Slides
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Q3 2025 Oslo, 16 October 2025 Nonnesetergaten 4,Bergen
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• Net asset value (NRV) increased to NOK 167 per share • Positive net letting of 10 million • Revised dividend policy, capital distribution of at least 30 per cent of Cash Earnings • Semi-annual cash dividend of NOK 1.10 per share for H1 2025 Highlights in the quarter Key figures 2
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Resuming capital distributions and formalising ROE ambition • Resuming semi-annual capital distributions, starting with a cash dividend of NOK 1.10 per share for H1 2025 • Payout ratio of 30% of reported Cash Earnings for H1 2025, in line with revised dividend policy to d ≥ % C Earnings as capital distributions (cash dividends or share buybacks) • Formalising ambition to generate ROE ≥ % over-the-cycle • Revised dividend policy and ROE ambition are part of a resilient capital allocation framework for generating attractive shareholder returns 3 Dividend policy: ≥ % of Cash Earnings as capital distributions ROE ambition: ≥1 % over-the-cycle
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Agenda Operations and market Financial update Closing remarks Q&A
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Operations and market
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• New and renewed leases of 72 million (30 200 sqm) • Terminated contracts of 17 million (6 000 sqm) • Net letting of 10 million • Occupancy 94.2% • WAULT at 5.8 years (6.0 years incl. project portfolio) • 51% of rental income from public sector Letting and occupancy Largest new and renegotiated contracts * Net letting = new contracts + uplift on renegotiations – terminated contracts % % d d d d d d d 6
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d d d C % 1 d d % Ongoing development portfolio 7 6 1) Total project cost (including initial book value/cost of land), excluding capitalised interest cost 2) Estimated net rent (fully let) at completion/total project cost (including initial book value/cost of land) 3) Entra has agreed to sell Holtermanns veg 1-13 phase 3 upon completion. The agreed asset value is based on a 100 per cent pre -let project. Occupancy and yield on cost on this project is not reported. 4) The main part of the refurbishment was completed in Q3 2025 and the project will be reported as finalised in Q4 2025 5) The project is 66 per cent let to existing tenants who remain in place throughout the refurbishment period 6) Weighted average occupancy of the project portfolio
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• Strong Norwegian economy, supported by the sovereign wealth fund • Fiscal policy and public spending will continue to stabilise the performance of the economy • Lower interest rates and real wage growth expected to fuel private consumption and investments • Employment growth expected to be stable going forward • September CPI at 3.6%, in line with expectations • Key policy rate reduced to 4.00% in September, expectations of further rate cuts in the coming years 8 Norwegian economy Employment growth Mainland GDP growth % % % % % % % % % % % % % % % % % % % % % d % % % % % % % % % % % % % % % % % % % d Source: SSB and Norges Bank. Economic activity continues to increase
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• Work-from-home trend largely reversed, increased awareness on the positive effects of a well-planned office • Tenants reassess workplace solutions and letting processes take more time • Tenant search activity expected to increase • Low overall vacancy, majority of vacancy in segment of smaller spaces which remains more competitive • Limited new office supply • Market rents and break-event rents for new builds converging in certain areas 9 Market development 1 Average of SSB and Norges ’ C ’ d d C 2 Approximately 200 000 sqm is related to the new Government Quarter and Construction City planned to be completed in 2025 an d 2026, these projects are close to fully let. : ’ d SSB and Norges Bank. Newbuild volumes (1,000 sqm) - Oslo Rental growth, vacancy and CPI - Oslo 2 % % % % % % % % % % % % % % % % % % % % % % % % % % C d 1 2 Letting market
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• Financing markets available and lending sentiment remains positive • Favourable credit margin development • More real estate deals being marketed; however, transaction market is still somewhat muted due to global market and interest rates volatility • Prime yield around 4.5% supported by recent transactions 10 Market development : ’ d SSB and Norges Bank. Total transaction volume (NOK billion) Prime yield - Oslo % % % % % % % % % % % % % % % % % % % % % Transaction market
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Financial update
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Rental income Net income from property management 12 Profit before tax Financial highlights • Rental income in line with previous quarter as net letting effects are partly offset by projects • Net income from property management reduced from previous quarter due to higher financial costs and opex
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d d d C C C d d 1 1 1 11 1 1 1 1 Profit and loss statement Q3 comments Compared to last year rental income negatively impacted by divestments and vacancy, partly offset by finalised projects and CPI growth Operational costs at level with last year Other revenues/other costs positively impacted by project held for sale Administrative costs in line with expectations Net realised financials includes 4m net cost related to repurchase of short-term bonds Limited impact from net value changes 13
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Rental income development Based on reported events per end of quarter. Does not constitute a forecast; aims to demonstrate the rental income development based on all reported events; does not reflect letting targets on either vacant areas or on contracts that will expire, and where the outcome of the renegotiation process is not known. Assumes 2.75 % CPI from Q1 2026 and 2.50% from Q1 2027 Upside potential with regards to letting of vacant space, with annual market rental income estimated to 202 million, and rent uplift on tenant renegotiations. There is also an upside in rental income from vacant space in the ongoing project portfolio totalling 55 million. Downside risk is mostly related to leases that are not renewed or renegotiated below current terms. 14
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Property value development in the quarter Net Asset Value (NAV)2 development over time 15 Property value and NAV development 2 NAV measured as EPRA NRV – Net Reinstatement Value. d d d d d
