14 October 2021. The NCGB code is available at
www.nues.no. These recommendations go beyond
the legal requirements.
Below is the board’s presentation on the way
Norwegian Property has implemented the NCGB
code. Reference is made to this presentation in the
directors’ report for 2025 , and it is available on the
group’s website as part of the annual report . The
presentation covers the relevant sections of the
code, and the possible variances from the code are
specified under the relevant section.
The overall principles for corporate governance have
been drawn up by the board of Norwegian Property.
The board has also prepared a set of formal
documents which specify the guidelines,
instructions and policies intended to ensure
compliance in practice with good corporate
governance. The board regularly assesses the
group’s formal documents, and it did so most
recently in January 202 6. Guidelines for ethics and
corporate social responsibility (CSR) as well as
principles for investor communication are avai lable
under formal documents at www.npro.no.
The group’s values base defines the important
principles for corporate governance. This base rests
on four core values which form the foundation for
building a positive corporate culture.
Collaborative
- We will be open and inclusive.
- We will be generous and make ourselves
available.
- We will have a personal commitment.
Courageous
- We will think innovatively.
- We will be ambitious.
- We will challenge the established truths.
Proactive
- We will always seek to overcome problems
before they arise.
- We will seek and discover new
opportunities.
- We will present new ideas.
Attentive
- We will build and retain relationships.
- We will do what we promise.
2 The business
Norwegian Property’s articles of association are
available on its website. Enshrined in article 3, the
group’s business purpose states:
“The company operates in the management,
acquisitions, sales and development of real estate
and infrastructure, including participation in other
companies as well as through trading and
investment in interest/units, securities and
businesses which are rela ted to such.”
Within the framework of its articles, the group has
presented goals and strategies for its business in the
directors’ report.
Annual report 202 5 Norwegian Property ASA
Corporate governance 91
The board has adopted a sustainability strategy
stating that Norwegian Property is one of Norway’s
leading property companies on sustainable growth,
a better society and the reduced consumption of
resources through a focus on complete solutions
and a forwa rd -looking use of architecture,
aesthetics, technology and materials. The strategy
and achievements of the goals and targets are
further described in the sustainability section of the
annual report.
The board has formulated guidelines for ethics and
CSR in accordance with the group’s values base.
Ethical guidelines for suppliers were introduced as a
measure to comply with the new Transparency Act
in Norway. Norwegian Property’s guidelines are
available at www.npro.no. The core of the ethical
guidelines is the group’s responsibility for the
people, society and environment affected by its
operations, and they deal with human rights, anti -
corruption, labour conditions, health and safety,
discrimination, c limate and the environmental
aspects. More details are provided in the
presentation on sustainability. These guidelines are
subject to annual consideration by the board, and
they were updated most recently in January 2025 .
3 Equity and dividends
Equity
Consolidated equity as at 31 December 202 5 totalled
NOK 21,884.4 million. The equity ratio on the same
date was 54.9 per cent. The board regards the equity
ratio as satisfactory in relation to the group’s goals,
strategy and risk profile.
In December 2025, Norwegian Property acquired a
23 per cent stake in Fabege AB through a non ‑cash
contribution in kind, whereby Realty Holdings (NOR)
Ltd transferred its Fabege shares to Norwegian
Property in exchange for newly issued shares. The
transaction significantly strengthened the
company’s equity ratio and contributed to a reduced
LTV . To secure good financial leeway, the group has
a long -term ambition for the relationship between
net interest -bearing debt and gross fair value of the
properties to be in the range of 45 -55 per cent over a
business cycle. The group’s financial flexibility is
assessed at any given time in relation to the group’s
goals, strategy and risk profile. As at 31 December
202 5, the relationship between net interest -bearing
debt and gross fair value (net LTV) was 38.6 per
cent.
Dividend
Norwegian Property seeks to deliver competitive and
sustainable quarterly dividends, which are
determined on the basis of an overall assessment of
the group’s financial position, cash flow and
investment opportunities.
The board has been mandated by the general
meeting to determine the quarterly dividends on the
basis of the approved financial statements for 202 5.
