Interim report
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Nonnesetergaten 4, Bergen Third quarter 2026 Q3
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2 Entra third quarter 2026 report Contents Contents Highlights ................................................................. 3 Financial development ............................................. 5 The property portfolio .............................................. 11 Investments and divestments ................................ 13 Partly owned companies ........................................ 16 Market development .............................................. 17 Other information ................................................... 19 Outlook ................................................................... 20 Financial statements .............................................. 21 Notes ...................................................................... 25 Definitions .............................................................. 36 This report contains forward-looking statements that reflect current expectations and assumptions about future events. By their nature, such statements involve known and unknown risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. A number of factors, many of which beyond our control, could cause actual results, performance or developments to deviate substantially from those expressed or implied in these statements.
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3 Entra third quarter 2026 report Contents Highlights Rental income of 782 million, in line with the previous quarter Net income from property management of 306 million – Stable rental income and higher financial costs compared with the previous quarter Net value changes of -746 million – Value changes investment properties of -864 million Cash Earnings of NOK 1.67 per share Net asset value (NRV) of NOK 160 per share Net letting of 14 million Finalised refurbishment project at Nonnesetergaten 4 with improved yield on cost Started the second and final phase of the Stenersgata 1 redevelopment project next to Oslo Central Station Capital distribution for H1 2026 of approximately NOK 1.10 per share through a share buy-back programme of up to NOK 200 million Rental income +2.0 % (YOY) 767 787 800 781 782 0 250 500 750 1000 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Rental income (NOKm) Net asset value -4.5 % (YOY) Leverage +0.2 pp (YOY) 167 169 170 163 160 100 125 150 175 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 EPRA NRV (NOK per share) 48.8 % 48.0 % 47.6 % 48.7 % 49.0 % 2.04x 2.14x 2.17x 2.16x 2.14x 40% 60% Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Effective leverage and ICR Property management -6.8 % (YOY) 328 425 357 320 306 0 150 300 450 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Net income from PM (NOKm)
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4 Entra third quarter 2026 report Contents Key figures Q3-26 Q2-26 Q3-25 YTD Q3-26 YTD Q3-25 2025 2024 2023 Rental income (NOK million) 782 781 767 2 363 2 311 3 098 3 267 3 418 Net operating income (NOK million) 709 709 703 2 150 2 123 2 831 2 991 3 136 Net income from property management (NOK million) 1) 306 320 328 983 999 1 424 1 308 1 356 Changes in value of investment properties (NOK million) -864 -1 094 -88 -2 156 195 305 -1 497 -8 148 Profit before tax (NOK million) -518 -1 011 326 -1 241 1 139 1 615 -56 -6 868 Profit after tax (NOK million) -451 -855 247 -1 101 890 1 266 75 -5 582 Market value of the property portfolio (NOK million) 1) 59 991 60 586 62 365 59 991 62 365 61 991 61 070 69 520 Net nominal interest-bearing debt (NOK million) 1) 30 820 30 955 31 551 30 820 31 551 30 887 31 400 39 291 Return on equity -6.8 % -12.9 % 3.9 % -5.5 % 4.6 % 5.0 % 0.3 % -17.6 % LTV (Effective leverage) 1) 49.0 % 48.7 % 48.8 % 49.0 % 48.8 % 48.0 % 49.3 % 54.0 % EPRA LTV 1) 53.7 % 53.1 % 52.1 % 53.7 % 52.1 % 51.6 % 52.9 % 57.2 % Interest coverage ratio (LTM) 1) 2.14 2.16 2.04 2.14 2.04 2.14 1.91 1.84 Net interest-bearing debt / EBITDA (LTM) 1) 11.0 11.0 11.7 11.0 11.7 11.0 11.7 13.2 Net letting (NOK million) 14 131 10 125 -40 -37 -76 59 Occupancy 93.8 % 93.3 % 94.2 % 93.8 % 94.2 % 93.8 % 94.3 % 95.3% Average outstanding shares (million) 181.2 181.2 182.1 181.4 182.1 182.1 182.1 182.1 EPRA NRV per share (NOK) 1) 159.64 163.29 167.23 159.64 167.23 169.25 161.61 166.67 EPRA NTA per share (NOK) 1) 157.84 161.45 165.39 157.84 165.39 167.36 159.82 164.65 EPRA Earnings per share (NOK) 1) 1.19 1.24 1.27 3.83 3.90 5.59 5.13 5.37 Cash Earnings per share (NOK) 1) 1.67 1.61 1.78 5.21 5.42 7.73 7.11 7.37 Capital distributions per share (NOK) 2) 0.00 0.00 0.00 0.00 1.10 2.75 0.00 0.00 1) See section ‘Alternative performance measures’ for calculation of the key figure. 2) Entra’s dividend policy is to distribute at least 30 per cent of the Group’s Cash Earnings as semi-annual capital distributions, either through cash dividends or share buybacks. Capital distributions were, however, suspended during 2023 and 2024 to strengthen Entra’s balance sheet. The capital distribution for 2025 comprises cash dividends of NOK 2.20 per share and a share buy-back programme, amounting to NOK 100 million, executed in Q1 2026. On 14 Octobe r 2026, Entra decided to initiate a new share buy-back programme of up to NOK 200 million as capital distribution for H1 2026, which, if completed in full, will represent a capital distribution of approximately NOK 1.10 per share. Share buy-backs will be included in the capital distribution for H1 2026 in the Key figures table in line with the programme’s progress. Refer to page 19 for further information on the share buy-back programme.
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5 Entra third quarter 2026 report Contents Financial development Results Rental income Rental income of 782 million in the third quarter of 2026 was up 1 million from 781 million in the previous quarter, and up 15 million from the corresponding period in 2025. The changes in rental income are explained in the income bridge below. All amounts in NOK million Q2-26– Q3-26 Q3-25– Q3-26 YTD Q3-25– YTD Q3-26 Rental income previous period 781 767 2 311 Finalised development projects 8 19 56 Vacated properties for redevelopment -2 -23 -60 Acquisitions 0 0 0 Divestments 0 -2 -4 CPI growth 0 20 60 Like-for-like growth above CPI -4 1 1 Other 0 0 -2 Rental income 782 782 2 363 Finalised development projects with most significant impact on the increase in rental income for the quarter includes Brynsengfaret 6 in Oslo, Nonnesetergaten 4 in Bergen and Verkstedveien 3 in Oslo. Vacated properties for redevelopment includes Stenersgata 1 in Oslo, Drammensveien 134 in Oslo and Valkendorfsgaten 6 in Bergen. The like-for-like growth for the quarter is negative mainly due to reduced occupancy in the management portfolio in Sandvika and Drammen. Compared to the first nine months last year, rental income has been positively affected by an underlying like-for-like growth above CPI of 1 million. The CPI adjustment, effective from 1 January 2026, was 2.9 per cent (60 million) compared to the first nine months last year. Nearly all of Entra’s lease contracts are 100 per cent linked to positive changes in CPI. The annual CPI adjustments are mostly made on a November-to-November basis and take effect from 1 January the following year. Average 12-month rolling rent per square metre was 2 798 as of 30.09.26 (Q3-25: 2 681). The increase in 12-month rolling rent over the last four quarters is mainly due to CPI growth and is also explained by finalised development projects. The occupancy rate increased by 0.5 percentage points to 93.8 per cent compared with the previous quarter. The increase is mainly due to the property Valkendorfsgaten 6 in Bergen being transferred from the management portfolio to the project portfolio in preparation for refurbishment. The market rental income of vacant space as of 30.09.26 is estimated at 214 million on an annualised basis. Rent (12m rolling) per sqm and occupancy rate 85.0 87.5 90.0 92.5 95.0 97.5 100.0 1 500 1 700 1 900 2 100 2 300 2 500 2 700 2 900 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 (%)(NOK sqm) Property portfolio Occupancy (%)
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6 Entra third quarter 2026 report Contents Operating costs All amounts in NOK million Q3-26 Q2-26 Q3-25 YTD Q3-26 YTD Q3-25 Maintenance 6 6 5 18 14 Tax, leasehold, insurance 17 17 17 51 52 Letting and prop. adm. 27 25 25 77 67 Direct property costs 23 24 17 66 54 Operating costs 73 72 63 212 188 The increase in operating costs from 2025 is primarily due to higher vacancy levels. This has increased the owner’s share of shared-service and energy costs, reflected in direct property costs, as well as letting-related costs, reflected in letting and property administration costs. Net operating income As a consequence of the effects explained above, total net operating income came in at 709 million in the third quarter, in line with 709 million in the second quarter of 2026 (Q3-25: 703 million). Other revenues and other costs Other revenues decreased to 21 million in the quarter, compared with 33 million in the previous quarter (Q3-25: 71 million). Other costs totalled 13 million in the quarter, compared with 17 million in the previous quarter (Q3-25: 46 million). The decrease in revenues and costs from 2025 is mainly related to the completion and sale of the development project Holtermanns veg 1–13 phase 3 in 2025. Other revenues and other costs in 2026 mainly comprise additional services provided to tenants, as well as income and costs related to inventory properties, i.e. properties at Bryn in Oslo that are expected to be zoned for residential development and subsequently sold to a third party at a predetermined price. Administrative costs Administrative costs amounted to 48 million in the third quarter, compared with 52 million in the previous quarter (Q3-25: 50 million). Rental income development 782 4 0 -2 783 802 800 798 828797 Q3 2026 Projects Net letting Other Q4-26 Q1-27 Q2-27 Q3-27 Q4-27 Q1-28 NOK million 0 100 200 300 400 500 600 700 800 900 The graph on the left-hand side does not constitute a forecast, but rather aims to show the rental income trend in the existing contract portfolio based on all reported events. The graph shows the estimated development of contractual rental income based on all reported events, including income effect from acquisitions and divestments, development projects, net letting based on new, renegotiated and terminated contracts in the management portfolio, and other effects such as estimated CPI adjustments. CPI adjustment with effect for 2027 is estimated at 3.25 per cent and 2.50 per cent with effect for 2028. The graph does not reflect any letting targets on the vacant areas in the portfolio. Contracts which expire in the period are assumed continued at current terms. There is consequently upside potential with regards to letting of vacant space in the management portfolio, with annual market rental income estimated at 214 million and rent uplift on tenant renegotiations. There is also an upside in rental income of annual 131 million from vacant space in the ongoing project portfolio. The possible downside if the leases are not renewed, or renegotiated below current terms, is 84 million accumulated over the period.
