Selvaag Bolig ASA

Good morning and welcome to Selvåg Bolig's results presentation for the second quarter. My name is Sverre Molvik and I am the managing director. Together with Christopher Brunvoll, we will go through today's agenda. We will start by looking at the highlights from the quarter. We will look at the operational aspects, then Christopher will go through the financial aspects, then we will look at the market and some future prospects and questions at the end. The second quarter was again, I have to say, a strong quarter in terms of sales. We sold about two homes per day. A total of 172 homes worth 1.4 billion. Very pleased with that. The first six months we had record sales in the company's history, which is very good in relation to a challenging market with very high building costs and pressure on our income side, that is, the purchasing power due to higher rents. Vi leverer et godt resultat, et solid resultat vil jeg si, i forhold til omstendighetene. Bra margin gitt de høye byggkostnadene og rentene som jeg nevnte innledningsvis. Veldig godt fornøyd med det. Vi har da klart å bygge opp en will hold or increase the annual reserve to over SEK 8 billion, which will ensure results in the next few years. Over SEK 8 billion is good. We will make the exchange decision in the two preceding years, and we will put it out by the end of the year when we see what the total result will be. have a conservative approach to this. There won't be any difference in the size of the exchange in total for the year, regardless. It will just be a periodization. We will extend the half-year exchange to the end of the year. If we look at the key figures, IFRS had a turnover of 1.5 billion SEK and a adjusted EBITDA margin of 17.3%. This is per format, including our share of cooperating companies, or TSs. The first half year, a turnover of 1.7 billion SEK, with a adjusted margin of 15%. A running calculation that reflects the value creation best of these two methods, where you then take out revenues, running and costs, depending on what you sell and build, is good at 1.1 billion in the quarter, and the EBITDA margin at 11%, and for the first half of the year close to 2.2 billion and around 11%. Christopher will go through this in more detail in his review. We sold 172 homes in the second quarter for a small amount of 1.4 billion kroner. The unit price is around 8 million kroner, a bit high due to the circumstances of the projects we have sold a lot of in the quarter. We are happy that sales are still good in July. July is usually a bit of a boring month, but we have sold up to a quarter of about one home per day, so some 30 homes, which is good and better than last year. So we have sold year to date now more than we did in the whole of 2024. So it seems to be much better than these years of war. So that's positive. In 12 months, we are up to 5.2 billion in sales value, 776 units brutto, 721 netto. So relatively good speed in terms of circumstances. So that good sale has meant that we have managed to start building more than we have finished in the quarter. The start-up took 290 units and finished 242, which means that we are increasing the order reserve compared to the previous quarter, and we are over 8 billion again. We have 1126 units in production. The sales have been good on a number of new projects that I will come back to, which means that we will try to maintain this level, even though we have a lot of acquisitions in the future. I can see that in the market transition. 61% of these 1,126 units were sold at the beginning of the quarter, and more now. 69% of what we are finishing this year, these 688 units, were sold at the beginning of the quarter, and more now. As you can see, the sales rate is lower than it usually is in terms of what is finished over the course of the year. So what we are working with now is both to sell homes that are finished in the long term, and we are also working on selling, of course, what will be produced in the next quarter. But it will probably be as usual, as it has been in the last four years, that we have a tendency to have more unsold products in the end of the year, or the end of Q4, than we have in the end of, for example, Q1. This is a normal development that we have had in recent years.