Quarterly dividends totalling NOK 420 million were
approved for 2025 . Net LTV as at 31 December 202 5
was within the range specified in the group’s
financial policy.
The dividend policy is also described in note 22 to
the consolidated financial statements in this annual
report and in the investor relations section of the
group’s website.
Board mandates
The AGM of 25 April 202 5 mandated the board to
purchase the group’s own shares up to a total
nominal value of NOK 34,387,000 . The power of
attorney was granted in accordance with Section 9 -4
of the Norwegian Public Limited Companies Act .
The a cquisition and sale of own shares may take
place in any way the Board of Directors may find
appropriate, but not by subscription of own shares.
The board was mandated to determine the payment
of a dividend on the basis of the group’s financial
statements for 202 4. This decision was motivated by
the desire to give the board the opportunity to pay a
dividend on a rolling basis if it deemed it appropriate
in light of the group’s position. Norwegian Property
paid a dividend of NOK 0.5 6 per share in 20 25.
All board mandates remain valid until the group’s
AGM in 202 6, but in any event not beyond 30 June
202 6.
No provisions in the articles of association authorise
the board to decide that the group will buy back or
issue its own shares.
Annual report 202 5 Norwegian Property ASA
Corporate governance 92
4 Equal treatment of
shareholders
Since 16 August 2021, Norwegian Property has only
one shareholder. Therefore, the code’s article 4
regarding the equal treatment of shareholders is not
relevant.
Norwegian Property has only one share class, and all
the shares have equal rights in the group. Its articles
of association impose no voting restrictions.
The group’s share capital on 31 December 2025
amounted to NOK 597 ,377,280 divided between
1,171,328 ,000 shares, each with a par value of NOK
0.51.
5 Shares and negotiability
Since 16 August 2021, Norwegian Property has only
one shareholder , and the company has been
delisted . Therefore, the code’s article 5 regarding
the free negotiability of the shares is not relevant.
6 General meetings
Notice, registration and participation
The 202 6 AGM is scheduled to take place on 10 April.
The group’s financial calendar is published as a
stock exchange announcement and in the investor
relations section of the group’s website.
Notice of the general meeting, along with
comprehensive documentation, will be distributed
no later than two weeks before a meeting takes
place. As the company is no longer listed, there is no
need for 21 days’ notice.
The general meeting elects the directors on the
board. In the work of assembling the board, it is
emphasised that the board functions optimally as a
collective body, that the legal requirements for
gender representation can be met and that the
directors complement each other in terms of their
background and expertise. The refore, the general
meeting is normally invited to vote for a complete
board rather than individual candidates as
recommended by the NCGB. As a result, no
opportunity has been provided to v ote in advance for
individual candidates.
The minutes from a general meeting are published
as soon as practicable via the stock exchange’s
reporting system (www.newsweb.no, ticker code:
NPRO) and under formal documents in the investor
relations section at www.npro.no.
7 Nomination committee
Since the extraordinary General Meeting on 20
August 2021, the company no longer has a
nomination committee.
8 Board of directors,
composition and independence
The group does not have a corporate assembly.
Pursuant to the articles of association, the board of
Norwegian Property will comprise three to nine
directors. The board currently has five shareholder -
elected directors. Directors and the chair of the
board have been elected by the general meeting to
serve until the AGM in 202 6. The board’s
composition is intended to secure the interests of
the shareholders in general, while the directors also
collectively possess a broad business and
management background and an in -depth
understanding of the property market, purchase and
sale of businesses, financing, capital markets and
sustainability. In addition, account has been taken of
the need for the board to function well as a collegiate
body. The background and exper ience of directors
are presented on the group’s website and in the
section of this annual report on the presentation of
the directors . The board has been composed in such
a way that it can act independently of special
interests. The grou p’s executive manag ement is not
represented on the board.
The composition of the board is in accordance with
the Public Limited Liability Companies Act §6 -11.
Two board members are women, and three board
members are men. There is also a good age
composition of the board members from 4 2 to 6 4
years. The company is working to establish
guidelines regarding board composition in order to
ensure equality and diversity in the future.
