Strong Results in a Challenging Market – Positioned for Continued Growth

"There is no doubt that the real estate market has been challenging in recent years. We are therefore pleased to deliver strong results for 2025. With a solid balance sheet, strong liquidity and a highly skilled team creating value across our businesses every day, we are well positioned to seize the opportunities that arise in a market where many players remain cautious," says Knut Løken, CEO of Linstow.

Strategic Partnership in Bergen
One of the year's most significant milestones was the establishment of a strategic partnership with GC Rieber Eiendom in Bergen. Through the jointly owned company LinRi Holding, the partners now own the properties at Damsgårdsveien 161–171 in Laksevåg, together with Comfort Hotel Bergen Airport and the Expo and Midtbygget buildings at Flesland. The transaction contributed more than NOK 200 million to the Group's annual results while creating a strong platform for future portfolio development alongside an experienced local partner.

"GC Rieber Eiendom is a partner with deep local market knowledge who shares our long-term ambitions. Together, we are well positioned to further develop these properties and create lasting value," says Løken.

Strong Performance Across the Hotel Portfolio
Linstow's hotel business delivered another excellent year. Occupancy increased to 73%, revenue grew by 15%, and profitability reached a level 18% above pre-pandemic performance.

"Our hotels delivered excellent results in 2025, demonstrating the value of long-term investment and the strong market positions we have built," says Løken.

Healthcare Remains a Strategic Growth Area
Linstow's healthcare property portfolio also performed strongly in 2025 and is almost fully leased. During the year, planning continued for the expansion of Romerike Helsebygg, several upgrades at Helsehusene i Fredrikstad were completed, and 30 new assisted living homes were developed.

"Healthcare is an area where we see significant long-term demand and substantial opportunities. Through health-promoting urban and community development, we aim to contribute to better quality of life and create solutions that society will increasingly need in the years ahead," says Løken.

Linstow Baltic
Over many years, Linstow has established strong market positions within hotels, commercial real estate and urban development across the Baltic capitals. During 2025, the company completed SEB's new headquarters in Riga while continuing several major development projects across the region.

"We see considerable opportunities for continued growth in the Baltics, both through our existing portfolio and through new development projects," says Løken.

Significant Investments and New Projects
Linstow invested NOK 1.24 billion during 2025. Key investments included the acquisition of Kronprinsens gate 9 in Oslo, completion of the new Satekles Business Centre in Riga, continued development of the new office building Qvarteret, and the healthcare development project in Nes Municipality.

Qvarteret, located in the upper part of Oslo's Kvadraturen district, is now almost fully leased, with the first tenants scheduled to move in during early 2027. Kronprinsens gate 9, located adjacent to the National Theatre, together with Victoria Terrasse, will be redeveloped into a modern office property.

Ready for the Next Phase at Adamstuen
The redevelopment of the former Norwegian School of Veterinary Science at Adamstuen remains one of Linstow's flagship urban development projects. Together with Oslobygg, the company is preparing a joint zoning plan that will form the foundation for the next phase of development. The ambition is to create an open, vibrant urban district that delivers lasting value for users, the local community and the city as a whole.

"We have an exciting development pipeline. The former Veterinary School illustrates our ambition to create places with lasting quality and long-term value for both people and local communities," says Løken.

Well Positioned for Future Growth
At year-end, Linstow reported book equity of NOK 3.1 billion and an equity ratio of 29%, in addition to substantial unrealized values across its property portfolio.

"Challenging markets also create opportunities. With a strong balance sheet, long-term capital and proven execution capabilities, we are well positioned for continued growth and ready to capitalize on the opportunities that arise,"concludes Løken.