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, though down from Q4 2025 due to a one-off gain in that quarter.

• Profit after tax was NOK 205 million, with NRV per share increasing to NOK 170.

• Occupancy improved to 94.3%, and Moody’s affirmed the Baa3 rating with an upgraded positive outlook.

• Major lease agreements included new contracts with Coop Norge and renewed leases with the Norwegian Public Service Pension Fund.

Financial highlights

• Rental income increased by NOK 26 million year-over-year and NOK 24 million sequentially, mainly from CPI adjustments.

• Net income from property management rose by NOK 37 million year-over-year, supported by higher rental income and lower financing costs.

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

• Profit before tax was NOK 287 million, including negative net value adjustments of NOK 52 million, mainly from a NOK 199 million decrease in investment property values.

• Portfolio net yield increased to 5.13%, with fully let market rate yield at 5.70%.

Outlook and guidance

• Rental income growth is expected to continue, driven by CPI, higher occupancy, and operational improvements.

• Admin costs as a percentage of rental income are expected to decline in 2026.

• No major lease maturities in 2026 or 2027; larger maturities begin in 2028.

• Rental income for Q2 projected at NOK 786 million, with upside potential from letting vacant space and market rent reversals.

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