Entra Asa (ENTOF) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to Entra's second quarter presentation. Moving right on to the highlights. Rental income of 770 million this quarter, that is 83 million below same quarter last year, mainly due to divestments. Net income from property management of 352 million this quarter compared to 348 same quarter last year. And net income from property management is then 10% up compared to same quarter, sorry, last quarter, first quarter. Net value changes of 191 million in the quarter and value increases on our investment properties of 289 million, leaving us then with a profit before tax of 534 million. We were also pleased to see then that our EPRA NRV increased to 166 up with three kroners in the quarter. And we have had very strong letting activity with net letting coming out at 22 million, increasing also our occupancy rate then to 94.6% in the quarter. Our climate targets have now also been validated by the science space targets initiative under the building sector framework as the first Norwegian company. So moving on to operations, as I said, we had a very high letting activity in the quarter and gross leasing of 203 million in the quarter, with also terminations in the quarter of 102 million. As I commented on last quarter, we had a large deal affecting the numbers with Yara, where we chose to extend their existing lease in their existing headquarters building at Skøyen. for a 10-year period and at the same time terminate the lease which they signed with us one year ago for a larger space in a neighboring building. This is a good deal for us as we will have lower capex in both these buildings. It may, however, affect our vacancy from the second quarter next year onwards. The cash effects of that deal was already reflected in the rental income bridge. And this ...