Norwegian Property reports strong Q3, profit doubles on tenant relocation

Norwegian Property ASA (NPRO) announced a robust performance for the third quarter of 2025, with operating profit before value adjustments reaching NOK 297 million, up from NOK 280 million in the previous year. The company's profit for the period more than doubled to NOK 386 million (NOK 177 million in Q3 2024), translating to earnings per share (EPS) of NOK 0.58. A positive fair-value adjustment of NOK 360 million (1.3%) further contributed to the strong financial results, with EPRA NRV at NOK 21.94 per share.

The quarter also saw positive net letting of NOK 2 million, driven by new and renegotiated leases totaling NOK 52 million in annual rental uplift. Kongsberg Digital chose Fornebu as its new location, signing a significant lease at Martin Linges vei 33, underscoring the area's growing appeal. This move aligns with NPRO's vision of creating engaging meeting places and confirming increasing demand for its Fornebu properties.

The company's credit rating of BBB- / negative was affirmed by Scope. NPRO also reported a dividend of NOK 0.14 per share for the third quarter of 2025. Total ongoing annual rental income (run rate) for its property portfolio stood at NOK 1,433 million as of October 1, 2025, with an equity ratio of 39.7%.