Entra Asa (ENTOF) Q1 2025 Earnings Call

Investor webinar replay

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Replay transcript excerpt

WEBVTT 00:00:00.031 -- 00:00:04.476 Good morning all and welcome to our first quarter presentation. 00:00:04.476 -- 00:00:09.607 Let's start directly with the highlights. Rental income of 774 00:00:09.607 -- 00:00:14.632 million in the quarter. That is 104 million below 00:00:14.632 -- 00:00:19.836 same quarter last year. When adjusting for divestments, 00:00:19.836 -- 00:00:22.739 the underlying rental income growth was 2.6%. 00:00:22.739 -- 00:00:24.739 Net 00:00:25.121 -- 00:00:27.121 income 00:00:28.564 -- 00:00:33.749 from property management of 320 million in the 00:00:33.749 -- 00:00:38.814 quarter. and that means that the lower interest costs have more 00:00:38.814 -- 00:00:44.080 or less offset the negative effects of rental 00:00:44.080 -- 00:00:45.621 income. 00:00:45.621 -- 00:00:50.767 Value changes were minus 32 million in the quarter, mainly 00:00:50.767 -- 00:00:53.249 from financial instruments, 00:00:53.249 -- 00:00:58.415 leaving us then with a profit before tax of 280 million in 00:00:58.415 -- 00:01:03.625 the first quarter. Our net asset value increased to 163 00:01:03.625 -- 00:01:05.810 in the 00:01:05.810 -- 00:01:10.842 quarter and the debt metrics continued to improve 00:01:10.842 -- 00:01:15.834 this quarter with our ICR now above 2.0 00:01:15.834 -- 00:01:20.843 in the quarter. We were also very pleased to see that we have had a very 00:01:20.843 -- 00:01:25.930 active quarter in respect of financing and placed bonds of 3.1 billion 00:01:25.930 -- 00:01:31.818 in the quarter and closed also bank financing of 17 billion, 00:01:31.818 -- 00:01:38.027 enabling us then to extend the debt maturity to four years this quarter. 00:01:38.027 -- 00:01:43.574 Our net letting came in with a negative of 73 million this 00:01:43.574 -- 00:01:45.574 qua...