Financing

Financing

As part of its finacial policy Norwegian Property ASA has established that the LTV level should be between 45-55%. As per 30.09.2026 the net LTV was 41.3%.

The company seeks to maintain a diversified maturity profile for its financing to reduce refinancing risks.

Funding sources are split between bank loans, bilateral loans, green bonds and listed bonds. Real estate is a capital-intensive business,and it is important for the company to sustain good relationships with several major banks in the Norwegian and Swedish bankingmarkets.

The bond market has been an essential source of financing for the group in recent years, and in Q3 2026 the company issued its first bond in the Swedish market.

At the end of Q3 2026 the financing mix was 25% bank loans, 40% bilateral loans and 35% ordinary listed bonds. Green bonds accounted for 27% of all outstanding loans.

In September 2026 Moody’s assigned Norwegian Property a Baa2 issuer rating with a stable outlook. For bonds secured by properties within 65% of the value, Moody’s will assign a Baa1 rating to the bonds. Three bonds issued in September 2026 received a Baa1 rating.

Scope Ratings has assigned Norwegian Property a BBB- rating with stable outlook. This was affirmed on 4 February 2024. The company’s bonds with ratings from Scope all received a BBB rating.

In September 2024 NPRO presented its updated Green Bond Framework with a Second Opinion from S&P Global. The company’s latest Green Bond Report under the 2020 framework has been published on the company’s sustainability website.