Interim report
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REPORT FOR Q3 2025
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KEY FIGURES NOK million APM1) Q3 2025 Q3 2024 30.09.2025 30.09.2024 31.12.2024 Net rental income 875 831 2 632 2 526 3 317 Fair value adjustments in inv. properties and interest rate derivatives 1 -70 48 198 50 774 Profit before income tax 486 502 1 847 1 601 2 863 Profit before income tax, fair value adjustments and currency result 2 559 518 1 701 1 603 2 129 Equity ratio 3 51 % 51 % 51 % Equity per share (NOK) 4 319 302 312 Long-term net asset value per share (NOK) 4 375 355 367 Net cash flow from operations 541 433 1 585 1 463 1 953 Liquidity reserves 5 9 387 9 221 6 561 Amortisation next 12 months 6 5 035 4 754 3 405 Interest-bearing debt 7 21 925 20 864 21 342 Interest per balance sheet date 8 4,50 % 4,89 % 4,92 % Loan to value ratio 7 36 % 36 % 36 % Interest coverage ratio 9 3,1 2,9 3,0 Net investments 10 733 218 1 475 657 1 763 Market value properties 11 59 949 57 052 58 612 Annualized rental income level 12 4 220 4 000 4 125 Yield properties 13 6,2 % 6,1 % 6,2 % Sales, owned shopping centers 15 392 14 733 44 216 42 782 62 558 Share price per balance sheet date (NOK) 273,0 225,0 227,0 1) Definitions, calculations and explanations on the use of alternative performance measures (APM) are included at page 21 in the report. NOK million Profit before income tax, fair value adjustments and currency result (quarterly) Q3 2021 Q1 2022 Q3 2022 Q1 2023 Q3 2023 Q1 2024 Q3 2024 Q1 2025 Q3 2025 300 400 500 600 700 NOK Long-term net asset value per share (quarterly) Q3 2021 Q1 2022 Q3 2022 Q1 2023 Q3 2023 Q1 2024 Q3 2024 Q1 2025 Q3 2025 200 250 300 350 400 Olav Thon Eiendomsselskap ASA - Report for Q3 2025 Page 2
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Q3 HIGHLIGHTS • The Group had a satisfactory development in the third quarter, with profit before income tax amounting to NOK 486 (502) million. • The Group’s rental income in the third quarter amounted to NOK 992 (946) million. • Fair value adjustments of investment properties amounted to NOK -127 (108) million, and fair value adjustments of interest rate derivatives totalled NOK 51 (-106) million in the quarter. • Profit before tax, fair value adjustments and currency result amounted to NOK 559 (518) million in the quarter. • The Group’s financial position is solid. By the end of the quarter the Group’s equity ratio was 51 % (51 %), while the liquidity reserve amounted to NOK 9 387 (9 221) million. • Retail sales in the shopping center portfolio in the third quarter were NOK 15 392 (14 733) million, an increase of 4 % compared to the same quarter last year. • In the third quarter, Olav Thon Eiendomsselskap reached an agreement to acquire the remaining 40 % ownership interest in Sartor Storsenter, located in Øygarden Municipality. Following the completion of the transaction, the company will hold full ownership of the shopping centre. The figures in brackets are for the corresponding period/date last year The image on the cover: Stortorvet 2, Oslo Olav Thon Eiendomsselskap ASA - Report for Q3 2025 Page 3
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FINANCIAL POSITION/BALANCE SHEET AS AT 30.09.2025 The Group’s total assets were NOK 64 253 (61 106) million, with investment properties accounting for 59 976 (57 059)1 million of that figure. Total equity was NOK 32 479 (31 064) million, and the equity ratio2 was 51 % (51 %). Equity per share was NOK 319 (302), while the long-term net asset value per share2 was calculated at NOK 375 (355). NOK Equity per share (quarterly) Q3 2021 Q1 2022 Q3 2022 Q1 2023 Q3 2023 Q1 2024 Q3 2024 Q1 2025 Q3 2025 250 275 300 325 350 Equity per share has since 30.09.2021 increased by 13 %. Interest-bearing debt was NOK 21 925 (20 864) million, with a loan-to-value ratio2 of 36 % (36 %). The Group’s share of the equity in joint ventures and associated companies was NOK 1 781 (1 935) million. SUMMARY OF THE RESULT FOR Q3 Profit before income tax was NOK 486 (502) million. Fair value adjustments of investment properties and interest rate derivatives totalled NOK -70 (48) million3. For more detailed information, please refer to APM 1 under the section “Alternative performance measures” in the report. Profit before income tax, fair value adjustment and currency result2 amounted to NOK 559 (518) million. RENTAL INCOME AND PROPERTY-RELATED INCOME/EXPENSES Gross rental income was NOK 992 (946) million. Property-related income amounted to NOK 249 (225) million and consists mainly of payments from the group’s tenants to cover letting and property administration costs as well as costs related to the operation of shopping center associations. Property-related expenses amounted to NOK 365 (340) million, including the above-mentioned letting and property administration costs of NOK 220 (199) million. Maintenance expenses for the property portfolio amounted to NOK 69 (60) million. Net rental income was therefore NOK 875 (831) million. FAIR VALUE ADJUSTMENTS OF INVESTMENT PROPERTIES The value of the Group’s investment properties was adjusted downward by NOK -127 (108) million in Q3. The decline in value in the third quarter is primarily attributable to negative adjustments in the valuation of individual properties within the portfolio. The Group’s property portfolio consists of the following property segments: • Shopping center properties in Norway and Sweden. • Other commercial properties including rental housing, primarily in the Oslo area. In the third quarter, the shopping centre and commercial property segment experienced flat value development. The Group’s shopping centre properties recorded a negative fair value adjustment of NOK -110 (-29) million, while the commercial properties recorded a negative fair value adjustment of NOK -18 (136) million. SHARE OF PROFIT IN JOINT VENTURES AND ASSOCIATED COMPANIES The Group’s share of the results of joint ventures and associated companies amounted to NOK 22 (67) million. The fair value adjustments of investment properties and interest rate derivatives in these companies amounting to NOK 7 (46) million. Underlying figures for the Group’s share of the results and balance sheet totals for these companies are shown in note 9. Olav Thon Eiendomsselskap ASA - Report for Q3 2025 Page 4 1 See note 8 2 For definitions see alternative performance measures (APM) at the end of the report 3 Includes investments in joint ventures and associated companies