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Interest coverage ratio (ICR) Interest coverage ratio (ICR LTM) up to 2.04x from 2.03x in Q2 25 • ICR for Q3 isolated at 2.03x Leverage ratio1 down to 48.8% Stable Net debt to EBITDA2 at 11.7x 16 Leverage ratio1 and Net debt to EBITDA2 Key debt metrics 1 d d ’ d 2 Net nominal interest-bearing debt divided by EBITDA LTM. % % % % % d C d C d
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Debt financing mix Net nominal debt 31.6bn • Average time to maturity of total debt at 3.8 years • Credit margins tightening in both bank and bonds Issued new 5-year and re-opened existing 6- year floating rate green bonds with a total of 2.3bn of which the first 500m tranche was announced in late Q2 • Repurchased 954m short term outstanding bonds • Following quarter-end opened a new 6-year fixed bond issue of 300m Liquidity buffers increased to 8.8bn • Increased commercial papers financing • Increased bond-issues and reduced bank lines • Debt maturity coverage remains above 24 months1 17 Maturity profile Financial position 1 Excluding operating cash flows and investments. d d C d d d C C 2025 2026 2027 2028 2029 2030 onwards
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% % % % % % % % % % % % % Interest rate on interest-bearing debt and all-in net financial costs 3.91 % Cost of debt development Assumptions in graph: • Historical nominal interest rate on interest-bearing debt as of the last day of the quarter. • Forecasted interest rate based on 3M NIBOR forward curve (09 October), existing hedges, as -is debt levels, and refinancing upon debt expiry at market terms. • Historical all-in net financing cost is net realised financials divided by the average net nominal interest-bearing debt in the quarter. • See note 4 in the quarterly report for further details. 18 d d d d 4.38 % All-in net financial costs increased to 4.38% from 4.23% in Q2-25 • Impacted negatively by repurchase of short-term bonds and reduced capitalised borrowing costs • Interest rate on interest-bearing debt improved from 4.00% to 3.91% Stable interest rates going forward supported by rate cuts, interest hedges and fixed credit margins • Average fixed interest term 2.4 years • Fixed credit margins extended from 2.2. to 2.4 years
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• The Board has approved a revised dividend policy, capital distribution of at least 30% of Cash Earnings1 semi-annually • Cash dividends or share buybacks • Replaces the previous policy, which targeted to distribute approximately 60% of Cash Earnings in dividends • Resuming distributions after suspending dividend in 2023 and 2024 to strengthen the balance sheet • The revised policy enhances flexibility to optimise capital allocation, balancing investment grade rating, dividends, share buybacks, and investments in accretive growth to maximise long- term shareholder returns • Decision to distribute a cash dividend of NOK 1.10 per share for H1 2025, corresponding to 30% of Cash Earnings for the period Dividend and yield history since IPO 19 Resuming shareholder distributions under revised dividend policy 1 Defined as net result from property management less payable tax. 2 Based on year-end share price. 3 Assumed 30% of H1 2025 Cash Earnings. 4 Assumptions: Annualised H1 2025 cash dividend, based on current SP of NOK 118.80, as of close 15 October 2025. % % % % % % % % % % Dividend per share Yield2 4 - - 3 30% Dividend % of Cash Earnings 59% 60% 58% 59% 63% 61% 59%61% 60%
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% % % % • Formalising internal return ambitions - establishing a yardstick for disciplined long-term capital allocation • Committing to realising long-term return potential through accretive growth and direct shareholder returns over-the-cycle, typically up to 10 years • Continue to strengthen commercial mindset and internal alignment around profitability, project returns and cost discipline • Return ambition on a portfolio level – project level returns may deviate for strategic reasons • Ambition consistent with historical performance, assuming balanced macro- and office market fundamentals ≥ % -the-cycle 1 Average annual return. 2 Last twelve months as of Q3 2025 2 • ~100% CPI indexation of lease contracts and solid tenant base • Reversion potential of vacant space and below market rent • Investment grade issuer with strong credit brand • Attractive pipeline of projects and landbank • Value-enhancing project development and urban transformation • Active asset management and asset rotation • High-quality asset portfolio in clusters at public transportation hubs • Stable Norwegian economy and continued employment growth supporting long-term demand for office space ROE drivers Letting and property management Project development & transactions Property value appreciation Historical return on equity1
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Capital allocation framework promoting attractive shareholder returns Disciplined allocation, balancing financial strength, direct shareholder returns and accretive growth Core allocation priorities Asset value preservation Capex to maintain and enhance a high-quality portfolio Investment grade rating Risk discipline and balance sheet strength Accretive growth investments Supporting ROE >10% over-the-cycle Additional capital distribution Cash dividends or share buybacks Attractive shareholder returns Excess capital deployment Value creation Dividend policy ≥ % C distributions (dividends or share buybacks) Capital sources Cash Earnings, asset rotation, value appreciation and re-leveraging
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Closing remarks
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Closing remarks and outlook Stenersgata 1 • Resuming capital distributions and formalising ROE ambition • Cash dividend of NOK 1.10 per share for H1 2025 • d d d d d ≥ % C • ≥ % -the-cycle • Part of a resilient capital allocation framework generating attractive shareholder returns • Norwegian economic activity continues to increase • Lower interest rates and real wage growth expected to fuel private consumption and investments • Stable employment growth expected going forward • Further rate cuts expected in the coming years • Promising long-term letting market fundamentals • Increasing tenant search activity • Market rents and break-event rents for new builds converging in certain areas • Future rental income growth driven by CPI, letting of vacant space, rent uplift potential and projects 23
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Q&A Lakkegata 53, Oslo
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Next event Q4 results 11 February 2026 For more information see, www.entra.no/investor-relations