Selvaag Bolig ASA

Good morning, and welcome to the results presentation for the fourth quarter of Skjelvåg Bolig. My name is Sverre Målvik, and I am the managing director. Together with the financial director Kristoffer Brunvold, I will go through today's agenda. We will start by looking at some highlights from the quarter and the year. We will look at the operational aspects, and Kristoffer will take us through the financial aspects. Then we will look at the market, future prospects, and some questions at the end. We delivered a good result in the fourth quarter, and for this year, about 1.40 kroner in earnings budget, which is good in relation to the market situation, a difficult market to maneuver in. This shows that we have a good business model and are good at implementing our value chain through the entire value chain in an effective way. We sold housing for about 700 million kroner in the fourth quarter and for about 3 billion kroner for the entire year. We have an annual reserve out of the year of 6.6 billion. 900 units, and after that, with a good start this year, we have gone further, so now we have 7.8 billion in annual reserve. Since we had a great start this year, we have managed to build a lot of housing, 166 actually. We bought 900 units last year. We filled up the bank. We made much less than that, so we just filled up the bank. We do that by buying in low-conjuncture to be able to calculate these projects in a better way than doing it in high-conjuncture. The good result of the 1.40 per share, is that we are investing in an exchange rate of 1 kroner per share for the year, which corresponds to about 70% of the earnings budget. Let's take a quick look at the key figures. We had a strong Q4 with many contracts. The value was about 1.6 billion, and the margin was 19%. A strong Q4, better than last year after IFRS. For the whole year, we had 2.8 billion in revenue after IFRS, and a margin of 15%. After the current calculation, when we take out revenues and the results of the current project's lifetime, we had 984 million in revenue in the fourth quarter and 13.5% margin, which is good and shows that we have a good margin on the portfolio that is in progress. 3.3 billion for the year and 11.6% after the current calculation. Kristoffer goes more thoroughly through the numbers in his analysis. Looking at the operational side, we have had a record-breaking sale so far this year. We have had three or four very successful sales starts in Oslo, Skib, Bergen and Stockholm. We sold 257 units yesterday, to a value of 1.8 billion this year, which is very strong. It shows that we are doing well in project development, and that we have the projects that are sought after in an otherwise difficult market. Of these units, 38 came through so-called bookings in Sweden, which is a variant of pre-sale, with a slightly slacker agreement, which makes it easier to jump off this information. It says a little more about it in the footnotes in the presentation. But those who buy pay a fee, and if they drop out, they lose some money. It's not like all over the world, 15,000 kroner per unit. When the projects start building, it becomes a binding contract. In addition, we have projects that can be laid out throughout the year, with about 1100 units, given that the market is moving away. We have a lot to sell this year, and many exciting projects, so it will be exciting to see how the market will be. In Q4, we started building 122 units. A project in Lønnskog. In addition, per year, we have ordered another 166 units, which means that per 10th of February we have 1078 units in production. which is higher than the year shift, to a value of 7.8 billion. Of course, it is very important to have a focus on having the production volume up, so that we can create IFRS results in the coming years. This is what we commonly call the hunt that we are in charge of, and this means that we get several failures in 2027, which gives earnings per share in 2027. We will continue to work in the quarter to get even more start-ups. We'll see how that goes in terms of sales and public approval, which is relatively slow at the moment. The Tomtebank. We bought three Tomtes a year. One Tomte at Kolbotten and a partner in Ski. This is actually the only project we have made that has sold well. We also have a collaboration project in Drammen. We are still at the buyer and are working with several new leads that can help us build our Tomtebanken further over the quarter and year. Back to the quarter, we sold 106 homes in Q4 at a value of 708 million. In total for the year, 466 units. As you can see, it is weaker than in 2024, where it was 568 units, but better than in 2023. We call it a heavy year, all the last four years. It is a very difficult market, high interest rates, very high building costs, difficult to calculate projects. So we are very pleased with what we get to do. Twelve months of leasing. 3 billion kroner in 2025. This puts into perspective that we have already sold 1.8 billion kroner in six weeks this year, so this is a very good start to the year. We started building in Q4, which I mentioned earlier, 122 units, and then we completed 261 units in the quarter, which makes the order reserve at about 6.6 billion, 912 units. 60% of that was sold at the beginning of the quarter. And more than now, of course. And this is the one I mentioned so far on operational. It is now up to 7.8 per 10. February. Because we have started building 166 units at the top of this. The finishes in... This year, we will increase the number of units to 688 in 2026. As I said, we are working to get as many productions as possible, which can be completed in 2027, 2028 and so on. That is what we are working on, and we have had a very good start this year. Kristoffer, you can take the floor.

