Entra Asa · OSL:ENTRA
Entra Asa — Q3 2026 Earnings Presentation
24 slides from Entra Asa's earnings presentation, Oct 15, 2026
Slide 1: Third quarter presentation 2026
Third quarter presentation 2026 Oslo, 15 October 2026 Q3 Nonnesetergaten 4, Bergen
Slide 2: Highlights in the quarter
Highlights in the quarter Key financial figures Key events • Net letting of 14 million • Finalised refurbishment of Nonnesetergaten 4 with improved yield on cost • Started final phase of the Stenersgata 1 redevelopment project next to Oslo Central Station • Capital distribution for H1 2026 of ~NOK 1
Slide 3: Operations and market
) ( Operations and market J
Slide 4: Letting and occupancy
Letting and occupancy Occupancy • New and renewed leases of 46 million (16 900 sqm) • Terminated contracts of 15 million (7 000 sqm) • Net letting of 14 million • Occupancy 93.8 % • WAULT at 5.8 years (5.9 years incl. project portfolio) • 48 % of contracted rent from public sector Letting activity L
Slide 5: Nonnesetergaten 4
Finalised project Nonnesetergaten 4 Refurbishment, next to train station and bus terminal in Bergen • 17 400 sqm • 93% let • Total project cost (incl. initial book value): 1 029 million • Energy class B, BREEAM In-use Excellent, EU taxonomy-aligned • Yield on cost: 5.9% 5
Slide 6: Stenersgata 1 phase 2
Started project Stenersgata 1 phase 2 Redevelopment, next to Oslo Central Station • 16 200 sqm • 34% let • Total project cost (incl. initial book value): Phase 2 1 430 million Phase 1 completed 2023 • Remaining project cost: 709 million • Energy class B, BREEAM NOR Excellent, EU taxonomy-aligned • Y
Slide 7: Ongoing development portfolio
Ongoing development portfolio Stenersgata 1 Verkstedveien 1 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 per cent
Slide 8: Norwegian economy
Norwegian economy Mainland GDP and employment growth Resilient economy • Strong public finances, supported by the sovereign wealth fund • Economic growth supported by private consumption and public sector demand • Employment growth is expected to remain positive over the coming years, with more mode
Slide 9: Market development
Market development Rental growth, CPI and vacancy – Oslo Differentiated market – demand increasingly focused on central, high-quality offices • Oslo letting activity in line with normal historical levels in the quarter • Consensus vacancy estimates revised slightly upwards quarter-on- quarter, prima
Slide 10: High replacement costs support rental growth
High replacement costs support rental growth Replacement cost (Oslo) per sqm Entra's portfolio value per sqm 120 000 120 000 ~95,000 – 110,000 EPRA NRV: Share price: 100 000 100 000 NOK 160 per share (30.09.26) NOK 93.40 (14.10.26) 80 000 80 000 60 000 ~52,000 – 55,000 60 000 49 553 47 436 39 818 40
Slide 11: Market development
Market development Prime yield – Oslo Selective transaction market, stable volumes • Transaction volumes broadly in line with levels since 2024 • Investors remain selective amid interest rate volatility and heightened geopolitical uncertainty • Financing markets remain available, with generally supp
Slide 12: Financial update
) ( Financial update J Vf
Slide 13: Financial highlights
Financial highlights • Rental income unchanged from Q2-26 – net positive effect from finalised projects offset by increased vacancy • Net income from property management reduced from previous quarter predominantly due to higher financing costs • Profit before tax improved from previous quarter due t
Slide 14: Profit and loss statement
Profit and loss statement Q3 comments Compared to last year rental income positively impacted by CPI growth, partly offset by net effect from vacated properties for redevelopment Operational costs above last year due to increased vacancy costs and letting related costs Other revenues/other costs nor
Slide 15: 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 16: Property value and NAV development
Property value and NAV development Property value development in the quarter Net Asset Value (NAV)1 development over time 1 NAV measured as EPRA NRV – Net Reinstatement Value. 16
Slide 17: 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 L at 2.14x, compared to 2.16x in Q2-26 • ICR for Q3 isolated down to 1.96x predominantly due to higher interest costs in the quarter • Leverage rat
Slide 18: Financial position
Financial position Debt financing mix Maturity profile Decreased net nominal interest-bearing debt 30.8bn (31.0bn in Q2 26) • Average time to maturity of total debt to 3.8 years, 2026 2027 2028 2029 2030 2031 onwards down from 4.0 years in previous quarter Financing activities in the quarter • New c
Slide 19: 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 4.61% from 4.50% in Q2-26 Interest rate on interest-bearing debt increased to 4.37% from 4.16% Cost of debt may increase going forward due to higher interest rates,
Slide 20: Capital distribution for H1-26
Capital distribution for H1-26 Capital distribution since IPO • The Board has approved a capital distribution of ~NOK 1.10 per share for H1-2026 through a share buy-back programme of up to NOK 200 million 3 • Equivalent to 31% of Cash Earnings for the period • In line with the ordinary dividend of N
Slide 21: Closing remarks
) ( Closing remarks J Vf
Slide 22: Closing remarks and outlook
Closing remarks and outlook Stable operational performance • Net letting of NOK 14 million • Completed Nonnesetergaten 4 and commenced the final phase of Stenersgata 1 Disciplined capital allocation • Increased financial flexibility and access to secured bank financing • Capital distribution through
Slide 23: Q&A
Q&A Brynsengfaret 6, Oslo
Slide 24: Next event: Q4 results 10 February 2027
Next event Q4 results 10 February 2027 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