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OTHER OPERATING INCOME AND EXPENSES Other operating income was NOK 17 (17) million and consisted mainly of sales income from other activities. Other operating and administrative expenses amounted to NOK 72 (67) million. Depreciation and amortisation amounted to 3 (3) million. FINANCIAL INCOME AND EXPENSES Net financial items amounted to NOK -226 (-453) million, with fair value adjustments of financial instruments accounting for NOK 51 (-106) million of that figure. Net interest expenses amounted to NOK 271 (283) million. As a result of a decline in the Group’s average interest rate, interest expenses remained stable despite a slightly higher level of interest-bearing debt compared to the same quarter last year. Gains linked to the SEK exchange rate amounted to NOK 2 (-55) million. FAIR VALUE ADJUSTMENTS OF INTEREST RATE DERIVATIVES In the third quarter, there was an increase in long-term market rates (swap rates) in both Norway and Sweden. In Norway, the 5-year swap rate rose by 0,34 percentage points to 4,07 %, while the 10-year rate rose by 0,31 percentage points to 4,09 %. In Sweden, the 5-year swap rate rose by 0,19 percentage points to 2,36 %, while the 10-year rate rose by 0,19 percentage points to 2,72 %. As a result of the change in interest rates, the fair value of the Group’s interest rate derivatives increased by NOK 51 (-106) million. CASH FLOW AND LIQUIDITY Q3 Net cash flow from operations was NOK 541 (433) million. Net cash flow from operating activities was 668 (685) million. Investing activities reduced liquidity by NOK -571 (-231) million, while financing activities reduced liquidity by -71 (-506) million. The exchange rate effects on cash and cash equivalents amounted to NOK 4 (1) million, and the Group’s liquidity reserves therefore increased by NOK 30 (-51) million. The first three quarters Overall, net cash flow from operations was NOK 1 585 (1 463) million in 2025. Net cash flow from operating activities was NOK 1 460 (1 415) million. Investing activities reduced liquidity by NOK -1 155 (-607) million, while financing activities reduced liquidity by NOK -262 (-926) million. The currency effects on cash and cash equivalents amounted to NOK 6 (1) million. The Group’s liquidity reserves therefore increased by NOK 49 (-116) million in the first three quarters of 2025. As per 30.09.2025 the liquidity reserves were NOK 9 387 (9 221) million, and consisted of short-term investments of NOK 132 (109) million and undrawn long-term credit facilities of NOK 9 255 (9 112) million. INVESTMENTS The Group’s net investments in Q3 were 733 (218) million. Total net investments in the first three quarters of 2025 amounted to NOK 1 475 (657) million. REAL ESTATE ACQUISITION Sartor Storsenter, Øygarden Municipality In the third quarter, Olav Thon Eiendomsselskap reached an agreement to acquire the remaining 40 % ownership interest in Sartor Storsenter, located in Øygarden Municipality. Following the completion of the transaction, the company will hold full ownership of the shopping centre. MAJOR PROPERTY PROJECTS4 Completed Gardermoen Park, Brages vei 3 The warehouse and logistics building next to Oslo Airport in Gardermoen is being expanded by 10 500 square meters, and is fully let. The building is fully leased, and was completed in the third quarter. Under construction Lagunen Storsenter, Bergen (42 % stake) A new build extension totalling 15 100 square meters is being added to this shopping center, in addition, the Olav Thon Eiendomsselskap ASA - Report for Q3 2025 Page 5 4 Above MNOK 50 million
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existing center is being expanded by 2 400 square meters. The extension will contain shopping center premises including retail, restaurants and offices, and is scheduled for completion in Q4 2025. Sanden shopping centre, Kristiansand In Sanden's quarter, a new building of 2 200 square meters is being built in connection with the shopping centre with shop and office premises. In addition, a total rehabilitation of the shopping center is being carried out. The project is planned to be gradually completed in 2026. Jessheim Storsenter, Jessheim The shopping center is being expanded with a new building of 2 200 square meters, along with an underground parking facility featuring 85 parking spaces. The project is scheduled for completion in 2026. Heggedal Hage, Asker (Underlandsveien 6-10) A residential development comprising a total of 7 300 square meters of usable area, with 118 residential units available for sale, has been initiated in proximity to Heggedal train station in Asker Municipality. This project is estimated to be completed in 2027. Project-related inventory is specified on a separate line in the balance sheet. In addition to the aforementioned projects, significant rehabilitation initiatives are underway at several of the group's larger properties in the Oslo area. In planning phase Olav Thon Eiendomsselskap has several property projects in the planning phase. The projects are primarily linked to the further development of its property portfolio. Whether they will be executed depends on factors such as official permits and market conditions. INVESTMENT PROPERTIES AS AT 30.09.2025 The property portfolio was valued at NOK 59 949 (57 052) million, based on an average yield of 6,2 % (6,1 %)5. By