Note 01\tOrganisation
Entra ASA (\u2018the Company\u2019) is listed on Oslo Stock Exchange with the ticker ENTRA. The Company and its subsidiaries (together \u2018Entra\u2019 or \u2018the Group\u2019) is one of Norway\u2019s leading commercial real estate companies, focusing on large, high-quality, flexible and environment-friendly office properties in clusters around central public transportation hubs in the largest cities in Norway. The Group owns and manages 80 (81) properties with a total area of approximately 1.3 million (1.3 million) square metres. As of 31.12.25 the property portfolio had a market value of around 62 billion (61 billion). The public sector represents 51 per cent (52 per cent) of the total customer portfolio. Entra has its head office in Oslo.
The consolidated financial statements were adopted by the Company\u2019s Board on 16 March 2026.
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Accounting principles
The most important accounting principles applied in the preparation of the annual financial statements are described below and incorporated in the relevant notes. These principles are applied in the same way for all periods presented, unless otherwise indicated in the description.
Basic principles
The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) and interpretations by the IFRS Interpretation Committee (IFRIC), as adopted by the EU, as well as additional Norwegian reporting requirements pursuant to the Norwegian Accounting Act.
The consolidated financial statements have been prepared on a historical cost basis, except that investment property and certain financial instruments are measured at fair value. Financial instruments measured at fair value include the Group\u2019s derivatives.
Presenting the accounts in accordance with IFRS requires the management to make certain judgements and assumptions. The application of the Group\u2019s accounting principles also requires management to exercise judgement. Estimates and subjective judgements are based on past experience and other factors that are considered appropriate. Actual results may deviate from these estimates.
Estimates and underlying assumptions are continuously reassessed. Changes in accounting estimates are recognised in the period in which the changes occur if they apply only to that period. If the changes also apply to future periods, the impact is distributed over the current and future periods. Further information about critical accounting judgements and key sources of estimation uncertainty is set out in the relevant notes.
The consolidated financial statements have been presented on the assumption of the Group being a going concern.
Currency
The Group\u2019s presentation currency is NOK. This is also the functional currency of the parent company and all its subsidiaries.
Foreign currency transactions are translated to NOK at the exchange rate on the date of the transaction. Monetary foreign currency items are translated to NOK at the exchange rate on the balance sheet date. Non-monetary items that are measured at cost in a foreign currency are translated to NOK using the exchange rate on the transaction date. Non-monetary items that are measured at fair value in a foreign currency are translated to NOK using the exchange rate on the balance sheet date. Exchange rate fluctuations are recognised in profit or loss as they arise.
Statement of cash flows
The statement of cash flows is prepared using the indirect method. This means that the statement is based on the Group\u2019s profit before tax in order to present cash flows from operating, investing and financing activities, respectively. Interest on leases and net interest and fees paid on loans are presented as operating cash flows. Dividends paid to shareholders and non-controlling interests are presented under financing activities.
Application of new and revised IFRSs
New and amended standards adopted by the Group
None of the new accounting standards or interpretations that came into effect in 2025 had a significant impact on the Group\u2019s consolidated financial statements. As such, the accounting policies adopted and methods of computation followed are consistent with those of the previous financial year.
New standards and interpretations not yet adopted by the Group
IFRS 18 Presentation and Disclosure in Financial Statements
IFRS 18 Presentation and Disclosure in Financial Statementswill replace IAS 1 Presentation of Financial Statements, applies to periods beginning on or after 1 January 2027 and applies retrospectively. Earlier application is permitted. Entra does not intend to adopt the new standard before its effective date.
IFRS 18 introduces new requirements for presentation within the financial statements, particularly within the statement of profit or loss, including specified totals and subtotals. To enhance comparability between reporting entities, all income and expenses within the statement of profit or loss must be classified into one of five categories: operating, investing, financing, income taxes and discontinued operations, of which the first three are new. The standard provides detailed guidance on the classification and grouping of income and expenses within these categories.
Management-defined performance measures (\u2018MPMs\u2019) are defined in IFRS 18 as subtotals of income and expenses used in public communication outside the financial statements to explain management's view of the entity\u2019s performance, which are not specifically required by IFRS. Entra\u2019s MPMs, currently included in the Alternative Performance Measures section of this report, shall be disclosed in a single note to the financial statements.
In addition, narrow-scope amendments have been made to IAS 7 Statement of Cash Flowswhich include changing the starting point of statements of cash flows under the indirect method to the new, \u2018operating profit\u2019 subtotal and removing the optionality around classification of dividends and interests on leases and borrowings, which shall be presented as financing cash flows.
The Group is still in the process of assessing the impact of IFRS 18, particularly with respect to classification within the financial statements, especially the statement of profit or loss, and the additional disclosures required for MPMs. The Group is also assessing the impact on how information is aggregated in the financial statements. Significant effects for the statement of profit or loss identified to date are that \u2018Changes in value of investment properties\u2019 under the new standard will be presented within operating activities, and that \u2018Changes in value of financial instruments\u2019 will be presented within financing activities. The interest expense element of \u2018Net realised financials\u2019 will be presented within the financing category. Implementation of IFRS 18 will not change the Group\u2019s profit or total comprehensive income. In the statement of cash flows, \u2018Interest and fees paid on loans and leases\u2019 will be presented as financing cash flows.
There are no other not-yet-effective IFRS standards or IFRIC interpretations that are expected to have a significant impact on the Group\u2019s consolidated financial statements.
Significant accounting policies
Accounting policies according to the list below are included in the relevant notes to the Consolidated Financial Statements:
Accounting policies | Note |
Segment information | |
Rental income | |
Operating costs | |
Other revenues | |
Share-based payments | |
Share discounts | |
Income tax | |
Dividend | |
Investment properties | |
Other assets | |
Inventory properties | |
Trade receivables | |
Pensions | |
Leases \u2013 the Group as a lessee | |
Provisions | |
Financial instruments | |
Interest-bearing liabilities | |
Cash and bank deposits | |
Consolidation | |
Discontinued operations | |
Joint arrangements and associates |
Key sources of estimation uncertainty and critical judgements
The preparation of the Group\u2019s consolidated financial statements requires management to make a number of judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. The estimates and underlying assumptions are based on historical experience and various other factors that are considered to be reasonable under the circumstances. Actual results may differ from these estimates.
The key sources of estimation uncertainty and assumptions that have a significant inherent risk of causing a material adjustment to the carrying amounts of assets and liabilities are described in the following\u00a0notes:
Note 14\u2013 Fair value of investment properties
Note 22\u2013 Fair value of financial derivatives
The most critical judgments in applying accounting policies are described in the following notes:
Note 6\u2013 Revenues from development project
Note 14\u2013 Classes of investment properties
Note 14\u2013 Presentation of acquisitions
Note 27\u2013 Consolidation of entity in which the Group holds less than a majority of shares
Consideration of climate-related risks
Climate-related risk can represent financial risk that must be reflected in the financial statements. In preparing the financial statements, the impact of climate-relates risks has been considered, both the impact of climate change on the Group and the impact the Group\u2019s activities has on the climate. Further information is presented in\u00a0the Sustainability statement in this report.
Whilst noting the Group\u2019s commitment to sustainability, Entra assesses that climate change is not expected to have a material impact on the Group\u2019s cash flows in the short to medium term, i.e., within the next five years. Furthermore, there hasnot been a material impact on the financial reporting estimation uncertainty and critical judgements, which include physical climate and transitional risk assessments conducted by the Group. The area in Entra\u2019s financial statements where climate-related risks may have the most material impact is on the valuation\u00a0of the Group\u2019s investment properties. Refer to Note 14for further information.
Accounting policies
Operating segments are reported in the same way as in internal reports to the Group\u2019s highest decision-making authority. The Group\u2019s highest decision-making authority, which is responsible for allocating resources and assessing the profitability of the operating segments, has been identified as the Board of Directors and the CEO.
Accounting policies
The Group enters into lease agreements as a lessor with respect to its investment properties. Lease contracts where a significant proportion of the risks and benefits of ownership remain with Entra are classified as operating leases. Revenue recognition under a lease commences at the commencement of the lease. Lease payments are recognised on a straight-line basis over the duration of the lease.
In negotiating a new or renewed operating lease, Entra may provide incentives for the lessee to enter into the agreement. Examples of such incentives are rent exemptions or the reimbursement or assumption by the lessor of costs of the lessee (such as relocation costs, leasehold improvement and costs associated with a pre-existing lease commitment of the lessee). Entra recognises the aggregate benefit of incentives as a reduction of rental income over the lease on a straight-line basis. The accrued loss of rent or costs is presented under other assets. Payments relating to the termination of contracts are recognised in the period from the contract being entered into until the date of its termination. Rental income encompasses the fair value of the payments received for services that fall within the ordinary activities of the company.
Accounting policies
Costs for shared services provided to the tenants by external parties do not affect the result beyond costs for vacant premises and an administrative premium recognised as rental income. Shared costs are charged to tenants and presented net with payments on account from tenants. Shared costs are settled after the balance sheet date.
Accounting policies
Service income for additional services provided to tenants is recognised in the period the service is performed.
Revenues from development of commercial properties, including transactions that are structured as sale of shares, are recognised over time according to the stage of completion if the buyer does not have the right to cancel a contract, and the Group as a seller can require a buyer to pay the consideration agreed in the contract even if the buyer acts to terminate a contract. A project\u2019s stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as percentage of total estimated costs. Contract assets related to non-invoiced revenue from such construction contracts are included in \u2018Other current assets\u2019.
The Group enters into operating lease agreements as a lessor with respect to its inventory properties, and the rental income from such leases is presented under \u2018Other revenues\u2019. Revenue from development of inventory properties for sale is recognised when the properties are handed over to the customer as the Group does not have an enforceable right to collect payment for the benefits performed to date.
In determining the basis for revenue recognition from contracts with customers, the Group identifies the distinct performance obligations under the contracts, allocate the transaction price to each identified performance obligation and account for revenue as each performance obligation is met.
Accounting policies
Share-based payments
Entra operates a share-based incentive programme for Senior Executives (the \u2018LTI scheme\u2019) comprising an equity-settled component and a cash-settled component. The LTI scheme is based on two key performance indicators (KPIs): return on equity before tax and total shareholder return, each weighted at 50 per cent. Outcome under the LTI scheme is measured annually. If performance against the two KPIs meets the targets set by the Board, the Senior Executives receive restricted shares with a market value of an amount corresponding to a percentage of their base salary (the equity-settled component), less an amount equal to the Senior Executives\u2019 tax effect of the total LTI award, which is paid in cash (the cash-settled component). The restricted shares are transferred to the Senior Executives in the year following the grant date, and 1/3 of the share allotment is restricted for three years after the transfer of the shares, another 1/3 is restricted for four years and the remaining 1/3 is restricted for five years. The fair value of the equity-settled component is measured applying the Black-Scholes option-pricing model (BS). The three tranches of the equity-settled component are fully vested at the end of the respective restriction periods. The cash-settled component is fully vested on settlement in the year following the grant date. The equity-settled component and the cash-settled component are recognised as payroll expenses over the period from grant date until fully vested.
Share discounts
Sales of shares to employees in Entra\u2019s share saving scheme are reported in accordance with IFRS 2. The recognised discount is calculated as the difference between market price and purchase price at the time of purchase, taking into account the agreed lock-in period for the shares. The effect of the agreed lock-in period is calculated as the value of a put option using the BS model. The assumptions relating to volatility are based on the actual fluctutions in the price of Entra\u2019s shares. There is no vesting period on the shares or the right to acquire shares. The share of the discount that represents the difference between the calculated BS value and the market value of the shares is recognised against equity and the remaining discount, which represents the difference between the paid amount for the shares by the employees and the BS value, is recognised as payroll expenses at the time of allocation.
Accounting policies
The tax expense consists of tax payable and change in deferred tax. Tax is charged to the income statement, except where it relates to items that are recognised in OCI or directly in equity. In such cases, the tax is either recognised in OCI or directly in equity.
Deferred tax is calculated using the liability method for all temporary differences between the tax values and consolidated accounting values of assets and liabilities. Deferred tax liabilities are not calculated and recognised upon initial recognition of assets or liabilities obtained through an acquisition of a subsidiary not classified as a business combination. No reduction in deferred tax liability is recognised on subsequent negative value changes below cost for investment properties acquired in transactions accounted for as asset acquisitions on initial recognition, if the changes are within the unrecognised deferred tax liabilities. Deferred tax liabilities are calculated and recognised on positive value changes above the lowest recognised value.
Deferred tax is measured at the tax rates and laws enacted at the reporting date and expected to apply when the related asset is realised or the liability settled. A deferred tax asset is recognised to the extent that it is likely that future taxable profit will be available against which the temporary differences can be\u00a0offset.
Deferred tax is calculated and provided or reduced in the event of adjustments to the value of investment properties at a nominal tax rate of 22 per cent, reflecting the tax rate that would be applied on a direct sale of a property. Should a sale of a property be structured as a disposal of the subsidiary holding the asset, a different tax rate may apply. Currently, sales of companies are tax exempt in Norway.
Deferred tax liabilities are recognised for taxable temporary differences associated with investments in subsidiaries and associates, and interests in jointly controlled entities, except where the Group is able to control the reversal of the temporary differences and it is probable that the temporary difference will not be reversed in the foreseeable future.
Accounting policies
Entra has a policy of semi-annual dividends. Dividend payments to the company\u2019s shareholders for the first half year are classified as debt from the date on which a resolution regarding the dividend is passed by the Board of Directors. Dividend payments to the company\u2019s shareholders for the second half year are classified as debt from the date on which a resolution regarding the dividend is passed by the Annual General Meeting.
Accounting policies
Investment properties include completed investment properties and investment properties under development. Investment properties are held with the aim of achieving a long-term return from rental income or increase in value, or both. Investment properties are recognised at fair value in the balance sheet.
Initial measurement takes into consideration the property\u2019s cost price, which includes direct transaction costs such as document duty and other public duties, legal fees and due diligence costs.
Subsequent expenditure is added to the investment property\u2019s carrying amount if it is probable that future financial benefits associated with the expenditure will flow to the Group and the expense can be measured reliably. Other maintenance costs are recorded through the income statement in the period in which they are incurred.
Investment properties are valued at each reporting date. The values are estimated by two independent appraisers, and the carrying amount of the investment properties are based on the average of the appraisers\u2019 valuations. The valuations are based on each individual property\u2019s assumed future cash flows, and property values are arrived at by discounting cash flows with an individual risk-adjusted required rate of return.
Changes in fair value, including realised gains and losses on sale of investment properties, are recognised as \u2018Changes in value of investment properties\u2019.
Investment properties held for sale
Investment properties are classified as held for sale if their carrying amount will be recovered through a sales transaction rather than through their continuing use. This condition is regarded as met if the sale is highly probable. The sale should be expected to qualify for recognition as a completed sale within one year from the date of classification. Investment properties classified as held for sale are recognised at fair value in the balance sheet.
Borrowing costs
Borrowing costs for capital used to finance investments in and upgrading of investment properties under development are capitalised on the asset in question. When calculating the capitalised borrowing costs, the average interest rate on the company\u2019s debt portfolio is used, unless there is separate financing for the specific project. In such cases the specific borrowing cost for the applicable loan is used. When calculating the average interest rate to be used for the capitalisation of borrowing costs, loans drawn for specific projects are not included.
Key sources of estimation uncertainty
Fair value of investment properties
Entra\u2019s investment properties are recognised at fair value in the balance sheet based on valuations by two independent, external appraisers. The valuations of the Group\u2019s properties are inherently subjective, as they are based upon the appraisers\u2019 assumptions and estimations that form part of the key unobservable inputs of the valuation. The key unobservable inputs, including market rents, required rates of return, exit yields, inflation, operating costs and CapEx, may prove to be inaccurate.
Critical judgements in applying accounting policies
Classes of investment properties
Entra has, based on the nature, characteristics, and risks of the Group\u2019s investment properties, determined that the Group\u2019s geographical segment Oslo should be presented as two separate classes of investment properties for the disclosure of quantitative information regarding the significant unobservable inputs used in the external appraisers\u2019 fair value measurement. Entra\u2019s other reportable segments, in addition to project properties and zoned development sites, constitute the other appropriate classes of investment properties.
Presentation of acquisitions
Acquisitions of companies where substantially all of the fair value of the gross assets acquired is concentrated in a single property or group of similar properties, are treated as asset acquisitions. An individual judgement is made for each transaction. Refer to the accounting policies section of Note 27for further information.
Accounting policies
Other receivables are classified as non-current assets if they are due more than twelve months after the balance sheet date. Equity investments are classified as financial assets at FVTPL, while other financial assets are classified as financial assets measured at amortised cost. Interest is ignored if it is insignificant. Operating equipment is recognised at acquisition cost, less depreciation.
Accounting policies
The Group\u2019s inventory properties comprise residential projects under zoning, development and construction intended for sale in the ordinary course of business. Properties under zoning for residential purposes may be handed over to other residential developers. Where the Group constructs the residential projects, the individual units are handed over to the purchaser when they are completed. Inventory properties may comprise properties held for resale, properties under development and construction, and completed units which are not sold. Inventory properties are measured at the lower of cost and net realisable value.
Accounting policies
Trade receivables are initially recognised at the agreed transaction price in the contract with the customer. Subsequently they are measured at amortised costs. Interest is ignored if it is insignificant.
The Group applies the simplified approach in IFRS 9 to measure the loss allowance at lifetime expected credit losses. A provision for bad debt is determined by estimating expected credit losses with reference to past default experience of the debtor and an analysis of the debtor\u2019s current financial position, adjusted for factors that are specific to the debtors, general economic conditions of the industry in which the debtors operate, and an assessment of both the current as well as the forecast direction of conditions at the reporting date. Any subsequent payments received against accounts for which a provision has previously been made are recognised in the income statement.
Trade receivables are classified as current assets unless they are due more than twelve months after the balance sheet date. If so, they are classified as non-current assets.
Accounting policies
Other receivables are classified as current assets unless they are due more than twelve months after the balance sheet date. Other current assets include accrued interest, including interest on the Group\u2019s derivatives, accrued income, contract assets, prepaid expenses and current portion of external loans. Other current assets are measured at amortised cost. Interest is ignored if it is insignificant.
Accounting policies
The Group has both defined benefit and defined contribution pension schemes. A defined benefit pension scheme is a pension arrangement that defines the pension payment an employee will receive on retirement. The pension benefit payable is dependent on a number of factors, such as the employee\u2019s age, number of years of membership in the Norwegian Public Service Pension Fund and salary level. The recognised pension obligation relating to defined benefit plans is the present value of the defined benefit on the balance sheet date less the fair value of the plan assets, calculated annually by an independent actuary.
Changes to benefits payable under the pension plan are recognised in the income statement as they arise. Actuarial gains/losses resulting from new information or changes to actuarial assumptions are recognised to comprehensive income in the period they arise.
Contributions to defined contributions plans are recognised in the income statement in the period in which they accrue.
Accounting policies
The Group assesses whether a contract is or contains a lease, at inception of the contract. The Group recognises a right-of-use asset and a corresponding lease liability with respect to all lease contracts in which it is the lessee, except for leases with a lease term of 12 months or less, and leases of low value assets (such as vehicles and technical and office equipment), for which the Group applies the applicable recognition exemptions. For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the lease term.
Only fixed payments are included in the initial measurement of the lease liability, and the lease term corresponds to the non-terminable period. The discount rate used to calculate the lease liability is determined, for each asset, based on the Group\u2019s incremental borrowing rate for leases with less than 15 years until maturity. For leases with more than 15 years until maturity, the discount rate is based on the properties\u2019 net yields, adjusted for features that affect Entra\u2019s incremental borrowing rate, such as tenant-specific factors and the length of the lease. The lease liability is presented as part of other liabilities in the balance sheet.
For lease contracts where the leased properties meet the definition of investment properties in IAS 40, Entra applies the fair value model to the associated right-of-use assets. The right-of-use assets are measured by discounting the assumed future cash flows under the lease contracts. The discount rate used to calculate the right-of- use asset may be different from the discount rate used to calculate the lease liability. The right-of-use assets are presented as part of investment properties in the balance sheet.
Accounting policies
Non-interest-bearing financial liabilities
Non-interest-bearing liabilities are classified as financial liabilities at amortised cost, and are measured at fair value upon initial recognition, and subsequently at amortised cost using the effective interest rate method. Interest is ignored if it is insignificant.
Provisions
The Group recognises provisions for legal claims when a legal or self-imposed obligation exists as a result of past events, when it is likely that an outflow of resources will be required to settle the obligation and its amount can be estimated with a sufficient degree of reliability.
In cases where there are several obligations of the same nature, the likelihood of settlement is determined by assessing the Group as a whole. A provision for the Group is recognised even if there is little likelihood of settlement of the Group\u2019s individual elements.
Provisions are measured at the present value of expected payments to settle an obligation. A discount rate before tax is used which reflects the present market situation. Any increase in an obligation as a result of a changed time value is reported as a financial expense. A provision for onerous contracts is recognised when the expected benefits to be derived by Entra from a contract are lower than the unavoidable cost of meeting its obligations under the contract.
Accounting policies
A financial instrument is defined as being any contract that gives rise to a financial asset for one entity and a financial liability or equity instrument for another entity. Financial instruments are recognised on the transaction date, i.e., the date on which the Group commits to buying or selling the asset. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them.
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through OCI, or FVTPL. The majority of the Group\u2019s financial assets are classified as measured at amortised cost as they are held for the purpose of recovering contractual cash flows and where these cash flows consist only of principal amounts and interest.
Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is recognised, modified or impaired. The Group\u2019s financial assets at amortised cost includes trade and other current receivables, cash and cash equivalents and other financial assets.
Financial assets at FVTPL include financial assets held for trading, financial assets designated upon initial recognition at FVTPL, and financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term.
Derivatives, including separated embedded derivatives, are also classified as held at FVTPL unless they are designated as effective hedging instruments. Financial assets with cash flows that are not solely payments of principal and interest are classified and measured at FVTPL. The Group has elected not to present subsequent changes in the fair value of its equity investments in OCI, and investments in equity instruments are consequently measured at FVTPL.
The Group recognises an allowance for expected credit losses on all debt instruments not held at FVTPL. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument.
Financial liabilities are classified upon initial recognition as financial liabilities at FVTPL and financial liabilities at amortised cost. Financial liabilities at FVTPL comprise interest rate derivatives. Financial liabilities at amortised cost consist of liabilities that do not fall under the category at FVTPL.
Financial derivatives
The Group uses derivatives to manage its interest rate risk. Interest rate derivatives are used for economic hedging purposes only. The Group does not apply hedge accounting under IFRS 9. Derivatives are initially recognised at fair value on the date on which the contract was signed, and subsequently at fair value. Gains or losses on remeasurement at fair value are recognised in the income statement. Net interest settlements on interest rate swaps are presented under \u2018Net realised financials\u2019. Changes in the value of the derivatives are presented under \u2018Changes in value of financial instruments\u2019.
The fair value of interest rate swaps is the estimated amount the Group would receive or pay to redeem the contracts on the balance sheet date. This amount will depend on interest rates and the contracts\u2019 remaining term to maturity. The derivatives are classified on the balance sheet as current or non-current, depending on whether they are expected to be redeemed under or over 12 months from the balance sheet date.
Fair value hierarchy
The Group uses the following hierarchy to classify assets and liabilities, based on the valuation methods used to measure and disclose their fair value. There were no transfers between the levels in the fair value hierarchy during the year.
Level 1:\tQuoted (unadjusted) prices in active markets for identical assets and liabilities.
Level 2:\tOther techniques where all of the parameters that have a significant impact on measuring fair value are either directly or indirectly observable.
Level 3:\tValuation techniques that use parameters that significantly affect the valuation, but which are not observable (unobservable input variables).
Key sources of estimation uncertainty
Fair value of financial derivatives
The Group uses interest rate derivatives and fixed rate loans to manage the interest rate risk. The financial derivatives are in the Group\u2019s balance sheet valued at fair value, measured using valuation methods where the significant parameters are obtained from quoted market data.
Accounting policies
Interest-bearing liabilities are classified as financial liabilities at amortised cost, and are measured at fair value upon initial recognition, and subsequently at amortised cost using the effective interest rate method. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate. The effective interest rate amortisation is included as net realised financials in the statement of profit or loss. The liabilities are measured at their nominal value when the effect of discounting is immaterial.
Interest-bearing liabilities are classified as current liabilities when the debt is due for repayment less than 12 months from the balance sheet date.
Accounting policies
Cash and cash equivalents consist of bank deposits and other short-term, highly liquid investments with an original term to maturity of no more than three months.
Accounting policies
The consolidated financial statements include all the financial statements of Entra ASA and its subsidiaries. Subsidiaries are all entities (including structured entities) over which Entra has control, either directly or through other subsidiaries. The Entra controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity.
The Group reassesses whether it controls an investee if facts and circumstances indicate that there are changes to one or more of the elements of control listed above.
When the Group has less than a majority of the voting rights of an investee, it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Group considers all relevant facts and circumstances in assessing whether the Group\u2019s voting rights in an investee are sufficient to give it power, including:
\u2022The size of the Group\u2019s holding of voting rights relative to the size and dispersion of holdings of the other vote holders;
\u2022potential voting rights held by the Group, other vote holders or other parties;
\u2022rights arising from other contractual arrangements; and/or
\u2022any additional facts and circumstances that indicate that the Group has, or does not have, the current ability to direct the relevant activities at the time that decisions need to be made, including vote patterns at previous shareholder\u2019s meetings.
Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.
The acquisition method is used to account for purchases of subsidiaries that constitute a business. The consideration given is measured at the fair value of the transferred assets, the equity instruments that have been issued, liabilities assumed on the transfer of control and direct costs relating to the actual purchase.
The cost of acquisition also includes the fair value of all assets or liabilities that are the result of an agreement on contingent consideration.
Identifiable purchased assets, assumed liabilities and contingent liabilities are recognised at fair value on the date of acquisition. The costs associated with the business combination are expensed when they are incurred.
If the aggregate of the consideration, the carrying amount of non-controlling interests and the fair value on the acquisition date of any previously held ownership interests exceeds the fair value of the acquired entity\u2019s identifiable net assets, the difference is capitalised as goodwill. If the aggregate is less than the company\u2019s net assets, the difference is immediately recognised in profit or loss.
Contingent consideration is recognised at fair value on the date of acquisition. Subsequent changes in the fair value of the contingent consideration are recognised in profit or loss or recognised as a change in other comprehensive income (OCI), if the contingent consideration is classified as an asset or a liability. Contingent consideration classified as equity is not remeasured, and subsequent settlement is recognised in equity.
For accounting purposes, acquisitions of subsidiaries that do not constitute a business as defined in IFRS 3, such as acquisitions where substantially all of the fair value of the gross assets acquired is concentrated in a single property or group of similar properties, are treated as asset acquisitions. The cost of acquisition is then attributed to the individual identifiable assets and liabilities based on their relative fair values on the acquisition date. Expenses associated with the transaction are capitalised on the investment property. Such acquisitions are transactions to which the initial recognition exemption according to IAS 12 would apply, and no deferred tax would be recognised for taxable temporary differences for the assets and liabilities acquired.
If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognised in profit or loss. For a subsidiary where main asset is an investment property, the net gain or loss associated with the loss of control of the subsidiary is presented as change in value of investment properties. Any investment retained is recognised at fair value.
Intra-group transactions, balances and unrealised gains are eliminated. Unrealised losses are eliminated, but are considered evidence of impairment in terms of writing down the value of the transferred asset. If necessary, the accounting policies at subsidiaries are changed in order to bring them into line with the Group\u2019s accounting policies.
Transactions with non-controlling interests
Transactions with non-controlling interests in subsidiaries are treated as equity transactions. If shares are acquired from a non-controlling interest, the difference between the payment and the proportion of the carrying amount of the subsidiary\u2019s net assets attributable to the shares is recognised in the equity of the parent company\u2019s owners. Gains and losses arising from the sale of shares to non-controlling interests are similarly recognised in equity.
If the Group loses control, any residual holding is remeasured at fair value through profit or loss (FVTPL). Thereafter, the fair value is used as the acquisition cost for accounting purposes, and the holding is treated as an investment in an associate, in a jointly controlled entity or in a financial asset. Amounts previously included in OCI that relate to the company are treated as if the Group had disposed the underlying asset and liability. This may result in amounts that were previously included in OCI being reclassified to the income statement.
Critical judgements in applying accounting policies
Consolidation of entity in which the Group holds less than a majority of shares
Entra considers that it controls Entra OPF Utvikling AS with a 50 per cent holding in the company. In this assessment, Entra has considered all relevant facts and circumstances in assessing whether the voting rights are sufficient to give Entra power over the company.
A key consideration is whether Entra has the practical ability to direct unilaterally the relevant activities that affect the returns to Entra. The relevant activities, including property management, ongoing maintenance and minor redevelopment projects, are directed by the company\u2019s Board of Directors. The shareholders\u2019 agreement contains certain provisions that restrict Entra from making significant changes to the company\u2019s business; these are assessed to be protective in nature and do not confer power on the co-investors. As Entra is entitled to appoint the Chair of the Board, who holds a casting vote, Entra has concluded that it controls the company.
Accounting policies
Joint arrangements
Under IFRS 11, investments in joint arrangements are classified as either joint operations or joint ventures. In a joint arrangement, no single party controls the arrangement on its own. The classification depends on the contractual rights and obligations of each investor, rather than the legal structure of the joint arrangement.
Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control.
A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement.
Entra classifies its investments based on an analysis of the degree of control and the underlying facts. This includes an assessment of voting rights, ownership structure and the relative strength, purchase and sale rights controlled by Entra and other shareholders. Each individual investment is assessed. Upon changes in underlying facts and circumstances, a new assessment is made as to whether this is still a joint venture. Changes in contractual rights and obligations relating to the underlying asset or debt and changes in the shareholder agreement might lead to a shift in the accounting method.
In joint ventures, the Group\u2019s share of the companies\u2019 profit/loss after tax, adjusted for amortisation of excess value, are presented on a separate line in the consolidated income statement. Where necessary, the accounts of joint ventures have been brought into line with the Group\u2019s accounting policies. Joint ventures are recognised in the consolidated accounts using the equity method, often referred to as one-line consolidation, and presented as non-current assets.
A transaction that entails a change of control from an investment in a joint venture to an investment in a subsidiary is treated as a realisation and requires that a gain/loss at the time of derecognition of the joint venture has to be calculated and recognised in the income statement. Equity transactions in a joint venture is presented as an equity transaction in the Group\u2019s statement of changes in equity.
Associates
Associates are companies over which the Group has significant influence but not control or joint control. Significant influence normally exists where the Group\u2019s investment represents between 20 and 50 per cent of the capital with voting rights. Investments in associates are accounted for using the equity method of accounting, after initially being recognised at cost. Investments in associates include any excess values and goodwill identified at the time of acquisition, less any subsequent impairment losses.
The Group\u2019s share of the profit and loss of associates is recognised and added to the carrying amount of the investments. The Group\u2019s share of the comprehensive income of associates is recognised in the Group\u2019s comprehensive income and added to the carrying amount of the investments. The Group does not recognise its share of a loss if this would result in a negative carrying amount for the investment (including the entity\u2019s unsecured receivables), unless the Group has taken over obligations or made payments on behalf of the associate.
The Group\u2019s share of unrealised gains on transactions between the Group and its associates is eliminated. This also applies to unrealised losses, unless there is a permanent loss of value. Where necessary, the accounts of associates have been brought into line with the Group\u2019s accounting policies. Gains and losses arising from the dilution of ownership interests in associates are recognised in profit or loss.
If the Group no longer has significant influence, any residual holding is remeasured at FVTPL. Thereafter, the fair value is used as the acquisition cost for accounting purposes, and the holding is treated as a financial asset. Amounts relating to the company that were previously recognised in comprehensive income are treated as if the associate had disposed of the underlying assets and liabilities. This may result in amounts that were previously included in other comprehensive income being reclassified to the income statement. If the Group reduces its shareholding but retains significant influence, a proportionate share of the amounts previously recognised in other comprehensive income is reclassified to the income statement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__17-1": { "value": "Basic principles
The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) and interpretations by the IFRS Interpretation Committee (IFRIC), as adopted by the EU, as well as additional Norwegian reporting requirements pursuant to the Norwegian Accounting Act.
The consolidated financial statements have been prepared on a historical cost basis, except that investment property and certain financial instruments are measured at fair value. Financial instruments measured at fair value include the Group\u2019s derivatives.
Presenting the accounts in accordance with IFRS requires the management to make certain judgements and assumptions. The application of the Group\u2019s accounting principles also requires management to exercise judgement. Estimates and subjective judgements are based on past experience and other factors that are considered appropriate. Actual results may deviate from these estimates.
Estimates and underlying assumptions are continuously reassessed. Changes in accounting estimates are recognised in the period in which the changes occur if they apply only to that period. If the changes also apply to future periods, the impact is distributed over the current and future periods. Further information about critical accounting judgements and key sources of estimation uncertainty is set out in the relevant notes.
The consolidated financial statements have been presented on the assumption of the Group being a going concern.
Note 27\tConsolidation and subsidiaries
Accounting policies
The consolidated financial statements include all the financial statements of Entra ASA and its subsidiaries. Subsidiaries are all entities (including structured entities) over which Entra has control, either directly or through other subsidiaries. The Entra controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity.
The Group reassesses whether it controls an investee if facts and circumstances indicate that there are changes to one or more of the elements of control listed above.
When the Group has less than a majority of the voting rights of an investee, it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Group considers all relevant facts and circumstances in assessing whether the Group\u2019s voting rights in an investee are sufficient to give it power, including:
\u2022The size of the Group\u2019s holding of voting rights relative to the size and dispersion of holdings of the other vote holders;
\u2022potential voting rights held by the Group, other vote holders or other parties;
\u2022rights arising from other contractual arrangements; and/or
\u2022any additional facts and circumstances that indicate that the Group has, or does not have, the current ability to direct the relevant activities at the time that decisions need to be made, including vote patterns at previous shareholder\u2019s meetings.
Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.
The acquisition method is used to account for purchases of subsidiaries that constitute a business. The consideration given is measured at the fair value of the transferred assets, the equity instruments that have been issued, liabilities assumed on the transfer of control and direct costs relating to the actual purchase.
The cost of acquisition also includes the fair value of all assets or liabilities that are the result of an agreement on contingent consideration.
Identifiable purchased assets, assumed liabilities and contingent liabilities are recognised at fair value on the date of acquisition. The costs associated with the business combination are expensed when they are incurred.
If the aggregate of the consideration, the carrying amount of non-controlling interests and the fair value on the acquisition date of any previously held ownership interests exceeds the fair value of the acquired entity\u2019s identifiable net assets, the difference is capitalised as goodwill. If the aggregate is less than the company\u2019s net assets, the difference is immediately recognised in profit or loss.
Contingent consideration is recognised at fair value on the date of acquisition. Subsequent changes in the fair value of the contingent consideration are recognised in profit or loss or recognised as a change in other comprehensive income (OCI), if the contingent consideration is classified as an asset or a liability. Contingent consideration classified as equity is not remeasured, and subsequent settlement is recognised in equity.
For accounting purposes, acquisitions of subsidiaries that do not constitute a business as defined in IFRS 3, such as acquisitions where substantially all of the fair value of the gross assets acquired is concentrated in a single property or group of similar properties, are treated as asset acquisitions. The cost of acquisition is then attributed to the individual identifiable assets and liabilities based on their relative fair values on the acquisition date. Expenses associated with the transaction are capitalised on the investment property. Such acquisitions are transactions to which the initial recognition exemption according to IAS 12 would apply, and no deferred tax would be recognised for taxable temporary differences for the assets and liabilities acquired.
If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognised in profit or loss. For a subsidiary where main asset is an investment property, the net gain or loss associated with the loss of control of the subsidiary is presented as change in value of investment properties. Any investment retained is recognised at fair value.
Intra-group transactions, balances and unrealised gains are eliminated. Unrealised losses are eliminated, but are considered evidence of impairment in terms of writing down the value of the transferred asset. If necessary, the accounting policies at subsidiaries are changed in order to bring them into line with the Group\u2019s accounting policies.
Transactions with non-controlling interests
Transactions with non-controlling interests in subsidiaries are treated as equity transactions. If shares are acquired from a non-controlling interest, the difference between the payment and the proportion of the carrying amount of the subsidiary\u2019s net assets attributable to the shares is recognised in the equity of the parent company\u2019s owners. Gains and losses arising from the sale of shares to non-controlling interests are similarly recognised in equity.
If the Group loses control, any residual holding is remeasured at fair value through profit or loss (FVTPL). Thereafter, the fair value is used as the acquisition cost for accounting purposes, and the holding is treated as an investment in an associate, in a jointly controlled entity or in a financial asset. Amounts previously included in OCI that relate to the company are treated as if the Group had disposed the underlying asset and liability. This may result in amounts that were previously included in OCI being reclassified to the income statement.
Critical judgements in applying accounting policies
Consolidation of entity in which the Group holds less than a majority of shares
Entra considers that it controls Entra OPF Utvikling AS with a 50 per cent holding in the company. In this assessment, Entra has considered all relevant facts and circumstances in assessing whether the voting rights are sufficient to give Entra power over the company.
A key consideration is whether Entra has the practical ability to direct unilaterally the relevant activities that affect the returns to Entra. The relevant activities, including property management, ongoing maintenance and minor redevelopment projects, are directed by the company\u2019s Board of Directors. The shareholders\u2019 agreement contains certain provisions that restrict Entra from making significant changes to the company\u2019s business; these are assessed to be protective in nature and do not confer power on the co-investors. As Entra is entitled to appoint the Chair of the Board, who holds a casting vote, Entra has concluded that it controls the company.
Basic principles
The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) and interpretations by the IFRS Interpretation Committee (IFRIC), as adopted by the EU, as well as additional Norwegian reporting requirements pursuant to the Norwegian Accounting Act.
The consolidated financial statements have been prepared on a historical cost basis, except that investment property and certain financial instruments are measured at fair value. Financial instruments measured at fair value include the Group\u2019s derivatives.
Presenting the accounts in accordance with IFRS requires the management to make certain judgements and assumptions. The application of the Group\u2019s accounting principles also requires management to exercise judgement. Estimates and subjective judgements are based on past experience and other factors that are considered appropriate. Actual results may deviate from these estimates.
Estimates and underlying assumptions are continuously reassessed. Changes in accounting estimates are recognised in the period in which the changes occur if they apply only to that period. If the changes also apply to future periods, the impact is distributed over the current and future periods. Further information about critical accounting judgements and key sources of estimation uncertainty is set out in the relevant notes.
The consolidated financial statements have been presented on the assumption of the Group being a going concern.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__19-1": { "value": "The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) and interpretations by the IFRS Interpretation Committee (IFRIC), as adopted by the EU, as well as additional Norwegian reporting requirements pursuant to the Norwegian Accounting Act.Application of new and revised IFRSs
New and amended standards adopted by the Group
None of the new accounting standards or interpretations that came into effect in 2025 had a significant impact on the Group\u2019s consolidated financial statements. As such, the accounting policies adopted and methods of computation followed are consistent with those of the previous financial year.
New standards and interpretations not yet adopted by the Group
IFRS 18 Presentation and Disclosure in Financial Statements
IFRS 18 Presentation and Disclosure in Financial Statementswill replace IAS 1 Presentation of Financial Statements, applies to periods beginning on or after 1 January 2027 and applies retrospectively. Earlier application is permitted. Entra does not intend to adopt the new standard before its effective date.
IFRS 18 introduces new requirements for presentation within the financial statements, particularly within the statement of profit or loss, including specified totals and subtotals. To enhance comparability between reporting entities, all income and expenses within the statement of profit or loss must be classified into one of five categories: operating, investing, financing, income taxes and discontinued operations, of which the first three are new. The standard provides detailed guidance on the classification and grouping of income and expenses within these categories.
Management-defined performance measures (\u2018MPMs\u2019) are defined in IFRS 18 as subtotals of income and expenses used in public communication outside the financial statements to explain management's view of the entity\u2019s performance, which are not specifically required by IFRS. Entra\u2019s MPMs, currently included in the Alternative Performance Measures section of this report, shall be disclosed in a single note to the financial statements.
In addition, narrow-scope amendments have been made to IAS 7 Statement of Cash Flowswhich include changing the starting point of statements of cash flows under the indirect method to the new, \u2018operating profit\u2019 subtotal and removing the optionality around classification of dividends and interests on leases and borrowings, which shall be presented as financing cash flows.
The Group is still in the process of assessing the impact of IFRS 18, particularly with respect to classification within the financial statements, especially the statement of profit or loss, and the additional disclosures required for MPMs. The Group is also assessing the impact on how information is aggregated in the financial statements. Significant effects for the statement of profit or loss identified to date are that \u2018Changes in value of investment properties\u2019 under the new standard will be presented within operating activities, and that \u2018Changes in value of financial instruments\u2019 will be presented within financing activities. The interest expense element of \u2018Net realised financials\u2019 will be presented within the financing category. Implementation of IFRS 18 will not change the Group\u2019s profit or total comprehensive income. In the statement of cash flows, \u2018Interest and fees paid on loans and leases\u2019 will be presented as financing cash flows.
There are no other not-yet-effective IFRS standards or IFRIC interpretations that are expected to have a significant impact on the Group\u2019s consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__20": { "value": "The consolidated financial statements have been presented on the assumption of the Group being a going concern.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__21": { "value": "Currency
The Group\u2019s presentation currency is NOK. This is also the functional currency of the parent company and all its subsidiaries.
Foreign currency transactions are translated to NOK at the exchange rate on the date of the transaction. Monetary foreign currency items are translated to NOK at the exchange rate on the balance sheet date. Non-monetary items that are measured at cost in a foreign currency are translated to NOK using the exchange rate on the transaction date. Non-monetary items that are measured at fair value in a foreign currency are translated to NOK using the exchange rate on the balance sheet date. Exchange rate fluctuations are recognised in profit or loss as they arise.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__22": { "value": "Currency
The Group\u2019s presentation currency is NOK. This is also the functional currency of the parent company and all its subsidiaries.
Foreign currency transactions are translated to NOK at the exchange rate on the date of the transaction. Monetary foreign currency items are translated to NOK at the exchange rate on the balance sheet date. Non-monetary items that are measured at cost in a foreign currency are translated to NOK using the exchange rate on the transaction date. Non-monetary items that are measured at fair value in a foreign currency are translated to NOK using the exchange rate on the balance sheet date. Exchange rate fluctuations are recognised in profit or loss as they arise.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__23": { "value": "Statement of cash flows
The statement of cash flows is prepared using the indirect method. This means that the statement is based on the Group\u2019s profit before tax in order to present cash flows from operating, investing and financing activities, respectively. Interest on leases and net interest and fees paid on loans are presented as operating cash flows. Dividends paid to shareholders and non-controlling interests are presented under financing activities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__25": { "value": "Application of new and revised IFRSs
New and amended standards adopted by the Group
None of the new accounting standards or interpretations that came into effect in 2025 had a significant impact on the Group\u2019s consolidated financial statements. As such, the accounting policies adopted and methods of computation followed are consistent with those of the previous financial year.
New standards and interpretations not yet adopted by the Group
IFRS 18 Presentation and Disclosure in Financial Statements
IFRS 18 Presentation and Disclosure in Financial Statementswill replace IAS 1 Presentation of Financial Statements, applies to periods beginning on or after 1 January 2027 and applies retrospectively. Earlier application is permitted. Entra does not intend to adopt the new standard before its effective date.
IFRS 18 introduces new requirements for presentation within the financial statements, particularly within the statement of profit or loss, including specified totals and subtotals. To enhance comparability between reporting entities, all income and expenses within the statement of profit or loss must be classified into one of five categories: operating, investing, financing, income taxes and discontinued operations, of which the first three are new. The standard provides detailed guidance on the classification and grouping of income and expenses within these categories.
Management-defined performance measures (\u2018MPMs\u2019) are defined in IFRS 18 as subtotals of income and expenses used in public communication outside the financial statements to explain management's view of the entity\u2019s performance, which are not specifically required by IFRS. Entra\u2019s MPMs, currently included in the Alternative Performance Measures section of this report, shall be disclosed in a single note to the financial statements.
In addition, narrow-scope amendments have been made to IAS 7 Statement of Cash Flowswhich include changing the starting point of statements of cash flows under the indirect method to the new, \u2018operating profit\u2019 subtotal and removing the optionality around classification of dividends and interests on leases and borrowings, which shall be presented as financing cash flows.
The Group is still in the process of assessing the impact of IFRS 18, particularly with respect to classification within the financial statements, especially the statement of profit or loss, and the additional disclosures required for MPMs. The Group is also assessing the impact on how information is aggregated in the financial statements. Significant effects for the statement of profit or loss identified to date are that \u2018Changes in value of investment properties\u2019 under the new standard will be presented within operating activities, and that \u2018Changes in value of financial instruments\u2019 will be presented within financing activities. The interest expense element of \u2018Net realised financials\u2019 will be presented within the financing category. Implementation of IFRS 18 will not change the Group\u2019s profit or total comprehensive income. In the statement of cash flows, \u2018Interest and fees paid on loans and leases\u2019 will be presented as financing cash flows.
There are no other not-yet-effective IFRS standards or IFRIC interpretations that are expected to have a significant impact on the Group\u2019s consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__26": { "value": "Application of new and revised IFRSs
New and amended standards adopted by the Group
None of the new accounting standards or interpretations that came into effect in 2025 had a significant impact on the Group\u2019s consolidated financial statements. As such, the accounting policies adopted and methods of computation followed are consistent with those of the previous financial year.
New standards and interpretations not yet adopted by the Group
IFRS 18 Presentation and Disclosure in Financial Statements
IFRS 18 Presentation and Disclosure in Financial Statementswill replace IAS 1 Presentation of Financial Statements, applies to periods beginning on or after 1 January 2027 and applies retrospectively. Earlier application is permitted. Entra does not intend to adopt the new standard before its effective date.
IFRS 18 introduces new requirements for presentation within the financial statements, particularly within the statement of profit or loss, including specified totals and subtotals. To enhance comparability between reporting entities, all income and expenses within the statement of profit or loss must be classified into one of five categories: operating, investing, financing, income taxes and discontinued operations, of which the first three are new. The standard provides detailed guidance on the classification and grouping of income and expenses within these categories.
Management-defined performance measures (\u2018MPMs\u2019) are defined in IFRS 18 as subtotals of income and expenses used in public communication outside the financial statements to explain management's view of the entity\u2019s performance, which are not specifically required by IFRS. Entra\u2019s MPMs, currently included in the Alternative Performance Measures section of this report, shall be disclosed in a single note to the financial statements.
In addition, narrow-scope amendments have been made to IAS 7 Statement of Cash Flowswhich include changing the starting point of statements of cash flows under the indirect method to the new, \u2018operating profit\u2019 subtotal and removing the optionality around classification of dividends and interests on leases and borrowings, which shall be presented as financing cash flows.
The Group is still in the process of assessing the impact of IFRS 18, particularly with respect to classification within the financial statements, especially the statement of profit or loss, and the additional disclosures required for MPMs. The Group is also assessing the impact on how information is aggregated in the financial statements. Significant effects for the statement of profit or loss identified to date are that \u2018Changes in value of investment properties\u2019 under the new standard will be presented within operating activities, and that \u2018Changes in value of financial instruments\u2019 will be presented within financing activities. The interest expense element of \u2018Net realised financials\u2019 will be presented within the financing category. Implementation of IFRS 18 will not change the Group\u2019s profit or total comprehensive income. In the statement of cash flows, \u2018Interest and fees paid on loans and leases\u2019 will be presented as financing cash flows.
There are no other not-yet-effective IFRS standards or IFRIC interpretations that are expected to have a significant impact on the Group\u2019s consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__27-1": { "value": "Key sources of estimation uncertainty and critical judgements
The preparation of the Group\u2019s consolidated financial statements requires management to make a number of judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. The estimates and underlying assumptions are based on historical experience and various other factors that are considered to be reasonable under the circumstances. Actual results may differ from these estimates.
The key sources of estimation uncertainty and assumptions that have a significant inherent risk of causing a material adjustment to the carrying amounts of assets and liabilities are described in the following\u00a0notes:
Note 14\u2013 Fair value of investment properties
Note 22\u2013 Fair value of financial derivatives
The most critical judgments in applying accounting policies are described in the following notes:
Note 6\u2013 Revenues from development project
Note 14\u2013 Classes of investment properties
Note 14\u2013 Presentation of acquisitions
Note 27\u2013 Consolidation of entity in which the Group holds less than a majority of shares
Consideration of climate-related risks
Climate-related risk can represent financial risk that must be reflected in the financial statements. In preparing the financial statements, the impact of climate-relates risks has been considered, both the impact of climate change on the Group and the impact the Group\u2019s activities has on the climate. Further information is presented in\u00a0the Sustainability statement in this report.
Whilst noting the Group\u2019s commitment to sustainability, Entra assesses that climate change is not expected to have a material impact on the Group\u2019s cash flows in the short to medium term, i.e., within the next five years. Furthermore, there hasnot been a material impact on the financial reporting estimation uncertainty and critical judgements, which include physical climate and transitional risk assessments conducted by the Group. The area in Entra\u2019s financial statements where climate-related risks may have the most material impact is on the valuation\u00a0of the Group\u2019s investment properties. Refer to Note 14for further information.
Critical judgements in applying accounting policies
Classes of investment properties
Entra has, based on the nature, characteristics, and risks of the Group\u2019s investment properties, determined that the Group\u2019s geographical segment Oslo should be presented as two separate classes of investment properties for the disclosure of quantitative information regarding the significant unobservable inputs used in the external appraisers\u2019 fair value measurement. Entra\u2019s other reportable segments, in addition to project properties and zoned development sites, constitute the other appropriate classes of investment properties.
Presentation of acquisitions
Acquisitions of companies where substantially all of the fair value of the gross assets acquired is concentrated in a single property or group of similar properties, are treated as asset acquisitions. An individual judgement is made for each transaction. Refer to the accounting policies section of Note 27for further information.
Fair value of financial derivatives
The Group uses interest rate derivatives and fixed rate loans to manage the interest rate risk. The financial derivatives are in the Group\u2019s balance sheet valued at fair value, measured using valuation methods where the significant parameters are obtained from quoted market data.
Critical judgements in applying accounting policies
Consolidation of entity in which the Group holds less than a majority of shares
Entra considers that it controls Entra OPF Utvikling AS with a 50 per cent holding in the company. In this assessment, Entra has considered all relevant facts and circumstances in assessing whether the voting rights are sufficient to give Entra power over the company.
A key consideration is whether Entra has the practical ability to direct unilaterally the relevant activities that affect the returns to Entra. The relevant activities, including property management, ongoing maintenance and minor redevelopment projects, are directed by the company\u2019s Board of Directors. The shareholders\u2019 agreement contains certain provisions that restrict Entra from making significant changes to the company\u2019s business; these are assessed to be protective in nature and do not confer power on the co-investors. As Entra is entitled to appoint the Chair of the Board, who holds a casting vote, Entra has concluded that it controls the company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__28-1": { "value": "Key sources of estimation uncertainty and critical judgementsThe preparation of the Group\u2019s consolidated financial statements requires management to make a number of judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. The estimates and underlying assumptions are based on historical experience and various other factors that are considered to be reasonable under the circumstances. Actual results may differ from these estimates.The key sources of estimation uncertainty and assumptions that have a significant inherent risk of causing a material adjustment to the carrying amounts of assets and liabilities are described in the following\u00a0notes:Note 14\u2013 Fair value of investment propertiesNote 22\u2013 Fair value of financial derivativesThe most critical judgments in applying accounting policies are described in the following notes:Note 6\u2013 Revenues from development projectNote 14\u2013 Classes of investment propertiesNote 14\u2013 Presentation of acquisitionsNote 27\u2013 Consolidation of entity in which the Group holds less than a majority of sharesConsideration of climate-related risksClimate-related risk can represent financial risk that must be reflected in the financial statements. In preparing the financial statements, the impact of climate-relates risks has been considered, both the impact of climate change on the Group and the impact the Group\u2019s activities has on the climate. Further information is presented in\u00a0the Sustainability statement in this report.Whilst noting the Group\u2019s commitment to sustainability, Entra assesses that climate change is not expected to have a material impact on the Group\u2019s cash flows in the short to medium term, i.e., within the next five years. Furthermore, there hasnot been a material impact on the financial reporting estimation uncertainty and critical judgements, which include physical climate and transitional risk assessments conducted by the Group. The area in Entra\u2019s financial statements where climate-related risks may have the most material impact is on the valuation\u00a0of the Group\u2019s investment properties. Refer to Note 14for further information. Key sources of estimation uncertaintyFair value of financial derivativesThe Group uses interest rate derivatives and fixed rate loans to manage the interest rate risk. The financial derivatives are in the Group\u2019s balance sheet valued at fair value, measured using valuation methods where the significant parameters are obtained from quoted market data. ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__29-1": { "value": "Key sources of estimation uncertainty and critical judgements
The preparation of the Group\u2019s consolidated financial statements requires management to make a number of judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. The estimates and underlying assumptions are based on historical experience and various other factors that are considered to be reasonable under the circumstances. Actual results may differ from these estimates.
