ENTRA ASA

“After several years of moderate newbuild activity, and with break-even rents for newbuilds currently below market rents, new supply will be limited in the years to come. The positive outlook for office demand, combined with a restrained supply side, support expectations of continued market rental growth. Entra’s portfolio is well positioned to capitalise on this market rental growth in the years to come.”

Annual report 2024A · The company itself

“Project development Typically, the company has had 5-10 per cent of its portfolio in project development. Project development has been brought down over the last years as current market rents are below required break-even rents needed to initiate newbuild projects. This discrepancy between newbuild costs and market rents has arisen after several years of rising construction costs and higher capital costs.”

Annual report 2024A · The company itself

“The construction industry accounts for 40 per cent of the world's material consumption and more than 25 per cent of material consumption in Norway. The construction industry also accounts for approximately 25 per cent of the waste generated in Norway.”

Annual report 2024A · The company itself

“The construction industry is particularly vulnerable to corruption, especially in large projects, due to the involvement of substantial sums of money and numerous stakeholders, creating a complex environment.”

Annual report 2024A · The company itself

“Introduction Entra normally spends around NOK 2.5 billion annually on external suppliers. The main suppliers include the largest construction companies in Norway and their sub-suppliers, such as carpenters, electricians and plumbers. Within property management, the largest suppliers are facility service providers, including cafeteria operations and cleaning services agencies.”

Annual report 2024A · The company itself

“This development potential is centrally located in attractive areas within the company's existing clusters and represents an opportunity for accretive growth over time.”

Annual report 2024A · The company itself

“Entra’s business activities are grouped under NACE code F (Construction) 2 Net revenue is defined as Net operating income in the Statement of comprehensive income in the Group's consolidated financial statements Metrics Energy E5 Resource use and circular economy Resources inflows, including resource use Consumption of construction materials in newbuild, redevelopment, refurbishment and maintenance projects: Actual negative impact Reuse of construction products in projects: Risk Waste Waste from newbuild, redevelopment, refurbishment and maintenance projects, headquarters and other offices: Actual negative impact Disposal of waste from tenants: Actual negative impact Entra’s impact, risks and opportunities Entra has a direct negative impact on resource use and waste, as a significant amount of construction materials is consumed, and waste is generated in development, redevelopment, and refurbishment projects.”

Annual report 2024A · The company itself

“The substantial contribution criteria related to the buildings Primary Energy Demand (PED) is different for buildings built before 31 December 2020 and buildings build after 31 December 2020. To be aligned with the criteria for this activity for buildings built before 31 December 2020, there are two options: The building has at least an Energy Performance Certificate (EPC) class A; The building is within the top 15 per cent of the national or regional building stock expressed as operational Primary Energy Demand (PED) and demonstrated by adequate evidence, which at least compares the performance of the relevant asset to the performance of the national or regional stock built before 31 December 2020 and at least distinguishes between residential and non-residential buildings.”

Annual report 2024A · The company itself

“To be aligned with the substantial contribution criteria for the buildings built after 31 December 2020, the Primary Energy Demand (PED) must be at least 10 per cent lower than the threshold set for the nearly zero-energy building (NZEB) requirements in national measures. In Norway, the thresholds for NZEB are set by the Ministry of Local Government and Regional Development.”

Annual report 2024A · The company itself

“In 2024, this comprised of one project, the renovation of Schweigaards gate 15, which was completed in 2024. In order to comply with the substantial contribution criteria for this activity the renovation must lead to a reduction in PED of at least 30 per cent. The renovation project has reduced primary energy demand by more than 30 per cent and is aligned with the substantial contribution criteria.”

Annual report 2024A · The company itself

“Entra aims to improve energy efficiency and increase the use of renewable energy in its property portfolio. Transition plan for climate change mitigation (Roadmap to net-zero) Entra has through its commitment to the Science Based Targets Initiative committed to reduce the company’s emissions in alignment with the Paris Agreement.”

