Q2 2026 Entra ASA Earnings Call Transcript
Key Points
- Entra ASA (FRA:2EN) signed significant new leases, including a 12-year contract with Coop, contributing to a positive net letting of NOK131 million.
- The company has initiated two refurbishment projects in Oslo and Bergen, with expected yields on cost of 5.6% and 5.8%, respectively.
- Rental income increased by 1.4% year-on-year, reaching NOK781 million for the quarter.
- Entra ASA has a solid financial platform with updated green financing framework aligned with EU taxonomy, enhancing access to green financing.
- The company maintains a conservative approach to leverage and interest rate risk, ensuring a stable financial position.
- Net income from property management decreased by NOK37 million compared to the previous quarter due to lower rental income and higher costs.
- The company reported a negative net value change of NOK1.2 billion, primarily due to decreased value of investment properties.
- Occupancy rates declined from 94.3% to 93.3%, with further near-term pressure expected due to upcoming expiries.
- Entra ASA's profit before tax was negative, at minus NOK1.0 billion, influenced by negative value adjustments and increased financing costs.
- The company's EPRA LTV increased to 53.1% following a valuation decline, raising concerns about maintaining current dividend policy if yields soften further.
Good morning, all, and welcome to Entra's second quarter presentation here in Oslo. On the front page here, you can see our building in [Akersgata 16] where we, in the quarter, signed a 12-year lease contract for the entire building with Coop.
Let's move on to some highlights. Rental income of NOK781 million in the quarter, that is 2.4% down from last quarter or 1.4% up from same quarter last year. Net income from property management of NOK320 million this quarter, which is down NOK37 million compared to last quarter due to lower rental income and higher operating and financial costs.
Net value changes came in with a negative of NOK1.2 billion this quarter, mainly driven by the negative value changes of our -- on our investment properties of NOK1.1 billion leaving us then with a loss before tax of NOK855 million in the quarter, sorry, that's loss after tax. And the NRV per share this quarter stands at NOK163.3 and cash earnings per share of NOK3.54 for the first half of this year. It's been a strong quarter in respect of letting with a
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