Good morning. Let's take a look at the financial highlights of the quarter. Starting with the result of IFRS. where the revenue and costs from the projects meet the results by overseeing the housing to our customers. Here we focus on a pro forma result where we include our share of the collaboration project, brutto, on the revenue and costs. In the official calculation, this is reported net after tax on its own line. But this picture, after IFRS, gives a more comparable picture over time. We completed 242 units in the quarter, and the delivery is from Ballerød in Bærum, Landmås in Asker, Solbergskogen Plus in Ski, and Snøbyen Plus in Lørenskog. In total, we delivered 187 units, including only one unit from the summer house projects this quarter. These 187 deliveries gave us revenues of about 1.5 billion kroner in the quarter, and included other revenues of 23 million kroner, which comes from fractured project management and revenues in operations plus our service centers. The project costs are 1.3 billion. We have good project managers who manage the projects well, and we have fixed price contracts on all our projects, which means that we also manage to deliver a good margin before overhead on the projects that have been delivered. Other costs came in at 70 million, slightly down from the same period last year at 72 million. We have a relatively fixed cost base with a fixed number of employees and fixed operating costs, so we manage to keep the current fixed costs at a good level compared to last year. We are pleased with that. We are re-adjusting EBITDA at 288 million, And here we have excluded these financial costs that lie in the goods costs of IFRS. And this is a significant amount of 139 million in the quarter. And that consists of the option premium to UP, interest on sales to UP, and building loan interest. So, to correct that, we deliver an adjusted EBITDA of 258 million, corresponding 17%, compared to 7% in the corresponding period last year. At the bottom, we report a result per share of 95 euros, up from only 2 euros last year. This improvement is due to the fact that we deliver many more homes in this quarter, compared to last year's corresponding quarter, i.e. 187 units, compared to only 40 units last year. This gives us a much higher result per share. In the first half of the year, we delivered 211 units, with revenues of almost 1.7 billion kroner, including 46 million kroner in other revenues from the Fakturett project management and Drifta Plus service centres. Project costs of 1.4 billion, other costs of 145 million, adjusted EBITDA of 252 million, which gives us a margin of 11%, compared to only 3% in the first half of the year last year. This result improvement has also yielded many more units, in the first half of the year compared to last year, that is, 211 against 74 units last year. In the first half of the year, we reported a result per share of 75 euros, up from minus 20 euros in the first half of the year last year. Then we will look at profile segment reporting. Here we include our share of the co-operative projects. Segment reporting follows Norwegian labour rules and the ongoing calculation method. It means that we take all the projects in production. We take sales grade times finish grade in the projects. We take sales grade times finish grade in the projects. In this regime, we have 1.1 billion in revenue per quarter. and a margin of 11% after overhead costs. This means that we still deliver good margins on the projects before overhead. If we look at the 12-month rolling turnover, we now increase it to 3.9 billion, with a rolling margin of 12%. This indicates that there is good speed in the company, and this will contribute to IFRS results in the coming years. Let's have a look at cash law. We entered the quarter with 350 million in the bank. The main points in the quarter is that we have positive cash law from Drift at 76 million. This is mainly explained by good results as a result of many overwhelmed units in the quarter, and subsequently reduced goods storage. We also have positive cash flow from investments, with a return of 26 million from collaboration projects. And then we have a negative cash law from financing of 280 million. This is due to the fact that we have just paid down the building loans with 187 million