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7 Entra third quarter 2026 report Contents Share of profit from associates and JVs All amounts in NOK million Q3-26 Q2-26 Q3-25 YTD Q3-26 YTD Q3-25 Income from property management -7 -6 -4 -20 -7 Other income and costs -60 -19 11 -104 -10 Changes in market value 1 -7 2 -5 2 Impairment of investments in associates and JVs -35 -128 0 -163 0 Tax 16 2 -5 24 1 Share of profit from associates and JVs -85 -159 5 -268 -15 The share of profit from associates and JVs in the third quarter was negatively affected by negative profits in OSU of 43 million and an impairment of the investment in OSU of 35 million. Year- to-date, the corresponding amounts were 76 million and 163 million, respectively. These effects reflect more challenging market conditions and reduced values in OSU's development portfolio. See page 16 for a detailed breakdown of the results from associates and JVs. Net realised financials Net realised financials amounted to -356 million in the third quarter, compared with -346 million in the previous quarter (Q3- 25: -346 million). The higher net financial expense is mainly due to higher average interest rates. Net income and net income from property management Total net income amounted to 228 million in the quarter, up 61 million from 168 million in the previous quarter (Q3-25: 337 million). The increase primarily reflects a lower impairment of the investment in the JV OSU of 35 million in the quarter, compared with 128 million in the previous quarter. The result was, however, negatively affected by a loss contribution from OSU of 43 million. Net income from property management amounted to 306 million in the quarter, down 14 million from 320 million in the previous quarter (Q3-25: 328 million). For the calculation of Net income from property management, see the section Alternative performance measures. Value changes Changes in value of investment properties were -864 million in the quarter, compared with -1 094 million in the previous quarter (Q3-25: -88 million). The negative value change is predominantly due to an adjustment of the appraisers’ estimated required rate of return and exit yields. Changes in value of financial instruments were 118 million in the quarter, compared with -84 million in the previous quarter (Q3-25: 77 million). The positive value change in the quarter is mainly driven by higher market interest rates. Tax Tax payable was 4 million (Q3-25: 5 million) in the quarter, related to the partly owned entity Papirbredden in Drammen. The previous quarter (29 million) included tax payable of 25 million related to a reassessment of tax for previous years which cannot be offset against current tax losses carried forward. Entra and its wholly owned subsidiaries are currently not in a tax payable position. The change in deferred tax was 70 million in the quarter, compared with 186 million in the previous quarter (Q3-25: -74 million). Profit/loss Profit before tax was -518 million in the quarter, compared with -1 011 million in the previous quarter (Q3-25: 326 million). Profit after tax was -451 million, compared with -855 million in the previous quarter (Q3-25: 247 million). Net income from property management per share (Annualised, rolling 4 quarters) 8.0 8.0 8.1 8.0 8.0 8.2 8.3 8.4 8.8 9.2 9.2 8.6 8.4 8.2 7.5 7.4 7.0 7.0 7.0 7.1 7.1 7.1 7.2 7.8 8.1 7.9 7.8 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 (NOK)
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8 Entra third quarter 2026 report Contents Balance sheet The Group’s total assets amounted to 63 503 million as of 30 September 2026, down from 63 891 million as of 30 June 2026. Investment properties totalled 59 871 million (30 June 2026: 60 464 million), with the decrease mainly reflecting the negative value changes in the quarter. Inventory properties of 505 million at the end of the quarter (30 June 2026: 516 million) relate to the properties expected to be zoned for residential development at Bryn in Oslo, and subsequently sold to a third party at a predetermined price. The decrease reflects a reduction in the expected zoned area of the project, resulting in a lower anticipated sales price for the properties. This has a corresponding effect on Entra's seller's credit obligation to the previous owners, as both the sales consideration and the seller's credit are linked to the final zoned area. Borrowings were 30 813 million at the end of the quarter (30 June 2026: 30 850 million), of which 10 208 million were bank financing, 18 495 million were bonds outstanding and 2 110 million were commercial papers. Book equity totalled 25 083 million as of 30 September 2026 (30 June 2026: 25 534 million). EPRA NRV per share was 159.64, down from 163.29 as of 30 June 2026. EPRA NTA was 157.84, down from 161.45 at the end of the previous quarter. Cash flow statement Net cash flows from operating activities came in at 425 million in the quarter, compared with 151 million in the previous quarter (Q3-25: 415 million). The increase mainly relates to working capital movements. The net cash flows from investment activities were -289 million in the quarter, compared with -280 million in the previous quarter (Q3-25: -351 million). The cash effect from investment in and upgrades of investment properties was -267 million in the quarter. Net cash flows from financing activities were -63 million in the quarter, compared with 54 million in the previous quarter (Q3-25: -14 million). During the quarter, Entra had net increases in bank and commercial paper financing of 1 609 million and 800 million, respectively, while bond financing decreased by 2 470 million. The net change in cash and cash equivalents was 74 million in the quarter, compared with -74 million in the previous quarter (Q3-25: 49 million). Financing In the third quarter of 2026, Entra’s nominal interest-bearing debt decreased by 62 million to 31 005 million. In the same period, Entra issued new commercial paper loans of 1 800 million. Financing metrics Q3-26 Q2-26 Q3-25 Average nominal interest rate 4.37 % 4.16 % 3.91 % All-in net financing cost 4.61 % 4.50 % 4.38 % Nominal interest-bearing debt (million) 31 005 31 067 31 843 Net nominal interest-bearing debt (million) 30 820 30 955 31 551 LTV (Effective leverage) 49.0 % 48.7 % 48.8 % Interest coverage ratio (ICR) LTM 2.14 2.16 2.04 Interest coverage ratio (ICR) quarter isolated 1.96 2.05 2.03 Net interest-bearing debt / EBITDA (LTM) 11.0 11.0 11.7 Average time to maturity of debt (years) 1) 3.8 4.0 3.8 1) Calculation takes into account that available long-term credit facilities can replace short-term debt.
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9 Entra third quarter 2026 report Contents Entra’s financing is mainly based on a negative pledge of the Group’s assets, which enables a broad and flexible financing mix. As of 30.09.26, secured debt amounted to 13.0 per cent of the Group’s assets according to the definition in the carve-out clause in the bond agreements. After the end of the third quarter, Entra completed the process of aligning the terms of all outstanding bonds with the Base Prospectus updated in December 2024. The amendment increases the proportion of consolidated assets that may be pledged under Entra’s bond agreements from 15 per cent to 40 per cent. This is expected to support Entra’s continued access to competitively priced bank financing as regulatory developments increasingly favour secured lending. Maturity profile and composition interest-bearing debt Maturity profile 0–1 yrs 1 –2 yrs 2 –3 yrs 3 –4 yrs 4+ yrs Total % Commercial papers (NOKm) 2 110 0 0 0 0 2 110 7 Bonds (NOKm) 594 2 700 3 600 4 500 7 265 18 659 60 Bank loans (NOKm) 0 561 0 7 675 2 000 10 236 33 Total (NOKm) 2 704 3 261 3 600 12 175 9 265 31 005 100 Unutilised credit facilities (NOKm) 0 4 880 0 1 125 0 6 005 Unutilised credit facilities (%) 0 81 0 19 0 100 Financing status, policy and financial covenants All amounts in NOK millions 30.09.2026 Tar get Financial covenant LTV (Effective leverage) 49.0 % Below 50 per cent over time Below 75 per cent Interest coverage ratio (ICR) 2.14x Min. 1.80x Min. 1.40x Debt maturities <12-months 8.7 % Max 30 % N/A Maturity of hedges <12-months 44.8 % Max 50 % N/A Average time to maturity of interest rate hedge portfolio 3.5 N/A N/A Average interest rate hedge maturity of the Group’s debt portfolio 2.2 2–6 years N/A Back-stop of short-term interest-bearing debt 222 % Min. 100 % N/A Average time to maturity (debt) 3.8 Min. 3 years N/A
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10 Entra third quarter 2026 report Contents Interest rates and maturity structure The average nominal interest rate1) of the debt portfolio was 4.37 per cent as of 30.09.26. The average effective interest rate of the debt portfolio was higher than the nominal interest rate mainly due to bond issuances below par value. As of 30.09.26, Entra’s portfolio of fixed interest rate hedges had a total volume of 19 560 million, including forward-starting swaps, representing a fixed rate hedge position of 63.1 per cent, and had an average term to maturity of 3.5 years. As of 30.09.26, credit margins for the debt portfolio had a weighted average fixed term of 2.3 years. The Group manages interest rate risk through floating-to-fixed interest rate swaps and fixed rate bonds. The table below shows the maturity profile and contribution from these fixed rate instruments, as well as the maturity profile for credit margins on debt. Fixed rate instruments²) Forward-starting swaps³) Average credit margin Amount (NOKm) Interest rate (%) Amount Interest rate (%) Tenor (years) Amount (NOKm) Credit mar gin (%) <1 year 2 460 2.22 1 000 4.03 7.0 11 540 1.27 1–2 years 3 000 1.80 0 2 700 0.92 2–3 years 1 900 1.54 0 3 600 0.43 3–4 years 5 400 2.71 0 3 900 0.95 4–5 years 1 100 3.70 0 6 765 0.97 5–6 years 3 900 3.10 0 2 500 1.10 6–7 years 0 0.00 0 0 0.00 7–8 years 800 3.31 0 0 0.00 8–9 years 0 0.00 0 0 0.00 9–10 years 0 0.00 0 0 0.00 >10 years 0 0.00 0 0 0.00 Total 18 560 2.55 1 000 4.03 7.0 31 005 1.02 1) Average floating interest rate (Nibor) is 4.55 per cent as of 30.09.26. It is impacted by Nibor interest rate fixings, both in terms of duration and fixing date. 2) Excluding forward-starting swaps and credit margins on fixed rate bonds (credit margins are displayed in the table to the ri ght). 3) The table displays future starting point, notional principal amount, average fixed rate and tenor for forward-starting swaps .