Good morning. Let's take a look at the financial highlights in the quarter. We start as usual with the results of the IFRS, where the revenues and costs of the projects meet the results of the delivery of housing to our customers. Here we focus on the pro forma results, where we include our share of the collaboration projects in gross. This gives a better picture of what we actually have in our portfolio, since we have a lot of collaboration projects. We delivered 261 units in the quarter, where 67 were from collaboration projects. The main evaluation in the quarter was Lilleørn Park, which is on Lørn. We have a project on Skårer in Lørneskog, Solbergskogen Plus in Ås, and we have delivered a project on Lerøy Brygge in Stavanger. This gave us revenue of 1.6 billion kroner per quarter, including other revenue of 34 million kroner. This comes from the factored project management and the operation of our service centers. The project costs came in at around 1.3 billion kroner. We have good project managers, and we manage the projects with good cost control. Again, we keep the costs down, given that we also have fixed-price contracts on all our projects. The results here would have been much worse if we had not secured these contracts that will be delivered this year, given the war that comes in 2022. These contracts have entered before the start of the war. This means that we manage to deliver good margins in this quarter as well. Other costs came in at 89 million. It is on the same level as last year. We have a fixed cost base with a fixed number of employees. Other operating costs we manage to keep stable. We are pleased that we manage to keep the costs at a stable level. A adjusted EBITDA of 303 million, including these financial costs of 149 million, which are part of the Varekostnadnet IFRS. These financial costs are building loan interest, interest on sales credits and option letters. This is a significant financial element in the Varekostnadnet. Let's look at the quarter. 1.6 billion in revenue and a margin of 19%, compared to 918 million in Q4-24, and a margin of 17%. If we look at the revenue growth we had from the same quarter last year, this is of course due to the fact that we are handing out many more units in this quarter, 261 against 172 in the corresponding period last year. At the very bottom, we report a result per share of 1.37 kroner, up from 50 kroner in the previous year, and again, this is much higher volume, which means that we get a better result. Let's look at the corresponding results for the entire year 2025. Then we received 433 houses, of which 91 were from collaboration projects. This gave us total revenue of 2.8 billion, and a margin of 15%. This is compared to a revenue of 3.1 billion last year, and a margin of 16%. Other costs, 288 million, slightly lower than last year. Adjusted EBITDA, 410 million. At the bottom, we report a result per share of 1.42 kroner per year. That is down from 1.90 kroner in 2024. Again, this is due to the fact that we have exceeded 433 in the year against 532 last year, so it is a natural result. Let's look at the segment reporting. It's what gives the best picture of the business, that is, Norwegian accounting lawyers, where we follow the ongoing calculation method that best reflects how the company is doing and the value creation that is happening. This is what this management follows the company on. Here we also have Proforma, where we take a turnover from our share in the collaboration projects. And we see that this continuous evaluation method takes all the projects in production. If you take sales degree times completion degree, which is a graduate degree, it means that you continuously take out turnover and results in the project's implementation period. In this regime, Q4-25, we had a turnover of 984 million and a margin of 14 percent. And that is after overhead costs. This means that we have solid project margins for what is in production. If we look at 12 months, we are at 3.3 billion and a margin of 12 percent. Let's have a look at cash flow. We entered the quarter with 201 million in the bank. The main points in the quarter are that we have positive cash flow from sales of 255 million. This is due to many years of delivered units and thereby reduced goods storage. In addition, we have a positive cash flow from investment. We are at 63 million. This is due to the repayment of loans that we have had in collaboration projects. And then we have sold 50% of the shares in a collaboration company also in the quarter. Finally, the main point, negative cash flow from financing, and this is linked to the down payment of building loans in the period. There are many transfers in the quarter, and then it is natural that you down pay the building loans with that cash. Just another increase in the quarter of 54 million, brings us out of the quarter with 255 million in the bank. If we look at the balance, there are no major changes from last quarter in our balance. The total balance is 6.8 billion, where we have a solid one-capital share of 35.4 percent, in response to a book value per share of 25.60 kroner. The change from last quarter, the stock market is down by 87 million, we will come back to that. Other requirements are on the same level as last quarter. The cash was up to 54 million, as we saw on the previous slide. The revenue from our customers is now 37 million in total, and is included in other short-term accounts in this balance. It is worth noting that the proposed exchange rate of 1 kroner per share, about 94 million, is not included in this balance. This hits the balance first with the expiry date, which is in the second quarter. If we look at the stock market, This is at about the same level as last quarter. I will comment on the change. The book for the rental of the house has gone up from 18 million to 500 million. This is the activated interest rate in the period. Varearbeid is down by 145 million. This is due to the fact that we have overlooked a lot of projects that drag the stock market down, with a net decline of 145 million. And then we have the finished goods storage, which is slightly higher than last quarter, with 41 million. This is due to the fact that we finished many projects in Q4, and there are of course some unsold on this. We have 45 unsold units at the beginning of the quarter. The corresponding number last year was 81. So this is a significant decline from the same period last year. We had 38 at the beginning of Q3. In addition, we have sold 22 finished products, which will be delivered in the next quarter, most of them in Q1. So we are very pleased with the level of finished goods storage. We are not worried about the availability of this and the supply of new homes in our markets, so we expect this to be sold in the coming quarter. We also have an annual external evaluation of the volumes in our own balance. We have a number of volumes in our own balance that are of different The reason why it is not sold to us is that the main part of our bank is owned by Ørlund Property. So here we have some unregulated property, among other things. This is then recorded at 501 million in our balance. Then we have an external value setter with a value of 678 million, that is, an added value of 177 million. And this corresponds to about 1.90 kroner per share. These are projects that are coming up in time that are of good value. Let's look at the yield. The total interest rate is 3 billion, slightly lower than last quarter, which was 3.2 billion. This is due to the fact that we have lowered some of the building loans in the quarter. The big one is of course the building loan, with 2.3 billion. Then we have the debt to Urban Property, which is credited with sales credits and return on loan amounts of 730 million. And then we have a bit of the uncle loan again, on what we have in our own balance. We saw that it was booked for 500 million. The loan on that is 33 million, at the beginning of the quarter. There is no change in the conditions for these loans, and we have also not raised any of our top facilities at the beginning of the quarter. The net interest rate is reported to be 2.8 billion at the beginning of the quarter, slightly below the previous quarter at 3 billion. Let's look at the exchange rate. Selve Bolig has prioritized good exchange rates for our shareholders since the stock exchange in 2012. Here we see the history back to 2012. We have an exchange rate policy where we are going to distribute a minimum of 60% of the annual results to the shareholders. And this exchange will of course be directed towards our liquidity and future prospects. The board then proposes an exchange rate of 1 kroner per share for 2025, and that corresponds to 70% of the results per share. We are very pleased that we have managed to get through a weak new housing market in the last 3-4 years. We have managed to be solid. We take care of our liquidity, which means that we are in a position to pay the exchange rate for 2025. which I am pleased with. If we look at the historical sum, we have earned about 62 kroner in the stock market share, and then divided that by 57 kroner in total. This is 92% in total. This is also included in our Open Property transaction that we had in 2020. Our goal is to continue to give good direct issuance to our shareholders in the future. And that helps with the good start we have had this year, with a sale of 1.8 billion and already building start of 166, which gives us results in 2027. Finally, we will look at the issuance of the income tax. It has been under pressure. The 12-month luring is the last quarter, and this is of course due to the new housing crisis we had in 1922, where sales stopped, where there have been some challenges this year, and that is breaking out now, because we get fewer annual deliveries in 1924 and 1925. If we look at the 12-month rolling result, it is 133 million kroner in the last 12 months. If we divide that by the incoming balance on the income tax in the last 12 months, it is 6% of the return. We expect this to continue to rise through 2026, when we get 688 jobs. Of course, this will go up. That was what we had on the financial side.

