Entra

Earnings Release • Jul 12, 2024

Q2/H1-24: Solid operations, results impacted by divestments

Q2/H1-24: Solid operations, results impacted by divestments

12.7.2024 07:00:00 CEST | Entra ASA | Half yearly financial reports and audit

reports / limited reviews

Rental income was 853 (854) million in Q2 2024, and 1 730 (1 726) million for

the first six months of 2024. The development in rental income is impacted by

high CPI adjustments, market rent growth and finalized projects but the income

growth is offset by divestments. Net income from property management was 348

(350) million in the quarter and 673 (741) million for the first six months. Net

value changes came in at 2 (-2 063) million in the quarter and -1 625 (-2,515)

million for the first six months. Profit before tax was 344 (-1 739) million in

the quarter and -969 (-1 809) million for the first six months of 2024.

Entra has signed new and renegotiated leases with annual rent totalling 176

million (60,800 sqm) in the quarter, net letting came in at 12 million. As of

30.06.24 the occupancy in the management portfolio was 94.8 per cent. The

average unexpired lease term of contracts was 6.6 years, including the project

portfolio.

During the second quarter, Entra finalised one redevelopment project and started

up three refurbishment projects. Entra also sold the property Universitetsgata

11 (Hotel Savoy) for 225 million and closed the 6.45 billion Trondheim

transaction. The proceeds have been used to repay debt and effective leverage

has been reduced with four percentage points to 50,4% as of 30 June 2024.

(NOK million) | Q2-24 | Q2-23 | H1-24 | H1-23 | 2023

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Rental income | 853 | 854 | 1 730 | 1 726 | 3 418

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Net operating income | 785 | 787 | 1 584 | 1 584 | 3 136

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Net income from property management | 348 | 350 | 673 | 741 | 1 356

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Net value changes | 2 | -2 063 | -1 625 | -2 515 | -8 152

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Profit before tax | 344 | -1 739 | -969 | -1 809 | -6 868

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Cash Earnings | 1.89 | 1.90 | 3.66 | 4.03 | 7.37

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EPRA NRV | 158 | 192 | 158 | 192 | 167

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EPRA NTA | 156 | 190 | 156 | 190 | 165

Entra ASA will present its financial and operating results today at 08:30 CET

through a live webcast. The webcast can be followed from:

https://entra.no/investor-relations. The presentation as well as the full

quarterly report is available on the company's website.

Oslo, 12 July 2024

Entra ASA

For further queries please contact: Sonja Horn, CEO, tel: +47 905 68 456, email:

sh@entra.no or Knut Sørngård, Interim CFO, tel + 47 909 74 579, email:

kso@entra.no

DISCLOSURE REGULATION

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

ABOUT ENTRA ASA

Entra is a leading owner, manager and developer of office properties in Norway.

Entra owns and manages around 80 properties totalling approximately 1.3 million

square meters, located in Oslo and the surrounding region, Bergen and Stavanger.

Entra has a solid customer portfolio with a high proportion of public tenants.

The company's strategy is focused on delivering profitable growth, high customer

satisfaction and environmental leadership

ATTACHMENTS

Download announcement as PDF.pdf -

https://kommunikasjon.ntb.no/ir-files/16126567/18179533/4755/Download%20announce

ment%20as%20PDF.pdf

Q2 H1 report 2024.pdf -

https://kommunikasjon.ntb.no/ir-files/16126567/18179533/4754/Q2%20H1%20report%20

2024.pdf