Annual report 2024A · The company itself

“For new builds, the building's Primary Energy Demand (PED) must be at least 10 per cent lower than the nearly zero-energy building (NZEB) requirements, and the building must achieve energy label A. Redevelopment projects must target at least a 30 per cent reduction in primary energy demand (PED).”

Annual report 2024A · The company itself

“Collaboration with key stakeholders Collaboration with suppliers and tenants plays a vital role in reducing the company’s emissions. This collaboration includes implementing 'Green Benefit Agreements' and environmental addendums to leases. These agreements involve identifying and implementing environmental measures in cooperation with tenants.”

Annual report 2024A · The company itself

“Entra’s key environmental ambitions is to: Adapt the property portfolio and operations to ensure resilience against future climate change impacts Reduce greenhouse gas emissions from our own operations and value chain, in line with the 1.5-degree target and achieve climate neutrality by 2050 Build properties located in clusters around public transportation hubs Enhance energy efficiency and increase the use of renewable energy Limit the consumption of resources and increase circularity Environment leadership has been a part of Entra’s business strategy for more than 15 years.”

Annual report 2024A · The company itself

“Increasingly stricter climate policy and regulations may boost the demand for climate-friendly products and services. Our tenants, lenders and investors all have their own goals for reducing their negative climate impact. Consequently, the demand for green buildings is expected to increase in the coming years, while we expect it to be less attractive to rent, finance and invest in non-green buildings.”

Annual report 2024A · The company itself

“The substantial contribution criteria related to the buildings Primary Energy Demand (PED) is different for buildings built before 31 December 2020 and buildings build after 31 December 2020. To be aligned with the criteria for this activity for buildings built before 31 December 2020, there are two options: The building has at least an Energy Performance Certificate (EPC) class A; The building is within the top 15 per cent of the national or regional building stock expressed as operational Primary Energy Demand (PED) and demonstrated by adequate evidence, which at least compares the performance of the relevant asset to the performance of the national or regional stock built before 31 December 2020 and at least distinguishes between residential and non-residential buildings.”

Annual report 2024A · The company itself

“To be aligned with the substantial contribution criteria for the buildings built after 31 December 2020, the Primary Energy Demand (PED) must be at least 10 per cent lower than the threshold set for the nearly zero-energy building (NZEB) requirements in national measures. In Norway, the thresholds for NZEB are set by the Ministry of Local Government and Regional Development.”

Annual report 2024A · The company itself

“Strategy company's business strategy focuses on achieving profitable growth, being the preffered office provider, and environmental leadership. Environmental leadership means that Entra aims to be at the forefront of commercialising environmental initiatives to maximise long-term value creation.”

Annual report 2024A · The company itself

“Entra also sets high environmental standards for its suppliers. For instance, all large suppliers must document their environmental management systems and sustainability strategies. In development projects, contractors must have targets for their GHG reductions to qualify for delivering services to Entra.”

Annual report 2024A · The company itself

“The most commonly used construction materials are concrete, metal, and timber.”

Annual report 2024A · The company itself

“Consequently, the most commonly used materials in such projects are glass, insulation, façade materials, gypsum boards, and technical equipment. Tenant alterations projects focus on updating and customising spaces to meet tenant needs and improve building functionality. These projects primarily involve materials such as drywall, glass, various flooring materials (including polyester carpets and ceramic tiles), lighting fixtures, porcelain for sanitary equipment, and paint.”

Annual report 2024A · The company itself

“Material usage is managed sustainably where possible. For instance, recycled steel and insulation materials are incorporated, and timber is sourced from sustainable suppliers.”

Annual report 2024A · The company itself

“This can provide a competitive advantage in attracting tenants Opportunity Financial impact ● Use E5 Resource use and circularity Resource inflows and resource use Consumption of construction materials in newbuild, redevelopment and refurbishment and maintenance projects Actual negative impact ● Property development Reuse of construction products in projects imposes increased costs due to the lack of a well-functioning market and infrastructure, which limits availability.”

