Slide 1: Q4 2025
Q4 2025 Oslo, 11 February 2026 Christian Krohgs gate 2,Oslo
Slide 2: Highlights in the quarter
Highlights in the quarter Erstatt med bilde av HMV3 Key figures enta nco e 0 et nco e fro propert ana e ent 5 0 et a ue chan es 5 5 0 rof t efore ta 5 5 5 per share Key events • Positive net letting of 4 million • Finalised newbuild project and completed sale of Holtermanns veg 1-13 phase 3 with a p
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 00.0 00.0 .5 .5 • New and renewed leases of 183 million (57 800 sqm) 5.0 5.0 • Terminated contracts of 80 million (29 400 sqm) • Net letting of 4 million .5 .5 • Occupancy 93.8% 0.0 0.0 0 0 0 0 5 5 5 5 • WAULT at 6.0 years (5.9 years incl. project portfolio) • 51% of rental inc
Slide 6: Finalised project at Brynsengfaret
Finalised project at Brynsengfaret 6 Refurbishment – Multi-tenant • 35 400 sqm • 83 % let • Total project cost: NOK 1 335 million • Energy class C, BREEAM In-Use Excellent and EU taxonomy-aligned • Yield on cost: 5.8% 6
Slide 7: Finalised courthouse project at Malmskriverveien 2-4 in Sandvika
Finalised courthouse project at Malmskriverveien 2-4 in Sandvika Refurbishment for public tenant • 3 400 sqm • 100 % let • Total project cost: NOK 234 million • Energy class D (property with preservation order), substantial savings in energy consumption • Yield on cost: 4.6% • Public tenant: 20 year
Slide 8: Finalised newbuild project and completed sale of Holtermanns veg 1-13 phase 3 in Trondheim
Finalised newbuild project and completed sale of Holtermanns veg 1-13 phase 3 in Trondheim Newbuild project and transaction • 15 500 sqm • Sale completed to the Norwegian Broadcasting Corporation (NRK) and EC Dahls Eiendom • Total project cost: 611 million • Transaction value: 845 million1 • Energy
Slide 9: Ongoing development portfolio
Ongoing development portfolio e on EE ro ect area ccupanc ota pro ect cost f wh ch accrue cost ocat on EE n se o p et on s onneseter aten er en er oo 5 00 0 0 5. ra ens e en so 000 0 5 5. 4 1) Total project cost (including initial book value/cost of land), excluding capitalised interest cost 2) Esti
Slide 10: Partnering with Skanska for the development of Christian Krohgs gate 2 in Oslo
Partnering with Skanska for the development of Christian Krohgs gate 2 in Entra properties Oslo Completed transaction Upcoming project • Capital-efficient way to realise project • Redevelopment and newbuild • Established 50/50 Joint Venture • 21 200 sqm • Gross property value 550m (100%), • 35% pre-
Slide 11: Vaterland/Grønland
Vaterland/Grønland Ongoing transformation CBD East (Bjørvika) 5 000,- Upcoming project CK2 In project pipeline 4 000,-
Slide 12: Norwegian economy
Norwegian economy Mainland GDP growth 5 .5 . Stable economic development . . . . . . . .5 . • Strong Norwegian economy, supported by the sovereign wealth 0. 0. 0. fund 0 • Real wage growth and lower interest rates expected to fuel private consumption and investments . • Fiscal policy and public spen
Slide 13: Market development
Market development Rental growth, vacancy and CPI - Oslo . 0 .5 Letting market . .5 .5 . . . . . • Increasing tenant search activity driven by high expiry volumes in . . . 2027-28 and growing interest for Oslo city centre 0 • Tenants reassess workplace solutions and letting processes take . more tim
Slide 14: Market development
Market development Prime yield - Oslo 5 . . . .5 .5 . . . . Transaction market . . . . . . • Commercial property transaction volumes in line with historical levels • Financing markets available and lending sentiment remains positive 0 • Favourable credit margin development 0 0 5 0 0 0 0 0 0 0 0 0 0
Slide 15: Financial update
) ( Financial update J Vf
