Entra Asa · OSL:ENTRA
Entra Asa — Q1 2025 Earnings Presentation
23 slides from Entra Asa's earnings presentation, Apr 29, 2025
Slide 1: Q1 2025 Oslo, 29 April 2025
Mentra Q1 2025 Oslo, 29 April 2025
Slide 2: Highlights
Highlights Key figures Key events in the first quarter • Underlying rental income growth of 2.6%, adjusted for divestments • Profit before tax of 280 million (-1 313 million) • Net asset value (NRV) increased to NOK 163 per share • Placed bonds of 3.1 billion and closed bank refinancing of 17.0 bill
Slide 3: Agenda
Agenda Operations and market Financial update Closing remarks Q&A
Slide 4: Operations and market
Jf Operations and market J 0 | | _ Mentra
Slide 5: Letting and occupancy
Letting and occupancy • New and renewed leases of 98 million (34 900 sqm) • Terminated contracts of 117 million (30 400 sqm) • Net letting of -73 million • Occupancy 93.8% • WAULT at 6.0 years (6.2 years incl. project portfolio) • 51% of rental income from public sector tenants in the management por
Slide 6: Ongoing development portfolio
Ongoing development portfolio 1) Total project cost (including book value at date of investment decision/cost of land), excluding capitalised interest cost 2) Estimated net rent (fully let) at completion/total project cost (including initial value) 3) Weighted average occupancy of the project portfo
Slide 7: High-quality tenant base provides stable and reliable cash flows
High-quality tenant base provides stable and reliable cash flows Rental income with WAULT of 6.0 years, and near 100% CPI link Public and private rental income exposure Top 20 tenants Public vs. private Private tenants – sector exposure 7
Slide 8: High percentage of EU Taxonomy-aligned activities
High percentage of EU Taxonomy-aligned activities EU Taxonomy-aligned revenues and capex Entra vs. OMX Stockholm real estate index (EU Taxonomy-aligned revenues) Revenues Capex 1 1 Weighted average (market cap) of 14 companies included in the index that reported taxonomy-aligned revenues in their an
Slide 9: Solid and stable Norwegian economy
Solid and stable Norwegian economy Rental growth, vacancy and CPI - Oslo Economy expected to pick up • Strong Norwegian economy, supported by the sovereign wealth fund, fiscal policy and public spending will continue to stabilise the performance of the economy • Lower interest rates and real wage gr
Slide 10: Transaction market remains active
Transaction market remains active Prime yield - Oslo • Financing markets available, lending sentiment somewhat more cautious and selective • Transaction market remains active, market sentiment may be affected by recent global market volatility • Property values seem to have bottomed out and prime yi
Slide 11: Financial update
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Slide 12: Financial highlights
Financial highlights • Stable financial performance in the period • Reduced rental income from divestment offset by lower financial and operational costs Rental income Net income from property management Profit/loss before tax 12
Slide 13: Profit and loss statement
Profit and loss statement Q1 comments: Rental income impacted by divestments and vacancy, partly offset by finalised projects and CPI growth • Underlying growth 2.6% Operational costs reduced with divestments and cost control Administrative costs in line with expectations Financing costs trending do
Slide 14: Financials per share
Financials per share NOK per share NOK per share Cash Earnings LTM1 Net Asset Value (NAV)2 and Total return CAGR 5 % CAGR 9 % 1 Cash earnings Last twelve months measured as Income from property management minus tax payable 2 NAV measured as EPRA NRV – Net Reinstatement Value 14
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 development
Property value development Total property portfolio value increased with 0.6% in the quarter Value changes in the investment properties more or less flat with a decrease of 6 million Disciplined investment strategy Portfolio net yield NTM at 4.86% (Q4: 4.99%) • 5.75% assuming fully let at market ren
Slide 17: Key debt metrics
Key debt metrics Interest coverage ratio (ICR) Leverage ratio1 and Net debt to EBITDA2 Continued improvement in debt metrics during the quarter Interest coverage ratio (ICR LTM) up to 1.98x from 1.91x in Q4 24 • ICR Q1 isolated at 2.07x Leverage ratio1 down 0.2%-points to 49.1% Stable Net debt to EB
Slide 18: Financial position
Financial position 2025 2026 2027 2028 2029 and onwards Long-term financing structure in place in the quarter • Bond issuance 3.1bn • Refinancing of bank facilities 17.0bn completed, with average maturity 3.6 years • Average time to maturity of total debt extended from 3.1 years to 4.0 years followi
Slide 19: Cost of debt development
Cost of debt development Interest rate on interest-bearing debt and all-in net financial costs Q1 includes 11 million in one-offs related to refinancing, impacting all-in financing cost of ~14bps The increased gap between interest rate on interest- bearing debt and all-in net financial cost from 202
Slide 20: Closing remarks
) ( Closing remarks J
Slide 21: Closing remarks and outlook
Closing remarks and outlook • Solid and stable Norwegian economy • Fiscal policy and public spending will continue to stabilise the economy • Lower interest rates and real wage growth expected to fuel private consumption and investments • First policy rate cuts expected in 2025 • Established a resil
Slide 22: Q&A
Q&A
Slide 23: Next event: Q2 and H1 results
Next event Q2 and H1 results 11 July 2025 For more information see, www.entra.no/investor-relations