Annual report 2024A · The company itself

“End-use and waste: Entra’s development projects generate large amounts of waste. More than 1/4 of the waste produced in Norway comes from the building and construction industry. Entra is also responsible for managing the waste from tenants in its management portfolio.”

Annual report 2024A · The company itself

“Another barrier to the reuse of building products in projects is obtaining tenant agreement. Tenants must accept a reduction in standards, such as soundproofing, since reused building products typically differ in quality from new materials. Furthermore, the reuse of building products restricts design flexibility.”

Annual report 2024A · The company itself

“Entra utilises reused products and materials in the majority of refurbishment and major renovation projects.”

Annual report 2024A · The company itself

“For example, before planning any refurbishment of existing properties, Entra maps the materials present in the existing space with the help of a digital tool called Loopfront. Loopfront provides an overview of materials within the company’s buildings, including surplus materials stored on-site, which are available for reuse.”

Annual report 2024A · The company itself

“Our business is characterised by solid tenants with long lease contracts and a high occupancy ratio.”

Annual report 2024A · The company itself

“Letting market development Office vacancy in the Oslo and Bergen area has increased slightly over the last two years but remains at low levels of around six to eight per cent.”

Annual report 2024A · The company itself

“Being located in the two largest cities, Oslo and Bergen, near central communication hubs, has become even more important post- COVID to bring employees back to the office. Entra’s significant size in our markets is cost-efficient, reduces single tenant risk, increases our relevance to tenants, and strengthens our ability to undertake interesting development projects.”

Annual report 2024A · The company itself

“The market rental income of vacant space as of 31.12.24 is estimated to 202 million on an annualised basis.”

Annual report 2024A · The company itself

“The calculation of net yield is based on the appraisers’ assumption of ownership costs, which at 31.12.24 is 5.5 per cent of market rent. | Management portfolio The business | Management portfolio Management portfolio Entra’s management portfolio consists of 73 buildings with a total area of approximately 1.2 million square metres. management portfolio had a market value of 58.3 billion (66.4 billion), and the occupancy rate was 94.3 per cent (95.3 per cent).”

Annual report 2024A · The company itself

“Our customer portfolio, comprising large customers with high credit quality on long-term leases, is one of our key qualities.”

Annual report 2024A · The company itself

“The calculation of net yield is based on the appraisers’ assumption of ownership costs, which at 31.12.24 is 5.5 per cent of market rent. | Management portfolio The business | Management portfolio Management portfolio Entra’s management portfolio consists of 73 buildings with a total area of approximately 1.2 million square metres. management portfolio had a market value of 58.3 billion (66.4 billion), and the occupancy rate was 94.3 per cent (95.3 per cent).”

Annual report 2024A · The company itself

“At year-end 2024, public sector tenants accounted for 52 per cent of total contractual rent. management properties had around 450 tenants, and the 20 largest tenants’ share of Entra’s rental income represents 50 per cent.”

Annual report 2024A · The company itself

“Entra has a long track record of maintaining a high occupancy rate and long WAULT thanks to its centrally located, high-quality portfolio and professional letting organisation.”

Annual report 2024A · The company itself

“In the latest credit opinion as of June 2024, Moody’s made the following comment: 'Entra's Baa3 rating continues to reflect its position as the largest office property company in Norway with its modern, high-quality NOK 67 billion (before divestments of Trondheim assets) office property portfolio in attractive locations on the fringes of the central business district (CBD) in Oslo; clear, well-defined strategy focusing on offices in Norway's two largest cities and government tenants; large exposure to highly creditworthy government and public tenants (57 per cent) with long-dated average lease maturities (6.4 years including project properties as of March 2024); and consistently high occupancy rates of 95.3 per cent across all cities.'”

Annual report 2024A · The company itself

“This development potential is centrally located in attractive areas within the company's existing clusters and represents an opportunity for accretive growth over time.”

Annual report 2024A · The company itself

“The company has a large portfolio of centrally located high-quality properties in and around Oslo and in Bergen.”

Annual report 2024A · The company itself

“Letting and property management, project development and property transactions are the key value drivers for our company.”