The key sources of estimation uncertainty and assumptions that have a significant inherent risk of causing a material adjustment to the carrying amounts of assets and liabilities are described in the following\u00a0notes:
Note 14\u2013 Fair value of investment properties
Note 22\u2013 Fair value of financial derivatives
The most critical judgments in applying accounting policies are described in the following notes:
Note 6\u2013 Revenues from development project
Note 14\u2013 Classes of investment properties
Note 14\u2013 Presentation of acquisitions
Note 27\u2013 Consolidation of entity in which the Group holds less than a majority of shares
Consideration of climate-related risks
Climate-related risk can represent financial risk that must be reflected in the financial statements. In preparing the financial statements, the impact of climate-relates risks has been considered, both the impact of climate change on the Group and the impact the Group\u2019s activities has on the climate. Further information is presented in\u00a0the Sustainability statement in this report.
Whilst noting the Group\u2019s commitment to sustainability, Entra assesses that climate change is not expected to have a material impact on the Group\u2019s cash flows in the short to medium term, i.e., within the next five years. Furthermore, there hasnot been a material impact on the financial reporting estimation uncertainty and critical judgements, which include physical climate and transitional risk assessments conducted by the Group. The area in Entra\u2019s financial statements where climate-related risks may have the most material impact is on the valuation\u00a0of the Group\u2019s investment properties. Refer to Note 14for further information.
Note 14\tInvestment properties
Accounting policies
Investment properties include completed investment properties and investment properties under development. Investment properties are held with the aim of achieving a long-term return from rental income or increase in value, or both. Investment properties are recognised at fair value in the balance sheet.
Initial measurement takes into consideration the property\u2019s cost price, which includes direct transaction costs such as document duty and other public duties, legal fees and due diligence costs.
Subsequent expenditure is added to the investment property\u2019s carrying amount if it is probable that future financial benefits associated with the expenditure will flow to the Group and the expense can be measured reliably. Other maintenance costs are recorded through the income statement in the period in which they are incurred.
Investment properties are valued at each reporting date. The values are estimated by two independent appraisers, and the carrying amount of the investment properties are based on the average of the appraisers\u2019 valuations. The valuations are based on each individual property\u2019s assumed future cash flows, and property values are arrived at by discounting cash flows with an individual risk-adjusted required rate of return.
Changes in fair value, including realised gains and losses on sale of investment properties, are recognised as \u2018Changes in value of investment properties\u2019.
Investment properties held for sale
Investment properties are classified as held for sale if their carrying amount will be recovered through a sales transaction rather than through their continuing use. This condition is regarded as met if the sale is highly probable. The sale should be expected to qualify for recognition as a completed sale within one year from the date of classification. Investment properties classified as held for sale are recognised at fair value in the balance sheet.
Borrowing costs
Borrowing costs for capital used to finance investments in and upgrading of investment properties under development are capitalised on the asset in question. When calculating the capitalised borrowing costs, the average interest rate on the company\u2019s debt portfolio is used, unless there is separate financing for the specific project. In such cases the specific borrowing cost for the applicable loan is used. When calculating the average interest rate to be used for the capitalisation of borrowing costs, loans drawn for specific projects are not included.
Key sources of estimation uncertainty
Fair value of investment properties
Entra\u2019s investment properties are recognised at fair value in the balance sheet based on valuations by two independent, external appraisers. The valuations of the Group\u2019s properties are inherently subjective, as they are based upon the appraisers\u2019 assumptions and estimations that form part of the key unobservable inputs of the valuation. The key unobservable inputs, including market rents, required rates of return, exit yields, inflation, operating costs and CapEx, may prove to be inaccurate.
Critical judgements in applying accounting policies
Classes of investment properties
Entra has, based on the nature, characteristics, and risks of the Group\u2019s investment properties, determined that the Group\u2019s geographical segment Oslo should be presented as two separate classes of investment properties for the disclosure of quantitative information regarding the significant unobservable inputs used in the external appraisers\u2019 fair value measurement. Entra\u2019s other reportable segments, in addition to project properties and zoned development sites, constitute the other appropriate classes of investment properties.
Presentation of acquisitions
Acquisitions of companies where substantially all of the fair value of the gross assets acquired is concentrated in a single property or group of similar properties, are treated as asset acquisitions. An individual judgement is made for each transaction. Refer to the accounting policies section of Note 27for further information.
NOK million | 2025 | 2024 |
Total investment properties at 31.12 previous period | 60\u00a0471 | 69\u00a0490 |
Investment in the property portefolio | 1\u00a0090 | 1\u00a0284 |
Capitalised borrowing costs | 32 | 31 |
Divestment of investment properties | -28 | -8\u00a0068 |
Reclassified to contract assets | - | -371 |
Change in value of investment properties | 305 | -1\u00a0894 |
Total investment properties at 31.12 | 61\u00a0870 | 60\u00a0471 |
Of which investment properties held for sale | 550 | - |
Investment properties | 61\u00a0320 | 60\u00a0471 |
In Q4 2025, Entra and Skanska entered into an agreement to establish a joint venture for the development of Christian Krohgs gate 2 in Oslo. The property is classified as held for sale as of 31 December 2025.
Valuation techniques and assumptions
The valuations as of 31 December 2025 were obtained from Newsec and Cushman & Wakefield Realkapital, and the market value of the property portfolio presented in Note 3is calculated as the average of the appraisers\u2019 valuations. The\u00a0fair value of the investment properties in Entra\u2019s balance sheet is based on the average of the appraisers\u2019 valuations, with adjustments for balance sheet items of 121 million (599 million), which predominantly constitutes prepayments from the tenants and other accruals. The valuation method is included in Level 3 in the fair value hierarchy defined by IFRS 13. Refer to Note 22for further information on the fair value hierarchy.
The valuations are performed on a property-by-property basis, assuming that the properties are sold individually. The valuations are performed using the discounted cash flow method, which involves discounting future cash flows over a specified period using an estimated required rate of return and then adding a residual value calculated by using an estimated exit yield and estimated market rents. Future cash flows are calculated on the basis of cash flows from signed leases, estimated cash flows based on an expected market rent at the end of the lease terms, inflation, operating costs, CapEx and development potential.
The project portfolio and development sites are valued based on the same principles, with deduction for remaining investments and perceived risks as of valuation date, including, but not limited to, construction and letting risks. For\u00a0unzoned development potential, the appraisers further make assumptions on the zoning risk.
The appraisers perform their valuations on the basis of comprehensive information received from Entra\u2019s management on the properties, existing and any new lease contracts and details of any vacant premises, and up-to-date and comprehensive information about all ongoing and planned projects. The appraisers also normally conduct site visits of all properties every year. Any uncertainties relating to the properties, projects and leases are also clarified by Entra when required. Any information that is provided to one of the appriasers is simultaneously provided to the other appraiser. The appraisers estimate future market rents, required rates of return, exit yields, inflation and other relevant parameters. The remaining term of the leases is assessed for risk, along with any special clauses in the lease contracts.
Upon receiving the initial valuations, Entra\u2019s management each quarter perform thorough controls of the valuations to ensure that both appraisers have included all relevant information in the valuations, to have profound knowledge on the factors estimated by the appraisers and to fully understand changes in value of investment properties from the previous period end. Any significant discrepancies between the values of the individual properties estimated by the appraisers, are reviewed in detail to ensure that both appraisers have used the same information and that the discrepancy between the valuations is due to different view on the risk of the properties. In addition, Entra\u2019s management compare the valuations to known market transactions with similar properties in the same geographical area if available. Entra\u2019s management further report to the Audit Committee on a quarterly basis, the factors driving changes in value of investment properties from the previous period end.
Market transactions serve as important reference points for the appraisers, and the slow-down in the commercial property transaction market from 2021 to 2023 increased the level of uncertainty in the valuations. The transaction market activity has however picked up in 2024 and 2025, and there has been agreed and completed several transactions of relevance for Entra\u2019s portfolio, which supports the quarterly valuations performed by the independent appraisers.
The inputs to the valuations are defined as \u2018unobservable\u2019 by IFRS 13. The key unobservable input variables are market rents, required rates of return, exit yields, inflation, operating costs and CapEx for investment properties in the management portfolio. The minimum, maximum and weighted average of these key unobservable input variables, except inflation, for the management portfolio are presented in the table on the right. The average inflation is presented below the table. Further analysis and sensitivity disclosures on these key unobservable inputs have been included on the following pages.
The required rate of return, i.e., the discount rate applied on the net cash flows for the duration of existing lease terms, is based on a long-term risk-free interest rate plus a property- and tenant-specific risk premium, reflecting the property\u2019s location, technical standard, occupancy rate, tenants\u2019 financial reliability and remaining lease term.
The exit yield, i.e., the discount rate applied on the expected net cash flows after the existing lease terms, is based on a long-term risk-free interest rate plus a property-specific risk premium, reflecting the property\u2019s location, technical standard, ownership of property (freehold or leasehold) and development potential, with no tenant specific adjustments.
The market rent is the annual rent the appraisers, based on the property\u2019s location, technical standard and leases signed for comparable properties in the same area, estimate that a property may be leased out for on market terms, excluding supplements such as VAT compensation. Expected future market rents takes into account expected inflation and other macro-economic factors.
The expected operating costs for a property are based on the actual operating, insurance and maintenance costs for a property, adjusted for inflation and other projections, with estimates being made for anticipated vacancy levels and the associated expenses.
The expected CapEx for properties in the management portfolio is the level of investments that the appraisers assume is required to obtain the expected market rents, including the need for alterations and upgrades. The CapEx for the project portfolio is based on Entra\u2019s estimates and perceived risks as of valuation date. The CapEx for zoned and unzoned development potential is the appraisers\u2019 assumptions on the development costs of the properties.
Inflation is estimated using the consensus of a selection of banks and official statistics. Inflation affects both rental income, operating costs and CapEx.
Ranges and weighted average for key unobservable input variables in the Level 3 valuations from the external appraisers are presented for the classes where Entra has five or more properties, including investment properties held for sale. As such, key unobservable input variables are not presented for the four zoned development sites with market value of 588 million. The ranges for the key unobservable input variables are for several of the classes wide but are for the majority of the market value of the properties within a class, clustered around the weighted average.
Oslo | Bergen/Stavanger | Sandvika | Drammen | Total mngmt. portf. | ||
As of 31.12.2025 | Central | Fringe areas | ||||
No. properties | 29 | 15 | 9 | 11 | 6 | 70 |
Market value (NOKm) | 34 343 | 9 046 | 6 677 | 4 494 | 2 093 | 56 653 |
Exit Yield | ||||||
Min | 4.62% | 4.81% | 5.15% | 5.43% | 5.64% | 4.62% |
Max | 6.70% | 6.57% | 6.49% | 6.40% | 6.70% | 6.70% |
Wgt. average | 4.88% | 5.41% | 5.53% | 5.76% | 5.93% | 5.15% |
Required rate of\u00a0return | ||||||
Min | 3.73% | 3.00% | 4.95% | 4.55% | 5.26% | 3.00% |
Max | 6.49% | 6.37% | 6.14% | 6.10% | 6.46% | 6.49% |
Wgt. average | 4.60% | 5.11% | 5.29% | 5.46% | 5.56% | 4.87% |
Market rent (NOK/sqm) | ||||||
Min | 1\u00a0854 | 1\u00a0375 | 1\u00a0867 | 478 | 762 | 478 |
Max | 5\u00a0311 | 4\u00a0789 | 3\u00a0624 | 3\u00a0300 | 2\u00a0752 | 5\u00a0311 |
Wgt. average | 3\u00a0803 | 2\u00a0458 | 2\u00a0637 | 2\u00a0108 | 2\u00a0186 | 3\u00a0057 |
Operating costs (NOK/sqm) | ||||||
Min | 113 | 94 | 146 | 35 | 66 | 35 |
Max | 501 | 786 | 195 | 281 | 227 | 786 |
Wgt. average | 190 | 137 | 168 | 109 | 141 | 163 |
NPV CapEx (NOK/sqm) | ||||||
Min | 301 | 1\u00a0768 | 2\u00a0226 | 57 | 2\u00a0078 | 57 |
Max | 18\u00a0199 | 12\u00a0961 | 18\u00a0929 | 4\u00a0252 | 6\u00a0019 | 18\u00a0929 |
Wgt. average | 4\u00a0732 | 4\u00a0602 | 5\u00a0733 | 2\u00a0693 | 3\u00a0308 | 4\u00a0531 |
For Entra\u2019s project portfolio, with total market value of 4 750 million, the appraisers have applied an average CapEx of 15 895 per sqm, excluding the cost of land and capitalised interest. Further, the appraisers have for the valuation as of 31.12.25 used inflation of 3.0 per cent for 2026 and in average assumed 2.2 per cent for 2027 and 2.3 per cent for 2028.
Refer to Note 3for a reconciliation of the market value of the classes to the carrying value of investment properties.
Climate-related assessments in valuation
Climate-related risks associated with the Group\u2019s investment properties is related to physical risks and transition risks such as market risks, regulatory risks and reputation risks. Further details on the risks are outlined on page 70in the Risk management section of this report.
The information provided to the appraisers on a quarterly basis also includes sustainability and energy related information on the properties such as the properties\u2019 energy consumption, energy performance certificates, main source of heating, BREEAM classification and planned investments in energy saving measures, with an estimate of the associated savings. The estimated effect of this information is reflected in the appraisers\u2019 CapEx estimates, expected future market rents and the discount rates, to the extent possible transaction market participants would, and is reflected in the valuations as of the balance sheet date. The actual future development of the input variables may however deviate from the estimates, due to factors such as development in regulations, changes in the requirements of tenants and technological development.
The consulting company Norconsult has provided a third-party assessment of the physical climate-related risks facing a majority of Entra\u2019s properties. Norconsult\u2019s experts within hydrology, geotechnics, engineering geology, hydrogeology, meteorology, risk management and building physics used a scenario-based approach in analysing physical risks, including temperature related risks, wind related risks, mass related risks and water related risks. The assessments indicated that Entra\u2019s property portfolio over-all was resilient to these risks. Further details on the assessment are included on pages 112\u2013114in this report.
Properties representing approximately 47 per cent of the market value of Entra\u2019s properties are BREEAM certified. Environment-friendly office properties are in high demand in the letting market and are also the most attractive objects in the transaction market for commercial real estate. The appraisers monitor the transaction market closely, and current transaction market trends support the assessment that the potential short-term adverse effect on the market values of Entra\u2019s property portfolio due to climate-related risks is limited. This can however change over time as the cash flows for the investment properties to a greater extent may be affected by climate-related risks in the medium to long term.
Sensitivity analysis
The following table illustrates the effects on the market value of the management portfolio (actual 31.12.25: 61 991 million) and Effective leverage (actual 31.12.25: 48.0 per cent), due to changes in a single unobservable input variable as of 31.12.25.
Variable | Change in assumption | Value change (NOK\u00a0million) | Effective leverage (%) |
Required rate of return | + 0.25% | -3\u00a0031 | 50.3% |
- 0.25% | 3\u00a0356 | 45.7% | |
Exit yield | + 0.25% | -1\u00a0686 | 49.3% |
- 0.25% | 1\u00a0862 | 46.7% | |
Market rent (NOK/sqm) | + 5.00% | 2\u00a0596 | 46.2% |
- 5.00% | -2\u00a0596 | 50.0% | |
Operating costs (NOK/sqm) | + NOK 25 per sqm | -509 | 48.4% |
- NOK 25 per sqm | 509 | 47.6% | |
NPV CapEx (NOK/sqm) | + NOK 100 per sqm | -113 | 48.1% |
- NOK 100 per sqm | 113 | 47.9% | |
Inflation in 2026 | + 1.00% | 573 | 47.6% |
- 1.00% | -573 | 48.4% |
There are interrelationships between these variables, and it is expected that a change in one variable may influence the other variable. The table below illustrates to what extent the value of the management property portfolio as of 31.12.25 is affected by market rents and required rate of return, assuming that all other factors are equal.
Value change(NOK million)\u200c1 | % \u0394 Required rate of return | ||||||
-0.75% | -0.50% | -0.25% | - | 0.25% | 0.50% | 0.75% | |
% \u0394 Market rent | |||||||
-10.0% | 4\u00a0962 | 1\u00a0181 | -2\u00a0195 | -5\u00a0229 | -7\u00a0970 | -10\u00a0458 | -12\u00a0727 |
-5.0% | 8\u00a0154 | 4\u00a0158 | 591 | -2\u00a0615 | -5\u00a0510 | -8\u00a0138 | -10\u00a0534 |
- | 11\u00a0347 | 7\u00a0136 | 3\u00a0377 | - | -3\u00a0049 | -5\u00a0817 | -8\u00a0340 |
5.0% | 14\u00a0539 | 10\u00a0113 | 6\u00a0163 | 2\u00a0615 | -589 | -3\u00a0497 | -6\u00a0147 |
10.0% | 17\u00a0731 | 13\u00a0090 | 8\u00a0948 | 5\u00a0229 | 1\u00a0871 | -1\u00a0176 | -3\u00a0953 |
1Estimates by Newsec in conjunction with valuations as of 31 December 2025.
Properties subject to purchase options
Pursuant to the lease agreements entered into between Entra and the Norwegian Ministry of Culture, the tenant has an option to acquire the three buildings comprising the National Library in Henrik Ibsens gate 110 and Observatoriegata 1 in Oslo. The tenant has the right to acquire the refurbished buildings at expiry of each 25-year lease period (expiring on 31 December 2029 and 6 June 2030, respectively). The leases include an unlimited number of 25-year extension periods, at market rents. Further, the tenant has the right, upon six months\u2019 notice, to acquire the building known as \u2018Halvbroren\u2019 if the tenant itself leases and uses more than 50 per cent of the building. As of 31 December 2025, the tenant leased and used more of the building than the threshold. The purchase price for all three buildings shall equal the market value of the buildings based on the capitalised future rental income based on the assumption that the lease agreements are continuously prolonged in accordance with the renewal clause in the lease agreements.
Pursuant to the ground lease agreement entered into between Entra and Oslo Havn KF relating to the property Langkaia 1 in Oslo, the ground lessor has an option to acquire the buildings without any compensation and free of any encumbrances upon expiry of the ground lease agreement on 1 January 2031. The right-of-use asset is presented as part of investment properties on the balance sheet. As the right-of-use asset is valued based on the cash flow until expiry of the ground lease agreement (i.e., no residual value), there will be an ongoing decrease in the balance sheet value until expiry.
Pursuant to the lease agreement entered into between Entra and the University of Oslo (\u2018UiO\u2019), the tenant has an option to acquire the property Kristian Augusts gate 15\u201321 (building and land) in Oslo in 2034 and in 2044. The purchase price shall be based on a gross market yield at time of calling the option and valued at a remaining WAULT of fifteen years of the lease agreement. The gross yield has a cap at 5.25 per cent (gross yield < 5.25 per cent). The option to acquire must be called twelve months ahead of the two points in time at the latest.
Refer to Note 24for information on pledged investment properties.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__30-1": { "value": "Key sources of estimation uncertainty and critical judgements
The preparation of the Group\u2019s consolidated financial statements requires management to make a number of judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. The estimates and underlying assumptions are based on historical experience and various other factors that are considered to be reasonable under the circumstances. Actual results may differ from these estimates.
The key sources of estimation uncertainty and assumptions that have a significant inherent risk of causing a material adjustment to the carrying amounts of assets and liabilities are described in the following\u00a0notes:
Note 14\u2013 Fair value of investment properties
Note 22\u2013 Fair value of financial derivatives
The most critical judgments in applying accounting policies are described in the following notes:
Note 6\u2013 Revenues from development project
Note 14\u2013 Classes of investment properties
Note 14\u2013 Presentation of acquisitions
Note 27\u2013 Consolidation of entity in which the Group holds less than a majority of shares
Consideration of climate-related risks
Climate-related risk can represent financial risk that must be reflected in the financial statements. In preparing the financial statements, the impact of climate-relates risks has been considered, both the impact of climate change on the Group and the impact the Group\u2019s activities has on the climate. Further information is presented in\u00a0the Sustainability statement in this report.
Whilst noting the Group\u2019s commitment to sustainability, Entra assesses that climate change is not expected to have a material impact on the Group\u2019s cash flows in the short to medium term, i.e., within the next five years. Furthermore, there hasnot been a material impact on the financial reporting estimation uncertainty and critical judgements, which include physical climate and transitional risk assessments conducted by the Group. The area in Entra\u2019s financial statements where climate-related risks may have the most material impact is on the valuation\u00a0of the Group\u2019s investment properties. Refer to Note 14for further information.
Note 14\tInvestment properties
Accounting policies
Investment properties include completed investment properties and investment properties under development. Investment properties are held with the aim of achieving a long-term return from rental income or increase in value, or both. Investment properties are recognised at fair value in the balance sheet.
Initial measurement takes into consideration the property\u2019s cost price, which includes direct transaction costs such as document duty and other public duties, legal fees and due diligence costs.
Subsequent expenditure is added to the investment property\u2019s carrying amount if it is probable that future financial benefits associated with the expenditure will flow to the Group and the expense can be measured reliably. Other maintenance costs are recorded through the income statement in the period in which they are incurred.
Investment properties are valued at each reporting date. The values are estimated by two independent appraisers, and the carrying amount of the investment properties are based on the average of the appraisers\u2019 valuations. The valuations are based on each individual property\u2019s assumed future cash flows, and property values are arrived at by discounting cash flows with an individual risk-adjusted required rate of return.
Changes in fair value, including realised gains and losses on sale of investment properties, are recognised as \u2018Changes in value of investment properties\u2019.
Investment properties held for sale
Investment properties are classified as held for sale if their carrying amount will be recovered through a sales transaction rather than through their continuing use. This condition is regarded as met if the sale is highly probable. The sale should be expected to qualify for recognition as a completed sale within one year from the date of classification. Investment properties classified as held for sale are recognised at fair value in the balance sheet.
Borrowing costs
Borrowing costs for capital used to finance investments in and upgrading of investment properties under development are capitalised on the asset in question. When calculating the capitalised borrowing costs, the average interest rate on the company\u2019s debt portfolio is used, unless there is separate financing for the specific project. In such cases the specific borrowing cost for the applicable loan is used. When calculating the average interest rate to be used for the capitalisation of borrowing costs, loans drawn for specific projects are not included.
Key sources of estimation uncertainty
Fair value of investment properties
Entra\u2019s investment properties are recognised at fair value in the balance sheet based on valuations by two independent, external appraisers. The valuations of the Group\u2019s properties are inherently subjective, as they are based upon the appraisers\u2019 assumptions and estimations that form part of the key unobservable inputs of the valuation. The key unobservable inputs, including market rents, required rates of return, exit yields, inflation, operating costs and CapEx, may prove to be inaccurate.
Critical judgements in applying accounting policies
Classes of investment properties
Entra has, based on the nature, characteristics, and risks of the Group\u2019s investment properties, determined that the Group\u2019s geographical segment Oslo should be presented as two separate classes of investment properties for the disclosure of quantitative information regarding the significant unobservable inputs used in the external appraisers\u2019 fair value measurement. Entra\u2019s other reportable segments, in addition to project properties and zoned development sites, constitute the other appropriate classes of investment properties.
Presentation of acquisitions
Acquisitions of companies where substantially all of the fair value of the gross assets acquired is concentrated in a single property or group of similar properties, are treated as asset acquisitions. An individual judgement is made for each transaction. Refer to the accounting policies section of Note 27for further information.
NOK million | 2025 | 2024 |
Total investment properties at 31.12 previous period | 60\u00a0471 | 69\u00a0490 |
Investment in the property portefolio | 1\u00a0090 | 1\u00a0284 |
Capitalised borrowing costs | 32 | 31 |
Divestment of investment properties | -28 | -8\u00a0068 |
Reclassified to contract assets | - | -371 |
Change in value of investment properties | 305 | -1\u00a0894 |
Total investment properties at 31.12 | 61\u00a0870 | 60\u00a0471 |
Of which investment properties held for sale | 550 | - |
Investment properties | 61\u00a0320 | 60\u00a0471 |
In Q4 2025, Entra and Skanska entered into an agreement to establish a joint venture for the development of Christian Krohgs gate 2 in Oslo. The property is classified as held for sale as of 31 December 2025.
Valuation techniques and assumptions
The valuations as of 31 December 2025 were obtained from Newsec and Cushman & Wakefield Realkapital, and the market value of the property portfolio presented in Note 3is calculated as the average of the appraisers\u2019 valuations. The\u00a0fair value of the investment properties in Entra\u2019s balance sheet is based on the average of the appraisers\u2019 valuations, with adjustments for balance sheet items of 121 million (599 million), which predominantly constitutes prepayments from the tenants and other accruals. The valuation method is included in Level 3 in the fair value hierarchy defined by IFRS 13. Refer to Note 22for further information on the fair value hierarchy.
The valuations are performed on a property-by-property basis, assuming that the properties are sold individually. The valuations are performed using the discounted cash flow method, which involves discounting future cash flows over a specified period using an estimated required rate of return and then adding a residual value calculated by using an estimated exit yield and estimated market rents. Future cash flows are calculated on the basis of cash flows from signed leases, estimated cash flows based on an expected market rent at the end of the lease terms, inflation, operating costs, CapEx and development potential.
The project portfolio and development sites are valued based on the same principles, with deduction for remaining investments and perceived risks as of valuation date, including, but not limited to, construction and letting risks. For\u00a0unzoned development potential, the appraisers further make assumptions on the zoning risk.
The appraisers perform their valuations on the basis of comprehensive information received from Entra\u2019s management on the properties, existing and any new lease contracts and details of any vacant premises, and up-to-date and comprehensive information about all ongoing and planned projects. The appraisers also normally conduct site visits of all properties every year. Any uncertainties relating to the properties, projects and leases are also clarified by Entra when required. Any information that is provided to one of the appriasers is simultaneously provided to the other appraiser. The appraisers estimate future market rents, required rates of return, exit yields, inflation and other relevant parameters. The remaining term of the leases is assessed for risk, along with any special clauses in the lease contracts.
Upon receiving the initial valuations, Entra\u2019s management each quarter perform thorough controls of the valuations to ensure that both appraisers have included all relevant information in the valuations, to have profound knowledge on the factors estimated by the appraisers and to fully understand changes in value of investment properties from the previous period end. Any significant discrepancies between the values of the individual properties estimated by the appraisers, are reviewed in detail to ensure that both appraisers have used the same information and that the discrepancy between the valuations is due to different view on the risk of the properties. In addition, Entra\u2019s management compare the valuations to known market transactions with similar properties in the same geographical area if available. Entra\u2019s management further report to the Audit Committee on a quarterly basis, the factors driving changes in value of investment properties from the previous period end.
Market transactions serve as important reference points for the appraisers, and the slow-down in the commercial property transaction market from 2021 to 2023 increased the level of uncertainty in the valuations. The transaction market activity has however picked up in 2024 and 2025, and there has been agreed and completed several transactions of relevance for Entra\u2019s portfolio, which supports the quarterly valuations performed by the independent appraisers.
The inputs to the valuations are defined as \u2018unobservable\u2019 by IFRS 13. The key unobservable input variables are market rents, required rates of return, exit yields, inflation, operating costs and CapEx for investment properties in the management portfolio. The minimum, maximum and weighted average of these key unobservable input variables, except inflation, for the management portfolio are presented in the table on the right. The average inflation is presented below the table. Further analysis and sensitivity disclosures on these key unobservable inputs have been included on the following pages.
The required rate of return, i.e., the discount rate applied on the net cash flows for the duration of existing lease terms, is based on a long-term risk-free interest rate plus a property- and tenant-specific risk premium, reflecting the property\u2019s location, technical standard, occupancy rate, tenants\u2019 financial reliability and remaining lease term.
The exit yield, i.e., the discount rate applied on the expected net cash flows after the existing lease terms, is based on a long-term risk-free interest rate plus a property-specific risk premium, reflecting the property\u2019s location, technical standard, ownership of property (freehold or leasehold) and development potential, with no tenant specific adjustments.
The market rent is the annual rent the appraisers, based on the property\u2019s location, technical standard and leases signed for comparable properties in the same area, estimate that a property may be leased out for on market terms, excluding supplements such as VAT compensation. Expected future market rents takes into account expected inflation and other macro-economic factors.
The expected operating costs for a property are based on the actual operating, insurance and maintenance costs for a property, adjusted for inflation and other projections, with estimates being made for anticipated vacancy levels and the associated expenses.
The expected CapEx for properties in the management portfolio is the level of investments that the appraisers assume is required to obtain the expected market rents, including the need for alterations and upgrades. The CapEx for the project portfolio is based on Entra\u2019s estimates and perceived risks as of valuation date. The CapEx for zoned and unzoned development potential is the appraisers\u2019 assumptions on the development costs of the properties.
Inflation is estimated using the consensus of a selection of banks and official statistics. Inflation affects both rental income, operating costs and CapEx.
Ranges and weighted average for key unobservable input variables in the Level 3 valuations from the external appraisers are presented for the classes where Entra has five or more properties, including investment properties held for sale. As such, key unobservable input variables are not presented for the four zoned development sites with market value of 588 million. The ranges for the key unobservable input variables are for several of the classes wide but are for the majority of the market value of the properties within a class, clustered around the weighted average.
Oslo | Bergen/Stavanger | Sandvika | Drammen | Total mngmt. portf. | ||
As of 31.12.2025 | Central | Fringe areas | ||||
No. properties | 29 | 15 | 9 | 11 | 6 | 70 |
Market value (NOKm) | 34 343 | 9 046 | 6 677 | 4 494 | 2 093 | 56 653 |
Exit Yield | ||||||
Min | 4.62% | 4.81% | 5.15% | 5.43% | 5.64% | 4.62% |
Max | 6.70% | 6.57% | 6.49% | 6.40% | 6.70% | 6.70% |
Wgt. average | 4.88% | 5.41% | 5.53% | 5.76% | 5.93% | 5.15% |
Required rate of\u00a0return | ||||||
Min | 3.73% | 3.00% | 4.95% | 4.55% | 5.26% | 3.00% |
Max | 6.49% | 6.37% | 6.14% | 6.10% | 6.46% | 6.49% |
Wgt. average | 4.60% | 5.11% | 5.29% | 5.46% | 5.56% | 4.87% |
Market rent (NOK/sqm) | ||||||
Min | 1\u00a0854 | 1\u00a0375 | 1\u00a0867 | 478 | 762 | 478 |
Max | 5\u00a0311 | 4\u00a0789 | 3\u00a0624 | 3\u00a0300 | 2\u00a0752 | 5\u00a0311 |
Wgt. average | 3\u00a0803 | 2\u00a0458 | 2\u00a0637 | 2\u00a0108 | 2\u00a0186 | 3\u00a0057 |
Operating costs (NOK/sqm) | ||||||
Min | 113 | 94 | 146 | 35 | 66 | 35 |
Max | 501 | 786 | 195 | 281 | 227 | 786 |
Wgt. average | 190 | 137 | 168 | 109 | 141 | 163 |
NPV CapEx (NOK/sqm) | ||||||
Min | 301 | 1\u00a0768 | 2\u00a0226 | 57 | 2\u00a0078 | 57 |
Max | 18\u00a0199 | 12\u00a0961 | 18\u00a0929 | 4\u00a0252 | 6\u00a0019 | 18\u00a0929 |
Wgt. average | 4\u00a0732 | 4\u00a0602 | 5\u00a0733 | 2\u00a0693 | 3\u00a0308 | 4\u00a0531 |
For Entra\u2019s project portfolio, with total market value of 4 750 million, the appraisers have applied an average CapEx of 15 895 per sqm, excluding the cost of land and capitalised interest. Further, the appraisers have for the valuation as of 31.12.25 used inflation of 3.0 per cent for 2026 and in average assumed 2.2 per cent for 2027 and 2.3 per cent for 2028.
Refer to Note 3for a reconciliation of the market value of the classes to the carrying value of investment properties.
Climate-related assessments in valuation
Climate-related risks associated with the Group\u2019s investment properties is related to physical risks and transition risks such as market risks, regulatory risks and reputation risks. Further details on the risks are outlined on page 70in the Risk management section of this report.
The information provided to the appraisers on a quarterly basis also includes sustainability and energy related information on the properties such as the properties\u2019 energy consumption, energy performance certificates, main source of heating, BREEAM classification and planned investments in energy saving measures, with an estimate of the associated savings. The estimated effect of this information is reflected in the appraisers\u2019 CapEx estimates, expected future market rents and the discount rates, to the extent possible transaction market participants would, and is reflected in the valuations as of the balance sheet date. The actual future development of the input variables may however deviate from the estimates, due to factors such as development in regulations, changes in the requirements of tenants and technological development.
The consulting company Norconsult has provided a third-party assessment of the physical climate-related risks facing a majority of Entra\u2019s properties. Norconsult\u2019s experts within hydrology, geotechnics, engineering geology, hydrogeology, meteorology, risk management and building physics used a scenario-based approach in analysing physical risks, including temperature related risks, wind related risks, mass related risks and water related risks. The assessments indicated that Entra\u2019s property portfolio over-all was resilient to these risks. Further details on the assessment are included on pages 112\u2013114in this report.
Properties representing approximately 47 per cent of the market value of Entra\u2019s properties are BREEAM certified. Environment-friendly office properties are in high demand in the letting market and are also the most attractive objects in the transaction market for commercial real estate. The appraisers monitor the transaction market closely, and current transaction market trends support the assessment that the potential short-term adverse effect on the market values of Entra\u2019s property portfolio due to climate-related risks is limited. This can however change over time as the cash flows for the investment properties to a greater extent may be affected by climate-related risks in the medium to long term.
Sensitivity analysis
The following table illustrates the effects on the market value of the management portfolio (actual 31.12.25: 61 991 million) and Effective leverage (actual 31.12.25: 48.0 per cent), due to changes in a single unobservable input variable as of 31.12.25.
Variable | Change in assumption | Value change (NOK\u00a0million) | Effective leverage (%) |
Required rate of return | + 0.25% | -3\u00a0031 | 50.3% |
- 0.25% | 3\u00a0356 | 45.7% | |
Exit yield | + 0.25% | -1\u00a0686 | 49.3% |
- 0.25% | 1\u00a0862 | 46.7% | |
Market rent (NOK/sqm) | + 5.00% | 2\u00a0596 | 46.2% |
- 5.00% | -2\u00a0596 | 50.0% | |
Operating costs (NOK/sqm) | + NOK 25 per sqm | -509 | 48.4% |
- NOK 25 per sqm | 509 | 47.6% | |
NPV CapEx (NOK/sqm) | + NOK 100 per sqm | -113 | 48.1% |
- NOK 100 per sqm | 113 | 47.9% | |
Inflation in 2026 | + 1.00% | 573 | 47.6% |
- 1.00% | -573 | 48.4% |
There are interrelationships between these variables, and it is expected that a change in one variable may influence the other variable. The table below illustrates to what extent the value of the management property portfolio as of 31.12.25 is affected by market rents and required rate of return, assuming that all other factors are equal.
Value change(NOK million)\u200c1 | % \u0394 Required rate of return | ||||||
-0.75% | -0.50% | -0.25% | - | 0.25% | 0.50% | 0.75% | |
% \u0394 Market rent | |||||||
-10.0% | 4\u00a0962 | 1\u00a0181 | -2\u00a0195 | -5\u00a0229 | -7\u00a0970 | -10\u00a0458 | -12\u00a0727 |
-5.0% | 8\u00a0154 | 4\u00a0158 | 591 | -2\u00a0615 | -5\u00a0510 | -8\u00a0138 | -10\u00a0534 |
- | 11\u00a0347 | 7\u00a0136 | 3\u00a0377 | - | -3\u00a0049 | -5\u00a0817 | -8\u00a0340 |
5.0% | 14\u00a0539 | 10\u00a0113 | 6\u00a0163 | 2\u00a0615 | -589 | -3\u00a0497 | -6\u00a0147 |
10.0% | 17\u00a0731 | 13\u00a0090 | 8\u00a0948 | 5\u00a0229 | 1\u00a0871 | -1\u00a0176 | -3\u00a0953 |
1Estimates by Newsec in conjunction with valuations as of 31 December 2025.
Properties subject to purchase options
Pursuant to the lease agreements entered into between Entra and the Norwegian Ministry of Culture, the tenant has an option to acquire the three buildings comprising the National Library in Henrik Ibsens gate 110 and Observatoriegata 1 in Oslo. The tenant has the right to acquire the refurbished buildings at expiry of each 25-year lease period (expiring on 31 December 2029 and 6 June 2030, respectively). The leases include an unlimited number of 25-year extension periods, at market rents. Further, the tenant has the right, upon six months\u2019 notice, to acquire the building known as \u2018Halvbroren\u2019 if the tenant itself leases and uses more than 50 per cent of the building. As of 31 December 2025, the tenant leased and used more of the building than the threshold. The purchase price for all three buildings shall equal the market value of the buildings based on the capitalised future rental income based on the assumption that the lease agreements are continuously prolonged in accordance with the renewal clause in the lease agreements.
Pursuant to the ground lease agreement entered into between Entra and Oslo Havn KF relating to the property Langkaia 1 in Oslo, the ground lessor has an option to acquire the buildings without any compensation and free of any encumbrances upon expiry of the ground lease agreement on 1 January 2031. The right-of-use asset is presented as part of investment properties on the balance sheet. As the right-of-use asset is valued based on the cash flow until expiry of the ground lease agreement (i.e., no residual value), there will be an ongoing decrease in the balance sheet value until expiry.
Pursuant to the lease agreement entered into between Entra and the University of Oslo (\u2018UiO\u2019), the tenant has an option to acquire the property Kristian Augusts gate 15\u201321 (building and land) in Oslo in 2034 and in 2044. The purchase price shall be based on a gross market yield at time of calling the option and valued at a remaining WAULT of fifteen years of the lease agreement. The gross yield has a cap at 5.25 per cent (gross yield < 5.25 per cent). The option to acquire must be called twelve months ahead of the two points in time at the latest.
Refer to Note 24for information on pledged investment properties.
Note 22\tFinancial instruments
Accounting policies
A financial instrument is defined as being any contract that gives rise to a financial asset for one entity and a financial liability or equity instrument for another entity. Financial instruments are recognised on the transaction date, i.e., the date on which the Group commits to buying or selling the asset. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them.
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through OCI, or FVTPL. The majority of the Group\u2019s financial assets are classified as measured at amortised cost as they are held for the purpose of recovering contractual cash flows and where these cash flows consist only of principal amounts and interest.
Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is recognised, modified or impaired. The Group\u2019s financial assets at amortised cost includes trade and other current receivables, cash and cash equivalents and other financial assets.
Financial assets at FVTPL include financial assets held for trading, financial assets designated upon initial recognition at FVTPL, and financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term.
Derivatives, including separated embedded derivatives, are also classified as held at FVTPL unless they are designated as effective hedging instruments. Financial assets with cash flows that are not solely payments of principal and interest are classified and measured at FVTPL. The Group has elected not to present subsequent changes in the fair value of its equity investments in OCI, and investments in equity instruments are consequently measured at FVTPL.
The Group recognises an allowance for expected credit losses on all debt instruments not held at FVTPL. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument.
Financial liabilities are classified upon initial recognition as financial liabilities at FVTPL and financial liabilities at amortised cost. Financial liabilities at FVTPL comprise interest rate derivatives. Financial liabilities at amortised cost consist of liabilities that do not fall under the category at FVTPL.
Financial derivatives
The Group uses derivatives to manage its interest rate risk. Interest rate derivatives are used for economic hedging purposes only. The Group does not apply hedge accounting under IFRS 9. Derivatives are initially recognised at fair value on the date on which the contract was signed, and subsequently at fair value. Gains or losses on remeasurement at fair value are recognised in the income statement. Net interest settlements on interest rate swaps are presented under \u2018Net realised financials\u2019. Changes in the value of the derivatives are presented under \u2018Changes in value of financial instruments\u2019.
The fair value of interest rate swaps is the estimated amount the Group would receive or pay to redeem the contracts on the balance sheet date. This amount will depend on interest rates and the contracts\u2019 remaining term to maturity. The derivatives are classified on the balance sheet as current or non-current, depending on whether they are expected to be redeemed under or over 12 months from the balance sheet date.
Fair value hierarchy
The Group uses the following hierarchy to classify assets and liabilities, based on the valuation methods used to measure and disclose their fair value. There were no transfers between the levels in the fair value hierarchy during the year.
Level 1:\tQuoted (unadjusted) prices in active markets for identical assets and liabilities.
Level 2:\tOther techniques where all of the parameters that have a significant impact on measuring fair value are either directly or indirectly observable.
Level 3:\tValuation techniques that use parameters that significantly affect the valuation, but which are not observable (unobservable input variables).
Key sources of estimation uncertainty
Fair value of financial derivatives
The Group uses interest rate derivatives and fixed rate loans to manage the interest rate risk. The financial derivatives are in the Group\u2019s balance sheet valued at fair value, measured using valuation methods where the significant parameters are obtained from quoted market data.
Categories and fair value of financial instruments at 31.12.25
NOK million | Amortised cost | FVTPL | Total | Fair value level |
Financial investments | ||||
shares | 350 | 350 | Level 3 | |
other financial assets | 205 | 205 | ||
Financial derivatives | 619 | 619 | Level 2 | |
Trade receivables | 43 | 43 | ||
Other current assets | 286 | 286 | ||
Cash and cash equivalents | 261 | 261 | ||
Total financial assets | 795 | 969 | 1\u00a0765 | |
Interest-bearing liabilities | 30\u00a0945 | 30\u00a0945 | ||
Lease liabilities | 218 | 218 | ||
Financial derivatives | 197 | 197 | Level 2 | |
Other non-current liabilities | 103 | 103 | ||
Trade payables | 170 | 170 | ||
Other current liabilities | 110 | 110 | ||
Total financial liabilities | 31\u00a0546 | 197 | 31\u00a0743 |
Refer to Note 24for further information on the fair value of interest-bearing liabilities. The fair value of other financial liabilities and financial assets measured at amortised cost at 31 December 2025 was approximately the same as carrying value. In addition to the financial instruments presented above, investment properties are measured at FVTPL based on a Level 3 valuation method. Refer to Note 14for further information.
Categories and fair value of financial instruments at 31.12.24
NOK million | Amortised cost | FVTPL | Total | Fair value level |
Financial investments | ||||
shares | 292 | 292 | Level 3 | |
other financial assets | 170 | 170 | ||
Financial derivatives | 843 | 843 | Level 2 | |
Trade receivables | 70 | 70 | ||
Other current assets | 220 | 220 | ||
Cash and cash equivalents | 264 | 264 | ||
Total financial assets | 724 | 1\u00a0135 | 1\u00a0859 | |
Interest-bearing liabilities | 31\u00a0396 | 31\u00a0396 | ||
Lease liabilities | 220 | 220 | ||
Financial derivatives | 259 | 259 | Level 2 | |
Other non-current liabilities | 97 | 97 | ||
Trade payables | 188 | 188 | ||
Other current liabilities | 83 | 83 | ||
Total financial liabilities | 31\u00a0983 | 259 | 32\u00a0242 |
Changes in value of financial instruments at FVTPL
NOK million | 2025 | 2024 |
Changes in value of financial derivatives | -162 | 162 |
Changes in value of shares | 60 | 3 |
Total changes in value of financial instruments | -102 | 165 |
Note 03\tSegment information
Accounting policies
Operating segments are reported in the same way as in internal reports to the Group\u2019s highest decision-making authority. The Group\u2019s highest decision-making authority, which is responsible for allocating resources and assessing the profitability of the operating segments, has been identified as the Board of Directors and the CEO.
The Group has one main operational unit, property management. The property portfolio is divided into five different geographic areas: Oslo, Sandvika, Drammen, Stavanger and Bergen, with management teams monitoring and following up on each area. The geographic units are supported by a Market and Letting department and a Project Development department. In addition, Entra has group and support functions within accounting, finance, investment, legal, procurement, IT, communication and HR.
The geographic areas do not have their own profit responsibility. The geographical areas are instead monitored on economical and non-economical key figures (\u2018key performance indicators\u2019). These key figures are analysed and reported by geographic area to the chief operating decision maker, which is the Board of Directors and CEO, for the purpose of resource allocation and assessment of segment performance. Hence, the Group report the segment information based upon the geographical areas. The geographical areas Stavanger and Bergen are from 2025 aggregated to one reportable segment. Comparative information is restated.
No. of properties | Area | Occupancy | Wault | Share of public sector tenants | Market value | 12 month rolling rent | Net yield | Market rent | ||||
31.12.2025 | (#) | (sqm) | (%) | (yrs) | (%) | (NOKm) | (NOK/sqm) | (NOKm) | (NOK/sqm) | (%) | (NOKm) | (NOK/sqm) |
Oslo | 44 | 752\u00a0779 | 94.2 | 6.0 | 47 | 43\u00a0389 | 57\u00a0638 | 2\u00a0245 | 2\u00a0982 | 4.87 | 2\u00a0553 | 3\u00a0392 |
Bergen/Stavanger | 9 | 167\u00a0709 | 91.7 | 5.4 | 64 | 6\u00a0677 | 39\u00a0814 | 396 | 2\u00a0359 | 5.50 | 442 | 2\u00a0637 |
Sandvika | 11 | 135\u00a0179 | 92.7 | 5.8 | 41 | 4\u00a0494 | 33\u00a0246 | 271 | 2\u00a0003 | 5.70 | 285 | 2\u00a0108 |
Drammen | 6 | 60\u00a0852 | 96.3 | 7.1 | 92 | 2\u00a0093 | 34\u00a0393 | 130 | 2\u00a0141 | 5.81 | 133 | 2\u00a0186 |
Total management portfolio | 70 | 1\u00a0116\u00a0520 | 93.8 | 6.0 | 50 | 56\u00a0653 | 50\u00a0741 | 3\u00a0042 | 2\u00a0724 | 5.04 | 3\u00a0414 | 3\u00a0057 |
Project portfolio | 6 | 101\u00a0555 | 5.0 | 54 | 4\u00a0750 | 46\u00a0774 | ||||||
Zoned development sites | 4 | 98\u00a0187 | 0.5 | 588 | 5\u00a0986 | |||||||
Property portfolio | 80 | 1\u00a0316\u00a0261 | 5.9 | 51 | 61\u00a0991 | 47\u00a0096 | ||||||
Prepayments and other accruals | -121 | |||||||||||
Total investment properties | 61\u00a0870 | |||||||||||
Of which investment properties held for sale | 550 | |||||||||||
Investment properties | 61\u00a0320 |
The calculation of net yield is based on the appraisers\u2019 assumption of ownership costs, which at 31.12.25 corresponds to 5.4 per cent of market rent.
No. of properties | Area | Occupancy | Wault | Share of public sector tenants | Market value | 12 month rolling rent | Net yield | Market rent | ||||
31.12.2024 | (#) | (sqm) | (%) | (yrs) | (%) | (NOKm) | (NOK/sqm) | (NOKm) | (NOK/sqm) | (%) | (NOKm) | (NOK/sqm) |
Oslo | 47 | 789\u00a0798 | 94.0 | 6.2 | 47 | 44\u00a0807 | 56\u00a0732 | 2\u00a0293 | 2\u00a0904 | 4.80 | 2\u00a0676 | 3\u00a0388 |
Bergen/Stavanger | 10 | 177\u00a0700 | 96.1 | 5.0 | 65 | 6\u00a0998 | 39\u00a0382 | 405 | 2\u00a0279 | 5.36 | 467 | 2\u00a0629 |
Sandvika | 10 | 132\u00a0091 | 93.1 | 6.3 | 40 | 4\u00a0404 | 33\u00a0337 | 272 | 2\u00a0057 | 5.85 | 277 | 2\u00a0099 |
Drammen | 6 | 60\u00a0933 | 96.3 | 7.7 | 95 | 2\u00a0090 | 34\u00a0297 | 131 | 2\u00a0152 | 5.86 | 130 | 2\u00a0129 |
Total management portfolio | 73 | 1\u00a0160\u00a0522 | 94.3 | 6.1 | 51 | 58\u00a0299 | 50\u00a0235 | 3\u00a0101 | 2\u00a0672 | 4.99 | 3\u00a0550 | 3\u00a0059 |
Project portfolio | 4 | 71\u00a0536 | 11.8 | 70 | 2\u00a0211 | 30\u00a0908 | ||||||
Zoned development sites | 4 | 98\u00a0187 | 0.5 | 559 | 5\u00a0698 | |||||||
Property portfolio | 81 | 1\u00a0330\u00a0245 | 6.3 | 52 | 61\u00a0070 | 45\u00a0908 | ||||||
Contract assets | -522 | |||||||||||
Prepayments and other accruals | -77 | |||||||||||
Total investment properties | 60\u00a0471 | |||||||||||
Of which investment properties held for sale | - | |||||||||||
Investment properties | 60\u00a0471 |
Note 03\tSegment information
Accounting policies
Operating segments are reported in the same way as in internal reports to the Group\u2019s highest decision-making authority. The Group\u2019s highest decision-making authority, which is responsible for allocating resources and assessing the profitability of the operating segments, has been identified as the Board of Directors and the CEO.
The Group has one main operational unit, property management. The property portfolio is divided into five different geographic areas: Oslo, Sandvika, Drammen, Stavanger and Bergen, with management teams monitoring and following up on each area. The geographic units are supported by a Market and Letting department and a Project Development department. In addition, Entra has group and support functions within accounting, finance, investment, legal, procurement, IT, communication and HR.
The geographic areas do not have their own profit responsibility. The geographical areas are instead monitored on economical and non-economical key figures (\u2018key performance indicators\u2019). These key figures are analysed and reported by geographic area to the chief operating decision maker, which is the Board of Directors and CEO, for the purpose of resource allocation and assessment of segment performance. Hence, the Group report the segment information based upon the geographical areas. The geographical areas Stavanger and Bergen are from 2025 aggregated to one reportable segment. Comparative information is restated.
No. of properties | Area | Occupancy | Wault | Share of public sector tenants | Market value | 12 month rolling rent | Net yield | Market rent | ||||
31.12.2025 | (#) | (sqm) | (%) | (yrs) | (%) | (NOKm) | (NOK/sqm) | (NOKm) | (NOK/sqm) | (%) | (NOKm) | (NOK/sqm) |
Oslo | 44 | 752\u00a0779 | 94.2 | 6.0 | 47 | 43\u00a0389 | 57\u00a0638 | 2\u00a0245 | 2\u00a0982 | 4.87 | 2\u00a0553 | 3\u00a0392 |
Bergen/Stavanger | 9 | 167\u00a0709 | 91.7 | 5.4 | 64 | 6\u00a0677 | 39\u00a0814 | 396 | 2\u00a0359 | 5.50 | 442 | 2\u00a0637 |
Sandvika | 11 | 135\u00a0179 | 92.7 | 5.8 | 41 | 4\u00a0494 | 33\u00a0246 | 271 | 2\u00a0003 | 5.70 | 285 | 2\u00a0108 |
Drammen | 6 | 60\u00a0852 | 96.3 | 7.1 | 92 | 2\u00a0093 | 34\u00a0393 | 130 | 2\u00a0141 | 5.81 | 133 | 2\u00a0186 |
Total management portfolio | 70 | 1\u00a0116\u00a0520 | 93.8 | 6.0 | 50 | 56\u00a0653 | 50\u00a0741 | 3\u00a0042 | 2\u00a0724 | 5.04 | 3\u00a0414 | 3\u00a0057 |
Project portfolio | 6 | 101\u00a0555 | 5.0 | 54 | 4\u00a0750 | 46\u00a0774 | ||||||
Zoned development sites | 4 | 98\u00a0187 | 0.5 | 588 | 5\u00a0986 | |||||||
Property portfolio | 80 | 1\u00a0316\u00a0261 | 5.9 | 51 | 61\u00a0991 | 47\u00a0096 | ||||||
Prepayments and other accruals | -121 | |||||||||||
Total investment properties | 61\u00a0870 | |||||||||||
Of which investment properties held for sale | 550 | |||||||||||
Investment properties | 61\u00a0320 |
The calculation of net yield is based on the appraisers\u2019 assumption of ownership costs, which at 31.12.25 corresponds to 5.4 per cent of market rent.