Two of the five directors are independent of the
group’s executive management, significant
commercial partners and substantial shareholders,
while three are related to the shareholder. These are:
Annual report 202 5 Norwegian Property ASA
Corporate governance 93
- Cecilie Astrup Fredriksen is an employee of
Seatankers Services (UK) LLP in London.
According to Norwegian Corporate
Governance Code, the company is related
to the largest shareholder in Norwegian
Property, Realty Holdings (NOR) Ltd.
- Kathrine Astrup Fredriksen is an employee
of Seatankers Services (UK) LLP in London,
and a director of Mowi ASA and SFL
Corporation Ltd.. She has previously been a
director of Axactor ASA, Seadrill Ltd,
Frontline Ltd, Golar LNG , and Avance Gas
AS and others. According to Norwegian
Corporate Governance Code, these
companies are related parties to the largest
shareholder in Norwegian Property, Realty
Holdings (NOR) Ltd.
- Lars Erich Nilsen has been employed by
Seatankers Management Norway AS since
2014. He serves as director of a number of
companies. According to Norwegian
Corporate Governance Code, these
companies are related to the largest
shareholder in Norwegian Propert y, Realty
Holdings (NOR) Ltd.
Twelve board meetings were held in 202 5.
9 Work of the board of directors
The board has overall responsibility for managing
the group and for supervising the CEO and the
group’s activities. Its principal tasks include
determining the group’s strategy and monitoring its
operational implementation. In addition, there are
control f unctions which ensure the acceptable
management of the group’s assets. Instructions
which describe the rules of procedure for the
board’s work and its consideration of matters have
been adopted by the board. Responsibility for
ensuring that the board condu cts its work in an
efficient and correct manner rests with the chair.
The board establishes an annual plan for its
meetings, which specifies the topics for board
meetings, including reviewing and following up the
group’s goals and strategy, budgets, reporting of
financial information, the notice for the general
meeting with associated documentation and the
board’s meeting with the auditor.
The board appoints the CEO. The division of labour
between the board and the CEO is specified in
greater detail in standing instructions for the latter.
The CEO is responsible for the group’s executive
management.
Pursuant to the Norwegian Public Limited Liability
Companies Act, an audit committee of two directors
has been established to support the board in the
exercise of its responsibility for financial and
sustainability reporting, internal control, auditing
and overall risk management. The responsibility
includes ensuring the auditor’s independence and
monitoring the appropriateness of the provision of
non -audit services to the audited entity. The audit
committee was also responsible for the election of
the comp any’s auditor. As at 31 December 202 5, the
committee comprised Bjørn Henningsen (chair) and
Lars Erich Nilsen. The members of the committee
are independent of the business, and their work is
governed by a separate instruction.
Since the company is not listed, a board evaluation
of its own work and expertise has not been
considered necessary. Guidelines on conflicts of
interest are included in the instructions for the
group’s board, and they ensure that the directors
inform the board if they have a significant direct or
indirect interest in an agreement being entered into
by the group. To avoid unintentional conflicts of
interest, the group has drawn up an overview which
identifies the various roles of its directors, the offices
they hold and so forth. This overview is updated as
and when required as well as in the event of changes
in the board’s composition.
Pursuant to the group’s ethical guidelines, no
employee must work on matters in which they have
a personal interest or where such an interest could
be perceived to exist. Ethical guidelines also apply to
directors when they represent Norwegian Property.
Th e board and executive management must ensure
that transactions with close associates (related
parties) take place on an arm’s length basis . Note 2 3
to the consolidated financial statements details
transactions with close associates (related parties).
Financial relationships related to the directors and
executive personnel are described in notes 19 and
20 .
Annual report 202 5 Norwegian Property ASA
Corporate governance 94
10 Risk management and
internal control
Risk areas and internal control environment
Through its business activities, Norwegian Property
manages considerable financial assets which are
exposed to substantial risk factors, such as the
money market and the letting market . Risk
associated with development projects is considered
to be low, as there are no large ongoing construction
works. A risk uncovered in the DMA process was the
potential increased costs if the energy labelling
requirements and laws become stricter. The group’s
management model is based on an appropriate
delegation of profit responsibility, clearly defined
operating parameters and effective internal control.