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11 Entra third quarter 2026 report Contents The property portfolio Entra’s management portfolio consists of 71 properties with a total area of approximately 1.1 million square metres. As of 30.09.26, the management portfolio had a market value of 55.3 billion. The occupancy rate was 93.8 per cent for the total management portfolio. The weighted average lease term for the Group’s leases was 5.8 years for the management portfolio and 5.9 years when the project portfolio is included. For the property portfolio, the public sector represents approximately 48 per cent of contracted rental income. The entire property portfolio consists of 79 properties with a market value of 60.0 billion. All of Entra’s properties have in the quarter been valued by two external appraisers: Newsec and Cushman & Wakefield Realkapital. The market value of the portfolio in Entra’s balance sheet is based on the average of the appraisers’ valuation. Valuation of the management portfolio is performed on a property- by-property basis, using individual DCF models and taking into account the property’s current characteristics combined with the external appraiser’s estimated required rate of return and expectations on future market development. The market value is defined as the external appraiser’s estimated transaction value of the individual properties on valuation date. The project portfolio and development sites are valued based on the same principles, but with deduction for remaining investments and perceived risk as of valuation date. Unzoned land is valued based on the appraisers’ assumptions on the market value of the land using the best estimate on the zoning and development process. Compared with the previous quarter, the portfolio net yield has increased from 5.26 per cent to 5.31 per cent. The increased net yield is mainly due to value changes in the third quarter. 12-month rolling rent per square metre increased from 2 788 in Q2 2026 to 2 798. The market rent per square metre increased from 3 068 in Q2 2026 to 3 081. 1) See the section ‘Definitions’. The calculation of net yield is based on the appraisers’ assumption of ownership costs, which at 30.09.26 is 5.5 per cent of market rent. 2) Market rent is calculated on a fully let basis. 3) Approximately 50 per cent of the property Stenersgata 1 in Oslo is under redevelopment. Information relating to the redevelo pment area is included in the project portfolio table above, while the remaining area is reported as part of the management por tfolio. The property is included only in the Oslo management portfolio property count. 4) In addition to the projects included in the table on page 14, Entra’s project portfolio includes the property Valkendorfsgat en 6 in Bergen. Properties Area Occupanc y Wault Market value 12-month rollin g rent Net yield 1) Market rent 2) (#) (sqm) (%) (year) (NOKm) (NOK/sqm) (NOKm) (NOK/sqm) (%) (NOKm) (NOK/sqm) Oslo 45 3) 746 872 94.9 5.8 41 983 56 211 2 294 3 072 5.14 2 530 3 388 Bergen / Stavanger 9 171 835 93.4 5.4 7 176 41 758 441 2 566 5.73 477 2 773 Sandvika 11 135 343 86.6 5.5 4 091 30 224 263 1 942 6.06 293 2 161 Drammen 6 60 950 90.5 7.1 2 002 32 854 122 2 000 5.66 136 2 237 Management portfolio 71 1 115 000 93.8 5.8 55 251 49 553 3 120 2 798 5.31 3 436 3 081 Project portfolio 4 4) 92 715 7.8 4 398 47 436 Development sites 4 89 587 0.5 342 3 815 Property portfolio 79 1 297 303 5.9 59 991 46 243
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12 Entra third quarter 2026 report Contents Letting activity During the third quarter, Entra signed new and renegotiated leases with an annual rent totalling 46 million (16 900 sqm). Lease contracts with an annual rent of 15 million (7 000 sqm) were terminated. Net letting was 14 million for the quarter. Net letting is calculated as the annualised rent of new lease contracts plus lease-up on renegotiated contracts less terminated contracts. The timing difference between net letting in the management portfolio in the quarter and its effect on the financial results is normally 6–18 months, while new contracts signed in the project portfolio tend to have an even later impact on the results. Largest new and renegotiated contracts New 10-year contract with The Directorate of Integration and Diversity for 3 700 sqm in Grensesvingen 7 in Oslo Renewed 6-year contract with an undisclosed tenant for 2 100 sqm in Tullins gate 2 in Oslo New 7-year contract with Sikker Bemanning for 1 000 sqm in Brynsengfaret 4 in Oslo New 4-year contract with PA Consulting Group for 1 000 sqm in Verkstedveien 1 in Oslo New 3-year contract with Propely Technologies for 700 sqm in Pilestredet 33 in Oslo. Historical letting - 150 - 100 - 50 - 50 100 150 200 250 300 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 (NOKm) Renegotiated New - management pf. New - project pf. Terminated Net letting Maturity profile 1) 1) The maturity profile provides an overview of annualised rents at the earliest possible termination dates. As such, a lease c ontract ending at the end of a year is included with the full annualised rent in the respective year. 4 0 150 300 450 600 750 900 1 050 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035+ (NOKm) 25 17 -15
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13 Entra third quarter 2026 report Contents Investments and divestments In the third quarter of 2026, Entra invested a total of 271 million in its investment and inventory property portfolio (Q3-2025: 323 million). In addition, Entra’s share of the investments in the Christian Krohgs gate 2 joint venture was 17 million in the quarter. Capital expenditure in 2025 included investments in the contract asset Holtermanns veg 1–13 phase 3. The decomposition of the investments is presented in the table on the right-hand side. Capital Expenditure All amounts in NOK million Q3-26 Q3-25 YTD Q3-26 YTD Q3-25 2025 Development 208 244 567 836 1 024 - Newbuild projects 0 31 5 243 288 - Redevelopment projects 1) 19 43 102 129 171 - Refurbishment 1) 188 169 461 465 565 Investment properties 78 72 173 176 256 - No incremental lettable space and tenant incentives 49 56 110 135 192 - Other material non-allocated types of expenditure 29 16 63 41 64 Capitalised interest 3 8 7 27 32 Total Capital Expenditure 288 323 747 1 040 1 312 Conversion to Capital Expenditure on cash basis -21 27 -93 35 74 Total Capital Expenditure on cash basis 2) 267 350 654 1 075 1 386 1) Also includes tenant alterations and maintenance capex when this is done as a part of asset redevelopment. 2) The cash investment in the Christian Krohgs gate 2 joint venture only represents Entra’s additional funding for the project.
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14 Entra third quarter 2026 report Contents Project development The portfolio of ongoing projects with a total investment exceeding 100 million is presented in the table on the right-hand side. Project started in the quarter At Stenersgata 1 in central Oslo, Entra is redeveloping a 16 200 sqm office building. This is the second and final phase of a redevelopment project comprising the office spaces. The project is 34 per cent pre-let, and is scheduled for stepwise completion in the period between Q1 2028 and Q1 2029. Project finalised in the quarter The refurbishment of the 17 400 sqm office building at Nonnesetergaten 4 in central Bergen was completed during the quarter. The project was 93 per cent let at completion and delivered a yield on cost of 5.9 per cent, compared with 5.7 per cent at project start. Status ongoing projects At Drammensveien 134, at Skøyen in Oslo, Entra is refurbishing a 21 000 sqm office building. The project is 80 per cent let, of which 70 per cent to existing tenants who will remain in the property throughout the refurbishment period. The refurbishment will be completed stepwise with final completion in Q3 2027. At Christian Krohgs gate 2 in central Oslo, Entra and Skanska are redeveloping a 21 200 sqm office building through a 50/50 joint venture. The project is located a few minutes' walk from Oslo Central Station, is 35 per cent pre-let, and is scheduled for completion in Q4 2029. At Verkstedveien 1, at Skøyen in Oslo, Entra is refurbishing a 31 700 sqm office building. The project is currently 95 per cent pre-let and the refurbishment will be completed stepwise in the period between Q2 2027 and Q1 2028. At Kaigaten 9 in the city centre of Bergen, Entra is refurbishing a 10 200 sqm office building. The project is 24 per cent pre-let and the refurbishment is scheduled for completion in Q1 2028. Ongoing development portfolio Location BREEAM-NOR/ BREEAM In- Use Completion Project area (sqm) Occupancy (%) Total project cost 1) (NOKm) Of which accrued 1) (NOKm) Yield on cost 2) (%) Redevelopment Stenersgata 1 phase 2 Oslo Excellent Q1-28 / Q1-29 16 200 34 1 430 722 5.7 Refurbishment Drammensveien 134 Oslo Q2-26 / Q3-27 21 000 80 986 917 5.8 Verkstedveien 1 Oslo Excellent Q2-27 / Q1-28 31 700 95 2 029 1 683 5.6 Kaigaten 9 Bergen Excellent Q1-28 10 200 24 608 415 5.8 Total Group 79 100 69 3) 5 053 3 737 Redevelopment Christian Krohgs gate 2 (50 % owned) 4) Oslo Very good Q4-29 21 200 35 1 827 662 5.7 Total jointly controlled entities 21 200 35 1 827 662 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) Weighted average occupancy of the project portfolio. 4) 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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15 Entra third quarter 2026 report Contents Transactions Entra has a continuous focus on optimising its high-quality management and project portfolio through asset rotation and disciplined capital allocation. This approach allows Entra to adapt to customer feedback and market changes, and to seize market opportunities as they arise. Entra actively seeks to increase the value and maximise returns of its property portfolio and focus on selected properties and urban development projects within specific areas in its core markets. Targeted locations include both areas in the city centres and selected clusters near public transportation hubs. Transactions 2025–2026 Divested properties Area Transaction quarter No of sqm Gross asset value (NOKm) Closing quarter Holtermanns veg 1–13 phase 3 Trondheim Q1/Q4 2024 15 500 845 Q4 2025 50 % of Christian Krohgs gate 2 Oslo Q4 2025 21 200 550 Q1 2026 Total 36 700 1 395
