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Profilfarger Tilleggsfarger grafer Q4 2025 Oslo, 11 February 2026 Christian Krohgs gate 2,Oslo
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Profilfarger Tilleggsfarger grafer Profilfarger Tilleggsfarger grafer • Positive net letting of 4 million • Finalised newbuild project and completed sale of Holtermanns veg 1-13 phase 3 with a positive gain of 101 million in the quarter • Establishment of joint venture for the development of Christian Krohgs gate 2 in Oslo • Finalised two refurbishment projects • Proposal of semi-annual cash dividend of NOK 1.10 per share for H2 2025 • Initiating buy-back programme of up to 0.5 per cent of Entra’s own shares Highlights in the quarter enta nco e et nco e fro propert ana e ent et a ue chan es rof t efore ta per share 5 5 5 5 0 0 5 0 5 Key figures 2 Key events Erstatt med bilde av HMV3
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Profilfarger Tilleggsfarger grafer Agenda Operations and market Financial update Closing remarks Q&A
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Profilfarger Tilleggsfarger grafer Profilfarger Tilleggsfarger grafer Operations and market
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Profilfarger Tilleggsfarger grafer • New and renewed leases of 183 million (57 800 sqm) • Terminated contracts of 80 million (29 400 sqm) • Net letting of 4 million • Occupancy 93.8% • WAULT at 6.0 years (5.9 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 0 0 0 0 5 5 5 5 0.0 .5 5.0 .5 00.0 0.0 .5 5.0 .5 00.0 0 0 0 0 5 5 5 5 0 0 0 0 0 0 0 00 er nate ene ot ate ew ana e ent pf. ew pro ect pf. et ett n a r s e en ta an er hr st an ro hs ate s o a aten er en n ers tets ata s o chwe aar s ate 5 s o he orwe an o ce hare er ces ans a e r n arf ot he orwe an u n uthor t 000 500 000 00 00 ene ot ate ew ew ew ew 5
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Profilfarger Tilleggsfarger grafer 6 Finalised project at Brynsengfaret 6 Refurbishment – Multi-tenant • 35 400 sqm • 83 % let • Total project cost: NOK 1 335 million • Energy class C, BREEAM In-Use Excellent and EU taxonomy-aligned • Yield on cost: 5.8%
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Profilfarger Tilleggsfarger grafer 7 Finalised courthouse project at Malmskriverveien 2-4 in Sandvika Refurbishment for public tenant • 3 400 sqm • 100 % let • Total project cost: NOK 234 million • Energy class D (property with preservation order), substantial savings in energy consumption • Yield on cost: 4.6% • Public tenant: 20 years duration
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Profilfarger Tilleggsfarger grafer 8 Finalised newbuild project and completed sale of Holtermanns veg 1-13 phase 3 in Trondheim 1 The transaction value includes settlement for tenant-specific fit-out for NRK of 77 million which is excluded from the return on investment calculation. Newbuild project and transaction • 15 500 sqm • Sale completed to the Norwegian Broadcasting Corporation (NRK) and EC Dahls Eiendom • Total project cost: 611 million • Transaction value: 845 million1 • Energy class A, BREEAM Outstanding and EU Taxonomy-aligned • Return on investment 25%1
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Profilfarger Tilleggsfarger grafer onneseter aten ra ens e en ocat on er en s o EE EE n se er oo o p et on 5 ro ect area s 00 000 ccupanc 0 ota pro ect cost 0 f wh ch accrue 0 5 e on cost 5. 5. Ongoing development portfolio 9 4 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) The project is 70 per cent let to existing tenants who remain in place throughout the refurbishment period 4) Weighted average occupancy of the project portfolio
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Profilfarger Tilleggsfarger grafer Partnering with Skanska for the development of Christian Krohgs gate 2 in Oslo 10 Illustrations. Upcoming project • Redevelopment and newbuild • 21 200 sqm • 35% pre-let to Skanska • Project start Q2 2026 • Project completion target year-end 2029 Completed transaction • Capital-efficient way to realise project • Established 50/50 Joint Venture • Gross property value 550m (100%), 2.7% premium to book value Q3-25 • Closed in Q1 2026 Vaterland/Grønland Entra properties Oslo Central Station
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Profilfarger Tilleggsfarger grafer Vaterland/Grønland Ongoing transformation CBD East (Bjørvika) Upcoming project CK2 4 000,- 5 000,- In project pipeline