Annual report 2024A · The company itself

“Entra Annual Report 2024 3 Introduction Entra at a glance Leading owner, manager and developer of office properties in Norway Properties (#) 81 Property portfolio 1.3m sqm Market value portfolio 61bn Avg. portfolio age 8.5 yrs.”

Annual report 2024A · The company itself

“At the end of 2024, the management portfolio consisted of 73 properties, with a total area of 1 160 522 square meters (sqm). Property development: The company engages in the development of new office buildings and the redevelopment of existing properties.”

Annual report 2024A · The company itself

“Even though most of Entra’s direct suppliers and contractors are based in Norway, social dumping and work-related crime are familiar problems within the construction industry. This risk is particularly pronounced in facility services and large construction projects, which involve many different parties. According to The Norwegian Labour Inspection Authority, workers in the construction industry are more exposed to accidents than workers in most other industries.”

Annual report 2024A · The company itself

“Operating costs for the continuing operations are split as follows: All amounts in NOK million 2024 2023 Maintenance 30 24 Property tax, leasehold and insurance 70 64 Letting and property administration 95 94 Direct property costs 69 73 Operating costs 264 255 Net operating income As a consequence of the effects explained above, total net operating income came in at 2 991 million (3 136 million).”

Annual report 2024A · The company itself

“The company’s key inputs are construction materials/products, energy, capital employed, and labor.”

Annual report 2024A · The company itself

“Supplier Code of Conduct Entra’s Supplier Code of Conduct outlines fundamental requirements concerning human rights, working conditions, responsible procurement, environment, health and safety, monitoring and control, and business ethics.”

Annual report 2024A · The company itself

“Financial strategy and capital management The debt capital markets improved in 2024, marked by tightening credit margins and a more attractive bond market, particularly in the second half of the year. In Q1 2025, we successfully reintroduced Entra in the bond market and established a new long-term bank financing structure.”

Annual report 2024A · The company itself

“Entra targets a loanto-value (LTV) ratio which shall be below 50 per cent over time. The Group’s LTV ratio, measured by effective leverage, which is the LTV metric used for Moody’s credit rating, as at 31 December 2024 was 49.3 per cent, down from 54.0 per cent at year-end 2023.”

Annual report 2024A · The company itself

“Good access to the bond market is an important part of Entra’s financing strategy to have a broad funding base at a favourable cost and hence the Company target to maintain an investment grade rating throughout all parts of the cycle, as Entra have done in the past.”

Annual report 2024A · The company itself

“Norwegian authorities have introduced several laws and measures in recent years to counteract and prevent social dumping and market crime in the construction industry. For example, a minimum wage has been established for construction workers. Moreover, the authorities have implemented 'seriousness requirements' for procurements in both the construction and cleaning sectors.”

Annual report 2024A · The company itself

“Staffing companies registration Contractors are required to use personnel exclusively from staffing companies registered with the Norwegian Labour Inspection Authority. They must also document that the hiring company has a nationwide collective agreement. If such an agreement is not in place, hiring is permitted solely as a temporary replacement for an absent employee.”

Annual report 2024A · The company itself

“Approval for cleaning companies All cleaning companies working for Entra must be approved by the Norwegian Labour Inspection Authority. At the start of the contract, the company should have either an "application under processing" or an "HMS card order under processing."”

Annual report 2024A · The company itself

“For example, before planning any refurbishment of existing properties, Entra maps the materials present in the existing space with the help of a digital tool called Loopfront. Loopfront provides an overview of materials within the company’s buildings, including surplus materials stored on-site, which are available for reuse.”

Annual report 2024A · The company itself

“One key initiative is partnering with Carrot, a company specialising in waste data capture at the tenant level, as opposed to waste data at the building level.”

Annual report 2024A · The company itself

“In 2024, Entra also recieved Gold level compliance with The European Real Estate Association (EPRA) Sustainability Best Practices Recommendations (sBPR). per cent of the company's value-weighted property portfolio is BREEAM certified Very Good or better.”

