Entra — Earnings Release 2026

Apr 21, 2026

Entra ASA: Q1-26 - Stable rental income growth and operations, stronger financial position

Entra ASA: Q1-26 - Stable rental income growth and operations, stronger financial position

21.4.2026 07:00:02 CEST | Entra ASA | Additional regulated information required

to be disclosed under the laws of a member state

Rental income increased to 800 million in the first quarter of 2026 (787 million

in Q4 2025 and 774 million in Q1 2025), driven by CPI adjustments.

Net income from property management was 357 million in the quarter (425 million

in Q4 2025 and 320 million in Q1 2025). Adjusted for the 101 million net gain

from the Holtermanns veg 1-13 phase 3 development in Q4 2025, net income from

property management increased by 10 per cent quarter-on-quarter.

Net value changes amounted to NOK -52 million in the quarter (56 million in Q4

2025 and -32 million in Q1 2025). Changes in value of investment properties were

-199 million, partly offset by positive changes in value of financial

instruments of 147 million.

Profit after tax ended at 205 million in the quarter (376 million in Q4 2025 and

212 million in Q1 2025). EPRA NRV per share increased to 170 at quarter end (169

in Q4 2025 and 163 in Q1 2025).

Gross letting in the quarter comprised new and renegotiated leases generating

annual rent of 121 million (34 900 sqm), while terminated contracts represented

64 million (19 900 sqm). Reported net letting was -20 million, while underlying

net letting was 6 million when adjusting for timing effects from a tenant

relocation that enabled a large lease contract signed after quarter end. At 31

March 2026, occupancy in the management portfolio was 94.3 per cent (93.8 per

cent in both Q4 2025 and Q1 2025). The average unexpired lease term (WAULT) was

5.9 years.

During the quarter, Entra started the redevelopment of Christian Krohgs gate 2

in Oslo, a 21 200 sqm multi-tenant office project located a few minutes' walk

from Oslo Central Station. The project will be developed in a 50/50 joint

venture with Skanska.

The average time to maturity of interest-bearing debt increased to 4.1 years

from 3.6 years in the previous quarter, supported by refinancing activity during

the quarter. The effective leverage (LTV) decreased to 47.6 per cent (48.0 per

cent in Q4 2025 and 49.1 per cent in Q1 2025), and the interest coverage ratio

(ICR, LTM) increased to 2.17x (2.14x in Q4 2025 and 1.98x in Q1 2025). In March

2026, Moody's affirmed Entra's Baa3 rating and revised the outlook from stable

to positive.

"In the first quarter of 2026, we delivered stable rental income growth and

operations. Letting activity so far in 2026, including contracts signed after

quarter end, has been solid and reflects disciplined and effective leasing

execution across the organisation. The redevelopment of Christian Krohgs gate 2

is a clear example of our strategy of selectively developing high-quality,

centrally located and sustainable offices with attractive returns. We continued

to strengthen our financial position through gradual improvements in key debt

metrics and an extended debt maturity profile. This progress was also reflected

in Moody's revision of Entra's Baa3 rating outlook from stable to positive,"

says Sonja Horn, CEO of Entra ASA.

Key figures

(NOK million) | Q1-26 | Q4-25 | Q1-25 | 2025

-----------------------------------------------------------------------

| | | |

-----------------------------------------------------------------------

Rental income | 800 | 787 | 774 | 3 098

-----------------------------------------------------------------------

Net operating income | 733 | 707 | 708 | 2 831

-----------------------------------------------------------------------

Net income from property management | 357 | 425 | 320 | 1 424

-----------------------------------------------------------------------

Net value changes | -52 | 56 | -32 | 203

-----------------------------------------------------------------------

Profit after tax | 205 | 376 | 212 | 1 266

-----------------------------------------------------------------------

| | | |

-----------------------------------------------------------------------

(NOK per share) | Q1-26 | Q4-25 | Q1-25 | 2025

-----------------------------------------------------------------------

Cash Earnings | 1.94 | 2.31 | 1.74 | 7.73

-----------------------------------------------------------------------

EPRA NRV | 169.88 | 169.25 | 162.84 | 169.25

-----------------------------------------------------------------------

EPRA NTA | 167.99 | 167.36 | 161.04 | 167.36

Entra ASA will present its Q1 2026 results today at 08:30 CEST via a live

webcast:

https://entra.no/investor-relations

The presentation as well as the full quarterly report is available on the

company's website.

Oslo, 21 April 2026

Entra ASA

For further queries please contact:

Sonja Horn, CEO, tel: +47 905 68 456, email: sh@entra.no

or

Ole Anton Gulsvik, CFO, tel: +47 995 68 520, email: oag@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.

The company owns and manages around 80 properties, totalling approximately 1.3

million square metres, located in the Greater Oslo region, Bergen, and

Stavanger. Entra's tenant base mainly comprises public sector entities and

high-quality private companies on long-term leases. The company's strategy is to

create value through profitable growth, being the preferred office provider, and

environmental leadership.

ATTACHMENTS

Download announcement as PDF.pdf -

https://kommunikasjon.ntb.no/ir-files/16126567/18870749/7724/Download%20announce

ment%20as%20PDF.pdf

Entra quarterly report Q1-26.pdf -

https://kommunikasjon.ntb.no/ir-files/16126567/18870749/7723/Entra%20quarterly%2

0report%20Q1-26.pdf