Entra (ENTRA) Q3 2025 earnings summary

Executive summary

• Rental income for Q3 2025 was NOK 767 million, stable year-over-year, with net income from property management at NOK 328 million, up 3% year-over-year.

• Profit before tax rose to NOK 326 million from NOK 156 million in Q3 2024, and net asset value (EPRA NRV) increased to NOK 167 per share.

• Dividend payments resumed with a revised policy to distribute at least 30% of Cash Earnings, with NOK 1.10 per share declared for H1 2025.

• Positive net letting of NOK 10 million achieved, and occupancy stood at 94.2%.

• Capital distributions resumed after suspension in 2023 and 2024, with a formalized ambition to generate ROE ≥10% over the cycle.

Financial highlights

• Net operating income was NOK 703 million, nearly flat year-over-year.

• Net income from property management was NOK 328 million, up from NOK 318 million in Q3 2024 but down from NOK 352 million in Q2.

• Profit before tax was NOK 326 million, up from NOK 156 million in Q3 2024, impacted by negative net value changes of NOK 11 million.

• Net asset value per share increased to NOK 167; EPRA NTA per share was NOK 165.

• YTD 2025 profit before tax was NOK 1,139 million, compared to a loss of NOK 813 million YTD 2024.

Outlook and guidance

• Rental income for Q4 is projected at NOK 772 million, with positive net letting and rental growth expected from CPI indexation, letting of vacant space, and project completions.

• Market rental growth in Oslo is forecasted at 12% over the next three years.

• Norwegian economy remains robust with stable employment and anticipated interest rate cuts.

• Long-term office demand expected to stay strong, underpinned by urbanisation and limited new supply.

• Letting market activity is expected to pick up due to significant lease expiries in 2027.