Entra Asa (ENTOF) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning all and welcome to Entra's first quarter presentation. Moving directly to the highlights. Rental income in the quarter of 800 million. That's 26 million up or 3.3% compared to same quarter last year. Net income from property management of 357 million in the quarter. up with 37 million, or approximately 11.6% compared to the first quarter last year. Net value changes of minus 52 million in the quarter, and value changes on investment properties were negative, with 199 million this quarter. Profit before tax of 205 million, and the NRV per share currently at 170, up with 1 krona. We continue to see improvements in our key debt metrics, and very pleased to see that Moody's have affirmed their investment grade rating and also provided a positive outlook this quarter. Operationally, it was a solid quarter. However, net letting isolated in Q1 was minus 20 million. The underlying net letting was 6 million positive when adjusting for timing effects related to relocation, which I will get back to shortly. We have also started reporting on a new project this quarter in Kristian Krogskate 2, where we are developing the asset in a joint venture with Skanska. It has been a good momentum operationally this quarter. And we have signed new and renewed leases with a rental income of 121 million this quarter. And contracts with an annual rent of 64 million were terminated in the quarter. Net letting, as mentioned, of minus 20 in the quarter. This includes a negative net letting effect of approximately 26 million. from the relocation of Circle K, which was required to enable a large contract signed with QoS Norway in the second quarter. Adjusted for the negative net letting effects of this relocation, the underlying net letting in the first quarter would have been positive...