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Profilfarger Tilleggsfarger grafer • Strong Norwegian economy, supported by the sovereign wealth fund • Real wage growth and lower interest rates expected to fuel private consumption and investments • Fiscal policy and public spending will continue to stabilise the economy • Employment growth expected to remain positive going forward • Key policy rate reduced to 4.00% in September with guidance of one cut a year in the forecast period • CPI for January increased by 3.6% • CPI-ATE came in at 3.4% – basis for Norges an ’s nterest rate po c • ~ 00 of Entra’s contracts n e e w th 1 from 1 January 2026 • Forward interest rates indicate lower probability of rate cuts in near term following January CPI 12 Norwegian economy Employment growth - Norway Mainland GDP growth 0 0 5 0 0 0 0 0 0 0 0 0 0 0 5e 0 e 0 e 0 e .5 . . 0. . . . . .5 . 0. 0. . . . 0 5 orecast or es an an a era e or es an 0 0 5 0 0 0 0 0 0 0 0 0 0 0 5e 0 e 0 e 0 e 0. .0 0. 0. . . . .5 . . . 0. 0. 0. 0. 0 orecast or es an an a era e or es an 1 November 2025 12m rolling CPI. Source: SSB and Norges Bank. Stable economic development
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Profilfarger Tilleggsfarger grafer • Increasing tenant search activity driven by high expiry volumes in 2027-28 and growing interest for Oslo city centre • Tenants reassess workplace solutions and letting processes take more time • Work-from-home trend largely reversed, increased awareness on the positive effects of a well-planned office • Low overall vacancy, majority of vacancy in segment of smaller spaces which remains more competitive • Limited new office supply • Market rents and breakeven rents for newbuilds converging in certain areas 13 Market development 1 Average of SSB and Norges an ’s annua forecasts. Entra’s contracts are a uste w th the o e er pre ous ear wh ch was n 0 5. 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. ources: Entra’s ar et consensus report 0 5 a era e of est ates fro ea n ar et spec a sts n orwe an ar et SSB and Norges Bank. Newbuild volumes (1,000 sqm) - Oslo Rental growth, vacancy and CPI - Oslo 0 0 5 0 0 0 0 0 0 0 0 0 0 0 5e 0 e 0 e 0 e 0 5 5 5 0 5 0 00 00 2 0 0 5 0 0 0 0 0 0 0 0 0 0 0 5e 0 e 0 e 0 e . . . . .5 .5 . . . . .5 . . . . 0 0 enta rowth centra s o assets pre ous ear acanc s o nc . sa er an orne u 1 2 Letting market
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Profilfarger Tilleggsfarger grafer • Commercial property transaction volumes in line with historical levels • Financing markets available and lending sentiment remains positive • Favourable credit margin development • More real estate deals being marketed, however the broader transaction market is still viewed as selective and sensitive to global market and interest rates volatility • Prime office yields at 4.5% supported by continued interest from equity investors 14 Market development 1 Total commercial property volume including transactions above 50m. ources: Entra’s ar et consensus report 0 5 a era e of est ates fro ea n ar et spec a sts n orwe an ar et SSB and Norges Bank. Total transaction volume1 (NOK billion) - Norway Prime yield - Oslo 0 0 5 0 0 0 0 0 0 0 0 0 0 0 5e 0 e 0 e 0 e . . . . . . . . . . . .5 .5 . . 0 5 0 0 5 0 0 0 0 0 0 0 0 0 0 0 5e 0 e 0 e 0 e 0 5 0 00 00 Transaction market
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Profilfarger Tilleggsfarger grafer Profilfarger Tilleggsfarger grafer Financial update
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Profilfarger Tilleggsfarger grafer Rental income Net income from property management 16 Profit before tax Financial highlights 5 5 5 5 0 • Rental income above previous quarter supported by finalised projects and net letting effects • Net income from property management up due to gain from development of Holtermanns veg (HMV) in Trondheim 5 5 5 5 5 0 5 5 5 5 5 5 0 5
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Profilfarger Tilleggsfarger grafer enta nco e perat n costs ther re enues ther costs n strat e costs hare of prof t fro assoc ates an s et rea se f nanc a s of wh ch han es n a ue of n est ent propert es han es n a ue of f nanc a nstru ents a pa a e han e n eferre ta 0 00 55 5 55 50 5 5 5 5 5 0 5 0 5 0 5 05 0 5 5 5 0 5 Profit and loss statement Q4 comments Compared to last year rental income positively impacted by finalised projects and CPI growth, partly offset by vacancy and divestments Operational costs above last year due to higher maintenance and vacancy costs Other revenues/other costs positively impacted by NOK 101 million gain from development and sale of HMV Administrative costs for the full year in line with expectations Net realised financials improved due to lower debt levels Limited impact from net value changes 17