The overall goals have been established , and the
group’s strategy is updated in annual board
meetings . Based on the strategy, values base and
ethical guidelines, the board has established general
instructions which specify the authorisations for
delegating responsibility to the defined roles in the
organisation. Furthermore, policies have been
established for control and risk management in the
m ost important risk areas, such as operations,
project development, finance and sustainability.
Operational risk, which is related to the award of
contracts and renegotiation of leases, is followed up
on in accordance with the established guidelines
and authorisations. Operational risk related to
property management is handled through routines
for da y-to-day operation, compliance, HSE work,
energy efficiency and other climate -related actions.
Financial risk is managed in accordance with the
group’s financial policy. Handling of sustainability
risk is also described in the Sustainability report.
The board is responsible for seeing to it that the
business, financial reporting and asset management
are subject to reassuring controls. Based on the
overall policies, governing processes and routines
have been established for day -to-day management.
Steer ing documents, such as ethical guidelines are
updated by the board on an annual basis. A
subsequent annual review on the Web ensures that
the content of the steering documents is made
known to all employees. These documents also
contain whistle -blower rout ines to ensure that the
board is informed of any breaches of the guidelines
or any illegal action.
In connection with its annual review of the group’s
strategy, the board reviews the most important risk
areas faced by Norwegian Property and the internal
controls established to deal with and minimise
these. The board is also briefed on developments in
the risks facing the group on a continuous basis
through the operating reports.
Reporting
The administration prepares quarterly reports which
are reviewed by the audit committee ahead of
consideration by the board. . These reports are
based on management reviews of the various parts
of the business, and they contain an update of the
status for setting targets, important operational
conditions, financial conditions and a description of
the status in risk areas.
Financial conditions are followed up on through
periodic accounting reports and regular updates of
annual budgets and forecasts. Reporting also
includes non -financial key figures related to the
various business areas. In addition, risk
management includes the preparation of longer -
term projections of financial trends, where
assumptions are made about profits, cash flow and
balance sheet development. These simulations
provide management and the board with a basis for
monitoring the expected trends in the cen tral key
figures.
The group is managed on the basis of financial
targets which are related to aspects such as return
on equity. Special profitability calculations are made
when acquiring investment properties and when
launching development projects, based on
established rou tines and required returns.
A special review of the quarterly valuations of
investment properties is conducted by
management, and meetings are held with the
independent appraiser responsible for the valuations
where particular attention is paid to market views
and risk conditions. Se parate accounting
documentation is prepared for significant
accounting items and transactions which are not of a
routine character. External valuations of financial
interest -rate derivatives by the banks are quality -
assured through the preparation of month ly internal
Annual report 202 5 Norwegian Property ASA
Corporate governance 95
value assessments. All other balance sheet items are
reconciled and documented on a continuous basis
throughout the year. Significant profit and loss
accounts as well as accounts related to direct and
indirect taxation are also reconciled on a continuous
basis.
The interim reports and annual financial statements
are reviewed by the audit committee ahead of
consideration by the board. Risk management and
internal control are also addressed by the board’s
audit committee. The latter reviews the external
auditor’s f indings and assessments after the interim
and annual financial audits. Significant matters in the
auditor’s report are reviewed by the board.
Climate accounts are prepared on an annual basis,
including emissions in Scope 1, 2 and 3. Scope 1 and
2 are mainly based on physical data, while most of
Scope 3 emissions are calculated based on financial
data. A separate climate report has been published
on the company’s website each year.
The company has prepared a Sustainability report in
line with the VSME standard for 2025 .
11 Remuneration of the board of
directors
Directors’ fees are determined by the general
meeting. These fees have been based on the board’s
responsibility, expertise and time taken as well as the
complexity of the business, and they have not been
related to the results.
Further details on the remuneration paid to
individual directors are provided in note 19 to the
consolidated financial statements. An overview of
the shares owned by the directors and their close
associates is included in note 20 to the consolidated
financial statements . Details concerning the options
held by Bent Oustad, the current Chairman of the
Board and former CEO, are described in note 20.4 to
the consolidated financial statements .
