The Thon Group: Half Year Report 2026

The board of the Thon Group presents the half year report for 2026.

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Profit before income tax was NOK 2 849 (2 135) million.
Fair value adjustments of investment property and financial instruments amounted to NOK 951 (136) million.
Profit before income tax, fair value adjustments/depreciation and currency result amounted to NOK 1 510 (2 088) million².

The Group’s equity at the end of the half year amounted to NOK 66 239 (69 182) million and its equity ratio was 49 % (56 %).
The equity attributable to the majority shareholder amounted to NOK 65 453 million (60 241), and the equity ratio amounted to 49 % (49 %).
The Group’s loan-to-value ratio was 34 % (29 %).
Total liquidity reserves were NOK 22 430 (12 392) million.

The rental income level in the property portfolio at the end of the half year was NOK 8 200 (7 730) million and the vacancy rate was 4,7 % (4,1 %).

Retail sales in the shopping centre portfolio owned by the Group amounted to NOK 40,1 (38,8) billion. At the end of the half year, the Group owned 70 shopping centres, and managed 10 for other owners.

Thon Hotel Vasa, with 155 rooms in Stockholm, opened as the Group's first wholly owned hotel in Sweden.
At the end of the half year, Thon Hotels had 14 210 (14 061) rooms in 95 (96) hotels in Norway and abroad.

In January 2026, Thon Gruppen AS increased its ownership interest in Olav Thon Eiendom from 75 % to 100 % following a voluntary offer to repurchase outstanding shares in December 2025. The shares were subsequently delisted from the Oslo Stock Exchange.
In June, the Group entered into an agreement to acquire Anthon Eiendom AS. Anthon Eiendom AS is a real estate group comprising 16 properties totaling approximately 150 000 square meters in the Oslo area. The acquisition was completed on 1 July 2026.

¹⁾The figures in brackets are for the corresponding period last year.

²⁾Taxes in joint ventures and associated companies included.