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Highlights 2025
Operating income
- Total operating income amounted to NOK 14 987 (13 919) million.
Result for the year
- Profit before income tax was NOK 3 948 (3 903) million.
- Fair value adjustments of investment property and financial instruments
amounted to NOK 165 (111) million. - Profit before income tax, fair value adjustments/depreciation and currency
result amounted to NOK 3 985 (4 112) million1.
Financial position
- The Group’s equity at year end amounted to NOK 73 401 (67 690) million and its equity ratio was 57 % (56 %).
- The equity attributable to the majority shareholder amounted to NOK 64 428 million (58 848), and the equity ratio amounted to 50 % (49 %).
- The Group's equity increased by NOK 3 481 million with the inheritance received following the passing of Olav Thon in 2024.
- The Group’s loan-to-value ratio was 27 % (28 %).
- Total liquidity reserves were NOK 20 745 (11 112) million.
Property portfolio
- The rental income level in the property portfolio at the end of 2025 was NOK 8 090 (7 625) million and the vacancy rate was 4,5 % (3,7 %).
Shopping Centre Retail Sales
- Retail sales in the shopping centre portfolio owned by the Group amounted to NOK 85,8 (81,8) billion. At the end of year, the Group owned 70 shopping centres, and managed 10 for other owners.
Thon Hotels
- At the end of year, Thon Hotels had 13 877 (13 799) rooms in 94 (94) hotels in Norway and abroad.
Purchase of outstanding shares in Olav Thon Eiendomsselskap ASA
- Thon Gruppen AS launched a voluntary offer to purchase all outstanding shares in Olav Thon Eiendomsselskap ASA, and received acceptances that increased its ownership interest to 94,8 % at the end of the offer period in January 2026. Following the compulsory redemption of remaining minority shareholders at the end of January 2026, Thon Gruppen's ownership interest increased to 100 %.