No. of properties | Area | Occupancy | Wault | Share of public sector tenants | Market value | 12 month rolling rent | Net yield | Market rent | ||||
31.12.2024 | (#) | (sqm) | (%) | (yrs) | (%) | (NOKm) | (NOK/sqm) | (NOKm) | (NOK/sqm) | (%) | (NOKm) | (NOK/sqm) |
Oslo | 47 | 789\u00a0798 | 94.0 | 6.2 | 47 | 44\u00a0807 | 56\u00a0732 | 2\u00a0293 | 2\u00a0904 | 4.80 | 2\u00a0676 | 3\u00a0388 |
Bergen/Stavanger | 10 | 177\u00a0700 | 96.1 | 5.0 | 65 | 6\u00a0998 | 39\u00a0382 | 405 | 2\u00a0279 | 5.36 | 467 | 2\u00a0629 |
Sandvika | 10 | 132\u00a0091 | 93.1 | 6.3 | 40 | 4\u00a0404 | 33\u00a0337 | 272 | 2\u00a0057 | 5.85 | 277 | 2\u00a0099 |
Drammen | 6 | 60\u00a0933 | 96.3 | 7.7 | 95 | 2\u00a0090 | 34\u00a0297 | 131 | 2\u00a0152 | 5.86 | 130 | 2\u00a0129 |
Total management portfolio | 73 | 1\u00a0160\u00a0522 | 94.3 | 6.1 | 51 | 58\u00a0299 | 50\u00a0235 | 3\u00a0101 | 2\u00a0672 | 4.99 | 3\u00a0550 | 3\u00a0059 |
Project portfolio | 4 | 71\u00a0536 | 11.8 | 70 | 2\u00a0211 | 30\u00a0908 | ||||||
Zoned development sites | 4 | 98\u00a0187 | 0.5 | 559 | 5\u00a0698 | |||||||
Property portfolio | 81 | 1\u00a0330\u00a0245 | 6.3 | 52 | 61\u00a0070 | 45\u00a0908 | ||||||
Contract assets | -522 | |||||||||||
Prepayments and other accruals | -77 | |||||||||||
Total investment properties | 60\u00a0471 | |||||||||||
Of which investment properties held for sale | - | |||||||||||
Investment properties | 60\u00a0471 |
Note 04\tRental income
Accounting policies
The Group enters into lease agreements as a lessor with respect to its investment properties. Lease contracts where a significant proportion of the risks and benefits of ownership remain with Entra are classified as operating leases. Revenue recognition under a lease commences at the commencement of the lease. Lease payments are recognised on a straight-line basis over the duration of the lease.
In negotiating a new or renewed operating lease, Entra may provide incentives for the lessee to enter into the agreement. Examples of such incentives are rent exemptions or the reimbursement or assumption by the lessor of costs of the lessee (such as relocation costs, leasehold improvement and costs associated with a pre-existing lease commitment of the lessee). Entra recognises the aggregate benefit of incentives as a reduction of rental income over the lease on a straight-line basis. The accrued loss of rent or costs is presented under other assets. Payments relating to the termination of contracts are recognised in the period from the contract being entered into until the date of its termination. Rental income encompasses the fair value of the payments received for services that fall within the ordinary activities of the company.
The Group mainly enters into lease contracts with fixed rent for the lease of property. In 98 per cent of the lease contracts, lease payments are fully (100 per cent) indexed to the CPI.
NOK million | 2025 | 2024 |
Fixed rental income | 3\u00a0064 | 3\u00a0052 |
Turnover-based rental income | 34 | 46 |
Total rental income | 3\u00a0098 | 3\u00a0099 |
The Group\u2019s 20 largest tenants accounts for approximately 47 per cent of the Group\u2019s total rental income. The Group does not have any tenants contributing to more than 10 per cent of the Group\u2019s rental income. Due to the high proportion of public sector and other high-quality tenants, and the relatively long average remaining contract term, the risk to the Group\u2019s cash flows is considered low.
The Group\u2019s future accumulated rent from non-terminable operational lease contracts at 31.12.
NOK million | 2025 | 2024 |
\u2264 1 year | 3\u00a0292 | 3\u00a0194 |
1 year < 2 years | 2\u00a0960 | 2\u00a0904 |
2 year < 3 years | 2\u00a0749 | 2\u00a0567 |
3 year < 4 years | 2\u00a0466 | 2\u00a0345 |
4 year < 5 years | 2\u00a0117 | 2\u00a0120 |
\u2265 5 years | 7\u00a0226 | 7\u00a0727 |
Total | 20\u00a0809 | 20\u00a0857 |
The Group\u2019s lease contracts at 31.12 have the following maturity structure measured in annual rent\u200c1\u200c
2025 | 2024 | |||||
Remaining term | No. of contracts | Contract rent (NOKm)\u200c1 | Contract rent, % | No. of contracts | Contract rent (NOKm)\u200c1 | Contract rent, % |
\u2264 1 year | 345 | 332 | 10 | 346 | 290 | 9 |
1 year < 5 years | 304 | 1\u00a0350 | 41 | 283 | 1\u00a0108 | 35 |
5 years < 10 years | 156 | 1\u00a0116 | 34 | 159 | 1\u00a0283 | 40 |
\u2265 10 years | 55 | 493 | 15 | 49 | 513 | 16 |
Total | 860 | 3\u00a0292 | 100 | 837 | 3\u00a0194 | 100 |
1The contract rent is stated as the annualised contractual rent in signed lease agreements, and is therefore not reconcilable with the rental income for the year for accounting purposes nor the 12 month rolling rent.
The table above shows the remaining non-terminable contractual rent for current leases without taking into account the impact of any options.
Accounting policies
Operating segments are reported in the same way as in internal reports to the Group\u2019s highest decision-making authority. The Group\u2019s highest decision-making authority, which is responsible for allocating resources and assessing the profitability of the operating segments, has been identified as the Board of Directors and the CEO.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__38-1": { "value": "Note 04\tRental incomeAccounting policies
The Group enters into lease agreements as a lessor with respect to its investment properties. Lease contracts where a significant proportion of the risks and benefits of ownership remain with Entra are classified as operating leases. Revenue recognition under a lease commences at the commencement of the lease. Lease payments are recognised on a straight-line basis over the duration of the lease.
In negotiating a new or renewed operating lease, Entra may provide incentives for the lessee to enter into the agreement. Examples of such incentives are rent exemptions or the reimbursement or assumption by the lessor of costs of the lessee (such as relocation costs, leasehold improvement and costs associated with a pre-existing lease commitment of the lessee). Entra recognises the aggregate benefit of incentives as a reduction of rental income over the lease on a straight-line basis. The accrued loss of rent or costs is presented under other assets. Payments relating to the termination of contracts are recognised in the period from the contract being entered into until the date of its termination. Rental income encompasses the fair value of the payments received for services that fall within the ordinary activities of the company.
Accounting policies
The Group assesses whether a contract is or contains a lease, at inception of the contract. The Group recognises a right-of-use asset and a corresponding lease liability with respect to all lease contracts in which it is the lessee, except for leases with a lease term of 12 months or less, and leases of low value assets (such as vehicles and technical and office equipment), for which the Group applies the applicable recognition exemptions. For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the lease term.
Only fixed payments are included in the initial measurement of the lease liability, and the lease term corresponds to the non-terminable period. The discount rate used to calculate the lease liability is determined, for each asset, based on the Group\u2019s incremental borrowing rate for leases with less than 15 years until maturity. For leases with more than 15 years until maturity, the discount rate is based on the properties\u2019 net yields, adjusted for features that affect Entra\u2019s incremental borrowing rate, such as tenant-specific factors and the length of the lease. The lease liability is presented as part of other liabilities in the balance sheet.
For lease contracts where the leased properties meet the definition of investment properties in IAS 40, Entra applies the fair value model to the associated right-of-use assets. The right-of-use assets are measured by discounting the assumed future cash flows under the lease contracts. The discount rate used to calculate the right-of- use asset may be different from the discount rate used to calculate the lease liability. The right-of-use assets are presented as part of investment properties in the balance sheet.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__42-1": { "value": "Accounting policies
The Group enters into lease agreements as a lessor with respect to its investment properties. Lease contracts where a significant proportion of the risks and benefits of ownership remain with Entra are classified as operating leases. Revenue recognition under a lease commences at the commencement of the lease. Lease payments are recognised on a straight-line basis over the duration of the lease.
In negotiating a new or renewed operating lease, Entra may provide incentives for the lessee to enter into the agreement. Examples of such incentives are rent exemptions or the reimbursement or assumption by the lessor of costs of the lessee (such as relocation costs, leasehold improvement and costs associated with a pre-existing lease commitment of the lessee). Entra recognises the aggregate benefit of incentives as a reduction of rental income over the lease on a straight-line basis. The accrued loss of rent or costs is presented under other assets. Payments relating to the termination of contracts are recognised in the period from the contract being entered into until the date of its termination. Rental income encompasses the fair value of the payments received for services that fall within the ordinary activities of the company.
Accounting policies
Service income for additional services provided to tenants is recognised in the period the service is performed.
Revenues from development of commercial properties, including transactions that are structured as sale of shares, are recognised over time according to the stage of completion if the buyer does not have the right to cancel a contract, and the Group as a seller can require a buyer to pay the consideration agreed in the contract even if the buyer acts to terminate a contract. A project\u2019s stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as percentage of total estimated costs. Contract assets related to non-invoiced revenue from such construction contracts are included in \u2018Other current assets\u2019.
The Group enters into operating lease agreements as a lessor with respect to its inventory properties, and the rental income from such leases is presented under \u2018Other revenues\u2019. Revenue from development of inventory properties for sale is recognised when the properties are handed over to the customer as the Group does not have an enforceable right to collect payment for the benefits performed to date.
In determining the basis for revenue recognition from contracts with customers, the Group identifies the distinct performance obligations under the contracts, allocate the transaction price to each identified performance obligation and account for revenue as each performance obligation is met.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__40-1": { "value": "The Group mainly enters into lease contracts with fixed rent for the lease of property. In 98 per cent of the lease contracts, lease payments are fully (100 per cent) indexed to the CPI.
NOK million | 2025 | 2024 |
Fixed rental income | 3\u00a0064 | 3\u00a0052 |
Turnover-based rental income | 34 | 46 |
Total rental income | 3\u00a0098 | 3\u00a0099 |
The Group\u2019s 20 largest tenants accounts for approximately 47 per cent of the Group\u2019s total rental income. The Group does not have any tenants contributing to more than 10 per cent of the Group\u2019s rental income. Due to the high proportion of public sector and other high-quality tenants, and the relatively long average remaining contract term, the risk to the Group\u2019s cash flows is considered low.
The Group\u2019s future accumulated rent from non-terminable operational lease contracts at 31.12.
NOK million | 2025 | 2024 |
\u2264 1 year | 3\u00a0292 | 3\u00a0194 |
1 year < 2 years | 2\u00a0960 | 2\u00a0904 |
2 year < 3 years | 2\u00a0749 | 2\u00a0567 |
3 year < 4 years | 2\u00a0466 | 2\u00a0345 |
4 year < 5 years | 2\u00a0117 | 2\u00a0120 |
\u2265 5 years | 7\u00a0226 | 7\u00a0727 |
Total | 20\u00a0809 | 20\u00a0857 |
The Group\u2019s lease contracts at 31.12 have the following maturity structure measured in annual rent\u200c1\u200c
2025 | 2024 | |||||
Remaining term | No. of contracts | Contract rent (NOKm)\u200c1 | Contract rent, % | No. of contracts | Contract rent (NOKm)\u200c1 | Contract rent, % |
\u2264 1 year | 345 | 332 | 10 | 346 | 290 | 9 |
1 year < 5 years | 304 | 1\u00a0350 | 41 | 283 | 1\u00a0108 | 35 |
5 years < 10 years | 156 | 1\u00a0116 | 34 | 159 | 1\u00a0283 | 40 |
\u2265 10 years | 55 | 493 | 15 | 49 | 513 | 16 |
Total | 860 | 3\u00a0292 | 100 | 837 | 3\u00a0194 | 100 |
1The contract rent is stated as the annualised contractual rent in signed lease agreements, and is therefore not reconcilable with the rental income for the year for accounting purposes nor the 12 month rolling rent.
The table above shows the remaining non-terminable contractual rent for current leases without taking into account the impact of any options.
Properties subject to purchase options
Pursuant to the lease agreements entered into between Entra and the Norwegian Ministry of Culture, the tenant has an option to acquire the three buildings comprising the National Library in Henrik Ibsens gate 110 and Observatoriegata 1 in Oslo. The tenant has the right to acquire the refurbished buildings at expiry of each 25-year lease period (expiring on 31 December 2029 and 6 June 2030, respectively). The leases include an unlimited number of 25-year extension periods, at market rents. Further, the tenant has the right, upon six months\u2019 notice, to acquire the building known as \u2018Halvbroren\u2019 if the tenant itself leases and uses more than 50 per cent of the building. As of 31 December 2025, the tenant leased and used more of the building than the threshold. The purchase price for all three buildings shall equal the market value of the buildings based on the capitalised future rental income based on the assumption that the lease agreements are continuously prolonged in accordance with the renewal clause in the lease agreements.
Pursuant to the ground lease agreement entered into between Entra and Oslo Havn KF relating to the property Langkaia 1 in Oslo, the ground lessor has an option to acquire the buildings without any compensation and free of any encumbrances upon expiry of the ground lease agreement on 1 January 2031. The right-of-use asset is presented as part of investment properties on the balance sheet. As the right-of-use asset is valued based on the cash flow until expiry of the ground lease agreement (i.e., no residual value), there will be an ongoing decrease in the balance sheet value until expiry.
Pursuant to the lease agreement entered into between Entra and the University of Oslo (\u2018UiO\u2019), the tenant has an option to acquire the property Kristian Augusts gate 15\u201321 (building and land) in Oslo in 2034 and in 2044. The purchase price shall be based on a gross market yield at time of calling the option and valued at a remaining WAULT of fifteen years of the lease agreement. The gross yield has a cap at 5.25 per cent (gross yield < 5.25 per cent). The option to acquire must be called twelve months ahead of the two points in time at the latest.
Refer to Note 24for information on pledged investment properties.
Note 20\tOther non-current liabilities
NOK million | 2025 | 2024 |
Lease liabilities | 214 | 215 |
Pension liabilities (Note19) | 69 | 73 |
Prepayments from customers | 56 | 63 |
Seller\u2019s credit and withheld purchase price | 103 | 97 |
Other non-current liabilities | 118 | 97 |
Total non-current liabilities | 561 | 546 |
Lease liabilities \u2013 the group as a lessee
Accounting policies
The Group assesses whether a contract is or contains a lease, at inception of the contract. The Group recognises a right-of-use asset and a corresponding lease liability with respect to all lease contracts in which it is the lessee, except for leases with a lease term of 12 months or less, and leases of low value assets (such as vehicles and technical and office equipment), for which the Group applies the applicable recognition exemptions. For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the lease term.
Only fixed payments are included in the initial measurement of the lease liability, and the lease term corresponds to the non-terminable period. The discount rate used to calculate the lease liability is determined, for each asset, based on the Group\u2019s incremental borrowing rate for leases with less than 15 years until maturity. For leases with more than 15 years until maturity, the discount rate is based on the properties\u2019 net yields, adjusted for features that affect Entra\u2019s incremental borrowing rate, such as tenant-specific factors and the length of the lease. The lease liability is presented as part of other liabilities in the balance sheet.
For lease contracts where the leased properties meet the definition of investment properties in IAS 40, Entra applies the fair value model to the associated right-of-use assets. The right-of-use assets are measured by discounting the assumed future cash flows under the lease contracts. The discount rate used to calculate the right-of- use asset may be different from the discount rate used to calculate the lease liability. The right-of-use assets are presented as part of investment properties in the balance sheet.
The Group has entered into certain operating leases of ground, parking lots and buildings classified as investment properties, with remaining lease terms between 6 and 77 years. The Group applies the fair value model to right-of-use assets associated with the property lease contracts. Right-of-use assets included in investment properties at 31 December 2025 was 823 million (887 million).
The majority of the lease payments for Langkaia 1 in Oslo, where the lease agreement expires on 1 January 2031, are based on the turnover of the property. Only the fixed parts of the lease payments are included in the lease liability. Variable, turnover-based lease payments for the property is included in Operating costs. Set out in the table below are the amounts recognised in profit or loss:
NOK million | 2025 | 2024 |
Interest expense on lease liabilities | 9 | 7 |
Expense relating to leases of low-value assets and short-term leases | 8 | 15 |
Variable lease payments | 17 | 16 |
Total amount recognised in profit or loss | 34 | 38 |
The Group had total cash outflows for leases of 39 million in 2025 (45 million).
Refer to Note 23for maturity profile of the Group\u2019s lease liabilities based on contractual undiscounted payments as at 31 December 2025. See Note 24for details on the movements in lease liabilities during the period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__46-1": { "value": "Note 05\tOperating costs
Accounting policies
Costs for shared services provided to the tenants by external parties do not affect the result beyond costs for vacant premises and an administrative premium recognised as rental income. Shared costs are charged to tenants and presented net with payments on account from tenants. Shared costs are settled after the balance sheet date.
NOK million | 2025 | 2024 |
Maintenance | 29 | 30 |
Tax, leasehold and insurance | 69 | 70 |
Letting and property administration | 95 | 95 |
Direct property costs | 74 | 69 |
Total operating costs | 268 | 264 |
Note 07\tOther costs
NOK million | 2025 | 2024 |
Costs related to additional services provided to tenants | 76 | 62 |
Costs related to inventory properties | 11 | 8 |
Construction contract costs (Note 6) | 182 | 505 |
Other costs | 18 | 10 |
Total other costs | 288 | 584 |
Note 08\tAdministrative costs
NOK million | 2025 | 2024 |
Payroll and personnel expenses (Note 9) | 144 | 136 |
Office expenses, furnishings and equipment | 29 | 34 |
Consultancy fees | 22 | 22 |
Other administrative costs | 7 | 6 |
Total administrative costs | 203 | 199 |
Note 09\tPersonnel costs
Accounting policies
Share-based payments
Entra operates a share-based incentive programme for Senior Executives (the \u2018LTI scheme\u2019) comprising an equity-settled component and a cash-settled component. The LTI scheme is based on two key performance indicators (KPIs): return on equity before tax and total shareholder return, each weighted at 50 per cent. Outcome under the LTI scheme is measured annually. If performance against the two KPIs meets the targets set by the Board, the Senior Executives receive restricted shares with a market value of an amount corresponding to a percentage of their base salary (the equity-settled component), less an amount equal to the Senior Executives\u2019 tax effect of the total LTI award, which is paid in cash (the cash-settled component). The restricted shares are transferred to the Senior Executives in the year following the grant date, and 1/3 of the share allotment is restricted for three years after the transfer of the shares, another 1/3 is restricted for four years and the remaining 1/3 is restricted for five years. The fair value of the equity-settled component is measured applying the Black-Scholes option-pricing model (BS). The three tranches of the equity-settled component are fully vested at the end of the respective restriction periods. The cash-settled component is fully vested on settlement in the year following the grant date. The equity-settled component and the cash-settled component are recognised as payroll expenses over the period from grant date until fully vested.
Share discounts
Sales of shares to employees in Entra\u2019s share saving scheme are reported in accordance with IFRS 2. The recognised discount is calculated as the difference between market price and purchase price at the time of purchase, taking into account the agreed lock-in period for the shares. The effect of the agreed lock-in period is calculated as the value of a put option using the BS model. The assumptions relating to volatility are based on the actual fluctutions in the price of Entra\u2019s shares. There is no vesting period on the shares or the right to acquire shares. The share of the discount that represents the difference between the calculated BS value and the market value of the shares is recognised against equity and the remaining discount, which represents the difference between the paid amount for the shares by the employees and the BS value, is recognised as payroll expenses at the time of allocation.
NOK million except employee numbers | 2025 | 2024 |
Salaries, performance-related pay and other taxable benefits\u200c1 | 236 | 232 |
Employers\u2019 National Insurance contributions | 37 | 39 |
Pension expenses | 26 | 15 |
Other personnel costs | 15 | 15 |
Total personnel costs | 313 | 301 |
Of which capitalised on projects under development | -62 | -56 |
Of which shared costs distributed amongst tenants | -50 | -63 |
Total payroll and personnel costs | 201 | 182 |
Of which classified as part of administrative costs | 144 | 136 |
Of which classified as part of Letting and property administration under Operating expenses | 57 | 47 |
Number of full-time equivalents | 183 | 181 |
Number of employees at 31.12. | 186 | 183 |
1Salaries, performance-related pay and other taxable benefits includes a 18 million (16 million) provision for performance-related pay for all employees in 2025, which has not yet been paid out.
Remuneration of Senior Executives and the Board
The total remuneration of the CEO and other Senior Executives consists of a fixed package of salary and benefits supplemented by cash-based (STI \u2013 Short-Term Incentive) and share-based (LTI \u2013 Long-Term Incentive) variable remuneration plans, share purchase scheme (on the same terms as all other employees), pension and insurance arrangements. No loans were given by Entra to Senior Executives as of 31 December 2025 or 31 December 2024. The Board and Board committee members received no other compensation than what is set out in the table on the following\u00a0page.
The table below provides an overview of total remuneration of Senior Executives and the Board. All amounts in the table are subject to National Insurance contributions. For further details on Entra\u2019s compensation policy and practice, refer to pages 50\u201353in the Corporate governance section of this report.
NOK thousand | 2025 | 2024 |
Salaries | 23\u00a0001 | 21\u00a0415 |
Cash-based variable remuneration\u200c1 | 4\u00a0379 | 5\u00a0119 |
Share-based variable remuneration\u200c2 | 3\u00a0541 | 2\u00a0243 |
Pension costs | 1\u00a0214 | 1\u00a0238 |
Other benefits\u200c3 | 1\u00a0501 | 1\u00a0220 |
Total remuneration of Senior Executives | 33\u00a0637 | 31\u00a0236 |
Fees to the Board | 3\u00a0544 | 3\u00a0242 |
Total remuneration of Senior Executives and the Board | 37\u00a0181 | 34\u00a0477 |
1 Includes the provision based on targets met in the applicable year, which will be paid out in the following year.
2The share-based variable remuneration presented as earned in 2025 reflects NOK 2 608 thousand related to the LTI scheme for 2025, while the remaining\u00a0part of the share-based variable remuneration is related to amortisation of LTI awarded in previous years. The remaining NOK 1 870 thousand of\u00a0the total cost for the LTI award for 2025 will be presented as earned over the next three to five years. Refer to the accounting policies section of this note for\u00a0further information.
3Other benefits include benefits in kind such as a car allowance, telephone and insurance coverage.
Note 10\tNet realised financials
NOK million | 2025 | 2024 |
Interest income | 23 | 34 |
Other finance income | - | 1 |
Interest expenses on borrowings | -1\u00a0240 | -1\u00a0437 |
Capitalised borrowing costs | 32 | 31 |
Interest expenses on lease liabilities (Note20) | -9 | -7 |
Commitment fees | -62 | -43 |
Amortisation of discounts on bond issuances | -64 | -66 |
Other finance expenses | -44 | -30 |
Net realised financials | -1\u00a0365 | -1\u00a0518 |
Average interest on capitalised borrowing costs | 4.08% | 4.17% |
Interest expenses on borrowings presented in the table above includes an offsetting effect from settlements and accruals related to interest rate swaps amounting to 226 million (279 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__47-1": { "value": "Note 05\tOperating costs
Accounting policies
Costs for shared services provided to the tenants by external parties do not affect the result beyond costs for vacant premises and an administrative premium recognised as rental income. Shared costs are charged to tenants and presented net with payments on account from tenants. Shared costs are settled after the balance sheet date.
NOK million | 2025 | 2024 |
Maintenance | 29 | 30 |
Tax, leasehold and insurance | 69 | 70 |
Letting and property administration | 95 | 95 |
Direct property costs | 74 | 69 |
Total operating costs | 268 | 264 |
Note 07\tOther costs
NOK million | 2025 | 2024 |
Costs related to additional services provided to tenants | 76 | 62 |
Costs related to inventory properties | 11 | 8 |
Construction contract costs (Note 6) | 182 | 505 |
Other costs | 18 | 10 |
Total other costs | 288 | 584 |
Note 08\tAdministrative costs
NOK million | 2025 | 2024 |
Payroll and personnel expenses (Note 9) | 144 | 136 |
Office expenses, furnishings and equipment | 29 | 34 |
Consultancy fees | 22 | 22 |
Other administrative costs | 7 | 6 |
Total administrative costs | 203 | 199 |
Note 09\tPersonnel costs
Accounting policies
Share-based payments
Entra operates a share-based incentive programme for Senior Executives (the \u2018LTI scheme\u2019) comprising an equity-settled component and a cash-settled component. The LTI scheme is based on two key performance indicators (KPIs): return on equity before tax and total shareholder return, each weighted at 50 per cent. Outcome under the LTI scheme is measured annually. If performance against the two KPIs meets the targets set by the Board, the Senior Executives receive restricted shares with a market value of an amount corresponding to a percentage of their base salary (the equity-settled component), less an amount equal to the Senior Executives\u2019 tax effect of the total LTI award, which is paid in cash (the cash-settled component). The restricted shares are transferred to the Senior Executives in the year following the grant date, and 1/3 of the share allotment is restricted for three years after the transfer of the shares, another 1/3 is restricted for four years and the remaining 1/3 is restricted for five years. The fair value of the equity-settled component is measured applying the Black-Scholes option-pricing model (BS). The three tranches of the equity-settled component are fully vested at the end of the respective restriction periods. The cash-settled component is fully vested on settlement in the year following the grant date. The equity-settled component and the cash-settled component are recognised as payroll expenses over the period from grant date until fully vested.
Share discounts
Sales of shares to employees in Entra\u2019s share saving scheme are reported in accordance with IFRS 2. The recognised discount is calculated as the difference between market price and purchase price at the time of purchase, taking into account the agreed lock-in period for the shares. The effect of the agreed lock-in period is calculated as the value of a put option using the BS model. The assumptions relating to volatility are based on the actual fluctutions in the price of Entra\u2019s shares. There is no vesting period on the shares or the right to acquire shares. The share of the discount that represents the difference between the calculated BS value and the market value of the shares is recognised against equity and the remaining discount, which represents the difference between the paid amount for the shares by the employees and the BS value, is recognised as payroll expenses at the time of allocation.
NOK million except employee numbers | 2025 | 2024 |
Salaries, performance-related pay and other taxable benefits\u200c1 | 236 | 232 |
Employers\u2019 National Insurance contributions | 37 | 39 |
Pension expenses | 26 | 15 |
Other personnel costs | 15 | 15 |
Total personnel costs | 313 | 301 |
Of which capitalised on projects under development | -62 | -56 |
Of which shared costs distributed amongst tenants | -50 | -63 |
Total payroll and personnel costs | 201 | 182 |
Of which classified as part of administrative costs | 144 | 136 |
Of which classified as part of Letting and property administration under Operating expenses | 57 | 47 |
Number of full-time equivalents | 183 | 181 |
Number of employees at 31.12. | 186 | 183 |
1Salaries, performance-related pay and other taxable benefits includes a 18 million (16 million) provision for performance-related pay for all employees in 2025, which has not yet been paid out.
Remuneration of Senior Executives and the Board
The total remuneration of the CEO and other Senior Executives consists of a fixed package of salary and benefits supplemented by cash-based (STI \u2013 Short-Term Incentive) and share-based (LTI \u2013 Long-Term Incentive) variable remuneration plans, share purchase scheme (on the same terms as all other employees), pension and insurance arrangements. No loans were given by Entra to Senior Executives as of 31 December 2025 or 31 December 2024. The Board and Board committee members received no other compensation than what is set out in the table on the following\u00a0page.
The table below provides an overview of total remuneration of Senior Executives and the Board. All amounts in the table are subject to National Insurance contributions. For further details on Entra\u2019s compensation policy and practice, refer to pages 50\u201353in the Corporate governance section of this report.
NOK thousand | 2025 | 2024 |
Salaries | 23\u00a0001 | 21\u00a0415 |
Cash-based variable remuneration\u200c1 | 4\u00a0379 | 5\u00a0119 |
Share-based variable remuneration\u200c2 | 3\u00a0541 | 2\u00a0243 |
Pension costs | 1\u00a0214 | 1\u00a0238 |
Other benefits\u200c3 | 1\u00a0501 | 1\u00a0220 |
Total remuneration of Senior Executives | 33\u00a0637 | 31\u00a0236 |
Fees to the Board | 3\u00a0544 | 3\u00a0242 |
Total remuneration of Senior Executives and the Board | 37\u00a0181 | 34\u00a0477 |
1 Includes the provision based on targets met in the applicable year, which will be paid out in the following year.
2The share-based variable remuneration presented as earned in 2025 reflects NOK 2 608 thousand related to the LTI scheme for 2025, while the remaining\u00a0part of the share-based variable remuneration is related to amortisation of LTI awarded in previous years. The remaining NOK 1 870 thousand of\u00a0the total cost for the LTI award for 2025 will be presented as earned over the next three to five years. Refer to the accounting policies section of this note for\u00a0further information.
3Other benefits include benefits in kind such as a car allowance, telephone and insurance coverage.
Note 10\tNet realised financials
NOK million | 2025 | 2024 |
Interest income | 23 | 34 |
Other finance income | - | 1 |
Interest expenses on borrowings | -1\u00a0240 | -1\u00a0437 |
Capitalised borrowing costs | 32 | 31 |
Interest expenses on lease liabilities (Note20) | -9 | -7 |
Commitment fees | -62 | -43 |
Amortisation of discounts on bond issuances | -64 | -66 |
Other finance expenses | -44 | -30 |
Net realised financials | -1\u00a0365 | -1\u00a0518 |
Average interest on capitalised borrowing costs | 4.08% | 4.17% |
Interest expenses on borrowings presented in the table above includes an offsetting effect from settlements and accruals related to interest rate swaps amounting to 226 million (279 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__48-1": { "value": "Note 05\tOperating costs
Accounting policies
Costs for shared services provided to the tenants by external parties do not affect the result beyond costs for vacant premises and an administrative premium recognised as rental income. Shared costs are charged to tenants and presented net with payments on account from tenants. Shared costs are settled after the balance sheet date.
NOK million | 2025 | 2024 |
Maintenance | 29 | 30 |
Tax, leasehold and insurance | 69 | 70 |
Letting and property administration | 95 | 95 |
Direct property costs | 74 | 69 |
Total operating costs | 268 | 264 |
Note 06\tOther revenues
Accounting policies
Service income for additional services provided to tenants is recognised in the period the service is performed.
Revenues from development of commercial properties, including transactions that are structured as sale of shares, are recognised over time according to the stage of completion if the buyer does not have the right to cancel a contract, and the Group as a seller can require a buyer to pay the consideration agreed in the contract even if the buyer acts to terminate a contract. A project\u2019s stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as percentage of total estimated costs. Contract assets related to non-invoiced revenue from such construction contracts are included in \u2018Other current assets\u2019.
The Group enters into operating lease agreements as a lessor with respect to its inventory properties, and the rental income from such leases is presented under \u2018Other revenues\u2019. Revenue from development of inventory properties for sale is recognised when the properties are handed over to the customer as the Group does not have an enforceable right to collect payment for the benefits performed to date.
In determining the basis for revenue recognition from contracts with customers, the Group identifies the distinct performance obligations under the contracts, allocate the transaction price to each identified performance obligation and account for revenue as each performance obligation is met.
Critical judgements in applying accounting policies
Revenues from development project
The Group had an agreement to sell all sections of the development project Holtermanns veg 1\u201313 phase 3 upon project completion. The development project had no alternative use for Entra, as the buyers had a contractual right to acquire the sections upon project completion, and the buyers did not have the right to terminate the purchase agreements. The sections were owned and being developed by single asset entities with no other assets or liabilities than the sections and related deferred tax. Accordingly, the substance of the transactions is that the Group was developing and selling the assets, i.e., the sections of the property. Revenues from the development of the project were in accordance with IFRS 15 recognised over time based on the stage of\u00a0completion.
NOK million | 2025 | 2024 |
Additional services provided to tenants | 111 | 82 |
Rental income from inventory properties | 25 | 24 |
Construction contract revenues | 319 | 523 |
Other revenues | 5 | 2 |
Total other revenues | 459 | 630 |
Construction contracts
As part of the agreement to sell all of Entra\u2019s management properties in Trondheim (refer to Note 28for further information), E C Dahls Eiendom also acquired the sections in the development project Holtermanns veg 1\u201313 phase 3 that were not acquired by the Norwegian Broadcasting Corporation (NRK). The transactions closed upon project completion in Q4 2025. The development of the property and subsequent sale was accounted for in accordance with IFRS 15. Revenues from the contracts and related costs were recognised over time according to the stage of completion\u00a0of the projects
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__49": { "value": "Note 05\tOperating costs
Accounting policies
Costs for shared services provided to the tenants by external parties do not affect the result beyond costs for vacant premises and an administrative premium recognised as rental income. Shared costs are charged to tenants and presented net with payments on account from tenants. Shared costs are settled after the balance sheet date.
NOK million | 2025 | 2024 |
Maintenance | 29 | 30 |
Tax, leasehold and insurance | 69 | 70 |
Letting and property administration | 95 | 95 |
Direct property costs | 74 | 69 |
Total operating costs | 268 | 264 |
Note 06\tOther revenues
Accounting policies
Service income for additional services provided to tenants is recognised in the period the service is performed.
Revenues from development of commercial properties, including transactions that are structured as sale of shares, are recognised over time according to the stage of completion if the buyer does not have the right to cancel a contract, and the Group as a seller can require a buyer to pay the consideration agreed in the contract even if the buyer acts to terminate a contract. A project\u2019s stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as percentage of total estimated costs. Contract assets related to non-invoiced revenue from such construction contracts are included in \u2018Other current assets\u2019.
The Group enters into operating lease agreements as a lessor with respect to its inventory properties, and the rental income from such leases is presented under \u2018Other revenues\u2019. Revenue from development of inventory properties for sale is recognised when the properties are handed over to the customer as the Group does not have an enforceable right to collect payment for the benefits performed to date.
In determining the basis for revenue recognition from contracts with customers, the Group identifies the distinct performance obligations under the contracts, allocate the transaction price to each identified performance obligation and account for revenue as each performance obligation is met.
Critical judgements in applying accounting policies
Revenues from development project
The Group had an agreement to sell all sections of the development project Holtermanns veg 1\u201313 phase 3 upon project completion. The development project had no alternative use for Entra, as the buyers had a contractual right to acquire the sections upon project completion, and the buyers did not have the right to terminate the purchase agreements. The sections were owned and being developed by single asset entities with no other assets or liabilities than the sections and related deferred tax. Accordingly, the substance of the transactions is that the Group was developing and selling the assets, i.e., the sections of the property. Revenues from the development of the project were in accordance with IFRS 15 recognised over time based on the stage of\u00a0completion.
NOK million | 2025 | 2024 |
Additional services provided to tenants | 111 | 82 |
Rental income from inventory properties | 25 | 24 |
Construction contract revenues | 319 | 523 |
Other revenues | 5 | 2 |
Total other revenues | 459 | 630 |
Construction contracts
As part of the agreement to sell all of Entra\u2019s management properties in Trondheim (refer to Note 28for further information), E C Dahls Eiendom also acquired the sections in the development project Holtermanns veg 1\u201313 phase 3 that were not acquired by the Norwegian Broadcasting Corporation (NRK). The transactions closed upon project completion in Q4 2025. The development of the property and subsequent sale was accounted for in accordance with IFRS 15. Revenues from the contracts and related costs were recognised over time according to the stage of completion\u00a0of the projects
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__60-1": { "value": "Note 08\tAdministrative costs
NOK million | 2025 | 2024 |
Payroll and personnel expenses (Note 9) | 144 | 136 |
Office expenses, furnishings and equipment | 29 | 34 |
Consultancy fees | 22 | 22 |
Other administrative costs | 7 | 6 |
Total administrative costs | 203 | 199 |
Note 09\tPersonnel costs
Accounting policies
Share-based payments
Entra operates a share-based incentive programme for Senior Executives (the \u2018LTI scheme\u2019) comprising an equity-settled component and a cash-settled component. The LTI scheme is based on two key performance indicators (KPIs): return on equity before tax and total shareholder return, each weighted at 50 per cent. Outcome under the LTI scheme is measured annually. If performance against the two KPIs meets the targets set by the Board, the Senior Executives receive restricted shares with a market value of an amount corresponding to a percentage of their base salary (the equity-settled component), less an amount equal to the Senior Executives\u2019 tax effect of the total LTI award, which is paid in cash (the cash-settled component). The restricted shares are transferred to the Senior Executives in the year following the grant date, and 1/3 of the share allotment is restricted for three years after the transfer of the shares, another 1/3 is restricted for four years and the remaining 1/3 is restricted for five years. The fair value of the equity-settled component is measured applying the Black-Scholes option-pricing model (BS). The three tranches of the equity-settled component are fully vested at the end of the respective restriction periods. The cash-settled component is fully vested on settlement in the year following the grant date. The equity-settled component and the cash-settled component are recognised as payroll expenses over the period from grant date until fully vested.
Share discounts
Sales of shares to employees in Entra\u2019s share saving scheme are reported in accordance with IFRS 2. The recognised discount is calculated as the difference between market price and purchase price at the time of purchase, taking into account the agreed lock-in period for the shares. The effect of the agreed lock-in period is calculated as the value of a put option using the BS model. The assumptions relating to volatility are based on the actual fluctutions in the price of Entra\u2019s shares. There is no vesting period on the shares or the right to acquire shares. The share of the discount that represents the difference between the calculated BS value and the market value of the shares is recognised against equity and the remaining discount, which represents the difference between the paid amount for the shares by the employees and the BS value, is recognised as payroll expenses at the time of allocation.
NOK million except employee numbers | 2025 | 2024 |
Salaries, performance-related pay and other taxable benefits\u200c1 | 236 | 232 |
Employers\u2019 National Insurance contributions | 37 | 39 |
Pension expenses | 26 | 15 |
Other personnel costs | 15 | 15 |
Total personnel costs | 313 | 301 |
Of which capitalised on projects under development | -62 | -56 |
Of which shared costs distributed amongst tenants | -50 | -63 |
Total payroll and personnel costs | 201 | 182 |
Of which classified as part of administrative costs | 144 | 136 |
Of which classified as part of Letting and property administration under Operating expenses | 57 | 47 |
Number of full-time equivalents | 183 | 181 |
Number of employees at 31.12. | 186 | 183 |
1Salaries, performance-related pay and other taxable benefits includes a 18 million (16 million) provision for performance-related pay for all employees in 2025, which has not yet been paid out.
Remuneration of Senior Executives and the Board
The total remuneration of the CEO and other Senior Executives consists of a fixed package of salary and benefits supplemented by cash-based (STI \u2013 Short-Term Incentive) and share-based (LTI \u2013 Long-Term Incentive) variable remuneration plans, share purchase scheme (on the same terms as all other employees), pension and insurance arrangements. No loans were given by Entra to Senior Executives as of 31 December 2025 or 31 December 2024. The Board and Board committee members received no other compensation than what is set out in the table on the following\u00a0page.
The table below provides an overview of total remuneration of Senior Executives and the Board. All amounts in the table are subject to National Insurance contributions. For further details on Entra\u2019s compensation policy and practice, refer to pages 50\u201353in the Corporate governance section of this report.
NOK thousand | 2025 | 2024 |
Salaries | 23\u00a0001 | 21\u00a0415 |
Cash-based variable remuneration\u200c1 | 4\u00a0379 | 5\u00a0119 |
Share-based variable remuneration\u200c2 | 3\u00a0541 | 2\u00a0243 |
Pension costs | 1\u00a0214 | 1\u00a0238 |
Other benefits\u200c3 | 1\u00a0501 | 1\u00a0220 |
Total remuneration of Senior Executives | 33\u00a0637 | 31\u00a0236 |
Fees to the Board | 3\u00a0544 | 3\u00a0242 |
Total remuneration of Senior Executives and the Board | 37\u00a0181 | 34\u00a0477 |
1 Includes the provision based on targets met in the applicable year, which will be paid out in the following year.
2The share-based variable remuneration presented as earned in 2025 reflects NOK 2 608 thousand related to the LTI scheme for 2025, while the remaining\u00a0part of the share-based variable remuneration is related to amortisation of LTI awarded in previous years. The remaining NOK 1 870 thousand of\u00a0the total cost for the LTI award for 2025 will be presented as earned over the next three to five years. Refer to the accounting policies section of this note for\u00a0further information.
3Other benefits include benefits in kind such as a car allowance, telephone and insurance coverage.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__61-1": { "value": "Note 08\tAdministrative costs
NOK million | 2025 | 2024 |
Payroll and personnel expenses (Note 9) | 144 | 136 |
Office expenses, furnishings and equipment | 29 | 34 |
Consultancy fees | 22 | 22 |
Other administrative costs | 7 | 6 |
Total administrative costs | 203 | 199 |
Note 09\tPersonnel costs
Accounting policies
Share-based payments
Entra operates a share-based incentive programme for Senior Executives (the \u2018LTI scheme\u2019) comprising an equity-settled component and a cash-settled component. The LTI scheme is based on two key performance indicators (KPIs): return on equity before tax and total shareholder return, each weighted at 50 per cent. Outcome under the LTI scheme is measured annually. If performance against the two KPIs meets the targets set by the Board, the Senior Executives receive restricted shares with a market value of an amount corresponding to a percentage of their base salary (the equity-settled component), less an amount equal to the Senior Executives\u2019 tax effect of the total LTI award, which is paid in cash (the cash-settled component). The restricted shares are transferred to the Senior Executives in the year following the grant date, and 1/3 of the share allotment is restricted for three years after the transfer of the shares, another 1/3 is restricted for four years and the remaining 1/3 is restricted for five years. The fair value of the equity-settled component is measured applying the Black-Scholes option-pricing model (BS). The three tranches of the equity-settled component are fully vested at the end of the respective restriction periods. The cash-settled component is fully vested on settlement in the year following the grant date. The equity-settled component and the cash-settled component are recognised as payroll expenses over the period from grant date until fully vested.
Share discounts
Sales of shares to employees in Entra\u2019s share saving scheme are reported in accordance with IFRS 2. The recognised discount is calculated as the difference between market price and purchase price at the time of purchase, taking into account the agreed lock-in period for the shares. The effect of the agreed lock-in period is calculated as the value of a put option using the BS model. The assumptions relating to volatility are based on the actual fluctutions in the price of Entra\u2019s shares. There is no vesting period on the shares or the right to acquire shares. The share of the discount that represents the difference between the calculated BS value and the market value of the shares is recognised against equity and the remaining discount, which represents the difference between the paid amount for the shares by the employees and the BS value, is recognised as payroll expenses at the time of allocation.
NOK million except employee numbers | 2025 | 2024 |
Salaries, performance-related pay and other taxable benefits\u200c1 | 236 | 232 |
Employers\u2019 National Insurance contributions | 37 | 39 |
Pension expenses | 26 | 15 |
Other personnel costs | 15 | 15 |
Total personnel costs | 313 | 301 |
Of which capitalised on projects under development | -62 | -56 |
Of which shared costs distributed amongst tenants | -50 | -63 |
Total payroll and personnel costs | 201 | 182 |
Of which classified as part of administrative costs | 144 | 136 |
Of which classified as part of Letting and property administration under Operating expenses | 57 | 47 |
Number of full-time equivalents | 183 | 181 |
Number of employees at 31.12. | 186 | 183 |
1Salaries, performance-related pay and other taxable benefits includes a 18 million (16 million) provision for performance-related pay for all employees in 2025, which has not yet been paid out.
Remuneration of Senior Executives and the Board
The total remuneration of the CEO and other Senior Executives consists of a fixed package of salary and benefits supplemented by cash-based (STI \u2013 Short-Term Incentive) and share-based (LTI \u2013 Long-Term Incentive) variable remuneration plans, share purchase scheme (on the same terms as all other employees), pension and insurance arrangements. No loans were given by Entra to Senior Executives as of 31 December 2025 or 31 December 2024. The Board and Board committee members received no other compensation than what is set out in the table on the following\u00a0page.
The table below provides an overview of total remuneration of Senior Executives and the Board. All amounts in the table are subject to National Insurance contributions. For further details on Entra\u2019s compensation policy and practice, refer to pages 50\u201353in the Corporate governance section of this report.
NOK thousand | 2025 | 2024 |
Salaries | 23\u00a0001 | 21\u00a0415 |
Cash-based variable remuneration\u200c1 | 4\u00a0379 | 5\u00a0119 |
Share-based variable remuneration\u200c2 | 3\u00a0541 | 2\u00a0243 |
Pension costs | 1\u00a0214 | 1\u00a0238 |
Other benefits\u200c3 | 1\u00a0501 | 1\u00a0220 |
Total remuneration of Senior Executives | 33\u00a0637 | 31\u00a0236 |
Fees to the Board | 3\u00a0544 | 3\u00a0242 |
Total remuneration of Senior Executives and the Board | 37\u00a0181 | 34\u00a0477 |
1 Includes the provision based on targets met in the applicable year, which will be paid out in the following year.
2The share-based variable remuneration presented as earned in 2025 reflects NOK 2 608 thousand related to the LTI scheme for 2025, while the remaining\u00a0part of the share-based variable remuneration is related to amortisation of LTI awarded in previous years. The remaining NOK 1 870 thousand of\u00a0the total cost for the LTI award for 2025 will be presented as earned over the next three to five years. Refer to the accounting policies section of this note for\u00a0further information.
3Other benefits include benefits in kind such as a car allowance, telephone and insurance coverage.
Note 19\tPensionsThe balance sheet liabilities have been calculated as follows
NOK million | 2025 | 2024 |
Present value of accrued pension liabilities in defined-benefit schemes in unit trusts | 213 | 213 |
Fair value of pension scheme assets | -152 | -149 |
Employers\u2019 NICs accrued | 9 | 9 |
Net pension liabilities on the balance sheet at 31.12 | 69 | 73 |
Total cost recognised in the income statement
NOK million | 2025 | 2024 |
Cost of pension benefits accrued during current period | 1 | 1 |
Contribution scheme | 26 | 15 |
Total pension benefits accrued during the period | 27 | 15 |
Net interest expense | 2 | 2 |
Total pension benefits accrued in income statement | 29 | 18 |
Actuarial losses (+)/gains (-) accrued in comprehensive income | 2 | -13 |
Total pension benefits accrued | 31 | 4 |
Note 09\tPersonnel costs
Accounting policies
Share-based payments
Entra operates a share-based incentive programme for Senior Executives (the \u2018LTI scheme\u2019) comprising an equity-settled component and a cash-settled component. The LTI scheme is based on two key performance indicators (KPIs): return on equity before tax and total shareholder return, each weighted at 50 per cent. Outcome under the LTI scheme is measured annually. If performance against the two KPIs meets the targets set by the Board, the Senior Executives receive restricted shares with a market value of an amount corresponding to a percentage of their base salary (the equity-settled component), less an amount equal to the Senior Executives\u2019 tax effect of the total LTI award, which is paid in cash (the cash-settled component). The restricted shares are transferred to the Senior Executives in the year following the grant date, and 1/3 of the share allotment is restricted for three years after the transfer of the shares, another 1/3 is restricted for four years and the remaining 1/3 is restricted for five years. The fair value of the equity-settled component is measured applying the Black-Scholes option-pricing model (BS). The three tranches of the equity-settled component are fully vested at the end of the respective restriction periods. The cash-settled component is fully vested on settlement in the year following the grant date. The equity-settled component and the cash-settled component are recognised as payroll expenses over the period from grant date until fully vested.
Share discounts
Sales of shares to employees in Entra\u2019s share saving scheme are reported in accordance with IFRS 2. The recognised discount is calculated as the difference between market price and purchase price at the time of purchase, taking into account the agreed lock-in period for the shares. The effect of the agreed lock-in period is calculated as the value of a put option using the BS model. The assumptions relating to volatility are based on the actual fluctutions in the price of Entra\u2019s shares. There is no vesting period on the shares or the right to acquire shares. The share of the discount that represents the difference between the calculated BS value and the market value of the shares is recognised against equity and the remaining discount, which represents the difference between the paid amount for the shares by the employees and the BS value, is recognised as payroll expenses at the time of allocation.
NOK million except employee numbers | 2025 | 2024 |
Salaries, performance-related pay and other taxable benefits\u200c1 | 236 | 232 |
Employers\u2019 National Insurance contributions | 37 | 39 |
Pension expenses | 26 | 15 |
Other personnel costs | 15 | 15 |
Total personnel costs | 313 | 301 |
Of which capitalised on projects under development | -62 | -56 |
Of which shared costs distributed amongst tenants | -50 | -63 |
Total payroll and personnel costs | 201 | 182 |
Of which classified as part of administrative costs | 144 | 136 |
Of which classified as part of Letting and property administration under Operating expenses | 57 | 47 |
Number of full-time equivalents | 183 | 181 |
Number of employees at 31.12. | 186 | 183 |
1Salaries, performance-related pay and other taxable benefits includes a 18 million (16 million) provision for performance-related pay for all employees in 2025, which has not yet been paid out.
Remuneration of Senior Executives and the Board
The total remuneration of the CEO and other Senior Executives consists of a fixed package of salary and benefits supplemented by cash-based (STI \u2013 Short-Term Incentive) and share-based (LTI \u2013 Long-Term Incentive) variable remuneration plans, share purchase scheme (on the same terms as all other employees), pension and insurance arrangements. No loans were given by Entra to Senior Executives as of 31 December 2025 or 31 December 2024. The Board and Board committee members received no other compensation than what is set out in the table on the following\u00a0page.
The table below provides an overview of total remuneration of Senior Executives and the Board. All amounts in the table are subject to National Insurance contributions. For further details on Entra\u2019s compensation policy and practice, refer to pages 50\u201353in the Corporate governance section of this report.
NOK thousand | 2025 | 2024 |
Salaries | 23\u00a0001 | 21\u00a0415 |
Cash-based variable remuneration\u200c1 | 4\u00a0379 | 5\u00a0119 |
Share-based variable remuneration\u200c2 | 3\u00a0541 | 2\u00a0243 |
Pension costs | 1\u00a0214 | 1\u00a0238 |
Other benefits\u200c3 | 1\u00a0501 | 1\u00a0220 |
Total remuneration of Senior Executives | 33\u00a0637 | 31\u00a0236 |
Fees to the Board | 3\u00a0544 | 3\u00a0242 |
Total remuneration of Senior Executives and the Board | 37\u00a0181 | 34\u00a0477 |
1 Includes the provision based on targets met in the applicable year, which will be paid out in the following year.
2The share-based variable remuneration presented as earned in 2025 reflects NOK 2 608 thousand related to the LTI scheme for 2025, while the remaining\u00a0part of the share-based variable remuneration is related to amortisation of LTI awarded in previous years. The remaining NOK 1 870 thousand of\u00a0the total cost for the LTI award for 2025 will be presented as earned over the next three to five years. Refer to the accounting policies section of this note for\u00a0further information.
3Other benefits include benefits in kind such as a car allowance, telephone and insurance coverage.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__67": { "value": "Note 09\tPersonnel costs
Accounting policies
Share-based payments
Entra operates a share-based incentive programme for Senior Executives (the \u2018LTI scheme\u2019) comprising an equity-settled component and a cash-settled component. The LTI scheme is based on two key performance indicators (KPIs): return on equity before tax and total shareholder return, each weighted at 50 per cent. Outcome under the LTI scheme is measured annually. If performance against the two KPIs meets the targets set by the Board, the Senior Executives receive restricted shares with a market value of an amount corresponding to a percentage of their base salary (the equity-settled component), less an amount equal to the Senior Executives\u2019 tax effect of the total LTI award, which is paid in cash (the cash-settled component). The restricted shares are transferred to the Senior Executives in the year following the grant date, and 1/3 of the share allotment is restricted for three years after the transfer of the shares, another 1/3 is restricted for four years and the remaining 1/3 is restricted for five years. The fair value of the equity-settled component is measured applying the Black-Scholes option-pricing model (BS). The three tranches of the equity-settled component are fully vested at the end of the respective restriction periods. The cash-settled component is fully vested on settlement in the year following the grant date. The equity-settled component and the cash-settled component are recognised as payroll expenses over the period from grant date until fully vested.
Share discounts
Sales of shares to employees in Entra\u2019s share saving scheme are reported in accordance with IFRS 2. The recognised discount is calculated as the difference between market price and purchase price at the time of purchase, taking into account the agreed lock-in period for the shares. The effect of the agreed lock-in period is calculated as the value of a put option using the BS model. The assumptions relating to volatility are based on the actual fluctutions in the price of Entra\u2019s shares. There is no vesting period on the shares or the right to acquire shares. The share of the discount that represents the difference between the calculated BS value and the market value of the shares is recognised against equity and the remaining discount, which represents the difference between the paid amount for the shares by the employees and the BS value, is recognised as payroll expenses at the time of allocation.
