Entra Asa · OSL:ENTRA
Entra Asa — Q2 2025 Earnings Presentation
23 slides from Entra Asa's earnings presentation, Jul 11, 2025
Slide 1: Q2 2025
Q2 2025 Oslo, 11 July 2025 Media City Bergen
Slide 2: Highlights
Highlights Key figures Key events in the second quarter • Rental income of 770 million (853 million) • Net income from property management of 352 million (348 million) • Reduction in rental income offset by lower interest costs • Value changes of investment properties of 289 million • Profit before
Slide 3: Agenda
Agenda Operations and market Financial update Closing remarks Q&A
Slide 4: Operations and market
Jf Operations and market J
Slide 5: Letting and occupancy
Letting and occupancy • New and renewed leases of 203 million (62 900 sqm) • Terminated contracts of 102 million (28 200 sqm) • Net letting of 22 million • Occupancy 94.6% (up from 93.8% per Q1) • WAULT at 5.9 years (6.1 years incl. project portfolio) • 52% of rental income from public sector Larges
Slide 6: Started refurbishment project in Drammensveien in Oslo
Started refurbishment project in Drammensveien 134 in Oslo Refurbishment, close to Skøyen train station Total area 21 000 sqm Occupancy 66 % let to existing tenants1 Total project cost NOK 986 million (incl initial book value) Expected completion Q2-26 / Q3-27 Energy class C and taxonomy-aligned Yie
Slide 7: Ongoing development portfolio
Ongoing development portfolio 5 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 Holtermanns veg 1-13 phase 3 has been forward sold wit
Slide 8: Climate targets validated by the Science Based Targets initiative (SBTi)
Climate targets validated by the Science Based Targets initiative (SBTi), as the first company in Norway • Capitalising on green investments already made • ’ -efficient property SBTi Net-Zero Targets portfolio keep energy-related emissions low SBTi Near-Term 2030 Targets • Entra's largest emissions
Slide 9: Market development
Market development Rental growth, vacancy and CPI - Oslo Norwegian economy remains solid • 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 growth expecte
Slide 10: Market development
Market development Prime yield - Oslo Transaction market • Financing markets available • Lending sentiment trending positive, but still somewhat selective • Favorable credit margin development • Transaction market remains active and expected to pick up with further rate cuts • Prime yield around 4.5
Slide 11: Financial update
) ( Financial update J Vf
Slide 12: Financial highlights
Financial highlights • Reduced rental income compared to last year from divestment and increased vacancy • Improved financial performance driven by lower operational and financing costs, as well as positive property value changes Rental income Net income from property management Profit/loss before t
Slide 13: Profit and loss statement
Profit and loss statement Q2 comments: Rental income negatively impacted by divestments, and vacancy, partly offset by finalised projects and CPI growth Operational costs reduced with divestments and lower energy consumption Administrative costs in line with expectations Financing costs trending dow
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 1.1% to 63.8 billion Value changes in the investment properties up with 289 million (0.5%) • Reduction in discount rates from external appraisers and higher market rent expectation Value changes in equity investment 83 million
Slide 17: Key debt metrics
Key debt metrics Interest coverage ratio (ICR) Leverage ratio1 and Net debt to EBITDA2 Interest coverage ratio (ICR LTM) up to 2.03x from 1.98x in Q1 25 • ICR for Q2 isolated at 2.10x Leverage ratio1 flat at 49.1% Stable Net debt to EBITDA2 at 11.7x 1 ’ 2 Net nominal interest-bearing debt divided by
Slide 18: Financial position
Financial position Debt financing mix Maturity profile 2025 2026 2027 2028 2029 and Net nominal debt 31.6bn onwards • Average time to maturity of total debt at 3.8 years New 6-year green bond issue of 1.0bn in the quarter, of which 500m settled after quarter- end • Following quarter-end, the 6-year
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 down reduced • Down to 4.23% from 4.44% in Q1-25 4.23 % Stable interest rates going forward supported by rate cuts, interest hedges and fixed credit margins 4.00 % • Average fixe
Slide 20: Closing remarks
) ( Closing remarks J Vf
Slide 21: Closing remarks and outlook
Closing remarks and outlook • Positive Q2 development • Positive net letting and lower vacancy • Lower NOK interest rates, bond credit margins and all-in financial costs • Growth in net income from property management • Increased property values and NRV • Solid and stable Norwegian economy • Lower i
Slide 22: ani Hi
ani Hi
Slide 23: Next event: Q3 results 16 October 2025
Next event Q3 results 16 October 2025 For more information see, www.entra.no/investor-relations