Now it is time to go through an update on the market. We are starting to look at the imbalance between supply and demand in Oslo. It has been a story that has been quite similar in recent years. In other words, it is far less realized than what many predict is the need. Now there is an estimated need of 3950 units in Oslo. This has fallen since the last report, and that is because it is a prediction, a calculation model. which is actually affected by how much has been completed over the last few years. Which is a bit strange. The less you complete, the lower the future need will be. This is of course not relevant in Oslo, because the demand is not driven by that. The demand is large, of course, but that one is not able to regulate and carry out housing projects This means that there is not much population growth, or, of course, limited housing. So this is a case where there is still a gap. Very few units were completed last year, 1368 in Oslo. This year, it is estimated to be 2150, so we'll see what happens. There is a tendency to be lower than these estimates. Especially the future estimates in 2027 and 2028, I think it will be a lot lower, because it is very difficult to get started with projects. It is too little regulated and too little laid out, especially in areas where it is allowed to count. So we'll see. But there is still a gap between the supply and demand, or needs, and the furnishings in Oslo. In Akershus, the future needs have also been reduced. The same method here, where you look at what has been furnished. There have been fewer homes furnished in Akershus recently. There has been a reduction in estimated needs in the future. This was at 5,400 units, as reported in the previous quarter. Now it is at 4,800. It is estimated that 4,600 will be completed this year. We will see what happens. This is close to the estimated need. If the prognoses for 5,100 units in 2017 and 2018 are correct, the need will be slightly higher. Oslo, or Stor-Oslo, must be considered in this context. Therefore, we show this slide, where the total estimated need in Oslo and Akershus is 8,700 units, and then it is calculated below that. It is close enough in 2027 and 2028, given that the forecast is correct, as I said, but it is also a built-up need, because this has been a big gap for several years. As far as experience is concerned, I doubt that, unless something sensible happens in politics, it will be difficult to start many of these projects. It is mostly those within the Ring, and not so far away. There are many districts where it is not possible to build homes today, in Oslo as well. If we look at Bergen, it is the same story here. The future needs have been adjusted. But very few are being built in Bergen. And that is also due to the fact that, like in Oslo, regulation has been too little, and there is still a delay in regulation, even though I have to praise them and say that it is on the way to improvement in Bergen. It is actually much better there than it is in Oslo. You want to regulate more, but it has at least been more the result of it for our part in Bergen, that we have gotten more projects through. There are fewer vacancies, at least, and there is a very low supply side of new homes in Bergen, or vacancies in Bergen. Stavanger, on the other hand, has used the steam from very low levels. There is an estimated demand of 1,400 units. In Stavanger, since the oil crisis, very few houses have been built, and there has been an increased demand. Consultants and others have started to travel back as oil prices have risen, and there is a lot of population growth in the region. It has been good to start building new projects, and more is being done than needed. This shows how wrong this so-called need is. It has nothing to do with demand. In Stavanger, demand is very high, also per day, because demand and demand are so high. Many who travel back and work in in the oil sector, among other things. If we look at the year, how it developed last year, there was a low supply side around 1,000 units in Oslo. by 2025. Then 1,800 homes were sold, and a little less than that, and a little better supply side out of the year, that is, by 2026. So a little increase in the supply side on the new home front. Akershus, a little the same, a little increase, sold a little less than what has been put out. In Bergen, it has sold a little more than what has been put out, so the supply side is still very low, 575 units there at the end of the year. Trondheim has a very high supply side, but has sold quite well compared to the population of over 1,000 units sold, or over 1,100 units. And in Stavanger, what has been put out has been sold. So if we look at this, what is interesting to look at is the indicators here on how it is with the supply side compared to the population in the cities. Oslo is still at a low level, even though there are some higher offers than there have been in the last couple of years. On February 1, there were 1,400 units, or 1.9 units per 1,000 capital. The offer side in Akershus is where it has been in relation to the population for about five and a half years now. Good supply side in Akershus, and very low in Bergen, as you can see. The same level as in Oslo in terms of population. In Trondheim, it is still called the buyer's market. Very good supply side there. And in Stavanger, it is a bit in between, but still not very high supply in Stavanger in terms of population. The second-hand market is a good indicator to keep an eye on. We