Entra Asa (ENTOF) Q1 2026 Earnings Call

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WEBVTT 00:00:01.313 -- 00:00:05.801 Good morning all and welcome to Entra's first quarter presentation. 00:00:05.801 -- 00:00:11.051 Moving directly to the highlights. Rental income in the quarter of 800 00:00:11.051 -- 00:00:16.621 million. That's 26 million up or 3.3% compared 00:00:16.621 -- 00:00:21.810 to same quarter last year. Net income from property management 00:00:21.810 -- 00:00:23.754 of 357 00:00:23.754 -- 00:00:28.801 million in the quarter. up with 37 million, or approximately 00:00:28.801 -- 00:00:31.505 11.6% compared 00:00:31.505 -- 00:00:34.911 to the first quarter last year. Net 00:00:34.911 -- 00:00:40.180 value changes of minus 52 million in the quarter, and value 00:00:40.180 -- 00:00:45.565 changes on investment properties were negative, with 199 00:00:45.589 -- 00:00:51.128 million this quarter. Profit before tax of 205 million, 00:00:51.128 -- 00:00:56.034 and the NRV per share currently at 170, 00:00:56.034 -- 00:00:58.417 up with 1 krona. 00:00:58.417 -- 00:01:03.643 We continue to see improvements in our key debt metrics, and very pleased 00:01:03.643 -- 00:01:08.889 to see that Moody's have affirmed their investment grade rating 00:01:08.889 -- 00:01:12.714 and also provided a positive outlook this quarter. 00:01:12.714 -- 00:01:14.714 Operationally, 00:01:14.776 -- 00:01:19.886 it was a solid quarter. However, net letting isolated in 00:01:19.886 -- 00:01:25.073 Q1 was minus 20 million. The 00:01:25.073 -- 00:01:29.880 underlying net letting was 6 million positive 00:01:29.880 -- 00:01:34.767 when adjusting for timing effects related to relocation, 00:01:34.767 -- 00:01:37.923 which I will get back to shortly. 00:01:37.923 -- 00:01:42.971 We have also started reporting on a new project this quarter in 00:01:42.971 -- 00:01:48.160 Krist...