kvartal, according to many covered units. And then we have also paid out an exchange of 94 million kvartal. So just a decline in kvartal of 179 million, which brings us out of the quarter with 171 million in the bank. Let's look at the balance. There are no significant changes in the balance sheet. We now have a total balance of 7.6 billion, and a solid equity share of 31.2%. This corresponds to an income of 25.30 kroner per share. If we look at the changes from last quarter, the stock market is down by 83 million. Kundeforeningen er økt av noe med 154 millioner, og det skyldes jo at vi har overlært mange boliger helt til slutten av kvartalet i juni, og da kommer oppgjørende ikke inn før i juli. Cashen var vi igjennom forrige slide, og da er den ned med 179 millioner. Og så har vi disse forskuddene fra kundene våre, som nå ligger på 54 millioner, og det ligger inkludert i annen kortsiktig del. Og dette er jo da på samme nivå som forrige kvartal. Yes, if we look at the goods storage, it is just down by 83 million. Booked empty storage is up by 194 million. This is due to the fact that we are starting to build some homes in the quarter and buying back property from Urban Property. The goods storage is down by 716 million, and this is explained by the fact that we have overwhelmed many units, which then reduces the goods storage. And then we have an increase in the value of goods storage at 438 million from last quarter. And this is due to the fact that we now have 41 unsold units in the portfolio, up from 32 in the previous quarter. But in addition, we also have 56 units that have been sold. and Ferdestilt, but which will be delivered in Q3 and Q4. This will be the result in the future, so corrected for that, the value of the warehouse is not very high. But as Sverre was saying, we have a lot of finishes in the second half of the year, Q3 and Q4, which is over 400 houses, and then we will probably see an increase in this value of the warehouse towards the new year, which would be completely normal given all these finishes. Let's take a look at the yield. There are no changes in the sum of this. We report a total revenue yield of 4 billion, which is on the same level as last quarter, where the building loan is the big deal with 3 billion. In addition, we have yield to Urban Property of 949 million. This is added to sales credits, and the rest is bought-back agreements that we have with Urban. In addition, we have a small mortgage loan of 32 million, on property that has not been sold to UP. There is no significant change in the margins of these loans, and we have not pulled up any of our top facilities at the beginning of the quarter. Netto Rentebarn Hjelda is reporting at 3.9 billion, which is on the same level as last quarter. Let's take a look at the exchange rate. We have an exchange rate policy where you have to pay out 60% of the surplus, divided by two payments during the year. Here we can see a table of what we have done historically. Since the börsnotering, we have earned about 63 kroner per share and earned an exchange rate of 57 kroner. The exchange rate for 2025 was 1 kroner, which made up 70% of the result for 2025. I have given the uncertainty that we see in the new oil market over time, with increased construction costs and macroeconomic uncertainty, I want the board to see the results of the second half of the year, both in sales and start-ups, and the results for the year, before making a decision about the size of the exchange rate. This is exactly what I have done in the last two years. So we will conclude in February 2027 on the exchange rate. And we have as a goal to continue to give good direct issuance to our shareholders. And again, as Sverre said, no change in our exchange policy. In the end we will look at the issuance of the income tax. This is calculated as the last 12 months net result after tax. Divided on the incoming balance of the equity capital in the 12-month period. In the last 12 months we have delivered 223 million in net sales, which gives a return of 10%. We have seen this tick up in the last few months, as a result of the fact that we have had a number of quarters with a low number of overlaid units. Now we get more in the future, and then it will naturally tick up. Now we will continue with an update on the market.