NOK million except employee numbers | 2025 | 2024 |
Salaries, performance-related pay and other taxable benefits\u200c1 | 236 | 232 |
Employers\u2019 National Insurance contributions | 37 | 39 |
Pension expenses | 26 | 15 |
Other personnel costs | 15 | 15 |
Total personnel costs | 313 | 301 |
Of which capitalised on projects under development | -62 | -56 |
Of which shared costs distributed amongst tenants | -50 | -63 |
Total payroll and personnel costs | 201 | 182 |
Of which classified as part of administrative costs | 144 | 136 |
Of which classified as part of Letting and property administration under Operating expenses | 57 | 47 |
Number of full-time equivalents | 183 | 181 |
Number of employees at 31.12. | 186 | 183 |
1Salaries, performance-related pay and other taxable benefits includes a 18 million (16 million) provision for performance-related pay for all employees in 2025, which has not yet been paid out.
Remuneration of Senior Executives and the Board
The total remuneration of the CEO and other Senior Executives consists of a fixed package of salary and benefits supplemented by cash-based (STI \u2013 Short-Term Incentive) and share-based (LTI \u2013 Long-Term Incentive) variable remuneration plans, share purchase scheme (on the same terms as all other employees), pension and insurance arrangements. No loans were given by Entra to Senior Executives as of 31 December 2025 or 31 December 2024. The Board and Board committee members received no other compensation than what is set out in the table on the following\u00a0page.
The table below provides an overview of total remuneration of Senior Executives and the Board. All amounts in the table are subject to National Insurance contributions. For further details on Entra\u2019s compensation policy and practice, refer to pages 50\u201353in the Corporate governance section of this report.
NOK thousand | 2025 | 2024 |
Salaries | 23\u00a0001 | 21\u00a0415 |
Cash-based variable remuneration\u200c1 | 4\u00a0379 | 5\u00a0119 |
Share-based variable remuneration\u200c2 | 3\u00a0541 | 2\u00a0243 |
Pension costs | 1\u00a0214 | 1\u00a0238 |
Other benefits\u200c3 | 1\u00a0501 | 1\u00a0220 |
Total remuneration of Senior Executives | 33\u00a0637 | 31\u00a0236 |
Fees to the Board | 3\u00a0544 | 3\u00a0242 |
Total remuneration of Senior Executives and the Board | 37\u00a0181 | 34\u00a0477 |
1 Includes the provision based on targets met in the applicable year, which will be paid out in the following year.
2The share-based variable remuneration presented as earned in 2025 reflects NOK 2 608 thousand related to the LTI scheme for 2025, while the remaining\u00a0part of the share-based variable remuneration is related to amortisation of LTI awarded in previous years. The remaining NOK 1 870 thousand of\u00a0the total cost for the LTI award for 2025 will be presented as earned over the next three to five years. Refer to the accounting policies section of this note for\u00a0further information.
3Other benefits include benefits in kind such as a car allowance, telephone and insurance coverage.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__70-1": { "value": "Note 09\tPersonnel costsAccounting policies
Share-based payments
Entra operates a share-based incentive programme for Senior Executives (the \u2018LTI scheme\u2019) comprising an equity-settled component and a cash-settled component. The LTI scheme is based on two key performance indicators (KPIs): return on equity before tax and total shareholder return, each weighted at 50 per cent. Outcome under the LTI scheme is measured annually. If performance against the two KPIs meets the targets set by the Board, the Senior Executives receive restricted shares with a market value of an amount corresponding to a percentage of their base salary (the equity-settled component), less an amount equal to the Senior Executives\u2019 tax effect of the total LTI award, which is paid in cash (the cash-settled component). The restricted shares are transferred to the Senior Executives in the year following the grant date, and 1/3 of the share allotment is restricted for three years after the transfer of the shares, another 1/3 is restricted for four years and the remaining 1/3 is restricted for five years. The fair value of the equity-settled component is measured applying the Black-Scholes option-pricing model (BS). The three tranches of the equity-settled component are fully vested at the end of the respective restriction periods. The cash-settled component is fully vested on settlement in the year following the grant date. The equity-settled component and the cash-settled component are recognised as payroll expenses over the period from grant date until fully vested.
Share discounts
Sales of shares to employees in Entra\u2019s share saving scheme are reported in accordance with IFRS 2. The recognised discount is calculated as the difference between market price and purchase price at the time of purchase, taking into account the agreed lock-in period for the shares. The effect of the agreed lock-in period is calculated as the value of a put option using the BS model. The assumptions relating to volatility are based on the actual fluctutions in the price of Entra\u2019s shares. There is no vesting period on the shares or the right to acquire shares. The share of the discount that represents the difference between the calculated BS value and the market value of the shares is recognised against equity and the remaining discount, which represents the difference between the paid amount for the shares by the employees and the BS value, is recognised as payroll expenses at the time of allocation.
Note 19\tPensionsAccounting policies
The Group has both defined benefit and defined contribution pension schemes. A defined benefit pension scheme is a pension arrangement that defines the pension payment an employee will receive on retirement. The pension benefit payable is dependent on a number of factors, such as the employee\u2019s age, number of years of membership in the Norwegian Public Service Pension Fund and salary level. The recognised pension obligation relating to defined benefit plans is the present value of the defined benefit on the balance sheet date less the fair value of the plan assets, calculated annually by an independent actuary.
Changes to benefits payable under the pension plan are recognised in the income statement as they arise. Actuarial gains/losses resulting from new information or changes to actuarial assumptions are recognised to comprehensive income in the period they arise.
Contributions to defined contributions plans are recognised in the income statement in the period in which they accrue.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__74-1": { "value": "Note 09\tPersonnel costsAccounting policies
Share-based payments
Entra operates a share-based incentive programme for Senior Executives (the \u2018LTI scheme\u2019) comprising an equity-settled component and a cash-settled component. The LTI scheme is based on two key performance indicators (KPIs): return on equity before tax and total shareholder return, each weighted at 50 per cent. Outcome under the LTI scheme is measured annually. If performance against the two KPIs meets the targets set by the Board, the Senior Executives receive restricted shares with a market value of an amount corresponding to a percentage of their base salary (the equity-settled component), less an amount equal to the Senior Executives\u2019 tax effect of the total LTI award, which is paid in cash (the cash-settled component). The restricted shares are transferred to the Senior Executives in the year following the grant date, and 1/3 of the share allotment is restricted for three years after the transfer of the shares, another 1/3 is restricted for four years and the remaining 1/3 is restricted for five years. The fair value of the equity-settled component is measured applying the Black-Scholes option-pricing model (BS). The three tranches of the equity-settled component are fully vested at the end of the respective restriction periods. The cash-settled component is fully vested on settlement in the year following the grant date. The equity-settled component and the cash-settled component are recognised as payroll expenses over the period from grant date until fully vested.
Share discounts
Sales of shares to employees in Entra\u2019s share saving scheme are reported in accordance with IFRS 2. The recognised discount is calculated as the difference between market price and purchase price at the time of purchase, taking into account the agreed lock-in period for the shares. The effect of the agreed lock-in period is calculated as the value of a put option using the BS model. The assumptions relating to volatility are based on the actual fluctutions in the price of Entra\u2019s shares. There is no vesting period on the shares or the right to acquire shares. The share of the discount that represents the difference between the calculated BS value and the market value of the shares is recognised against equity and the remaining discount, which represents the difference between the paid amount for the shares by the employees and the BS value, is recognised as payroll expenses at the time of allocation.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__76": { "value": "Remuneration of Senior Executives and the Board
The total remuneration of the CEO and other Senior Executives consists of a fixed package of salary and benefits supplemented by cash-based (STI \u2013 Short-Term Incentive) and share-based (LTI \u2013 Long-Term Incentive) variable remuneration plans, share purchase scheme (on the same terms as all other employees), pension and insurance arrangements. No loans were given by Entra to Senior Executives as of 31 December 2025 or 31 December 2024. The Board and Board committee members received no other compensation than what is set out in the table on the following\u00a0page.
The table below provides an overview of total remuneration of Senior Executives and the Board. All amounts in the table are subject to National Insurance contributions. For further details on Entra\u2019s compensation policy and practice, refer to pages 50\u201353in the Corporate governance section of this report.
NOK thousand | 2025 | 2024 |
Salaries | 23\u00a0001 | 21\u00a0415 |
Cash-based variable remuneration\u200c1 | 4\u00a0379 | 5\u00a0119 |
Share-based variable remuneration\u200c2 | 3\u00a0541 | 2\u00a0243 |
Pension costs | 1\u00a0214 | 1\u00a0238 |
Other benefits\u200c3 | 1\u00a0501 | 1\u00a0220 |
Total remuneration of Senior Executives | 33\u00a0637 | 31\u00a0236 |
Fees to the Board | 3\u00a0544 | 3\u00a0242 |
Total remuneration of Senior Executives and the Board | 37\u00a0181 | 34\u00a0477 |
1 Includes the provision based on targets met in the applicable year, which will be paid out in the following year.
2The share-based variable remuneration presented as earned in 2025 reflects NOK 2 608 thousand related to the LTI scheme for 2025, while the remaining\u00a0part of the share-based variable remuneration is related to amortisation of LTI awarded in previous years. The remaining NOK 1 870 thousand of\u00a0the total cost for the LTI award for 2025 will be presented as earned over the next three to five years. Refer to the accounting policies section of this note for\u00a0further information.
3Other benefits include benefits in kind such as a car allowance, telephone and insurance coverage.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__78": { "value": "Note 10\tNet realised financials
NOK million | 2025 | 2024 |
Interest income | 23 | 34 |
Other finance income | - | 1 |
Interest expenses on borrowings | -1\u00a0240 | -1\u00a0437 |
Capitalised borrowing costs | 32 | 31 |
Interest expenses on lease liabilities (Note20) | -9 | -7 |
Commitment fees | -62 | -43 |
Amortisation of discounts on bond issuances | -64 | -66 |
Other finance expenses | -44 | -30 |
Net realised financials | -1\u00a0365 | -1\u00a0518 |
Average interest on capitalised borrowing costs | 4.08% | 4.17% |
Interest expenses on borrowings presented in the table above includes an offsetting effect from settlements and accruals related to interest rate swaps amounting to 226 million (279 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__81": { "value": "Note 10\tNet realised financials
NOK million | 2025 | 2024 |
Interest income | 23 | 34 |
Other finance income | - | 1 |
Interest expenses on borrowings | -1\u00a0240 | -1\u00a0437 |
Capitalised borrowing costs | 32 | 31 |
Interest expenses on lease liabilities (Note20) | -9 | -7 |
Commitment fees | -62 | -43 |
Amortisation of discounts on bond issuances | -64 | -66 |
Other finance expenses | -44 | -30 |
Net realised financials | -1\u00a0365 | -1\u00a0518 |
Average interest on capitalised borrowing costs | 4.08% | 4.17% |
Interest expenses on borrowings presented in the table above includes an offsetting effect from settlements and accruals related to interest rate swaps amounting to 226 million (279 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__82": { "value": "Note 10\tNet realised financials
NOK million | 2025 | 2024 |
Interest income | 23 | 34 |
Other finance income | - | 1 |
Interest expenses on borrowings | -1\u00a0240 | -1\u00a0437 |
Capitalised borrowing costs | 32 | 31 |
Interest expenses on lease liabilities (Note20) | -9 | -7 |
Commitment fees | -62 | -43 |
Amortisation of discounts on bond issuances | -64 | -66 |
Other finance expenses | -44 | -30 |
Net realised financials | -1\u00a0365 | -1\u00a0518 |
Average interest on capitalised borrowing costs | 4.08% | 4.17% |
Interest expenses on borrowings presented in the table above includes an offsetting effect from settlements and accruals related to interest rate swaps amounting to 226 million (279 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__83": { "value": "Note 10\tNet realised financials
NOK million | 2025 | 2024 |
Interest income | 23 | 34 |
Other finance income | - | 1 |
Interest expenses on borrowings | -1\u00a0240 | -1\u00a0437 |
Capitalised borrowing costs | 32 | 31 |
Interest expenses on lease liabilities (Note20) | -9 | -7 |
Commitment fees | -62 | -43 |
Amortisation of discounts on bond issuances | -64 | -66 |
Other finance expenses | -44 | -30 |
Net realised financials | -1\u00a0365 | -1\u00a0518 |
Average interest on capitalised borrowing costs | 4.08% | 4.17% |
Interest expenses on borrowings presented in the table above includes an offsetting effect from settlements and accruals related to interest rate swaps amounting to 226 million (279 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__84": { "value": "Note 10\tNet realised financials
NOK million | 2025 | 2024 |
Interest income | 23 | 34 |
Other finance income | - | 1 |
Interest expenses on borrowings | -1\u00a0240 | -1\u00a0437 |
Capitalised borrowing costs | 32 | 31 |
Interest expenses on lease liabilities (Note20) | -9 | -7 |
Commitment fees | -62 | -43 |
Amortisation of discounts on bond issuances | -64 | -66 |
Other finance expenses | -44 | -30 |
Net realised financials | -1\u00a0365 | -1\u00a0518 |
Average interest on capitalised borrowing costs | 4.08% | 4.17% |
Interest expenses on borrowings presented in the table above includes an offsetting effect from settlements and accruals related to interest rate swaps amounting to 226 million (279 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__85": { "value": "Note 10\tNet realised financials
NOK million | 2025 | 2024 |
Interest income | 23 | 34 |
Other finance income | - | 1 |
Interest expenses on borrowings | -1\u00a0240 | -1\u00a0437 |
Capitalised borrowing costs | 32 | 31 |
Interest expenses on lease liabilities (Note20) | -9 | -7 |
Commitment fees | -62 | -43 |
Amortisation of discounts on bond issuances | -64 | -66 |
Other finance expenses | -44 | -30 |
Net realised financials | -1\u00a0365 | -1\u00a0518 |
Average interest on capitalised borrowing costs | 4.08% | 4.17% |
Interest expenses on borrowings presented in the table above includes an offsetting effect from settlements and accruals related to interest rate swaps amounting to 226 million (279 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__87": { "value": "Note 11\tIncome tax
Accounting policies
The tax expense consists of tax payable and change in deferred tax. Tax is charged to the income statement, except where it relates to items that are recognised in OCI or directly in equity. In such cases, the tax is either recognised in OCI or directly in equity.
Deferred tax is calculated using the liability method for all temporary differences between the tax values and consolidated accounting values of assets and liabilities. Deferred tax liabilities are not calculated and recognised upon initial recognition of assets or liabilities obtained through an acquisition of a subsidiary not classified as a business combination. No reduction in deferred tax liability is recognised on subsequent negative value changes below cost for investment properties acquired in transactions accounted for as asset acquisitions on initial recognition, if the changes are within the unrecognised deferred tax liabilities. Deferred tax liabilities are calculated and recognised on positive value changes above the lowest recognised value.
Deferred tax is measured at the tax rates and laws enacted at the reporting date and expected to apply when the related asset is realised or the liability settled. A deferred tax asset is recognised to the extent that it is likely that future taxable profit will be available against which the temporary differences can be\u00a0offset.
Deferred tax is calculated and provided or reduced in the event of adjustments to the value of investment properties at a nominal tax rate of 22 per cent, reflecting the tax rate that would be applied on a direct sale of a property. Should a sale of a property be structured as a disposal of the subsidiary holding the asset, a different tax rate may apply. Currently, sales of companies are tax exempt in Norway.
Deferred tax liabilities are recognised for taxable temporary differences associated with investments in subsidiaries and associates, and interests in jointly controlled entities, except where the Group is able to control the reversal of the temporary differences and it is probable that the temporary difference will not be reversed in the foreseeable future.
Income tax expense
NOK million | 2025 | 2024 |
Tax payable | 16 | 13 |
Change in deferred tax on profit and loss | 334 | -164 |
Change in deferred tax on comprehensive income | - | 3 |
Income tax expense | 349 | -149 |
Income tax payable is calculated as follows
NOK million | 2025 | 2024 |
Profit before tax | 1\u00a0615 | -534 |
Share of profit/loss at associates and jointly controlled entities | 23 | 42 |
Other permanent differences | -185 | -633 |
Effect of negative revaluation below cost on asset acquisitions\u200c1 | 132 | 451 |
Changes in temporary differences | -1\u00a0503 | 413 |
Changes in loss carry-forwards | -10 | 320 |
Profit for tax purposes | 71 | 58 |
Tax payable on the balance sheet | 16 | 13 |
Tax payable on the balance sheet | 16 | 13 |
1No reduction in deferred tax liability is recognised on subsequent negative value changes below cost for investment properties acquired in transactions accounted for as asset acquisitions on initial recognition, if the changes are within the unrecognised deferred tax liabilities.
The tax on the Group\u2019s profit before tax differs from the theoretical amount that would arise using the weighted average tax rate applicable to profits of the consolidated entities as follows:
2025 | 2024 | |||
(NOKm) | % | (NOKm) | % | |
Profit for accounting purposes multiplied by nominal tax rate | 355 | 22.0 | -118 | 22.0 |
Tax on share of profit/loss at associates and jointly controlled entities | 5 | 0.3 | 9 | -1.7 |
Tax on permanent differences\u200c1 | -12 | -0.7 | -40 | 7.5 |
Tax expense for accounting purposes | 349 | 21.6 | -148 | 27.8 |
1The permanent differences includes 29 million (333 million) related to the negative revaluation below cost on asset acquisitions.
Deferred income tax
The Group has offset deferred tax assets and deferred tax liabilities on the balance sheet as the Group has a legally enforceable right to set off current tax assets against current tax liabilities, and the deferred tax assets and the deferred tax liabilities relate to income taxes levied by the same taxation authority. The following net value was recognised:
NOK million | 2025 | 2024 |
Deferred tax liability | 6\u00a0866 | 6\u00a0348 |
Deferred tax assets | -464 | -277 |
Net deferred tax liabilities | 6\u00a0402 | 6\u00a0071 |
The Group has not recognised a cumulative deferred tax liability in the amount of 1 330 million (1 360 million) relating to acquisitions of subsidiaries, which were accounted for as acquisitions of assets of groups of assets.
Change in deferred tax (+)/deferred tax assets (-)
NOK million | Non- current assets | Financial instruments | Current assets | Gains/ losses account | Provisions | Losses carried forward\u200c1 | Total |
31.12.2023 | 7\u00a0172 | 81 | 51 | 8 | -82 | -334 | 6\u00a0896 |
Recognised in profit and loss | -155 | 36 | 4 | -1 | 23 | -70 | -164 |
Recognised in profit and loss from discontinued operations | 21 | - | - | - | - | - | 21 |
Recognised in comprehensive income | - | - | - | - | 3 | - | 3 |
Derecognition of tax positions in subsidiaries sold | -660 | - | - | - | -24 | - | -685 |
31.12.2024 | 6\u00a0377 | 117 | 55 | 6 | -80 | -405 | 6\u00a0071 |
Recognised in profit and loss | 344 | -33 | 2 | -1 | 19 | 2 | 333 |
Recognised in comprehensive income | - | - | - | - | - | - | - |
Derecognition of tax positions in subsidiaries sold | -2 | - | - | - | - | - | -2 |
31.12.2025 | 6\u00a0720 | 84 | 58 | 5 | -62 | -402 | 6\u00a0402 |
1At year-end 2025, the losses carried forward for the Group\u2019s wholly owned subsidiaries was 344million (322 million).
Note 11\tIncome tax
Accounting policies
The tax expense consists of tax payable and change in deferred tax. Tax is charged to the income statement, except where it relates to items that are recognised in OCI or directly in equity. In such cases, the tax is either recognised in OCI or directly in equity.
Deferred tax is calculated using the liability method for all temporary differences between the tax values and consolidated accounting values of assets and liabilities. Deferred tax liabilities are not calculated and recognised upon initial recognition of assets or liabilities obtained through an acquisition of a subsidiary not classified as a business combination. No reduction in deferred tax liability is recognised on subsequent negative value changes below cost for investment properties acquired in transactions accounted for as asset acquisitions on initial recognition, if the changes are within the unrecognised deferred tax liabilities. Deferred tax liabilities are calculated and recognised on positive value changes above the lowest recognised value.
Deferred tax is measured at the tax rates and laws enacted at the reporting date and expected to apply when the related asset is realised or the liability settled. A deferred tax asset is recognised to the extent that it is likely that future taxable profit will be available against which the temporary differences can be\u00a0offset.
Deferred tax is calculated and provided or reduced in the event of adjustments to the value of investment properties at a nominal tax rate of 22 per cent, reflecting the tax rate that would be applied on a direct sale of a property. Should a sale of a property be structured as a disposal of the subsidiary holding the asset, a different tax rate may apply. Currently, sales of companies are tax exempt in Norway.
Deferred tax liabilities are recognised for taxable temporary differences associated with investments in subsidiaries and associates, and interests in jointly controlled entities, except where the Group is able to control the reversal of the temporary differences and it is probable that the temporary difference will not be reversed in the foreseeable future.
Income tax expense
NOK million | 2025 | 2024 |
Tax payable | 16 | 13 |
Change in deferred tax on profit and loss | 334 | -164 |
Change in deferred tax on comprehensive income | - | 3 |
Income tax expense | 349 | -149 |
Income tax payable is calculated as follows
NOK million | 2025 | 2024 |
Profit before tax | 1\u00a0615 | -534 |
Share of profit/loss at associates and jointly controlled entities | 23 | 42 |
Other permanent differences | -185 | -633 |
Effect of negative revaluation below cost on asset acquisitions\u200c1 | 132 | 451 |
Changes in temporary differences | -1\u00a0503 | 413 |
Changes in loss carry-forwards | -10 | 320 |
Profit for tax purposes | 71 | 58 |
Tax payable on the balance sheet | 16 | 13 |
Tax payable on the balance sheet | 16 | 13 |
1No reduction in deferred tax liability is recognised on subsequent negative value changes below cost for investment properties acquired in transactions accounted for as asset acquisitions on initial recognition, if the changes are within the unrecognised deferred tax liabilities.
The tax on the Group\u2019s profit before tax differs from the theoretical amount that would arise using the weighted average tax rate applicable to profits of the consolidated entities as follows:
2025 | 2024 | |||
(NOKm) | % | (NOKm) | % | |
Profit for accounting purposes multiplied by nominal tax rate | 355 | 22.0 | -118 | 22.0 |
Tax on share of profit/loss at associates and jointly controlled entities | 5 | 0.3 | 9 | -1.7 |
Tax on permanent differences\u200c1 | -12 | -0.7 | -40 | 7.5 |
Tax expense for accounting purposes | 349 | 21.6 | -148 | 27.8 |
1The permanent differences includes 29 million (333 million) related to the negative revaluation below cost on asset acquisitions.
Deferred income tax
The Group has offset deferred tax assets and deferred tax liabilities on the balance sheet as the Group has a legally enforceable right to set off current tax assets against current tax liabilities, and the deferred tax assets and the deferred tax liabilities relate to income taxes levied by the same taxation authority. The following net value was recognised:
NOK million | 2025 | 2024 |
Deferred tax liability | 6\u00a0866 | 6\u00a0348 |
Deferred tax assets | -464 | -277 |
Net deferred tax liabilities | 6\u00a0402 | 6\u00a0071 |
The Group has not recognised a cumulative deferred tax liability in the amount of 1 330 million (1 360 million) relating to acquisitions of subsidiaries, which were accounted for as acquisitions of assets of groups of assets.
Change in deferred tax (+)/deferred tax assets (-)
NOK million | Non- current assets | Financial instruments | Current assets | Gains/ losses account | Provisions | Losses carried forward\u200c1 | Total |
31.12.2023 | 7\u00a0172 | 81 | 51 | 8 | -82 | -334 | 6\u00a0896 |
Recognised in profit and loss | -155 | 36 | 4 | -1 | 23 | -70 | -164 |
Recognised in profit and loss from discontinued operations | 21 | - | - | - | - | - | 21 |
Recognised in comprehensive income | - | - | - | - | 3 | - | 3 |
Derecognition of tax positions in subsidiaries sold | -660 | - | - | - | -24 | - | -685 |
31.12.2024 | 6\u00a0377 | 117 | 55 | 6 | -80 | -405 | 6\u00a0071 |
Recognised in profit and loss | 344 | -33 | 2 | -1 | 19 | 2 | 333 |
Recognised in comprehensive income | - | - | - | - | - | - | - |
Derecognition of tax positions in subsidiaries sold | -2 | - | - | - | - | - | -2 |
31.12.2025 | 6\u00a0720 | 84 | 58 | 5 | -62 | -402 | 6\u00a0402 |
1At year-end 2025, the losses carried forward for the Group\u2019s wholly owned subsidiaries was 344million (322 million).
Note 11\tIncome tax
Accounting policies
The tax expense consists of tax payable and change in deferred tax. Tax is charged to the income statement, except where it relates to items that are recognised in OCI or directly in equity. In such cases, the tax is either recognised in OCI or directly in equity.
Deferred tax is calculated using the liability method for all temporary differences between the tax values and consolidated accounting values of assets and liabilities. Deferred tax liabilities are not calculated and recognised upon initial recognition of assets or liabilities obtained through an acquisition of a subsidiary not classified as a business combination. No reduction in deferred tax liability is recognised on subsequent negative value changes below cost for investment properties acquired in transactions accounted for as asset acquisitions on initial recognition, if the changes are within the unrecognised deferred tax liabilities. Deferred tax liabilities are calculated and recognised on positive value changes above the lowest recognised value.
Deferred tax is measured at the tax rates and laws enacted at the reporting date and expected to apply when the related asset is realised or the liability settled. A deferred tax asset is recognised to the extent that it is likely that future taxable profit will be available against which the temporary differences can be\u00a0offset.
Deferred tax is calculated and provided or reduced in the event of adjustments to the value of investment properties at a nominal tax rate of 22 per cent, reflecting the tax rate that would be applied on a direct sale of a property. Should a sale of a property be structured as a disposal of the subsidiary holding the asset, a different tax rate may apply. Currently, sales of companies are tax exempt in Norway.
Deferred tax liabilities are recognised for taxable temporary differences associated with investments in subsidiaries and associates, and interests in jointly controlled entities, except where the Group is able to control the reversal of the temporary differences and it is probable that the temporary difference will not be reversed in the foreseeable future.
Income tax expense
NOK million | 2025 | 2024 |
Tax payable | 16 | 13 |
Change in deferred tax on profit and loss | 334 | -164 |
Change in deferred tax on comprehensive income | - | 3 |
Income tax expense | 349 | -149 |
Income tax payable is calculated as follows
NOK million | 2025 | 2024 |
Profit before tax | 1\u00a0615 | -534 |
Share of profit/loss at associates and jointly controlled entities | 23 | 42 |
Other permanent differences | -185 | -633 |
Effect of negative revaluation below cost on asset acquisitions\u200c1 | 132 | 451 |
Changes in temporary differences | -1\u00a0503 | 413 |
Changes in loss carry-forwards | -10 | 320 |
Profit for tax purposes | 71 | 58 |
Tax payable on the balance sheet | 16 | 13 |
Tax payable on the balance sheet | 16 | 13 |
1No reduction in deferred tax liability is recognised on subsequent negative value changes below cost for investment properties acquired in transactions accounted for as asset acquisitions on initial recognition, if the changes are within the unrecognised deferred tax liabilities.
The tax on the Group\u2019s profit before tax differs from the theoretical amount that would arise using the weighted average tax rate applicable to profits of the consolidated entities as follows:
2025 | 2024 | |||
(NOKm) | % | (NOKm) | % | |
Profit for accounting purposes multiplied by nominal tax rate | 355 | 22.0 | -118 | 22.0 |
Tax on share of profit/loss at associates and jointly controlled entities | 5 | 0.3 | 9 | -1.7 |
Tax on permanent differences\u200c1 | -12 | -0.7 | -40 | 7.5 |
Tax expense for accounting purposes | 349 | 21.6 | -148 | 27.8 |
1The permanent differences includes 29 million (333 million) related to the negative revaluation below cost on asset acquisitions.
Deferred income tax
The Group has offset deferred tax assets and deferred tax liabilities on the balance sheet as the Group has a legally enforceable right to set off current tax assets against current tax liabilities, and the deferred tax assets and the deferred tax liabilities relate to income taxes levied by the same taxation authority. The following net value was recognised:
NOK million | 2025 | 2024 |
Deferred tax liability | 6\u00a0866 | 6\u00a0348 |
Deferred tax assets | -464 | -277 |
Net deferred tax liabilities | 6\u00a0402 | 6\u00a0071 |
The Group has not recognised a cumulative deferred tax liability in the amount of 1 330 million (1 360 million) relating to acquisitions of subsidiaries, which were accounted for as acquisitions of assets of groups of assets.
Change in deferred tax (+)/deferred tax assets (-)
NOK million | Non- current assets | Financial instruments | Current assets | Gains/ losses account | Provisions | Losses carried forward\u200c1 | Total |
31.12.2023 | 7\u00a0172 | 81 | 51 | 8 | -82 | -334 | 6\u00a0896 |
Recognised in profit and loss | -155 | 36 | 4 | -1 | 23 | -70 | -164 |
Recognised in profit and loss from discontinued operations | 21 | - | - | - | - | - | 21 |
Recognised in comprehensive income | - | - | - | - | 3 | - | 3 |
Derecognition of tax positions in subsidiaries sold | -660 | - | - | - | -24 | - | -685 |
31.12.2024 | 6\u00a0377 | 117 | 55 | 6 | -80 | -405 | 6\u00a0071 |
Recognised in profit and loss | 344 | -33 | 2 | -1 | 19 | 2 | 333 |
Recognised in comprehensive income | - | - | - | - | - | - | - |
Derecognition of tax positions in subsidiaries sold | -2 | - | - | - | - | - | -2 |
31.12.2025 | 6\u00a0720 | 84 | 58 | 5 | -62 | -402 | 6\u00a0402 |
1At year-end 2025, the losses carried forward for the Group\u2019s wholly owned subsidiaries was 344million (322 million).
Note 11\tIncome tax
Accounting policies
The tax expense consists of tax payable and change in deferred tax. Tax is charged to the income statement, except where it relates to items that are recognised in OCI or directly in equity. In such cases, the tax is either recognised in OCI or directly in equity.
Deferred tax is calculated using the liability method for all temporary differences between the tax values and consolidated accounting values of assets and liabilities. Deferred tax liabilities are not calculated and recognised upon initial recognition of assets or liabilities obtained through an acquisition of a subsidiary not classified as a business combination. No reduction in deferred tax liability is recognised on subsequent negative value changes below cost for investment properties acquired in transactions accounted for as asset acquisitions on initial recognition, if the changes are within the unrecognised deferred tax liabilities. Deferred tax liabilities are calculated and recognised on positive value changes above the lowest recognised value.
Deferred tax is measured at the tax rates and laws enacted at the reporting date and expected to apply when the related asset is realised or the liability settled. A deferred tax asset is recognised to the extent that it is likely that future taxable profit will be available against which the temporary differences can be\u00a0offset.
Deferred tax is calculated and provided or reduced in the event of adjustments to the value of investment properties at a nominal tax rate of 22 per cent, reflecting the tax rate that would be applied on a direct sale of a property. Should a sale of a property be structured as a disposal of the subsidiary holding the asset, a different tax rate may apply. Currently, sales of companies are tax exempt in Norway.
Deferred tax liabilities are recognised for taxable temporary differences associated with investments in subsidiaries and associates, and interests in jointly controlled entities, except where the Group is able to control the reversal of the temporary differences and it is probable that the temporary difference will not be reversed in the foreseeable future.
Income tax expense
NOK million | 2025 | 2024 |
Tax payable | 16 | 13 |
Change in deferred tax on profit and loss | 334 | -164 |
Change in deferred tax on comprehensive income | - | 3 |
Income tax expense | 349 | -149 |
Income tax payable is calculated as follows
NOK million | 2025 | 2024 |
Profit before tax | 1\u00a0615 | -534 |
Share of profit/loss at associates and jointly controlled entities | 23 | 42 |
Other permanent differences | -185 | -633 |
Effect of negative revaluation below cost on asset acquisitions\u200c1 | 132 | 451 |
Changes in temporary differences | -1\u00a0503 | 413 |
Changes in loss carry-forwards | -10 | 320 |
Profit for tax purposes | 71 | 58 |
Tax payable on the balance sheet | 16 | 13 |
Tax payable on the balance sheet | 16 | 13 |
1No reduction in deferred tax liability is recognised on subsequent negative value changes below cost for investment properties acquired in transactions accounted for as asset acquisitions on initial recognition, if the changes are within the unrecognised deferred tax liabilities.
The tax on the Group\u2019s profit before tax differs from the theoretical amount that would arise using the weighted average tax rate applicable to profits of the consolidated entities as follows:
2025 | 2024 | |||
(NOKm) | % | (NOKm) | % | |
Profit for accounting purposes multiplied by nominal tax rate | 355 | 22.0 | -118 | 22.0 |
Tax on share of profit/loss at associates and jointly controlled entities | 5 | 0.3 | 9 | -1.7 |
Tax on permanent differences\u200c1 | -12 | -0.7 | -40 | 7.5 |
Tax expense for accounting purposes | 349 | 21.6 | -148 | 27.8 |
1The permanent differences includes 29 million (333 million) related to the negative revaluation below cost on asset acquisitions.
Deferred income tax
The Group has offset deferred tax assets and deferred tax liabilities on the balance sheet as the Group has a legally enforceable right to set off current tax assets against current tax liabilities, and the deferred tax assets and the deferred tax liabilities relate to income taxes levied by the same taxation authority. The following net value was recognised:
NOK million | 2025 | 2024 |
Deferred tax liability | 6\u00a0866 | 6\u00a0348 |
Deferred tax assets | -464 | -277 |
Net deferred tax liabilities | 6\u00a0402 | 6\u00a0071 |
The Group has not recognised a cumulative deferred tax liability in the amount of 1 330 million (1 360 million) relating to acquisitions of subsidiaries, which were accounted for as acquisitions of assets of groups of assets.
Change in deferred tax (+)/deferred tax assets (-)
NOK million | Non- current assets | Financial instruments | Current assets | Gains/ losses account | Provisions | Losses carried forward\u200c1 | Total |
31.12.2023 | 7\u00a0172 | 81 | 51 | 8 | -82 | -334 | 6\u00a0896 |
Recognised in profit and loss | -155 | 36 | 4 | -1 | 23 | -70 | -164 |
Recognised in profit and loss from discontinued operations | 21 | - | - | - | - | - | 21 |
Recognised in comprehensive income | - | - | - | - | 3 | - | 3 |
Derecognition of tax positions in subsidiaries sold | -660 | - | - | - | -24 | - | -685 |
31.12.2024 | 6\u00a0377 | 117 | 55 | 6 | -80 | -405 | 6\u00a0071 |
Recognised in profit and loss | 344 | -33 | 2 | -1 | 19 | 2 | 333 |
Recognised in comprehensive income | - | - | - | - | - | - | - |
Derecognition of tax positions in subsidiaries sold | -2 | - | - | - | - | - | -2 |
31.12.2025 | 6\u00a0720 | 84 | 58 | 5 | -62 | -402 | 6\u00a0402 |
1At year-end 2025, the losses carried forward for the Group\u2019s wholly owned subsidiaries was 344million (322 million).
Accounting policies
The tax expense consists of tax payable and change in deferred tax. Tax is charged to the income statement, except where it relates to items that are recognised in OCI or directly in equity. In such cases, the tax is either recognised in OCI or directly in equity.
Deferred tax is calculated using the liability method for all temporary differences between the tax values and consolidated accounting values of assets and liabilities. Deferred tax liabilities are not calculated and recognised upon initial recognition of assets or liabilities obtained through an acquisition of a subsidiary not classified as a business combination. No reduction in deferred tax liability is recognised on subsequent negative value changes below cost for investment properties acquired in transactions accounted for as asset acquisitions on initial recognition, if the changes are within the unrecognised deferred tax liabilities. Deferred tax liabilities are calculated and recognised on positive value changes above the lowest recognised value.
Deferred tax is measured at the tax rates and laws enacted at the reporting date and expected to apply when the related asset is realised or the liability settled. A deferred tax asset is recognised to the extent that it is likely that future taxable profit will be available against which the temporary differences can be\u00a0offset.
Deferred tax is calculated and provided or reduced in the event of adjustments to the value of investment properties at a nominal tax rate of 22 per cent, reflecting the tax rate that would be applied on a direct sale of a property. Should a sale of a property be structured as a disposal of the subsidiary holding the asset, a different tax rate may apply. Currently, sales of companies are tax exempt in Norway.
Deferred tax liabilities are recognised for taxable temporary differences associated with investments in subsidiaries and associates, and interests in jointly controlled entities, except where the Group is able to control the reversal of the temporary differences and it is probable that the temporary difference will not be reversed in the foreseeable future.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__92": { "value": "Deferred income tax
The Group has offset deferred tax assets and deferred tax liabilities on the balance sheet as the Group has a legally enforceable right to set off current tax assets against current tax liabilities, and the deferred tax assets and the deferred tax liabilities relate to income taxes levied by the same taxation authority. The following net value was recognised:
NOK million | 2025 | 2024 |
Deferred tax liability | 6\u00a0866 | 6\u00a0348 |
Deferred tax assets | -464 | -277 |
Net deferred tax liabilities | 6\u00a0402 | 6\u00a0071 |
The Group has not recognised a cumulative deferred tax liability in the amount of 1 330 million (1 360 million) relating to acquisitions of subsidiaries, which were accounted for as acquisitions of assets of groups of assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__95": { "value": "Note 12\tEarnings per share
Basic earnings per share is calcuated by dividing the net profit attributable to shareholders by the weighted average number of ordinary shares outstanding during the year.
Entra has not issued options or other financial instruments which have a dilutive effect on outstanding shares.
2025 | 2024 | |
Comprehensive income for the year attributable to equity holders of Entra (NOKm) | ||
Continuing operations | 1\u00a0150 | -434 |
Discontinued operations (Note28) | - | 458 |
Total comprehensive income for the year attributable to equity holders of Entra for basic\u00a0earnings (NOKm) | 1\u00a0150 | 24 |
Average number of outstanding shares | 182\u00a0125\u00a0849 | 182\u00a0130\u00a0060 |
Basic earnings per share from continuing and discontinued operations (NOK) | 6.32 | 0.13 |
Basic earnings per share from continuing operations (NOK) | 6.32 | -2.38 |
Note 13\tDividends
Accounting policies
Entra has a policy of semi-annual dividends. Dividend payments to the company\u2019s shareholders for the first half year are classified as debt from the date on which a resolution regarding the dividend is passed by the Board of Directors. Dividend payments to the company\u2019s shareholders for the second half year are classified as debt from the date on which a resolution regarding the dividend is passed by the Annual General Meeting.
In 2025, the Board of Directors approved a revised dividend policy to target distribution of at least 30 per cent of the Group\u2019s Cash Earnings in the form of cash dividends or share buy-backs. Refer to the alternative performance measures section of this report for calculation of Cash Earnings.
In October 2025, Entra paid out NOK 1.10 per share for the first six months of 2025. In addition, the Board of Entra will propose to the Annual General Meeting to distribute a semi-annual dividend of NOK 1.10 per share for the second half of 2025. For the financial year 2025, Entra will, pending approval from the Annual General Meeting, have distributed NOK 2.20 per share, corresponding to 28 per cent of Cash Earnings.
In February 2026, the Board decided to initiate a share buy-back programme comprising up to 0.5 per cent of the company's own shares, which represents a total of 910 660 shares. The purpose of the buy-back programme is to improve shareholder returns by distributing capital to shareholders. Further details of the buy-back programme are set out on page 74of this report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__98": { "value": "Accounting policies
Entra has a policy of semi-annual dividends. Dividend payments to the company\u2019s shareholders for the first half year are classified as debt from the date on which a resolution regarding the dividend is passed by the Board of Directors. Dividend payments to the company\u2019s shareholders for the second half year are classified as debt from the date on which a resolution regarding the dividend is passed by the Annual General Meeting.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__102": { "value": "Note 14\tInvestment properties
Accounting policies
Investment properties include completed investment properties and investment properties under development. Investment properties are held with the aim of achieving a long-term return from rental income or increase in value, or both. Investment properties are recognised at fair value in the balance sheet.
Initial measurement takes into consideration the property\u2019s cost price, which includes direct transaction costs such as document duty and other public duties, legal fees and due diligence costs.
Subsequent expenditure is added to the investment property\u2019s carrying amount if it is probable that future financial benefits associated with the expenditure will flow to the Group and the expense can be measured reliably. Other maintenance costs are recorded through the income statement in the period in which they are incurred.
Investment properties are valued at each reporting date. The values are estimated by two independent appraisers, and the carrying amount of the investment properties are based on the average of the appraisers\u2019 valuations. The valuations are based on each individual property\u2019s assumed future cash flows, and property values are arrived at by discounting cash flows with an individual risk-adjusted required rate of return.
Changes in fair value, including realised gains and losses on sale of investment properties, are recognised as \u2018Changes in value of investment properties\u2019.
Investment properties held for sale
Investment properties are classified as held for sale if their carrying amount will be recovered through a sales transaction rather than through their continuing use. This condition is regarded as met if the sale is highly probable. The sale should be expected to qualify for recognition as a completed sale within one year from the date of classification. Investment properties classified as held for sale are recognised at fair value in the balance sheet.
Borrowing costs
Borrowing costs for capital used to finance investments in and upgrading of investment properties under development are capitalised on the asset in question. When calculating the capitalised borrowing costs, the average interest rate on the company\u2019s debt portfolio is used, unless there is separate financing for the specific project. In such cases the specific borrowing cost for the applicable loan is used. When calculating the average interest rate to be used for the capitalisation of borrowing costs, loans drawn for specific projects are not included.
Key sources of estimation uncertainty
Fair value of investment properties
Entra\u2019s investment properties are recognised at fair value in the balance sheet based on valuations by two independent, external appraisers. The valuations of the Group\u2019s properties are inherently subjective, as they are based upon the appraisers\u2019 assumptions and estimations that form part of the key unobservable inputs of the valuation. The key unobservable inputs, including market rents, required rates of return, exit yields, inflation, operating costs and CapEx, may prove to be inaccurate.
Critical judgements in applying accounting policies
Classes of investment properties
Entra has, based on the nature, characteristics, and risks of the Group\u2019s investment properties, determined that the Group\u2019s geographical segment Oslo should be presented as two separate classes of investment properties for the disclosure of quantitative information regarding the significant unobservable inputs used in the external appraisers\u2019 fair value measurement. Entra\u2019s other reportable segments, in addition to project properties and zoned development sites, constitute the other appropriate classes of investment properties.
Presentation of acquisitions
Acquisitions of companies where substantially all of the fair value of the gross assets acquired is concentrated in a single property or group of similar properties, are treated as asset acquisitions. An individual judgement is made for each transaction. Refer to the accounting policies section of Note 27for further information.
NOK million | 2025 | 2024 |
Total investment properties at 31.12 previous period | 60\u00a0471 | 69\u00a0490 |
Investment in the property portefolio | 1\u00a0090 | 1\u00a0284 |
Capitalised borrowing costs | 32 | 31 |
Divestment of investment properties | -28 | -8\u00a0068 |
Reclassified to contract assets | - | -371 |
Change in value of investment properties | 305 | -1\u00a0894 |
Total investment properties at 31.12 | 61\u00a0870 | 60\u00a0471 |
Of which investment properties held for sale | 550 | - |
Investment properties | 61\u00a0320 | 60\u00a0471 |
In Q4 2025, Entra and Skanska entered into an agreement to establish a joint venture for the development of Christian Krohgs gate 2 in Oslo. The property is classified as held for sale as of 31 December 2025.
Valuation techniques and assumptions
The valuations as of 31 December 2025 were obtained from Newsec and Cushman & Wakefield Realkapital, and the market value of the property portfolio presented in Note 3is calculated as the average of the appraisers\u2019 valuations. The\u00a0fair value of the investment properties in Entra\u2019s balance sheet is based on the average of the appraisers\u2019 valuations, with adjustments for balance sheet items of 121 million (599 million), which predominantly constitutes prepayments from the tenants and other accruals. The valuation method is included in Level 3 in the fair value hierarchy defined by IFRS 13. Refer to Note 22for further information on the fair value hierarchy.
The valuations are performed on a property-by-property basis, assuming that the properties are sold individually. The valuations are performed using the discounted cash flow method, which involves discounting future cash flows over a specified period using an estimated required rate of return and then adding a residual value calculated by using an estimated exit yield and estimated market rents. Future cash flows are calculated on the basis of cash flows from signed leases, estimated cash flows based on an expected market rent at the end of the lease terms, inflation, operating costs, CapEx and development potential.
The project portfolio and development sites are valued based on the same principles, with deduction for remaining investments and perceived risks as of valuation date, including, but not limited to, construction and letting risks. For\u00a0unzoned development potential, the appraisers further make assumptions on the zoning risk.
The appraisers perform their valuations on the basis of comprehensive information received from Entra\u2019s management on the properties, existing and any new lease contracts and details of any vacant premises, and up-to-date and comprehensive information about all ongoing and planned projects. The appraisers also normally conduct site visits of all properties every year. Any uncertainties relating to the properties, projects and leases are also clarified by Entra when required. Any information that is provided to one of the appriasers is simultaneously provided to the other appraiser. The appraisers estimate future market rents, required rates of return, exit yields, inflation and other relevant parameters. The remaining term of the leases is assessed for risk, along with any special clauses in the lease contracts.
Upon receiving the initial valuations, Entra\u2019s management each quarter perform thorough controls of the valuations to ensure that both appraisers have included all relevant information in the valuations, to have profound knowledge on the factors estimated by the appraisers and to fully understand changes in value of investment properties from the previous period end. Any significant discrepancies between the values of the individual properties estimated by the appraisers, are reviewed in detail to ensure that both appraisers have used the same information and that the discrepancy between the valuations is due to different view on the risk of the properties. In addition, Entra\u2019s management compare the valuations to known market transactions with similar properties in the same geographical area if available. Entra\u2019s management further report to the Audit Committee on a quarterly basis, the factors driving changes in value of investment properties from the previous period end.
Market transactions serve as important reference points for the appraisers, and the slow-down in the commercial property transaction market from 2021 to 2023 increased the level of uncertainty in the valuations. The transaction market activity has however picked up in 2024 and 2025, and there has been agreed and completed several transactions of relevance for Entra\u2019s portfolio, which supports the quarterly valuations performed by the independent appraisers.
The inputs to the valuations are defined as \u2018unobservable\u2019 by IFRS 13. The key unobservable input variables are market rents, required rates of return, exit yields, inflation, operating costs and CapEx for investment properties in the management portfolio. The minimum, maximum and weighted average of these key unobservable input variables, except inflation, for the management portfolio are presented in the table on the right. The average inflation is presented below the table. Further analysis and sensitivity disclosures on these key unobservable inputs have been included on the following pages.
The required rate of return, i.e., the discount rate applied on the net cash flows for the duration of existing lease terms, is based on a long-term risk-free interest rate plus a property- and tenant-specific risk premium, reflecting the property\u2019s location, technical standard, occupancy rate, tenants\u2019 financial reliability and remaining lease term.
The exit yield, i.e., the discount rate applied on the expected net cash flows after the existing lease terms, is based on a long-term risk-free interest rate plus a property-specific risk premium, reflecting the property\u2019s location, technical standard, ownership of property (freehold or leasehold) and development potential, with no tenant specific adjustments.
The market rent is the annual rent the appraisers, based on the property\u2019s location, technical standard and leases signed for comparable properties in the same area, estimate that a property may be leased out for on market terms, excluding supplements such as VAT compensation. Expected future market rents takes into account expected inflation and other macro-economic factors.
The expected operating costs for a property are based on the actual operating, insurance and maintenance costs for a property, adjusted for inflation and other projections, with estimates being made for anticipated vacancy levels and the associated expenses.
The expected CapEx for properties in the management portfolio is the level of investments that the appraisers assume is required to obtain the expected market rents, including the need for alterations and upgrades. The CapEx for the project portfolio is based on Entra\u2019s estimates and perceived risks as of valuation date. The CapEx for zoned and unzoned development potential is the appraisers\u2019 assumptions on the development costs of the properties.
Inflation is estimated using the consensus of a selection of banks and official statistics. Inflation affects both rental income, operating costs and CapEx.
Ranges and weighted average for key unobservable input variables in the Level 3 valuations from the external appraisers are presented for the classes where Entra has five or more properties, including investment properties held for sale. As such, key unobservable input variables are not presented for the four zoned development sites with market value of 588 million. The ranges for the key unobservable input variables are for several of the classes wide but are for the majority of the market value of the properties within a class, clustered around the weighted average.
Oslo | Bergen/Stavanger | Sandvika | Drammen | Total mngmt. portf. | ||
As of 31.12.2025 | Central | Fringe areas | ||||
No. properties | 29 | 15 | 9 | 11 | 6 | 70 |
Market value (NOKm) | 34 343 | 9 046 | 6 677 | 4 494 | 2 093 | 56 653 |
Exit Yield | ||||||
Min | 4.62% | 4.81% | 5.15% | 5.43% | 5.64% | 4.62% |
Max | 6.70% | 6.57% | 6.49% | 6.40% | 6.70% | 6.70% |
Wgt. average | 4.88% | 5.41% | 5.53% | 5.76% | 5.93% | 5.15% |
Required rate of\u00a0return | ||||||
Min | 3.73% | 3.00% | 4.95% | 4.55% | 5.26% | 3.00% |
Max | 6.49% | 6.37% | 6.14% | 6.10% | 6.46% | 6.49% |
Wgt. average | 4.60% | 5.11% | 5.29% | 5.46% | 5.56% | 4.87% |
Market rent (NOK/sqm) | ||||||
Min | 1\u00a0854 | 1\u00a0375 | 1\u00a0867 | 478 | 762 | 478 |
Max | 5\u00a0311 | 4\u00a0789 | 3\u00a0624 | 3\u00a0300 | 2\u00a0752 | 5\u00a0311 |
Wgt. average | 3\u00a0803 | 2\u00a0458 | 2\u00a0637 | 2\u00a0108 | 2\u00a0186 | 3\u00a0057 |
Operating costs (NOK/sqm) | ||||||
Min | 113 | 94 | 146 | 35 | 66 | 35 |
Max | 501 | 786 | 195 | 281 | 227 | 786 |
Wgt. average | 190 | 137 | 168 | 109 | 141 | 163 |
NPV CapEx (NOK/sqm) | ||||||
Min | 301 | 1\u00a0768 | 2\u00a0226 | 57 | 2\u00a0078 | 57 |
Max | 18\u00a0199 | 12\u00a0961 | 18\u00a0929 | 4\u00a0252 | 6\u00a0019 | 18\u00a0929 |
Wgt. average | 4\u00a0732 | 4\u00a0602 | 5\u00a0733 | 2\u00a0693 | 3\u00a0308 | 4\u00a0531 |
For Entra\u2019s project portfolio, with total market value of 4 750 million, the appraisers have applied an average CapEx of 15 895 per sqm, excluding the cost of land and capitalised interest. Further, the appraisers have for the valuation as of 31.12.25 used inflation of 3.0 per cent for 2026 and in average assumed 2.2 per cent for 2027 and 2.3 per cent for 2028.
Refer to Note 3for a reconciliation of the market value of the classes to the carrying value of investment properties.
Climate-related assessments in valuation
Climate-related risks associated with the Group\u2019s investment properties is related to physical risks and transition risks such as market risks, regulatory risks and reputation risks. Further details on the risks are outlined on page 70in the Risk management section of this report.
The information provided to the appraisers on a quarterly basis also includes sustainability and energy related information on the properties such as the properties\u2019 energy consumption, energy performance certificates, main source of heating, BREEAM classification and planned investments in energy saving measures, with an estimate of the associated savings. The estimated effect of this information is reflected in the appraisers\u2019 CapEx estimates, expected future market rents and the discount rates, to the extent possible transaction market participants would, and is reflected in the valuations as of the balance sheet date. The actual future development of the input variables may however deviate from the estimates, due to factors such as development in regulations, changes in the requirements of tenants and technological development.
The consulting company Norconsult has provided a third-party assessment of the physical climate-related risks facing a majority of Entra\u2019s properties. Norconsult\u2019s experts within hydrology, geotechnics, engineering geology, hydrogeology, meteorology, risk management and building physics used a scenario-based approach in analysing physical risks, including temperature related risks, wind related risks, mass related risks and water related risks. The assessments indicated that Entra\u2019s property portfolio over-all was resilient to these risks. Further details on the assessment are included on pages 112\u2013114in this report.