12 Salaries and other
remuneration of executive
personnel
As the company is no longer listed, it is not required
to publish the guidelines for salary and other
remuneration to leading personnel .
The form er CEO and current C hairm an of the Board
has a personal share option scheme (see note 2 0.4).
Profit -related remuneration in the form of a bonus
programme is based on the attainment of goals for
the group or for a department or company in which
the recipient is employed. Such goals may comprise
the attainment of various improvement measures
within operations and sustainability, or financial
criteria, including the development of the group’s
share price. A ceiling has been set on the size of
profit -related remuneration for those employees
entitled to receive this.
13 Information and
communication
Through the group’s established principles for
investor communication, which are available on its
website under principles and guidelines, the board
has determined the guidelines for reporting financial
and other information. Based on openness and the
equa l treatment of players in the securities market,
the guidelines also cover communication with
shareholders outside the general meetings.
Reporting of financial and other information will be
timely and accurate, while simultaneously being
based on openness and the equal treatment of the
players in the securities market. Information is
published in the form of annual and interim reports,
pres s releases, stock exchange announcements and
investor presentations. All the information which is
considered to be significant for valuing the group will
be distributed and published via Cision and the Oslo
Børs company disclosure system, and the group’s
website is available in Norwegian and English
versions.
Information is made available simultaneously on the
group’s website, where it is also possible to
subscribe to announcements. The main purpose of
this information will be to clarify the group’s long -
Annual report 202 5 Norwegian Property ASA
Corporate governance 96
term goals and potential, including its strategy, value
drivers and important risk factors.
The group publishes a financial calendar every year
with an overview of the dates of important events,
publication of interim reports and open
presentations. This calendar is made available as a
stock exchange announcement and on the group’s
website as soo n as it has been approved by the
board. As there is only one shareholder, the date of
the AGM is not part of the Financial Calendar being
published.
Norwegian Property complies with the
recommendations of Euronext Oslo Børs concerning
the reporting of investor relations information to the
extent relevant for a company with listed bonds. The
applicable recommendation for such reporting is
available at
https://www.euronext.com/nb/markets/oslo.
14 Takeovers
The board has not prepared separate guiding
principles for responding to a possible takeover bid
since it wishes to be free, within the constraints of
the existing regulations, to react to such an offer as it
sees fit.
The group’s articles of association place no
restrictions on buying shares in the group. In a
takeover process, the group’s board and executive
management will seek to help ensure that the
shareholders are treated equally and that the
group’s business suff ers no unnecessary disruption.
The board will give particular weight to ensuring that
shareholders have sufficient time and information to
be able to form a view of a possible offer for the
group’s business or shares.
The board does not intend to prevent or hamper
anyone from presenting an offer for the group’s
business or shares. It will take account of the
common interests of the group and the shareholder
in the event that possible agreements with bidders
are consider ed.
15 Auditor
The group’s auditor, Ernst & Young AS (EY),
conducted the following work during 202 5 and 202 6
in relation to fiscal 202 5.
- Presented the audit plan for 202 5.
- Presented the additional report to the audit
committee of the audited entity. This report
covers the requirements in the Auditors Act
§ 12-1, cf. regulation (EU) No. 537/2014.
- Attended board meetings considering the
annual report, reviewing the possible
significant changes in accounting
principles, assessing significant accounting
estimates as well as considering all cases
where possible disagreements had arisen
between the audi tor and executive
management.
- Conducted a review, together with the
board, of the group’s internal control
systems, including the identification of
weaknesses and proposals for
improvements.
- Held a meeting with the board without the
presence of the executive management.
- Confirmed that the requirements for the
auditor’s independence were fulfilled, and
they provided an overview of services other
than auditing which have been rendered to
the group.
EY attended three meetings with the audit
committee, which included reviewing the main
features of the plan for executing the audit for the
year and presenting the results from the audit.
Pursuant to the instruction for the board’s audit
committee, the use of the auditor for substantial
assignments other than ordinary auditing services
must be considered and approved by the board.