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16 Entra third quarter 2026 report Contents Partly owned companies Papirbredden Eiendom (60 %) Papirbredden Eiendom owns six properties totalling 61 100 sqm and a future development potential of 60 000 sqm in Drammen. Entra OPF Utvikling (50 %) Entra OPF Utvikling owns two office properties totalling 59 800 sqm in Bergen. The company is consolidated in the Group’s financial statements as Entra has a controlling vote on the Board of Directors. Oslo S Utvikling ‘OSU’ (50 %) Oslo S Utvikling is a property development company that is undertaking primarily residential development in Bjørvika in Oslo’s CBD East. Rebel U2 (50 %) Rebel U2 is the operator of the technology hub in Universitetsgata 2 in Oslo. The company offers full-service solutions, flexible and short-term leases, co-working facilities as well as conference and event activity. Christian Krohgs gate 2 (50 %) Entra and Skanska have established a joint venture for the redevelopment of Christian Krohgs gate 2 in Oslo city centre. The redevelopment covers 21 200 sqm. Galleri Oslo Invest (33.3 %) Galleri Oslo Invest is a joint venture with the two other owners of the property Schweigaards gate 6–14 in Oslo (‘Galleri Oslo’). The company owns and manages 10.6 per cent of Galleri Oslo. 1) Entra’s share of profit of associated companies & JVs and impairment of investments in associates and JVs is presented combined in the consolidated statement of comprehensive income as Share of profit from associates and JVs. All figures in NOK million Papirbredden Eiendom AS Entra OPF Utvikling AS Sum consolidated companies Oslo S Utvikling AS Rebel U2 AS Christian Krohgs gate 2 AS Galleri Oslo Invest AS Othe r Sum associated companies & JVs Share of ownership (%) 60 50 50 50 50 33 Revenue 32 46 77 124 25 0 3 11 162 Costs -11 -2 -13 -236 -40 -5 -1 -17 -298 Net income 21 43 64 -113 -15 -5 2 -6 -136 Net value changes -32 -35 -67 0 0 2 -1 0 1 Profit before tax -11 8 -3 -113 -15 -3 0 -6 -135 Tax 3 -2 1 27 3 3 0 -1 33 Profit for the period -9 6 -3 -86 -12 1 0 -6 -103 Non-controlling interests -4 3 0 Entra's share of profit 1) -43 -6 0 0 -2 -50 Impairment of investments in associates and JVs 1) -35 0 0 0 0 -35 Book value 383 0 170 134 100 788
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17 Entra third quarter 2026 report Contents Market development Inflation remained elevated during the quarter, and Norges Bank raised the policy rate by a further 25 basis points to 4.50 per cent in September. Norges Bank expects the policy rate to remain around current levels for somewhat longer than projected in June and has signalled that additional tightening cannot be ruled out if inflation remains elevated. Economic growth remains positive, supported by private consumption and stable public sector demand, while employment growth is expected to remain positive despite weaker momentum in Oslo. Overall, macroeconomic conditions remain stable, although higher-for-longer interest rates, elevated energy prices and geopolitical uncertainty may weigh on market sentiment. Demand remains focused on central, high-quality offices. There is growing recognition of the positive effects of well-designed, centrally located office environments on productivity, culture, collaboration and talent attraction, alongside a largely reversed work-from-home trend. At the same time, letting processes are more time-consuming and more often involve tenant alterations, as tenants are more strategic and thorough in assessing their workplace strategies. Larger tenants also tend to start their search processes earlier. Signed lease volumes have been in line with historical levels in the quarter. The Norwegian office market continues to be characterised by limited newbuild activity, as elevated construction and financing costs have postponed new project starts. This limited new supply supports occupancy and market rents. Overall office vacancy in Oslo and Bergen is expected to remain around 7–9 per cent, although with higher vacancy levels in certain submarkets with secondary locations. The majority of available space is concentrated in the segment of smaller spaces and secondary locations where competition is higher. Continued demand for centrally located, high-quality office buildings, combined with expectations of employment growth, CPI indexation of lease contracts and the limited newbuild pipeline, is expected to support further rental growth. Transaction activity continues to be influenced by interest rate volatility, although aggregate transaction volumes across all segments are expected to be broadly in line with 2024 and 2025 levels. Demand from equity-funded investors has supported prime office yields, while investment appetite in the broader market is selective amid interest rate uncertainty and heightened geopolitical risks. According to the Entra consensus report, transaction activity is expected to gain momentum from 2027, while prime office yields may rise modestly in the near term before gradually declining. Central Oslo assets rental growth and Oslo vacancy * Incl Lysaker and Fornebu. Source: Entra consensus report Q3 2026, the Central Bank of Norway and Statistics Norway. 7.9 % -1.8 % 1.6 % 11.1 % 6.5 % 4.1 % 3.3 % 3.5 % 3.2 % 3.6 % 2.8 % 7.3 % 7.9 % 7.8 % 7.7 % 7.6 % -4.0 % -2.0 % 0.0 % 2.0 % 4.0 % 6.0 % 8.0 % 10.0 % 12.0 % 2019 2020 2021 2022 2023 2024 2025 2026e 2027e 2028e 2029e Central Oslo rental growth CPI previous year Oslo vacancy* Norwegian transaction volume and Oslo prime yield * NOK billion total commercial property volume incl. transactions above NOK 50 million. Source: Entra consensus report Q3 2026, the Central Bank of Norway and Statistics Norway . 99 113 161 97 56 82 88 84 95 104 112 4.6 % 4.5 % 4.8 % 4.9 % 4.7 % 4.6 % -0.5 % 0.5 % 1.5 % 2.5 % 3.5 % 4.5 % 5.5 % 0 20 40 60 80 100 120 140 160 180 2019 2020 2021 2022 2023 2024 2025 2026e2027e2028e2029e Transaction volume Norway* Oslo prime yield
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18 Entra third quarter 2026 report Contents Sustainability As a leading real estate company, Entra seeks to maintain a green and climate-resilient property portfolio that is well positioned to meet regulatory and tenant requirements in a low- carbon economy. Entra is committed to achieving net-zero greenhouse gas emissions by 2050, with near- and long-term emission reduction targets validated by the Science Based Targets initiative (SBTi). In addition to enhancing property value and attractiveness to tenants, Entra’s green assets and sustainability efforts support access to competitive financing. The company has a sustainability-linked loan with the Nordic Investment Bank (NIB), linked to its science-based targets, and a Green Financing Framework with eligibility criteria linked to key elements of the EU Taxonomy. As of Q3 2026, 64.7 per cent of Entra’s total financing is classified as green. Changes to the Norwegian Energy Labelling Regulation, effective from 2026, increase the share of Entra’s portfolio that is EU Taxonomy-aligned. Applied to 2025 reporting, approximately 67 per cent of revenue and 46 per cent of CapEx would have been taxonomy-aligned. Key metrics 2025 2024 GHG emissions Scope 1, tCO2e 138 277 Scope 2, tCO2e 120 146 Scope 3, tCO2e 16 389 16 760 EU Taxonomy EU Taxonomy aligned turnover 52% 54% EU Taxonomy aligned CapEx 34% 29% BREEAM Certifications Certified properties, % of sqm 44% 45% Certified properties, % of property values 47% 52% Social metrics Sick leave (% of total days) 2.8% 2.2% Equality (% women/men) 39/61 39/61 Lost time injuries, ongoing projects (per. mill. hrs.) 4.6 3.1
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19 Entra third quarter 2026 report Contents Other information Share and shareholder information Entra’s share capital is NOK 181 247 395 comprising 181 247 395 shares, each with a par value of NOK 1 per share. Entra has one class of shares, and all shares provide equal rights. The cancellation of the 884 660 treasury shares acquired under the share buy-back programme completed on 19 March 2026 was registered with the Norwegian Register of Business Enterprises on 30 September 2026. As a result, the share capital was reduced from NOK 182 132 055 to NOK 181 247 395. As of 14 October 2026, Entra held no treasury shares. As of 14 October 2026, Entra had approximately 4 600 shareholders and shareholders with Norwegian citizenship held approximately 12 per cent of the share capital. Fastighets AB Balder held 40.17 per cent of the shares in Entra, while Castellum AB held 37.13 per cent of the shares. Consequently, both companies exerted negative control. Following completion of the cancellation of shares acquired under the share buy-back programme, Fastighets AB Balder’s shareholding increased from 39.98 per cent to 40.17 per cent of the issued shares. The increase is solely attributable to the reduction in the number of issued shares and does not involve any acquisition of shares. Accordingly, the change does not trigger a mandatory offer requirement under the Norwegian Securities Trading Act Chapter 6. The 10 largest shareholders as of 14 October 2026 were: Shareholder % holdin g Verified Fastighets AB Balder 40.17% 14.10.26 Castellum AB 37.13% 14.10.26 DNB Asset Management AS 1.72% 09.10.26 SEB Funds 1.50% 09.10.26 Folketrygdfondet 1.39% 09.10.26 BlackRock 1.23% 30.09.26 Vanguard 1.10% 31.08.26 KLP Kapitalforvaltning AS 0.70% 09.10.26 Nordea Funds 0.66% 09.10.26 Storebrand Asset Management 0.65% 30.09.26 SUM 10 LARGEST SHAREHOLDERS 86.26% Source: Modular Finance. Data collected and analysed from multiple sources, including VPS, Morningstar and Nasdaq. % holding is calculated based on issued share capital. Risk management Entra assesses risk on an ongoing basis, primarily through semi- annual comprehensive reviews of the Group’s risk maps, which include assessments of all risk factors in collaboration with all levels of the organisation. Each risk factor is described and presented with the possible negative outcome given an increased probability of a situation to occur. Entra’s main risk factors consist of both financial and non-financial risk. A thorough description and analysis is included on pages 60–71 in the 2025 annual report. Events after the balance sheet date The Board has resolved to establish a share buy-back programme of up to NOK 200 million as capital distribution for the first half of 2026, limited to a maximum of 2 718 710 shares. The buy-back programme will be carried out in accordance with the authorisation granted by the Annual General Meeting held on 21 April 2026, which allows the Board to acquire own shares corresponding to approximately 5 per cent of the company's share capital. The purpose of the buy-back programme is to improve shareholder returns by distributing capital to shareholders, by reducing the issued share capital of the company. The shares will be acquired in the open market by a broker mandated by Entra, and the Board intends to propose to a future General Meeting that the shares be cancelled through a reduction of Entra’s share capital. The buy-back programme will be carried out in accordance with Article 5 of the EU Market Abuse Regulation (MAR) and Commission Delegated Regulation (EU) 2016/1052 (Safe Harbour Regulation).
