Entra

Earnings Release • Apr 23, 2024

Q1-24: Solid letting and office market fundamentals, results impacted by divestments, higher interest costs and negative value changes

Q1-24: Solid letting and office market fundamentals, results impacted by divestments, higher interest costs and negative value changes

23.4.2024 07:00:00 CEST | Entra ASA | Additional regulated information required

to be disclosed under the laws of a member state

Oslo, 23 April 2024 - Rental income was up by one per cent to 878 million in Q1

2024 compared to 872 million in Q1 2023. Adjusted for divestments and one-offs

the underlying rental income growth was 6.5 per cent. Net income from property

management was negatively impacted by higher financing costs and came in at 325

million (391 million) in the quarter. Net value changes were -1 627 million

(-451 million) in the quarter, predominantly because of a further 10 bp

adjustment of the external appraiser's discount rates. As a result, loss before

tax was -1 313 million (-70 million) in the quarter.

The activity in the letting market continue to be strong and Entra signed new

and renegotiated leases with annual rent totaling 162 million (52 200 sqm) in

the quarter. The market is characterised by low newbuild activity and limited

supply side, particularly for large lease contracts. As of 31.03.24, the

portfolio occupancy was 95.3 per cent (96.0 per cent) and the average unexpired

lease term of contracts was 6.4 (6.3) years.

During the quarter, Entra signed the agreement to sell the Trondheim portfolio

for 6.45 billion. The transaction will close in Q2 2024.

(NOK million) | Q1-24* | Q1-23 | 2023

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Rental income | 878 | 872 | 3 418

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Net operating income | 799 | 798 | 3 136

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Net income from property management | 325 | 391 | 1 356

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Net value changes | -1 627 | -451 | -8 152

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Profit/loss before tax | -1 313 | -70 | -6 868

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Cash Earnings per share | 1.77 | 2.13 | 7.37

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EPRA NRV per share | 158 | 207 | 167

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EPRA NTA per share | 157 | 204 | 165

* Including continuing and discontinued operations

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.

Entra's newly appointed CFO, Ole Anton Gulsvik, will join the company on 1

August 2024. From today and until that day Knut Sørngård, Head of Group

Accounting, will serve as Interim CFO.

Oslo, 23 April 2023

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.

ATTACHMENTS

Download announcement as PDF.pdf -

https://kommunikasjon.ntb.no/ir-files/16126567/3049/4351/Download%20announcement

%20as%20PDF.pdf

Q1 report 2024.pdf -

https://kommunikasjon.ntb.no/ir-files/16126567/3049/4350/Q1%20report%202024.pdf