Now we look at the market. We look at the imbalance in the big Oslo region, as usual. First, when we put these together, Oslo-Akershus to one. And there it is a theoretical need that the prognosis center estimates by looking at, among other things, earlier achievements. So it is a description of, or the result of, the question is the result of how little or how much has been built earlier, if it is simply summarized. So now one at least means that there is a need for 9,700 small achievements in Oslo and Kurshus collected over the next few years. This year, 6,700 units will be completed, far fewer than last year, and 7,900 in 2017 and 2018. This means that less housing will be completed than the estimated need. This has been the case for several years now. And then you can ask questions about how accurate this so-called need is. It has nothing to do with actual demand. It's just an estimate in relation to what has been completed. There are 1,380 units in Bergen, far fewer than is needed. In Stavanger, for the last 10 years, or from 2013-2014, there have been 10 victory years due to the oil crisis, where people moved out of the city. Now things have turned around, so that there are jobs that attract people to move to Stavanger, which makes the so-called need for Stavanger on 1680 units not correct in relation to the fact that the need is much greater, of course, and the demand is large in Stavanger now, because people are moving back to the city to work in the oil sector, among other things. There, more are being completed this year than is the so-called need, and the same goes for next year and in 2028. In the Stockholm region, there is also a prognosis centre, but the Swedish department estimates that there is a very high need in relation to what is being completed. I'm a bit unsure how to summarize these numbers. We haven't been working on these reports for a long time. But there is a big difference between the key numbers in Sweden and Norway. There is no doubt about that. This is due to the fact that in Sweden there is a much larger proportion of people who rent homes. So it's less... These previous numbers don't match. People don't like to rent as much as they like to buy. So if we look at the population on the supply side in the big cities or areas we operate in Norway, the supply side in Oslo has increased. It has been at plus or minus 1,000 units for a long time. Now it is up to 1,772, still a low supply side for new residents, 2.4 per 1,000 capita. We usually say that around 5 is a nice balance in supply aftermarket on these figures. Akershus, some higher supply side also there, is at around 5. But it is not terribly much higher than it has been. It is usually around 3,500. Bergen, something increased from a low level, is also low, 2.4 per thousand, which is low. Stavanger has increased quite a bit in the last 4.6. The demand is also high. In Stockholm we see that the numbers are at 1.3 per thousand capital, which is very low. Half of what is in Oslo is below that. In the city of Stockholm, or the municipality that is in the city centre, there are 1 million people and 960 units, just as much as there used to be in the last few years in Oslo. Low supply side, but not completely relevant to compare these key figures, given that there are so many higher percentages in Stockholm as tenants. If we look at the other-hand development, or the used development, As we have talked about a lot, or as many talk about all the time, there are large rental portfolios that are being sold in Oslo. This is reflected in these figures. We are on a fairly high supply side in Oslo, about 3,500, which gives an increase, more buyer's market now, in apartments in Oslo, especially residential apartments that have been converted in relation to these rental portfolios that are being sold. Then it was no longer profitable to keep doing it. In Akershus we are a little down, not so much leasing there, 4.1 per thousand capital. Then we see a record low supply side in Brugt in Bergen and Oslo, no, in Stavanger I meant. It is very low, and that is due to what I have said, that it is immigration. Very few homes have been built in recent years, which makes it The supply side is low in relation to the demand. This naturally drives the prices. In Stockholm we have a number that is a bit in the middle of the tree. In comparison with the Norwegian market, it seems to be good. Storstokholm, the price development as you can see is quite flat, so I guess this is a forehand number of 2.7, corresponding to what we have in Norway at around 5, because it is 50% interest rate, so I think it is about what we can use as a key number. It is not true that the prices have gone down completely in Storstokholm, but they have increased quite a bit in the inner city of Stockholm. The price development is year to date. In Oslo it is negative. After a pretty strong fall in July, we'll see how it goes out over the autumn, but traditionally the prices fall more in the second half of the year than in the first, or they usually rise in the first half of the year, so they fall in the second half of the year. So there will be negative price development in Oslo. Now it looks very likely, a little depending on what happens with interest rates and the supply side has used, and these outlay portfolios, of course. Flat, year-to-date, there is zero or flat development in Akershus. And then we see a strong growth in both Bergen and Stavanger year-to-date, and that is again due to the low supply side of used goods that affects this. Of course, this is used goods prices. So strong development in Bergen and Stavanger, we notice that well in our sales and price development. Central Stockholm, the price growth is three months, Q2 versus Q1, a slightly different comparison. It is an increased price in the center of Stockholm, and if you go straight down and look at the 12-month rolling price growth, the price in central Stockholm has increased by almost 9%. That is a fairly strong price growth in a year, from a fairly low level. But if you look at Storstockholm, the price growth is lower when you include the area, which consists of about 2.5 million people. There is also positive price growth at 5.6, but again from a low level. And Storstockholm in Q2 compared to Q1, with a negative growth of 0.2. So not particularly... A strong growth if you look at the historical background here. The one is 12 months of rolling growth. It is good in central Stockholm. Many projects are ongoing, and we have these large areas that we continue to sell on, such as Snøbyen, and what we do is that we put out a new trend after the trend is taken away, or the market takes it away. But once we reach 60% sales, we put out new things as a