Properties representing approximately 47 per cent of the market value of Entra\u2019s properties are BREEAM certified. Environment-friendly office properties are in high demand in the letting market and are also the most attractive objects in the transaction market for commercial real estate. The appraisers monitor the transaction market closely, and current transaction market trends support the assessment that the potential short-term adverse effect on the market values of Entra\u2019s property portfolio due to climate-related risks is limited. This can however change over time as the cash flows for the investment properties to a greater extent may be affected by climate-related risks in the medium to long term.
Sensitivity analysis
The following table illustrates the effects on the market value of the management portfolio (actual 31.12.25: 61 991 million) and Effective leverage (actual 31.12.25: 48.0 per cent), due to changes in a single unobservable input variable as of 31.12.25.
Variable | Change in assumption | Value change (NOK\u00a0million) | Effective leverage (%) |
Required rate of return | + 0.25% | -3\u00a0031 | 50.3% |
- 0.25% | 3\u00a0356 | 45.7% | |
Exit yield | + 0.25% | -1\u00a0686 | 49.3% |
- 0.25% | 1\u00a0862 | 46.7% | |
Market rent (NOK/sqm) | + 5.00% | 2\u00a0596 | 46.2% |
- 5.00% | -2\u00a0596 | 50.0% | |
Operating costs (NOK/sqm) | + NOK 25 per sqm | -509 | 48.4% |
- NOK 25 per sqm | 509 | 47.6% | |
NPV CapEx (NOK/sqm) | + NOK 100 per sqm | -113 | 48.1% |
- NOK 100 per sqm | 113 | 47.9% | |
Inflation in 2026 | + 1.00% | 573 | 47.6% |
- 1.00% | -573 | 48.4% |
There are interrelationships between these variables, and it is expected that a change in one variable may influence the other variable. The table below illustrates to what extent the value of the management property portfolio as of 31.12.25 is affected by market rents and required rate of return, assuming that all other factors are equal.
Value change(NOK million)\u200c1 | % \u0394 Required rate of return | ||||||
-0.75% | -0.50% | -0.25% | - | 0.25% | 0.50% | 0.75% | |
% \u0394 Market rent | |||||||
-10.0% | 4\u00a0962 | 1\u00a0181 | -2\u00a0195 | -5\u00a0229 | -7\u00a0970 | -10\u00a0458 | -12\u00a0727 |
-5.0% | 8\u00a0154 | 4\u00a0158 | 591 | -2\u00a0615 | -5\u00a0510 | -8\u00a0138 | -10\u00a0534 |
- | 11\u00a0347 | 7\u00a0136 | 3\u00a0377 | - | -3\u00a0049 | -5\u00a0817 | -8\u00a0340 |
5.0% | 14\u00a0539 | 10\u00a0113 | 6\u00a0163 | 2\u00a0615 | -589 | -3\u00a0497 | -6\u00a0147 |
10.0% | 17\u00a0731 | 13\u00a0090 | 8\u00a0948 | 5\u00a0229 | 1\u00a0871 | -1\u00a0176 | -3\u00a0953 |
1Estimates by Newsec in conjunction with valuations as of 31 December 2025.
Properties subject to purchase options
Pursuant to the lease agreements entered into between Entra and the Norwegian Ministry of Culture, the tenant has an option to acquire the three buildings comprising the National Library in Henrik Ibsens gate 110 and Observatoriegata 1 in Oslo. The tenant has the right to acquire the refurbished buildings at expiry of each 25-year lease period (expiring on 31 December 2029 and 6 June 2030, respectively). The leases include an unlimited number of 25-year extension periods, at market rents. Further, the tenant has the right, upon six months\u2019 notice, to acquire the building known as \u2018Halvbroren\u2019 if the tenant itself leases and uses more than 50 per cent of the building. As of 31 December 2025, the tenant leased and used more of the building than the threshold. The purchase price for all three buildings shall equal the market value of the buildings based on the capitalised future rental income based on the assumption that the lease agreements are continuously prolonged in accordance with the renewal clause in the lease agreements.
Pursuant to the ground lease agreement entered into between Entra and Oslo Havn KF relating to the property Langkaia 1 in Oslo, the ground lessor has an option to acquire the buildings without any compensation and free of any encumbrances upon expiry of the ground lease agreement on 1 January 2031. The right-of-use asset is presented as part of investment properties on the balance sheet. As the right-of-use asset is valued based on the cash flow until expiry of the ground lease agreement (i.e., no residual value), there will be an ongoing decrease in the balance sheet value until expiry.
Pursuant to the lease agreement entered into between Entra and the University of Oslo (\u2018UiO\u2019), the tenant has an option to acquire the property Kristian Augusts gate 15\u201321 (building and land) in Oslo in 2034 and in 2044. The purchase price shall be based on a gross market yield at time of calling the option and valued at a remaining WAULT of fifteen years of the lease agreement. The gross yield has a cap at 5.25 per cent (gross yield < 5.25 per cent). The option to acquire must be called twelve months ahead of the two points in time at the latest.
Refer to Note 24for information on pledged investment properties.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__104": { "value": "Note 14\tInvestment properties
Accounting policies
Investment properties include completed investment properties and investment properties under development. Investment properties are held with the aim of achieving a long-term return from rental income or increase in value, or both. Investment properties are recognised at fair value in the balance sheet.
Initial measurement takes into consideration the property\u2019s cost price, which includes direct transaction costs such as document duty and other public duties, legal fees and due diligence costs.
Subsequent expenditure is added to the investment property\u2019s carrying amount if it is probable that future financial benefits associated with the expenditure will flow to the Group and the expense can be measured reliably. Other maintenance costs are recorded through the income statement in the period in which they are incurred.
Investment properties are valued at each reporting date. The values are estimated by two independent appraisers, and the carrying amount of the investment properties are based on the average of the appraisers\u2019 valuations. The valuations are based on each individual property\u2019s assumed future cash flows, and property values are arrived at by discounting cash flows with an individual risk-adjusted required rate of return.
Changes in fair value, including realised gains and losses on sale of investment properties, are recognised as \u2018Changes in value of investment properties\u2019.
Investment properties held for sale
Investment properties are classified as held for sale if their carrying amount will be recovered through a sales transaction rather than through their continuing use. This condition is regarded as met if the sale is highly probable. The sale should be expected to qualify for recognition as a completed sale within one year from the date of classification. Investment properties classified as held for sale are recognised at fair value in the balance sheet.
Borrowing costs
Borrowing costs for capital used to finance investments in and upgrading of investment properties under development are capitalised on the asset in question. When calculating the capitalised borrowing costs, the average interest rate on the company\u2019s debt portfolio is used, unless there is separate financing for the specific project. In such cases the specific borrowing cost for the applicable loan is used. When calculating the average interest rate to be used for the capitalisation of borrowing costs, loans drawn for specific projects are not included.
Key sources of estimation uncertainty
Fair value of investment properties
Entra\u2019s investment properties are recognised at fair value in the balance sheet based on valuations by two independent, external appraisers. The valuations of the Group\u2019s properties are inherently subjective, as they are based upon the appraisers\u2019 assumptions and estimations that form part of the key unobservable inputs of the valuation. The key unobservable inputs, including market rents, required rates of return, exit yields, inflation, operating costs and CapEx, may prove to be inaccurate.
Critical judgements in applying accounting policies
Classes of investment properties
Entra has, based on the nature, characteristics, and risks of the Group\u2019s investment properties, determined that the Group\u2019s geographical segment Oslo should be presented as two separate classes of investment properties for the disclosure of quantitative information regarding the significant unobservable inputs used in the external appraisers\u2019 fair value measurement. Entra\u2019s other reportable segments, in addition to project properties and zoned development sites, constitute the other appropriate classes of investment properties.
Presentation of acquisitions
Acquisitions of companies where substantially all of the fair value of the gross assets acquired is concentrated in a single property or group of similar properties, are treated as asset acquisitions. An individual judgement is made for each transaction. Refer to the accounting policies section of Note 27for further information.
NOK million | 2025 | 2024 |
Total investment properties at 31.12 previous period | 60\u00a0471 | 69\u00a0490 |
Investment in the property portefolio | 1\u00a0090 | 1\u00a0284 |
Capitalised borrowing costs | 32 | 31 |
Divestment of investment properties | -28 | -8\u00a0068 |
Reclassified to contract assets | - | -371 |
Change in value of investment properties | 305 | -1\u00a0894 |
Total investment properties at 31.12 | 61\u00a0870 | 60\u00a0471 |
Of which investment properties held for sale | 550 | - |
Investment properties | 61\u00a0320 | 60\u00a0471 |
In Q4 2025, Entra and Skanska entered into an agreement to establish a joint venture for the development of Christian Krohgs gate 2 in Oslo. The property is classified as held for sale as of 31 December 2025.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__105": { "value": "Note 14\tInvestment properties
Accounting policies
Investment properties include completed investment properties and investment properties under development. Investment properties are held with the aim of achieving a long-term return from rental income or increase in value, or both. Investment properties are recognised at fair value in the balance sheet.
Initial measurement takes into consideration the property\u2019s cost price, which includes direct transaction costs such as document duty and other public duties, legal fees and due diligence costs.
Subsequent expenditure is added to the investment property\u2019s carrying amount if it is probable that future financial benefits associated with the expenditure will flow to the Group and the expense can be measured reliably. Other maintenance costs are recorded through the income statement in the period in which they are incurred.
Investment properties are valued at each reporting date. The values are estimated by two independent appraisers, and the carrying amount of the investment properties are based on the average of the appraisers\u2019 valuations. The valuations are based on each individual property\u2019s assumed future cash flows, and property values are arrived at by discounting cash flows with an individual risk-adjusted required rate of return.
Changes in fair value, including realised gains and losses on sale of investment properties, are recognised as \u2018Changes in value of investment properties\u2019.
Investment properties held for sale
Investment properties are classified as held for sale if their carrying amount will be recovered through a sales transaction rather than through their continuing use. This condition is regarded as met if the sale is highly probable. The sale should be expected to qualify for recognition as a completed sale within one year from the date of classification. Investment properties classified as held for sale are recognised at fair value in the balance sheet.
Borrowing costs
Borrowing costs for capital used to finance investments in and upgrading of investment properties under development are capitalised on the asset in question. When calculating the capitalised borrowing costs, the average interest rate on the company\u2019s debt portfolio is used, unless there is separate financing for the specific project. In such cases the specific borrowing cost for the applicable loan is used. When calculating the average interest rate to be used for the capitalisation of borrowing costs, loans drawn for specific projects are not included.
Key sources of estimation uncertainty
Fair value of investment properties
Entra\u2019s investment properties are recognised at fair value in the balance sheet based on valuations by two independent, external appraisers. The valuations of the Group\u2019s properties are inherently subjective, as they are based upon the appraisers\u2019 assumptions and estimations that form part of the key unobservable inputs of the valuation. The key unobservable inputs, including market rents, required rates of return, exit yields, inflation, operating costs and CapEx, may prove to be inaccurate.
Critical judgements in applying accounting policies
Classes of investment properties
Entra has, based on the nature, characteristics, and risks of the Group\u2019s investment properties, determined that the Group\u2019s geographical segment Oslo should be presented as two separate classes of investment properties for the disclosure of quantitative information regarding the significant unobservable inputs used in the external appraisers\u2019 fair value measurement. Entra\u2019s other reportable segments, in addition to project properties and zoned development sites, constitute the other appropriate classes of investment properties.
Presentation of acquisitions
Acquisitions of companies where substantially all of the fair value of the gross assets acquired is concentrated in a single property or group of similar properties, are treated as asset acquisitions. An individual judgement is made for each transaction. Refer to the accounting policies section of Note 27for further information.
NOK million | 2025 | 2024 |
Total investment properties at 31.12 previous period | 60\u00a0471 | 69\u00a0490 |
Investment in the property portefolio | 1\u00a0090 | 1\u00a0284 |
Capitalised borrowing costs | 32 | 31 |
Divestment of investment properties | -28 | -8\u00a0068 |
Reclassified to contract assets | - | -371 |
Change in value of investment properties | 305 | -1\u00a0894 |
Total investment properties at 31.12 | 61\u00a0870 | 60\u00a0471 |
Of which investment properties held for sale | 550 | - |
Investment properties | 61\u00a0320 | 60\u00a0471 |
In Q4 2025, Entra and Skanska entered into an agreement to establish a joint venture for the development of Christian Krohgs gate 2 in Oslo. The property is classified as held for sale as of 31 December 2025.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__112-1": { "value": "Accounting policies
Investment properties include completed investment properties and investment properties under development. Investment properties are held with the aim of achieving a long-term return from rental income or increase in value, or both. Investment properties are recognised at fair value in the balance sheet.
Initial measurement takes into consideration the property\u2019s cost price, which includes direct transaction costs such as document duty and other public duties, legal fees and due diligence costs.
Subsequent expenditure is added to the investment property\u2019s carrying amount if it is probable that future financial benefits associated with the expenditure will flow to the Group and the expense can be measured reliably. Other maintenance costs are recorded through the income statement in the period in which they are incurred.
Investment properties are valued at each reporting date. The values are estimated by two independent appraisers, and the carrying amount of the investment properties are based on the average of the appraisers\u2019 valuations. The valuations are based on each individual property\u2019s assumed future cash flows, and property values are arrived at by discounting cash flows with an individual risk-adjusted required rate of return.
Changes in fair value, including realised gains and losses on sale of investment properties, are recognised as \u2018Changes in value of investment properties\u2019.
Investment properties held for sale
Investment properties are classified as held for sale if their carrying amount will be recovered through a sales transaction rather than through their continuing use. This condition is regarded as met if the sale is highly probable. The sale should be expected to qualify for recognition as a completed sale within one year from the date of classification. Investment properties classified as held for sale are recognised at fair value in the balance sheet.
Borrowing costs
Borrowing costs for capital used to finance investments in and upgrading of investment properties under development are capitalised on the asset in question. When calculating the capitalised borrowing costs, the average interest rate on the company\u2019s debt portfolio is used, unless there is separate financing for the specific project. In such cases the specific borrowing cost for the applicable loan is used. When calculating the average interest rate to be used for the capitalisation of borrowing costs, loans drawn for specific projects are not included.
Key sources of estimation uncertainty
Fair value of investment properties
Entra\u2019s investment properties are recognised at fair value in the balance sheet based on valuations by two independent, external appraisers. The valuations of the Group\u2019s properties are inherently subjective, as they are based upon the appraisers\u2019 assumptions and estimations that form part of the key unobservable inputs of the valuation. The key unobservable inputs, including market rents, required rates of return, exit yields, inflation, operating costs and CapEx, may prove to be inaccurate.
Critical judgements in applying accounting policies
Classes of investment properties
Entra has, based on the nature, characteristics, and risks of the Group\u2019s investment properties, determined that the Group\u2019s geographical segment Oslo should be presented as two separate classes of investment properties for the disclosure of quantitative information regarding the significant unobservable inputs used in the external appraisers\u2019 fair value measurement. Entra\u2019s other reportable segments, in addition to project properties and zoned development sites, constitute the other appropriate classes of investment properties.
Presentation of acquisitions
Acquisitions of companies where substantially all of the fair value of the gross assets acquired is concentrated in a single property or group of similar properties, are treated as asset acquisitions. An individual judgement is made for each transaction. Refer to the accounting policies section of Note 27for further information.
Fair value hierarchy
The Group uses the following hierarchy to classify assets and liabilities, based on the valuation methods used to measure and disclose their fair value. There were no transfers between the levels in the fair value hierarchy during the year.
Level 1:\tQuoted (unadjusted) prices in active markets for identical assets and liabilities.
Level 2:\tOther techniques where all of the parameters that have a significant impact on measuring fair value are either directly or indirectly observable.
Level 3:\tValuation techniques that use parameters that significantly affect the valuation, but which are not observable (unobservable input variables).
Key sources of estimation uncertainty
Fair value of financial derivatives
The Group uses interest rate derivatives and fixed rate loans to manage the interest rate risk. The financial derivatives are in the Group\u2019s balance sheet valued at fair value, measured using valuation methods where the significant parameters are obtained from quoted market data.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__108-1": { "value": "Borrowing costs
Borrowing costs for capital used to finance investments in and upgrading of investment properties under development are capitalised on the asset in question. When calculating the capitalised borrowing costs, the average interest rate on the company\u2019s debt portfolio is used, unless there is separate financing for the specific project. In such cases the specific borrowing cost for the applicable loan is used. When calculating the average interest rate to be used for the capitalisation of borrowing costs, loans drawn for specific projects are not included.
Accounting policies
Interest-bearing liabilities are classified as financial liabilities at amortised cost, and are measured at fair value upon initial recognition, and subsequently at amortised cost using the effective interest rate method. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate. The effective interest rate amortisation is included as net realised financials in the statement of profit or loss. The liabilities are measured at their nominal value when the effect of discounting is immaterial.
Interest-bearing liabilities are classified as current liabilities when the debt is due for repayment less than 12 months from the balance sheet date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__109": { "value": "Borrowing costs
Borrowing costs for capital used to finance investments in and upgrading of investment properties under development are capitalised on the asset in question. When calculating the capitalised borrowing costs, the average interest rate on the company\u2019s debt portfolio is used, unless there is separate financing for the specific project. In such cases the specific borrowing cost for the applicable loan is used. When calculating the average interest rate to be used for the capitalisation of borrowing costs, loans drawn for specific projects are not included.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__110": { "value": "Borrowing costs
Borrowing costs for capital used to finance investments in and upgrading of investment properties under development are capitalised on the asset in question. When calculating the capitalised borrowing costs, the average interest rate on the company\u2019s debt portfolio is used, unless there is separate financing for the specific project. In such cases the specific borrowing cost for the applicable loan is used. When calculating the average interest rate to be used for the capitalisation of borrowing costs, loans drawn for specific projects are not included.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__111": { "value": "Borrowing costs
Borrowing costs for capital used to finance investments in and upgrading of investment properties under development are capitalised on the asset in question. When calculating the capitalised borrowing costs, the average interest rate on the company\u2019s debt portfolio is used, unless there is separate financing for the specific project. In such cases the specific borrowing cost for the applicable loan is used. When calculating the average interest rate to be used for the capitalisation of borrowing costs, loans drawn for specific projects are not included.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__114": { "value": "Presentation of acquisitions
Acquisitions of companies where substantially all of the fair value of the gross assets acquired is concentrated in a single property or group of similar properties, are treated as asset acquisitions. An individual judgement is made for each transaction. Refer to the accounting policies section of Note 27for further information.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCustomerAcquisitionCostsExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__115": { "value": "NOK million | 2025 | 2024 |
Total investment properties at 31.12 previous period | 60\u00a0471 | 69\u00a0490 |
Investment in the property portefolio | 1\u00a0090 | 1\u00a0284 |
Capitalised borrowing costs | 32 | 31 |
Divestment of investment properties | -28 | -8\u00a0068 |
Reclassified to contract assets | - | -371 |
Change in value of investment properties | 305 | -1\u00a0894 |
Total investment properties at 31.12 | 61\u00a0870 | 60\u00a0471 |
Of which investment properties held for sale | 550 | - |
Investment properties | 61\u00a0320 | 60\u00a0471 |
In Q4 2025, Entra and Skanska entered into an agreement to establish a joint venture for the development of Christian Krohgs gate 2 in Oslo. The property is classified as held for sale as of 31 December 2025.
Valuation techniques and assumptions
The valuations as of 31 December 2025 were obtained from Newsec and Cushman & Wakefield Realkapital, and the market value of the property portfolio presented in Note 3is calculated as the average of the appraisers\u2019 valuations. The\u00a0fair value of the investment properties in Entra\u2019s balance sheet is based on the average of the appraisers\u2019 valuations, with adjustments for balance sheet items of 121 million (599 million), which predominantly constitutes prepayments from the tenants and other accruals. The valuation method is included in Level 3 in the fair value hierarchy defined by IFRS 13. Refer to Note 22for further information on the fair value hierarchy.
The valuations are performed on a property-by-property basis, assuming that the properties are sold individually. The valuations are performed using the discounted cash flow method, which involves discounting future cash flows over a specified period using an estimated required rate of return and then adding a residual value calculated by using an estimated exit yield and estimated market rents. Future cash flows are calculated on the basis of cash flows from signed leases, estimated cash flows based on an expected market rent at the end of the lease terms, inflation, operating costs, CapEx and development potential.
The project portfolio and development sites are valued based on the same principles, with deduction for remaining investments and perceived risks as of valuation date, including, but not limited to, construction and letting risks. For\u00a0unzoned development potential, the appraisers further make assumptions on the zoning risk.
The appraisers perform their valuations on the basis of comprehensive information received from Entra\u2019s management on the properties, existing and any new lease contracts and details of any vacant premises, and up-to-date and comprehensive information about all ongoing and planned projects. The appraisers also normally conduct site visits of all properties every year. Any uncertainties relating to the properties, projects and leases are also clarified by Entra when required. Any information that is provided to one of the appriasers is simultaneously provided to the other appraiser. The appraisers estimate future market rents, required rates of return, exit yields, inflation and other relevant parameters. The remaining term of the leases is assessed for risk, along with any special clauses in the lease contracts.
Upon receiving the initial valuations, Entra\u2019s management each quarter perform thorough controls of the valuations to ensure that both appraisers have included all relevant information in the valuations, to have profound knowledge on the factors estimated by the appraisers and to fully understand changes in value of investment properties from the previous period end. Any significant discrepancies between the values of the individual properties estimated by the appraisers, are reviewed in detail to ensure that both appraisers have used the same information and that the discrepancy between the valuations is due to different view on the risk of the properties. In addition, Entra\u2019s management compare the valuations to known market transactions with similar properties in the same geographical area if available. Entra\u2019s management further report to the Audit Committee on a quarterly basis, the factors driving changes in value of investment properties from the previous period end.
Market transactions serve as important reference points for the appraisers, and the slow-down in the commercial property transaction market from 2021 to 2023 increased the level of uncertainty in the valuations. The transaction market activity has however picked up in 2024 and 2025, and there has been agreed and completed several transactions of relevance for Entra\u2019s portfolio, which supports the quarterly valuations performed by the independent appraisers.
The inputs to the valuations are defined as \u2018unobservable\u2019 by IFRS 13. The key unobservable input variables are market rents, required rates of return, exit yields, inflation, operating costs and CapEx for investment properties in the management portfolio. The minimum, maximum and weighted average of these key unobservable input variables, except inflation, for the management portfolio are presented in the table on the right. The average inflation is presented below the table. Further analysis and sensitivity disclosures on these key unobservable inputs have been included on the following pages.
The required rate of return, i.e., the discount rate applied on the net cash flows for the duration of existing lease terms, is based on a long-term risk-free interest rate plus a property- and tenant-specific risk premium, reflecting the property\u2019s location, technical standard, occupancy rate, tenants\u2019 financial reliability and remaining lease term.
The exit yield, i.e., the discount rate applied on the expected net cash flows after the existing lease terms, is based on a long-term risk-free interest rate plus a property-specific risk premium, reflecting the property\u2019s location, technical standard, ownership of property (freehold or leasehold) and development potential, with no tenant specific adjustments.
The market rent is the annual rent the appraisers, based on the property\u2019s location, technical standard and leases signed for comparable properties in the same area, estimate that a property may be leased out for on market terms, excluding supplements such as VAT compensation. Expected future market rents takes into account expected inflation and other macro-economic factors.
The expected operating costs for a property are based on the actual operating, insurance and maintenance costs for a property, adjusted for inflation and other projections, with estimates being made for anticipated vacancy levels and the associated expenses.
The expected CapEx for properties in the management portfolio is the level of investments that the appraisers assume is required to obtain the expected market rents, including the need for alterations and upgrades. The CapEx for the project portfolio is based on Entra\u2019s estimates and perceived risks as of valuation date. The CapEx for zoned and unzoned development potential is the appraisers\u2019 assumptions on the development costs of the properties.
Inflation is estimated using the consensus of a selection of banks and official statistics. Inflation affects both rental income, operating costs and CapEx.
Ranges and weighted average for key unobservable input variables in the Level 3 valuations from the external appraisers are presented for the classes where Entra has five or more properties, including investment properties held for sale. As such, key unobservable input variables are not presented for the four zoned development sites with market value of 588 million. The ranges for the key unobservable input variables are for several of the classes wide but are for the majority of the market value of the properties within a class, clustered around the weighted average.
Oslo | Bergen/Stavanger | Sandvika | Drammen | Total mngmt. portf. | ||
As of 31.12.2025 | Central | Fringe areas | ||||
No. properties | 29 | 15 | 9 | 11 | 6 | 70 |
Market value (NOKm) | 34 343 | 9 046 | 6 677 | 4 494 | 2 093 | 56 653 |
Exit Yield | ||||||
Min | 4.62% | 4.81% | 5.15% | 5.43% | 5.64% | 4.62% |
Max | 6.70% | 6.57% | 6.49% | 6.40% | 6.70% | 6.70% |
Wgt. average | 4.88% | 5.41% | 5.53% | 5.76% | 5.93% | 5.15% |
Required rate of\u00a0return | ||||||
Min | 3.73% | 3.00% | 4.95% | 4.55% | 5.26% | 3.00% |
Max | 6.49% | 6.37% | 6.14% | 6.10% | 6.46% | 6.49% |
Wgt. average | 4.60% | 5.11% | 5.29% | 5.46% | 5.56% | 4.87% |
Market rent (NOK/sqm) | ||||||
Min | 1\u00a0854 | 1\u00a0375 | 1\u00a0867 | 478 | 762 | 478 |
Max | 5\u00a0311 | 4\u00a0789 | 3\u00a0624 | 3\u00a0300 | 2\u00a0752 | 5\u00a0311 |
Wgt. average | 3\u00a0803 | 2\u00a0458 | 2\u00a0637 | 2\u00a0108 | 2\u00a0186 | 3\u00a0057 |
Operating costs (NOK/sqm) | ||||||
Min | 113 | 94 | 146 | 35 | 66 | 35 |
Max | 501 | 786 | 195 | 281 | 227 | 786 |
Wgt. average | 190 | 137 | 168 | 109 | 141 | 163 |
NPV CapEx (NOK/sqm) | ||||||
Min | 301 | 1\u00a0768 | 2\u00a0226 | 57 | 2\u00a0078 | 57 |
Max | 18\u00a0199 | 12\u00a0961 | 18\u00a0929 | 4\u00a0252 | 6\u00a0019 | 18\u00a0929 |
Wgt. average | 4\u00a0732 | 4\u00a0602 | 5\u00a0733 | 2\u00a0693 | 3\u00a0308 | 4\u00a0531 |
For Entra\u2019s project portfolio, with total market value of 4 750 million, the appraisers have applied an average CapEx of 15 895 per sqm, excluding the cost of land and capitalised interest. Further, the appraisers have for the valuation as of 31.12.25 used inflation of 3.0 per cent for 2026 and in average assumed 2.2 per cent for 2027 and 2.3 per cent for 2028.
Refer to Note 3for a reconciliation of the market value of the classes to the carrying value of investment properties.
Climate-related assessments in valuation
Climate-related risks associated with the Group\u2019s investment properties is related to physical risks and transition risks such as market risks, regulatory risks and reputation risks. Further details on the risks are outlined on page 70in the Risk management section of this report.
The information provided to the appraisers on a quarterly basis also includes sustainability and energy related information on the properties such as the properties\u2019 energy consumption, energy performance certificates, main source of heating, BREEAM classification and planned investments in energy saving measures, with an estimate of the associated savings. The estimated effect of this information is reflected in the appraisers\u2019 CapEx estimates, expected future market rents and the discount rates, to the extent possible transaction market participants would, and is reflected in the valuations as of the balance sheet date. The actual future development of the input variables may however deviate from the estimates, due to factors such as development in regulations, changes in the requirements of tenants and technological development.
The consulting company Norconsult has provided a third-party assessment of the physical climate-related risks facing a majority of Entra\u2019s properties. Norconsult\u2019s experts within hydrology, geotechnics, engineering geology, hydrogeology, meteorology, risk management and building physics used a scenario-based approach in analysing physical risks, including temperature related risks, wind related risks, mass related risks and water related risks. The assessments indicated that Entra\u2019s property portfolio over-all was resilient to these risks. Further details on the assessment are included on pages 112\u2013114in this report.
Properties representing approximately 47 per cent of the market value of Entra\u2019s properties are BREEAM certified. Environment-friendly office properties are in high demand in the letting market and are also the most attractive objects in the transaction market for commercial real estate. The appraisers monitor the transaction market closely, and current transaction market trends support the assessment that the potential short-term adverse effect on the market values of Entra\u2019s property portfolio due to climate-related risks is limited. This can however change over time as the cash flows for the investment properties to a greater extent may be affected by climate-related risks in the medium to long term.
Sensitivity analysis
The following table illustrates the effects on the market value of the management portfolio (actual 31.12.25: 61 991 million) and Effective leverage (actual 31.12.25: 48.0 per cent), due to changes in a single unobservable input variable as of 31.12.25.
Variable | Change in assumption | Value change (NOK\u00a0million) | Effective leverage (%) |
Required rate of return | + 0.25% | -3\u00a0031 | 50.3% |
- 0.25% | 3\u00a0356 | 45.7% | |
Exit yield | + 0.25% | -1\u00a0686 | 49.3% |
- 0.25% | 1\u00a0862 | 46.7% | |
Market rent (NOK/sqm) | + 5.00% | 2\u00a0596 | 46.2% |
- 5.00% | -2\u00a0596 | 50.0% | |
Operating costs (NOK/sqm) | + NOK 25 per sqm | -509 | 48.4% |
- NOK 25 per sqm | 509 | 47.6% | |
NPV CapEx (NOK/sqm) | + NOK 100 per sqm | -113 | 48.1% |
- NOK 100 per sqm | 113 | 47.9% | |
Inflation in 2026 | + 1.00% | 573 | 47.6% |
- 1.00% | -573 | 48.4% |
There are interrelationships between these variables, and it is expected that a change in one variable may influence the other variable. The table below illustrates to what extent the value of the management property portfolio as of 31.12.25 is affected by market rents and required rate of return, assuming that all other factors are equal.
Value change(NOK million)\u200c1 | % \u0394 Required rate of return | ||||||
-0.75% | -0.50% | -0.25% | - | 0.25% | 0.50% | 0.75% | |
% \u0394 Market rent | |||||||
-10.0% | 4\u00a0962 | 1\u00a0181 | -2\u00a0195 | -5\u00a0229 | -7\u00a0970 | -10\u00a0458 | -12\u00a0727 |
-5.0% | 8\u00a0154 | 4\u00a0158 | 591 | -2\u00a0615 | -5\u00a0510 | -8\u00a0138 | -10\u00a0534 |
- | 11\u00a0347 | 7\u00a0136 | 3\u00a0377 | - | -3\u00a0049 | -5\u00a0817 | -8\u00a0340 |
5.0% | 14\u00a0539 | 10\u00a0113 | 6\u00a0163 | 2\u00a0615 | -589 | -3\u00a0497 | -6\u00a0147 |
10.0% | 17\u00a0731 | 13\u00a0090 | 8\u00a0948 | 5\u00a0229 | 1\u00a0871 | -1\u00a0176 | -3\u00a0953 |
1Estimates by Newsec in conjunction with valuations as of 31 December 2025.
Properties subject to purchase options
Pursuant to the lease agreements entered into between Entra and the Norwegian Ministry of Culture, the tenant has an option to acquire the three buildings comprising the National Library in Henrik Ibsens gate 110 and Observatoriegata 1 in Oslo. The tenant has the right to acquire the refurbished buildings at expiry of each 25-year lease period (expiring on 31 December 2029 and 6 June 2030, respectively). The leases include an unlimited number of 25-year extension periods, at market rents. Further, the tenant has the right, upon six months\u2019 notice, to acquire the building known as \u2018Halvbroren\u2019 if the tenant itself leases and uses more than 50 per cent of the building. As of 31 December 2025, the tenant leased and used more of the building than the threshold. The purchase price for all three buildings shall equal the market value of the buildings based on the capitalised future rental income based on the assumption that the lease agreements are continuously prolonged in accordance with the renewal clause in the lease agreements.
Pursuant to the ground lease agreement entered into between Entra and Oslo Havn KF relating to the property Langkaia 1 in Oslo, the ground lessor has an option to acquire the buildings without any compensation and free of any encumbrances upon expiry of the ground lease agreement on 1 January 2031. The right-of-use asset is presented as part of investment properties on the balance sheet. As the right-of-use asset is valued based on the cash flow until expiry of the ground lease agreement (i.e., no residual value), there will be an ongoing decrease in the balance sheet value until expiry.
Pursuant to the lease agreement entered into between Entra and the University of Oslo (\u2018UiO\u2019), the tenant has an option to acquire the property Kristian Augusts gate 15\u201321 (building and land) in Oslo in 2034 and in 2044. The purchase price shall be based on a gross market yield at time of calling the option and valued at a remaining WAULT of fifteen years of the lease agreement. The gross yield has a cap at 5.25 per cent (gross yield < 5.25 per cent). The option to acquire must be called twelve months ahead of the two points in time at the latest.
Refer to Note 24for information on pledged investment properties.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__116": { "value": "NOK million | 2025 | 2024 |
Total investment properties at 31.12 previous period | 60\u00a0471 | 69\u00a0490 |
Investment in the property portefolio | 1\u00a0090 | 1\u00a0284 |
Capitalised borrowing costs | 32 | 31 |
Divestment of investment properties | -28 | -8\u00a0068 |
Reclassified to contract assets | - | -371 |
Change in value of investment properties | 305 | -1\u00a0894 |
Total investment properties at 31.12 | 61\u00a0870 | 60\u00a0471 |
Of which investment properties held for sale | 550 | - |
Investment properties | 61\u00a0320 | 60\u00a0471 |
In Q4 2025, Entra and Skanska entered into an agreement to establish a joint venture for the development of Christian Krohgs gate 2 in Oslo. The property is classified as held for sale as of 31 December 2025.
Valuation techniques and assumptions
The valuations as of 31 December 2025 were obtained from Newsec and Cushman & Wakefield Realkapital, and the market value of the property portfolio presented in Note 3is calculated as the average of the appraisers\u2019 valuations. The\u00a0fair value of the investment properties in Entra\u2019s balance sheet is based on the average of the appraisers\u2019 valuations, with adjustments for balance sheet items of 121 million (599 million), which predominantly constitutes prepayments from the tenants and other accruals. The valuation method is included in Level 3 in the fair value hierarchy defined by IFRS 13. Refer to Note 22for further information on the fair value hierarchy.
The valuations are performed on a property-by-property basis, assuming that the properties are sold individually. The valuations are performed using the discounted cash flow method, which involves discounting future cash flows over a specified period using an estimated required rate of return and then adding a residual value calculated by using an estimated exit yield and estimated market rents. Future cash flows are calculated on the basis of cash flows from signed leases, estimated cash flows based on an expected market rent at the end of the lease terms, inflation, operating costs, CapEx and development potential.
The project portfolio and development sites are valued based on the same principles, with deduction for remaining investments and perceived risks as of valuation date, including, but not limited to, construction and letting risks. For\u00a0unzoned development potential, the appraisers further make assumptions on the zoning risk.
The appraisers perform their valuations on the basis of comprehensive information received from Entra\u2019s management on the properties, existing and any new lease contracts and details of any vacant premises, and up-to-date and comprehensive information about all ongoing and planned projects. The appraisers also normally conduct site visits of all properties every year. Any uncertainties relating to the properties, projects and leases are also clarified by Entra when required. Any information that is provided to one of the appriasers is simultaneously provided to the other appraiser. The appraisers estimate future market rents, required rates of return, exit yields, inflation and other relevant parameters. The remaining term of the leases is assessed for risk, along with any special clauses in the lease contracts.
Upon receiving the initial valuations, Entra\u2019s management each quarter perform thorough controls of the valuations to ensure that both appraisers have included all relevant information in the valuations, to have profound knowledge on the factors estimated by the appraisers and to fully understand changes in value of investment properties from the previous period end. Any significant discrepancies between the values of the individual properties estimated by the appraisers, are reviewed in detail to ensure that both appraisers have used the same information and that the discrepancy between the valuations is due to different view on the risk of the properties. In addition, Entra\u2019s management compare the valuations to known market transactions with similar properties in the same geographical area if available. Entra\u2019s management further report to the Audit Committee on a quarterly basis, the factors driving changes in value of investment properties from the previous period end.
Market transactions serve as important reference points for the appraisers, and the slow-down in the commercial property transaction market from 2021 to 2023 increased the level of uncertainty in the valuations. The transaction market activity has however picked up in 2024 and 2025, and there has been agreed and completed several transactions of relevance for Entra\u2019s portfolio, which supports the quarterly valuations performed by the independent appraisers.
The inputs to the valuations are defined as \u2018unobservable\u2019 by IFRS 13. The key unobservable input variables are market rents, required rates of return, exit yields, inflation, operating costs and CapEx for investment properties in the management portfolio. The minimum, maximum and weighted average of these key unobservable input variables, except inflation, for the management portfolio are presented in the table on the right. The average inflation is presented below the table. Further analysis and sensitivity disclosures on these key unobservable inputs have been included on the following pages.
The required rate of return, i.e., the discount rate applied on the net cash flows for the duration of existing lease terms, is based on a long-term risk-free interest rate plus a property- and tenant-specific risk premium, reflecting the property\u2019s location, technical standard, occupancy rate, tenants\u2019 financial reliability and remaining lease term.
The exit yield, i.e., the discount rate applied on the expected net cash flows after the existing lease terms, is based on a long-term risk-free interest rate plus a property-specific risk premium, reflecting the property\u2019s location, technical standard, ownership of property (freehold or leasehold) and development potential, with no tenant specific adjustments.
The market rent is the annual rent the appraisers, based on the property\u2019s location, technical standard and leases signed for comparable properties in the same area, estimate that a property may be leased out for on market terms, excluding supplements such as VAT compensation. Expected future market rents takes into account expected inflation and other macro-economic factors.
The expected operating costs for a property are based on the actual operating, insurance and maintenance costs for a property, adjusted for inflation and other projections, with estimates being made for anticipated vacancy levels and the associated expenses.
The expected CapEx for properties in the management portfolio is the level of investments that the appraisers assume is required to obtain the expected market rents, including the need for alterations and upgrades. The CapEx for the project portfolio is based on Entra\u2019s estimates and perceived risks as of valuation date. The CapEx for zoned and unzoned development potential is the appraisers\u2019 assumptions on the development costs of the properties.
Inflation is estimated using the consensus of a selection of banks and official statistics. Inflation affects both rental income, operating costs and CapEx.
Ranges and weighted average for key unobservable input variables in the Level 3 valuations from the external appraisers are presented for the classes where Entra has five or more properties, including investment properties held for sale. As such, key unobservable input variables are not presented for the four zoned development sites with market value of 588 million. The ranges for the key unobservable input variables are for several of the classes wide but are for the majority of the market value of the properties within a class, clustered around the weighted average.
Oslo | Bergen/Stavanger | Sandvika | Drammen | Total mngmt. portf. | ||
As of 31.12.2025 | Central | Fringe areas | ||||
No. properties | 29 | 15 | 9 | 11 | 6 | 70 |
Market value (NOKm) | 34 343 | 9 046 | 6 677 | 4 494 | 2 093 | 56 653 |
Exit Yield | ||||||
Min | 4.62% | 4.81% | 5.15% | 5.43% | 5.64% | 4.62% |
Max | 6.70% | 6.57% | 6.49% | 6.40% | 6.70% | 6.70% |
Wgt. average | 4.88% | 5.41% | 5.53% | 5.76% | 5.93% | 5.15% |
Required rate of\u00a0return | ||||||
Min | 3.73% | 3.00% | 4.95% | 4.55% | 5.26% | 3.00% |
Max | 6.49% | 6.37% | 6.14% | 6.10% | 6.46% | 6.49% |
Wgt. average | 4.60% | 5.11% | 5.29% | 5.46% | 5.56% | 4.87% |
Market rent (NOK/sqm) | ||||||
Min | 1\u00a0854 | 1\u00a0375 | 1\u00a0867 | 478 | 762 | 478 |
Max | 5\u00a0311 | 4\u00a0789 | 3\u00a0624 | 3\u00a0300 | 2\u00a0752 | 5\u00a0311 |
Wgt. average | 3\u00a0803 | 2\u00a0458 | 2\u00a0637 | 2\u00a0108 | 2\u00a0186 | 3\u00a0057 |
Operating costs (NOK/sqm) | ||||||
Min | 113 | 94 | 146 | 35 | 66 | 35 |
Max | 501 | 786 | 195 | 281 | 227 | 786 |
Wgt. average | 190 | 137 | 168 | 109 | 141 | 163 |
NPV CapEx (NOK/sqm) | ||||||
Min | 301 | 1\u00a0768 | 2\u00a0226 | 57 | 2\u00a0078 | 57 |
Max | 18\u00a0199 | 12\u00a0961 | 18\u00a0929 | 4\u00a0252 | 6\u00a0019 | 18\u00a0929 |
Wgt. average | 4\u00a0732 | 4\u00a0602 | 5\u00a0733 | 2\u00a0693 | 3\u00a0308 | 4\u00a0531 |
For Entra\u2019s project portfolio, with total market value of 4 750 million, the appraisers have applied an average CapEx of 15 895 per sqm, excluding the cost of land and capitalised interest. Further, the appraisers have for the valuation as of 31.12.25 used inflation of 3.0 per cent for 2026 and in average assumed 2.2 per cent for 2027 and 2.3 per cent for 2028.
Refer to Note 3for a reconciliation of the market value of the classes to the carrying value of investment properties.
Climate-related assessments in valuation
Climate-related risks associated with the Group\u2019s investment properties is related to physical risks and transition risks such as market risks, regulatory risks and reputation risks. Further details on the risks are outlined on page 70in the Risk management section of this report.
The information provided to the appraisers on a quarterly basis also includes sustainability and energy related information on the properties such as the properties\u2019 energy consumption, energy performance certificates, main source of heating, BREEAM classification and planned investments in energy saving measures, with an estimate of the associated savings. The estimated effect of this information is reflected in the appraisers\u2019 CapEx estimates, expected future market rents and the discount rates, to the extent possible transaction market participants would, and is reflected in the valuations as of the balance sheet date. The actual future development of the input variables may however deviate from the estimates, due to factors such as development in regulations, changes in the requirements of tenants and technological development.
The consulting company Norconsult has provided a third-party assessment of the physical climate-related risks facing a majority of Entra\u2019s properties. Norconsult\u2019s experts within hydrology, geotechnics, engineering geology, hydrogeology, meteorology, risk management and building physics used a scenario-based approach in analysing physical risks, including temperature related risks, wind related risks, mass related risks and water related risks. The assessments indicated that Entra\u2019s property portfolio over-all was resilient to these risks. Further details on the assessment are included on pages 112\u2013114in this report.
Properties representing approximately 47 per cent of the market value of Entra\u2019s properties are BREEAM certified. Environment-friendly office properties are in high demand in the letting market and are also the most attractive objects in the transaction market for commercial real estate. The appraisers monitor the transaction market closely, and current transaction market trends support the assessment that the potential short-term adverse effect on the market values of Entra\u2019s property portfolio due to climate-related risks is limited. This can however change over time as the cash flows for the investment properties to a greater extent may be affected by climate-related risks in the medium to long term.
Sensitivity analysis
The following table illustrates the effects on the market value of the management portfolio (actual 31.12.25: 61 991 million) and Effective leverage (actual 31.12.25: 48.0 per cent), due to changes in a single unobservable input variable as of 31.12.25.
Variable | Change in assumption | Value change (NOK\u00a0million) | Effective leverage (%) |
Required rate of return | + 0.25% | -3\u00a0031 | 50.3% |
- 0.25% | 3\u00a0356 | 45.7% | |
Exit yield | + 0.25% | -1\u00a0686 | 49.3% |
- 0.25% | 1\u00a0862 | 46.7% | |
Market rent (NOK/sqm) | + 5.00% | 2\u00a0596 | 46.2% |
- 5.00% | -2\u00a0596 | 50.0% | |
Operating costs (NOK/sqm) | + NOK 25 per sqm | -509 | 48.4% |
- NOK 25 per sqm | 509 | 47.6% | |
NPV CapEx (NOK/sqm) | + NOK 100 per sqm | -113 | 48.1% |
- NOK 100 per sqm | 113 | 47.9% | |
Inflation in 2026 | + 1.00% | 573 | 47.6% |
- 1.00% | -573 | 48.4% |
There are interrelationships between these variables, and it is expected that a change in one variable may influence the other variable. The table below illustrates to what extent the value of the management property portfolio as of 31.12.25 is affected by market rents and required rate of return, assuming that all other factors are equal.
Value change(NOK million)\u200c1 | % \u0394 Required rate of return | ||||||
-0.75% | -0.50% | -0.25% | - | 0.25% | 0.50% | 0.75% | |
% \u0394 Market rent | |||||||
-10.0% | 4\u00a0962 | 1\u00a0181 | -2\u00a0195 | -5\u00a0229 | -7\u00a0970 | -10\u00a0458 | -12\u00a0727 |
-5.0% | 8\u00a0154 | 4\u00a0158 | 591 | -2\u00a0615 | -5\u00a0510 | -8\u00a0138 | -10\u00a0534 |
- | 11\u00a0347 | 7\u00a0136 | 3\u00a0377 | - | -3\u00a0049 | -5\u00a0817 | -8\u00a0340 |
5.0% | 14\u00a0539 | 10\u00a0113 | 6\u00a0163 | 2\u00a0615 | -589 | -3\u00a0497 | -6\u00a0147 |
10.0% | 17\u00a0731 | 13\u00a0090 | 8\u00a0948 | 5\u00a0229 | 1\u00a0871 | -1\u00a0176 | -3\u00a0953 |
1Estimates by Newsec in conjunction with valuations as of 31 December 2025.
Properties subject to purchase options
Pursuant to the lease agreements entered into between Entra and the Norwegian Ministry of Culture, the tenant has an option to acquire the three buildings comprising the National Library in Henrik Ibsens gate 110 and Observatoriegata 1 in Oslo. The tenant has the right to acquire the refurbished buildings at expiry of each 25-year lease period (expiring on 31 December 2029 and 6 June 2030, respectively). The leases include an unlimited number of 25-year extension periods, at market rents. Further, the tenant has the right, upon six months\u2019 notice, to acquire the building known as \u2018Halvbroren\u2019 if the tenant itself leases and uses more than 50 per cent of the building. As of 31 December 2025, the tenant leased and used more of the building than the threshold. The purchase price for all three buildings shall equal the market value of the buildings based on the capitalised future rental income based on the assumption that the lease agreements are continuously prolonged in accordance with the renewal clause in the lease agreements.
Pursuant to the ground lease agreement entered into between Entra and Oslo Havn KF relating to the property Langkaia 1 in Oslo, the ground lessor has an option to acquire the buildings without any compensation and free of any encumbrances upon expiry of the ground lease agreement on 1 January 2031. The right-of-use asset is presented as part of investment properties on the balance sheet. As the right-of-use asset is valued based on the cash flow until expiry of the ground lease agreement (i.e., no residual value), there will be an ongoing decrease in the balance sheet value until expiry.
Pursuant to the lease agreement entered into between Entra and the University of Oslo (\u2018UiO\u2019), the tenant has an option to acquire the property Kristian Augusts gate 15\u201321 (building and land) in Oslo in 2034 and in 2044. The purchase price shall be based on a gross market yield at time of calling the option and valued at a remaining WAULT of fifteen years of the lease agreement. The gross yield has a cap at 5.25 per cent (gross yield < 5.25 per cent). The option to acquire must be called twelve months ahead of the two points in time at the latest.
Refer to Note 24for information on pledged investment properties.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__117-1": { "value": "Climate-related assessments in valuation
Climate-related risks associated with the Group\u2019s investment properties is related to physical risks and transition risks such as market risks, regulatory risks and reputation risks. Further details on the risks are outlined on page 70in the Risk management section of this report.
The information provided to the appraisers on a quarterly basis also includes sustainability and energy related information on the properties such as the properties\u2019 energy consumption, energy performance certificates, main source of heating, BREEAM classification and planned investments in energy saving measures, with an estimate of the associated savings. The estimated effect of this information is reflected in the appraisers\u2019 CapEx estimates, expected future market rents and the discount rates, to the extent possible transaction market participants would, and is reflected in the valuations as of the balance sheet date. The actual future development of the input variables may however deviate from the estimates, due to factors such as development in regulations, changes in the requirements of tenants and technological development.
The consulting company Norconsult has provided a third-party assessment of the physical climate-related risks facing a majority of Entra\u2019s properties. Norconsult\u2019s experts within hydrology, geotechnics, engineering geology, hydrogeology, meteorology, risk management and building physics used a scenario-based approach in analysing physical risks, including temperature related risks, wind related risks, mass related risks and water related risks. The assessments indicated that Entra\u2019s property portfolio over-all was resilient to these risks. Further details on the assessment are included on pages 112\u2013114in this report.
Properties representing approximately 47 per cent of the market value of Entra\u2019s properties are BREEAM certified. Environment-friendly office properties are in high demand in the letting market and are also the most attractive objects in the transaction market for commercial real estate. The appraisers monitor the transaction market closely, and current transaction market trends support the assessment that the potential short-term adverse effect on the market values of Entra\u2019s property portfolio due to climate-related risks is limited. This can however change over time as the cash flows for the investment properties to a greater extent may be affected by climate-related risks in the medium to long term.
Sensitivity analysis
The following table illustrates the effects on the market value of the management portfolio (actual 31.12.25: 61 991 million) and Effective leverage (actual 31.12.25: 48.0 per cent), due to changes in a single unobservable input variable as of 31.12.25.
Variable | Change in assumption | Value change (NOK\u00a0million) | Effective leverage (%) |
Required rate of return | + 0.25% | -3\u00a0031 | 50.3% |
- 0.25% | 3\u00a0356 | 45.7% | |
Exit yield | + 0.25% | -1\u00a0686 | 49.3% |
- 0.25% | 1\u00a0862 | 46.7% | |
Market rent (NOK/sqm) | + 5.00% | 2\u00a0596 | 46.2% |
- 5.00% | -2\u00a0596 | 50.0% | |
Operating costs (NOK/sqm) | + NOK 25 per sqm | -509 | 48.4% |
- NOK 25 per sqm | 509 | 47.6% | |
NPV CapEx (NOK/sqm) | + NOK 100 per sqm | -113 | 48.1% |
- NOK 100 per sqm | 113 | 47.9% | |
Inflation in 2026 | + 1.00% | 573 | 47.6% |
- 1.00% | -573 | 48.4% |
There are interrelationships between these variables, and it is expected that a change in one variable may influence the other variable. The table below illustrates to what extent the value of the management property portfolio as of 31.12.25 is affected by market rents and required rate of return, assuming that all other factors are equal.
Value change(NOK million)\u200c1 | % \u0394 Required rate of return | ||||||
-0.75% | -0.50% | -0.25% | - | 0.25% | 0.50% | 0.75% | |
% \u0394 Market rent | |||||||
-10.0% | 4\u00a0962 | 1\u00a0181 | -2\u00a0195 | -5\u00a0229 | -7\u00a0970 | -10\u00a0458 | -12\u00a0727 |
-5.0% | 8\u00a0154 | 4\u00a0158 | 591 | -2\u00a0615 | -5\u00a0510 | -8\u00a0138 | -10\u00a0534 |
- | 11\u00a0347 | 7\u00a0136 | 3\u00a0377 | - | -3\u00a0049 | -5\u00a0817 | -8\u00a0340 |
5.0% | 14\u00a0539 | 10\u00a0113 | 6\u00a0163 | 2\u00a0615 | -589 | -3\u00a0497 | -6\u00a0147 |
10.0% | 17\u00a0731 | 13\u00a0090 | 8\u00a0948 | 5\u00a0229 | 1\u00a0871 | -1\u00a0176 | -3\u00a0953 |
1Estimates by Newsec in conjunction with valuations as of 31 December 2025.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEnvironmentRelatedExpenseExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__121-1": { "value": "Note 15\tOther non-current assets
Accounting policies
Other receivables are classified as non-current assets if they are due more than twelve months after the balance sheet date. Equity investments are classified as financial assets at FVTPL, while other financial assets are classified as financial assets measured at amortised cost. Interest is ignored if it is insignificant. Operating equipment is recognised at acquisition cost, less depreciation.
