Entra (ENTRA) investor relations material

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.