Annual report 2024A · The company itself

“Our customer portfolio, comprising large customers with high credit quality on long-term leases, is one of our key qualities.”

Annual report 2024A · The company itself

“At year-end 2024, public sector tenants accounted for 52 per cent of total contractual rent. management properties had around 450 tenants, and the 20 largest tenants’ share of Entra’s rental income represents 50 per cent.”

Annual report 2024A · The company itself

“Entra will continue to optimise its high-quality management and project portfolio through asset rotation and disciplined capital allocation.”

Annual report 2024A · The company itself

“At year-end 2024, public sector tenants accounted for 52 per cent of total contractual rent. management properties had around 450 tenants, and the 20 largest tenants’ share of Entra’s rental income represents 50 per cent.”

Annual report 2024A · The company itself

“Entra aims to improve energy efficiency and increase the use of renewable energy in its property portfolio. Transition plan for climate change mitigation (Roadmap to net-zero) Entra has through its commitment to the Science Based Targets Initiative committed to reduce the company’s emissions in alignment with the Paris Agreement.”

Annual report 2024A · The company itself

“It is difficult to predict how escalating geopolitical tensions and trade conflicts may impact inflation, interest rates, and overall economic conditions.”

Annual report 2024A · The company itself

“After several years of moderate newbuild activity, and with break-even rents for newbuilds currently below market rents, new supply will be limited in the years to come. The positive outlook for office demand, combined with a restrained supply side, support expectations of continued market rental growth. Entra’s portfolio is well positioned to capitalise on this market rental growth in the years to come.”

Annual report 2024A · The company itself

“Financial strategy and capital management The debt capital markets improved in 2024, marked by tightening credit margins and a more attractive bond market, particularly in the second half of the year. In Q1 2025, we successfully reintroduced Entra in the bond market and established a new long-term bank financing structure.”

Annual report 2024A · The company itself

“While the Eurozone has already implemented several rate cuts, the Norwegian Central Bank kept rates stable throughout 2024. Anticipated future rate cuts are expected to support continued positive development.”

Annual report 2024A · The company itself

“Project development Typically, the company has had 5-10 per cent of its portfolio in project development. Project development has been brought down over the last years as current market rents are below required break-even rents needed to initiate newbuild projects. This discrepancy between newbuild costs and market rents has arisen after several years of rising construction costs and higher capital costs.”

Annual report 2024A · The company itself

“Financing The Group’s financing is diversified between bank and capital market instruments. The nominal interest-bearing debt of 31 665 million as of year-end has a diversified maturity structure, with an average time to maturity of 3.1 years (3.8 years).”

Annual report 2024A · The company itself

“Positive outlook for the Norwegian economy Entra is well-positioned within a stable Norwegian economy, supported by low unemployment and positive prospects for employment growth and mainland GDP growth. It is difficult to predict how escalating geopolitical tensions and trade conflicts may impact inflation, interest rates, and overall economic conditions.”

Annual report 2024A · The company itself

“Letting market development Office vacancy in the Oslo and Bergen area has increased slightly over the last two years but remains at low levels of around six to eight per cent.”

Annual report 2024A · The company itself

“There has been a broad and robust growth in market rents over the last few years. Expectations for employment growth, combined with low vacancy and low newbuild volumes, provide room for continued market rental growth in the years to come.”

Annual report 2024A · The company itself

“The unemployment rate remains low at 2.2 per cent, and the growth in employment is expected to pick up in 2025. The solid fiscal position of Norway, with an all-time high sovereign wealth fund, has supported an expansionary fiscal policy, smoothened business cycles and stabilised the performance of the Norwegian economy. Monetary policy is expected to provide further stimulus through rate cuts in 2025 and 2026. Combined, this points to a pick-up in economic activity in 2025.”

