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Entra Environmental & Social Information 2026
3596_rns_2026-06-30_87a69f0f-98dc-43c1-8b95-2dc894bfa4f7.pdf
Environmental & Social Information
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entra
Green Bond Report 2025
Contents | Sustainability at Entra | Allocation and impact | External review
About Entra
Entra ASA is a commercial real estate company whose core activity is ownership and leasing of centrally located office properties, with the majority of properties located in the Oslo area.
The company is listed on Euronext Oslo Børs and is known for its solid tenant base, characterised by long lease contracts and a high occupancy rate.
The company aims to be a leading developer and manager of future-oriented office environments that create value for its customers and generate enthusiasm among users and the surrounding communities.
Entra's business strategy focuses on creating long-term shareholder value through three key objectives: (i) achieving profitable growth, (ii) being the preferred office provider, and (iii) demonstrating environmental leadership.
Per 31.12.2025
Property portfolio
Properties (#)
80
Property portfolio
1.3m sqm
Marketing value portfolio
62bn NOK
Portfolio age (avg.)
9.3 yrs.
Letting metrics
WAULT
6.0 yrs.
Public tenants
51%
Occupancy
93.8%
CPI link
Near 100%
Entra ASA – Green Bond Report 2025
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3
Contents
| Sustainability at Entra | 4 |
|---|---|
| Environment | 5 |
| Social | 7 |
| Governance | 8 |
| Sustainability certifications, ratings and recognitions | 9 |
| Allocation and impact | 11 |
| Outstanding Green Bonds | 11 |
| Green Bond Asset Pool | 12 |
| External review | 18 |
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Sustainability at Entra
Contents | Sustainability at Entra | Allocation and impact | External review
Sustainability at Entra
Entra strives to minimise its negative impacts on both the environment and society. At the same time, the company aims to be a leader in capitalising on its environmental and social initiatives, having long been at the forefront of adopting practices for the development, upgrading and operation of green buildings.
To mitigate negative impacts and risks, and to enhance positive impacts and opportunities, Entra has defined a sustainability strategy for the period 2026–2030, with associated targets within the areas of environment, social and governance. To support the realisation of the sustainability strategy, KPIs related to the science-based targets, and health and safety targets are integrated into Entra's employee incentive schemes.
Sustainability strategy 2026–2030
| Environment | Social | Governance | |
|---|---|---|---|
| Material topics | • Climate change | ||
| • Biodiversity and ecosystems | |||
| • Circular economy | • Own workforce | ||
| • Workers in the value chain | |||
| • Local communities | • Business conduct | ||
| Ambitions | • Reduce our greenhouse gas emissions in line with the Paris Agreement, to achieve net zero by 2050 | ||
| • Maintain an energy-efficient property portfolio. | |||
| • Adapt our properties to future climate conditions and climate-related requirements | |||
| • Increase the reuse of materials in our construction activities and maintain a high level of waste sorting in both projects and operations | |||
| • Enhance biodiversity in and around our properties | • Create attractive and safe public spaces around our property clusters. | ||
| • Ensure high levels of safety and good working conditions for our own employees and for workers in our value chain. | |||
| • Foster an inclusive working environment where employees have the opportunity to develop and grow | • Ensure that Entra's operations and value chain adhere to high ethical standards. | ||
| Core SDG Targets |
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Sustainability at Entra | Environment
Contents | Sustainability at Entra | Allocation and impact | External review
Environment
As a leading real estate company, we aim to maintain a green and resilient property portfolio and to be well positioned to provide premises for our tenants in a future low-carbon society. We are committed to reducing greenhouse gas emissions in line with the Paris Agreement's 1.5°C target, and our near-term and long-term emissions reduction targets have been validated by the Science Based Targets initiative (SBTi).
We take a holistic approach to our environmental efforts, covering the entire value chain from material choices and construction activities to energy-efficient operations, circular solutions, and enhanced biodiversity in and around our properties.
The real estate sector is characterised by high resource consumption, large volumes of waste and significant greenhouse gas emissions. Buildings account for a substantial share of global energy use and contribute to increasing resource scarcity.
The primary focus of our environmental efforts is to reduce greenhouse gas emissions in line with our science-based targets. As our emissions largely come from the production and transport of materials used in building projects, our main focus is on reducing material consumption. To achieve this, we plan and construct long-lasting buildings and solutions that remain relevant across multiple lease periods, prioritise the reuse of materials and building structures, and, where reuse is not possible, choose low carbon materials.
For all newbuild projects, redevelopments and major refurbishment projects, we set greenhouse gas and reuse targets to enable informed decisions at an early stage. We also aim to make climate friendly choices when procuring goods and services, prioritising products with a low climate impact based on environmental product declarations. In doing so, we use our purchasing power as a major buyer to drive the industry in a more sustainable direction.
Energy efficiency and climate resilience in the property portfolio are supported through alignment with the EU Taxonomy and BREEAM certification.
Entra owns properties in urban areas and seeks to enhance biodiversity on and around its sites through measures such as green roofs, green walls and outdoor green spaces.
