Entra Asa (ENTOF) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning all and welcome to Entra's second quarter presentation here in Oslo. On the front page here you can see our building in Sveikorskatte 16 where we in the quarter signed a 12-year lease contract for the entire building with Co-op. Let's move on to some highlights. Rent income of 781 million in the quarter, that is 2.4% down from last quarter, or 1.4% up from same quarter last year. Net income from property management of 320 million this quarter, which is down 37 million compared to last quarter due to lower rental incomes and higher operating and financial costs. Net value changes came in with a negative of 1.2 billion this quarter, mainly driven by the negative value changes on our investment properties of 1.1 billion, leaving us then with a loss before tax of 855 million in the quarter. Sorry, that's loss after tax. The NRA per share this quarter stands at 163.3 and cash earnings per share of 3.54 for the first half of this year. It's been a strong quarter in respect of letting, with a positive net letting of 131 million in the quarter, and we have started up one refurbishment project in Oslo and one in Bergen. So, if we look at operations, as I already said, it's been a very strong quarter in respect of letting, and I'm pleased to see that we are benefiting from the work and efforts put down through 2025, where we also strengthened our letting and marketing capabilities to meet the slightly tougher letting markets. We signed new and renewed leases for 185 million in the quarter. Out of this, as much as 175 million is new contracts which will feed into our rental income bridge going forward. Contracts with a rental income of 43 million have been terminated in the quarter. After this, approximately one-third has already been re-signed as part of the co-op...