the end of the quarter, the property portfolio consisted of a total area of 2,0 million square meters. The vacancy rate in the property portfolio was 4,7 % (3,6 %). The rise in vacancy is mainly attributed to a limited number of major commercial properties in Oslo currently under refurbishment. The annual rental income level was NOK 4 220 (4 000) million6. Average yields by property segment were as follows: Shopping center properties 6,6 % (6,5 %) Commercial properties 5,2 % (5,1 %) The property portfolio consists of the following segment distribution: Segment Market value (Share) Rental income level (Share) Shopping center properties 74 % (73 %) 79 % (78 %) Commercial properties 26 % (27 %) 21 % (22 %) MNOK Rental income level Shopping centers Commercial properties* 2021 2022 2023 2024 2025 05001 0001 5002 0002 5003 0003 5004 0004 500 The annual rental income level has increased by 29,4 % in the last 5 years. * Includes retail/office, residential properties and other commercial properties. PROPERTY PORTFOLIO OWNED THROUGH JOINT VENTURES AND ASSOCIATED COMPANIES The Group’s share of the rental income of joint ventures and associated companies was NOK 180 (230) million. The Group’s share of the property values in these companies was NOK 2 899 (3 385) million. THE SHOPPING CENTER BUSINESS AREA By the end of the quarter Olav Thon Eiendomsselskap wholly or partly owned 56 shopping centers in Norway and Sweden. Olav Thon Eiendomsselskap is Norway’s leading shopping center actor with a solid market position. Olav Thon Eiendomsselskap ASA - Report for Q3 2025 Page 6 5 For definitions see alternative performance measures (APM) at the end of the report 6 Including joint ventures and associated companies
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The shopping center portfolio includes Norway’s largest shopping center in terms of retail sales, Lagunen Storsenter in Bergen, and five of the country’s seven largest shopping centers. Retail sales Retail sales in the Group’s shopping center portfolio in Q3 amounted to NOK 15 392 (14 733) million7. The shopping centers had the following retail sales in Q3, broken down by month: 2025 2024 Change July 5 332 5 100 4,6 % August 5 276 5 210 1,3 % September 4 784 4 424 8,1 % Sum Q3 15 392 14 733 4,5 % Total retail sales by end of the quarter amounted to NOK 44 216 (42 782) million7. Norway In Q3, the Group’s Norwegian shopping centers had retail sales of NOK 14 405 (13 787) million7. Sweden Retail sales in the Swedish shopping centers amounted to SEK 931 (921) million in Q37. RISK FACTORS Olav Thon Eiendomsselskap is primarily exposed to market and financial risks arising from the real estate and financial markets. THE PROPERTY MARKET The development in the property market in Norway and Sweden are affected by macroeconomic development and demand for commercial property as an investment object. The valuation as at 30.09.2025 was based on an average yield of 6,2 %. Throughout the last three years, the yield has varied between 4,9 % and 6,2 %. Changes in yield and market rents have a direct impact on the value of the property portfolio. Calculations of this effect can be found in note 8 in the quarterly report. THE FINANCIAL MARKET The most significant financial risk for Olav Thon Eiendomsselskap is considered to be the Group’s access to financing in the banking and capital markets. The risk is mitigated by maintaining a low loan-to-value ratio, a balanced debt portfolio and significant liquidity reserves. The Group’s financing is described in greater depth in the next section, and more details about financial risk management can be found in the annual report 2024. FINANCIAL INSTRUMENTS The Group’s financial instruments (interest rate swaps) are recorded at fair value. The interest rate swaps are primarily used to hedge long- term fixed-rate periods, and thus reduce the financial risk. At the end of Q3, the portfolio of financial instruments had a principal amount of NOK 22 145 (23 719) million, and is made up by the following groups: MNOK Amount Floating to fixed interest rate 12 595 Fixed to floating interest rate 4 750 Floating to fixed interest rate – future start 4 800 Sum 22 145 At end of the quarter, total fair value was NOK 386 (314) million. Fair value is affected both by changes in long-term interest rates and by the residual term on interest rate derivatives. It is estimated that a change of 1 percentage point in interest rates would change the fair value by approximately NOK 400 - 500 million. FINANCING The Group’s debt portfolio consists of long-term credit facilities with Nordic banks and direct borrowing in the capital markets in Norway and Sweden. Access to financing is considered very good in both the bank and capital markets. In the third quarter, the Group’s sources of financing were the capital markets in Norway and Sweden, where new loans of NOK 4 400 million and SEK 475 million were raised. Olav Thon Eiendomsselskap ASA - Report for Q3 2025 Page 7 7 Corresponding period corrected
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INTEREST-BEARING DEBT AND MATURITY PROFILE By end of the quarter outstanding certificate and bond debt amounted to NOK 18 583 (15 109) million, broken down as follows: Norway: NOK 17 125 (13 339) million Sweden: SEK 1 375 (1 700) million Total credit facilities were NOK 31 179 (29 976) million, NOK 9 255 (9 112) million of which was undrawn. For details of the Group’s interest-bearing debt, see notes 11 and 12 and «Alternative performance measures» in the report. The Drawn debt by end of the quarter had an average remaining maturity of 3,9 (3,7) years, with 23 % (23 %) of the debt falling due for repayment within 1 year. Maturity profile 23 % 51 % 26 % < 12 months 1-5 years > 5 years Current liquidity reserves are sufficient to refinance all debt falling due in both the bank and capital markets up until 02.06.2028. AVERAGE INTEREST RATE AND INTEREST RATE PROFILE By the end of Q3, the Group had a fixed-rate ratio of 64 % (62 %), with an average fixed-rate period of 2,7 (3,2) years. Interest rates last 5 years OLT average interest rate (incl. credit margins) NIBOR 3M NOK 10Y Swap Q4 2020 Q1 2022 Q2 2023 Q3 2024 Q3 2025 0 %1 % 2 %3 %4 % 5 %6 % The Group’s average interest rate (including credit margins) was 4,5 % (4,9 %), divided between the following currencies: Currency Share of debt Average interest rate NOK 86 % (86 %) 4,8 % (5,1 %) SEK 14 % (14 %) 2,8 % (3,6 %) Interest rate profile 36 % 60 % 4 % < 12 months 1-5 years > 5 years 64 % of interest-bearing debt has a fixed-rate period of more than 12 months. The average fixed-rate period is 2,7 year. Olav Thon Eiendomsselskap ASA - Report for Q3 2025 Page 8