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Sustainability at Entra | Environment
Contents | Sustainability at Entra | Allocation and impact | External review
Environmental targets 2026–2030
| Target | KPI | Status 2025 | 2026 | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|---|---|---|
| Keep emissions from energy consumption at or below 116 kg CO_{2} per m^{2} at portfolio level by 2030 and remain at or below this level through to 2050. | kgCO_{2}e /m^{2} from the portfolio's energy consumption | 1.21 | |||||
| Reduce emissions associated with the construction of new buildings (A1–A5) by 45.5% per m^{2} by 2030 and by 94.6% by 2050, compared with the 2023 base year | kgCO_{2}e/m^{2} from newbuild projects | 185 | |||||
| Reduce other Scope 3 emissions by 42% by 2030 and by 90% by 2050, compared with the 2023 base year. | tCOe from other scope 3 emissions | 13 143 | |||||
| Newbuild projects comply with the EU Taxonomy criteria for acquisition and ownership of buildings (CCM 7.7). | % of newbuild projects that meet the EU Taxonomy criteria (CCM 7.7) | 100% | |||||
| Refurbishment projects meet the EU Taxonomy requirements for the acquisition and ownership of buildings (7.7), if this can be justified both economically and in terms of climate impact | % of refurbished properties that meet the EU Taxonomy criteria (CCM 7.7) | 2/3 | |||||
| Implement the necessary physical measures to mitigate climate risk across all buildings in the portfolio by 2030 | % of properties where climate risk has been mitigated | na | |||||
| New builds, redevelopments and major refurbishments are BREEAM-NOR certified, and selected properties are BREEAM In-Use certified | Number of properties that are BREEAM-certified | ||||||
| Number of properties that are BREEAM In-use certified | 18 BREEAM-NOR | ||||||
| 15 BREEAM In-Use | |||||||
| New construction, refurbishment projects and tenant alterations comply with internal requirements for reuse of materials | % of projects that include reuse of materials | na | |||||
| Tenant alteration projects report waste data internally. | % of tenant alteration projects that report waste data | na | |||||
| Minimise waste volumes and achieve a sorting rate of above 90% in new builds and major refurbishments. | Sorting rate % | 93% | |||||
| Establish green areas on and around our properties where this is practical and can be justified economically. | Area of new established green areas, m^{2} | 1 330 |
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Sustainability at Entra | Social
Contents | Sustainability at Entra | Allocation and impact | External review
Social
We are committed to safeguarding the well-being of our own employees and workers in our value chain, and to contributing to the development of the areas surrounding our properties.
Social targets 2026–2030
| Target | KPI | Status 2025 | 2026 | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|---|---|---|
| Activate ground floors with positive, community-oriented activities | Ground floor occupancy rate, % | na | |||||
| Launch social benefit schemes and social requirements for suppliers | Number of social benefit agreements | na | |||||
| Sick leave < 3.5% per year | Sick leave (% of total working days, last 12 months) | 2.8% | |||||
| Wellbeing index >82 points | Wellbeing index % | 84 | |||||
| Employee satisfaction ≥ 80 points | Employee satisfaction (%) | 79 | |||||
| Operations managers (DA) and technical managers (TS) report an average of at least 2.5 nonconformities per month. | Achieved/not achieved | Yes | |||||
| At least 2.5 HSE incident reports (RUH) per 1000 working hours on average across the entire project portfolio that submits monthly HSE reports | Achieved/not achieved | Yes | |||||
| A minimum of five supplier audits per year | Number of supplier audits per year | 5 | |||||
| A minimum of 40 hours of competence development per employee per year | Average number of training and development hours per employee per year | 51 | |||||
| Proportion of women > 40% | Women, % | 39% |
Measures to create attractive and safe urban spaces include, among other things, activating buildings – particularly ground floors – with positive, community-oriented activities. This also involves taking a leading role in fostering collaboration between public authorities, private businesses and civil society, as well as engaging tenants and subcontractors in social initiatives that contribute to positive change.
We safeguard employees in the value chain through the requirements we set for our partners, our due diligence assessments and supplier audits. Our most important measure to reduce the risk of accidents is preventive work. We work systematically with safety in and around our properties and projects, including through the reporting and follow-up of internal control non-conformities and unwanted incidents.
Entra also has measures in place to support employee well-being and competence development.
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Sustainability at Entra | Governance
Contents | Sustainability at Entra | Allocation and impact | External review
Governance
As a leading player in the Norwegian construction and real estate sector, Entra has a responsibility to lead by example through responsible business practices.
Governance targets 2026–2030
| Target | KPI | Status 2025 | 2026 | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|---|---|---|
| No breaches of the company's Code of Ethics | Number of breaches of the company's Code of ethics | 0 | |||||
| All our approved suppliers comply with our supplier requirements | % of supplier-due diligence assessments completed | 100% | |||||
| Zero cases of corruption | Number of reported corruption incidents | 0 |
We have established Code of Ethics and whistleblowing procedures, and we conduct regular training to ensure that all Entra employees act responsibly. To ensure responsible business conduct throughout the value chain, we set supplier requirements, conduct supplier due diligence in accordance with the Norwegian Transparency Act, perform regular supplier audits, and ensure that our whistleblowing mechanism is accessible to external parties. We report transparently on any deviations and use them as a basis for continuous improvement.