Annual report 2024A · The company itself

“Based on the double materiality analysis, Entra has identified the following material impacts, risks, and opportunities (IROs): Environment Description of IROs Category Time horizon Interaction with business operations and value chain Topic Sub-topic Short term Medium term Long term Upstream Own operations Downstream E1 Climate change Climate change adaption Acute physical climate changes, such as extreme weather events, can cause physical damage to, and reduced value of, Entra’s properties, which constitutes most of Entra’s balance sheet. It can also lead to increased insurance costs and reduced customer satisfaction.”

Annual report 2024A · The company itself

“This need for resilience can result in higher construction costs, especially for materials, and increased maintenance expenses Risk Financial impact ● Property development Property management Policies and regulations aimed at reducing negative climate impacts, such as the EU’s Building Energy Directive, may impose increased costs Risk Financial impact ● Property development The adoption of new technologies to mitigate climate change, such as low-carbon materials, solar panels and emission-free vehicles and machinery, can lead to higher expenses Risk Financial impact ● Property development Letting Property management Increasingly stricter climate policy and regulations may boost the demand for climatefriendly products and services.”

Annual report 2024A · The company itself

“Sea levels are expected to rise by between 46 cm (Oslo) and 78 cm (Stavanger). Risks related to future changes in rainfall intensity and flood flows in 2100 have been assessed based on the relevant regional profile from the Norwegian Centre for Climate Services. In the Oslo area, short-term rainfall intensity is expected to increase by up to 50 per cent, while flood flows in larger rivers may increase by around 20 per cent.”

Annual report 2024A · The company itself

“All of Entra’s properties have been subject to individual climate risk and vulnerability assessments performed in accordance with Appendix A, see the section on climate risk in the Environment chapter in the sustainability statement. The most important identified physical climate risks for the properties in Entra’s portfolio are water-related, with mostly low to mediums risks.”

Annual report 2024A · The company itself

“Large quantities of construction materials are utilised in the construction and renovation of buildings, with concrete and steel being the most common. The key ingredient in concrete is cement, which is made from limestone extracted from quarries. Suppliers: Entra normally spends around NOK 2.5 billion per year on external suppliers. The main suppliers include the largest construction companies in Norway and their sub-suppliers, such as carpenters, electricians, and plumbers.”

Annual report 2024A · The company itself

“The most commonly used construction materials are concrete, metal, and timber.”

Annual report 2024A · The company itself

“Consequently, the most commonly used materials in such projects are glass, insulation, façade materials, gypsum boards, and technical equipment. Tenant alterations projects focus on updating and customising spaces to meet tenant needs and improve building functionality. These projects primarily involve materials such as drywall, glass, various flooring materials (including polyester carpets and ceramic tiles), lighting fixtures, porcelain for sanitary equipment, and paint.”

Annual report 2024A · The company itself

“In Norway, we are witnessing a return to the office, however hybrid work models are prompting a reassessment of workspace needs, with less individual desks and more use for video conferenceand meeting rooms, as well as social space. Customers who have already adopted to free seating and underutilisation show little change in occupied space, while those with assigned desks to all employees are reducing their space requirements as they transition to a more flexible work model.”

Annual report 2024A · The company itself

“Location and scale Our cluster strategy enables us to more easily offer increased flexibility that our customers are increasingly demanding.”

Annual report 2024A · The company itself

“The impact on demand from the work-from-home trend has been limited in Norway, which contrasts what is reported from several other countries. Rental levels are still low compared to newbuilding costs, and thus Entra expects continued market rental growth in the years to come. Entra operates in the appealing Norwegian real-estate office market, with attractive high-quality and environmentally friendly properties located in clusters near public transportation hubs in central urban locations. per cent of the management portfolio is located in Oslo.”

Annual report 2024A · The company itself

“Positive outlook for the Norwegian economy Entra is well-positioned within a stable Norwegian economy, supported by low unemployment and positive prospects for employment growth and mainland GDP growth. It is difficult to predict how escalating geopolitical tensions and trade conflicts may impact inflation, interest rates, and overall economic conditions.”

