Entra Asa · OSL:ENTRA
Entra Asa — Q2 2026 Earnings Presentation
22 slides from Entra Asa's earnings presentation, Jul 10, 2026
Slide 1: Second quarter presentation 2026
Second quarter presentation 2026 Oslo, 10 July 2026 Q2 Schweigaards gate 16, Oslo
Slide 2: Highlights in the quarter
Highlights in the quarter Key figures Key events • Positive net letting of 131 million • Started up one refurbishment project in Oslo and one in Bergen 2
Slide 3: Operations and market
) ( Operations and market J
Slide 4: Letting and occupancy
Letting and occupancy Occupancy • New and renewed leases of 185 million (52 300 sqm) • Terminated contracts of 43 million (16 200 sqm) • Net letting of 131 million • Occupancy 93.3 % • WAULT at 5.9 years (6.1 years incl. project portfolio) • 48 % of contracted rent from public sector Letting activit
Slide 5: Verkstedveien
Started project Verkstedveien 1 Refurbishment – Multi-tenant • 31 700 sqm • 90% let • Total project cost (inc. initial book value): 2 029 million • Remaining project cost: 365 million • Energy class A, EU taxonomy-aligned • Yield on cost: 5.6% Expected completion: Q2 2027/Q1 2028 5
Slide 6: Kaigaten
Started project Kaigaten 9 Refurbishment – Multi-tenant • 10 200 sqm • 24% let • Total project cost (inc. initial book value): 608 million • Remaining project cost: 243 million • Energy class B, BREEAM In-Use Excellent • Yield on cost: 5.8% Expected completion: Q1 2028 6
Slide 7: Ongoing development portfolio
Ongoing development portfolio Nonnesetergaten 4 Drammensveien 134 1 Total project cost (including initial book value/cost of land), excluding capitalised interest cost 2 Estimated net rent (fully let) at completion/total project cost (including initial book value/cost of land) 3 The project is 80 pe
Slide 8: Norwegian economy
Norwegian economy Mainland GDP and employment growth Resilient Norwegian economy • Strong public finances, supported by the sovereign wealth fund • Private consumption and stable public sector demand key drivers of economic activity • Employment growth is expected to remain positive over the coming
Slide 9: Market development
Market development Rental growth, CPI and vacancy – Oslo Letting market • Oslo letting activity in line with normal historical levels in the quarter • Oslo vacancy expected to peak in 2026, then trend lower • Consensus vacancy estimates revised up slightly quarter-on-quarter • Majority of vacancy in
Slide 10: Market development
Market development Prime yield – Oslo Transaction market • Transaction activity has slowed somewhat in H1 2026 • The broader transaction market remains selective and sensitive to interest rate developments and heightened geopolitical uncertainty • Financing markets remain available, with generally s
Slide 11: Financial update
) ( Financial update J Vf
Slide 12: Financial highlights
Financial highlights • Rental income down from Q1-26 due to vacated properties for refurbishment and reduced occupancy • Net income from property management reduced from previous quarter due to lower rental income, higher opex and interest costs • Profit before tax reduced from previous quarter pred
Slide 13: Profit and loss statement
Profit and loss statement Q2 comments Compared to last year rental income positively impacted by CPI growth, partly offset by vacated properties for redevelopment and reduced occupancy Operational costs above last year due to increased vacancy costs and letting related J costs Other revenues/other c
Slide 14: Rental income development
Rental income development Based on reported events per end of quarter. Does not constitute a forecast; aims to demonstrate the rental income development based on all reported events; does not reflect letting targets on either vacant areas or on contracts that will expire, and where the outcome of th
Slide 15: Property value and NAV development
Property value and NAV development Property value development in the quarter Net Asset Value (NAV)1 development over time J 1 NAV measured as EPRA NRV – Net Reinstatement Value. 15
Slide 16: Key debt metrics
Key debt metrics Interest coverage ratio (ICR) Leverage ratio1 and Net debt to Debt metrics comments: EBITDA2 • Interest coverage ratio (ICR LTM) stable at 2.16x, compared to 2.17x in Q1-26 • ICR for Q2 isolated down to 2.05x predominantly due to higher interest costs in the quarter • Leverage ratio
Slide 17: Financial position
Financial position Debt financing mix Maturity profile Increased net nominal interest-bearing debt to 31.0bn (30.6bn) • Average time to maturity of total debt to 4.0, 2026 2027 2028 2029 2030 2031 onwards slightly down from 4.1 in previous quarter Financing activities in the quarter • New commercial
Slide 18: Cost of debt development
Cost of debt development Interest rate on interest-bearing debt and all-in net financial costs All-in net financial costs increased to 4.50% from 4.24% in Q1-26 Interest rate on interest-bearing debt increased to 4.16% from 4.01% Cost of debt may increase going forward due to higher interest rates,
Slide 19: Closing remarks
) ( Closing remarks J Vf
Slide 20: Closing remarks and outlook
Closing remarks and outlook • Strong operational delivery in the quarter • Net letting of NOK 131 million — the highest since Q4 2020 • Rental income up 1.4 per cent year-on-year • Started refurbishment project in Oslo and Bergen • Solid financial platform • Investment-grade rating: Moody's Baa3 wit
Slide 21: Q&A
Q&A Brynsengfaret 6, Oslo
Slide 22: Next event: Q3 results 15 October 2026
Next event Q3 results 15 October 2026 For more information see, www.entra.no/investor-relations Disclaimer • Certain statements in this presentation are forward-looking, including statements regarding future expectations. These statement ’ assumptions and, by their nature, involve known and unknown