NOK million | 2025 | 2024 |
Loans to external parties and associated companies | 133 | 95 |
Other long-term receivables | 72 | 75 |
Financial assets at FVTPL | 350 | 292 |
Operating equipment | 9 | 8 |
Other assets | 209 | 183 |
Total other non-current assets | 773 | 652 |
Note 16\tInventory properties
Accounting policies
The Group\u2019s inventory properties comprise residential projects under zoning, development and construction intended for sale in the ordinary course of business. Properties under zoning for residential purposes may be handed over to other residential developers. Where the Group constructs the residential projects, the individual units are handed over to the purchaser when they are completed. Inventory properties may comprise properties held for resale, properties under development and construction, and completed units which are not sold. Inventory properties are measured at the lower of cost and net realisable value.
Entra owns a development site at Bryn in Oslo. As part of the acquisition of the site, JM Norge AS agreed to acquire land expected to be zoned for residential development subject to detailed plan. The properties expected to be zoned for residential development are \u00d8stensj\u00f8veien 29 and Brynsveien 1, 2\u20134, 3, 6, 8 and 12. See Notes 6and 7for information on rental income from letting of the properties and the related property costs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__122": { "value": "Note 15\tOther non-current assets
Accounting policies
Other receivables are classified as non-current assets if they are due more than twelve months after the balance sheet date. Equity investments are classified as financial assets at FVTPL, while other financial assets are classified as financial assets measured at amortised cost. Interest is ignored if it is insignificant. Operating equipment is recognised at acquisition cost, less depreciation.
NOK million | 2025 | 2024 |
Loans to external parties and associated companies | 133 | 95 |
Other long-term receivables | 72 | 75 |
Financial assets at FVTPL | 350 | 292 |
Operating equipment | 9 | 8 |
Other assets | 209 | 183 |
Total other non-current assets | 773 | 652 |
Note 15\tOther non-current assets
Accounting policies
Other receivables are classified as non-current assets if they are due more than twelve months after the balance sheet date. Equity investments are classified as financial assets at FVTPL, while other financial assets are classified as financial assets measured at amortised cost. Interest is ignored if it is insignificant. Operating equipment is recognised at acquisition cost, less depreciation.
NOK million | 2025 | 2024 |
Loans to external parties and associated companies | 133 | 95 |
Other long-term receivables | 72 | 75 |
Financial assets at FVTPL | 350 | 292 |
Operating equipment | 9 | 8 |
Other assets | 209 | 183 |
Total other non-current assets | 773 | 652 |
Note 17\tTrade receivables
Accounting policies
Trade receivables are initially recognised at the agreed transaction price in the contract with the customer. Subsequently they are measured at amortised costs. Interest is ignored if it is insignificant.
The Group applies the simplified approach in IFRS 9 to measure the loss allowance at lifetime expected credit losses. A provision for bad debt is determined by estimating expected credit losses with reference to past default experience of the debtor and an analysis of the debtor\u2019s current financial position, adjusted for factors that are specific to the debtors, general economic conditions of the industry in which the debtors operate, and an assessment of both the current as well as the forecast direction of conditions at the reporting date. Any subsequent payments received against accounts for which a provision has previously been made are recognised in the income statement.
Trade receivables are classified as current assets unless they are due more than twelve months after the balance sheet date. If so, they are classified as non-current assets.
NOK million | 2025 | 2024 |
Trade receivables | 49 | 74 |
Provision for bad debts | -5 | -4 |
Net trade receivables | 43 | 70 |
There is limited concentration of credit risk with respect to trade debtors as the majority of Entra\u2019s customers are paying rent in advance.
The age analysis of these trade receivables is as follows:
NOK million | 2025 | 2024 |
Up to 3 months | 10 | 5 |
Over 3 months | 17 | 12 |
Total overdue | 28 | 17 |
Note 15\tOther non-current assets
Accounting policies
Other receivables are classified as non-current assets if they are due more than twelve months after the balance sheet date. Equity investments are classified as financial assets at FVTPL, while other financial assets are classified as financial assets measured at amortised cost. Interest is ignored if it is insignificant. Operating equipment is recognised at acquisition cost, less depreciation.
NOK million | 2025 | 2024 |
Loans to external parties and associated companies | 133 | 95 |
Other long-term receivables | 72 | 75 |
Financial assets at FVTPL | 350 | 292 |
Operating equipment | 9 | 8 |
Other assets | 209 | 183 |
Total other non-current assets | 773 | 652 |
Note 16\tInventory properties
Accounting policies
The Group\u2019s inventory properties comprise residential projects under zoning, development and construction intended for sale in the ordinary course of business. Properties under zoning for residential purposes may be handed over to other residential developers. Where the Group constructs the residential projects, the individual units are handed over to the purchaser when they are completed. Inventory properties may comprise properties held for resale, properties under development and construction, and completed units which are not sold. Inventory properties are measured at the lower of cost and net realisable value.
Entra owns a development site at Bryn in Oslo. As part of the acquisition of the site, JM Norge AS agreed to acquire land expected to be zoned for residential development subject to detailed plan. The properties expected to be zoned for residential development are \u00d8stensj\u00f8veien 29 and Brynsveien 1, 2\u20134, 3, 6, 8 and 12. See Notes 6and 7for information on rental income from letting of the properties and the related property costs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__130": { "value": "Note 16\tInventory properties
Accounting policies
The Group\u2019s inventory properties comprise residential projects under zoning, development and construction intended for sale in the ordinary course of business. Properties under zoning for residential purposes may be handed over to other residential developers. Where the Group constructs the residential projects, the individual units are handed over to the purchaser when they are completed. Inventory properties may comprise properties held for resale, properties under development and construction, and completed units which are not sold. Inventory properties are measured at the lower of cost and net realisable value.
Entra owns a development site at Bryn in Oslo. As part of the acquisition of the site, JM Norge AS agreed to acquire land expected to be zoned for residential development subject to detailed plan. The properties expected to be zoned for residential development are \u00d8stensj\u00f8veien 29 and Brynsveien 1, 2\u20134, 3, 6, 8 and 12. See Notes 6and 7for information on rental income from letting of the properties and the related property costs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__127": { "value": "Accounting policies
The Group\u2019s inventory properties comprise residential projects under zoning, development and construction intended for sale in the ordinary course of business. Properties under zoning for residential purposes may be handed over to other residential developers. Where the Group constructs the residential projects, the individual units are handed over to the purchaser when they are completed. Inventory properties may comprise properties held for resale, properties under development and construction, and completed units which are not sold. Inventory properties are measured at the lower of cost and net realisable value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__135": { "value": "Note 17\tTrade receivables
Accounting policies
Trade receivables are initially recognised at the agreed transaction price in the contract with the customer. Subsequently they are measured at amortised costs. Interest is ignored if it is insignificant.
The Group applies the simplified approach in IFRS 9 to measure the loss allowance at lifetime expected credit losses. A provision for bad debt is determined by estimating expected credit losses with reference to past default experience of the debtor and an analysis of the debtor\u2019s current financial position, adjusted for factors that are specific to the debtors, general economic conditions of the industry in which the debtors operate, and an assessment of both the current as well as the forecast direction of conditions at the reporting date. Any subsequent payments received against accounts for which a provision has previously been made are recognised in the income statement.
Trade receivables are classified as current assets unless they are due more than twelve months after the balance sheet date. If so, they are classified as non-current assets.
NOK million | 2025 | 2024 |
Trade receivables | 49 | 74 |
Provision for bad debts | -5 | -4 |
Net trade receivables | 43 | 70 |
There is limited concentration of credit risk with respect to trade debtors as the majority of Entra\u2019s customers are paying rent in advance.
The age analysis of these trade receivables is as follows:
NOK million | 2025 | 2024 |
Up to 3 months | 10 | 5 |
Over 3 months | 17 | 12 |
Total overdue | 28 | 17 |
Accounting policies
Trade receivables are initially recognised at the agreed transaction price in the contract with the customer. Subsequently they are measured at amortised costs. Interest is ignored if it is insignificant.
The Group applies the simplified approach in IFRS 9 to measure the loss allowance at lifetime expected credit losses. A provision for bad debt is determined by estimating expected credit losses with reference to past default experience of the debtor and an analysis of the debtor\u2019s current financial position, adjusted for factors that are specific to the debtors, general economic conditions of the industry in which the debtors operate, and an assessment of both the current as well as the forecast direction of conditions at the reporting date. Any subsequent payments received against accounts for which a provision has previously been made are recognised in the income statement.
Trade receivables are classified as current assets unless they are due more than twelve months after the balance sheet date. If so, they are classified as non-current assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__138": { "value": "Note 18\tOther current assets
Accounting policies
Other receivables are classified as current assets unless they are due more than twelve months after the balance sheet date. Other current assets include accrued interest, including interest on the Group\u2019s derivatives, accrued income, contract assets, prepaid expenses and current portion of external loans. Other current assets are measured at amortised cost. Interest is ignored if it is insignificant.
NOK million | 2025 | 2024 |
Contract assets | - | 522 |
Accrued interest | 77 | 87 |
Advance payments and accruals | 48 | 46 |
Other current receivables and assets | 208 | 133 |
Total other current assets | 334 | 788 |
The Group\u2019s contract assets as of 31.12.24 were related to the construction contracts for the development of Holtermanns veg 1\u201313 phase 3, which was delivered to the buyers following the completion of the development project in 2025. Refer to Note 6for further information on the construction contracts.
Contract assets
NOK million | 2025 | 2024 |
Contract assets at 31.12 previous period | 522 | - |
Amounts due from reclassification from investment properties | - | 371 |
Development of contract assets | 319 | 151 |
Realisation of contract assets | -841 | - |
Contract assets at 31.12 | - | 522 |
Note 18\tOther current assets
Accounting policies
Other receivables are classified as current assets unless they are due more than twelve months after the balance sheet date. Other current assets include accrued interest, including interest on the Group\u2019s derivatives, accrued income, contract assets, prepaid expenses and current portion of external loans. Other current assets are measured at amortised cost. Interest is ignored if it is insignificant.
NOK million | 2025 | 2024 |
Contract assets | - | 522 |
Accrued interest | 77 | 87 |
Advance payments and accruals | 48 | 46 |
Other current receivables and assets | 208 | 133 |
Total other current assets | 334 | 788 |
The Group\u2019s contract assets as of 31.12.24 were related to the construction contracts for the development of Holtermanns veg 1\u201313 phase 3, which was delivered to the buyers following the completion of the development project in 2025. Refer to Note 6for further information on the construction contracts.
Contract assets
NOK million | 2025 | 2024 |
Contract assets at 31.12 previous period | 522 | - |
Amounts due from reclassification from investment properties | - | 371 |
Development of contract assets | 319 | 151 |
Realisation of contract assets | -841 | - |
Contract assets at 31.12 | - | 522 |
The Group\u2019s pension scheme for new employees is a defined contribution scheme. The defined contribution scheme includes 180 (177) employees in the Group. The defined benefit pension scheme for the Group covers a total of 6 (6) current employees, nil (2) former employees and 78 (76) pensioners.
The Group\u2019s pension scheme satisfies the requirements of the Norwegian Act on Compulsory Occupational Pensions.
The cost for the accounting period shows the employees\u2019 pension entitlement of the agreed future pension in the financial year.
The balance sheet liabilities have been calculated as follows
NOK million | 2025 | 2024 |
Present value of accrued pension liabilities in defined-benefit schemes in unit trusts | 213 | 213 |
Fair value of pension scheme assets | -152 | -149 |
Employers\u2019 NICs accrued | 9 | 9 |
Net pension liabilities on the balance sheet at 31.12 | 69 | 73 |
Total cost recognised in the income statement
NOK million | 2025 | 2024 |
Cost of pension benefits accrued during current period | 1 | 1 |
Contribution scheme | 26 | 15 |
Total pension benefits accrued during the period | 27 | 15 |
Net interest expense | 2 | 2 |
Total pension benefits accrued in income statement | 29 | 18 |
Actuarial losses (+)/gains (-) accrued in comprehensive income | 2 | -13 |
Total pension benefits accrued | 31 | 4 |
The actuarial assumptions are based on generally accepted assumptions in the insurance industry with regard to demographic factors. The pension scheme assets are invested in government bonds.
Note 20\tOther non-current liabilities
NOK million | 2025 | 2024 |
Lease liabilities | 214 | 215 |
Pension liabilities (Note19) | 69 | 73 |
Prepayments from customers | 56 | 63 |
Seller\u2019s credit and withheld purchase price | 103 | 97 |
Other non-current liabilities | 118 | 97 |
Total non-current liabilities | 561 | 546 |
Lease liabilities \u2013 the group as a lessee
Accounting policies
The Group assesses whether a contract is or contains a lease, at inception of the contract. The Group recognises a right-of-use asset and a corresponding lease liability with respect to all lease contracts in which it is the lessee, except for leases with a lease term of 12 months or less, and leases of low value assets (such as vehicles and technical and office equipment), for which the Group applies the applicable recognition exemptions. For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the lease term.
Only fixed payments are included in the initial measurement of the lease liability, and the lease term corresponds to the non-terminable period. The discount rate used to calculate the lease liability is determined, for each asset, based on the Group\u2019s incremental borrowing rate for leases with less than 15 years until maturity. For leases with more than 15 years until maturity, the discount rate is based on the properties\u2019 net yields, adjusted for features that affect Entra\u2019s incremental borrowing rate, such as tenant-specific factors and the length of the lease. The lease liability is presented as part of other liabilities in the balance sheet.
For lease contracts where the leased properties meet the definition of investment properties in IAS 40, Entra applies the fair value model to the associated right-of-use assets. The right-of-use assets are measured by discounting the assumed future cash flows under the lease contracts. The discount rate used to calculate the right-of- use asset may be different from the discount rate used to calculate the lease liability. The right-of-use assets are presented as part of investment properties in the balance sheet.
The Group has entered into certain operating leases of ground, parking lots and buildings classified as investment properties, with remaining lease terms between 6 and 77 years. The Group applies the fair value model to right-of-use assets associated with the property lease contracts. Right-of-use assets included in investment properties at 31 December 2025 was 823 million (887 million).
The majority of the lease payments for Langkaia 1 in Oslo, where the lease agreement expires on 1 January 2031, are based on the turnover of the property. Only the fixed parts of the lease payments are included in the lease liability. Variable, turnover-based lease payments for the property is included in Operating costs. Set out in the table below are the amounts recognised in profit or loss:
NOK million | 2025 | 2024 |
Interest expense on lease liabilities | 9 | 7 |
Expense relating to leases of low-value assets and short-term leases | 8 | 15 |
Variable lease payments | 17 | 16 |
Total amount recognised in profit or loss | 34 | 38 |
The Group had total cash outflows for leases of 39 million in 2025 (45 million).
Refer to Note 23for maturity profile of the Group\u2019s lease liabilities based on contractual undiscounted payments as at 31 December 2025. See Note 24for details on the movements in lease liabilities during the period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__152-1": { "value": "Note 20\tOther non-current liabilities
NOK million | 2025 | 2024 |
Lease liabilities | 214 | 215 |
Pension liabilities (Note19) | 69 | 73 |
Prepayments from customers | 56 | 63 |
Seller\u2019s credit and withheld purchase price | 103 | 97 |
Other non-current liabilities | 118 | 97 |
Total non-current liabilities | 561 | 546 |
Lease liabilities \u2013 the group as a lessee
Accounting policies
The Group assesses whether a contract is or contains a lease, at inception of the contract. The Group recognises a right-of-use asset and a corresponding lease liability with respect to all lease contracts in which it is the lessee, except for leases with a lease term of 12 months or less, and leases of low value assets (such as vehicles and technical and office equipment), for which the Group applies the applicable recognition exemptions. For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the lease term.
Only fixed payments are included in the initial measurement of the lease liability, and the lease term corresponds to the non-terminable period. The discount rate used to calculate the lease liability is determined, for each asset, based on the Group\u2019s incremental borrowing rate for leases with less than 15 years until maturity. For leases with more than 15 years until maturity, the discount rate is based on the properties\u2019 net yields, adjusted for features that affect Entra\u2019s incremental borrowing rate, such as tenant-specific factors and the length of the lease. The lease liability is presented as part of other liabilities in the balance sheet.
For lease contracts where the leased properties meet the definition of investment properties in IAS 40, Entra applies the fair value model to the associated right-of-use assets. The right-of-use assets are measured by discounting the assumed future cash flows under the lease contracts. The discount rate used to calculate the right-of- use asset may be different from the discount rate used to calculate the lease liability. The right-of-use assets are presented as part of investment properties in the balance sheet.
The Group has entered into certain operating leases of ground, parking lots and buildings classified as investment properties, with remaining lease terms between 6 and 77 years. The Group applies the fair value model to right-of-use assets associated with the property lease contracts. Right-of-use assets included in investment properties at 31 December 2025 was 823 million (887 million).
The majority of the lease payments for Langkaia 1 in Oslo, where the lease agreement expires on 1 January 2031, are based on the turnover of the property. Only the fixed parts of the lease payments are included in the lease liability. Variable, turnover-based lease payments for the property is included in Operating costs. Set out in the table below are the amounts recognised in profit or loss:
NOK million | 2025 | 2024 |
Interest expense on lease liabilities | 9 | 7 |
Expense relating to leases of low-value assets and short-term leases | 8 | 15 |
Variable lease payments | 17 | 16 |
Total amount recognised in profit or loss | 34 | 38 |
The Group had total cash outflows for leases of 39 million in 2025 (45 million).
Refer to Note 23for maturity profile of the Group\u2019s lease liabilities based on contractual undiscounted payments as at 31 December 2025. See Note 24for details on the movements in lease liabilities during the period.
Note 21\tOther current liabilities
Accounting policies
Non-interest-bearing financial liabilities
Non-interest-bearing liabilities are classified as financial liabilities at amortised cost, and are measured at fair value upon initial recognition, and subsequently at amortised cost using the effective interest rate method. Interest is ignored if it is insignificant.
Provisions
The Group recognises provisions for legal claims when a legal or self-imposed obligation exists as a result of past events, when it is likely that an outflow of resources will be required to settle the obligation and its amount can be estimated with a sufficient degree of reliability.
In cases where there are several obligations of the same nature, the likelihood of settlement is determined by assessing the Group as a whole. A provision for the Group is recognised even if there is little likelihood of settlement of the Group\u2019s individual elements.
Provisions are measured at the present value of expected payments to settle an obligation. A discount rate before tax is used which reflects the present market situation. Any increase in an obligation as a result of a changed time value is reported as a financial expense. A provision for onerous contracts is recognised when the expected benefits to be derived by Entra from a contract are lower than the unavoidable cost of meeting its obligations under the contract.
NOK million | 2025 | 2024 |
Accrued interest | 257 | 254 |
Tenant prepayments | 83 | 87 |
Lease liabilities (Note20) | 3 | 5 |
Holiday pay owed | 24 | 22 |
Public taxes and duties | 40 | 23 |
Income tax payable | 16 | 13 |
Provisions for current liabilities | 15 | 19 |
Other liabilities | 31 | 11 |
Total other current liabilites | 468 | 435 |
Note 21\tOther current liabilities
Accounting policies
Non-interest-bearing financial liabilities
Non-interest-bearing liabilities are classified as financial liabilities at amortised cost, and are measured at fair value upon initial recognition, and subsequently at amortised cost using the effective interest rate method. Interest is ignored if it is insignificant.
Provisions
The Group recognises provisions for legal claims when a legal or self-imposed obligation exists as a result of past events, when it is likely that an outflow of resources will be required to settle the obligation and its amount can be estimated with a sufficient degree of reliability.
In cases where there are several obligations of the same nature, the likelihood of settlement is determined by assessing the Group as a whole. A provision for the Group is recognised even if there is little likelihood of settlement of the Group\u2019s individual elements.
Provisions are measured at the present value of expected payments to settle an obligation. A discount rate before tax is used which reflects the present market situation. Any increase in an obligation as a result of a changed time value is reported as a financial expense. A provision for onerous contracts is recognised when the expected benefits to be derived by Entra from a contract are lower than the unavoidable cost of meeting its obligations under the contract.
NOK million | 2025 | 2024 |
Accrued interest | 257 | 254 |
Tenant prepayments | 83 | 87 |
Lease liabilities (Note20) | 3 | 5 |
Holiday pay owed | 24 | 22 |
Public taxes and duties | 40 | 23 |
Income tax payable | 16 | 13 |
Provisions for current liabilities | 15 | 19 |
Other liabilities | 31 | 11 |
Total other current liabilites | 468 | 435 |
Note 21\tOther current liabilities
Accounting policies
Non-interest-bearing financial liabilities
Non-interest-bearing liabilities are classified as financial liabilities at amortised cost, and are measured at fair value upon initial recognition, and subsequently at amortised cost using the effective interest rate method. Interest is ignored if it is insignificant.
Provisions
The Group recognises provisions for legal claims when a legal or self-imposed obligation exists as a result of past events, when it is likely that an outflow of resources will be required to settle the obligation and its amount can be estimated with a sufficient degree of reliability.
In cases where there are several obligations of the same nature, the likelihood of settlement is determined by assessing the Group as a whole. A provision for the Group is recognised even if there is little likelihood of settlement of the Group\u2019s individual elements.
Provisions are measured at the present value of expected payments to settle an obligation. A discount rate before tax is used which reflects the present market situation. Any increase in an obligation as a result of a changed time value is reported as a financial expense. A provision for onerous contracts is recognised when the expected benefits to be derived by Entra from a contract are lower than the unavoidable cost of meeting its obligations under the contract.
NOK million | 2025 | 2024 |
Accrued interest | 257 | 254 |
Tenant prepayments | 83 | 87 |
Lease liabilities (Note20) | 3 | 5 |
Holiday pay owed | 24 | 22 |
Public taxes and duties | 40 | 23 |
Income tax payable | 16 | 13 |
Provisions for current liabilities | 15 | 19 |
Other liabilities | 31 | 11 |
Total other current liabilites | 468 | 435 |
Note 21\tOther current liabilities
Accounting policies
Non-interest-bearing financial liabilities
Non-interest-bearing liabilities are classified as financial liabilities at amortised cost, and are measured at fair value upon initial recognition, and subsequently at amortised cost using the effective interest rate method. Interest is ignored if it is insignificant.
Provisions
The Group recognises provisions for legal claims when a legal or self-imposed obligation exists as a result of past events, when it is likely that an outflow of resources will be required to settle the obligation and its amount can be estimated with a sufficient degree of reliability.
In cases where there are several obligations of the same nature, the likelihood of settlement is determined by assessing the Group as a whole. A provision for the Group is recognised even if there is little likelihood of settlement of the Group\u2019s individual elements.
Provisions are measured at the present value of expected payments to settle an obligation. A discount rate before tax is used which reflects the present market situation. Any increase in an obligation as a result of a changed time value is reported as a financial expense. A provision for onerous contracts is recognised when the expected benefits to be derived by Entra from a contract are lower than the unavoidable cost of meeting its obligations under the contract.
NOK million | 2025 | 2024 |
Accrued interest | 257 | 254 |
Tenant prepayments | 83 | 87 |
Lease liabilities (Note20) | 3 | 5 |
Holiday pay owed | 24 | 22 |
Public taxes and duties | 40 | 23 |
Income tax payable | 16 | 13 |
Provisions for current liabilities | 15 | 19 |
Other liabilities | 31 | 11 |
Total other current liabilites | 468 | 435 |
Provisions
The Group recognises provisions for legal claims when a legal or self-imposed obligation exists as a result of past events, when it is likely that an outflow of resources will be required to settle the obligation and its amount can be estimated with a sufficient degree of reliability.
In cases where there are several obligations of the same nature, the likelihood of settlement is determined by assessing the Group as a whole. A provision for the Group is recognised even if there is little likelihood of settlement of the Group\u2019s individual elements.
Provisions are measured at the present value of expected payments to settle an obligation. A discount rate before tax is used which reflects the present market situation. Any increase in an obligation as a result of a changed time value is reported as a financial expense. A provision for onerous contracts is recognised when the expected benefits to be derived by Entra from a contract are lower than the unavoidable cost of meeting its obligations under the contract.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__166": { "value": "Note 22\tFinancial instruments
Accounting policies
A financial instrument is defined as being any contract that gives rise to a financial asset for one entity and a financial liability or equity instrument for another entity. Financial instruments are recognised on the transaction date, i.e., the date on which the Group commits to buying or selling the asset. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them.
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through OCI, or FVTPL. The majority of the Group\u2019s financial assets are classified as measured at amortised cost as they are held for the purpose of recovering contractual cash flows and where these cash flows consist only of principal amounts and interest.
Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is recognised, modified or impaired. The Group\u2019s financial assets at amortised cost includes trade and other current receivables, cash and cash equivalents and other financial assets.
Financial assets at FVTPL include financial assets held for trading, financial assets designated upon initial recognition at FVTPL, and financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term.
Derivatives, including separated embedded derivatives, are also classified as held at FVTPL unless they are designated as effective hedging instruments. Financial assets with cash flows that are not solely payments of principal and interest are classified and measured at FVTPL. The Group has elected not to present subsequent changes in the fair value of its equity investments in OCI, and investments in equity instruments are consequently measured at FVTPL.
The Group recognises an allowance for expected credit losses on all debt instruments not held at FVTPL. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument.
Financial liabilities are classified upon initial recognition as financial liabilities at FVTPL and financial liabilities at amortised cost. Financial liabilities at FVTPL comprise interest rate derivatives. Financial liabilities at amortised cost consist of liabilities that do not fall under the category at FVTPL.
Financial derivatives
The Group uses derivatives to manage its interest rate risk. Interest rate derivatives are used for economic hedging purposes only. The Group does not apply hedge accounting under IFRS 9. Derivatives are initially recognised at fair value on the date on which the contract was signed, and subsequently at fair value. Gains or losses on remeasurement at fair value are recognised in the income statement. Net interest settlements on interest rate swaps are presented under \u2018Net realised financials\u2019. Changes in the value of the derivatives are presented under \u2018Changes in value of financial instruments\u2019.
The fair value of interest rate swaps is the estimated amount the Group would receive or pay to redeem the contracts on the balance sheet date. This amount will depend on interest rates and the contracts\u2019 remaining term to maturity. The derivatives are classified on the balance sheet as current or non-current, depending on whether they are expected to be redeemed under or over 12 months from the balance sheet date.
Fair value hierarchy
The Group uses the following hierarchy to classify assets and liabilities, based on the valuation methods used to measure and disclose their fair value. There were no transfers between the levels in the fair value hierarchy during the year.
Level 1:\tQuoted (unadjusted) prices in active markets for identical assets and liabilities.
Level 2:\tOther techniques where all of the parameters that have a significant impact on measuring fair value are either directly or indirectly observable.
Level 3:\tValuation techniques that use parameters that significantly affect the valuation, but which are not observable (unobservable input variables).
Key sources of estimation uncertainty
Fair value of financial derivatives
The Group uses interest rate derivatives and fixed rate loans to manage the interest rate risk. The financial derivatives are in the Group\u2019s balance sheet valued at fair value, measured using valuation methods where the significant parameters are obtained from quoted market data.
Categories and fair value of financial instruments at 31.12.25
NOK million | Amortised cost | FVTPL | Total | Fair value level |
Financial investments | ||||
shares | 350 | 350 | Level 3 | |
other financial assets | 205 | 205 | ||
Financial derivatives | 619 | 619 | Level 2 | |
Trade receivables | 43 | 43 | ||
Other current assets | 286 | 286 | ||
Cash and cash equivalents | 261 | 261 | ||
Total financial assets | 795 | 969 | 1\u00a0765 | |
Interest-bearing liabilities | 30\u00a0945 | 30\u00a0945 | ||
Lease liabilities | 218 | 218 | ||
Financial derivatives | 197 | 197 | Level 2 | |
Other non-current liabilities | 103 | 103 | ||
Trade payables | 170 | 170 | ||
Other current liabilities | 110 | 110 | ||
Total financial liabilities | 31\u00a0546 | 197 | 31\u00a0743 |
Refer to Note 24for further information on the fair value of interest-bearing liabilities. The fair value of other financial liabilities and financial assets measured at amortised cost at 31 December 2025 was approximately the same as carrying value. In addition to the financial instruments presented above, investment properties are measured at FVTPL based on a Level 3 valuation method. Refer to Note 14for further information.
Categories and fair value of financial instruments at 31.12.24
NOK million | Amortised cost | FVTPL | Total | Fair value level |
Financial investments | ||||
shares | 292 | 292 | Level 3 | |
other financial assets | 170 | 170 | ||
Financial derivatives | 843 | 843 | Level 2 | |
Trade receivables | 70 | 70 | ||
Other current assets | 220 | 220 | ||
Cash and cash equivalents | 264 | 264 | ||
Total financial assets | 724 | 1\u00a0135 | 1\u00a0859 | |
Interest-bearing liabilities | 31\u00a0396 | 31\u00a0396 | ||
Lease liabilities | 220 | 220 | ||
Financial derivatives | 259 | 259 | Level 2 | |
Other non-current liabilities | 97 | 97 | ||
Trade payables | 188 | 188 | ||
Other current liabilities | 83 | 83 | ||
Total financial liabilities | 31\u00a0983 | 259 | 32\u00a0242 |
Changes in value of financial instruments at FVTPL
NOK million | 2025 | 2024 |
Changes in value of financial derivatives | -162 | 162 |
Changes in value of shares | 60 | 3 |
Total changes in value of financial instruments | -102 | 165 |
Accounting policies
A financial instrument is defined as being any contract that gives rise to a financial asset for one entity and a financial liability or equity instrument for another entity. Financial instruments are recognised on the transaction date, i.e., the date on which the Group commits to buying or selling the asset. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them.
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through OCI, or FVTPL. The majority of the Group\u2019s financial assets are classified as measured at amortised cost as they are held for the purpose of recovering contractual cash flows and where these cash flows consist only of principal amounts and interest.
Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is recognised, modified or impaired. The Group\u2019s financial assets at amortised cost includes trade and other current receivables, cash and cash equivalents and other financial assets.
Financial assets at FVTPL include financial assets held for trading, financial assets designated upon initial recognition at FVTPL, and financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term.
Derivatives, including separated embedded derivatives, are also classified as held at FVTPL unless they are designated as effective hedging instruments. Financial assets with cash flows that are not solely payments of principal and interest are classified and measured at FVTPL. The Group has elected not to present subsequent changes in the fair value of its equity investments in OCI, and investments in equity instruments are consequently measured at FVTPL.
The Group recognises an allowance for expected credit losses on all debt instruments not held at FVTPL. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument.
Financial liabilities are classified upon initial recognition as financial liabilities at FVTPL and financial liabilities at amortised cost. Financial liabilities at FVTPL comprise interest rate derivatives. Financial liabilities at amortised cost consist of liabilities that do not fall under the category at FVTPL.
Financial derivatives
The Group uses derivatives to manage its interest rate risk. Interest rate derivatives are used for economic hedging purposes only. The Group does not apply hedge accounting under IFRS 9. Derivatives are initially recognised at fair value on the date on which the contract was signed, and subsequently at fair value. Gains or losses on remeasurement at fair value are recognised in the income statement. Net interest settlements on interest rate swaps are presented under \u2018Net realised financials\u2019. Changes in the value of the derivatives are presented under \u2018Changes in value of financial instruments\u2019.
The fair value of interest rate swaps is the estimated amount the Group would receive or pay to redeem the contracts on the balance sheet date. This amount will depend on interest rates and the contracts\u2019 remaining term to maturity. The derivatives are classified on the balance sheet as current or non-current, depending on whether they are expected to be redeemed under or over 12 months from the balance sheet date.
Fair value hierarchy
The Group uses the following hierarchy to classify assets and liabilities, based on the valuation methods used to measure and disclose their fair value. There were no transfers between the levels in the fair value hierarchy during the year.
Level 1:\tQuoted (unadjusted) prices in active markets for identical assets and liabilities.
Level 2:\tOther techniques where all of the parameters that have a significant impact on measuring fair value are either directly or indirectly observable.
Level 3:\tValuation techniques that use parameters that significantly affect the valuation, but which are not observable (unobservable input variables).
Key sources of estimation uncertainty
Fair value of financial derivatives
The Group uses interest rate derivatives and fixed rate loans to manage the interest rate risk. The financial derivatives are in the Group\u2019s balance sheet valued at fair value, measured using valuation methods where the significant parameters are obtained from quoted market data.
Note 22\tFinancial instruments", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__170": { "value": "Accounting policies
A financial instrument is defined as being any contract that gives rise to a financial asset for one entity and a financial liability or equity instrument for another entity. Financial instruments are recognised on the transaction date, i.e., the date on which the Group commits to buying or selling the asset. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them.
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through OCI, or FVTPL. The majority of the Group\u2019s financial assets are classified as measured at amortised cost as they are held for the purpose of recovering contractual cash flows and where these cash flows consist only of principal amounts and interest.
Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is recognised, modified or impaired. The Group\u2019s financial assets at amortised cost includes trade and other current receivables, cash and cash equivalents and other financial assets.
Financial assets at FVTPL include financial assets held for trading, financial assets designated upon initial recognition at FVTPL, and financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term.
Derivatives, including separated embedded derivatives, are also classified as held at FVTPL unless they are designated as effective hedging instruments. Financial assets with cash flows that are not solely payments of principal and interest are classified and measured at FVTPL. The Group has elected not to present subsequent changes in the fair value of its equity investments in OCI, and investments in equity instruments are consequently measured at FVTPL.
The Group recognises an allowance for expected credit losses on all debt instruments not held at FVTPL. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument.
Financial liabilities are classified upon initial recognition as financial liabilities at FVTPL and financial liabilities at amortised cost. Financial liabilities at FVTPL comprise interest rate derivatives. Financial liabilities at amortised cost consist of liabilities that do not fall under the category at FVTPL.
Financial derivatives
The Group uses derivatives to manage its interest rate risk. Interest rate derivatives are used for economic hedging purposes only. The Group does not apply hedge accounting under IFRS 9. Derivatives are initially recognised at fair value on the date on which the contract was signed, and subsequently at fair value. Gains or losses on remeasurement at fair value are recognised in the income statement. Net interest settlements on interest rate swaps are presented under \u2018Net realised financials\u2019. Changes in the value of the derivatives are presented under \u2018Changes in value of financial instruments\u2019.
The fair value of interest rate swaps is the estimated amount the Group would receive or pay to redeem the contracts on the balance sheet date. This amount will depend on interest rates and the contracts\u2019 remaining term to maturity. The derivatives are classified on the balance sheet as current or non-current, depending on whether they are expected to be redeemed under or over 12 months from the balance sheet date.
Fair value hierarchy
The Group uses the following hierarchy to classify assets and liabilities, based on the valuation methods used to measure and disclose their fair value. There were no transfers between the levels in the fair value hierarchy during the year.
Level 1:\tQuoted (unadjusted) prices in active markets for identical assets and liabilities.
Level 2:\tOther techniques where all of the parameters that have a significant impact on measuring fair value are either directly or indirectly observable.
Level 3:\tValuation techniques that use parameters that significantly affect the valuation, but which are not observable (unobservable input variables).
Key sources of estimation uncertainty
Fair value of financial derivatives
The Group uses interest rate derivatives and fixed rate loans to manage the interest rate risk. The financial derivatives are in the Group\u2019s balance sheet valued at fair value, measured using valuation methods where the significant parameters are obtained from quoted market data.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__171": { "value": "Financial assets at FVTPL include financial assets held for trading, financial assets designated upon initial recognition at FVTPL, and financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term.
Derivatives, including separated embedded derivatives, are also classified as held at FVTPL unless they are designated as effective hedging instruments. Financial assets with cash flows that are not solely payments of principal and interest are classified and measured at FVTPL. The Group has elected not to present subsequent changes in the fair value of its equity investments in OCI, and investments in equity instruments are consequently measured at FVTPL.
The Group recognises an allowance for expected credit losses on all debt instruments not held at FVTPL. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument.
Financial liabilities are classified upon initial recognition as financial liabilities at FVTPL and financial liabilities at amortised cost. Financial liabilities at FVTPL comprise interest rate derivatives. Financial liabilities at amortised cost consist of liabilities that do not fall under the category at FVTPL.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__172": { "value": "The Group recognises an allowance for expected credit losses on all debt instruments not held at FVTPL. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__173": { "value": "The Group recognises an allowance for expected credit losses on all debt instruments not held at FVTPL. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__174-1": { "value": "Financial liabilities are classified upon initial recognition as financial liabilities at FVTPL and financial liabilities at amortised cost. Financial liabilities at FVTPL comprise interest rate derivatives. Financial liabilities at amortised cost consist of liabilities that do not fall under the category at FVTPL.Financial derivatives
The Group uses derivatives to manage its interest rate risk. Interest rate derivatives are used for economic hedging purposes only. The Group does not apply hedge accounting under IFRS 9. Derivatives are initially recognised at fair value on the date on which the contract was signed, and subsequently at fair value. Gains or losses on remeasurement at fair value are recognised in the income statement. Net interest settlements on interest rate swaps are presented under \u2018Net realised financials\u2019. Changes in the value of the derivatives are presented under \u2018Changes in value of financial instruments\u2019.
The fair value of interest rate swaps is the estimated amount the Group would receive or pay to redeem the contracts on the balance sheet date. This amount will depend on interest rates and the contracts\u2019 remaining term to maturity. The derivatives are classified on the balance sheet as current or non-current, depending on whether they are expected to be redeemed under or over 12 months from the balance sheet date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__175": { "value": "Financial liabilities are classified upon initial recognition as financial liabilities at FVTPL and financial liabilities at amortised cost. Financial liabilities at FVTPL comprise interest rate derivatives. Financial liabilities at amortised cost consist of liabilities that do not fall under the category at FVTPL.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__176": { "value": "Financial derivatives
The Group uses derivatives to manage its interest rate risk. Interest rate derivatives are used for economic hedging purposes only. The Group does not apply hedge accounting under IFRS 9. Derivatives are initially recognised at fair value on the date on which the contract was signed, and subsequently at fair value. Gains or losses on remeasurement at fair value are recognised in the income statement. Net interest settlements on interest rate swaps are presented under \u2018Net realised financials\u2019. Changes in the value of the derivatives are presented under \u2018Changes in value of financial instruments\u2019.
The fair value of interest rate swaps is the estimated amount the Group would receive or pay to redeem the contracts on the balance sheet date. This amount will depend on interest rates and the contracts\u2019 remaining term to maturity. The derivatives are classified on the balance sheet as current or non-current, depending on whether they are expected to be redeemed under or over 12 months from the balance sheet date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__177-1": { "value": "Financial derivatives
The Group uses derivatives to manage its interest rate risk. Interest rate derivatives are used for economic hedging purposes only. The Group does not apply hedge accounting under IFRS 9. Derivatives are initially recognised at fair value on the date on which the contract was signed, and subsequently at fair value. Gains or losses on remeasurement at fair value are recognised in the income statement. Net interest settlements on interest rate swaps are presented under \u2018Net realised financials\u2019. Changes in the value of the derivatives are presented under \u2018Changes in value of financial instruments\u2019.
The fair value of interest rate swaps is the estimated amount the Group would receive or pay to redeem the contracts on the balance sheet date. This amount will depend on interest rates and the contracts\u2019 remaining term to maturity. The derivatives are classified on the balance sheet as current or non-current, depending on whether they are expected to be redeemed under or over 12 months from the balance sheet date.
Fair value hierarchy
The Group uses the following hierarchy to classify assets and liabilities, based on the valuation methods used to measure and disclose their fair value. There were no transfers between the levels in the fair value hierarchy during the year.
Level 1:\tQuoted (unadjusted) prices in active markets for identical assets and liabilities.
Level 2:\tOther techniques where all of the parameters that have a significant impact on measuring fair value are either directly or indirectly observable.
Level 3:\tValuation techniques that use parameters that significantly affect the valuation, but which are not observable (unobservable input variables).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__178": { "value": "Financial derivatives
The Group uses derivatives to manage its interest rate risk. Interest rate derivatives are used for economic hedging purposes only. The Group does not apply hedge accounting under IFRS 9. Derivatives are initially recognised at fair value on the date on which the contract was signed, and subsequently at fair value. Gains or losses on remeasurement at fair value are recognised in the income statement. Net interest settlements on interest rate swaps are presented under \u2018Net realised financials\u2019. Changes in the value of the derivatives are presented under \u2018Changes in value of financial instruments\u2019.
The fair value of interest rate swaps is the estimated amount the Group would receive or pay to redeem the contracts on the balance sheet date. This amount will depend on interest rates and the contracts\u2019 remaining term to maturity. The derivatives are classified on the balance sheet as current or non-current, depending on whether they are expected to be redeemed under or over 12 months from the balance sheet date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__182": { "value": "Fair value of financial derivatives
The Group uses interest rate derivatives and fixed rate loans to manage the interest rate risk. The financial derivatives are in the Group\u2019s balance sheet valued at fair value, measured using valuation methods where the significant parameters are obtained from quoted market data.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__183": { "value": "Fair value of financial derivatives
The Group uses interest rate derivatives and fixed rate loans to manage the interest rate risk. The financial derivatives are in the Group\u2019s balance sheet valued at fair value, measured using valuation methods where the significant parameters are obtained from quoted market data.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__184": { "value": "Fair value of financial derivatives
The Group uses interest rate derivatives and fixed rate loans to manage the interest rate risk. The financial derivatives are in the Group\u2019s balance sheet valued at fair value, measured using valuation methods where the significant parameters are obtained from quoted market data.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__186": { "value": "Categories and fair value of financial instruments at 31.12.25
NOK million | Amortised cost | FVTPL | Total | Fair value level |
Financial investments | ||||
shares | 350 | 350 | Level 3 | |
other financial assets | 205 | 205 | ||
Financial derivatives | 619 | 619 | Level 2 | |
Trade receivables | 43 | 43 | ||
Other current assets | 286 | 286 | ||
Cash and cash equivalents | 261 | 261 | ||
Total financial assets | 795 | 969 | 1\u00a0765 | |
Interest-bearing liabilities | 30\u00a0945 | 30\u00a0945 | ||
Lease liabilities | 218 | 218 | ||
Financial derivatives | 197 | 197 | Level 2 | |
Other non-current liabilities | 103 | 103 | ||
Trade payables | 170 | 170 | ||
Other current liabilities | 110 | 110 | ||
Total financial liabilities | 31\u00a0546 | 197 | 31\u00a0743 |
Refer to Note 24for further information on the fair value of interest-bearing liabilities. The fair value of other financial liabilities and financial assets measured at amortised cost at 31 December 2025 was approximately the same as carrying value. In addition to the financial instruments presented above, investment properties are measured at FVTPL based on a Level 3 valuation method. Refer to Note 14for further information.
Categories and fair value of financial instruments at 31.12.24
NOK million | Amortised cost | FVTPL | Total | Fair value level |
Financial investments | ||||
shares | 292 | 292 | Level 3 | |
other financial assets | 170 | 170 | ||
Financial derivatives | 843 | 843 | Level 2 | |
Trade receivables | 70 | 70 | ||
Other current assets | 220 | 220 | ||
Cash and cash equivalents | 264 | 264 | ||
Total financial assets | 724 | 1\u00a0135 | 1\u00a0859 | |
Interest-bearing liabilities | 31\u00a0396 | 31\u00a0396 | ||
Lease liabilities | 220 | 220 | ||
Financial derivatives | 259 | 259 | Level 2 | |
Other non-current liabilities | 97 | 97 | ||
Trade payables | 188 | 188 | ||
Other current liabilities | 83 | 83 | ||
Total financial liabilities | 31\u00a0983 | 259 | 32\u00a0242 |
Changes in value of financial instruments at FVTPL
NOK million | 2025 | 2024 |
Changes in value of financial derivatives | -162 | 162 |
Changes in value of shares | 60 | 3 |
Total changes in value of financial instruments | -102 | 165 |
Note 23\tFinancial risk management
Governance structure, exposure and reporting
The Board has defined limits for the financial exposure of the Group through the financial policy. The financial policy regulates the following:
\u2022Allocation of responsibility for financial management
\u2022Overall limits and principles for management of financial exposure
\u2022Principles for borrowing
\u2022Definitions of financial risk parameters and key controls that must be in place to ensure adequate risk management
\u2022Requirements for reporting and monitoring, with requirements to report regularly to the Board on the Group\u2019s overall financial risk exposure
There is a responsibility and authority matrix for the finance department, which defines authority for the day-to-day management of financial transactions within the overall framework of financial management
The Group must ensure that there is adequate operational risk management and internal control through clear areas of responsibility and allocation of duties. The procedures relate in particular to the management of financial exposure and the division of responsibility between the various roles in the finance department and the department\u2019s financial systems. There are guidelines for managing financial exposure, which include checklists related to the control of current transactions.
The finance department is continuously assessing the Group\u2019s financial risks and opportunities. Projections and simulations are made in the corporate financial model based on key assumptions on macroeconomic development, financial parameters and the property market. The simulations are intended to provide information for the Board and management in their monitoring of key financial figures for the Group.
The Group\u2019s finance strategy shall ensure that the Group has financial flexibility and that it achieves competitive financial terms. The Group is exposed to financial risk and has defined the following relevant risk areas:
\u2022Liquidity risk
\u2022Refinancing risk
\u2022Capital management and solvency
\u2022Interest rate risk
\u2022Credit/counterparty risk
\u2022Currency risk
Liquidity risk
Liquidity risk is the risk that the Entra will lack sufficient cash and cash equivalents to be able to fulfil the Group\u2019s payment obligations relating to operating costs, interest and maturities. According to the finance policy, the Group shall have a back-stop of short-term interest-bearing debt, i.e. unutilised credit facilities divided by short-term interest-bearing debt, of at least 100 per cent. The back-stop of short-term interest-bearing debt was 214 per cent as of 31 December 2025. The unutilised credit facilities and continuous management of the debt portfolio ensures that the Group has available liquidity to fulfil the Group\u2019s payment obligations. As of 31 December 2025, Entra\u2019s cash and cash equivalents and unutilised credit facilities totaled 7 655 million (14 409 million).
Refinancing risk
Refinancing risk is the risk that Entra may not be able to refinance its maturing debt obligations in the future or that financing will not be available at a reasonable price.
According to Entra\u2019s finance policy, the Group seeks to limit refinancing risk through the following measures:
\u2022average time to maturity for the Group\u2019s interest-bearing debt shall be at least three years
\u2022not more than 30 per cent of the interest-bearing debt should mature within 12 months
\u2022balanced maturity profile for the Group\u2019s financing
\u2022the use of various credit markets and counterparties
As at 31 December 2025, the average time to maturity of the Group\u2019s interest-bearing debt was 3.6 years (3.1 years), and 11 per cent (25 per cent) of the interest-bearing debt matures within 12 months. Entra maintains strong relations with five of the top six Nordic banks, as well as other participants in the debt capital market. Entra\u2019s financing is mainly based on negative pledge of the Group\u2019s assets, with secured financing for part of the Group\u2019s assets according to defined carve-out clauses in the loan agreements, which enables a broad and flexible financing mix.
Capital management and solvency
The main purpose of the Group\u2019s capital management is to optimise the balance between debt and equity, in order to maximise the value of the shares in the Group, while also maintaining a good credit rating and obtaining financing terms that reflects the risk profile of the Group. The Group has defined a target for the LTV (loan-to-value) metric Effective leverage which shall not exceed 50 per cent over time.
Entra has an official investment grade credit rating from Moody\u2019s. Throughout 2025, Entra maintained an investment grade credit rating of Baa3 with a stable outlook from Moody\u2019s. In March 2026, Moody\u2019s affirmed the Baa3 rating and upgraded the outlook to positive.
Interest rate risk
Interest rate risk arises from the interest-bearing debt being affected by changes in market rates. Interest rate risk affects the Group\u2019s cash flows and the market value of the Group\u2019s liabilities. The main purpose of the Group\u2019s interest rate strategy is to ensure that the Group achieves the desired balance between the interest expense and interest rate risk. The Group\u2019s interest rate risk is managed within the following financial policy requirements:
\u2022minimum Interest Coverage Ratio (ICR) for the last 12 months of at least 1.80
\u2022not more than 50 per cent of the interest rate hedges should mature within 12 months
\u2022average remaining time to maturity for interest rate hedges in the interval 2\u20136 years
\u2022diversification of the maturity structure for fixed interest rates
The Group uses interest rate derivatives and fixed rate bonds to establish and maintain the desired fixed rate structure. The interest rate hedge profile is based on an assessment of the Group\u2019s financial strength and its ability to generate long-term, stable cash flows. 52 per cent of the Group\u2019s liabilities are subject to fixed interest rates as of 31 December 2025, compared to 55 per cent at 31 December 2024.
As of 31 December 2025, the ICR for the last 12 months was 2.14x (1.91x). At 31 December 2025, the weighted average remaining term to maturity was 2.3 years (2.4 years). The average nominal interest rate was 3.97 per cent (3.97 per cent) at 31 December 2025. As of 31 December 2025, Entra\u2019s portfolio of fixed interest rate hedges had a total volume of 20 289 million (21 589 million), equivalent to a fixed rate hedge position of 65.1 per cent (68.2 per cent). The average term to maturity of Entra\u2019s interest rate hedge portfolio was 3.4 years (3.5 years). The maturity structure for fixed rate instruments is diversified over the next 8 years.
The table below shows the nominal value of outstanding current and non-current interest-bearing debt including derivatives.
Maturity structure of the Group\u2019s exposure to nominal interest rate risk
As at 31.12.2025
31.12.2026 | 31.12.2027 | 31.12.2029 | 31.12.2031 | 31.12.2033 | 31.12.2035 | 31.12.2035+ | ||
Term to maturity | Up to 1 year | 1\u20132 years | 2\u20134 years | 4\u20136 years | 6\u20138 years | 8\u201310 years | Over 10 years | Total |
Percentage | 11 | 7 | 47 | 35 | - | - | - | 100 |
Amount (NOKm) | 3\u00a0575 | 2\u00a0094 | 14\u00a0715 | 10\u00a0765 | - | - | - | 31\u00a0149 |
As at 31.12.2024
31.12.2025 | 31.12.2026 | 31.12.2028 | 31.12.2030 | 31.12.2032 | 31.12.2034 | 31.12.2034+ | ||
Term to maturity | Up to 1 year | 1\u20132 years | 2\u20134 years | 4\u20136 years | 6\u20138 years | 8\u201310 years | Over 10 years | Total |
Percentage | 25 | 31 | 16 | 27 | 2 | - | - | 100 |
Amount (NOKm) | 7\u00a0915 | 9\u00a0773 | 5\u00a0062 | 8\u00a0415 | 500 | - | - | 31\u00a0665 |
Sensitivity analysis
The table below shows Entra\u2019s overall impact on the Group\u2019s interest expenses on borrowings (refer to Note 10) and ICR if the market interest rates in 2025 fluctuates in line with the forward curve as of the balance sheet date, when including the effects of existing interest rate hedges, assuming completion of all signed and reported ongoing transactions as of the date of this report and refinancing of debt maturities at expected markets terms. Further, the table shows the impact of a parallel shift in market interest rates, represented by the forward curve, of +/- 1 percentage point. For the calculation of the effect on the ICR in the table below, rental income is based on all reported events as of the date of this report and assuming the NOI margin to remain constant from 2025, while all other factors are based on reported figures for 2025. The table can however not be considered an expectation or forecast for the interest expenses on borrowings or ICR for 2026.
Assumption | Interest expenses on borrowings (NOKm) | ICR |
Interest rate development in line with forward curve | 1 260 | 2.05 |
Market interest rates + 1 percentage point | 1 375 | 1.88 |
Market interest rates\u00a0-\u00a01 percentage point | 1 144 | 2.25 |
The effects on the interest expenses illustrated in the table above will be partly offset by positive changes in value of financial instruments given an increase in the marked rates and negative changes in value of financial instruments given a decrease in the marked rates.
Credit and counterparty risk
Stable, predictable and long-term access to capital is critical for Entra. Entra considers that the ability of creditors to behave predictably over the long term is often dependent on their credit-worthiness. For this reason, Entra wants the Group\u2019s creditors to be of strong credit quality and has established credit rating limits for the Group\u2019s creditors. The credit ratings of the Group\u2019s financial counterparties are continuously monitored. The fair value of all financial derivative assets as of 31 December 2025 was 619 million (843 million).
Trade receivables at 31 December 2025 was 43 million (70 million), contract assets was nil (522 million), external loans was 65 million (67 million), loans to associated companies was 68 million (28 million) and other long-term receivables was 72 million (75 million). The concentration of credit risk with respect to trade debtors is assessed to be low, as the majority of Entra\u2019s customers are paying their rent in advance. The external loan agreements are mainly seller\u2019s credit agreements with counterparties of solid creditworthiness.
Cash and bank deposits at 31 December 2025 amounted to 261 million (264 million). The deposits were placed with financial institutions with A-/A3 or better credit ratings.
Entra\u2019s finance policy includes a threshold which stipulates the maximum share of interest-bearing debt per counterparty is 40 per cent. No counterparties exceeded the threshold as of 31 December 2025.