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Profilfarger Tilleggsfarger grafer Rental income development ther ro ects 0 5 et ett n 0 0 00 00 00 00 500 00 00 00 00 on 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. CPI 2.97% from Q1 2026 and assumed 2.50% from Q1 2027 Upside potential with regards to letting of vacant space, with annual market rental income estimated to 211 million, and rent uplift on tenant renegotiations. There is also an upside in rental income from vacant space in the ongoing project portfolio totalling 21 million. Downside risk is mostly related to leases that are not renewed or renegotiated below current terms. 18
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Profilfarger Tilleggsfarger grafer Property value development in the quarter Net Asset Value (NAV)1 development over time 19 Property value and NAV development 1 NAV measured as EPRA NRV – Net Reinstatement Value. ther est ents n est ents n the portfo o a ue chan es ota propert a ue 0.0 . 5 ota propert a ue . . 5 05 5 0 50 0 50 50 000 5 000 5 000 5 000 5 000 0 000 000 000 000 on n est ent propert es n entor propert es s assoc ates an other n est ents 5 0 0 0 5 5 5 5 0 5 5 5 5 0 0 0 0 0 0 50 0 0 0 0 share ccu u ate en et sset a ue
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Profilfarger Tilleggsfarger grafer 0 5 5 5 5 . 5 . 0.0 .0 .0 .0 .0 Interest coverage ratio (ICR) Improvement in key debt metrics: • Interest coverage ratio (ICR LTM) up to 2.14x from 2.04x in Q3-25 • ICR for Q3 isolated up to at 2.35x • Leverage ratio1 down to 48.0% • Net debt to EBITDA2 reduced to 11.0x • Debt metrics supported by gain from development of Holtermanns veg in Trondheim 20 Leverage ratio1 and Net debt to EBITDA2 Key debt metrics 1 Effect e e era e accor n to oo ’s ef n t on. 2 Net nominal interest-bearing debt divided by EBITDA LTM. 0 5 5 5 5 .0 .0 0 0 0 50 0 Effect e e era e .0 0.0 .0 .0 .0 .0 uarter so ate nths Effect e e era e et e t to E
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Profilfarger Tilleggsfarger grafer Debt financing mix Net nominal debt 30.9bn • Average time to maturity of total debt at 3.6 years • Credit margins tightening in both bank and bonds Bond issues 750m in the quarter • Issued 500m in new 6-year Fixed rate green bond, swapped to 3M floating rate +118bp • Re-opened existing floating rate green bond 250m with maturity May 2031 at +113bp Liquidity position at 7.7bn • Improved debt maturity profile and liquidity position following 6,7bn bond issuance during 2025 • Reduced bank credit lines with 1.0bn in the quarter and further 590m after quarter end to optimize funding costs • Debt maturity coverage remains above 24 months1 21 Maturity profile Financial position 1 Excluding operating cash flows and investments. 0 5 5 5 5 0 0 000 0 000 0 000 0 000 50 000 on 5 0 5 000 000 000 000 5 000 000 000 000 000 0 000 000 000 on reen on s reen an an on s o erc a paper on s an nut se cre t fac t es o erc a papers ash 2025 2026 2027 2028 2029 2030 onwards
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Profilfarger Tilleggsfarger grafer 0 0 0 0 0 5 0 0 . . .00 . 5 .50 . 5 .00 . 5 .50 . 5 .00 . 5 .50 . 5 5.00 Interest rate on interest-bearing debt and all-in net financial costs 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 (04 February), 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. 22 stor ca nterest rate on nterest ear n e t orecaste nterest rate on nterest ear n e t orwar cur e stor ca a n net f nanc n cost All-in net financial costs reduced to 4.31% from 4.38% in Q3-25 Interest rate on interest-bearing debt increased from 3.91% to 3.97% Stable interest rates going forward supported by anticipated rate cuts, interest hedges and fixed credit margins • Average fixed interest term 2.3 years • Fixed credit margins 2.3 years
