Slide 1: Q3 2025
Q3 2025 Oslo, 16 October 2025 Nonnesetergaten 4,Bergen
Slide 2: Highlights in the quarter
Highlights in the quarter Key figures • Net asset value (NRV) increased to NOK 167 per share • Positive net letting of 10 million • Revised dividend policy, capital distribution of at least 30 per cent of Cash Earnings • Semi-annual cash dividend of NOK 1.10 per share for H1 2025 2
Slide 3: Resuming capital distributions and formalising ROE ambition
Resuming capital distributions and formalising ROE ambition • Resuming semi-annual capital distributions, starting with a cash dividend of NOK 1.10 per share for H1 2025 Dividend policy: • Payout ratio of 30% of reported Cash Earnings for H1 2025, in ≥ % line with revised dividend policy to d ≥ % C
Slide 4: Agenda
Agenda Operations and market Financial update Closing remarks Q&A
Slide 5: Operations and market
Jf Operations and market J
Slide 6: Letting and occupancy
Letting and occupancy % % • New and renewed leases of 72 million (30 200 sqm) • Terminated contracts of 17 million (6 000 sqm) • Net letting of 10 million • Occupancy 94.2% • WAULT at 5.8 years (6.0 years incl. project portfolio) • 51% of rental income from public sector Largest new and renegotiated
Slide 7: Ongoing development portfolio
Ongoing development portfolio d d C % % d d d 6 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) Entra has agreed to sell Holterma
Slide 8: Norwegian economy
Norwegian economy Mainland GDP growth % % % Economic activity continues to increase % % % % % % % % % % % • 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 ra
Slide 9: Market development
Market development Rental growth, vacancy and CPI - Oslo % % % % % Letting market % % % % % % % % % % % • Work-from-home trend largely reversed, increased awareness on % % % the positive effects of a well-planned office % % • Tenants reassess workplace solutions and letting processes take % % more t
Slide 10: Market development
Market development Prime yield - Oslo % % % % % % % % % % Transaction market % % % % % % % % • Financing markets available and lending sentiment remains positive % • Favourable credit margin development % • More real estate deals being marketed; however, transaction % market is still somewhat muted
Slide 11: Financial update
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Slide 12: Financial highlights
Financial highlights • Rental income in line with previous quarter as net letting effects are partly offset by projects • Net income from property management reduced from previous quarter due to higher financial costs and opex Net income Rental income from property management Profit before tax 12
Slide 13: Profit and loss statement
Profit and loss statement Q3 comments Compared to last year rental income negatively 1 1 impacted by divestments and vacancy, partly offset by finalised projects and CPI growth d Operational costs at level with last year d Other revenues/other costs positively impacted d by project held for sale Adm
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)2 development over time d dd d d 2 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 EBITDA2 d Interest coverage ratio (ICR LTM) up to % 2.04x from 2.03x in Q2 25 • ICR for Q3 isolated at 2.03x % Leverage ratio1 down to 48.8% Stable Net debt to EBITDA2 at 11.7x % % % C d C d 1 d d ’ d 2 Net nominal intere
Slide 17: Financial position
Financial position Debt financing mix Maturity profile Net nominal debt 31.6bn 2025 2026 2027 2028 2029 2030 onwards • Average time to maturity of total debt at 3.8 years • Credit margins tightening in both bank and bonds Issued new 5-year and re-opened existing 6- year floating rate green bonds wit
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 4.38% from 4.23% in % Q2-25 % 4.38 % • Impacted negatively by repurchase of short-term bonds and % reduced capitalised borrowing costs % 3.91 % • Interest rate on
Slide 19: Resuming shareholder distributions under revised dividend policy
Resuming shareholder distributions under revised dividend policy Dividend and yield history since IPO • The Board has approved a revised dividend policy, capital distribution of at least 30% of Cash Earnings1 semi-annually • Cash dividends or share buybacks • Replaces the previous policy, which targ
Slide 20: ROE ambition over-the-cycle
≥ % -the-cycle Historical return on equity1 • Formalising internal return ambitions - establishing a yardstick for % disciplined long-term capital allocation • Committing to realising long-term return potential through % accretive growth and direct shareholder returns over-the-cycle, typically up to
Slide 21: Capital allocation framework promoting attractive shareholder returns
Capital allocation framework promoting attractive shareholder returns Disciplined allocation, balancing financial strength, direct shareholder returns and accretive growth Core allocation priorities Excess capital deployment Value creation Asset value preservation Capex to maintain and enhance a hig
Slide 22: Closing remarks
) ( Closing remarks J Vf
Slide 23: Closing remarks and outlook
Closing remarks and outlook • Resuming capital distributions and formalising ROE ambition • Cash dividend of NOK 1.10 per share for H1 2025 • dd d d d ≥ % C • ≥ % -the-cycle • Part of a resilient capital allocation framework generating attractive shareholder returns • Norwegian economic activity con
Slide 24: Q&A
Q&A Lakkegata 53, Oslo
Slide 25: Next event
Next event Q4 results 11 February 2026 For more information see, www.entra.no/investor-relations