Slide 16: Financial highlights
Financial highlights • Rental income above previous quarter supported by finalised projects and net letting effects • Net income from property management up due to gain from development of Holtermanns veg (HMV) in Trondheim Net income Rental income from property management Profit before tax 0 5 5 5
Slide 17: Profit and loss statement
Profit and loss statement Q4 comments enta nco e 0 perat n costs 0 5 Compared to last year rental income positively impacted by finalised projects and CPI growth, ther re enues 00 5 partly offset by vacancy and divestments ther costs 5 5 n strat e costs 55 50 5 0 Operational costs above last year du
Slide 18: Rental income development
Rental income development on 00 00 0 00 00 500 00 00 00 00 0 0 5 ro ects et ett n ther 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
Slide 19: Property value and NAV development
Property value and NAV development Property value development in the quarter Net Asset Value (NAV)1 development over time on share 000 0 000 05 0 0 0 000 50 50 0 0 000 50 5 000 0 5 000 5 0 0 0 5 5 000 0 5 000 0 50 000 0 ota propert est ents a ue chan es n est ents n ther ota propert 5 5 5 5 0 0 0 0
Slide 20: Key debt metrics
Key debt metrics Interest coverage ratio (ICR) Leverage ratio1 and Net debt to EBITDA2 Effect e e era e Improvement in key debt metrics: .0 0 .0 • Interest coverage ratio (ICR LTM) up to 2.14x from 2.04x in Q3-25 .0 .0 50 .0 • ICR for Q4 isolated up to at 2.35x . 5 .0 • Leverage ratio1 down to 48.0%
Slide 21: Financial position
Financial position Debt financing mix Maturity profile Net nominal debt 30.9bn on on 50 000 000 2025 2026 2027 2028 2029 2030 • Average time to maturity of total debt at 3.6 years onwards 000 • Credit margins tightening in both bank and bonds 0 000 0 000 Bond issues 750m in the quarter 000 • Issued
Slide 22: Cost of debt development
Cost of debt development Interest rate on interest-bearing debt and all-in net financial costs 5.00 All-in net financial costs reduced to 4.31% from 4.38% in . 5 Q3-25 .50 . Interest rate on interest-bearing debt increased from . 5 3.91% to 3.97% .00 . . 5 Stable interest rates going forward support
Slide 23: Capital distribution for H2-25
Capital distribution for H2-25 Capital distribution since IPO • The Board has proposed a cash dividend of NOK 1.10 per share . .5 for H2 2025 . .0 . • Corresponding to 32% of Cash Earnings for the period, excluding gain . . from development of Holtermanns veg .5 . . 3 • In line with the NOK 1.10 per
Slide 24: Closing remarks
) ( Closing remarks J Vf
Slide 25: Highlights in 2025
Highlights in 2025 ✓ Improved financial performance and debt metrics ✓ Solid gross letting volumes in a more muted demand environment in Oslo ✓ Property value changes back in positive territory ✓ Financial flexibility secured, through successful restructuring of bank facilities and bond financing at
Slide 26: Closing remarks and outlook
Closing remarks and outlook • Cash dividend of NOK 1.10 per share proposed for H2 2025 and initiating share buy-back program • Unlocking value from project development and transactions • Successful project completion and sale in Trondheim • Capital efficient and value accretive project realisation i
Slide 27: Q&A
Q&A Universitetsgata 1-9, Oslo
Slide 28: Next event
Next event Q1 results 21 April 2026 For more information see, www.entra.no/investor-relations
Slide 29: Disclaimer
Disclaimer • Certain statements in this presentation are forward-looking, including statements regarding future expectations. These state ents ref ect ana e ent’s current ews e pectat ons an assu pt ons an the r nature n o e nown an unknown risks and uncertainties. They relate to events and circumst