Currency risk
The Group shall not incur any currency risk. The Group did not have any currency exposure on 31 December 2025.
Financial covenants
There are covenants in the Group\u2019s bank loan agreements specifying that the interest cover ratio (ICR) may not fall below 1.40 and that the loan-to-value of property (LTV) may not exceed 75 per cent. As of 31 December 2025, the Group was not in breach of any covenants as the ICR was 2.14x and LTV, measured by Effective leverage, was 48.0 per cent. Refer to the sensitivity analysis in this note for the sensitivity of the ICR for changes in interest rates and Note 14for the sensitivity of the LTV for changes in the unobservable input variables in the valuation of investment properties.
There are no covenants in relation to the Group\u2019s bond or commercial paper loans, but there are clauses of cross-default.
Maturity profile of all financial instruments
NOK million | Remaining term | ||||||||
31.12.2025 | Under 3 months | 4\u201312 months | 1\u20132 years | 2\u20134 years | 4\u20136 years | 6\u20138 years | 8\u201310 years | Over 10 years | Total |
Interest-bearing bank loans \u2013 principal | - | - | 1\u00a0451 | 8\u00a0403 | 500 | - | - | - | 10\u00a0354 |
Interest-bearing bank loans \u2013 amortising | 6 | 18 | 24 | 12 | - | - | - | - | 61 |
Interest-bearing bank loans \u2013 estimated interest | 142 | 426 | 511 | 646 | 50 | - | - | - | 1\u00a0776 |
Bonds \u2013 principal | - | 3\u00a0075 | 594 | 6\u00a0300 | 10\u00a0265 | - | - | - | 20\u00a0234 |
Bonds \u2013 estimated interest | 203 | 602 | 713 | 1\u00a0257 | 514 | - | - | - | 3\u00a0289 |
Commercial paper \u2013 principal | 500 | - | - | - | - | - | - | - | 500 |
Commercial paper \u2013 estimated interest | 12 | - | - | - | - | - | - | - | 12 |
Interest rate derivative liabilities | 25 | 42 | 68 | 76 | -33 | - | - | - | 178 |
Interest rate derivative assets | -63 | -171 | -183 | -281 | -133 | -24 | - | - | -856 |
Lease liabilities | 4 | 8 | 13 | 25 | 25 | 24 | 24 | 439 | 562 |
Trade payables | 170 | - | - | - | - | - | - | - | 170 |
Other financial liabilities | 110 | - | - | - | - | - | - | - | 110 |
Total | 1\u00a0110 | 4\u00a0000 | 3\u00a0190 | 16\u00a0438 | 11\u00a0690 | - | 24 | 439 | 36\u00a0390 |
NOK million | Remaining term | ||||||||
31.12.2024 | Under 3 months | 4\u201312 months | 1\u20132 years | 2\u20134 years | 4\u20136 years | 6\u20138 years | 8\u201310 years | Over 10 years | Total |
Interest-bearing bank loans \u2013 principal | - | 4\u00a0165 | 5\u00a0682 | 2\u00a0465 | 500 | 500 | - | - | 13\u00a0312 |
Interest-bearing bank loans \u2013 amortising | 9 | 26 | 28 | 3 | - | - | - | - | 65 |
Interest-bearing bank loans \u2013 estimated interest | 205 | 600 | 511 | 160 | 83 | 28 | - | - | 1\u00a0586 |
Bonds \u2013 principal | - | 1\u00a0600 | 4\u00a0029 | 2\u00a0594 | 7\u00a0915 | - | - | - | 16\u00a0138 |
Bonds \u2013 estimated interest | 119 | 442 | 498 | 715 | 465 | - | - | - | 2\u00a0240 |
Commercial paper \u2013 principal | 950 | 1\u00a0200 | - | - | - | - | - | - | 2\u00a0150 |
Commercial paper \u2013 estimated interest | 25 | 35 | - | - | - | - | - | - | 60 |
Interest rate derivative liabilities | 22 | 66 | 80 | 131 | 8 | - | - | - | 307 |
Interest rate derivative assets | -85 | -233 | -257 | -342 | -206 | -51 | -11 | - | -1\u00a0186 |
Lease liabilities | 5 | 10 | 12 | 25 | 25 | 24 | 24 | 443 | 567 |
Trade payables | 188 | - | - | - | - | - | - | - | 188 |
Other financial liabilities | 70 | - | - | - | - | - | - | - | 70 |
Total | 1\u00a0508 | 7\u00a0910 | 10\u00a0583 | 5\u00a0750 | 8\u00a0790 | 501 | 13 | 443 | 35\u00a0497 |
The maturity profile is based on undiscounted contractual cash flows. The maturity analysis is based on the earliest possible redemption for instruments where the counterparty has a choice as to when to redeem the instrument. Estimated interest is based on the interest rate on the individual loan/ instrument on the balance sheet date. In order to manage its\u00a0liquidity risk, the Group has available, unutilised credit facilities with Nordic banks, as well as available liquid assets.
Unutilised credit facilities
NOK million | Term to maturity | ||||||||
31.12.2025 | Under 3 months | 4\u201312 months | 1\u20132 years | 2\u20134 years | 4\u20136 years | 6\u20138 years | 8\u201310 years | Over 10 years | Total |
Unutilised credit facilities | - | - | - | 7\u00a0655 | - | - | - | 7\u00a0655 | |
Total unutilised credit facilities | - | - | - | 7\u00a0655 | - | - | - | - | 7\u00a0655 |
NOK million | Term to maturity | ||||||||
31.12.2024 | Under 3 months | 4\u201312 months | 1\u20132 years | 2\u20134 years | 4\u20136 years | 6\u20138 years | 8\u201310 years | Over 10 years | Total |
Unutilised credit facilities | - | 1\u00a0335 | 12\u00a0810 | - | - | - | - | 14\u00a0145 | |
Total unutilised credit facilities | - | 1\u00a0335 | 12\u00a0810 | - | - | - | - | - | 14\u00a0145 |
At 31 December 2025, the Group had 225 million (228 million) of available liquid assets. Refer to Note 25for further information.
Key figures for the Group\u2019s financial instruments
2025 | 2024 | |
Nominal value of interest rate derivatives on the balance sheet date (NOKm)\u200c1 | 19\u00a0260 | 19\u00a0660 |
of which | ||
Fixed-to-variable swaps (NOKm)\u200c1 | 3\u00a0900 | 3\u00a0400 |
Variable-to-Fixed swaps (NOKm) | 15\u00a0360 | 16\u00a0260 |
Range of fixed interest rates | From 0.890% to 5.640% | From 0.890% to 5.640% |
Variable rate basis | NIBOR | NIBOR |
Average fixed rate excl. forward starting swaps | 2.37% | 2.15% |
Average fixed rate incl. forward starting swaps | 2.37% | 2.17% |
13\u00a0900 million (3\u00a0400 million) of swaps linked to the fixed-interest bonds issued by the Group are included in the volume of interest rate swaps. These bonds are swapped to a variable rate in order to ensure that the Group is in a position to manage its interest rate fixing independently of the bonds. The real volume used for interest rate fixing is therefore 15 360 million (16 260 million). At 31 December 2025, the Group has no interest rate options or option-related products.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__189": { "value": "Note 23\tFinancial risk management
Governance structure, exposure and reporting
The Board has defined limits for the financial exposure of the Group through the financial policy. The financial policy regulates the following:
\u2022Allocation of responsibility for financial management
\u2022Overall limits and principles for management of financial exposure
\u2022Principles for borrowing
\u2022Definitions of financial risk parameters and key controls that must be in place to ensure adequate risk management
\u2022Requirements for reporting and monitoring, with requirements to report regularly to the Board on the Group\u2019s overall financial risk exposure
There is a responsibility and authority matrix for the finance department, which defines authority for the day-to-day management of financial transactions within the overall framework of financial management
The Group must ensure that there is adequate operational risk management and internal control through clear areas of responsibility and allocation of duties. The procedures relate in particular to the management of financial exposure and the division of responsibility between the various roles in the finance department and the department\u2019s financial systems. There are guidelines for managing financial exposure, which include checklists related to the control of current transactions.
The finance department is continuously assessing the Group\u2019s financial risks and opportunities. Projections and simulations are made in the corporate financial model based on key assumptions on macroeconomic development, financial parameters and the property market. The simulations are intended to provide information for the Board and management in their monitoring of key financial figures for the Group.
The Group\u2019s finance strategy shall ensure that the Group has financial flexibility and that it achieves competitive financial terms. The Group is exposed to financial risk and has defined the following relevant risk areas:
\u2022Liquidity risk
\u2022Refinancing risk
\u2022Capital management and solvency
\u2022Interest rate risk
\u2022Credit/counterparty risk
\u2022Currency risk
Liquidity risk
Liquidity risk is the risk that the Entra will lack sufficient cash and cash equivalents to be able to fulfil the Group\u2019s payment obligations relating to operating costs, interest and maturities. According to the finance policy, the Group shall have a back-stop of short-term interest-bearing debt, i.e. unutilised credit facilities divided by short-term interest-bearing debt, of at least 100 per cent. The back-stop of short-term interest-bearing debt was 214 per cent as of 31 December 2025. The unutilised credit facilities and continuous management of the debt portfolio ensures that the Group has available liquidity to fulfil the Group\u2019s payment obligations. As of 31 December 2025, Entra\u2019s cash and cash equivalents and unutilised credit facilities totaled 7 655 million (14 409 million).
Refinancing risk
Refinancing risk is the risk that Entra may not be able to refinance its maturing debt obligations in the future or that financing will not be available at a reasonable price.
According to Entra\u2019s finance policy, the Group seeks to limit refinancing risk through the following measures:
\u2022average time to maturity for the Group\u2019s interest-bearing debt shall be at least three years
\u2022not more than 30 per cent of the interest-bearing debt should mature within 12 months
\u2022balanced maturity profile for the Group\u2019s financing
\u2022the use of various credit markets and counterparties
As at 31 December 2025, the average time to maturity of the Group\u2019s interest-bearing debt was 3.6 years (3.1 years), and 11 per cent (25 per cent) of the interest-bearing debt matures within 12 months. Entra maintains strong relations with five of the top six Nordic banks, as well as other participants in the debt capital market. Entra\u2019s financing is mainly based on negative pledge of the Group\u2019s assets, with secured financing for part of the Group\u2019s assets according to defined carve-out clauses in the loan agreements, which enables a broad and flexible financing mix.
Capital management and solvency
The main purpose of the Group\u2019s capital management is to optimise the balance between debt and equity, in order to maximise the value of the shares in the Group, while also maintaining a good credit rating and obtaining financing terms that reflects the risk profile of the Group. The Group has defined a target for the LTV (loan-to-value) metric Effective leverage which shall not exceed 50 per cent over time.
Entra has an official investment grade credit rating from Moody\u2019s. Throughout 2025, Entra maintained an investment grade credit rating of Baa3 with a stable outlook from Moody\u2019s. In March 2026, Moody\u2019s affirmed the Baa3 rating and upgraded the outlook to positive.
Interest rate risk
Interest rate risk arises from the interest-bearing debt being affected by changes in market rates. Interest rate risk affects the Group\u2019s cash flows and the market value of the Group\u2019s liabilities. The main purpose of the Group\u2019s interest rate strategy is to ensure that the Group achieves the desired balance between the interest expense and interest rate risk. The Group\u2019s interest rate risk is managed within the following financial policy requirements:
\u2022minimum Interest Coverage Ratio (ICR) for the last 12 months of at least 1.80
\u2022not more than 50 per cent of the interest rate hedges should mature within 12 months
\u2022average remaining time to maturity for interest rate hedges in the interval 2\u20136 years
\u2022diversification of the maturity structure for fixed interest rates
The Group uses interest rate derivatives and fixed rate bonds to establish and maintain the desired fixed rate structure. The interest rate hedge profile is based on an assessment of the Group\u2019s financial strength and its ability to generate long-term, stable cash flows. 52 per cent of the Group\u2019s liabilities are subject to fixed interest rates as of 31 December 2025, compared to 55 per cent at 31 December 2024.
As of 31 December 2025, the ICR for the last 12 months was 2.14x (1.91x). At 31 December 2025, the weighted average remaining term to maturity was 2.3 years (2.4 years). The average nominal interest rate was 3.97 per cent (3.97 per cent) at 31 December 2025. As of 31 December 2025, Entra\u2019s portfolio of fixed interest rate hedges had a total volume of 20 289 million (21 589 million), equivalent to a fixed rate hedge position of 65.1 per cent (68.2 per cent). The average term to maturity of Entra\u2019s interest rate hedge portfolio was 3.4 years (3.5 years). The maturity structure for fixed rate instruments is diversified over the next 8 years.
The table below shows the nominal value of outstanding current and non-current interest-bearing debt including derivatives.
Maturity structure of the Group\u2019s exposure to nominal interest rate risk
As at 31.12.2025
31.12.2026 | 31.12.2027 | 31.12.2029 | 31.12.2031 | 31.12.2033 | 31.12.2035 | 31.12.2035+ | ||
Term to maturity | Up to 1 year | 1\u20132 years | 2\u20134 years | 4\u20136 years | 6\u20138 years | 8\u201310 years | Over 10 years | Total |
Percentage | 11 | 7 | 47 | 35 | - | - | - | 100 |
Amount (NOKm) | 3\u00a0575 | 2\u00a0094 | 14\u00a0715 | 10\u00a0765 | - | - | - | 31\u00a0149 |
As at 31.12.2024
31.12.2025 | 31.12.2026 | 31.12.2028 | 31.12.2030 | 31.12.2032 | 31.12.2034 | 31.12.2034+ | ||
Term to maturity | Up to 1 year | 1\u20132 years | 2\u20134 years | 4\u20136 years | 6\u20138 years | 8\u201310 years | Over 10 years | Total |
Percentage | 25 | 31 | 16 | 27 | 2 | - | - | 100 |
Amount (NOKm) | 7\u00a0915 | 9\u00a0773 | 5\u00a0062 | 8\u00a0415 | 500 | - | - | 31\u00a0665 |
Sensitivity analysis
The table below shows Entra\u2019s overall impact on the Group\u2019s interest expenses on borrowings (refer to Note 10) and ICR if the market interest rates in 2025 fluctuates in line with the forward curve as of the balance sheet date, when including the effects of existing interest rate hedges, assuming completion of all signed and reported ongoing transactions as of the date of this report and refinancing of debt maturities at expected markets terms. Further, the table shows the impact of a parallel shift in market interest rates, represented by the forward curve, of +/- 1 percentage point. For the calculation of the effect on the ICR in the table below, rental income is based on all reported events as of the date of this report and assuming the NOI margin to remain constant from 2025, while all other factors are based on reported figures for 2025. The table can however not be considered an expectation or forecast for the interest expenses on borrowings or ICR for 2026.
Assumption | Interest expenses on borrowings (NOKm) | ICR |
Interest rate development in line with forward curve | 1 260 | 2.05 |
Market interest rates + 1 percentage point | 1 375 | 1.88 |
Market interest rates\u00a0-\u00a01 percentage point | 1 144 | 2.25 |
The effects on the interest expenses illustrated in the table above will be partly offset by positive changes in value of financial instruments given an increase in the marked rates and negative changes in value of financial instruments given a decrease in the marked rates.
Credit and counterparty risk
Stable, predictable and long-term access to capital is critical for Entra. Entra considers that the ability of creditors to behave predictably over the long term is often dependent on their credit-worthiness. For this reason, Entra wants the Group\u2019s creditors to be of strong credit quality and has established credit rating limits for the Group\u2019s creditors. The credit ratings of the Group\u2019s financial counterparties are continuously monitored. The fair value of all financial derivative assets as of 31 December 2025 was 619 million (843 million).
Trade receivables at 31 December 2025 was 43 million (70 million), contract assets was nil (522 million), external loans was 65 million (67 million), loans to associated companies was 68 million (28 million) and other long-term receivables was 72 million (75 million). The concentration of credit risk with respect to trade debtors is assessed to be low, as the majority of Entra\u2019s customers are paying their rent in advance. The external loan agreements are mainly seller\u2019s credit agreements with counterparties of solid creditworthiness.
Cash and bank deposits at 31 December 2025 amounted to 261 million (264 million). The deposits were placed with financial institutions with A-/A3 or better credit ratings.
Entra\u2019s finance policy includes a threshold which stipulates the maximum share of interest-bearing debt per counterparty is 40 per cent. No counterparties exceeded the threshold as of 31 December 2025.
Currency risk
The Group shall not incur any currency risk. The Group did not have any currency exposure on 31 December 2025.
Financial covenants
There are covenants in the Group\u2019s bank loan agreements specifying that the interest cover ratio (ICR) may not fall below 1.40 and that the loan-to-value of property (LTV) may not exceed 75 per cent. As of 31 December 2025, the Group was not in breach of any covenants as the ICR was 2.14x and LTV, measured by Effective leverage, was 48.0 per cent. Refer to the sensitivity analysis in this note for the sensitivity of the ICR for changes in interest rates and Note 14for the sensitivity of the LTV for changes in the unobservable input variables in the valuation of investment properties.
There are no covenants in relation to the Group\u2019s bond or commercial paper loans, but there are clauses of cross-default.
Maturity profile of all financial instruments
NOK million | Remaining term | ||||||||
31.12.2025 | Under 3 months | 4\u201312 months | 1\u20132 years | 2\u20134 years | 4\u20136 years | 6\u20138 years | 8\u201310 years | Over 10 years | Total |
Interest-bearing bank loans \u2013 principal | - | - | 1\u00a0451 | 8\u00a0403 | 500 | - | - | - | 10\u00a0354 |
Interest-bearing bank loans \u2013 amortising | 6 | 18 | 24 | 12 | - | - | - | - | 61 |
Interest-bearing bank loans \u2013 estimated interest | 142 | 426 | 511 | 646 | 50 | - | - | - | 1\u00a0776 |
Bonds \u2013 principal | - | 3\u00a0075 | 594 | 6\u00a0300 | 10\u00a0265 | - | - | - | 20\u00a0234 |
Bonds \u2013 estimated interest | 203 | 602 | 713 | 1\u00a0257 | 514 | - | - | - | 3\u00a0289 |
Commercial paper \u2013 principal | 500 | - | - | - | - | - | - | - | 500 |
Commercial paper \u2013 estimated interest | 12 | - | - | - | - | - | - | - | 12 |
Interest rate derivative liabilities | 25 | 42 | 68 | 76 | -33 | - | - | - | 178 |
Interest rate derivative assets | -63 | -171 | -183 | -281 | -133 | -24 | - | - | -856 |
Lease liabilities | 4 | 8 | 13 | 25 | 25 | 24 | 24 | 439 | 562 |
Trade payables | 170 | - | - | - | - | - | - | - | 170 |
Other financial liabilities | 110 | - | - | - | - | - | - | - | 110 |
Total | 1\u00a0110 | 4\u00a0000 | 3\u00a0190 | 16\u00a0438 | 11\u00a0690 | - | 24 | 439 | 36\u00a0390 |
NOK million | Remaining term | ||||||||
31.12.2024 | Under 3 months | 4\u201312 months | 1\u20132 years | 2\u20134 years | 4\u20136 years | 6\u20138 years | 8\u201310 years | Over 10 years | Total |
Interest-bearing bank loans \u2013 principal | - | 4\u00a0165 | 5\u00a0682 | 2\u00a0465 | 500 | 500 | - | - | 13\u00a0312 |
Interest-bearing bank loans \u2013 amortising | 9 | 26 | 28 | 3 | - | - | - | - | 65 |
Interest-bearing bank loans \u2013 estimated interest | 205 | 600 | 511 | 160 | 83 | 28 | - | - | 1\u00a0586 |
Bonds \u2013 principal | - | 1\u00a0600 | 4\u00a0029 | 2\u00a0594 | 7\u00a0915 | - | - | - | 16\u00a0138 |
Bonds \u2013 estimated interest | 119 | 442 | 498 | 715 | 465 | - | - | - | 2\u00a0240 |
Commercial paper \u2013 principal | 950 | 1\u00a0200 | - | - | - | - | - | - | 2\u00a0150 |
Commercial paper \u2013 estimated interest | 25 | 35 | - | - | - | - | - | - | 60 |
Interest rate derivative liabilities | 22 | 66 | 80 | 131 | 8 | - | - | - | 307 |
Interest rate derivative assets | -85 | -233 | -257 | -342 | -206 | -51 | -11 | - | -1\u00a0186 |
Lease liabilities | 5 | 10 | 12 | 25 | 25 | 24 | 24 | 443 | 567 |
Trade payables | 188 | - | - | - | - | - | - | - | 188 |
Other financial liabilities | 70 | - | - | - | - | - | - | - | 70 |
Total | 1\u00a0508 | 7\u00a0910 | 10\u00a0583 | 5\u00a0750 | 8\u00a0790 | 501 | 13 | 443 | 35\u00a0497 |
The maturity profile is based on undiscounted contractual cash flows. The maturity analysis is based on the earliest possible redemption for instruments where the counterparty has a choice as to when to redeem the instrument. Estimated interest is based on the interest rate on the individual loan/ instrument on the balance sheet date. In order to manage its\u00a0liquidity risk, the Group has available, unutilised credit facilities with Nordic banks, as well as available liquid assets.
Unutilised credit facilities
NOK million | Term to maturity | ||||||||
31.12.2025 | Under 3 months | 4\u201312 months | 1\u20132 years | 2\u20134 years | 4\u20136 years | 6\u20138 years | 8\u201310 years | Over 10 years | Total |
Unutilised credit facilities | - | - | - | 7\u00a0655 | - | - | - | 7\u00a0655 | |
Total unutilised credit facilities | - | - | - | 7\u00a0655 | - | - | - | - | 7\u00a0655 |
NOK million | Term to maturity | ||||||||
31.12.2024 | Under 3 months | 4\u201312 months | 1\u20132 years | 2\u20134 years | 4\u20136 years | 6\u20138 years | 8\u201310 years | Over 10 years | Total |
Unutilised credit facilities | - | 1\u00a0335 | 12\u00a0810 | - | - | - | - | 14\u00a0145 | |
Total unutilised credit facilities | - | 1\u00a0335 | 12\u00a0810 | - | - | - | - | - | 14\u00a0145 |
At 31 December 2025, the Group had 225 million (228 million) of available liquid assets. Refer to Note 25for further information.
Key figures for the Group\u2019s financial instruments
2025 | 2024 | |
Nominal value of interest rate derivatives on the balance sheet date (NOKm)\u200c1 | 19\u00a0260 | 19\u00a0660 |
of which | ||
Fixed-to-variable swaps (NOKm)\u200c1 | 3\u00a0900 | 3\u00a0400 |
Variable-to-Fixed swaps (NOKm) | 15\u00a0360 | 16\u00a0260 |
Range of fixed interest rates | From 0.890% to 5.640% | From 0.890% to 5.640% |
Variable rate basis | NIBOR | NIBOR |
Average fixed rate excl. forward starting swaps | 2.37% | 2.15% |
Average fixed rate incl. forward starting swaps | 2.37% | 2.17% |
13\u00a0900 million (3\u00a0400 million) of swaps linked to the fixed-interest bonds issued by the Group are included in the volume of interest rate swaps. These bonds are swapped to a variable rate in order to ensure that the Group is in a position to manage its interest rate fixing independently of the bonds. The real volume used for interest rate fixing is therefore 15 360 million (16 260 million). At 31 December 2025, the Group has no interest rate options or option-related products.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__190-1": { "value": "Liquidity risk
Liquidity risk is the risk that the Entra will lack sufficient cash and cash equivalents to be able to fulfil the Group\u2019s payment obligations relating to operating costs, interest and maturities. According to the finance policy, the Group shall have a back-stop of short-term interest-bearing debt, i.e. unutilised credit facilities divided by short-term interest-bearing debt, of at least 100 per cent. The back-stop of short-term interest-bearing debt was 214 per cent as of 31 December 2025. The unutilised credit facilities and continuous management of the debt portfolio ensures that the Group has available liquidity to fulfil the Group\u2019s payment obligations. As of 31 December 2025, Entra\u2019s cash and cash equivalents and unutilised credit facilities totaled 7 655 million (14 409 million).
Refinancing risk
Refinancing risk is the risk that Entra may not be able to refinance its maturing debt obligations in the future or that financing will not be available at a reasonable price.
According to Entra\u2019s finance policy, the Group seeks to limit refinancing risk through the following measures:
\u2022average time to maturity for the Group\u2019s interest-bearing debt shall be at least three years
\u2022not more than 30 per cent of the interest-bearing debt should mature within 12 months
\u2022balanced maturity profile for the Group\u2019s financing
\u2022the use of various credit markets and counterparties
As at 31 December 2025, the average time to maturity of the Group\u2019s interest-bearing debt was 3.6 years (3.1 years), and 11 per cent (25 per cent) of the interest-bearing debt matures within 12 months. Entra maintains strong relations with five of the top six Nordic banks, as well as other participants in the debt capital market. Entra\u2019s financing is mainly based on negative pledge of the Group\u2019s assets, with secured financing for part of the Group\u2019s assets according to defined carve-out clauses in the loan agreements, which enables a broad and flexible financing mix.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__192-1": { "value": "Capital management and solvency
The main purpose of the Group\u2019s capital management is to optimise the balance between debt and equity, in order to maximise the value of the shares in the Group, while also maintaining a good credit rating and obtaining financing terms that reflects the risk profile of the Group. The Group has defined a target for the LTV (loan-to-value) metric Effective leverage which shall not exceed 50 per cent over time.
Entra has an official investment grade credit rating from Moody\u2019s. Throughout 2025, Entra maintained an investment grade credit rating of Baa3 with a stable outlook from Moody\u2019s. In March 2026, Moody\u2019s affirmed the Baa3 rating and upgraded the outlook to positive.
Credit and counterparty risk
Stable, predictable and long-term access to capital is critical for Entra. Entra considers that the ability of creditors to behave predictably over the long term is often dependent on their credit-worthiness. For this reason, Entra wants the Group\u2019s creditors to be of strong credit quality and has established credit rating limits for the Group\u2019s creditors. The credit ratings of the Group\u2019s financial counterparties are continuously monitored. The fair value of all financial derivative assets as of 31 December 2025 was 619 million (843 million).
Trade receivables at 31 December 2025 was 43 million (70 million), contract assets was nil (522 million), external loans was 65 million (67 million), loans to associated companies was 68 million (28 million) and other long-term receivables was 72 million (75 million). The concentration of credit risk with respect to trade debtors is assessed to be low, as the majority of Entra\u2019s customers are paying their rent in advance. The external loan agreements are mainly seller\u2019s credit agreements with counterparties of solid creditworthiness.
Cash and bank deposits at 31 December 2025 amounted to 261 million (264 million). The deposits were placed with financial institutions with A-/A3 or better credit ratings.
Entra\u2019s finance policy includes a threshold which stipulates the maximum share of interest-bearing debt per counterparty is 40 per cent. No counterparties exceeded the threshold as of 31 December 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__193-1": { "value": "Interest rate risk
Interest rate risk arises from the interest-bearing debt being affected by changes in market rates. Interest rate risk affects the Group\u2019s cash flows and the market value of the Group\u2019s liabilities. The main purpose of the Group\u2019s interest rate strategy is to ensure that the Group achieves the desired balance between the interest expense and interest rate risk. The Group\u2019s interest rate risk is managed within the following financial policy requirements:
\u2022minimum Interest Coverage Ratio (ICR) for the last 12 months of at least 1.80
\u2022not more than 50 per cent of the interest rate hedges should mature within 12 months
\u2022average remaining time to maturity for interest rate hedges in the interval 2\u20136 years
\u2022diversification of the maturity structure for fixed interest rates
The Group uses interest rate derivatives and fixed rate bonds to establish and maintain the desired fixed rate structure. The interest rate hedge profile is based on an assessment of the Group\u2019s financial strength and its ability to generate long-term, stable cash flows. 52 per cent of the Group\u2019s liabilities are subject to fixed interest rates as of 31 December 2025, compared to 55 per cent at 31 December 2024.
As of 31 December 2025, the ICR for the last 12 months was 2.14x (1.91x). At 31 December 2025, the weighted average remaining term to maturity was 2.3 years (2.4 years). The average nominal interest rate was 3.97 per cent (3.97 per cent) at 31 December 2025. As of 31 December 2025, Entra\u2019s portfolio of fixed interest rate hedges had a total volume of 20 289 million (21 589 million), equivalent to a fixed rate hedge position of 65.1 per cent (68.2 per cent). The average term to maturity of Entra\u2019s interest rate hedge portfolio was 3.4 years (3.5 years). The maturity structure for fixed rate instruments is diversified over the next 8 years.
The table below shows the nominal value of outstanding current and non-current interest-bearing debt including derivatives.
Maturity structure of the Group\u2019s exposure to nominal interest rate risk
As at 31.12.2025
31.12.2026 | 31.12.2027 | 31.12.2029 | 31.12.2031 | 31.12.2033 | 31.12.2035 | 31.12.2035+ | ||
Term to maturity | Up to 1 year | 1\u20132 years | 2\u20134 years | 4\u20136 years | 6\u20138 years | 8\u201310 years | Over 10 years | Total |
Percentage | 11 | 7 | 47 | 35 | - | - | - | 100 |
Amount (NOKm) | 3\u00a0575 | 2\u00a0094 | 14\u00a0715 | 10\u00a0765 | - | - | - | 31\u00a0149 |
As at 31.12.2024
31.12.2025 | 31.12.2026 | 31.12.2028 | 31.12.2030 | 31.12.2032 | 31.12.2034 | 31.12.2034+ | ||
Term to maturity | Up to 1 year | 1\u20132 years | 2\u20134 years | 4\u20136 years | 6\u20138 years | 8\u201310 years | Over 10 years | Total |
Percentage | 25 | 31 | 16 | 27 | 2 | - | - | 100 |
Amount (NOKm) | 7\u00a0915 | 9\u00a0773 | 5\u00a0062 | 8\u00a0415 | 500 | - | - | 31\u00a0665 |
Sensitivity analysis
The table below shows Entra\u2019s overall impact on the Group\u2019s interest expenses on borrowings (refer to Note 10) and ICR if the market interest rates in 2025 fluctuates in line with the forward curve as of the balance sheet date, when including the effects of existing interest rate hedges, assuming completion of all signed and reported ongoing transactions as of the date of this report and refinancing of debt maturities at expected markets terms. Further, the table shows the impact of a parallel shift in market interest rates, represented by the forward curve, of +/- 1 percentage point. For the calculation of the effect on the ICR in the table below, rental income is based on all reported events as of the date of this report and assuming the NOI margin to remain constant from 2025, while all other factors are based on reported figures for 2025. The table can however not be considered an expectation or forecast for the interest expenses on borrowings or ICR for 2026.
Assumption | Interest expenses on borrowings (NOKm) | ICR |
Interest rate development in line with forward curve | 1 260 | 2.05 |
Market interest rates + 1 percentage point | 1 375 | 1.88 |
Market interest rates\u00a0-\u00a01 percentage point | 1 144 | 2.25 |
The effects on the interest expenses illustrated in the table above will be partly offset by positive changes in value of financial instruments given an increase in the marked rates and negative changes in value of financial instruments given a decrease in the marked rates.
Currency risk
The Group shall not incur any currency risk. The Group did not have any currency exposure on 31 December 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__197": { "value": "Note 24\tInterest-bearing liabilities
Accounting policies
Interest-bearing liabilities are classified as financial liabilities at amortised cost, and are measured at fair value upon initial recognition, and subsequently at amortised cost using the effective interest rate method. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate. The effective interest rate amortisation is included as net realised financials in the statement of profit or loss. The liabilities are measured at their nominal value when the effect of discounting is immaterial.
Interest-bearing liabilities are classified as current liabilities when the debt is due for repayment less than 12 months from the balance sheet date.
Non-current borrowings
NOK million | Nominal value\u00a02025 | Market value\u00a02025 | Carrying amount 2025 | Nominal value\u00a02024 | Market value\u00a02024 | Carrying amount 2024 |
Bank loans | 10 390 | 10\u00a0390 | 10 357 | 9 177 | 9 177 | 9 160 |
Bonds | 17 159 | 16\u00a0814 | 16 989 | 14 538 | 13 639 | 14 287 |
Total non-current borrowings | 27 549 | 27\u00a0204 | 27 346 | 23 715 | 22 816 | 23 446 |
Current borrowings
NOK million | Nominal value\u00a02025 | Market value\u00a02025 | Carrying amount 2025 | Nominal value\u00a02024 | Market value\u00a02024 | Carrying amount 2024 |
Bank loans | 24 | 24 | 24 | 4\u00a0199 | 4\u00a0199 | 4\u00a0199 |
Bonds | 3\u00a0075 | 3\u00a0046 | 3\u00a0075 | 1\u00a0600 | 1\u00a0573 | 1\u00a0600 |
Commercial papers | 500 | 500 | 500 | 2\u00a0150 | 2\u00a0150 | 2\u00a0150 |
Total current borrowings | 3\u00a0599 | 3\u00a0571 | 3\u00a0599 | 7\u00a0949 | 7\u00a0922 | 7\u00a0949 |
The average credit margin on the Group\u2019s borrowings at 31.12.2025 was 0.98 per cent (0.90 per cent).
Changes in liabilities arising from financing activities
NOK million | Non-current borrowings | Current borrowings | Non-current lease liabilities | Current lease liabilities | Financial derivatives | Total liabilities from financing activities |
31 December 2024 | 23\u00a0446 | 7\u00a0949 | 215 | 5 | -584 | 31\u00a0031 |
New liabilities | 21\u00a0380 | 3\u00a0650 | 25\u00a0030 | |||
Repayment | -20\u00a0223 | -5\u00a0300 | -5 | -25\u00a0528 | ||
Reclassification | 2\u00a0701 | -2\u00a0701 | -3 | 3 | - | |
Net amortisation effects | 42 | 42 | ||||
Change in fair value | 162 | 162 | ||||
Other non-cash movements | 3 | 3 | ||||
31.12.2025 | 27\u00a0346 | 3\u00a0599 | 214 | 3 | -422 | 30\u00a0739 |
Secured financing
Entra\u2019s financing is mainly based on negative pledge of the Group\u2019s assets, which enables a broad and flexible financing mix. However, secured financing is arranged for part of the Group\u2019s assets according to defined carve-out clauses in the loan agreements. As at 31 December 2025, secured debt outstanding across Entra and subsidiaries in which Entra holds more than 67 per cent of the voting rights totalled 8\u00a0400 million, representing 12.9 per cent of the Group\u2019s total assets. If the secured facilities were fully utilised, secured debt would amount to 14.4 per cent of the Group\u2019s total assets and would remain in compliance with the carve-out clause under the bond agreements.
Secured financing at 31.12.2025
NOK million | Pledged assets | Secured debt instruments | Utilised secured debt instruments |
Partly owned assets | 2 093 | 580 | 580 |
Wholly owned assets | 16 651 | 9 400 | 8 400 |
Total secured financing | 18\u00a0744 | 9 980 | 8 980 |
Secured financing at 31.12.2024
NOK million | Pledged assets | Secured debt instruments | Utilised secured debt instruments |
Partly-owned assets | 2\u00a0090 | 604.13 | 604.13 |
Wholly-owned assets | 10\u00a0335 | 6\u00a0568 | 3\u00a0068 |
Total secured financing | 12\u00a0425 | 7\u00a0172 | 3\u00a0672 |
The Group\u2019s bonds and commercial papers are subject to the following terms
Bonds at 31.12.2025
ISIN | Issue limit (NOKm) | Coupon rate | Maturity | Nominal amount issued (NOKm) | Nominal amount outstanding (NOKm) |
NO0010852684 | 1\u00a0500 | 2.79% | 22.05.2026 | 1\u00a0200 | 579 |
NO0011094625 | 3\u00a0000 | 3M Nibor + 0.12% | 10.09.2026 | 2\u00a0300 | 1\u00a0346 |
NO0011094641 | 4\u00a0000 | 2.00% | 10.09.2029 | 1\u00a0900 | 1\u00a0900 |
NO0010886856 | 2\u00a0000 | 3M Nibor + 1.10% | 29.06.2027 | 2\u00a0000 | 594 |
NO0010895964 | 2\u00a0000 | 1.66% | 21.04.2028 | 2\u00a0000 | 2\u00a0000 |
NO0011017147 | 3\u00a0000 | 3M Nibor + 0.40% | 07.06.2029 | 1\u00a0700 | 1\u00a0700 |
NO0011094633 | 3\u00a0000 | 1.50% | 10.09.2026 | 1\u00a0150 | 1\u00a0150 |
NO0011041535 | 3\u00a0000 | 2.49% | 01.02.2030 | 1\u00a0000 | 1\u00a0000 |
NO0010282031 | 1\u00a0100 | 4.62% | 29.05.2030 | 1\u00a0100 | 1\u00a0100 |
NO0011079808 | 4\u00a0000 | 3M Nibor + 0.55% | 20.11.2030 | 2\u00a0215 | 2\u00a0215 |
NO0013457994 | 4\u00a0000 | 5.52% | 17.01.2030 | 600 | 600 |
NO0013457978 | 2\u00a0000 | 3M Nibor + 1.15% | 17.01.2028 | 700 | 700 |
NO0013457986 | 4\u00a0000 | 3M Nibor + 1.50% | 17.01.2030 | 1\u00a0800 | 1\u00a0800 |
NO0013643221 | 4\u00a0000 | 3M Nibor + 1.15% | 03.12.2030 | 1\u00a0100 | 1\u00a0100 |
NO0013683045 | 4\u00a0000 | 5.14% | 10.10.2031 | 500 | 500 |
NO0013571166 | 4\u00a0000 | 3M Nibor + 1.40% | 21.05.2031 | 1\u00a0950 | 1\u00a0950 |
Total bonds | 20\u00a0234 |
Commercial papers at 31.12.2025
ISIN | Issue limit (NOKm) | Coupon rate | Maturity | Nominal amount issued (NOKm) | Nominal amount outstanding (NOKm) |
NO0013637199 | 500 | 4.60% | 20.02.2026 | 500 | 500 |
Total commercial papers | 500 |
Bonds at 31.12.2024
ISIN | Issue limit (NOKm) | Coupon rate | Maturity | Nominal amount issued (NOKm) | Nominal amount outstanding (NOKm) |
NO0010852692 | 1\u00a0500 | 3M Nibor + 0.83% | 22.05.2025 | 1\u00a0450 | 600 |
NO0010852684 | 1\u00a0500 | 2.79% | 22.05.2026 | 1\u00a0200 | 579 |
NO0011094625 | 3\u00a0000 | 3M Nibor + 0.12% | 10.09.2026 | 2\u00a0300 | 2\u00a0300 |
NO0011094641 | 4\u00a0000 | 2.00% | 10.09.2029 | 1\u00a0900 | 1\u00a0900 |
NO0010886856 | 2\u00a0000 | 3M Nibor + 1.10% | 29.06.2027 | 2\u00a0000 | 594 |
NO0010895964 | 2\u00a0000 | 1.66% | 21.04.2028 | 2\u00a0000 | 2\u00a0000 |
NO0011017147 | 3\u00a0000 | 3M Nibor + 0.40% | 07.06.2029 | 1\u00a0700 | 1\u00a0700 |
NO0011094633 | 3\u00a0000 | 1.50% | 10.09.2026 | 1\u00a0150 | 1\u00a0150 |
NO0011041535 | 3\u00a0000 | 2.49% | 01.02.2030 | 1\u00a0000 | 1\u00a0000 |
NO0010282031 | 1\u00a0100 | 4.62% | 29.05.2030 | 1\u00a0100 | 1\u00a0100 |
NO0011079808 | 4\u00a0000 | 3M Nibor + 0.55% | 20.11.2030 | 2\u00a0215 | 2\u00a0215 |
NO0011011256 | 2\u00a0000 | 1.96% | 28.11.2025 | 1\u00a0000 | 1\u00a0000 |
Total bonds | 16\u00a0138 |
Commercial papers at 31.12.2024
ISIN | Issue limit (NOKm) | Coupon rate | Maturity | Nominal amount issued (NOKm) | Nominal amount outstanding (NOKm) |
NO0013435867 | 1\u00a0000 | 5.15% | 23.09.2025 | 300 | 300 |
NO0013329953 | 600 | 5.20% | 10.03.2025 | 450 | 450 |
NO0013318659 | 700 | 5.35% | 21.02.2025 | 500 | 500 |
NO0013387928 | 1\u00a0000 | 5.20% | 02.05.2025 | 900 | 900 |
Total commercial papers | 2\u00a0150 |
Note 24\tInterest-bearing liabilities
Accounting policies
Interest-bearing liabilities are classified as financial liabilities at amortised cost, and are measured at fair value upon initial recognition, and subsequently at amortised cost using the effective interest rate method. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate. The effective interest rate amortisation is included as net realised financials in the statement of profit or loss. The liabilities are measured at their nominal value when the effect of discounting is immaterial.
Interest-bearing liabilities are classified as current liabilities when the debt is due for repayment less than 12 months from the balance sheet date.
Non-current borrowings
NOK million | Nominal value\u00a02025 | Market value\u00a02025 | Carrying amount 2025 | Nominal value\u00a02024 | Market value\u00a02024 | Carrying amount 2024 |
Bank loans | 10 390 | 10\u00a0390 | 10 357 | 9 177 | 9 177 | 9 160 |
Bonds | 17 159 | 16\u00a0814 | 16 989 | 14 538 | 13 639 | 14 287 |
Total non-current borrowings | 27 549 | 27\u00a0204 | 27 346 | 23 715 | 22 816 | 23 446 |
Current borrowings
NOK million | Nominal value\u00a02025 | Market value\u00a02025 | Carrying amount 2025 | Nominal value\u00a02024 | Market value\u00a02024 | Carrying amount 2024 |
Bank loans | 24 | 24 | 24 | 4\u00a0199 | 4\u00a0199 | 4\u00a0199 |
Bonds | 3\u00a0075 | 3\u00a0046 | 3\u00a0075 | 1\u00a0600 | 1\u00a0573 | 1\u00a0600 |
Commercial papers | 500 | 500 | 500 | 2\u00a0150 | 2\u00a0150 | 2\u00a0150 |
Total current borrowings | 3\u00a0599 | 3\u00a0571 | 3\u00a0599 | 7\u00a0949 | 7\u00a0922 | 7\u00a0949 |
The average credit margin on the Group\u2019s borrowings at 31.12.2025 was 0.98 per cent (0.90 per cent).
Changes in liabilities arising from financing activities
NOK million | Non-current borrowings | Current borrowings | Non-current lease liabilities | Current lease liabilities | Financial derivatives | Total liabilities from financing activities |
31 December 2024 | 23\u00a0446 | 7\u00a0949 | 215 | 5 | -584 | 31\u00a0031 |
New liabilities | 21\u00a0380 | 3\u00a0650 | 25\u00a0030 | |||
Repayment | -20\u00a0223 | -5\u00a0300 | -5 | -25\u00a0528 | ||
Reclassification | 2\u00a0701 | -2\u00a0701 | -3 | 3 | - | |
Net amortisation effects | 42 | 42 | ||||
Change in fair value | 162 | 162 | ||||
Other non-cash movements | 3 | 3 | ||||
31.12.2025 | 27\u00a0346 | 3\u00a0599 | 214 | 3 | -422 | 30\u00a0739 |
Secured financing
Entra\u2019s financing is mainly based on negative pledge of the Group\u2019s assets, which enables a broad and flexible financing mix. However, secured financing is arranged for part of the Group\u2019s assets according to defined carve-out clauses in the loan agreements. As at 31 December 2025, secured debt outstanding across Entra and subsidiaries in which Entra holds more than 67 per cent of the voting rights totalled 8\u00a0400 million, representing 12.9 per cent of the Group\u2019s total assets. If the secured facilities were fully utilised, secured debt would amount to 14.4 per cent of the Group\u2019s total assets and would remain in compliance with the carve-out clause under the bond agreements.
Secured financing at 31.12.2025
NOK million | Pledged assets | Secured debt instruments | Utilised secured debt instruments |
Partly owned assets | 2 093 | 580 | 580 |
Wholly owned assets | 16 651 | 9 400 | 8 400 |
Total secured financing | 18\u00a0744 | 9 980 | 8 980 |
Secured financing at 31.12.2024
NOK million | Pledged assets | Secured debt instruments | Utilised secured debt instruments |
Partly-owned assets | 2\u00a0090 | 604.13 | 604.13 |
Wholly-owned assets | 10\u00a0335 | 6\u00a0568 | 3\u00a0068 |
Total secured financing | 12\u00a0425 | 7\u00a0172 | 3\u00a0672 |
The Group\u2019s bonds and commercial papers are subject to the following terms
Bonds at 31.12.2025
ISIN | Issue limit (NOKm) | Coupon rate | Maturity | Nominal amount issued (NOKm) | Nominal amount outstanding (NOKm) |
NO0010852684 | 1\u00a0500 | 2.79% | 22.05.2026 | 1\u00a0200 | 579 |
NO0011094625 | 3\u00a0000 | 3M Nibor + 0.12% | 10.09.2026 | 2\u00a0300 | 1\u00a0346 |
NO0011094641 | 4\u00a0000 | 2.00% | 10.09.2029 | 1\u00a0900 | 1\u00a0900 |
NO0010886856 | 2\u00a0000 | 3M Nibor + 1.10% | 29.06.2027 | 2\u00a0000 | 594 |
NO0010895964 | 2\u00a0000 | 1.66% | 21.04.2028 | 2\u00a0000 | 2\u00a0000 |
NO0011017147 | 3\u00a0000 | 3M Nibor + 0.40% | 07.06.2029 | 1\u00a0700 | 1\u00a0700 |
NO0011094633 | 3\u00a0000 | 1.50% | 10.09.2026 | 1\u00a0150 | 1\u00a0150 |
NO0011041535 | 3\u00a0000 | 2.49% | 01.02.2030 | 1\u00a0000 | 1\u00a0000 |
NO0010282031 | 1\u00a0100 | 4.62% | 29.05.2030 | 1\u00a0100 | 1\u00a0100 |
NO0011079808 | 4\u00a0000 | 3M Nibor + 0.55% | 20.11.2030 | 2\u00a0215 | 2\u00a0215 |
NO0013457994 | 4\u00a0000 | 5.52% | 17.01.2030 | 600 | 600 |
NO0013457978 | 2\u00a0000 | 3M Nibor + 1.15% | 17.01.2028 | 700 | 700 |
NO0013457986 | 4\u00a0000 | 3M Nibor + 1.50% | 17.01.2030 | 1\u00a0800 | 1\u00a0800 |
NO0013643221 | 4\u00a0000 | 3M Nibor + 1.15% | 03.12.2030 | 1\u00a0100 | 1\u00a0100 |
NO0013683045 | 4\u00a0000 | 5.14% | 10.10.2031 | 500 | 500 |
NO0013571166 | 4\u00a0000 | 3M Nibor + 1.40% | 21.05.2031 | 1\u00a0950 | 1\u00a0950 |
Total bonds | 20\u00a0234 |
Commercial papers at 31.12.2025
ISIN | Issue limit (NOKm) | Coupon rate | Maturity | Nominal amount issued (NOKm) | Nominal amount outstanding (NOKm) |
NO0013637199 | 500 | 4.60% | 20.02.2026 | 500 | 500 |
Total commercial papers | 500 |
Bonds at 31.12.2024
ISIN | Issue limit (NOKm) | Coupon rate | Maturity | Nominal amount issued (NOKm) | Nominal amount outstanding (NOKm) |
NO0010852692 | 1\u00a0500 | 3M Nibor + 0.83% | 22.05.2025 | 1\u00a0450 | 600 |
NO0010852684 | 1\u00a0500 | 2.79% | 22.05.2026 | 1\u00a0200 | 579 |
NO0011094625 | 3\u00a0000 | 3M Nibor + 0.12% | 10.09.2026 | 2\u00a0300 | 2\u00a0300 |
NO0011094641 | 4\u00a0000 | 2.00% | 10.09.2029 | 1\u00a0900 | 1\u00a0900 |
NO0010886856 | 2\u00a0000 | 3M Nibor + 1.10% | 29.06.2027 | 2\u00a0000 | 594 |
NO0010895964 | 2\u00a0000 | 1.66% | 21.04.2028 | 2\u00a0000 | 2\u00a0000 |
NO0011017147 | 3\u00a0000 | 3M Nibor + 0.40% | 07.06.2029 | 1\u00a0700 | 1\u00a0700 |
NO0011094633 | 3\u00a0000 | 1.50% | 10.09.2026 | 1\u00a0150 | 1\u00a0150 |
NO0011041535 | 3\u00a0000 | 2.49% | 01.02.2030 | 1\u00a0000 | 1\u00a0000 |
NO0010282031 | 1\u00a0100 | 4.62% | 29.05.2030 | 1\u00a0100 | 1\u00a0100 |
NO0011079808 | 4\u00a0000 | 3M Nibor + 0.55% | 20.11.2030 | 2\u00a0215 | 2\u00a0215 |
NO0011011256 | 2\u00a0000 | 1.96% | 28.11.2025 | 1\u00a0000 | 1\u00a0000 |
Total bonds | 16\u00a0138 |
Commercial papers at 31.12.2024
ISIN | Issue limit (NOKm) | Coupon rate | Maturity | Nominal amount issued (NOKm) | Nominal amount outstanding (NOKm) |
NO0013435867 | 1\u00a0000 | 5.15% | 23.09.2025 | 300 | 300 |
NO0013329953 | 600 | 5.20% | 10.03.2025 | 450 | 450 |
NO0013318659 | 700 | 5.35% | 21.02.2025 | 500 | 500 |
NO0013387928 | 1\u00a0000 | 5.20% | 02.05.2025 | 900 | 900 |
Total commercial papers | 2\u00a0150 |
Secured financing
Entra\u2019s financing is mainly based on negative pledge of the Group\u2019s assets, which enables a broad and flexible financing mix. However, secured financing is arranged for part of the Group\u2019s assets according to defined carve-out clauses in the loan agreements. As at 31 December 2025, secured debt outstanding across Entra and subsidiaries in which Entra holds more than 67 per cent of the voting rights totalled 8\u00a0400 million, representing 12.9 per cent of the Group\u2019s total assets. If the secured facilities were fully utilised, secured debt would amount to 14.4 per cent of the Group\u2019s total assets and would remain in compliance with the carve-out clause under the bond agreements.
