Q1 2026 Entra ASA Earnings Call Transcript
Key Points
- Rental income increased by 3.3% year-on-year, reaching NOK800 million for the quarter.
- Net income from property management rose by 11.6% compared to the first quarter last year.
- Moody's affirmed Entra ASA's investment-grade rating and provided a positive outlook.
- Occupancy rate improved to 94.3%, up from 93.8% last quarter.
- Entra ASA successfully signed new and renewed leases with a rental income of NOK121 million this quarter.
- Net value changes were negative, with a decrease of NOK52 million in the quarter.
- Value changes on investment properties were negative, amounting to NOK199 million.
- Net letting was negative NOK20 million in the quarter, primarily due to the relocation of Circle K.
- The letting market in Oslo experienced historic low activity, reflecting increased uncertainty.
- The Norwegian economy faced inflationary pressures, with the headline CPI at 3.6% for March.
Good morning all, and welcome Entra's first quarter presentation, moving directly to the highlights. Rental income in the quarter of NOK800 million. That's NOK26 million up or 3.3% compared to same quarter last year. Net income from property management of NOK357 million in the quarter, up with NOK37 million or approximately 11.6% compared to the first quarter last year. Net value changes of minus NOK52 million in the quarter and value changes on investment properties were negative with NOK199 million this quarter.
Profit before tax of NOK205 million and the NRV per share currently at NOK170, up with NOK1. We continue to see improvements in our key debt metrics and very pleased to see that Moody's have affirmed their investment-grade rating and also provided a positive outlook this quarter. Operationally, it was a solid quarter. However, net letting isolated in Q1 was minus NOK20 million. The underlying net letting was NOK6 million positive when adjusting for timing effects related to a relocation, which I will get back to shortly.
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