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20 Entra third quarter 2026 report Contents Outlook The Norwegian economy has remained resilient over the last few years, despite broader geopolitical and macroeconomic uncertainties that intensified through 2025 and 2026. The unemployment rate is stable at 2.0 per cent, and the growth in employment is expected to remain positive in 2026 onwards. The solid fiscal position of Norway, with a sovereign wealth fund valued close to all-time high, has supported an expansionary fiscal policy, smoothened business cycles and stabilised the Norwegian economy. Looking ahead, the economic activity in 2026 and 2027 is expected to continue to grow. Norwegian inflation has remained elevated, and market expectations shifted towards policy rate increases in 2026. In May and September 2026, the Central Bank of Norway increased the policy rate by 25 basis points to its current rate at 4.5 per cent. While higher financing costs and return requirements may continue to influence commercial real estate valuations and profitability, the effect may be partly offset by continued rental growth, supported by inflation-indexed leases and positive market rental development. Long-term demand for centrally located, high-quality offices with strong ESG credentials and proximity to public transport hubs should remain robust, underpinned by Norway’s macroeconomic outlook and urbanisation trends. New construction starts have been limited in recent years, supporting the medium-term supply outlook. Rental levels remain low relative to newbuild costs, and Entra therefore expects continued growth in market rents in the coming years. Entra operates in the Norwegian real-estate office market, with attractive high-quality and environmentally friendly properties located in clusters near public transportation hubs in central urban locations. 76 per cent of the management portfolio is located in Oslo. A solid tenant base on long leases with near 100 per cent CPI regulation provides stable revenues and cash flows, and higher inflation is expected to feed through to Entra’s rental income going forward. Over time, CPI adjustments, lower vacancy, current rolling rents below market level and project development are expected to contribute to rental growth. With effect from 1 January 2026, Entra’s lease contracts were indexed by 3.0 per cent. Entra will continue to optimise its high-quality management and project portfolio through disciplined capital allocation and asset rotation, enhancing value creation and supporting Entra’s ambition to deliver a return on equity of at least 10 per cent over-the-cycle. Commercial property transaction volumes in Norway in 2026 are broadly in line with 2025 levels, although transaction activity in the office segment remains selective. Good access to the bond market is an important part of Entra’s financing strategy to have a broad funding base at a favourable cost, and the Company targets to maintain an investment grade rating throughout all parts of the cycle, as Entra has done in the past. Moody’s affirmed the Baa3 credit rating and upgraded the outlook to positive in March 2026, which highlights the resilience of Entra’s business and financial profile. Oslo, 14 October 2026 The Board of Entra ASA
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21 Entra third quarter 2026 report Contents Financial statements All amounts in NOK million Q3-26 Q2-26 Q3-25 YTD Q3-26 YTD Q3-25 2025 Rental income 782 781 767 2 363 2 311 3 098 Operating costs -73 -72 -63 -212 -188 -268 Net operating income 709 709 703 2 150 2 123 2 831 Other revenues 21 33 71 80 259 459 Other costs -13 -17 -46 -51 -200 -288 Administrative costs -48 -52 -50 -150 -147 -203 Share of profit from associates and JVs -85 -159 5 -268 -15 -23 Net realised financials -356 -346 -346 -1 027 -1 028 -1 365 Net income 228 168 337 735 992 1 412 Changes in value of investment properties -864 -1 094 -88 -2 156 195 305 Changes in value of financial instruments 118 -84 77 180 -47 -102 Profit before tax -518 -1 011 326 -1 241 1 139 1 615 Tax payable -4 -29 -5 -37 -12 -16 Change in deferred tax 70 186 -74 177 -238 -334 Profit for period -451 -855 247 -1 101 890 1 266 All amounts in NOK million Q3-26 Q2-26 Q3-25 YTD Q3-26 YTD Q3-25 2025 Actuarial gains and losses 0 0 0 0 0 -2 Change in deferred tax on comprehensive income 0 0 0 0 0 0 Total comprehensive income for the period/year -451 -855 247 -1 101 890 1 264 Profit attributable to: Equity holders of the Company -450 -838 224 -1 118 808 1 152 Non-controlling interest 0 -16 23 17 82 114 Total comprehensive income attributable to: Equity holders of the Company -450 -838 224 -1 118 808 1 150 Non-controlling interest 0 -16 23 17 82 114 Statement of comprehensive income (unaudited)
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22 Entra third quarter 2026 report Contents Balance sheet (unaudited) All amounts in NOK million 30.09.2026 30.09.2025 31.12.2025 ASSETS Investment properties 59 871 61 560 61 320 Investments in associates and JVs 788 864 860 Financial derivatives 861 664 619 Other non-current assets 912 740 773 Total non-current assets 62 432 63 829 63 572 Inventory properties 505 506 508 Trade receivables 70 100 43 Other current assets 311 910 334 Cash and bank deposits 185 292 261 Total current assets 1 071 1 808 1 147 Assets held for sale 0 0 550 Total assets 63 503 65 637 65 269 All amounts in NOK million 30.09.2026 30.09.2025 31.12.2025 EQUITY AND LIABILITIES Shareholders' equity 23 332 24 608 24 750 Non-controlling interests 1 751 1 781 1 775 Total equity 25 083 26 389 26 526 Borrowings 28 085 26 452 27 346 Deferred tax liability 6 218 6 308 6 402 Financial derivatives 240 210 197 Other non-current liabilities 559 560 561 Total non-current liabilities 35 102 33 530 34 506 Borrowings 2 728 5 167 3 599 Trade payables 152 134 170 Other current liabilities 438 416 468 Total current liabilities 3 318 5 717 4 237 Total liabilities 38 420 39 248 38 743 Total equity and liabilities 63 503 65 637 65 269
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23 Entra third quarter 2026 report Contents Changes in equity (unaudited) All amounts in NOK million Share capital Treasur y shares Other paid-in capital Retained earnin gs Non-controllin g interest Total equit y Equity 31.12.2024 182 0 3 524 20 096 1 755 25 558 Profit for period 1 152 114 1 266 Other comprehensive income -2 -2 Dividend -200 -94 -294 Net equity effect of employee share schemes -2 -2 Equity 31.12.2025 182 0 3 524 21 045 1 775 26 526 Profit for period -1 118 17 -1 101 Dividend -199 -41 -240 Repurchase of shares -1 -17 -82 -100 Net equity effect of employee share schemes -1 -1 Share capital decrease -1 1 0 Equity 30.09.2026 181 0 3 507 19 644 1 751 25 083
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24 Entra third quarter 2026 report Contents Statement of cash flows (unaudited) All amounts in NOK million Q3-26 Q2-26 Q3-25 YTD Q3-26 YTD Q3-25 2025 Profit before tax -518 -1 011 326 -1 241 1 139 1 615 Income tax paid -3 -36 1 -45 -12 -13 Net expensed interest and fees on loans and leases 356 346 346 1 027 1 025 1 365 Net interest and fees paid on loans and leases -352 -330 -346 -1 015 -1 021 -1 314 Share of profit from associates and jointly controlled entities 85 159 -5 268 15 23 Depreciation and amortisation 1 1 1 2 3 3 Changes in value of investment properties 864 1 094 88 2 156 -195 -305 Changes in value of financial instruments -118 84 -77 -180 47 102 Change in working capital 112 -156 81 -98 -40 -149 Net cash flow from operating activities 425 151 415 874 961 1 327 Proceeds from property transactions 0 7 0 288 0 852 Investment in and upgrades of investment properties -267 -213 -315 -647 -924 -1 234 Investment in inventory properties and contract assets 0 -4 -36 -7 -151 -152 Purchase of intangible and other non-current assets 0 0 -1 0 -4 -4 Net payment financial assets 0 2 0 2 2 2 Net payment of loans to associates and JVs -15 -76 0 -92 -1 1 Net investments in associates and JVs -6 0 0 -6 -5 -5 Dividends from associates and JVs 0 4 0 4 2 2 Net cash flow from investment activities -289 -280 -351 -457 -1 081 -538 Proceeds interest-bearing debt 4 355 5 206 4 740 11 089 20 961 25 030 Repayment interest-bearing debt -4 416 -4 911 -4 753 -11 238 -20 764 -25 523 Repayment of lease liabilities -2 0 -2 -3 -5 -5 Repurchase of shares 0 0 0 -100 0 0 Dividends paid 0 -199 0 -199 0 -200 Dividends paid to non-controlling interests 0 -41 0 -41 -45 -94 Net cash flow from financing activities -63 54 -14 -493 147 -793 Change in cash and cash equivalents 74 -74 49 -76 27 -3 Cash and cash equivalents at beginning of period 111 185 242 261 264 264 Cash and cash equivalents at end of period 185 111 292 185 292 261
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25 Entra third quarter 2026 report Contents Notes Note 1 Accounting principles The interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting. The accounting principles that have been used in the preparation of the interim financial statements are in conformity with the principles used in preparation of the annual financial statements for 2025. The interim financial statements have not been audited. The financial reporting covers Entra ASA, subsidiaries, associated companies and jointly controlled entities. Note 2 Segment information The property portfolio is divided into five different geographical areas: Oslo, Sandvika, Drammen, Stavanger and Bergen, with management teams monitoring and following up on each area. The geographic units are supported by a Market and Letting department and a Project Development department. In addition, Entra has group and support functions within accounting, finance, investment, legal, procurement, IT, communication and HR. The geographic areas do not have their own profit responsibility. The geographical areas are instead monitored on economical and non-economical key figures (‘key performance indicators’). These key figures are analysed and reported by geographical area to the chief operating decision maker, which is the board and CEO, for the purpose of resource allocation and assessment of segment performance. Hence, the Group report the segment information based upon the geographical areas. The geographical areas Stavanger and Bergen are aggregated to one reportable segment.
