Entra Asa (ENTOF) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning all and welcome to our first quarter presentation. Let's start directly with the highlights. Rental income of 774 million in the quarter. That is 104 million below same quarter last year. When adjusting for divestments, the underlying rental income growth was 2.6%. Net income from property management of 320 million in the quarter. and that means that the lower interest costs have more or less offset the negative effects of rental income. Value changes were minus 32 million in the quarter, mainly from financial instruments, leaving us then with a profit before tax of 280 million in the first quarter. Our net asset value increased to 163 in the quarter and the debt metrics continued to improve this quarter with our ICR now above 2.0 in the quarter. We were also very pleased to see that we have had a very active quarter in respect of financing and placed bonds of 3.1 billion in the quarter and closed also bank financing of 17 billion, enabling us then to extend the debt maturity to four years this quarter. Our net letting came in with a negative of 73 million this quarter. So if we move on to a few words on operations, the gross letting in the quarter was at normal levels with 98 million of signed leases this quarter. The gross letting was, however, offset by terminations with annual rents of 117 million in the quarter, leaving us then with the negative net letting of 73 million. Our occupancy is currently at 93.8% and out of the terminations, around 25% of these is related to different public tenants terminating as they are being co-located with other public entities, and another 25% of it approximately is related to the restructuring of two leases operating within the co-working and conference and event space. As I have commented on in previous quarters, ...