have seen that, especially in Oslo, last year there was a lot of rented housing that was put out. There was a very high demand for it. Now it is actually at a reasonable level, it looks like now. So it remains to see what happens. It is a bit too early to say how it will develop. How much of the rented housing is going out. We don't know if it will be sold enough. The rental prices have gone up a lot, as you have probably seen in the newspapers in recent days, and they will continue to do so. I don't know if it will be profitable to keep these homes. We'll see how it develops. But this is an Oslo phenomenon. A slightly higher supply side in Oslo. In your house, it is a falling supply. On Brugt, which is legal in relation to the demand in Akershus. And there is record low supply in Stavanger and Bergen. We notice that, among other things. We have had good sales starts in Akershus and Oslo. There is very good demand and good sales in Bergen these days. It is not so strange when the supply side is so low. And in Stavanger as well. So what did this do to the price in the year? If you look at the 20 years isolated, the total price in Oslo increased by 3.4%, which was relatively weak, at least in the case of many of the so-called experts, there was a lower price increase in Oslo than many expected, and this is probably due to the fact that very large amounts of rental housing have been put out, so the supply has increased considerably. And in Bergen, there has been a strong growth, which is closely related to the low supply side. In the same way, Stavanger had a strong growth last year, a record strong growth. Trondheim is more on a low level, of course, with a very high supply side there. And so far this year, Oslo is starting to, historically speaking, not fit very well. This is cyclical, of course. Just to give you some information, it is usually a very strong month, January. The first half of the year is a strong season for housing price development. But if you look at Bergen, it is strong, and it has been for three years, and there has been a low supply side for three years. Trondheim is more moderate, but also in the Stavanger area there has been a strong growth, which depends on what we just said about growth and population growth in the Stavanger area and a very low supply side in Bergen. Looking at the projects, this is something I usually show. We have quite a lot of large areas going, which is a lot of what we call our threshold volume, which we have had and which has kept us flowing and given good results in recent years. In Lørenskog, for example, we have projects that we always put out. After a while, the market takes them away, and we get enough sales started to finance the project and start building them. Now we put out new ones. There we have a plus project in the market now, among other things. Landås, in Asker, where we have We have two projects in sales, one in production and one plus project in sales, which will start in a few months. We have built a lot in Skårebyen, we are on the last step now. We started building these 122 units on the last field there. We are working our way out there. We have built 1,100 houses there since 2020. Solandsvannet in Bergen is a plus project that we also started building last year. We have a nice plus project in Mindy in Bergen. We have several projects that come after this. Solbergskogen in Ski is also a plus project that we sell. Then we come to a new field that we put out in the fall. We have some lease contracts on existing buildings. We can't put it out before. The market says that we can put it out now. In Sandsli in Bergen we also have 1200 units, 500-ish. We have sold a part of it, and we have several projects going on there. Coming back to what I mentioned at the beginning, we have sold 1.8 billion so far this year. This is on the projects that I just showed you, plus the start of these sales. This is Telekvartalet, our old headquarters, which we have talked about many times, and which we have been regulating for 10 years now. It was completely empty. There are 180 units. We didn't release all of them. I think we released about 90. We sold a few weeks ago. Now there are 66 of them. It's a huge start. We've sold enough for the start-ups, but there's always public court proceedings that are, unfortunately, heavy. We'll see how long it takes before we get that frame in place. We hope to get started as soon as possible, but that depends on getting this case-treatment in place, as I said. This was a project we had in collaboration with a partner earlier. We bought it and turned around. We bought it in Q4 and the sale has started now. We sold 29 of, I think we made 60 or 65, but the first step consists of 89 units. which we will start building in Q2, the beginning of Q2. Terrassekvarteret in Stockholm is a very nice project located in the north of Djurgårdstaden, which is a good location, a good part of Stockholm. We had a huge interest and had over 250, it was, within the sales start, within the sales premises on the day we opened, which is insane for many people. The people of Stockholm are very happy with our plus projects, so it's a very and it is a booking process in Sweden that takes much longer than in Norway. So far, that is to say yesterday evening, we had sold 33, but there are about 15-20 of these contracts that are under signing now, so the real sale is probably close to 50 in relation to the sale start, which is very, very good. So that will also come to the start