Slides
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Profilfarger Tilleggsfarger grafer Third quarter presentation 2026 Oslo, 15 October 2026 Q3 Nonnesetergaten 4, Bergen
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Profilfarger Tilleggsfarger grafer Profilfarger Tilleggsfarger grafer 2 Highlights in the quarter Key financial figures Key events • Net letting of 14 million • Finalised refurbishment of Nonnesetergaten 4 with improved yield on cost • Started final phase of the Stenersgata 1 redevelopment project next to Oslo Central Station • Capital distribution for H1 2026 of ~NOK 1.10 per share through a share buy-back programme up to NOK 200 million
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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 46 million (16 900 sqm) • Terminated contracts of 15 million (7 000 sqm) • Net letting of 14 million • Occupancy 93.8 % • WAULT at 5.8 years (5.9 years incl. project portfolio) • 48 % of contracted rent from public sector 4 Letting and occupancy Largest new and renegotiated contracts Occupancy Letting activity 1 Net letting = new contracts + uplift on renegotiations – terminated contracts.
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Profilfarger Tilleggsfarger grafer Refurbishment, next to train station and bus terminal in Bergen • 17 400 sqm • 93% let • Total project cost (incl. initial book value): 1 029 million • Energy class B, BREEAM In-use Excellent, EU taxonomy-aligned • Yield on cost: 5.9% 5 Nonnesetergaten 4 Finalised project
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Profilfarger Tilleggsfarger grafer Redevelopment, next to Oslo Central Station 6 Stenersgata 1 phase 2 • 16 200 sqm • 34% let • Total project cost (incl. initial book value): 1 430 million • Remaining project cost: 709 million • Energy class B, BREEAM NOR Excellent, EU taxonomy-aligned • Yield on cost: 5.7% Expected completion: Q1 2028/Q1 2029 Phase 2 Phase 1 completed 2023 Started project
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Profilfarger Tilleggsfarger grafer 7 Ongoing development portfolio Stenersgata 1 Verkstedveien 1 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 80 per cent let, of which 70 per cent to existing tenants who will remain in the property throughout the refur bishment period. 4 Weighted average occupancy of the project portfolio 5 Information regarding the Christian Krohgs gate 2 joint venture, in which Entra owns 50 per cent, is presented on a 100 per cent basis
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Profilfarger Tilleggsfarger grafer Resilient economy • Strong public finances, supported by the sovereign wealth fund • Economic growth supported by private consumption and public sector demand • Employment growth is expected to remain positive over the coming years, with more modest growth in Oslo • Inflation remains above target: September CPI at 3.4% and CPI- ATE at 3.0% • Key policy rate raised to 4.50% in September. The Central Bank of Norway expects to hold the rate at this level for some time, before gradual cuts from end-2027 to just below 3.5% by end-2029 8 Norwegian economy Sources: Mainland GDP and employment growth estimates; average of ’ b Norwegian policy rate curve; the Central Bank of Norway September forecast. Mainland GDP and employment growth Norwegian policy rate curve Current rate: 4.50%
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Profilfarger Tilleggsfarger grafer 9 Newbuild volumes (1,000 sqm) – Oslo 4 4 Rental growth, CPI and vacancy – Oslo Differentiated market – demand increasingly focused on central, high-quality offices Market development • Oslo letting activity in line with normal historical levels in the quarter • Consensus vacancy estimates revised slightly upwards quarter-on- quarter, primarily in fringe areas • Limited new office supply supports occupancy and market rents • ’ ~ growth for central Oslo over 2027-2029 • Rents increasingly differentiated by office quality and location 1 High-quality assets. 2 ’ ’ b CPI previous year (3% in November 2025). 3 Includes Fornebu and Lysaker. 4 Approximately 200 000 sqm is related to the new Government Quarter and Construction City completed in 2025 and 2026. 5 Largely include occupier-owned headquarter projects (public sector tenants). : ’ Statistics Norway and the Central Bank of Norway. 1 2 3 5
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Profilfarger Tilleggsfarger grafer High replacement costs support rental growth 1 Implied value of management portfolio = market cap + net nominal interest -bearing debt + minority interests - investments in associates/JVs - inventory properties - project portfolio and development sites at implied value, divided by management portfolio area. 2 Including soft costs and financing. Source replacement cost: UNION estimates. Replacement cost (Oslo) per sqm 0 20 000 40 000 60 000 80 000 100 000 120 000 High quality, city centre/Bjørvika Standard quality, east/fringe Land cost Range (high estimate) Construction cost ~95,000 – 110,000 ~52,000 – 55,000 Entra's portfolio value per sqm 49 553 47 436 3 815 39 818 0 20 000 40 000 60 000 80 000 100 000 120 000 Management portfolio Project portfolio Development sites Implied management portfolio Book value, 30.09.26 Stock market EPRA NRV: NOK 160 per share (30.09.26) Share price: NOK 93.40 (14.10.26) Net yield: 5.3% Fully let: 5.9% Yield on cost fully let: 5.6 - 5.8% Implied yield: 6.6% Fully let: 7.3% 12
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Profilfarger Tilleggsfarger grafer Total transaction volume1 (NOK billion) - Norway 11 1 Total commercial property volume including transactions above 50m. : ’ Statistics Norway and the Central Bank of Norway. Prime yield – Oslo Market development Selective transaction market, stable volumes • Transaction volumes broadly in line with levels since 2024 • Investors remain selective amid interest rate volatility and heightened geopolitical uncertainty • Financing markets remain available, with generally supportive lending sentiment and favourable credit margins • Prime office yields expected to increase somewhat in the near term, before gradually trending lower (Entra consensus report)
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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 13 Profit before tax Financial highlights • Rental income unchanged from Q2-26 – net positive effect from finalised projects offset by increased vacancy • Net income from property management reduced from previous quarter predominantly due to higher financing costs • Profit before tax improved from previous quarter due to less negative value adjustments compared to Q2-26