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SHARE INFORMATION The closing price of the Olav Thon Eiendomsselskap ASA share was NOK 273 at the end of Q3, down from 293 at the start of the quarter. In the second quarter, a dividend of NOK 7,25 per share was paid out. The highest and lowest prices in the quarter were NOK 316 and 266 respectively. The shares in Olav Thon Eiendomsselskap ASA shares have generated the following return (including dividend) compared to the Oslo Stock Exchange: Return OLT OSEBX Q3 2025 (7) % 1 % YTD 2025 26 % 15 % Last 12 months 25 % 16 % Last 24 months 74 % 27 % Last 36 months 64 % 52 % Last 60 months 120 % 88 % In Q3 1,761,000 (478,000) shares were traded and 9,789 (2,402) transactions in the share were conducted on the Oslo Stock Exchange. In the first three quarters of 2025, 3,898,000 (1,472,000) shares were traded and 21,335 (9,015) transactions in the share were conducted on the Oslo Stock Exchange. SHAREHOLDERS Olav Thon Eiendomsselskap ASA has issued 101 478 908 shares which have equal rights. As at 30.09.2025, Olav Thon Eiendomsselskap ASA had 5,090 (4,224) shareholders, with Norwegian investors owning 94,2 % (94,7 %) of the shares. At the end of the quarter, Olav Thon Eiendomsselskap ASA’s market capitalisation was NOK 27,7 (22,8) billion, and the five largest shareholders were: Shareholders Share Olav Thon Gruppen AS (incl. subs) 75,4 % J. P. Morgan SE (nom.) 4,8 % Folketrygdfondet 2,2 % MP Pensjon 2,1 % Otto Olsen Invest AS 0,9 % Others 14,6 % Total 100 % OUTLOOK Growth in the Norwegian economy has continued to increase following 2024, although it is expected to slow down in the coming years. Unemployment remains low, but a moderate increase is anticipated. Wage growth has declined somewhat compared to 2024, but remains at a relatively high level. Inflation has fallen significantly since 2023, although it is still somewhat above Norges Bank’s inflation target. In recent months, price growth has been broadly in line with Norges Bank’s projections. In September, Norges Bank cut the policy rate further from 4.25% to 4.00%, and has signalled that further rate cuts are likely over the next year. Persistent geopolitical uncertainty, global trade tensions, and a relatively high interest rate level continue to contribute to uncertainty regarding the economic outlook, both in Norway and internationally. The Group’s strong market position and solid financial standing are expected to support continued sound operational performance going forward, despite high interest rates and significant macroeconomic uncertainty. Oslo, 5. November 2025 Board of Directors, Olav Thon Eiendomsselskap ASA Every effort has been made to ensure that this translation of the Norwegian text and the report is true translation. However, in case of any discrepancy, the Norwegian version takes place. Olav Thon Eiendomsselskap ASA - Report for Q3 2025 Page 9
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OLAV THON EIENDOMSSELSKAP ASA, CONSOLIDATED FINANCIAL STATEMENTS STATEMENT OF COMPREHENSIVE INCOME (NOK million) Note Q3 2025 Q3 2024 30.09.2025 30.09.2024 31.12.2024 Rental income 6 992 946 2 974 2 848 3 807 Property-related income 249 225 759 756 1 080 Property-related expenses 6 -365 -340 -1 101 -1 078 -1 570 Net rental income 7 875 831 2 632 2 526 3 317 Other operating income 17 17 47 50 75 Other operating expenses -16 -14 -45 -45 -64 Administrative expenses 6 -56 -53 -168 -143 -196 Depreciation -3 -3 -10 -9 -13 Net income from property management 7 818 779 2 456 2 379 3 120 Fair value adjustments, investment property 8 -127 108 341 -158 346 Share of profit from joint ventures and associated companies 9 22 67 40 57 137 Operating profit 7 712 954 2 837 2 279 3 603 Financial income 10 58 49 162 186 249 Financial expenses 10 -336 -395 -1 035 -1 104 -1 418 Fair value adjustments, interest rate derivatives 51 -106 -117 240 429 Net financial items -226 -453 -989 -678 -739 Profit before income tax 486 502 1 847 1 601 2 863 Change in deferred tax -59 -40 -241 -166 -389 Income tax payable -44 -68 -166 -187 -232 Income tax -104 -108 -406 -353 -621 Profit 382 393 1 441 1 248 2 242 Other Comprehensive income: Items to be reclassified to P&L in subsequent periods: Currency translation differences from foreign operations -2 68 57 50 29 Total comprehensive income 380 461 1 498 1 298 2 272 Profit attributable to: Shareholders of the parent 381 392 1 428 1 244 2 234 Non-controlling interests 1 1 13 4 8 Total comprehensive income attributable to: Shareholders of the parent 379 460 1 485 1 294 2 263 Non-controlling interests 1 1 13 4 8 Earnings per share, basic and diluted (NOK) 4 4 14 12 22 Olav Thon Eiendomsselskap ASA - Report for Q3 2025 Page 10