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26 Entra third quarter 2026 report Contents Operating segments Q3-26 Properties Area Occupancy Wault Market value 12-mont h rolling rent Net yield 1) Market rent 2) (#) (sqm) (%) (year) (NOKm) (NOK/sqm) (NOKm) (NOK/sqm) (%) (NOKm) (NOK/sqm) Oslo 45 746 872 94.9 5.8 41 983 56 211 2 294 3 072 5.14 2 530 3 388 Bergen / Stavanger 9 171 835 93.4 5.4 7 176 41 758 441 2 566 5.73 477 2 773 Sandvika 11 135 343 86.6 5.5 4 091 30 224 263 1 942 6.06 293 2 161 Drammen 6 60 950 90.5 7.1 2 002 32 854 122 2 000 5.66 136 2 237 Management portfolio 71 1 115 000 93.8 5.8 55 251 49 553 3 120 2 798 5.31 3 436 3 081 Project portfolio 4 92 715 7.8 4 398 47 436 Development sites 4 89 587 0.5 342 3 815 Property portfolio 79 1 297 303 5.9 59 991 46 243 1) See the section ‘Definitions’. The calculation of net yield is based on the appraisers’ assumption of ownership costs, which at 30.09.26 is 5.5 per cent of market rent. 2) Market rent is calculated on a fully let basis. Operating segments Q3-25 Properties Area Occupancy Waul t Market value 12-month rolling rent Net yield Market rent (#) (sqm) (%) (year) (NOKm) (NOK/sqm) (NOKm) (NOK/sqm) (%) (NOKm) (NOK/sqm) Oslo 45 761 808 94.7 5.8 44 292 58 141 2 229 2 926 4.72 2 615 3 432 Bergen / Stavanger 9 167 710 91.4 5.1 6 561 39 124 384 2 291 5.43 437 3 604 Sandvika 11 135 516 92.7 6.0 4 491 33 138 274 2 021 5.77 284 2 099 Drammen 6 60 933 96.5 7.1 2 090 34 297 131 2 151 5.86 131 2 155 Management portfolio 71 1 125 967 94.2 5.8 57 434 51 009 3 018 2 681 4.93 3 467 3 079 Project portfolio 6 107 497 8.9 3 654 33 993 Development sites 4 98 187 0.5 586 5 971 Property portfolio 81 1 331 650 6.0 61 674 46 314
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27 Entra third quarter 2026 report Contents Note 3 Investment properties All amounts in NOK million Q3-26 Q3-25 YTD Q3-26 YTD Q3-25 2025 Total investment properties at end of previous period 60 464 61 356 61 870 60 471 60 471 Investment in the property portfolio 269 284 704 867 1 090 Capitalised borrowing costs 3 8 7 27 32 Sale of investment properties 0 0 -553 0 -28 Changes in value of investment properties -864 -88 -2 156 195 305 Total investment properties 59 871 61 560 59 871 61 560 61 870 Investment properties held for sale 0 0 0 0 550 Investment properties 59 871 61 560 59 871 61 560 61 320 In Q4 2025, Entra and Skanska entered into an agreement to establish a joint venture to start a redevelopment project at Christian Krohgs gate 2 in Oslo. The transaction, where Entra sold 50 per cent of the shares in the property-owning company to Skanska, was completed in February 2026. The property was derecognised in Q1 2026 and the joint venture recognised in the consolidated financial statements using the equity method. Ranges and weighted average for key unobservable input variables in the valuations from the external appraisers are presented below for the classes where Entra has five or more properties. As of 30.09.26 Central Oslo Fringe Oslo Bergen / Stavanger Sandvika Drammen Total mngmt. portfolio No. properties 29 16 9 11 6 71 Market value (NOKm) 32 889 9 094 7 176 4 091 2 002 55 251 Exit yield Min 4.64% 4.81% 5.36% 5.68% 5.87% 4.64% Max 6.70% 6.95% 6.88% 6.69% 6.89% 6.95% Average 4.97% 5.76% 5.79% 6.07% 6.09% 5.33% Required rate of return Min 4.34% 4.69% 5.15% 4.83% 5.46% 4.34% Max 6.49% 6.93% 6.52% 6.42% 6.65% 6.93% Average 4.72% 5.51% 5.52% 5.78% 5.72% 5.07% Market rent (NOK/sqm) Min 1 900 1 362 1 937 478 780 478 Max 5 478 4 747 3 797 3 322 2 772 5 478 Average 3 802 2 514 2 773 2 161 2 237 3 081 Operating cost (NOK/sqm) Min 99 91 151 40 67 40 Max 504 788 187 281 227 788 Average 196 140 173 111 142 167 NPV CapEx (NOK/sqm) Min 506 1 536 1 839 5 1 975 5 Max 18 782 7 365 19 407 7 029 6 253 19 407 Average 4 099 3 408 4 095 3 944 3 450 3 896 For Entra’s project portfolio, with total market value of 4 398 million, the appraisers have applied an average project cost of 20 516 per sqm, excluding the cost of land and capitalised interest. Further, the appraisers have for the valuation as of 30.09.26 in average assumed inflation of 3.25 per cent for 2027, 2.32 per cent for 2028 and 2.17 per cent for 2029.
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28 Entra third quarter 2026 report Contents Note 4 Net realised financials All amounts in NOK million Q3-26 Q2-26 Q3-25 YTD Q3-26 YTD Q3-25 2025 Interest income 11 6 6 24 17 23 Interest expenses on borrowings -328 -315 -317 -942 -931 -1 240 Capitalised borrowing costs 3 2 8 7 27 32 Interest expenses on lease liabilities -2 -2 -2 -7 -7 -9 Commitment fees -11 -11 -15 -34 -48 -62 Amortisation of discounts on bond issuances -16 -15 -16 -47 -50 -64 Other finance expenses -12 -10 -9 -28 -37 -44 Net realised financials -356 -346 -346 -1 027 -1 028 -1 365 Interest expenses on borrowings for the quarter, as presented in the table above, include an offsetting effect from settlements and accruals related to interest rate swaps amounting to 51 million (Q2-26: 44 million; Q3-25: 57 million; full year 2025: 226 million). Note 5 Information on the fair value of assets and liabilities All amounts in NOK million Fair value level 30.09.2026 30.09.2025 31.12.2025 Assets measured at fair value through profit or loss - Investment properties Level 3 59 871 61 560 61 320 - Investment properties held for sale Level 3 0 0 550 - Derivatives Level 2 861 664 619 - Equity instruments Level 3 329 373 350 Total assets measured at fair value 61 061 62 598 62 839 Liabilities measured at fair value through profit or loss - Derivatives Level 2 240 210 197 Total liabilities measured at fair value 240 210 197 Level 1 Quoted (unadjusted) prices in active markets for identical assets and liabilities. Level 2 Other techniques where all of the parameters that have a significant impact on measuring fair value are either directly or indirectly observable. Level 3 Valuation techniques that use parameters that significantly affect the valuation, but which are not observable (unobser vable input variables).
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29 Entra third quarter 2026 report Contents Alternative performance measures Entra’s financial information is prepared in accordance with the International Financial Reporting Standards (IFRS®). In addition, the company reports alternative performance measures (APMs) that are regularly reviewed by management to enhance the understanding of Entra’s performance as a supplement, but not as a substitute, to the financial statements prepared in accordance with IFRS. Financial APMs are intended to enhance comparability of the results and cash flows from period to period, and it is Entra’s experience that these are frequently used by analysts, investors and other parties. The financial APMs reported by Entra are the APMs that, in management’s view, provide the most relevant supplemental information of a real estate company’s financial position and performance. These measures are adjusted IFRS measures defined, calculated and used in a consistent and transparent manner over the years. Operational measures such as, but not limited to, net letting, vacancy and WAULT are not defined as financial APMs according to ESMA’s guidelines. Entra’s financial APMs: Net Income from property management Cash Earnings Net value changes Market value of the property portfolio Return on equity Net nominal interest-bearing debt Effective leverage Interest coverage ratio (ICR) Net interest-bearing debt / EBITDA Net operating income 1) EPRA Earnings EPRA Net Asset Value metrics – EPRA NRV, EPRA NTA and EPRA NDV EPRA Net Initial Yield EPRA Cost Ratio EPRA LTV (Loan-to-Value) 1) The calculation of Net operating income is not presented below as it is included in the Statement of comprehensive income. Net income from property management & Cash Earnings All amounts in NOK million Q3-26 Q2-26 Q3-25 YTD Q3-26 YTD Q3-25 2025 Net income 228 168 337 735 992 1 412 Less: Net results from residential development in associates and JVs -60 -19 11 -104 -10 -8 Less: Value changes in associates and JVs 1 -7 2 -5 2 0 Less: Impairment of investments in associates and JVs -35 -128 0 -163 0 0 Less: Tax from associates and JVs 16 2 -5 24 1 -5 Net income from property management 306 320 328 983 999 1 424 Tax payable -4 -29 -5 -37 -12 -16 Cash Earnings 302 291 324 946 988 1 409 Average outstanding shares (million) 181.2 181.2 182.1 181.4 182.1 182.1 Cash Earnings per share 1.67 1.61 1.78 5.21 5.42 7.73 Net value changes All amounts in NOK million Q3-26 Q2-26 Q3-25 YTD Q3-26 YTD Q3-25 2025 Changes in value of investment properties -864 -1 094 -88 -2 156 195 305 Changes in value of financial instruments 118 -84 77 180 -47 -102 Net value changes -746 -1 178 -11 -1 976 147 203
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30 Entra third quarter 2026 report Contents Market value of the property portfolio All amounts in NOK million 30.09.2026 30.09.2025 31.12.2025 Investment properties 59 871 61 560 61 320 Investment properties held for sale 0 0 550 Contract assets 0 690 0 Other 120 114 121 Market value of the property portfolio 59 991 62 365 61 991 Return on equity All amounts in NOK million except ratio Q3-26 Q2-26 Q3-25 YTD Q3-26 YTD Q3-25 2025 Profit for the period -451 -855 247 -1 101 890 1 266 Total equity at beginning of the year 26 526 26 526 25 557 26 526 25 557 25 557 Return on equity -6.8 % -12.9 % 3.9 % -5.5 % 4.6 % 5.0 % Net nominal interest-bearing debt All amounts in NOK million 30.09.2026 30.09.2025 31.12.2025 Borrowings 30 813 31 619 30 945 Unamortised borrowing costs 192 224 203 Nominal value of interest-bearing debt 31 005 31 843 31 149 Cash and bank deposits -185 -292 -261 Net nominal interest-bearing debt 30 820 31 551 30 887 Effective leverage All amounts in NOK million except ratio 30.09.2026 30.09.2025 31.12.2025 Borrowings 30 813 31 619 30 945 Other interest-bearing liabilities 286 390 390 Total debt 31 099 32 009 31 335 Total assets 63 503 65 636 65 269 Effective leverage 49.0 % 48.8 % 48.0 % Interest coverage ratio (ICR) All amounts in NOK million except ratio Q4-25 Q1-26 Q2-26 Q3-26 Q3-26 LTM Q3-25 LTM 2025 Net income 420 339 168 228 1 155 1 291 1 412 Depreciation 1 1 1 1 3 3 3 Results from associates and joint ventures 9 24 159 85 276 35 23 Net realised financials 336 326 346 356 1 364 1 377 1 365 EBITDA 766 690 673 669 2 798 2 706 2 803 Interest cost 311 302 317 330 1 261 1 265 1 249 Commitment fees 14 12 11 11 49 63 62 Applicable interest cost 325 314 328 341 1 309 1 328 1 311 Interest Coverage Ratio (ICR) 2.35 2.20 2.05 1.96 2.14 2.04 2.14 Net interest-bearing debt / EBITDA Q3-26 Q3-25 Q3-26 Q3-25 2025 All amounts in NOK million except ratio Annualised Annualised LTM LTM Net nominal interest-bearing debt 30 820 31 551 30 820 31 551 30 887 EBITDA 2 677 2 717 2 798 2 706 2 803 Net interest-bearing debt / EBITDA 11.5 11.6 11.0 11.7 11.0