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Profilfarger Tilleggsfarger grafer • The Board has proposed a cash dividend of NOK 1.10 per share for H2 2025 • Corresponding to 32% of Cash Earnings for the period, excluding gain from development of Holtermanns veg • In line with the NOK 1.10 per share dividend for H1 2025 • Additional capital distribution through initiation of share buy-back program comprising up to 0.5% of outstanding shares • Similar value as gain from development of Holtermanns veg in Q4 25 • Purpose is to improve shareholder returns by distributing capital to shareholders, by reducing the issued share capital of the company • The capital distribution is according to the revised dividend policy and balancing the investment grade rating, dividends, share buy- backs, and investments in accretive growth to maximise long- term shareholder returns Capital distribution since IPO 23 Capital distribution for H2-25 1 Cash Earnings defined as net result from property management less payable tax. 2 Based on year-end share price. 3 Assumes completion of buy-back program. Based on close price 10 February of NOK 114. 0 0 5 0 0 0 0 0 0 0 0 0 0 0 5 . 0 .50 .00 . 0 . 0 .50 0. 0 . 0 0. 0 . 0 5. 0 5. 0 . 0 . 0 0 5 0 . 5 0 . . .0 . .5 . .5 . ash en per share ropose cash en hare u ac per share n t ate share u ac pro ra ap ta str ut on as of ash Earn n s ap ta str ut on e 2 1 3 3 3
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Profilfarger Tilleggsfarger grafer Profilfarger Tilleggsfarger grafer Closing remarks
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Profilfarger Tilleggsfarger grafer Highlights in 2025 ✓ Solid gross letting volumes in a more muted demand environment in Oslo ✓ Improved financial performance and debt metrics ✓ Financial flexibility secured, through successful restructuring of bank facilities and bond financing at attractive terms ✓ Property values changes back in positive territory ✓ Return target clearly articulated, supported by capital discipline across portfolio ✓ Resumed semi-annual capital distribution ✓ Well positioned to capitalise on previous investments in environmental qualities, with an already energy-efficient portfolio
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Profilfarger Tilleggsfarger grafer Profilfarger Tilleggsfarger grafer Closing remarks and outlook Stenersgata 1 • Cash dividend of NOK 1.10 per share proposed for H2 2025 and initiating share buy-back program • Unlocking value from project development and transactions • Successful project completion and sale in Trondheim • Capital efficient and value accretive project realisation in Christian Krohgs gate 2, accelerating the ongoing transformation around Oslo Central • Promising long-term letting market fundamentals, supported by a stable Norwegian economy • Stable mainland GDP and employment growth expected going forward • Increasing tenant search activity, low newbuild volumes • Market rents and breakeven rents for newbuilds converging in certain areas • Future rental income growth driven by CPI, letting of vacant space, rent uplift potential and projects • Profitability continues to be key priority in 2026 • Increasing occupancy and capturing rental reversion • Selective accretive project development and asset rotation • Disciplined approach to capital allocation 26
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Profilfarger Tilleggsfarger grafer Q&A Universitetsgata 1-9, Oslo
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Next event Q1 results 21 April 2026 For more information see, www.entra.no/investor-relations
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Profilfarger Tilleggsfarger grafer Disclaimer • Certain statements in this presentation are forward-looking, including statements regarding future expectations. These state ents ref ect ana e ent’s current ews e pectat ons an assu pt ons an the r nature n o e nown an unknown risks and uncertainties. They relate to events and circumstances that may or may not occur in the future. • Although Entra believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that they will prove to be correct. • Actual results, performance or events may differ materially from those expressed or implied in these statements. u erous factors an of wh ch are e on Entra’s contro cou cause actua outco es to ffer ater a nc u n among other things, macroeconomic conditions, movements in interest rates, tenant demand, regulatory changes and other market developments. • Entra undertakes no obligation to update or revise any forward-looking statements to reflect events or circumstances after the date of this presentation. • This presentation contains alternative performance measures (non-IFRS financial measures). Definitions and calculations are set out in the quarterly reports available at entra.no. 29