• Revenues for the fourth quarter were MNOK 361, increasing from MNOK 292 in the same quarter last year. For 2024, revenues were MNOK 1 386 up from MNOK 1 110 the previous year.

• Operating profit before value adjustments and JVs was MNOK 295 for the fourth quarter, which is an improvement from MNOK 168 for the fourth quarter last year, while for the full year 2024 the profit before value adjustments and JVs amounted to MNOK 1 141, compared to MNOK 830 in 2023.

• Profit before income tax and value adjustments was MNOK 105 (NOK 0.16 per share) for the fourth quarter, increasing from MNOK 51 (NOK 0.08 per share) for the same quarter last year, and MNOK 462 for 2024 increasing from MNOK 388 in 2023.

• Positive fair-value adjustments for the properties of MNOK 417 (1.5 %) and positive changes for the derivatives of MNOK 39. For the year 2024 there was a positive fair-valued adjustment for the properties of MNOK 910 and positive changes for the derivatives of MNOK 33.

• The net profit was MNOK 396 for the fourth quarter which corresponds to an earnings per share (EPS) of NOK 0.61. The corresponding figures for full year 2024 were respectively MNOK 1 026 and NOK 1.59 per share.

• EPRA NRV (Long-term net reinstatement value) is NOK 21.34 per share.

Bent Oustad, CEO, says about the quarter:

“This was another quarter with good underlying operations in the company, including an increase in revenues and a stable cost level.

We had a revaluation of property values of MNOK 417 (+1.5%) in the quarter and MNOK 910 (+3.4%) for the whole of 2024. This is in great contrast to 2023 where we had a write-down of MNOK 3 150 (-11.6%) for the whole of 2023.

In the fourth quarter, we received an injection of MNOK 500 in new equity, which shows our owner's support for developing the company further. In recent years, we have strengthened the company through purchases in Kvadraturen and takeover at Fornebu with contemporary buildings, solid tenants and long contracts. All of this has resulted in longer WAULT and a better diversified tenant mix with an overall higher yield.

The terms for an issuance of MNOK 2 000 in two new bilateral green bond loans to refinance Martin Linges vei 33 in Fornebu were agreed at the end of December. The loans of MNOK 800 for three years and MNOK 1 200 for seven years were issued in January. Both loans have terms in line with our market price in the bond market. We are humbled by the trust the market is showing us.

In addition, we have experienced a selective half-year in the transaction market. A handful of life insurance companies and some syndicates have been active in the market and more than confirmed our valuations. We still experience the market as a bit uncertain, and interest rates as volatile. Based on this, we believe that both 2025 and 2026 will offer opportunities in the property market.

For further information, please contact:

Bent Oustad, CEO, mob: +47 4801 6082, e-mail: bo@npro.no
Haavard Rønning, CFO, mob. +47 400 200 19, e-mail: hr@npro.no

This information is subject of the disclosure requirements according to §5-12 of the Norwegian Securities Trading Act (’Verdipapirhandelloven’).