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31 Entra third quarter 2026 report Contents EPRA reporting The following performance indicators have been prepared in accordance with best practices as defined by European Public Real Estate Association (EPRA) in the Best Practices Recommendations (BPR) Guidelines. The EPRA BPR Guidelines focus on making the financial statements of public real estate companies clearer and more comparable across Europe. Zero-line items are in accordance with EPRA BPR not disclosed in the tables below, i.e., adjustments not presented have a value of zero. Summary table EPRA performance measures Unit Q3-26 / 30.09.2026 Q3-25 / 30.09.2025 A EPRA earnings per share (EPS) NOK 1.19 1.27 B EPRA Net Reinstatement Value per share (NRV) NOK 159.64 167.23 EPRA Net Tangible Assets per share (NTA) NOK 157.84 165.39 EPRA Net Disposal Value per share (NDV) NOK 129.92 136.08 C EPRA net initial yield % 5.28 % 4.89 % EPRA, "topped-up" net initial yield % 5.28 % 4.89 % D EPRA vacancy rate % 6.2 % 6.0 % E EPRA cost ratio (including direct vacancy costs % 14.9 % 14.3 % EPRA cost ratio (excluding direct vacancy costs) % 12.6 % 12.7 % F EPRA LTV % 53.7 % 52.1 % A. EPRA Earnings EPRA Earnings is a measure of the operational performance of the property portfolio. EPRA Earnings is calculated based on the income statement, adjusted for non-controlling interests, value changes on investment properties, changes in the market value of financial instruments and the associated tax effects. In addition, earnings from the jointly controlled entity OSU are adjusted for as the business of this company is development of residential properties for sale and is not considered relevant for measurement of the underlying operating performance of the property portfolio under management. Quarterly Q3-26 Q3-26 Q3-26 Q3-26 Q3-25 All amounts in NOK million IFRS reported Non- controlling Other EPRA adjustments EPRA Earnings EPRA Earnings Rental income 782 -35 0 747 730 Operating costs -73 2 0 -71 -62 Net operating income 709 -33 0 676 669 Other revenues 21 -1 0 20 71 Other costs -13 0 0 -13 -46 Administrative costs -48 1 0 -47 -49 Share of profit from associates and JVs -85 0 78 -7 -4 Net realised financials -356 3 0 -353 -343 Net income 228 -30 78 276 297 Net value changes -746 31 715 0 0 Profit before tax -518 0 793 276 297 Tax payable -4 1 0 -2 -3 Change in deferred tax 70 -2 -127 -59 -63 Profit for the period/EPRA Earnings -451 0 666 215 232 Average outstanding shares (million) 181.2 182.1 EPRA Earnings per share (NOK) 1.19 1.27
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32 Entra third quarter 2026 report Contents Year to date YTD Q3-26 YTD Q3-26 YTD Q3-26 YTD Q3-26 YTD Q3-25 All amounts in NOK million IFRS reported Non- controlling Other EPRA adjustments EPRA Earnings EPRA Earnings Rental income 2 363 -107 0 2 256 2 205 Operating costs -212 6 0 -206 -180 Net operating income 2 150 -101 0 2 050 2 024 Other revenues 80 -2 0 79 257 Other costs -51 1 0 -50 -200 Administrative costs -150 2 0 -148 -145 Share of profit from associates and JVs -268 0 248 -20 -7 Net realised financials -1 027 8 0 -1 019 -1 019 Net income 735 -92 248 891 910 Net value changes -1 976 70 1 906 0 0 Profit before tax -1 241 -22 2 154 891 910 Tax payable -37 5 0 -32 -7 Change in deferred tax 177 0 -341 -164 -193 Profit for the period/EPRA Earnings -1 101 -17 1 813 695 710 Average outstanding shares (million) 181.4 182.1 EPRA Earnings per share (NOK) 3.83 3.90 B. EPRA Net Asset Value metrics EPRA Net Reinstatement Value (NRV) The objective of the EPRA NRV measure is to highlight the value of net assets on a long-term basis and assumes that no divestment of assets takes place. Assets and liabilities that are not expected to crystallise in normal circumstances such as the fair value movements on financial derivatives and deferred taxes on property valuation surpluses are therefore excluded. Real estate transfer taxes are generally not levied on property transactions in Norway, and such taxes are accordingly not included in Entra’s valuation certificates. Consequently, no adjustment is done for real estate transfer taxes in Entra’s calculation of EPRA NRV. 30.09.2026 30.09.2026 30.09.2026 30.09.2025 31.12.2025 All amounts in NOK million Total Attributable to non- controlling interests Attributable to shareholders (EPRA NRV) Attributable to shareholders (EPRA NRV) Attributable to shareholders (EPRA NRV) IFRS equity 25 083 -1 751 23 332 24 608 24 750 Revaluation investments in JVs 0 0 0 2 34 Net Asset Value (NAV) at fair value 25 083 -1 751 23 332 24 610 24 784 Deferred tax properties and financial instruments 6 565 -340 6 225 6 301 6 464 Net fair value on financial derivatives -621 0 -621 -454 -422 EPRA Net Reinstatement Value (NRV) 31 027 -2 092 28 935 30 457 30 825 Outstanding shares at period end (million) 181.2 182.1 182.1 EPRA NRV per share (NOK) 159.64 167.23 169.25
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33 Entra third quarter 2026 report Contents EPRA Net Tangible Assets (NTA) The EPRA NTA is focused on reflecting a company’s tangible assets and assumes that entities buy and sell assets, thereby crystallising certain levels of unavoidable deferred tax liability. Entra has adopted the second option in the EPRA BPR guidelines to adjust for deferred tax, estimating the real tax liability based on how the company has completed property transactions in recent years. 30.09.2026 30.09.2026 30.09.2026 30.09.2025 31.12.2025 All amounts in NOK million Total Attributable to non- controlling interests Attributable to shareholders (EPRA NTA) Attributable to shareholders (EPRA NTA) Attributable to shareholders (EPRA NTA) IFRS equity 25 083 -1 751 23 332 24 608 24 750 Revaluation investments in JVs 0 0 0 2 34 Net Asset Value (NAV) at fair value 25 083 -1 751 23 332 24 610 24 784 Reversal deferred tax liability as per balance sheet 6 218 -312 5 906 6 004 6 090 Estimated real tax liability 1) 1 -10 -9 -36 31 Net fair value on financial derivatives -621 0 -621 -454 -422 EPRA Net Tangible Assets (NTA) 30 681 -2 073 28 607 30 124 30 482 Outstanding shares at period end (million) 181.2 182.1 182.1 EPRA NTA per share (NOK) 157.84 165.39 167.36 1) The Group’s estimated real deferred tax liability related to temporary differences of properties has been calculated based on the assumption that 50 per cent of the property portfolio is realised over 50 years in transactions structured as sale of properties in corporate wrappers with an average tax discount of 6.5 per cent, and by using a discount rate of 5.0 per cent. Further, the real tax liability related to the gains/losses account is estimated by assuming an amortisation of 20 per cent annually and a discount rate of 5.0 per cent. EPRA Net Disposal Value (NDV) The EPRA NDV measure illustrates a scenario where deferred tax, financial instruments, and certain other adjustments are calculated as to the full extent of their liability. This enables readers of financial reports to understand the full extent of liabilities and resulting shareholder value under an orderly sale of business and/or if liabilities are not held until maturity. The measure should not be viewed as a ‘liquidation NAV’ for Entra, as fair values may not represent liquidation values, and as an immediate realisation of Entra’s assets may be structured as sale of property-owning companies, resulting in the deferred tax liabilities only partially crystallising. 30.09.2026 30.09.2026 30.09.2026 30.09.2025 31.12.2025 All amounts in NOK million Total Attributable to non- controlling interests Attributable to shareholders (EPRA NDV) Attributable to shareholders (EPRA NDV) Attributable to shareholders (EPRA NDV) IFRS equity 25 083 -1 751 23 332 24 608 24 750 Revaluation investments in JVs 0 0 0 2 34 Net Asset Value (NAV) at fair value 25 083 -1 751 23 332 24 610 24 784 Fair value adjustment fixed interest rate debt, net of tax 216 0 216 174 133 EPRA Net Disposal Value (NDV) 25 299 -1 751 23 548 24 784 24 917 Outstanding shares at period end (million) 181.2 182.1 182.1 EPRA NDV per share (NOK) 129.92 136.08 136.81
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34 Entra third quarter 2026 report Contents C. EPRA Net Initial Yield EPRA Net Initial Yield (NIY) measures the annualised rental income based on the cash rents passing at the balance sheet date, less non-recoverable property operating expenses, divided by the market value of the property, increased with (estimated) purchasers’ costs. EPRA ‘topped-up’ NIY incorporates an adjustment to the EPRA NIY in respect of the expiration of rent- free periods (or other unexpired lease incentives such as discounted rent periods and step rents). All amounts in NOK million except ratios Oslo Bergen / Stavanger Sandvika Drammen Total 30.09.26 Total 30.06.26 Total 30.09.25 Investment property - wholly owned 45 865 5 110 4 139 0 55 114 55 660 56 694 Investment property - share of JVs 0 1 437 0 1 201 2 639 2 666 2 699 Total property portfolio 45 865 6 547 4 139 1 201 57 753 58 326 59 393 Less projects and land and developments -3 882 -809 -49 0 -4 740 -5 324 -4 240 Completed management portfolio 41 983 5 738 4 091 1 201 53 013 53 002 55 153 Allowance for estimated purchasers` cost 63 13 13 3 92 93 94 Gross up completed management portfolio valuation 42 045 5 751 4 104 1 205 53 105 53 094 55 247 0 0 0 12-month rolling rent 2 294 354 263 73 2 984 2 956 2 879 Estimated ownership cost 135 24 15 5 180 177 179 Annualised net rents 2 159 329 248 68 2 804 2 779 2 699 Add: Notional rent expiration of rent free periods or other lease incentives 0 0 0 0 0 0 0 Topped up net annualised net rents 2 159 329 248 68 2 804 2 779 2 699 EPRA NIY (net initial yield) 5.14% 5.73% 6.04% 5.64% 5.28% 5.23% 4.89% EPRA "topped-up" NIY (net initial yield) 5.14% 5.73% 6.04% 5.64% 5.28% 5.23% 4.89% D. EPRA Vacancy Rate Estimated Market Rental Value (ERV) of vacant space divided by the ERV of the whole portfolio. All figures are adjusted for actual share of ownership of each property. All amounts in NOK million Oslo Bergen / Stavanger Sandvika Drammen Total 30.09.26 Total 30.06.26 Total 30.09.25 Market rent vacant areas 130 29 39 8 206 226 199 Total market rent 2 566 383 293 82 3 323 3 258 3 325 Vacancy 5.1% 7.6% 13.4% 9.5% 6.2% 6.9% 6.0%