of construction. We do not get the start of construction until it is before the property is ready. We're selling it in good time now, but hopefully we'll be able to start building with public approval in Q2. Sansli Bergen, we have many projects out there. We already have two under construction in this area. Here we have chosen to sell 96 units to an investor, which means that we have also started building earlier this week. This is the first phase of this project, which includes 206 units. We will be putting out a new trend here in the short term. So this is a very strong sales start, as I said, in all these areas, so it shows that there is a demand that is very solid in the market, and despite interest rates and the situation we have with high rental prices, which ironically helps us a little, even though that may not be the political point of view. But it does, because it starts to get so high in price that it may be a little profitable to rent out anyway afterwards. If we look at the upcoming projects, which I also find very exciting, is that we are now starting to get safety and security, because we have regulated Fornebu. The first 500 units of this large project of 2000 units at Fornebu will now be released in February or last March. That is very good, so we will release it in March during the first half year. That is very exciting. Then we get a new large machine that will lie in the bottom and draw the so-called terskel volume, as we like to call it. Mellemålsveien, which we bought last year, will also be a large project. There will be both plus units, and there will be some storage houses and regular housing. Lillaker in Oslo will finally be regulated in the quarter. It's a bit high again. Hopefully, given that it will be regulated. I'm not going to promise anything on the other side, but hopefully in the first half year. Bjerke is a large project that we are working on in the long term. We will probably not be able to build or sell it before 2027. In Fredrikstad, we have a large cooperation project of 2,000 units. It is regulated. The 1301st unit is regulated. But there are more things that need to be done. There is the expansion agreement. There are large cranes that are historically standing there. It is being discussed who will take the cost of maintaining and securing them, so that they do not fall on someone. These are dangerous, large constructions. Så det er ikke så lett å få til alle disse kravene i en feil, så vi får se om det blir i år eller neste år vi legger ut det første trinet der. Høyda in Moss is a large project that we participated in in cooperation with last year, no, in 2024. But we have had very good progress there, so we had actually thought that it should not have been planned before 2028. We are now in 2027. So it looks very positive. It has been done by state administrators and with some follow-up requirements that we have been able to clarify. We also have a lot of exciting projects. Many of them are coming to Stockholm. I won't talk too much more, it will take a long time. But we have a lot of other projects that are coming. Summa summarum, we have a lot of good things in the pipeline. This is a short summary of what we are trying to achieve here. So what does that mean in terms of faith in the future and what we see in this crystal ball? Very positive for the housing sector. We have many exciting projects. There is an underlying need, a high demand in relation to the supply side in the areas where we operate, which gives us good security. We have, so far this year, had a record high sales, historically, with 1.8 billion, and have already started building 166 units, which we are securing several finalizations in 2027, which gives earnings per share and exchange potential to our shareholders in 2027, which is important, of course. We also have an order reserve of 1,078 units, in total, on 12 February. We see that things are moving towards better times in Sweden. The interest rate is low. 1.75 is Stibor now. There will be a so-called housing loan change in Sweden. They will reduce the amount of amortization. It will take place in these days. I wonder if it will be this week. It will take place on April 1st. That means that housing buyers in Sweden can get, for example, a free loan and have a little less of their own capital in their projects, in their housing purchase, which makes it much easier for most people to buy a home, which is very positive for us in the projects that are not located in central Stockholm, such as ordinary homes that we have in the market, for example in Barkaby. So that's what we're looking forward to. We have already received a good indication that central Stockholm is already in good shape. We have a large cash bank with many projects, and we have a lot of energy to buy more projects, and we will continue to do so in the future. So it is actually a positive boost to many of the main elements that drive our store. In summary, we had a good result this year, we think, in relation to the difficult situation of operating in our industry. It's a bit of a perfect storm. It's been like this for four years, and sold well in Q4. and 3 billion for the year. And as I said, a huge start this year. The first six weeks, 1.8 billion. We have a good annual reserve. Per day, it is at 7.8 billion. The start of the year is 6.6 billion. Buy tomatoes, buy more, and give an exchange rate of 1 kroner per share. That was what we had, so now we can take It's first of all, it's the, hello?