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OLAV THON EIENDOMSSELSKAP ASA, CONSOLIDATED FINANCIAL STATEMENTS BALANCE SHEET (NOK million) Note 30.09.2025 30.09.2024 31.12.2024 ASSETS Investment properties 8 59 976 57 059 58 633 Owner-occupied properties 177 183 177 Fixed assets 70 49 55 Investments in joint ventures and associated companies 9 1 781 1 935 1 770 Other non-current assets 857 756 923 Total non-current assets 62 862 59 981 61 558 Inventories 220 33 34 Trade receivables and other current receivables 1 039 984 1 383 Cash and cash equivalents 132 109 83 Total current assets 1 391 1 125 1 499 Total assets 64 253 61 106 63 058 EQUITY AND LIABILITIES Share capital 101 101 101 Share premium 318 318 318 Other equity 31 916 30 264 31 241 Non-controlling interests 143 380 385 Total equity 32 479 31 064 32 045 Deferred tax liabilities 7 828 7 320 7 585 Lease liabilities 221 200 214 Interest-bearing non-current liabilities 11 16 890 16 110 17 937 Other non-current liabilities 11 203 148 128 Total non-current liabilities 25 142 23 778 25 863 Income tax payable 166 183 244 Interest-bearing current liabilities 12 5 035 4 754 3 405 Trade payables and other current liabilities 12 1 432 1 328 1 500 Total current liabilities 6 632 6 265 5 149 Total liabilities 31 774 30 042 31 012 Total equity and liabilities 64 253 61 106 63 058 Olav Thon Eiendomsselskap ASA - Report for Q3 2025 Page 11
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OLAV THON EIENDOMSSELSKAP ASA , CONSOLIDATED FINANCIAL STATEMENTS STATEMENT OF CASH FLOW NOK million Q3 2025 Q3 2024 30.09.2025 30.09.2024 31.12.2024 Net cash flow from operations 541 433 1 585 1 463 1 953 Expensed interest 327 331 959 1 039 1 357 Paid interest -334 -327 -955 -991 -1 251 Paid income tax 2 2 -244 -313 -296 Change in working capital 132 245 115 217 -22 Net cash flow from operating activities 668 685 1 460 1 415 1 741 Acquisition of investment properties and fixed assets -321 -182 -910 -497 -732 Acquisition of subsidiaries -276 – -276 -40 -901 Other investments 27 -49 31 -70 164 Net cash flow from investment activities -571 -231 -1 155 -607 -1 470 Proceeds from interest-bearing liabilities 7 155 3 329 18 954 15 722 21 852 Repayment of interest-bearing liabilities -7 224 -3 833 -18 467 -15 928 -21 550 Payment on leasing liabilities -2 -2 -6 -6 -8 Dividends paid – – -744 -714 -714 Net cash flow from financing activities -71 -506 -262 -926 -419 Currency translation effects on cash and cash equivalents 4 1 6 1 5 Net change in cash 30 -51 49 -116 -143 Cash at beginning of period 103 161 83 226 226 Cash at end of period 132 109 132 109 83 Olav Thon Eiendomsselskap ASA - Report for Q3 2025 Page 12
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OLAV THON EIENDOMSSELSKAP ASA , CONSOLIDATED FINANCIAL STATEMENTS STATEMENT OF CHANGES IN EQUITY (NOK million) Share capital Share premium Currency translation differences Other equity Hedging reserve Shareholders of the parent Non- controlling interest Total Equity 31.12.23 101 318 – 29 689 -12 30 097 340 30 437 Profit 1 244 1 244 4 1 248 Other comprehensive income 50 50 50 Dividends paid -710 -710 -4 -714 Other changes 3 3 40 43 Equity 30.09.24 101 318 50 30 225 -12 30 684 380 31 064 Profit 990 990 4 995 Other comprehensive income -21 -21 -21 Dividends paid – – – – Other changes 7 7 0 8 Equity 31.12.24 101 318 29 31 223 -12 31 660 385 32 045 Profit 1 428 1 428 13 1 441 Other comprehensive income 57 57 57 Dividends paid -736 -736 -8 -744 Other changes* -74 -74 -247 -321 Equity 30.09.25 101 318 85 31 842 -12 32 336 143 32 479 *Other changes consist mainly of equity transaction by increasing ownership in subsidiary from 60% to 100%. Olav Thon Eiendomsselskap ASA - Report for Q3 2025 Page 13
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Olav Thon Eiendomsselskap ASA, Consolidated financial statements NOTES TO THE ACCOUNTS (NOK million) NOTE 1 GENERAL INFORMATION Olav Thon Eiendomsselskap ASA is based in Norway and is listed on Oslo Stock Exchange. The head office is situated in Oslo. The Group's consolidated financial statements includes Olav Thon Eiendomsselskap ASA and subsidiaries, as well as the Group's interests in joint ventures and associated companies. The Group has activities in Norway and Sweden. The interim financial statements were adopted by the Board on 5 November 2025. There has been no audit of the interim financial information. NOTE 2 ACCOUNTING PRINCIPLES The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by IASB and as adopted by EU. The consolidated accounts have been prepared in accordance with IAS 34 Interim Financial Reporting. The accounting principles on which the interim report is based are in accordance with the principles used in the preparation of the annual report for 2024. NOTE 3 CHANGES IN GROUP STRUCTURE There are no significant changes in the Group structure in the quarter. NOTE 4 ESTIMATES Preparation of interim financial statements involves the use of judgements, estimates and assumptions that affect the application of accounting principles and amounts recognised in the Group's position and results. In preparing the interim financial statements, management has used the same assessments related to the application of accounting principles that formed the basis for the consolidated financial statements for 2024. NOTE 5 SUBSEQUENT EVENTS No events of significance to the assessment of the Group's position and results have occurred after the reporting date. NOTE 6 RELATED PARTY TRANSACTIONS The company has the following transactions with related parties: Transactions Counterparty 30.09.2025 30.09.2024 31.12.2024 Rental income Companies in Thon Holding Group 89 96 119 Property-related expenses Companies in Thon Holding Group 33 30 40 Operating and administration agreements Companies in Thon Holding Group 161 134 184 Olav Thon Eiendomsselskap ASA - Report for Q3 2025 Page 14
