Entra ASA (ENTOF) Q1 2026 Earnings Call April 21, 2026 2:30 AM EDT
Company Participants
Sonja Horn – Chief Executive Officer
Ole Gulsvik – Chief Financial Officer
Isabel Vindenes – Head of Investor Relations
Presentation
Sonja Horn
Chief Executive Officer
Good morning all, and welcome Entra’s first quarter presentation, moving directly to the highlights. Rental income in the quarter of NOK 800 million. That’s NOK 26 million up or 3.3% compared to same quarter last year. Net income from property management of NOK 357 million in the quarter, up with NOK 37 million or approximately 11.6% compared to the first quarter last year. Net value changes of minus NOK 52 million in the quarter and value changes on investment properties were negative with NOK 199 million this quarter. Profit before tax of NOK 205 million and the NRV per share currently at NOK 170, up with NOK 1. 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 NOK 20 million. The underlying net letting was NOK 6 million positive when adjusting for timing effects related to a relocation, which I will get back to shortly. We have also started reporting on a new project this quarter in Christian Krohgs gate 2, where we are developing the asset in a joint venture with Skanska. It has been a good momentum operationally this quarter, and we have signed new and renewed leases with a rental income of NOK 121 million this quarter and contracts with an annual rent of NOK 64 million were terminated in the quarter. Net letting, as mentioned, of minus NOK 20 million in the quarter. This includes a negative net letting effect of approximately NOK 26 million from