The board reports annually to the AGM on the
auditor’s overall fees which are broken down
between audit work and other services. The AGM
approves the auditor’s fees for the parent company.
Annual report 2025 Norwegian Property ASA
Presentation of the directors 97
Presentation of the directors
The board of Norwegian Property ASA comprised
the following directors as at 31 December 2025.
Bent Oustad (chair)
Bent Oustad (born 1972) was appointed as Chairman
of the Board on December 3, 2025. He holds a
Master of Science in Economics from the Norwegian
School of Economics (NHH) and has more than 20
years of experience in property, capital markets and
finance. Oustad has a background from Arthur
Andersen and from ABG Sundal Collier, where he led
the company’s real estate investment for a number
of years. He was CEO of Norwegian Property ASA
from 2018 to 2025. In December 2025, he was
appointed CEO of Fabege AB. Oustad has also held
several board positions, including in Fabege AB and
SkiStar AB.
Bjørn Henningsen (director)
Bjørn Henningsen (born 1962), director since 10
October 2014, has an MSc in Economics from
Heriot-Watt University and is a partner in Union
Gruppen AS, which he helped establish in 2005.
Henningsen has very long and broad experience in
real estate investment and development, banking
and finance. Previously, he was finance director and
managing director of Investra ASA, and he also has
gained extensive experience from banks and
financial institutions. Henningsen is the director of
numerous companies in the Union group.
Cecilie Astrup Fredriksen
(director)
Cecilie Astrup Fredriksen (born 1983), director since
10 October 2014, obtained a BA in Business and
Spanish from London Metropolitan University in
2006. She is currently employed by Seatankers
Services (UK) LLP. She is affiliated with Realty
Holdings (NOR) Ltd, which owned all the shares in
Norwegian Property ASA as at 31 December 2025.
Kathrine Astrup Fredriksen
(director)
Kathrine Astrup Fredriksen (born 1983), director
since 13 April 2016, studied at the European Business
School in London. She is currently employed by
Seatankers Services (UK) LLP and serves as director
in Mowi ASA and SFL Corporation Ltd. Fredriksen’s
previous directorships include Axactor ASA, Seadrill
Ltd, Frontline Ltd, Golar LNG and Avance Gas AS.
She is affiliated with Realty Holdings (NOR) Ltd,
which owned all the shares in Norwegian Property
ASA as at 31 December 2025.
Lars Erich Nilsen (director)
Lars Erich Nilsen (born 1981), director since 26 April
2017, has been employed by Seatankers
Management Norway AS since 2014. He is the
general manager and chair of Seatankers
Management Norway AS as well as a director of
Axactor Capital AS, Axactor ASA, Bulk Infrastructure
Holding AS, FP Bolig Holding AS and FP Bolig AS. He
has previously worked as an analyst at Fearnley
Advisors AS (2013-2014) and Fearnley Fonds
ASA/Fearnley Securities AS (2005-2013, partner from
2007). Nilsen has a master’s degree in business
economics from the BI Norwegian Business School.
He is affiliated with Realty Holdings (NOR) Ltd, which
owned all the shares in Norwegian Property ASA as
at 31 December 2025.
Annual report 2025 Norwegian Property ASA
Definitions 98
Definitions
An explanation of the figures and terms mentioned in the annual report which are not derived directly from the
accounts is provided below.
Definition of financial APMs
Operating profit before administrative
expenses
Revenues net of property expenses.
Operating profit before value
adjustments and JVs/Assoc.
Operating profit before value adjustments, adjusted for share of profit in joint
ventures and associates.
Profit before income tax and value
adjustments
Profit before tax, adjusted for fair value adjustments to investment properties and
financial derivatives.
Profit before income tax, value
adjustments and JVs/Assoc.
Profit before tax, adjusted for share of profit in joint ventures/associates as well as
fair value adjustments to investment properties and financial derivatives.
Market value of property portfolio
The market value of all the group’s properties regardless of the accounting
classification (investment property, owner-occupied property and rent guarantee
receivable).