Hi. Hi, Herman Kaspersen, ABG. You are quite specific on when there can be regulation on these first six months of potential sale starts. Given that the regulations go as you hope, can you be a little more specific on when we can expect these houses to be put out? Are we talking about the end of the first six months or can it come a few months earlier?

On a large area, for example, if we think about Forneburg, there are 470 units in that regulation. In two different projects, a plus project and an ordinary project, we draw parallel to the so-called frame search, parallel to how the regulation takes place. If the regulation goes back, there may be some changes that make you have to redraw What you draw in parallel, which may take a month or two extra, because there are so many detail requirements. So it's not just to draw up a plan solution, you have to have everything perfectly designed, and that's why it's a bit boring. But what we do is that we like to start selling on the day we send in the framework search. So the day we send in the framework search, we start selling. We have also done that on the Telekvartalet now. That's what you see in the picture here. But then we can get feedback. There is a risk of getting feedback from the sales department saying, no, no, we didn't like this at all, so we have to project it again or draw on something. Therefore, it is a bit difficult to be specific about it, especially since it is so unpredictable in Norway. Norway in general, I'm not the only one, but at least in Bergen and Oslo it is unpredictable. I'm not going to say anything negative about Bærum, because they are actually very good So that was a rather long and vague answer, but I hope to push it every day so that it will happen as soon as possible. So if it is regulated now in February, I hope we are out in May. You can't promise anything more than that, because there may be feedback that makes you have to draw on. We can't take such a huge risk at the start of a sale. We have to know that we are within what is regulated. Or we can go back to the start and cancel all our pre-sales. Then it becomes expensive and stupid for shareholders and companies.