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NOTE 7 BUSINESS SEGMENTS The Group has activities within two strategic business segments and two geographical areas. The segment reporting is based on the internal management reporting. Operating segments Geographical areas Q3 2025 Shopping centers Commercial property Other activity Group Norway Sweden Group Rental income 784 208 992 929 62 992 Property-related income 232 17 249 230 19 249 Property-related expenses -291 -74 -365 -337 -28 -365 Net rental income 725 150 – 875 822 54 875 Other operating income 7 11 17 17 17 Other operating expenses -6 -9 -16 -16 -16 Administrative expenses -45 -11 -56 -52 -4 -56 Depreciation -3 – -3 -3 – -3 Net income from property management 678 139 1 818 768 49 818 Fair value adjustments, investment property -110 -18 -127 -77 -50 -127 Share of profit from joint ventures & associates 22 – 22 22 22 Operating profit 590 121 1 712 713 -1 712 Operating segments Geographical areas Q3 2024 Shopping centers Commercial property Other activity Group Norway Sweden Group Rental income 738 208 946 889 57 946 Property-related income 209 17 225 207 18 225 Property-related expenses -300 -40 -340 -313 -27 -340 Net rental income 647 184 – 831 783 48 831 Other operating income 5 12 17 17 17 Other operating expenses -5 -9 -14 -14 -14 Administrative expenses -41 -12 -53 -49 -4 -53 Depreciation -3 – -3 -3 – -3 Net income from property management 603 172 4 779 735 45 779 Fair value adjustments, investment property -29 136 108 124 -16 108 Share of profit from joint ventures & associates 67 – 67 67 67 Operating profit 642 309 4 954 926 28 954 Olav Thon Eiendomsselskap ASA - Report for Q3 2025 Page 15
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Operating segments Geographical areas 30.09.2025 Shopping centers Commercial property Other activity Group Norway Sweden Group Rental income 2 373 600 2 974 2 801 173 2 974 Property-related income 699 60 759 702 57 759 Property-related expenses -886 -215 -1 101 -1 021 -79 -1 101 Net rental income 2 186 446 – 2 632 2 481 151 2 632 Other operating income 16 31 47 47 47 Other operating expenses -20 -25 -45 -45 -45 Administrative expenses -134 -34 -168 -157 -12 -168 Depreciation -9 -1 -10 -10 – -10 Net income from property management 2 040 411 6 2 456 2 317 139 2 456 Fair value adjustments, investment property 403 -63 341 380 -39 341 Share of profit from joint ventures & associates 40 – 40 40 40 Operating profit 2 483 348 6 2 837 2 737 100 2 837 Operating segments Geographical areas 30.09.2024 Shopping centers Commercial property Other activity Group Norway Sweden Group Rental income 2 229 619 2 848 2 672 176 2 848 Property-related income 669 87 756 700 56 756 Property-related expenses -927 -151 -1 078 -989 -89 -1 078 Net rental income 1 971 555 – 2 526 2 383 143 2 526 Other operating income* 21 30 50 50 50 Other operating expenses -21 -23 -45 -45 -45 Administrative expenses -113 -30 -143 -131 -12 -143 Depreciation -8 -1 -9 -9 – -9 Net income from property management 1 850 523 6 2 379 2 249 131 2 379 Fair value adjustments, investment property 41 -198 -158 -145 -12 -158 Share of profit from joint ventures & associates 57 – 57 57 57 Operating profit 1 947 325 6 2 279 2 160 118 2 279 Olav Thon Eiendomsselskap ASA - Report for Q3 2025 Page 16
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Operating segments Geographical areas 31.12.24 Shopping centers Commercial property Other activity Group Norway Sweden Group Rental income 2 990 817 3 807 3 566 242 3 807 Property-related income 937 143 1 080 1 005 75 1 080 Property-related expenses -1 334 -236 -1 570 -1 432 -138 -1 570 Net rental income 2 592 725 – 3 317 3 139 179 3 317 Other operating income 35 40 75 75 75 Other operating expenses -34 -29 -64 -64 -64 Administrative expenses -156 -41 -196 -181 -16 -196 Depreciation -11 -2 -13 -13 – -13 Net income from property management 2 427 682 11 3 120 2 957 163 3 120 Fair value adjustments, investment property 448 -102 346 366 -20 346 Share of profit from joint ventures & associates 139 -2 137 137 137 Operating profit 3 014 578 11 3 603 3 460 143 3 603 NOTE 8 INVESTMENT PROPERTY 30.09.2025 30.09.2024 31.12.2024 Investment property - owned - fair value 01.01 58 427 56 382 56 382 Investment property - right-of-use-assets - fair value 01.01 206 195 195 Sum investment property - fair value 01.01 58 633 56 577 56 577 Acquisitions/expenditure on properties 886 486 707 Acquisitions and divestments companies/investment property – 59 930 Change in fair value recognised in the period 349 -149 357 Change in fair value right-of-use-assets recognised in the period -8 -8 -11 Net other changes right to use assets 16 4 21 Effect of currency exchange differences in foreign operations 101 90 52 Other changes – – – Closing balance 59 976 57 059 58 633 of this investment property - owned 59 763 56 867 58 427 of this investment property - right-of-use-assets 213 192 206 The table below presents a sensitivity analysis at the balance sheet date, showing changes in fair value of owned investment properties when yield and rent levels is changed. Yield Rent level -10 % Unchanged +10 % -1,0 %-points 64 018 71 070 78 121 - 0,5 %-points 58 471 64 906 71 341 Unchanged 53 815 59 763 65 651 + 0,5 %-points 49 852 55 330 60 807 + 1,0 %-points 46 438 51 537 56 635 Olav Thon Eiendomsselskap ASA - Report for Q3 2025 Page 17
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NOTE 9 JOINT VENTURES AND ASSOCIATED COMPANIES The table below shows underlying figures in the income statement and financial position for joint ventures and associated companies. Joint ventures Q3 2025 Q3 2024 30.09.2025 30.09.2024 31.12.2024 Net rental income 44 54 124 161 220 Fair value adjustments, investment property 7 52 -18 -14 4 Fair value adjustments, interest rate derivatives 1 -5 -10 -1 5 Expenses* -33 -32 -80 -86 -102 Income taxes -3 -7 – -9 -11 Profit 16 62 16 51 116 Investment properties 2 030 2 550 1 949 Other assets 140 222 204 Total assets 2 170 2 772 2 152 Equity 1 246 1 411 1 231 Non-current liabilities 853 1 275 865 Current liabilities 71 86 56 Total equity and liabilities 2 170 2 772 2 152 Associated companies Q3 2025 Q3 2024 30.09.2025 30.09.2024 31.12.2024 Net rental income 16 16 49 47 66 Fair value adjustments, investment property -1 – 3 -18 -10 Expenses -7 -8 -21 -22 -29 Income taxes -2 -2 -7 -2 -6 Profit 6 6 24 6 20 Investment properties 888 873 882 Other assets 94 95 101 Total assets 982 968 983 Equity 535 524 539 Non-current liabilities 424 419 421 Current liabilities 23 24 24 Total equity and liabilities 982 968 983 Olav Thon Eiendomsselskap ASA - Report for Q3 2025 Page 18
