Entra (ENTRA) Q2 2026 earnings summary

Executive summary

• Rental income for Q2 was NOK 781 million, up 1.4% year-over-year but down 2.4% sequentially; net income from property management was NOK 320 million, down from NOK 357 million in Q1.

• Net letting reached NOK 131 million, the highest since 2020, with occupancy at 93.3% and WAULT of 5.9 years.

• Loss after tax was NOK 855 million, driven by negative property value changes of NOK 1.2 billion.

• Two major refurbishment projects started: Verkstedveien 1 (Oslo, 90% pre-let, yield on cost 5.6%) and Kaigaten 9 (Bergen, 24% pre-let, yield on cost 5.8%).

• Updated Green Financing Framework in line with EU Taxonomy; 72.5% of total financing classified as green.

Financial highlights

• Rental income for H1 2026 was NOK 1,581 million, up NOK 37 million year-over-year.

• Net operating income for Q2 2026 was NOK 709 million, down from NOK 733 million in Q1 2026.

• Net income from property management at NOK 320 million, down from NOK 357 million in Q1.

• Cash earnings per share for Q2 were NOK 1.61; NRV per share at NOK 163.29.

• CapEx for the quarter was NOK 258 million, mainly for development and refurbishment.

Outlook and guidance

• Rental income for Q3 expected at NOK 781 million; upside potential from letting vacant space.

• Profitability for 2026 prioritized through occupancy gains, project completions, and disciplined capital allocation.

• Market rental growth in central Oslo estimated at 12% for 2026-2028.

• Norwegian economic activity expected to grow in 2026 and 2027, with stable unemployment and positive employment growth.

• Rental growth anticipated due to CPI indexation, low vacancy, and limited new supply.