Entra (ENTRA) Q3 2026 earnings summary

Executive summary

• Q3 rental income was NOK 782 million, up 2.0% YoY; net income from property management was NOK 306 million, down 6.8% YoY amid higher financing costs.

• Property valuation losses contributed to a NOK 451 million after-tax loss; EPRA NRV was NOK 159.64 per share and effective leverage was 49.0%.

Financial highlights

• Rental income was NOK 782 million versus NOK 767 million in Q3 2025; net operating income was NOK 709 million versus NOK 703 million.

• Net income from property management was NOK 306 million, versus NOK 328 million in Q3 2025 and NOK 320 million in Q2 2026; higher financing costs weighed on the result.

• IFRS loss after tax was NOK 451 million, versus profit of NOK 247 million in Q3 2025; loss before tax was NOK 518 million.

• Investment-property value changes were negative NOK 864 million, partly offset by positive financial-instrument changes of NOK 118 million; net value changes were negative NOK 746 million.

• Cash earnings were NOK 302 million, or NOK 1.67 per share; YTD rental income was NOK 2,363 million and property-management income was NOK 983 million.

Outlook and guidance

• Estimated CPI adjustments are 3.25% for 2027 and 2.50% for 2028; rental growth is also expected to benefit from rental reversion, occupancy improvements and ongoing projects.

• Reported-event rental development is illustrative, not a forecast; upside includes NOK 214 million of annual market rent from vacant space and NOK 131 million from vacant space in ongoing projects.

• Contractual rental-income projections exclude letting targets and assume expiring contracts continue at current terms; the 2027 bridge is NOK 21 million higher than in Q2.

• Central Oslo rental growth is expected to reach ~10% over 2027–2029; prime office yields may rise modestly near term before gradually declining.