Thank you. A specific question. There was a higher income contribution on the top line in this quarter. What was it that drove it?

Yes, there is a bit of catch-up on the factorable project management throughout the year, and there is also some higher income on the plus service centers this year, because we have had several completed plus projects this year that have increased the factorable service services. But the main part of it is a one-off on project management.

Thank you very much. And the last question. The exchange rate is a little higher this year than it has been in recent years. Can you say something about what has been the reason for this?

It is more coincidental. The future prospects, the safety of liquidity, and the uncertain situation we are in now. We are a conservative company, but we have to pay for the exchange in the first place. And we still do that, according to our policy. And that's because we are in a very good position, and we are very confident that this is okay to do, otherwise we wouldn't have done it. We haven't pulled up any of our top facilities ever, and still haven't done it. So we are in a position where it is safe. No other connection, a krona is a suitable amount. If we were to take 95 ears, it would have been a bit strange if it was only comparable to last year, for example. It's round and nice.

Nice, thank you.

Then we have two questions online. If you compare the Telekvartalet and the Terrasskvarteret, it looks like Oslo is asking for small properties, but in Stockholm there is also a great interest in the big and expensive. How do you see the similarity and the difference between the two markets?

Yes, that was very well observed. That is exactly the difference. On the terrace, what we have put out now, you have higher square meter prices on 140 square meter apartments than what you have on the smaller apartments. The Swedes have been much better than the Stockholmers. The market has been much more adapted. So there is a much better balance between supply and demand in most segments. But in this part of the city, there is pre-launched supply in large apartments, while there is a reduction in small apartments. Ergo, that's what happens. In Oslo, it is still the case that There is a much higher sale on the smaller units, because it is a regulated matter in Oslo. There are politicians who don't really care about this, but they have a desire to build large schools, for example. While the market is small, with a 50% one-person situation in Oslo and too few small schools. Good observation, and that is what it is. We have used that, but it is difficult to get as many large apartments as we would like on the terrace. It is a bit the opposite.

Another question on the internet. It looks like there will be a little empty space in Sweden with new sales starters until 2027-2028. Is this due to the regulation on the empty spaces you have, or is it more the market?

This is due to the regulation of the fees we have. And not least, there is an option agreement. Many of the market recommendations have options that allow us to act when the municipality has done its job. That is to say, they are going to do a lot of infrastructure development. Then there are some of these option agreements where you discuss price, because the price, or the market, was worth a higher fee when some of the agreements were introduced. than what they are doing now, so they are renegotiating. And then the municipality may decide to do the part they are supposed to do, so that it can take a little longer. But it may well be that some of these projects will come earlier. It's an estimate. I don't think we'll take a chance on it. I think that some of the projects may come in 2026. I meant 2027, sorry.

No more questions.