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Entra (ENTRA) investor relations material
Entra Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Rental income reached NOK 787 million in Q4 2025, up 3% year-over-year, supported by completed projects and net letting effects.
Net income from property management rose to NOK 425 million, up 34% year-over-year, mainly due to project completions and divestments.
Profit before tax was NOK 476 million, with a NOK 101 million gain from the sale of Holtermanns veg 1-13 phase 3 in Trondheim.
Board proposed a semi-annual dividend of NOK 1.10 per share for H2 2025 and initiated a share buyback program up to 0.5% of shares.
Financial flexibility improved through successful refinancing and restructuring of bank facilities and bond financing.
Financial highlights
Net value changes in Q4 2025 were NOK 56 million, including NOK 111 million positive value uplift on investment properties.
EPRA NRV per share increased to NOK 169 in Q4 2025, up from NOK 162 year-over-year.
OPEX was NOK 80 million (10.2% of rental income), higher due to maintenance and vacancy costs.
Admin costs rose to NOK 55 million due to personnel and non-recurring items.
All-in net financial cost at 4.31%; interest rate on debt at 3.97%.
Outlook and guidance
Rental income for Q1 2026 expected at NOK 794 million, NOK 13 million above previous bridge.
Total rental income for 2026 projected up nearly NOK 40 million versus prior estimates, driven by higher CPI and letting effects.
Future rental income growth expected from CPI indexation, letting of vacant space, rent uplift potential, and ongoing projects.
Focus remains on increasing occupancy, capturing reversion potential, and disciplined capital allocation.
The company targets a return on equity of at least 10% over the cycle.
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