rule, and we have succeeded in that. Snøbyen is an example of that, and we still have a lot of units, about 650 units to sell on. Landås, we also put out the new line afterwards, which we are removing. As for Skårebyen, we have put everything out now, actually. Sold out the 1100 units since 2019. Gone pretty fast. We have about 140 left to sell in the market. Telekvartalet, our old headquarters, we also put out the rest, or more, when it has been removed. We have just started building that. and the end of Q2. Solbærskogen, we have a new field that we will introduce next year. We can't publish it before that, since we have leasing obligations there. And in Sansli, Bergen, we have several hundred new fields that we publish successively. We had good sales starts also in the second quarter. Among other things, we have had sales starts in the first part of Fornebu, which we have worked with for ten years, and came up with the first 90-95 units that we released at the end of June. And we have sold around 40 units of PT, so we are going to start building. We have to get the framework before we can start building, but I guess it will start building in Q4, so a very good start in sales has been well received in the market. We also launched the bridge tunnel at the end of June. No, I mean May. We sold enough and started building right before the holiday, at the end of June. We launched Mindemyren in Bergen the day after it was actually regulated. That was at the end of June. And we have already sold 40-45%. We will also start building, as long as we get the framework permit. It is usually 12 weeks in advance. We will get it at the end of Q3, so whether it will be started in Q3 or Q4, we will see. But in any case, very good sales start here, given the market we are in again. Vi har mange prosjekter i pipelineen vår, så vi kommer til å komme med mange nye prosjekter også de neste månedene, litt avhengig av når regulering og ramme foreligger. Vi har kommet med et stort prosjekt på i Follow som kommer i første kvartal antagelig neste år. Vi får se når vi legger det ut. when we get approved for the regulation, and we also have Lilleaker in Oslo, which we got regulated just before the holiday. We will not sell before we get the permit, it's in Oslo, so we don't dare to take the chance. So we will probably release that first early in the new year, when we have first received the permit. Fredrik, we have regulated the first 1300 of these 2000 units, but here it is again. Usikkerhet som må forankres først vedrørende infrastruktur, utbygging og størrelsen på de. Og det er en del værn av noen kraner som er farlige og den slags som vi må få avklart først. Likadant værn av noen sveisehaller som vi må få avklart før vi kommer i gang der. Men jeg tipper vi er i gang der i 27 veldig tidlig på til neste år. The height of Moss lies right next to the Meløs Stadium, a nice area where we have the same route. We have had speed in the regulation, so we will most likely get there next year in the market, but that depends on the final regulation. Bjerke, Oslo. We work on three fields, three areas of regulation. I hope, believe and wish that it happens, that we get it regulated, at least one of them, by next year, so we can put that out in the market. In Oslo there is a great need for new homes, we notice that in relation to what we have put out. It is sold out and is The need, in spite of the fact that there are a lot of rented homes sold in the city, is that it is a completely different product than what we sell. There are old apartments and nice entry-level homes, but not necessarily what many people long for, a new home. Kalnes in Tønsberg, we have a plus project that has been postponed due to political turmoil down there. Now they have come back again, it looks like on a reasonable track, and that it will then also be able to be regulated again. But unfortunately it has been postponed for a year. It is also a very big question mark, plus Boliger in Tønsberg by the waterfront there. Then we have several exciting projects that we are going to do in In Stockholm, Hornsberg, this is the inner city project, where there is a high demand. There is not much that is being built in the inner city anymore, so there is a very high demand for projects like Slakthus and Hornsberg, which will be exciting to see. The park quarter in Knakka will also be good, but it will probably not come before in 2039. As I usually say, there is a strong demand for new homes in our areas. It's not something I'm just saying, we can see that in relation to our sales, so that's good. It's a very good sale so far this year, since it's a record, so I have to say that, and we have a strong order reserve. And we have sold a lot of projects that we also lack a frame on, so we can already say that we will start building more this year, and that's positive, so we'll see if we can start building as much as we fail. I think we prove that we are able to deliver well in these difficult times. We deliver good results with record-high building costs and other costs because of that. A lot of consultant costs. and many obstacles in the way, and we managed to scrape them together to good results. The cost of construction has not been talked about much. Unfortunately, it does not seem to be any lower. A lot of political talk today, but very little or nothing has happened in a positive direction, unfortunately. We hope that this will change. Now we are going back to the Arndal week. It will be exciting to see if there will be anything other than talk there. Otherwise, we have a good policy in which we lock down the buildings, so we get profitability. And that is largely due to the fact that we have profitability and manage to deliver the results we do, and have done over these 4-5 difficult years. We have good purchasing capacity in Urban Property, so we will buy more tomes, provided that we manage to get them back. We will not buy stupid purchases, then there will be no good results, but we will buy new tomes, I think. And we have a good tomes portfolio that gives us We are not desperate to buy new tomatoes until we are able to buy them at a reasonable price. In summary, we have a good quarter again, sales- and results-wise. Kjempebra første halvår, og vi er solide. Vi har en god orderreserve som gjør at vi sikrer resultatet frem i tid. Og så er vi konservative som vi har vært de siste årene. Vi tar det sekre for det osekre, og ikke betaler utbytte før vi ser hva vi faktisk har å gi ut. Dette er ikke noe å bekymre seg over. Det påvirker ikke totalen for året uansett. Det er en periodisering, så vi betaler bare en gang i året, som de aller fleste selskaper gjør, og ikke to. Det var det vi hadde i dag. Hvis det er noen spørsmål,

