Entra (ENTRA) investor relations material

Executive summary

• Rental income reached NOK 800 million in Q1 2026, up 3.3% year-over-year and 2% from the previous quarter, driven by CPI adjustments and completed projects.

• Net income from property management was NOK 357 million, up 11.6% year-over-year, but down from Q4 due to a one-off gain in the prior quarter.

• Profit before tax was NOK 287 million, impacted by negative net value changes of NOK 52 million and investment property value changes of -NOK 199 million.

• Occupancy improved to 94.3%, supported by project transitions and new leases, with positive underlying net letting after adjusting for timing effects.

• Moody’s affirmed the Baa3 investment grade rating and upgraded the outlook to positive, reflecting improved debt metrics.

Financial highlights

• Rental income increased by NOK 26 million year-over-year and by NOK 5 million sequentially from Q4, supported by CPI-linked growth.

• Net income from property management rose year-over-year but decreased from Q4 due to a one-off gain in the previous quarter.

• Net operating income for Q1 2026 was NOK 733 million, up from NOK 708 million in Q1 2025.

• OpEx was NOK 67 million (8.4% of rental income), stable year-over-year and down from Q4 due to lower maintenance costs.

• Portfolio net yield increased to 5.13% from 5.04% in Q4 and 4.86% year-over-year.

Outlook and guidance

• Profitability remains a key priority for 2026, with focus on rental income growth, occupancy, and project development.

• Rental income growth expected from CPI, higher occupancy, and rental reversion, with Q2 projected at NOK 786 million and upside from letting vacant space.

• Admin costs as a percentage of rental income expected to continue declining in 2026.

• Targeting occupancy above 95% over time, dependent on project completions and market dynamics.

• The company targets a return on equity of at least 10% over the cycle.