Secured financing at 31.12.2025
NOK million | Pledged assets | Secured debt instruments | Utilised secured debt instruments |
Partly owned assets | 2 093 | 580 | 580 |
Wholly owned assets | 16 651 | 9 400 | 8 400 |
Total secured financing | 18\u00a0744 | 9 980 | 8 980 |
Secured financing at 31.12.2024
NOK million | Pledged assets | Secured debt instruments | Utilised secured debt instruments |
Partly-owned assets | 2\u00a0090 | 604.13 | 604.13 |
Wholly-owned assets | 10\u00a0335 | 6\u00a0568 | 3\u00a0068 |
Total secured financing | 12\u00a0425 | 7\u00a0172 | 3\u00a0672 |
The Group\u2019s bonds and commercial papers are subject to the following terms
Bonds at 31.12.2025
ISIN | Issue limit (NOKm) | Coupon rate | Maturity | Nominal amount issued (NOKm) | Nominal amount outstanding (NOKm) |
NO0010852684 | 1\u00a0500 | 2.79% | 22.05.2026 | 1\u00a0200 | 579 |
NO0011094625 | 3\u00a0000 | 3M Nibor + 0.12% | 10.09.2026 | 2\u00a0300 | 1\u00a0346 |
NO0011094641 | 4\u00a0000 | 2.00% | 10.09.2029 | 1\u00a0900 | 1\u00a0900 |
NO0010886856 | 2\u00a0000 | 3M Nibor + 1.10% | 29.06.2027 | 2\u00a0000 | 594 |
NO0010895964 | 2\u00a0000 | 1.66% | 21.04.2028 | 2\u00a0000 | 2\u00a0000 |
NO0011017147 | 3\u00a0000 | 3M Nibor + 0.40% | 07.06.2029 | 1\u00a0700 | 1\u00a0700 |
NO0011094633 | 3\u00a0000 | 1.50% | 10.09.2026 | 1\u00a0150 | 1\u00a0150 |
NO0011041535 | 3\u00a0000 | 2.49% | 01.02.2030 | 1\u00a0000 | 1\u00a0000 |
NO0010282031 | 1\u00a0100 | 4.62% | 29.05.2030 | 1\u00a0100 | 1\u00a0100 |
NO0011079808 | 4\u00a0000 | 3M Nibor + 0.55% | 20.11.2030 | 2\u00a0215 | 2\u00a0215 |
NO0013457994 | 4\u00a0000 | 5.52% | 17.01.2030 | 600 | 600 |
NO0013457978 | 2\u00a0000 | 3M Nibor + 1.15% | 17.01.2028 | 700 | 700 |
NO0013457986 | 4\u00a0000 | 3M Nibor + 1.50% | 17.01.2030 | 1\u00a0800 | 1\u00a0800 |
NO0013643221 | 4\u00a0000 | 3M Nibor + 1.15% | 03.12.2030 | 1\u00a0100 | 1\u00a0100 |
NO0013683045 | 4\u00a0000 | 5.14% | 10.10.2031 | 500 | 500 |
NO0013571166 | 4\u00a0000 | 3M Nibor + 1.40% | 21.05.2031 | 1\u00a0950 | 1\u00a0950 |
Total bonds | 20\u00a0234 |
Commercial papers at 31.12.2025
ISIN | Issue limit (NOKm) | Coupon rate | Maturity | Nominal amount issued (NOKm) | Nominal amount outstanding (NOKm) |
NO0013637199 | 500 | 4.60% | 20.02.2026 | 500 | 500 |
Total commercial papers | 500 |
Bonds at 31.12.2024
ISIN | Issue limit (NOKm) | Coupon rate | Maturity | Nominal amount issued (NOKm) | Nominal amount outstanding (NOKm) |
NO0010852692 | 1\u00a0500 | 3M Nibor + 0.83% | 22.05.2025 | 1\u00a0450 | 600 |
NO0010852684 | 1\u00a0500 | 2.79% | 22.05.2026 | 1\u00a0200 | 579 |
NO0011094625 | 3\u00a0000 | 3M Nibor + 0.12% | 10.09.2026 | 2\u00a0300 | 2\u00a0300 |
NO0011094641 | 4\u00a0000 | 2.00% | 10.09.2029 | 1\u00a0900 | 1\u00a0900 |
NO0010886856 | 2\u00a0000 | 3M Nibor + 1.10% | 29.06.2027 | 2\u00a0000 | 594 |
NO0010895964 | 2\u00a0000 | 1.66% | 21.04.2028 | 2\u00a0000 | 2\u00a0000 |
NO0011017147 | 3\u00a0000 | 3M Nibor + 0.40% | 07.06.2029 | 1\u00a0700 | 1\u00a0700 |
NO0011094633 | 3\u00a0000 | 1.50% | 10.09.2026 | 1\u00a0150 | 1\u00a0150 |
NO0011041535 | 3\u00a0000 | 2.49% | 01.02.2030 | 1\u00a0000 | 1\u00a0000 |
NO0010282031 | 1\u00a0100 | 4.62% | 29.05.2030 | 1\u00a0100 | 1\u00a0100 |
NO0011079808 | 4\u00a0000 | 3M Nibor + 0.55% | 20.11.2030 | 2\u00a0215 | 2\u00a0215 |
NO0011011256 | 2\u00a0000 | 1.96% | 28.11.2025 | 1\u00a0000 | 1\u00a0000 |
Total bonds | 16\u00a0138 |
Commercial papers at 31.12.2024
ISIN | Issue limit (NOKm) | Coupon rate | Maturity | Nominal amount issued (NOKm) | Nominal amount outstanding (NOKm) |
NO0013435867 | 1\u00a0000 | 5.15% | 23.09.2025 | 300 | 300 |
NO0013329953 | 600 | 5.20% | 10.03.2025 | 450 | 450 |
NO0013318659 | 700 | 5.35% | 21.02.2025 | 500 | 500 |
NO0013387928 | 1\u00a0000 | 5.20% | 02.05.2025 | 900 | 900 |
Total commercial papers | 2\u00a0150 |
Note 25\tCash and bank deposits
Accounting policies
Cash and cash equivalents consist of bank deposits and other short-term, highly liquid investments with an original term to maturity of no more than three months.
NOK million | 2025 | 2024 |
Bank deposits | 225 | 228 |
Restricted bank deposits | 37 | 36 |
Total bank deposits | 261 | 264 |
Restricted bank deposits relate to the withholding tax account and guarantees for loans.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__205": { "value": "Note 25\tCash and bank deposits
Accounting policies
Cash and cash equivalents consist of bank deposits and other short-term, highly liquid investments with an original term to maturity of no more than three months.
NOK million | 2025 | 2024 |
Bank deposits | 225 | 228 |
Restricted bank deposits | 37 | 36 |
Total bank deposits | 261 | 264 |
Restricted bank deposits relate to the withholding tax account and guarantees for loans.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__203": { "value": "Accounting policies
Cash and cash equivalents consist of bank deposits and other short-term, highly liquid investments with an original term to maturity of no more than three months.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__208": { "value": "Note 26\tShare capital and shareholder information
Entra\u2019s share capital is 182 132 055 divided into 182 132 055 shares, with each share having a par value of 1.00. All the shares have been issued in accordance with the Norwegian Public Limited Companies Act and are fully paid. Entra has one class of shares. All shares provide equal rights, including the right to any dividends. Each of the shares carries one vote. There are no share options or other rights to subscribe for or acquire shares issued by Entra. At 31 December 2025, Entra owns 582 (none) of its own shares and has a total of 182 131 473 (182 132 055) shares outstanding.
Number of shares | Par value (NOK) | Share capital (NOKm) | |
31 December 2024 | 182\u00a0132\u00a0055 | 1 | 182 |
31 December 2025 | 182\u00a0132\u00a0055 | 1 | 182 |
Paid-in capital amounts to 3 706 million (3 706 million) and consists of 182 million (182 million) in share capital, of which nil (nil) is related to treasury shares, and 3 524 million (3 524 million) in other paid-in capital.
Entra ASA has a share purchase scheme, offering all employees, including Senior Executives, the opportunity to purchase shares in Entra ASA at a discounted price. The shares are subject to two-year lock-in period. The purchase price in the employee offering was calculated as the volume weighted average share price the last 30 days (VWAP) until and including 28 April 2025 less a 25 per cent discount. A total of 96 976 shares were acquired and sold to the employees in connection with the share purchase scheme in May 2025. No shares were awarded to Senior Executives in 2025 under Entra\u2019s share-based variable remuneration scheme for 2024.
For other changes in shareholders\u2019 equity, see the consolidated statements of changes in equity.
At 31 December 2025, Entra had 5 212 registered shareholders (5 069 shareholders). Norwegian investors held 13 per cent (13 per cent) of the share capital and foreign investors 87 per cent (87 per cent).
The 20 largest shareholders as registered with the Euronext Securities Oslo (VPS) as of 31 December 2025 were as follows:
Shareholder | Type of account | Country | No of shares per 31.12.2025 | Shareholding% |
Castellum AB (publ) | Ordinary | Sweden | 67\u00a0305\u00a0119 | 37.0% |
Fastighets AB Balder\u200c1 | Ordinary | Sweden | 50\u00a0000\u00a0000 | 27.5% |
Skandinaviska Enskilda Banken AB | Nominee | Sweden | 12\u00a0568\u00a0660 | 6.9% |
Skandinaviska Enskilda Banken AB | Ordinary | Sweden | 5\u00a0680\u00a0290 | 3.1% |
Danske Bank A/S | Nominee | Denmark | 4\u00a0626\u00a0346 | 2.5% |
Folketrygdfondet | Ordinary | Norway | 2\u00a0832\u00a0779 | 1.6% |
J.P. Morgan SE | Nominee | Sweden | 2\u00a0220\u00a0357 | 1.2% |
Verdipapirfondet DNB Norge | Ordinary | Norway | 1\u00a0571\u00a0632 | 0.9% |
State Street Bank and Trust Comp | Nominee | United States | 1\u00a0395\u00a0757 | 0.8% |
Wenaasgruppen AS | Ordinary | Norway | 1\u00a0311\u00a0000 | 0.7% |
VPF DNB AM Norske Aksjer | Ordinary | Norway | 1\u00a0132\u00a0085 | 0.6% |
State Street Bank and Trust Comp | Nominee | United States | 1\u00a0057\u00a0291 | 0.6% |
Telenor Pensjonskasse | Ordinary | Norway | 1\u00a0043\u00a0014 | 0.6% |
Rica Eiendom AS | Ordinary | Norway | 950\u00a0579 | 0.5% |
J.P. Morgan SE | Nominee | Finland | 891\u00a0791 | 0.5% |
J.P. Morgan SE | Nominee | Luxembourg | 878\u00a0131 | 0.5% |
Citibank, N.A. | Nominee | Ireland | 862\u00a0410 | 0.5% |
MP Pensjon PK | Ordinary | Norway | 748\u00a0007 | 0.4% |
JPMorgan Chase Bank, N.A., London | Nominee | United States | 658\u00a0765 | 0.4% |
Skandinaviska Enskilda Banken AB | Nominee | Finland | 650\u00a0000 | 0.4% |
Total 20 largest shareholders | 158\u00a0384\u00a0013 | 87.0% | ||
Total | 182\u00a0132\u00a0055 | 100.0 |
1As of 31 December 2025, Fastighets AB Balder held shares, in its own name and through nominees, equalling 39.98 per cent of the shares.
Refer to page 73for an overview of the 20 largest shareholders as of 31 December 2025 based on beneficial ownership.
Shares held by the board of directors and senior executives at 31.12.\u200c1
Shareholder | Position | Number of shares 2025 | Number of shares 2024 |
Board of directors | |||
Ottar Ertzeid | Chair | 25\u00a0000 | 25\u00a0000 |
Hege Toft Karlsen | Vice Chair | - | - |
Ewa Wassberg | Board member | - | - |
Henrik K\u00e4ll | Board member from 10 October 2025 | - | |
Widar Salbuvik | Board member | 20\u00a0000 | 20\u00a0000 |
Camilla AC Tepfers | Board member | 1\u00a0500 | 1\u00a0500 |
Nina Eriksen | Employee representative | 59 | 59 |
Glenn Thomas Gustavsen | Employee representative | - | - |
Joakim Sj\u00f6berg | Board member until 10 October 2025 | - | |
Senior executives | |||
Sonja Horn | CEO | 64\u00a0048 | 62\u00a0303 |
Ole Anton Gulsvik | CFO | 1\u00a0745 | - |
Kjetil Hoff | EVP Asset Management and COO | 21\u00a0397 | 19\u00a0652 |
Carine Blyverket | EVP Asset Management and Business Development | 2\u00a0076 | 913 |
Frank Randel Helgesen | EVP Market and Letting | 3\u00a0984 | |
Per Ola Ulseth | EVP Project Development | 19\u00a0016 | 17\u00a0271 |
Kristine Hilberg Tunstad | EVP HR and Organisation | 13\u00a0591 | 13\u00a0591 |
Hallgeir \u00d8strem | EVP Legal and Procurement | 27\u00a0645 | 25\u00a0900 |
Shares held by the Board of Directors and Senior Executives | 200\u00a0061 | 186\u00a0189 |
1Shareholding is stated in the table above only if the person has been a director or senior executive at 31.12 the applicable year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__211-1": { "value": "Note 27\tConsolidation and subsidiariesAccounting policies
The consolidated financial statements include all the financial statements of Entra ASA and its subsidiaries. Subsidiaries are all entities (including structured entities) over which Entra has control, either directly or through other subsidiaries. The Entra controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity.
The Group reassesses whether it controls an investee if facts and circumstances indicate that there are changes to one or more of the elements of control listed above.
When the Group has less than a majority of the voting rights of an investee, it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Group considers all relevant facts and circumstances in assessing whether the Group\u2019s voting rights in an investee are sufficient to give it power, including:
\u2022The size of the Group\u2019s holding of voting rights relative to the size and dispersion of holdings of the other vote holders;
\u2022potential voting rights held by the Group, other vote holders or other parties;
\u2022rights arising from other contractual arrangements; and/or
\u2022any additional facts and circumstances that indicate that the Group has, or does not have, the current ability to direct the relevant activities at the time that decisions need to be made, including vote patterns at previous shareholder\u2019s meetings.
Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.
The acquisition method is used to account for purchases of subsidiaries that constitute a business. The consideration given is measured at the fair value of the transferred assets, the equity instruments that have been issued, liabilities assumed on the transfer of control and direct costs relating to the actual purchase.
The cost of acquisition also includes the fair value of all assets or liabilities that are the result of an agreement on contingent consideration.
Identifiable purchased assets, assumed liabilities and contingent liabilities are recognised at fair value on the date of acquisition. The costs associated with the business combination are expensed when they are incurred.
If the aggregate of the consideration, the carrying amount of non-controlling interests and the fair value on the acquisition date of any previously held ownership interests exceeds the fair value of the acquired entity\u2019s identifiable net assets, the difference is capitalised as goodwill. If the aggregate is less than the company\u2019s net assets, the difference is immediately recognised in profit or loss.
Contingent consideration is recognised at fair value on the date of acquisition. Subsequent changes in the fair value of the contingent consideration are recognised in profit or loss or recognised as a change in other comprehensive income (OCI), if the contingent consideration is classified as an asset or a liability. Contingent consideration classified as equity is not remeasured, and subsequent settlement is recognised in equity.
For accounting purposes, acquisitions of subsidiaries that do not constitute a business as defined in IFRS 3, such as acquisitions where substantially all of the fair value of the gross assets acquired is concentrated in a single property or group of similar properties, are treated as asset acquisitions. The cost of acquisition is then attributed to the individual identifiable assets and liabilities based on their relative fair values on the acquisition date. Expenses associated with the transaction are capitalised on the investment property. Such acquisitions are transactions to which the initial recognition exemption according to IAS 12 would apply, and no deferred tax would be recognised for taxable temporary differences for the assets and liabilities acquired.
If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognised in profit or loss. For a subsidiary where main asset is an investment property, the net gain or loss associated with the loss of control of the subsidiary is presented as change in value of investment properties. Any investment retained is recognised at fair value.
Intra-group transactions, balances and unrealised gains are eliminated. Unrealised losses are eliminated, but are considered evidence of impairment in terms of writing down the value of the transferred asset. If necessary, the accounting policies at subsidiaries are changed in order to bring them into line with the Group\u2019s accounting policies.
Transactions with non-controlling interests
Transactions with non-controlling interests in subsidiaries are treated as equity transactions. If shares are acquired from a non-controlling interest, the difference between the payment and the proportion of the carrying amount of the subsidiary\u2019s net assets attributable to the shares is recognised in the equity of the parent company\u2019s owners. Gains and losses arising from the sale of shares to non-controlling interests are similarly recognised in equity.
If the Group loses control, any residual holding is remeasured at fair value through profit or loss (FVTPL). Thereafter, the fair value is used as the acquisition cost for accounting purposes, and the holding is treated as an investment in an associate, in a jointly controlled entity or in a financial asset. Amounts previously included in OCI that relate to the company are treated as if the Group had disposed the underlying asset and liability. This may result in amounts that were previously included in OCI being reclassified to the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__214": { "value": "Accounting policies
The consolidated financial statements include all the financial statements of Entra ASA and its subsidiaries. Subsidiaries are all entities (including structured entities) over which Entra has control, either directly or through other subsidiaries. The Entra controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity.
The Group reassesses whether it controls an investee if facts and circumstances indicate that there are changes to one or more of the elements of control listed above.
When the Group has less than a majority of the voting rights of an investee, it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Group considers all relevant facts and circumstances in assessing whether the Group\u2019s voting rights in an investee are sufficient to give it power, including:
\u2022The size of the Group\u2019s holding of voting rights relative to the size and dispersion of holdings of the other vote holders;
\u2022potential voting rights held by the Group, other vote holders or other parties;
\u2022rights arising from other contractual arrangements; and/or
\u2022any additional facts and circumstances that indicate that the Group has, or does not have, the current ability to direct the relevant activities at the time that decisions need to be made, including vote patterns at previous shareholder\u2019s meetings.
Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.
The acquisition method is used to account for purchases of subsidiaries that constitute a business. The consideration given is measured at the fair value of the transferred assets, the equity instruments that have been issued, liabilities assumed on the transfer of control and direct costs relating to the actual purchase.
The cost of acquisition also includes the fair value of all assets or liabilities that are the result of an agreement on contingent consideration.
Identifiable purchased assets, assumed liabilities and contingent liabilities are recognised at fair value on the date of acquisition. The costs associated with the business combination are expensed when they are incurred.
If the aggregate of the consideration, the carrying amount of non-controlling interests and the fair value on the acquisition date of any previously held ownership interests exceeds the fair value of the acquired entity\u2019s identifiable net assets, the difference is capitalised as goodwill. If the aggregate is less than the company\u2019s net assets, the difference is immediately recognised in profit or loss.
Contingent consideration is recognised at fair value on the date of acquisition. Subsequent changes in the fair value of the contingent consideration are recognised in profit or loss or recognised as a change in other comprehensive income (OCI), if the contingent consideration is classified as an asset or a liability. Contingent consideration classified as equity is not remeasured, and subsequent settlement is recognised in equity.
For accounting purposes, acquisitions of subsidiaries that do not constitute a business as defined in IFRS 3, such as acquisitions where substantially all of the fair value of the gross assets acquired is concentrated in a single property or group of similar properties, are treated as asset acquisitions. The cost of acquisition is then attributed to the individual identifiable assets and liabilities based on their relative fair values on the acquisition date. Expenses associated with the transaction are capitalised on the investment property. Such acquisitions are transactions to which the initial recognition exemption according to IAS 12 would apply, and no deferred tax would be recognised for taxable temporary differences for the assets and liabilities acquired.
If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognised in profit or loss. For a subsidiary where main asset is an investment property, the net gain or loss associated with the loss of control of the subsidiary is presented as change in value of investment properties. Any investment retained is recognised at fair value.
Intra-group transactions, balances and unrealised gains are eliminated. Unrealised losses are eliminated, but are considered evidence of impairment in terms of writing down the value of the transferred asset. If necessary, the accounting policies at subsidiaries are changed in order to bring them into line with the Group\u2019s accounting policies.
Transactions with non-controlling interests
Transactions with non-controlling interests in subsidiaries are treated as equity transactions. If shares are acquired from a non-controlling interest, the difference between the payment and the proportion of the carrying amount of the subsidiary\u2019s net assets attributable to the shares is recognised in the equity of the parent company\u2019s owners. Gains and losses arising from the sale of shares to non-controlling interests are similarly recognised in equity.
If the Group loses control, any residual holding is remeasured at fair value through profit or loss (FVTPL). Thereafter, the fair value is used as the acquisition cost for accounting purposes, and the holding is treated as an investment in an associate, in a jointly controlled entity or in a financial asset. Amounts previously included in OCI that relate to the company are treated as if the Group had disposed the underlying asset and liability. This may result in amounts that were previously included in OCI being reclassified to the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__215-1": { "value": "Transactions with non-controlling interests
Transactions with non-controlling interests in subsidiaries are treated as equity transactions. If shares are acquired from a non-controlling interest, the difference between the payment and the proportion of the carrying amount of the subsidiary\u2019s net assets attributable to the shares is recognised in the equity of the parent company\u2019s owners. Gains and losses arising from the sale of shares to non-controlling interests are similarly recognised in equity.
If the Group loses control, any residual holding is remeasured at fair value through profit or loss (FVTPL). Thereafter, the fair value is used as the acquisition cost for accounting purposes, and the holding is treated as an investment in an associate, in a jointly controlled entity or in a financial asset. Amounts previously included in OCI that relate to the company are treated as if the Group had disposed the underlying asset and liability. This may result in amounts that were previously included in OCI being reclassified to the income statement.
Non-controlling interests
The following tables summarises the information relating to each of the Group\u2019s subsidiaries that have non-controlling interests (NCI), before any intra-group eliminations with the Group.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__216": { "value": "The Group comprises the following legal entities at 31 December 2025. All subsidiaries are incorporated in Norway.
Wholly owned subsidiaries of Entra ASA
Akersgata 34\u201336 AS | Brynsveien 3B ANS | Entra Service AS | Lag\u00e5rdsveien 6 AS | Otto Sverdrups plass 4 AS | Tullinsgt 2 ANS |
Biskop Gunnerus' gate 14A AS | Brynsveien 5 AS | Entra Utleie AS | Langkaia 1 AS | Pilestredet 33 AS | Tvetenveien 22 AS |
Biskop Gunnerus' gate 6 AS | Brynsveien 6 og 12 AS | Fredrik Selmers vei 4 AS | Lars Hilles gate 19 AS | Professor Olav Hanssens vei 10 AS | Universitetsgata 1\u20139 AS |
Bl\u00e5isen AS | Christian Krohgs gate 10 AS | Fredrik Selmers vei 6 AS | Lars Hilles gate 25 AS | Schweigaards gate 15 AS | Universitetsgata 2 AS |
Bl\u00e5nebba ANS | Christian Krohgs gate 2 AS | Fyrstikkall\u00e9en 1 AS | Lilletorget 1 AS | Schweigaards gate 16 AS | Vahls gate 1\u20133 AS |
Bryn Boligselskap AS | Drammensveien 131 AS | Grensesvingen 26 AS | L\u00f8kketangen 2\u201314B AS | Schweigaards gate 6\u201314 AS | Valkendorfsgaten 6 AS |
Brynseng Eiendom AS | Drammensveien 134 AS | Grensesvingen 7 Eiendom AS | Malmskriverveien 18\u201320 AS | St. Olavs plass 5 AS | Vaterlandslaget AS |
Brynsengfaret 4 og 6 AS | Drammensveien 134 P-Hus AS | Hagegata 22\u201324 AS | Malmskriverveien 2\u20134 AS | Stenersgata 1 AS | Verkstedveien 1 Monier AS |
Brynsengfaret 6CD AS | Drammensveien 134 Utearealer AS | Hardangerj\u00f8kulen AS | M\u00f8llendalsveien 1A AS | Stenersgata Parkering AS | Verkstedveien 3 AS |
Brynsveien 1 AS | Entra Bryn AS | Kaigaten 9 AS | M\u00f8llendalsveien 6\u20138 AS | Storgata 51 Oslo AS | Vestfjordgaten 4 AS |
Brynsveien 11/13 Eiendom AS | Entra Eiendom AS | Karenslyst all\u00e9 7 AS | Nedre Vollgate 11 AS | Sundtkvartalet AS | Wexelsplass Garasje AS |
Brynsveien 2\u20134 AS | Entra Felleskost AS | Keysers gate 13 AS | Nils Hansens vei 20 AS | Tordenskiolds gate 12 AS | \u00d8stensj\u00f8veien 29 AS |
Brynsveien 3 Eiendom AS | Entra Kultur 1 AS | Kj\u00f8rboparken AS | Nonnesetergaten 4 AS | Tullinkvartalet AS | \u00d8stensj\u00f8veien 39/41 AS |
Brynsveien 3A ANS | Entra Labs AS | Kristian Augusts gate 13 AS | Nyg\u00e5rdsgaten 93\u201397 AS | Tullins gate 2 AS | \u00d8stensj\u00f8veien 43 AS |
Partly owned subsidiaries of Entra ASA
Papirbredden Eiendom AS\u200c1 | Entra OPF Utvikling AS\u200c2 |
Gr\u00f8nland 51 AS | Entra OPF Utvikling Holding AS |
Gr\u00f8nland 56 AS | Allehelgens gate 6 Holding AS |
Gr\u00f8nland 58 AS | Allehelgens gate 6 AS |
Gr\u00f8nland 60 AS | Lars Hilles gate 30 Holding AS |
Kreftings gate 33 AS | Lars Hilles gate 30 AS |
1Papirbredden Eiendom AS is owned by Entra ASA with voting and owner shares of 60 per cent. The remaining 40 per cent is owned by Eidra AS, a company wholly owned by the Municipality of Drammen.
2Entra ASA owns 50 per cent of the shares in Entra OPF Utvikling AS. The remaining 50 per cent is owned by Oslo Pensjonsforsikring AS.
Non-controlling interests
The following tables summarises the information relating to each of the Group\u2019s subsidiaries that have non-controlling interests (NCI), before any intra-group eliminations with the Group.
FY2025 / 31.12.2025 | FY2024 / 31.12.2024 | |||||
Papirbredden Eiendom AS | Entra OPF Utvikling AS | Total | Papirbredden Eiendom AS | Entra OPF Utvikling AS | Total | |
NCI ownership interests | 40% | 50% | 40% | 50% | ||
Rental income | 136 | 174 | 310 | 131 | 170 | 301 |
Net operating income | 130 | 160 | 290 | 126 | 148 | 275 |
Net income | 92 | 164 | 256 | 85 | 153 | 238 |
Changes in value of investment properties | -1 | 55 | 54 | -38 | -33 | -71 |
Changes in value of financial instruments | - | - | - | 2 | - | 2 |
Profit before tax | 91 | 219 | 310 | 49 | 120 | 170 |
Tax | -20 | -49 | -69 | -11 | -29 | -39 |
Profit for the period | 71 | 170 | 242 | 38 | 92 | 130 |
Profit allocated to NCI | 28 | 85 | 114 | 15 | 46 | 61 |
Current assets | 35 | 46 | 81 | 26 | 43 | 69 |
Non-current assets | 2\u00a0095 | 2\u00a0922 | 5\u00a0017 | 2\u00a0093 | 2\u00a0860 | 4\u00a0952 |
Current liabilities | 51 | 7 | 58 | 50 | 8 | 58 |
Non-current liabilities | 864 | 381 | 1\u00a0245 | 884 | 332 | 1\u00a0216 |
Equity | 1\u00a0215 | 2\u00a0580 | 3\u00a0795 | 1\u00a0185 | 2\u00a0563 | 3\u00a0748 |
Equity attributable to NCI | 486 | 1\u00a0290 | 1\u00a0775 | 474 | 1\u00a0281 | 1\u00a0755 |
Net cash flows from operating activities | 72 | 165 | 237 | 75 | 164 | 238 |
Net cash flows from investment activities | -3 | -5 | -8 | -7 | -19 | -26 |
Net cash flows from financing activities | -67 | -155 | -222 | -61 | -135 | -196 |
Change in cash and cash equivalents | 2 | 5 | 7 | 7 | 9 | 16 |
Note 28\tDiscontinued operations
Accounting policies
A discontinued operation is a component of the Group\u2019s business, the operations and cash flows which can be clearly distinguished from the rest of the Group and which:
\u2022represents a separate major line of business or geographic area of operations;
\u2022is part of a single co-ordinated plan to dispose a separate major line of business or geographic area of operations; or
\u2022is a subsidiary acquired exclusively with the purpose of resale.
Classification as a discontinued operation occurs at the earlier of disposal or when the operation meets the criteria to be classified as held for sale.
When an operation is classified as a discontinued operation, the comparative figures in the statement of comprehensive income and statement of cash flows are re-presented as if the operation had been discontinued from the start of the comparative year. The information in the balance sheet for the prior year is not re-presented.
On 31 May 2024, Entra sold its management portfolio in Trondheim, consisting of 13 office properties totalling 187\u00a0474 sqm. The Trondheim portfolio is classified as a discontinued operation, and Entra presents the result of the discontinued operations until the divestment separately as a single amount in the statement of comprehensive income.
The discontinued operations were not separately financed, and the associated interest costs cannot be distinguished from those of the continuing operations. Consequently, no interest costs were allocated to the discontinued operations and the earnings per share from discontinued operations presented above is therefore not representative of the effects of the divestment. The results of the discontinued operations, which is included in the statement of comprehensive income, were as follows:
2024 | |||
NOK million | Continuing operations | Discontinued operations | Combined |
Rental income | 3\u00a0099 | 169 | 3\u00a0267 |
Operating costs | -264 | -11 | -276 |
Net operating income | 2\u00a0834 | 157 | 2\u00a0991 |
Other revenues | 630 | 1 | 631 |
Other costs | -584 | -1 | -585 |
Administrative costs | -199 | - | -199 |
Share of profit from associates and JVs | -42 | - | -42 |
Net realised financials | -1\u00a0518 | -3 | -1\u00a0521 |
Net income | 1\u00a0121 | 155 | 1\u00a0276 |
Changes in value of investment properties | -1\u00a0820 | -74 | -1\u00a0894 |
Gain on sale of discontinued operations | - | 397 | 397 |
Changes in value of financial instruments | 165 | - | 165 |
Profit/loss before tax | -534 | 478 | -56 |
Tax payable | -13 | - | -13 |
Change in deferred tax | 164 | -21 | 144 |
Profit/loss for period | -383 | 458 | 75 |
The gain on sale of discontinued operations of 397 million is mainly related to the deferred tax liabilities of the discontinued operations exceeding the tax deduction in the net proceeds.
The Group\u2019s net cash inflow due to the disposal was 6 154 million, and the proceeds from the divestment were used to repay bank debt, thereby reducing the Group\u2019s interest-bearing debt and associated interest costs.
In 2024, the net cash inflows from operating activities of the discontinued operations were 153 million, while net cash outflows attributable to investing activities were 48 million. Accordingly, the net cash flows of the discontinued operations amounted to 105 million. Basic earnings per share from discontinued operations was NOK 2.51.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__223": { "value": "Accounting policies
A discontinued operation is a component of the Group\u2019s business, the operations and cash flows which can be clearly distinguished from the rest of the Group and which:
\u2022represents a separate major line of business or geographic area of operations;
\u2022is part of a single co-ordinated plan to dispose a separate major line of business or geographic area of operations; or
\u2022is a subsidiary acquired exclusively with the purpose of resale.
Classification as a discontinued operation occurs at the earlier of disposal or when the operation meets the criteria to be classified as held for sale.
When an operation is classified as a discontinued operation, the comparative figures in the statement of comprehensive income and statement of cash flows are re-presented as if the operation had been discontinued from the start of the comparative year. The information in the balance sheet for the prior year is not re-presented.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__225-1": { "value": "Note 29\tAssociates and jointly controlled entitesAccounting policies
Joint arrangements
Under IFRS 11, investments in joint arrangements are classified as either joint operations or joint ventures. In a joint arrangement, no single party controls the arrangement on its own. The classification depends on the contractual rights and obligations of each investor, rather than the legal structure of the joint arrangement.
Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control.
A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement.
Entra classifies its investments based on an analysis of the degree of control and the underlying facts. This includes an assessment of voting rights, ownership structure and the relative strength, purchase and sale rights controlled by Entra and other shareholders. Each individual investment is assessed. Upon changes in underlying facts and circumstances, a new assessment is made as to whether this is still a joint venture. Changes in contractual rights and obligations relating to the underlying asset or debt and changes in the shareholder agreement might lead to a shift in the accounting method.
In joint ventures, the Group\u2019s share of the companies\u2019 profit/loss after tax, adjusted for amortisation of excess value, are presented on a separate line in the consolidated income statement. Where necessary, the accounts of joint ventures have been brought into line with the Group\u2019s accounting policies. Joint ventures are recognised in the consolidated accounts using the equity method, often referred to as one-line consolidation, and presented as non-current assets.
A transaction that entails a change of control from an investment in a joint venture to an investment in a subsidiary is treated as a realisation and requires that a gain/loss at the time of derecognition of the joint venture has to be calculated and recognised in the income statement. Equity transactions in a joint venture is presented as an equity transaction in the Group\u2019s statement of changes in equity.
Associates
Associates are companies over which the Group has significant influence but not control or joint control. Significant influence normally exists where the Group\u2019s investment represents between 20 and 50 per cent of the capital with voting rights. Investments in associates are accounted for using the equity method of accounting, after initially being recognised at cost. Investments in associates include any excess values and goodwill identified at the time of acquisition, less any subsequent impairment losses.
The Group\u2019s share of the profit and loss of associates is recognised and added to the carrying amount of the investments. The Group\u2019s share of the comprehensive income of associates is recognised in the Group\u2019s comprehensive income and added to the carrying amount of the investments. The Group does not recognise its share of a loss if this would result in a negative carrying amount for the investment (including the entity\u2019s unsecured receivables), unless the Group has taken over obligations or made payments on behalf of the associate.
The Group\u2019s share of unrealised gains on transactions between the Group and its associates is eliminated. This also applies to unrealised losses, unless there is a permanent loss of value. Where necessary, the accounts of associates have been brought into line with the Group\u2019s accounting policies. Gains and losses arising from the dilution of ownership interests in associates are recognised in profit or loss.
If the Group no longer has significant influence, any residual holding is remeasured at FVTPL. Thereafter, the fair value is used as the acquisition cost for accounting purposes, and the holding is treated as a financial asset. Amounts relating to the company that were previously recognised in comprehensive income are treated as if the associate had disposed of the underlying assets and liabilities. This may result in amounts that were previously included in other comprehensive income being reclassified to the income statement. If the Group reduces its shareholding but retains significant influence, a proportionate share of the amounts previously recognised in other comprehensive income is reclassified to the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__227-1": { "value": "Note 29\tAssociates and jointly controlled entitesAccounting policies
Joint arrangements
Under IFRS 11, investments in joint arrangements are classified as either joint operations or joint ventures. In a joint arrangement, no single party controls the arrangement on its own. The classification depends on the contractual rights and obligations of each investor, rather than the legal structure of the joint arrangement.
Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control.
A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement.
Entra classifies its investments based on an analysis of the degree of control and the underlying facts. This includes an assessment of voting rights, ownership structure and the relative strength, purchase and sale rights controlled by Entra and other shareholders. Each individual investment is assessed. Upon changes in underlying facts and circumstances, a new assessment is made as to whether this is still a joint venture. Changes in contractual rights and obligations relating to the underlying asset or debt and changes in the shareholder agreement might lead to a shift in the accounting method.
In joint ventures, the Group\u2019s share of the companies\u2019 profit/loss after tax, adjusted for amortisation of excess value, are presented on a separate line in the consolidated income statement. Where necessary, the accounts of joint ventures have been brought into line with the Group\u2019s accounting policies. Joint ventures are recognised in the consolidated accounts using the equity method, often referred to as one-line consolidation, and presented as non-current assets.
A transaction that entails a change of control from an investment in a joint venture to an investment in a subsidiary is treated as a realisation and requires that a gain/loss at the time of derecognition of the joint venture has to be calculated and recognised in the income statement. Equity transactions in a joint venture is presented as an equity transaction in the Group\u2019s statement of changes in equity.
Associates
Associates are companies over which the Group has significant influence but not control or joint control. Significant influence normally exists where the Group\u2019s investment represents between 20 and 50 per cent of the capital with voting rights. Investments in associates are accounted for using the equity method of accounting, after initially being recognised at cost. Investments in associates include any excess values and goodwill identified at the time of acquisition, less any subsequent impairment losses.
The Group\u2019s share of the profit and loss of associates is recognised and added to the carrying amount of the investments. The Group\u2019s share of the comprehensive income of associates is recognised in the Group\u2019s comprehensive income and added to the carrying amount of the investments. The Group does not recognise its share of a loss if this would result in a negative carrying amount for the investment (including the entity\u2019s unsecured receivables), unless the Group has taken over obligations or made payments on behalf of the associate.
The Group\u2019s share of unrealised gains on transactions between the Group and its associates is eliminated. This also applies to unrealised losses, unless there is a permanent loss of value. Where necessary, the accounts of associates have been brought into line with the Group\u2019s accounting policies. Gains and losses arising from the dilution of ownership interests in associates are recognised in profit or loss.
If the Group no longer has significant influence, any residual holding is remeasured at FVTPL. Thereafter, the fair value is used as the acquisition cost for accounting purposes, and the holding is treated as a financial asset. Amounts relating to the company that were previously recognised in comprehensive income are treated as if the associate had disposed of the underlying assets and liabilities. This may result in amounts that were previously included in other comprehensive income being reclassified to the income statement. If the Group reduces its shareholding but retains significant influence, a proportionate share of the amounts previously recognised in other comprehensive income is reclassified to the income statement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__230": { "value": "Joint arrangements
Under IFRS 11, investments in joint arrangements are classified as either joint operations or joint ventures. In a joint arrangement, no single party controls the arrangement on its own. The classification depends on the contractual rights and obligations of each investor, rather than the legal structure of the joint arrangement.
Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control.
A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement.
Entra classifies its investments based on an analysis of the degree of control and the underlying facts. This includes an assessment of voting rights, ownership structure and the relative strength, purchase and sale rights controlled by Entra and other shareholders. Each individual investment is assessed. Upon changes in underlying facts and circumstances, a new assessment is made as to whether this is still a joint venture. Changes in contractual rights and obligations relating to the underlying asset or debt and changes in the shareholder agreement might lead to a shift in the accounting method.
In joint ventures, the Group\u2019s share of the companies\u2019 profit/loss after tax, adjusted for amortisation of excess value, are presented on a separate line in the consolidated income statement. Where necessary, the accounts of joint ventures have been brought into line with the Group\u2019s accounting policies. Joint ventures are recognised in the consolidated accounts using the equity method, often referred to as one-line consolidation, and presented as non-current assets.
A transaction that entails a change of control from an investment in a joint venture to an investment in a subsidiary is treated as a realisation and requires that a gain/loss at the time of derecognition of the joint venture has to be calculated and recognised in the income statement. Equity transactions in a joint venture is presented as an equity transaction in the Group\u2019s statement of changes in equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__231": { "value": "Associates
Associates are companies over which the Group has significant influence but not control or joint control. Significant influence normally exists where the Group\u2019s investment represents between 20 and 50 per cent of the capital with voting rights. Investments in associates are accounted for using the equity method of accounting, after initially being recognised at cost. Investments in associates include any excess values and goodwill identified at the time of acquisition, less any subsequent impairment losses.
The Group\u2019s share of the profit and loss of associates is recognised and added to the carrying amount of the investments. The Group\u2019s share of the comprehensive income of associates is recognised in the Group\u2019s comprehensive income and added to the carrying amount of the investments. The Group does not recognise its share of a loss if this would result in a negative carrying amount for the investment (including the entity\u2019s unsecured receivables), unless the Group has taken over obligations or made payments on behalf of the associate.
The Group\u2019s share of unrealised gains on transactions between the Group and its associates is eliminated. This also applies to unrealised losses, unless there is a permanent loss of value. Where necessary, the accounts of associates have been brought into line with the Group\u2019s accounting policies. Gains and losses arising from the dilution of ownership interests in associates are recognised in profit or loss.
If the Group no longer has significant influence, any residual holding is remeasured at FVTPL. Thereafter, the fair value is used as the acquisition cost for accounting purposes, and the holding is treated as a financial asset. Amounts relating to the company that were previously recognised in comprehensive income are treated as if the associate had disposed of the underlying assets and liabilities. This may result in amounts that were previously included in other comprehensive income being reclassified to the income statement. If the Group reduces its shareholding but retains significant influence, a proportionate share of the amounts previously recognised in other comprehensive income is reclassified to the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__232": { "value": "31.12.2025 | Acquisition date | Business office | Shareholding voting\u00a0rights (%) |
Associated companies | |||
Ullandhaug Energi AS | 07.07.2009 | Stavanger | 44.00 |
H2O Eiendom AS | 02.12.2019 | Oslo | 25.00 |
Galleri Oslo Utvikling AS | 24.10.2022 | Oslo | 46.77 |
Galleriet Drift AS | 31.03.2022 | Oslo | 46.77 |
Welcome Workdays AS | 12.10.2023 | Oslo | 45.00 |
Jointly controlled entities | |||
Oslo S Utvikling AS | 01.07.2004 | Oslo | 50.00 |
Rebel U2 AS | 10.10.2019 | Oslo | 50.00 |
Galleri Oslo Invest AS | 12.01.2022 | Oslo | 33.33 |
31.12.2024 | Acquisition date | Business office | Shareholding voting\u00a0rights (%) |
Associated companies | |||
Ullandhaug Energi AS | 07.07.2009 | Stavanger | 44.00 |
H2O Eiendom AS | 02.12.2019 | Oslo | 25.00 |
Galleri Oslo Utvikling AS | 24.10.2022 | Oslo | 46.77 |
Galleriet Drift AS | 31.03.2022 | Oslo | 46.77 |
Welcome Workdays AS | 12.10.2023 | Oslo | 45.00 |
Jointly controlled entities | |||
Oslo S Utvikling AS | 01.07.2004 | Oslo | 50.00 |
Rebel U2 AS | 10.10.2019 | Oslo | 50.00 |
Galleri Oslo Invest AS | 12.01.2022 | Oslo | 33.33 |
Movement in carrying amount of associates and jointly controlled entities
NOK million | Galleri Oslo Invest AS | Oslo S Utvikling AS | Rebel U2 AS\u200c1 | Other jointly controlled entities and\u00a0associates | Total associates and jointly controlled entities |
Carrying amount 31.12.2023 | 136 | 651 | - | 72 | 859 |
Share of profit for 2024 | -5 | -26 | - | - | -32 |
Capital injection/ reduction | - | - | - | 41 | 41 |
Carrying amount 31.12.2024 | 130 | 625 | - | 112 | 867 |
Share of profit for 2025 | 2 | -3 | - | -10 | -10 |
Capital injection/ reduction | - | - | - | 3 | 3 |
Carrying amount 31.12.2025 | 132 | 622 | - | 106 | 860 |
1Entra\u2019s share of Rebel U2 AS\u2019 negative total comprehensive income is recognised as a reduction in the carrying value of Entra\u2019s loan to Rebel U2 AS, which is considered part of the Group\u2019s interests in Rebel U2 AS.
Aggregate financial information for associates and jointly controlled entities
(Figures stated refer to Entra\u2019s ownership interest)
NOK million | 2025 | 2024 |
Revenue | 648 | 118 |
Costs | -642 | -162 |
Net income | 5 | -44 |
Net value changes | - | -9 |
Profit before tax | 5 | -52 |
Tax expense | -1 | 10 |
Profit after tax | 4 | -42 |
Total comprehensive income | 4 | -42 |
Realisation of excess value | -27 | - |
Entra\u2019s share of total comprehensive income | -23 | -42 |
Total assets | 2\u00a0484 | 2\u00a0413 |
Shareholders equity | 634 | 627 |
Non-controlling interests | 47 | 47 |
Total liabilities | 1\u00a0803 | 1\u00a0739 |
Summarised financial information for significant associates and jointly controlled entities (100 per cent)
Oslo S Utvikling AS is a property development company that is undertaking primarily residential development in Bj\u00f8rvika in Oslo\u2019s CBD East.
Rebel U2 AS is the operator of the technology hub in Universitetsgata 2 in Oslo. The company offers full-service solutions, flexible and short- term leases, co-working facilities as well as conference and event activity.
Galleri Oslo Invest AS is a joint venture with the two other owners of Schweigaards gate 6\u201314 in Oslo (\u2018Galleri Oslo\u2019), owning and managing 10.6 per cent of the property.
Oslo S Utvikling AS | Rebel U2 AS | Galleri Oslo Invest AS | ||||
NOK million | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
Income statement | ||||||
Revenue | 1\u00a0109 | 52 | 135 | 138 | 9 | 7 |
Cost of sales | -956 | -45 | -84 | -83 | - | - |
Administrative costs | -38 | -44 | -30 | -24 | -2 | -2 |
Net realised financials | -52 | -28 | -54 | -57 | - | - |
Net income | 62 | -65 | -33 | -26 | 8 | 5 |
Changes in value of investment properties | - | - | - | - | - | -26 |
Profit before tax | 62 | -65 | -33 | -26 | 8 | -21 |
Tax expense | -14 | 13 | 7 | 6 | -2 | 4 |
Profit for the year | 49 | -53 | -25 | -20 | 6 | -16 |
Total comprehensive income | 49 | -53 | -25 | -20 | 6 | -16 |
Realisation of excess value | -27 | - | - | - | - | - |
Entra\u2019s share of total comprehensive income | -3 | -26 | -13 | -10 | 2 | -5 |
Oslo S Utvikling AS | Rebel U2 AS | Galleri Oslo Invest AS | ||||
NOK million | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
BALANCE SHEET | ||||||
Current assets | 3\u00a0701 | 2\u00a0974 | 73 | 75 | 29 | 22 |
of which cash and cash equivalents | 43 | 32 | 34 | 31 | 26 | 20 |
Non-current assets | 122 | 686 | 548 | 580 | 373 | 373 |
Current liabilities | 1\u00a0292 | 556 | 73 | 96 | 6 | 4 |
of which current financial liabilities other than accounts payable and provisions | 994 | 235 | - | - | - | - |
Non-current liabilities | 1\u00a0532 | 2\u00a0154 | 656 | 640 | - | - |
of which non-current financial liabilities other than accounts payable and provisions | 1\u00a0474 | 2\u00a0113 | - | - | - | - |
Net assets | 999 | 951 | -107 | -82 | 397 | 391 |
of which attributable to non-controlling interests | 94 | 95 | - | - | - | - |
Net assets attributable to equity holders of the JV | 905 | 856 | -107 | -82 | 397 | 391 |
Entra\u2019s shareholding in the JV | 452 | 428 | -54 | -41 | 132 | 130 |
Excess value | 170 | 197 | - | - | - | - |
Carrying amount of Entra\u2019s shareholding | 622 | 625 | - | - | 132 | 130 |
31.12.2025 | Acquisition date | Business office | Shareholding voting\u00a0rights (%) |
Associated companies | |||
Ullandhaug Energi AS | 07.07.2009 | Stavanger | 44.00 |
H2O Eiendom AS | 02.12.2019 | Oslo | 25.00 |
Galleri Oslo Utvikling AS | 24.10.2022 | Oslo | 46.77 |
Galleriet Drift AS | 31.03.2022 | Oslo | 46.77 |
Welcome Workdays AS | 12.10.2023 | Oslo | 45.00 |
Jointly controlled entities | |||
Oslo S Utvikling AS | 01.07.2004 | Oslo | 50.00 |
Rebel U2 AS | 10.10.2019 | Oslo | 50.00 |
Galleri Oslo Invest AS | 12.01.2022 | Oslo | 33.33 |
31.12.2024 | Acquisition date | Business office | Shareholding voting\u00a0rights (%) |
Associated companies | |||
Ullandhaug Energi AS | 07.07.2009 | Stavanger | 44.00 |
H2O Eiendom AS | 02.12.2019 | Oslo | 25.00 |
Galleri Oslo Utvikling AS | 24.10.2022 | Oslo | 46.77 |
Galleriet Drift AS | 31.03.2022 | Oslo | 46.77 |
Welcome Workdays AS | 12.10.2023 | Oslo | 45.00 |
Jointly controlled entities | |||
Oslo S Utvikling AS | 01.07.2004 | Oslo | 50.00 |
Rebel U2 AS | 10.10.2019 | Oslo | 50.00 |
Galleri Oslo Invest AS | 12.01.2022 | Oslo | 33.33 |
Movement in carrying amount of associates and jointly controlled entities
NOK million | Galleri Oslo Invest AS | Oslo S Utvikling AS | Rebel U2 AS\u200c1 | Other jointly controlled entities and\u00a0associates | Total associates and jointly controlled entities |
Carrying amount 31.12.2023 | 136 | 651 | - | 72 | 859 |
Share of profit for 2024 | -5 | -26 | - | - | -32 |
Capital injection/ reduction | - | - | - | 41 | 41 |
Carrying amount 31.12.2024 | 130 | 625 | - | 112 | 867 |
Share of profit for 2025 | 2 | -3 | - | -10 | -10 |
Capital injection/ reduction | - | - | - | 3 | 3 |
Carrying amount 31.12.2025 | 132 | 622 | - | 106 | 860 |
1Entra\u2019s share of Rebel U2 AS\u2019 negative total comprehensive income is recognised as a reduction in the carrying value of Entra\u2019s loan to Rebel U2 AS, which is considered part of the Group\u2019s interests in Rebel U2 AS.
Aggregate financial information for associates and jointly controlled entities
(Figures stated refer to Entra\u2019s ownership interest)
NOK million | 2025 | 2024 |
Revenue | 648 | 118 |
Costs | -642 | -162 |
Net income | 5 | -44 |
Net value changes | - | -9 |
Profit before tax | 5 | -52 |
Tax expense | -1 | 10 |
Profit after tax | 4 | -42 |
Total comprehensive income | 4 | -42 |
Realisation of excess value | -27 | - |
Entra\u2019s share of total comprehensive income | -23 | -42 |
Total assets | 2\u00a0484 | 2\u00a0413 |
Shareholders equity | 634 | 627 |
Non-controlling interests | 47 | 47 |
Total liabilities | 1\u00a0803 | 1\u00a0739 |
Summarised financial information for significant associates and jointly controlled entities (100 per cent)
Oslo S Utvikling AS is a property development company that is undertaking primarily residential development in Bj\u00f8rvika in Oslo\u2019s CBD East.
Rebel U2 AS is the operator of the technology hub in Universitetsgata 2 in Oslo. The company offers full-service solutions, flexible and short- term leases, co-working facilities as well as conference and event activity.
Galleri Oslo Invest AS is a joint venture with the two other owners of Schweigaards gate 6\u201314 in Oslo (\u2018Galleri Oslo\u2019), owning and managing 10.6 per cent of the property.
Oslo S Utvikling AS | Rebel U2 AS | Galleri Oslo Invest AS | ||||
NOK million | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
Income statement | ||||||
Revenue | 1\u00a0109 | 52 | 135 | 138 | 9 | 7 |
Cost of sales | -956 | -45 | -84 | -83 | - | - |
Administrative costs | -38 | -44 | -30 | -24 | -2 | -2 |
Net realised financials | -52 | -28 | -54 | -57 | - | - |
Net income | 62 | -65 | -33 | -26 | 8 | 5 |
Changes in value of investment properties | - | - | - | - | - | -26 |
Profit before tax | 62 | -65 | -33 | -26 | 8 | -21 |
Tax expense | -14 | 13 | 7 | 6 | -2 | 4 |
Profit for the year | 49 | -53 | -25 | -20 | 6 | -16 |
Total comprehensive income | 49 | -53 | -25 | -20 | 6 | -16 |
Realisation of excess value | -27 | - | - | - | - | - |
Entra\u2019s share of total comprehensive income | -3 | -26 | -13 | -10 | 2 | -5 |
Oslo S Utvikling AS | Rebel U2 AS | Galleri Oslo Invest AS | ||||
NOK million | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
BALANCE SHEET | ||||||
Current assets | 3\u00a0701 | 2\u00a0974 | 73 | 75 | 29 | 22 |
of which cash and cash equivalents | 43 | 32 | 34 | 31 | 26 | 20 |
Non-current assets | 122 | 686 | 548 | 580 | 373 | 373 |
Current liabilities | 1\u00a0292 | 556 | 73 | 96 | 6 | 4 |
of which current financial liabilities other than accounts payable and provisions | 994 | 235 | - | - | - | - |
Non-current liabilities | 1\u00a0532 | 2\u00a0154 | 656 | 640 | - | - |
of which non-current financial liabilities other than accounts payable and provisions | 1\u00a0474 | 2\u00a0113 | - | - | - | - |
Net assets | 999 | 951 | -107 | -82 | 397 | 391 |
of which attributable to non-controlling interests | 94 | 95 | - | - | - | - |
Net assets attributable to equity holders of the JV | 905 | 856 | -107 | -82 | 397 | 391 |
Entra\u2019s shareholding in the JV | 452 | 428 | -54 | -41 | 132 | 130 |
Excess value | 170 | 197 | - | - | - | - |
Carrying amount of Entra\u2019s shareholding | 622 | 625 | - | - | 132 | 130 |
Note 30\tRelated parties
The Group\u2019s related parties comprise associated and jointly controlled entities (see Note 29), Entra\u2019s shareholders (see\u00a0Note 26), members of the Board and Senior Executives.
The Group\u2019s transactions and balances with associates and jointly controlled entities in 2025 is mainly related to rental income, administrative fees, loans, interest payments on loans and dividends. See note 9for information on remuneration of Senior Executives and the Board.
NOK million | 2025 | 2024 |
Income statement | ||
Rental income | 78 | 100 |
Other revenues | 4 | 12 |
Dividends | 2 | 1 |
Balance sheet | ||
Receivables | 38 | 70 |
Loans | 68 | 28 |
Short-term debt | - | 4 |
Note 31\tAuditor\u2019s fee
NOK thousand | 2025 | 2024 |
Statutory audit | 3\u00a0420 | 3\u00a0523 |
Other assurance services | 951 | 1\u00a0447 |
Tax advice | - | - |
Other services not related to auditing | - | - |
Total auditor\u2019s fee (excl. VAT expense) | 4\u00a0371 | 4\u00a0970 |
Note 32\tSubsequent events
In February 2026, Entra completed the sale of a 50 per cent interest in the property Christian Krohgs gate 2 in Oslo to Skanska, establishing a joint venture to develop the property. The property will be derecognised in 2026, and the joint venture will be accounted for in the consolidated financial statements using the equity method. As\u00a0the property is measured at fair value in the statement of financial position, the derecognition of the property and the recognition of the joint venture are not expected to have a material impact on Entra\u2019s financial position.
In February 2025, the Board decided to initiate a share buy-back programme comprising up to 0.5 percent of the company's own shares, which represents a total of 910 660 shares. See Note 13for further information.
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