We have a question on the internet from Simen Mortensen first. His first question. Kuto had a seemingly strong product mix with finishes outstanding in Storoslo and a high number of plus projects. However, EBITDA margin was reported to be somewhat below historical levels. Can you quantify how much of the deviation due to project mix, building costs and weaker project margins, and if some of the projects were delivered under the original calculation?

The quantification is that to have a positive result in a project in the last years, when the building costs have gone up by 10-15,000 per square meter, is very, very difficult. So the explanation lies in the fact that there is margin gap depending on and how the projects, like Urban and others, have developed since they were sold to Marketspris in 2020, there is a big margin gap in the projects. So going into individual projects and explaining that in detail is very difficult, but there is a big gap in margins, depending on how the regulation has progressed in the projects and how the supply side of the question is in the local areas. The advantage with PLUS is that you get a higher price, but you can't answer that question in general without going into the details of what I mentioned.

Question number two from Simon Mortensen.

What I can say is that, of course, the option premiums are a part of these financial conditions. These are projects that have been in urban property for 5-6 years. And then the financial element of that is the most sufficient. Then there are some interest on sales interest, and then there are building loan interest. Building loan interest is usually 4-5% of the turnover. But to break down the details is too much to take here, Simen, so we can talk about that on the phone later.

Last question from Simen Mortensen. You describe the aftermath as strong and plan to have several start-ups, but at the same time change the decision due to macro-uncertainty. What has been more uncertain since Q1?

Vi utsetter denne vurderingen som vi har gjort de to siste årene. I forhold til de siste tre årene, så har det vært usikkerhet på grunn av krig og ellendighet. There is nothing new under the sun there. The only thing is that we want to see how it goes, because we don't understand how the world is developing. This is happening from day to day, so we can go all the way to Helsinki again. Hormuz Street can be closed again tomorrow, or it will still be closed anyway, but there will be big swings, and there is no reason for us to take the chance to pay out some spending now, which we have not done in the last two years. So there is nothing more new under the sun than that. There is no more uncertainty. But remember, we are in a very uncertain world. So we just continue to do what we have done the last couple of years, namely to postpone it until we count up the steps of the year, and then we will see what the change will be then. There is no difference in the size of the change. It is a periodization.

Then we have a question from Petter Nilsen. How far away are we from a decision on the start of construction in Barkaby? Do you see that you have managed to sell a little more there lately?