Market value of joint ventures and
associates
The book value of the investment in joint ventures and associates, adjusted for
the EPRA-revaluation of such investments.
Gross interest-bearing debt
Book value totals for long-term and short-term interest-bearing debt, less the
holdings of own bonds.
Net interest-bearing debt Gross interest-bearing debt, less interest-bearing receivables and cash/cash
equivalents.
LTV
Debt to asset ratio (loan to value).
Gross debt to asset ratio (gross LTV)
Interest-bearing debt divided by the fair market value of the property portfolio at
the balance-sheet date.
Net debt to asset ratio (net LTV)
Net interest-bearing debt divided by the fair market value of the property portfolio
at the balance-sheet date.
Equity ratio
Total equity divided by total equity and liabilities.
Pre-tax return on equity
Annualised pre-tax profit in the period divided by average total equity for the
period in the balance sheet.
Earnings per share (EPS)
Net earnings for the period divided by the average number of common shares
during the period. Diluted earnings per share takes into account the dilution
effect of share options.
NAV, book value
Net asset value, the book value of total equity in the balance sheet.
Annual report 2025 Norwegian Property ASA
Definitions 99
Definition of other financial and operational measures and terms
Run rate for annual rent
Contracted annualised rental income for the property portfolio as at the balance
sheet date.
Weighted remaining duration of leases Remaining contractual rent of current leases as at the balance sheet date divided
by the total contractual rent for the entire lease term.
Space vacancy/Office vacancy
Space vacancy is the total number of square metres available for rent divided by
the total number of square metres in the market. Similarly, office vacancy is the
number of office square metres available for rent divided by the total number of
office square metres in the market.
Financial vacancy rate
Annualised market rent for space which generated no rental income at the
balance sheet date, divided by total annualised rent for total space (contract rent
for leased space and market rent for vacant space).
Gross yield
Gross yield on the balance sheet date for a property or portfolio of properties is
calculated as contractual annualised rental income divided by market value.
Net yield
When calculating net yield, maintenance and property-related costs are deducted
from contractual annualised rental income, which is then divided by the market
value.
Prime yield
Yield for a fully leased property of best structural quality, with tenants in the best
category and in the best location.
Unutilised credit facilities The difference between the total available credit facilities, based on the current
loan agreements, and the amounts as at the balance sheet date which are
deducted and accounted for as interest-bearing debt in the balance sheet.
Interest hedging ratio
The share of interest-bearing liabilities hedged at the balance sheet date.
Base interest rate
A weighted average of the fixed and floating average interest rates at the balance-
sheet date. The fixed average interest rate is calculated as the weighted average
of the fixed interest rate paid by the company in relation to outstanding interest-
rate contracts and loans. The floating average interest rate is calculated as the
weighted average of the NIBOR rate paid on interest-bearing debt. The interest-
rate base does not include accrued finance charges or margin.
Average interest rate
Weighted average interest rate on interest-bearing debt and fixed-rate interest
agreements at the balance-sheet date.
Average interest margin
The weighted average of the interest margin on the outstanding interest-bearing
debt at the balance-sheet date.
Remaining time to maturity for interest-
bearing debt
Weighted remaining period until maturity for interest-bearing debt at the balance-
sheet date.
Remaining time to maturity for interest
hedge agreements
The weighted remaining period until maturity for interest hedge agreements at
the balance-sheet date.
Like for like
Change in rental income from one period to another based on the same income-
generating property portfolio, with rental income adjusted for purchases and
sales of properties.
Independent appraiser
Cushman & Wakefield
Annual report 2025 Norwegian Property ASA
Contact 100
Contact
Reception
Tel.: +47 22 83 40 20
Support centre
Tel.: +47 48 05 03 00
Investor relations
Haavard Rønning
Interim CEO/CFO
Tel.: +47 40 02 00 19
E-mail: hr@npro.no
Sales and marketing
Ellen Cathrine Kobro
EVP Sales and Marketing
Tel.: +47 95 29 24 78
E-mail: ek@npro.no
E-mail: kundesenter@npro.no
Annual report 2025 Norwegian Property ASA
Contact 101