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NOTE 10 FINANCIAL INCOME AND FINANCIAL EXPENSES Q3 2025 Q3 2024 30.09.2025 30.09.2024 31.12.2024 Interest income 13 9 32 33 41 Interest income derivatives 43 40 130 107 160 Currency gain 2 – – – – Bond buyback – – – 46 46 Other financial income – – – – 3 Total financial income 58 49 162 186 249 Interest expenses bonds -211 -198 -563 -495 -668 Interest expenses commercial papers -26 -29 -73 -60 -98 Interest expenses derivatives -22 -3 -50 -62 -82 Other interest expenses -64 -98 -251 -325 -409 Interest expenses related to lease liabilities -4 -3 -11 -10 -13 Terminating derivatives 0 – -11 -86 -86 Currency loss – -55 -45 -41 -24 Other financial expenses -8 -10 -31 -24 -37 Total financial expenses -336 -395 -1 035 -1 104 -1 418 Currency items Currency translation differences from foreign operations -2 68 57 50 29 Currency translation effects on cash and cash equivalents 4 1 6 1 5 Other currency items -2 -55 -52 -42 -29 Total currency effects -1 13 11 10 5 NOTE 11 NON-CURRENT LIABILITIES 30.09.2025 30.09.2024 31.12.2024 Bonds 13 599 10 396 10 801 Other interest-bearing liabilities 3 291 5 714 7 135 Total Interest-bearing current liabilities 16 890 16 110 17 937 Fair value interest rate swaps* 111 103 84 Other liabilities 92 45 44 Total non-current liabilities 203 148 128 * The long-term part of interest rate swaps with a positive fair value of NOK 407 million (311) as at 30.09.2025, is classified as other non-current assets. Olav Thon Eiendomsselskap ASA - Report for Q3 2025 Page 19
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NOTE 12 CURRENT LIABILITIES 30.09.2025 30.09.2024 31.12.2024 Commercial papers 3 004 2 821 257 Bonds 1 980 1 893 1 885 Bank loans 51 40 1 263 Total Interest-bearing current liabilities 5 035 4 754 3 405 Fair value interest rate swaps* 44 – 23 Lease liabilities 8 8 7 Trade payables 198 117 179 Accrued interest 184 122 180 Duties payable 136 162 111 Prepaid rent 687 734 785 Other current liabilities 174 186 215 Total trade payables and other current liabilities 1 432 1 328 1 500 * The short-term part of interest rate swaps with a positive fair value of NOK 135 million (105) as at 30.09.2025, is classified as trade receivables and other current receivables. Olav Thon Eiendomsselskap ASA - Report for Q3 2025 Page 20
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OLAV THON EIENDOMSSELSKAP ASA, CONSOLIDATED FINANCIAL STATEMENTS ALTERNATIVE PERFORMANCE MEASURES Amounts in NOK million Olav Thon Eiendomsselskap ASA prepares consolidated financial statements in accordance with the International Financial Reporting Standards (IFRS). The company also wishes to present alternative performance measures (APM) in order to provide readers with a better understanding of the company's underlying financial results. 1. Fair value adjustments in investment properties and interest rate derivatives Fair value adjustments in investment properties and interest rate derivatives affect the Group's profit before tax. These income statement items are considered to be more determined by external factors than the other profit and loss items. Q3 2025 Q3 2024 30.09.2025 30.09.2024 31.12.2024 Fair value adjustments in: investment properties recognised in profit and loss -127 108 341 -158 346 investment properties in joint ventures 7 52 -18 -14 4 investment properties in associated companies -1 – 3 -18 -10 interest rate derivatives recognised in profit and loss 51 -106 -117 240 429 interest rate derivatives in joint ventures 1 -5 -10 -1 5 Fair value adjustments, investment properties and derivatives -70 48 198 50 774 2. Profit before income tax, fair value adjustment and currency result Profit before tax, fair value adjustments and currency is intended to give readers a better understanding of the Group's operating business development. Q3 2025 Q3 2024 30.09.2025 30.09.2024 31.12.2024 Profit before income tax 486 502 1 847 1 601 2 863 Income tax in joint ventures 3 7 – 9 11 Income tax in associated companies 2 2 7 2 6 Fair value adjustments investment properties and derivatives 70 -48 -198 -50 -774 Currency gain -2 – – – – Currency loss – 55 45 41 24 Profit before income tax, fair value adjustment and currency result 559 518 1 701 1 603 2 129 3. Equity ratio Equity ratio is the Group's total book equity divided by the Group's total equity and debt on the balance sheet date, and indicates the relative proportion of equity used to finance a company's assets. 30.09.2025 30.09.2024 31.12.2024 Total equity 32 479 31 064 32 045 Total equity and debt 64 253 61 106 63 058 Equity ratio 51 % 51 % 51 % Olav Thon Eiendomsselskap ASA - Report for Q3 2025 Page 21
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4. Long term net asset value per share and equity per share Long term net asset value per share takes into account a fair value assessment of the deferred tax liabilities. Equity per share is calculated as the majority's share of equity divided by the number of shares. 30.09.2025 30.09.2024 31.12.2024 Majority share of equity 32 336 30 684 31 660 Deferred tax liabilities (deferred tax liabilities current assets excluded) 7 836 7 358 7 623 Fair value of debt - deferred tax liabilities - 6 % -2 137 -2 007 -2 079 Long term net asset value 38 035 36 035 37 204 Number of shares (own shares not included) 101 478 908 101 478 908 101 478 908 Long term net asset value per share in NOK 375 355 367 Equity per share in NOK 319 302 312 5. Liquidity reserves Calculation of liquidity reserves is considered to give the reader a better understanding of the Group's ability to service short-term liquidity needs. 30.09.2025 30.09.2024 31.12.2024 Unutilized overdrafts and other credit facilities 9 255 9 112 6 478 Cash and cash equivalents 132 109 83 Liquidity reserves 9 387 9 221 6 561 6. Amortisation next 12 months Amortisation for the next 12 months show interest-bearing debt that falls due over the next 12 months, and provides a picture of the Group's future obligations. 30.09.2025 30.09.2024 31.12.2024 Commercial papers 3 004 2 821 257 Bonds 1 980 1 893 1 885 Bank loans 51 40 1 263 Amortisation next 12 months 5 035 4 754 3 405 Olav Thon Eiendomsselskap ASA - Report for Q3 2025 Page 22
