Entra Asa · OSL:ENTRA
Entra Asa — Q1 2026 Earnings Presentation
21 slides from Entra Asa's earnings presentation, Apr 21, 2026
Slide 1: First quarter report 2026
First quarter report 2026 Oslo, 21 April 2026 Q1 Verkstedveien 1, Oslo
Slide 2: Highlights in the quarter
Highlights in the quarter Key figures Key events • Continued improvements in key debt metrics • M d ’ B d, k d b • Net letting of -20 million in the quarter; underlying net letting of 6 million adjusted for timing effects from a large tenant relocation • Started up the redevelopment project at Chris
Slide 3: Operations and market
) ( Operations and market J
Slide 4: Letting and occupancy
Letting and occupancy • New and renewed leases of 121 million (34 900 sqm) • Terminated contracts of 64 million (19 900 sqm) • Net letting of -20 million • Underlying net letting of 6 million adjusted for timing effects from a large tenant relocation1 • Occupancy 94.3%, improvement from 93.8% in Q4-
Slide 5: Christian Krohgs gate 2
Started project in JV Christian Krohgs gate 2 Newbuild & development – Multi-tenant • Ownership 50% • 21 200 sqm • 35% let • Total project cost1): NOK 1 827 m • Remaining capex (50% basis): 617 million • Energy class A, BREEAM NOR Very good and EU taxonomy-aligned • Yield on cost: 5.7% Expected comp
Slide 6: Ongoing development portfolio
Ongoing development portfolio B d d d 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 70 per cent let to existing tenan
Slide 7: Norwegian economy
Norwegian economy Mainland GDP and employment growth Stable economic development • Norwegian economy remains resilient, supported by • Strong public finances and the sovereign wealth fund • Fiscal policy and public spending will continue to stabilise the economy • Stable growth outlook supported by
Slide 8: Market development
Market development Rental growth, CPI and vacancy – Oslo Letting market • Tenants are more strategic and thorough in letting decisions • A well-planned, central office is increasingly seen as key for productivity, culture and talent attraction • Letting processes take longer, and larger tenants star
Slide 9: Market development
Market development Prime yield – Oslo Transaction market • Commercial property transaction volumes in line with historical levels and expected to pick up going forward • Financing markets remain accessible, with lending sentiment generally supportive • Credit margins are currently favourable, but ma
Slide 10: Financial update
) ( Financial update J Vf
Slide 11: Financial highlights
Financial highlights • Rental income above previous quarter supported by rental growth mainly from CPI adjustments • Net income from property management reduced from previous quarter due to gain of 101m from development project in Q4-25 • Profit before tax reduced from previous quarter due to Q4-25
Slide 12: Profit and loss statement
Profit and loss statement Q1 comments Compared to last year rental income positively impacted by finalised projects and CPI growth Operational costs in line with last year d d Other revenues/other costs normalised d compared to Q4 25 which was impacted by gain from development M Administrative costs
Slide 13: 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 14: Property value and NAV development
Property value and NAV development Property value development in the quarter Net Asset Value (NAV)1 development over time , d dd d d 1 NAV measured as EPRA NRV – Net Reinstatement Value. 14
Slide 15: Key debt metrics
Key debt metrics Interest coverage ratio (ICR) Leverage ratio1 and Net debt to Improvement in key debt metrics: EBITDA2 • Interest coverage ratio (ICR LTM) up to 2.17x from 2.14x in Q4 25 • ICR for Q1 isolated down to 2.20x • Leverage ratio1 down to 47.6% • Net debt to EBITDA2 reduced to 10.8x • M d
Slide 16: Financial position
Financial position Debt financing mix Maturity profile Unchanged net nominal debt 30.6bn • Improved average time to maturity of total debt to 4.1 from 3.6 in previous quarter 2026 2027 2028 2029 2030 2031 onwards Financing activities in the quarter • New commercial paper loan of 500m • Re-opened exi
Slide 17: 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 reduced to 4.24% from 4.31% in Q4-25 Interest rate on interest-bearing debt increased from 3.97% to 4.01% Cost of debt may increase going forward due to an upward shift in intere
Slide 18: Closing remarks
) ( Closing remarks J Vf
Slide 19: Closing remarks and outlook
Closing remarks and outlook • Stable rental income growth and operations in the quarter • Solid financial platform • M d ’ B d, k d • Extended debt maturity profile • New sustainability-linked loan delivers tangible commercial value • Continued improvement in key debt metrics in the quarter • Profit
Slide 20: Q&A
Q&A Universitetsgata 1-9, Oslo
Slide 21: Next event: Q2 results 10 July 2026
Next event Q2 results 10 July 2026 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 ’ , d assumptions and, by their nature, involve known and unknown