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35 Entra third quarter 2026 report Contents E. EPRA Cost Ratio Administrative & operating costs (including & excluding costs of direct vacancy) divided by gross rental income. All amounts in NOK million except ratios Q3-26 Q3-25 YTD Q3-26 YTD Q3-25 2025 Operating costs -73 -63 -212 -188 -268 Administrative costs -48 -50 -150 -147 -203 Less: Ground rent cost 4 4 13 13 17 EPRA cost (including direct vacancy cost) -117 -109 -349 -322 -453 Direct vacancy cost -18 -12 -58 -42 -57 EPRA cost (excluding direct vacancy cost) -98 -97 -291 -281 -397 Gross rental income less ground rent 782 767 2 363 2 311 3 098 Total gross rental income less ground rent 782 767 2 363 2 311 3 098 EPRA cost ratio (including direct vacancy cost) 14.9% 14.3% 14.8% 13.9% 14.6% EPRA cost ratio (excluding direct vacancy cost) 12.6% 12.7% 12.3% 12.1% 12.8% F. EPRA LTV Loan-to-Value (LTV) is an expression of the gearing of a company. The main overarching concepts in EPRA LTV are: (1) any capital which is not equity (i.e. which value accrues to the shareholders of the company) is considered as debt irrespective of its IFRS classification, (2) assets are included at fair value, net debt at nominal value, and (3) the EPRA LTV is calculated based on proportional consolidation (i.e. include the Group’s share in the net debt and net assets of joint ventures and material associates). Entra has included its share of net debt and net assets in all joint ventures. In the periods disclosed below, Entra has no material associated companies. 30.09.2026 Proportionate consolidation 30.09.2026 30.09.2025 31.12.2025 All amounts in NOK million except ratio Group as reported Share of joint ventures Non- contr. interests Combined EPRA LTV Combined EPRA LTV Combined EPRA LTV Bond loans 18 659 0 0 18 659 20 252 20 234 Bank loans 10 236 1 628 -224 11 640 11 605 11 417 Commercial papers 2 110 0 0 2 110 1 300 500 Net payables 1) 185 183 -14 354 -186 461 Cash and bank deposits -185 -61 63 -183 -362 -275 Net debt (a) 31 005 1 750 -175 32 580 32 610 32 337 Investment properties 59 871 418 -2 238 58 051 59 395 59 138 Properties held for sale 2) 505 1 833 0 2 338 2 834 3 156 Other financial assets (equity instruments) 329 0 0 329 373 350 Total property value (b) 60 705 2 251 -2 238 60 718 62 602 62 645 EPRA LTV (a/b) 51.1 % 53.7 % 52.1 % 51.6 % 1) Net payables include trade payables, other current and non-current liabilities, trade receivables, and other receivables and other assets, excluding financial assets. 2) Properties held for sale include investment properties held for sale and inventory properties, i.e. properties classified as inventories as they are held with the intent to be sold in the future.
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36 Entra third quarter 2026 report Contents Definitions Term Definition 12-month rolling rent The contractual rent of the management properties of the Group for the next 12- months as of a certain date, adjusted for (i) signed new contracts and contracts expiring during such period, (ii) contract-based CPI adjustments based on Independent Appraisers’ CPI estimates and (iii) the Independent Appraisers’ estimates of letting of current and future vacant areas. Capital expenditure Property related capital expenditure (CapEx), split into four components: (i) Acquisition, (ii) Development, (iii) Like-for-like portfolio and (iv) Other. The components Development and Like-for-like portfolio combined ties to the line item Investment in the property portfolio in the investment properties roll-forward, while the two other categories ties to separate line items in the roll-forward. Back-stop of short-term interest-bearing debt Unutilised credit facilities divided by short-term interest-bearing debt. Borrowings Carrying amount of interest-bearing debt Cash Earnings Net income from property management less tax payable. Cash Earnings per share is calculated as Cash Earnings divided by the average outstanding shares for the period. Contractual rent Annual cash rental income being received as of relevant date Effective Leverage Loan-to-value (LTV) metric calculated by dividing total interest-bearing liabilities – comprising debt, lease liabilities, pension liabilities, and sellers’ credits – by total assets EPRA LTV Net debt divided by total property value. Property values are included at fair value, net debt at nominal value. EPRA LTV is calculated based on proportional consolidation for partly-owned subsidiaries, associates and JVs. Term Definition EPRA NDV – Net Disposal Value NAV metric reflecting the IFRS equity including the full extent of the deferred tax liability as per the balance sheet, including fair value of fixed interest rate debt and excluding goodwill as a result of deferred tax. EPRA NRV – Net Reinstatement Value NAV metric reflecting the IFRS equity excluding (i) deferred tax liability as per the balance sheet in respect of properties and financial instruments, (ii) fair value of financial instruments and (iii) goodwill as a result of deferred tax. EPRA NTA – Net Tangible Assets NAV metric reflecting the IFRS equity including only the estimated real tax liability, and excluding (i) fair value of financial instruments, and (ii) goodwill and intangible assets as per the balance sheet. Exit yield The discount rate applied on the expected net cash flows after the existing lease terms Fringe areas Bryn, Helsfyr, Majorstuen and Skøyen Gross yield 12-month rolling rent divided by the market value of the management portfolio Interest Coverage Ratio (ICR) Net income from property management excluding depreciation and amortisation for the Group (i.e. the Group’s EBITDA), divided by interest expenses and commitment fees related to investment activities. Independent Appraisers Newsec and Cushman & Wakefield Realkapital Land and dev. properties Property / plots of land with planning permission for development Like-for-like The percentage change in rental income from one period to another given the same income generating property portfolio in the portfolio. The figure is thus adjusted for acquisition and divestments of properties and active projects Management properties Properties that are actively managed by the company
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37 Entra third quarter 2026 report Contents Term Definition Market rent The annualised market rent of the management properties, fully let as of the relevant date, expressed as the average of market rents estimated by the Independent Appraisers Market value of the property portfolio The market value of all properties owned by Entra and its subsidiaries. The figure does not include Inventory properties. Net Asset Value (NAV) Net Asset Value is the total equity that the company manages for its owners. Entra presents NAV calculations in line with EPRA recommendation, where the difference mainly is explained by the expected turnover of the property portfolio. Net income from property management Net Income less value changes, tax effects and other income and other costs from residential development in associates and JVs Net interest-bearing debt / EBITDA The ratio of Net interest-bearing debt to Net income from property management excluding depreciation and amortisation. Net letting Annualised rent of new lease contracts plus lease-up on renegotiated contracts less terminated contracts Net nominal interest- bearing debt Nominal interest-bearing debt less cash and bank deposits Net operating income Rental income less operating costs such as maintenance, property tax, leasehold expenses (not including financial expenses on leases recognised in accordance with IFRS 16), insurance fees, letting and property administration costs and direct property costs. Net rent 12-month rolling rent less the Independent Appraisers’ estimate of ownership costs of the management properties of the Group Net yield Net rent divided by the market value of the management properties of the Group Newbuild A new building on bare land Occupancy Estimated market rent of occupied space of the management properties, divided by the market rent of the total space of the management portfolio. Term Definition Outstanding shares The number of shares registered less the company’s own repurchased shares at a given point in time. Period-on-period Comparison between one period and the equivalent period the previous year Property portfolio Properties owned by the parent company and subsidiaries, regardless of their classification for accounting purposes. Project properties Properties where it has been decided to start construction of a new building and/or renovation Redevelopment Extensive projects such as full knock-down and rebuild, and projects where external walls are being materially impacted (e.g. taking a building back to its core or changing brick facades to glass). Refurbishment Projects extensively impacting an existing building, but not knocking it down or materially affecting external walls Required rate of return The discount rate applied on the net cash flows for the duration of existing lease terms Return on equity (ROE) Annualised profit for the period after tax as a percentage of total equity at the beginning of the year, adjusted for significant capital transactions such as extraordinary capital distributions and share issues during the reporting period. Total area Total area including the area of management properties, project properties and land / development properties Total net nominal interest- bearing debt Net nominal interest-bearing debt and other interest-bearing liabilities, including seller’s credits and lease liabilities for land and parking lots in connection with the property portfolio WAULT Weighted Average Unexpired Lease Term measured as the remaining contractual rent amounts of the current lease contracts of the management properties of the Group, including areas that have been re-let and signed new contracts, adjusted for termination rights and excluding any renewal options, divided by Contractual rent, including renewed and signed new contracts.
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38 Entra third quarter 2026 report Contents Flexible, attractive and environment-friendly office properties Contact info Sonja Horn CEO Phone: +47 905 68 456 sh@entra.no Ole Anton Gulsvik CFO Phone: +47 995 68 520 oag@entra.no Isabel Vindenes Head of IR Phone: +47 976 59 488 isvi@entra.no Entra ASA Post box 52 Økern 0508 Oslo, Norway Phone: +47 21 60 51 00 post@entra.no Reporting dates Fourth quarter 2026 10.02.2027 First quarter 2027 20.04.2027 Second quarter 2027 13.07.2027 Third quarter 2027 19.10.2027 Fourth quarter 2027 09.02.2028 artbox.no