Annual report 2024A · The company itself

“The unemployment rate remains low at 2.2 per cent, and the growth in employment is expected to pick up in 2025. The solid fiscal position of Norway, with an all-time high sovereign wealth fund, has supported an expansionary fiscal policy, smoothened business cycles and stabilised the performance of the Norwegian economy. Monetary policy is expected to provide further stimulus through rate cuts in 2025 and 2026. Combined, this points to a pick-up in economic activity in 2025.”

Annual report 2024A · The company itself

“Large quantities of construction materials are utilised in the construction and renovation of buildings, with concrete and steel being the most common. The key ingredient in concrete is cement, which is made from limestone extracted from quarries. Suppliers: Entra normally spends around NOK 2.5 billion per year on external suppliers. The main suppliers include the largest construction companies in Norway and their sub-suppliers, such as carpenters, electricians, and plumbers.”

Annual report 2024A · The company itself

“The most commonly used construction materials are concrete, metal, and timber.”

Annual report 2024A · The company itself

“Entra’s key environmental ambitions is to: Adapt the property portfolio and operations to ensure resilience against future climate change impacts Reduce greenhouse gas emissions from our own operations and value chain, in line with the 1.5-degree target and achieve climate neutrality by 2050 Build properties located in clusters around public transportation hubs Enhance energy efficiency and increase the use of renewable energy Limit the consumption of resources and increase circularity Environment leadership has been a part of Entra’s business strategy for more than 15 years.”

Annual report 2024A · The company itself

“Based on the double materiality analysis, Entra has identified the following material impacts, risks, and opportunities (IROs): Environment Description of IROs Category Time horizon Interaction with business operations and value chain Topic Sub-topic Short term Medium term Long term Upstream Own operations Downstream E1 Climate change Climate change adaption Acute physical climate changes, such as extreme weather events, can cause physical damage to, and reduced value of, Entra’s properties, which constitutes most of Entra’s balance sheet. It can also lead to increased insurance costs and reduced customer satisfaction.”

Annual report 2024A · The company itself

“Introduction Entra normally spends around NOK 2.5 billion annually on external suppliers. The main suppliers include the largest construction companies in Norway and their sub-suppliers, such as carpenters, electricians and plumbers. Within property management, the largest suppliers are facility service providers, including cafeteria operations and cleaning services agencies.”

Annual report 2024A · The company itself

“It is difficult to predict how escalating geopolitical tensions and trade conflicts may impact inflation, interest rates, and overall economic conditions.”

Annual report 2024A · The company itself

“There has been a broad and robust growth in market rents over the last few years. Expectations for employment growth, combined with low vacancy and low newbuild volumes, provide room for continued market rental growth in the years to come.”

Annual report 2024A · The company itself

“Entra adjusts leases yearly from 1 January, mostly based on the November CPI the previous year. The November CPI came in at 2.35 per cent in 2024, which will be reflected in Entra’s rental income from Q1 2025.”

Annual report 2024A · The company itself

“The like-for-like growth for the year was 82 million, equivalent to 2.9 per cent, lower than the CPI adjustment due to reduced occupancy in the period.”

Annual report 2024A · The company itself

“Based on the annual CPI development, rents increased by 2.4 per cent from 1 January 2025. Over time, lower vacancy, current rolling rent below market rent and project development are also expected to contribute significantly to rental growth.”

Annual report 2024A · The company itself

“Operating costs Total operating costs amounted to 276 million (282 million).”

Annual report 2024A · The company itself

“Operating costs for the continuing operations are split as follows: All amounts in NOK million 2024 2023 Maintenance 30 24 Property tax, leasehold and insurance 70 64 Letting and property administration 95 94 Direct property costs 69 73 Operating costs 264 255 Net operating income As a consequence of the effects explained above, total net operating income came in at 2 991 million (3 136 million).”

Annual report 2024A · The company itself

“Processing and production: The raw materials are processed into essential components for construction and property management, such as construction materials, building components, insulation, software and hardware.”

Annual report 2024A · The company itself

“Specifically in Norway, about 80 per cent of the energy consumption in buildings is derived from electricity.”