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Profilfarger Tilleggsfarger grafer b Q3 comments Compared to last year rental income positively impacted by CPI growth, partly offset by net effect from vacated properties for redevelopment Operational costs above last year due to increased vacancy costs and letting related costs Other revenues/other costs normalised compared to 2025, which was impacted by completion and sales of Holtermanns veg Share of profit from JVs negatively affected by the result and impairment of investment in OSU Net realised financials increased from Q2-26 due to higher interest rates Negative value changes in properties related to ’ return requirement 14 Profit and loss statement
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Profilfarger Tilleggsfarger grafer 15 Based on reported events per end of quarter. Does not constitute a forecast; aims to demonstrate the rental income developmen t 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 i s not known. CPI adjustment with effect for 2027 is estimated to 3.25 per cent and 2.50 per cent with effect for 2028. Upside potential with regards to letting of vacant space, with annual market rental income estimated to 214 million, and rent uplift on tenant renegotiations. There is also an upside in rental income from vacant space in the ongoing project portfolio totalling 131 million. Downside risk is mostly rel ated to leases that are not renewed or renegotiated below current terms. Rental income development
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Profilfarger Tilleggsfarger grafer Property value development in the quarter Net Asset Value (NAV)1 development over time 16 Property value and NAV development 1 NAV measured as EPRA NRV – Net Reinstatement Value.
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Profilfarger Tilleggsfarger grafer Interest coverage ratio (ICR) 17 Leverage ratio1 and Net debt to EBITDA2 Key debt metrics 1 L ’ 2 Net nominal interest-bearing debt divided by EBITDA LTM. L b Debt metrics comments: • Interest coverage ratio (ICR LTM) stable at 2.14x, compared to 2.16x in Q2-26 • ICR for Q3 isolated down to 1.96x predominantly due to higher interest costs in the quarter • Leverage ratio1 up to 49.0% due to negative property value adjustment in the quarter • Net debt to EBITDA2 stable at 11.0x
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Profilfarger Tilleggsfarger grafer Debt financing mix 18 Maturity profile Financial position 1 Excluding operating cash flows and investments. b b 2026 2027 2028 2029 2031 onwards Decreased net nominal interest-bearing debt 30.8bn (31.0bn in Q2 26) • Average time to maturity of total debt to 3.8 years, down from 4.0 years in previous quarter Financing activities in the quarter • New commercial paper loans of 1 800m • Completed process to align all bonds to 40% carve- out limitation Undrawn credit lines of 6.0bn • Down from 7.6bn in previous quarter due to bond maturities • Robust debt maturity coverage of close to 24 months1 2030
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Profilfarger Tilleggsfarger grafer Interest rate on interest-bearing debt and all-in net financial costs All-in net financial costs increased to 4.61% from 4.50% in Q2-26 Interest rate on interest-bearing debt increased to 4.37% from 4.16% Cost of debt may increase going forward due to higher interest rates, partly offset by interest hedges and fixed credit margins • 63 % of debt portfolio currently hedged at fixed rate with time to maturity of hedge portfolio of 3.5 years • Time to maturity of 2.3 years of fixed credit margins 19 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 (9 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. b b b b
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Profilfarger Tilleggsfarger grafer • The Board has approved a capital distribution of ~NOK 1.10 per share for H1-2026 through a share buy-back programme of up to NOK 200 million • Equivalent to 31% of Cash Earnings for the period • In line with the ordinary dividend of NOK 1.10 per share for each of H1 and H2-2025 • The buy-back programme aims to enhance shareholder returns Capital distribution since IPO 20 Capital distribution for H1-26 1 Cash Earnings is defined as net result from property management less payable tax. 2 Based on year-end share price. 3 Assumes completion of the share buy-back programme. Yield annualised based on closing price 14 October of NOK 93.40. b b b b b b b 2 1 3 3 3
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Profilfarger Tilleggsfarger grafer Profilfarger Tilleggsfarger grafer Closing remarks
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Profilfarger Tilleggsfarger grafer Profilfarger Tilleggsfarger grafer 22 Closing remarks and outlook Stable operational performance • Net letting of NOK 14 million • Completed Nonnesetergaten 4 and commenced the final phase of Stenersgata 1 Disciplined capital allocation • Increased financial flexibility and access to secured bank financing • Capital distribution through a share buy-back programme of up to NOK 200 million • Selective accretive project development and asset rotation Positioned for profitable growth • Rental income growth supported by CPI, rental reversion, occupancy and ongoing project developments Supportive long-term market fundamentals • Demand continues to concentrate in central, high-quality offices near transport hubs • Limited new supply supports occupancy and rental growth Verkstedveien 1, Oslo
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Profilfarger Tilleggsfarger grafer Q&A Brynsengfaret 6, Oslo
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Next event Q4 results 10 February 2027 For more information see, www.entra.no/investor-relations Disclaimer • Certain statements in this presentation are forward-looking, including statements regarding future expectations. These statement ’ assumptions and, by their nature, involve known and 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. Numerous fac tor b ’ outcomes to differ materially, including, among other things, macroeconomic conditions, movements in interest rates, tenant d emand, 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.