Norwegian Property ASA (NPRO) announced its financial results for the fourth quarter and full year 2025, highlighting a strengthened balance sheet and a robust pipeline of refurbishment and redevelopment projects. The company reported a net profit of NOK 3,720 million for Q4, with earnings per share (EPS) of NOK 4.93. For the full year, net profit reached NOK 4,473 million, including a NOK 3,195 million gain from acquiring shares in Fabege AB. The net loan-to-value (LTV) ratio improved from 51% in Q3 to 38.5% by year-end.
During the quarter, NPRO contributed 23% of Fabege AB shares in kind, further enhancing its equity position. Property values increased by 5.9% since early 2024, supported by a positive fair value adjustment of NOK 6 million in Q4. The company’s joint venture Nordr plans to divest its Swedish operations in early 2026. Sales have begun for the residential project Fabel Forus in Stavanger, where the housing market shows strong momentum.
**Why this matters**
NPRO’s improved financial standing and active project pipeline position the company for sustainable growth and value creation. The strengthened equity and reduced leverage provide greater financial flexibility. Additionally, the positive housing market in Stavanger and ongoing development projects signal potential for future revenue growth and portfolio enhancement.