Annual report 2024A · The company itself

“(MWh) - - - Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources (MWh) 7 910 9 728 10 144 The consumption of self-generated non-fuel renewable energy (MWh) Total renewable energy consumption (MWh) 7 910 9 728 10 144 Share of renewable sources in total energy consumption (%) 77.4% 76.3% 76.1% Total energy consumption (MWh) 10 216 12 747 13 328 Energy intensity for high impact sectors‌ 1 Energy consumption per unit of net revenue‌ 2 (MWh/NOK million) 2023 2024 Change % Total energy consumption per unit of net revenue 3.60 4.52 25% 1 High climate impact sectors are those listed in NACE Sections A to H and Section L.”

Annual report 2024A · The company itself

“It is difficult to predict how escalating geopolitical tensions and trade conflicts may impact inflation, interest rates, and overall economic conditions.”

Annual report 2024A · The company itself

“Processing and production: The raw materials are processed into essential components for construction and property management, such as construction materials, building components, insulation, software and hardware.”

Annual report 2024A · The company itself

“Energy consumption mix Energy consumption and energy mix, MWh 2023 incl. structural changes 2024 incl. structural changes 2024 Fuel consumption from coal and coal products (MWh) - - - Fuel consumption from crude oil and petroleum products (MWh) - - - Fuel consumption from natural gas (MWh) 319 293 292 Fuel consumption from other fossil sources (MWh) - 296 296 Consumption of purchased or acquired electricity, heat, steam, and cooling from fossil sources (MWh) - - - Total fossil energy consumption (MWh) 319 589 589 Share of fossil sources in total energy consumption (%) Consumption from nuclear sources (MWh) - - - Share of consumption from nuclear sources in total energy consumption (%) - - - Fuel consumption from renewable sources, including biomass (also comprising industrial and municipal waste of biologic origin, biogas, renewable hydrogen, etc.)”

Annual report 2024A · The company itself

“Consequently, the most commonly used materials in such projects are glass, insulation, façade materials, gypsum boards, and technical equipment. Tenant alterations projects focus on updating and customising spaces to meet tenant needs and improve building functionality. These projects primarily involve materials such as drywall, glass, various flooring materials (including polyester carpets and ceramic tiles), lighting fixtures, porcelain for sanitary equipment, and paint.”

Annual report 2024A · The company itself

“Being located in the two largest cities, Oslo and Bergen, near central communication hubs, has become even more important post- COVID to bring employees back to the office. Entra’s significant size in our markets is cost-efficient, reduces single tenant risk, increases our relevance to tenants, and strengthens our ability to undertake interesting development projects.”

Annual report 2024A · The company itself

“As of year-end, the portfolio totals approximately 1.3 million square metres, and approximately 88 per cent of the management portfolio value is located in the Greater Oslo region. ● Oslo 77% ● Bergen 9% ● Sandvika 8% ● Drammen 4% ● Stavanger 3% property portfolio comprised 81 assets and 1 330 245 sqm, with a market value of 61.1 billion.”

Annual report 2024A · The company itself

“The property portfolio Geographic exposure management properties located in Oslo constitute 77 per cent of the portfolio values whereas the properties located in Bergen constitute 9 per cent, Sandvika 8 per cent, Drammen 4 per cent and Stavanger 3 per cent.”

Annual report 2024A · The company itself

“Geographic focus Selected clusters at public transportation hubs in central urban locations in and around Oslo and in Bergen.”

Annual report 2024A · The company itself

“Entra actively seeks to increase the value and maximise returns of its property portfolio and focus on selected properties and urban development projects within specific areas in its core markets. Targeted locations include both areas in the city centres and selected clusters near public transportation hubs.”

Annual report 2024A · The company itself

“The key outputs are the letting and management of modern, flexible, and environmentally friendly properties, located in clusters near public transportation hubs in and around the largest cities in Norway.”

Annual report 2024A · The company itself

“During the reporting period, Entra divested all its 13 management properties in Trondheim. In addition, Entra divested three properties in Oslo and one in Bergen.”

Annual report 2024A · The company itself