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7. Net Interest-bearing debt and loan to value ratio Splitting the Group's total debt into interest-bearing debt and non-interest-bearing debt is intended to give readers a better understanding of the Group's debt situation and the Group's financial position. Net interest-bearing debt is calculated by deducting the Group's cash and cash equivalents from its interest-bearing debt. Net interest-bearing debt is used in, among other things, the calculation of the Group's loan to value ratio. 30.09.2025 30.09.2024 31.12.2024 Bonds, non-current 13 599 10 396 10 801 Bonds, current 1 980 1 893 1 885 Commercial papers, current 3 004 2 821 257 Debt to credit institutions, long-term 3 291 5 714 7 135 Debt to credit institutions, short-term 51 40 1 263 Interest-bearing debt 1) 21 925 20 864 21 342 Cash and cash equivalents -132 -109 -83 Net interest-bearing debt 21 793 20 754 21 259 Market value properties (see APM 11) 59 949 57 052 58 612 Loan to value ratio 36 % 36 % 36 % 1) Unsecured part of interest-bearing debt (where the Group has not provided collateral) 18 583 15 109 12 943 8. Interest per balance sheet date Interest on the balance sheet date is accounted interest expenses on the balance sheet date converted to annualized interest divided by interest-bearing debt on the balance sheet date. 30.09.2025 30.09.2024 31.12.2024 Annualized interest expenses on interest-bearing debt 1 066 1 145 1 187 Annualized interest expenses on current interest rate swaps -80 -124 -137 Annualized interest expenses per balance sheet date 986 1 021 1 049 Interest-bearing debt 21 925 20 864 21 342 Interest per balance sheet date 4,50 % 4,89 % 4,92 % Olav Thon Eiendomsselskap ASA - Report for Q3 2025 Page 23
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9. Interest coverage ratio The interest coverage ratio shows the Group's ability to pay its interest obligations. It is calculated by dividing the net income from property management before depreciation (12-month rolling) on net interest expenses from interest-bearing debt (12-month rolling). 30.09.2025 30.09.2024 31.12.2024 Net income from property management (12-month rolling) 3 197 3 171 3 120 Depreciation (12-month rolling) 13 14 13 Net income from property management before depreciation (12-month rolling) 3 210 3 185 3 133 Interest expenses on interest-bearing debt (12-month rolling) 1 252 1 243 1 258 Interest income (12-month rolling) -223 -146 -201 Net interest expenses (12-month rolling) 1 029 1 096 1 057 Interest coverage ratio 3,1 2,9 3,0 10. Net investments Net investments is calculated by using fair value of investments in investment properties in addition to net supply of other fixed assets and other investments. Q3 2025 Q3 2024 30.09.2025 30.09.2024 31.12.2024 Investment properties 311 179 886 486 707 Acquisitions and divestments companies 276 – 276 40 901 Other fixed assets 10 3 25 11 13 Other investments 136 36 289 121 142 Net investments 733 218 1 475 657 1 763 11. Market value properties Market value of properties shows the sum of the market value of investment properties owned and owner-occupied properties, which are accounted for according to different accounting principles in the Group's balance sheet. The market value does not include investment property defined as right-to-use assets. 30.09.2025 30.09.2024 31.12.2024 Market value investment properties - owned (see note 8) 59 763 56 867 58 427 Market value owner-occupied properties 187 185 185 Market value properties 59 949 57 052 58 612 In addition, the Group owns properties through joint ventures and associated companies: Market value of properties joint venture (Group share) 2 012 2 512 1 931 Market value of properties associated companies (Group share) 888 873 882 Olav Thon Eiendomsselskap ASA - Report for Q3 2025 Page 24
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12. Annualized rental income level The annualized rental income level shows the real estate portfolio's expected market rent for leased and vacant premises, and provides a picture of the Group's earning potential. 30.09.2025 30.09.2024 31.12.2024 Annualized market rent leased premises 4 021 3 856 3 968 Annualized market rent vacant premises 199 144 157 Annualized rental income level 4 220 4 000 4 125 In addition, the Group owns properties through joint ventures and associated companies: Annualized market rent leased premises (Groups share) 175 221 177 Annualized market rent vacant premises (Groups share) 5 9 8 Annualized rental income JVs and associated companies (Groups share) 180 230 185 Total annualized rental income level 4 400 4 230 4 310 13. Yield properties Yield is the annualized rental income level less normalized (over time) lessor's owner costs divided by the market value of properties adjusted for plots and the relevant non-rental part of properties. 30.09.2025 30.09.2024 31.12.2024 Annualized rental income level 4 220 4 000 4 125 Lessor's owner cost 530 538 542 Annualized net rental income level 3 690 3 462 3 583 Market value properties 59 949 57 052 58 612 Adjustment market value for plots etc. 556 517 437 Market value properties after adjustment 59 394 56 535 58 175 Yield properties 6,2 % 6,1 % 6,2 % Olav Thon Eiendomsselskap ASA - Report for Q3 2025 Page 25
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OLAV THON EIENDOMSSELSKAP ASA STENERSGATA 2A POST BOX 489 SENTRUM 0105 OSLO TEL.: +47 23 08 00 00 E-mail: firmapost.olt@olavthon.no olt.no