Barkaby is a project that has been going on for many years. Sometimes, if you put out a project at the wrong time and can't sell enough to start building within a reasonable time, you often lose. You sell new, and then you lose someone in the hall. Then you become stagnant. It's a bit difficult to say, and that's what the customers who don't have to jump off can contribute to. If everyone sits quietly in the boat, we'll be able to start building it. We're at about 30-40% sales, no, around 30%, we have to go up by at least 40% sales before we start building it. So it's a bit boring, but if people buy, we'll just start building, we'll reach that limit. So it's a reasonable housing, and it pays off. What's ironic is that it's cheaper to buy a house there now than to rent. So that's something that people who are listening should understand, and then they'd rather buy a house from us instead of renting.

So it'll be good. Question from Yngve Jordahl. Can you say anything about your expectations for realized average prices in the coming years?

It's a big variation depending on the mix of apartments and size and where it is in the country, so it's very difficult to say. It will probably vary between 7 and 9 million depending on the quarter and where we sell it. But it's clear that it has gone up now, it has, but it's very difficult to say. Hello, Herman Kaspersen, ABG.

A question. As mentioned several times, you have delivered a very strong sale in the first half year, while the underlying new housing market was weak. So now over the summer, and so far in the short period now, how do you experience the underlying new housing market? Is there any sign of improvement, or is it deterioration? I can just say a little openly about it.

Ja, jeg sa litt innledningsvis om det, og det er bra etterspørsel. Vi har solgt brutto, jeg tror det er 7-38 boliger så langt i kvartalet, så ish en om dagen, litt mer enn en om dagen, som er egentlig veldig bra med tanke på at det er juli. And especially if you're going to believe what's on the news today, about the effects of the World Cup and things like that, which I'm more concerned about, but it's been good weather as well, and now they're using it as an excuse that people aren't selling their homes. But it's been a good sale compared to last year, among other things, so it's better. And the display that is on the Sunday that was now, is really a sign that we're looking forward to, and that was an extremely good display. It's too early to conclude with that, but it was a very good meeting on all our projects. Our sellers say that it's a good attitude among people, that they want to buy now and are not so concerned about what they get for the housing they have, but it's too early to tell them if the sentiment is wrong. But we have sold... Thank you for watching! But the fact that we sell better than many of our competitors, or than the market in general, is a bit difficult to say, but I think it has something to do with the fact that we also only have self-employed properties, which almost no one else has anymore. plus that all these rental properties that are sold in the market now are residential properties. And then there is of course no one who buys them for rental, because you can't rent them out. So I think there is a connection between that plus of course that we have a lot of good planning solutions, and good planning solutions on perhaps less real than what others have. But the sum of the whole value chain, I would say, is what does this.

Thank you. One follow-up question. It is possible that this was answered earlier, I apologize in that case. But there is a trend of around 100 units in Sjøli, Vårnebu. What is the expected timeline now, in the second half of the year, for the start of the case?

We have started the first step, and have sold enough to start building every now and then. That can happen now, but we have not reached that point yet. What we usually do, after we have sold enough on one step, is to lay out the next step. So we already want to lay out, we will see how it goes, if the sales rate continues, we have sold enough to start building this in a couple of weeks. We don't have the framework yet, but if we get the framework in a few weeks, then we will start building most likely in Q3, or we will take it in Q4, depending on the permit. Then we will lay out a new field, or parts of a new field, so we have continuous operation, and then it will start to go, Just like the other big areas, it will continue for the next ten years out there. How much is being sold is up to the market, but it has been of good interest, especially in relation to other things that are being sold out there in Fornebu. Then we came up with Plus. The next field is the first of the 200 units, which is the usual Bolig, Selvobolig, and then comes the plus concept with 300 plus ish, which will be put out in parallel as soon as it is approved. I'm not quite sure when that will happen, whether it will happen before Christmas or right before the new year. I guess it will happen right before the new year. Then they will sell in parallel on the first area of around 500 units. And then new areas will be regulated in parallel. So we will get a lot out there, just as we do on the other big fields of ours. And then we sell in competition with ourselves, which we are not worried about, since we have different concepts.

Thank you.

There are no more questions.

Thank you for your attention. See you again in November.