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Sustainability at Entra | Sustainability certifications, ratings and recognitions
Contents | Sustainability at Entra | Allocation and impact | External review
Sustainability certifications, ratings and recognitions
Per 31.12.2025
Certifications
Science Based Targets
Entra aims to reach net-zero greenhouse gas (GHG) emissions across the value chain by 2050 and has set near-term and long-term science-based targets for emission reduction. The targets have been developed in accordance with the Science Based Targets initiative's (SBTi) Buildings Sector Framework and the Corporate Net-Zero Standard and was validated by the Science Based Targets initiative in April 2025.
BREEAM
BREEAM (Building Research Establishment Environmental Assessment Method) certification is an international standard for assessing and rating the sustainability of buildings. BREEAM evaluates a building's performance across various categories, including energy efficiency, water usage, health and well-being, pollution, transportation, materials, waste, ecology, and management processes.
Entra utilises two different certifications under the BREEAM framework, targeting different stages of a building's lifecycle. BREEAM-NOR is specific to Norway and focuses on the design and construction phase. BREEAM In-Use is applicable worldwide, and focuses on the operational performance of existing buildings.
Eco-Lighthouse
Entra is Eco-Lighthouse certified in accordance with the criteria for the real estate sector. The Eco-Lighthouse is a Norwegian certification system designed to help businesses and organisations improve their environmental performance. It covers various areas such as energy use, waste management, transportation, procurement, and working environment. The certification scheme has been recognised by the European Commission which verifies that it holds the standard and quality on a par with international eco-labelling schemes such as EMAS and ISO 14001.
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Sustainability at Entra | Sustainability certifications, ratings and recognitions
Contents | Sustainability at Entra | Allocation and impact | External review
Per 31.12.2025
ESG Ratings
EPRA
Gold
The European Public Real Estate Association's (EPRA) Sustainability Best Practices Recommendations (sBPR) guidelines provides a standardized framework for European real estate companies to disclose their Environmental, Social, and Governance (ESG) performance. The reports are evaluated by an independent third party and the reporting companies are awarded either a Gold (highest), Silver, or Bronze (lowest) Award, based on how well their reporting adheres to EPRA's guidelines.
GRESB Public Disclosure Level
A
GRESB's Real Estate Public Disclosure evaluates how well listed property companies and REITs disclose their ESG performance. ESG disclosure scores go from A (highest) to E (lowest), based on how much and how clearly companies share their sustainability information. An A means they keep stakeholders well informed. The score is based on public information, such as sustainability reports, annual reports and web sites.
MSCI ESG Rating
AAA
MSCI rates companies on their ability to manage key ESG risks and opportunities over the long term, using a scale from AAA (highest) to CCC (lowest). This rating compares a company's performance to its industry peers and reflects how well it deals with important sustainability topics.
Morningstar-Sustainalytics ESG Risk Rating
Low
Morningstar-Sustainalytics' evaluate a company's exposure to industry-specific material ESG risks and the company's ability to handle the risks. A 'low risk' rating from Sustainalytics indicates that a company is unlikely to face unmanaged ESG risks that could have a major effect on its economic value.
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11 Allocation and impact | Outstanding Green Bonds
Contents | Sustainability at Entra Allocation and impact External review
Allocation and impact
Outstanding Green Bonds
Outstanding Green Bonds as of 31.12.2025
| Outstanding green bonds | ISIN | Amount, NOKm |
|---|---|---|
| ENTRA43 ESG | N00010852684 | 579 |
| ENTRA52 ESG | N00010886856 | 594 |
| ENTRA55 ESG | N00010895964 | 2000 |
| ENTRA60 ESG | N00011017147 | 1700 |
| ENTRA62 ESG | N00011041535 | 1000 |
| ENTRA63 ESG | N00011079808 | 2215 |
| ENTRA64 ESG | N00011094625 | 1346 |
| ENTRA65 ESG | N00011094633 | 1150 |
| ENTRA66 ESG | N00011094641 | 1900 |
| ENTRA71 ESG | N00013457978 | 700 |
| ENTRA72 ESG | N00013457986 | 1800 |
| ENTRA73 ESG | N00013457994 | 600 |
| ENTRA74 ESG | N00013571166 | 1950 |
| ENTRA75 ESG | N00013643221 | 1100 |
| ENTRA76 ESG | N00013683045 | 500 |
| Total value outstanding green bonds | 19134 | |
| Green assets (eligible properties as of 31.12. 2025) | Amount, NOKm | |
| --- | --- | |
| Total market value | 23 901 | |
| Green Bonds | 19 134 | |
| Green Loans in compliance with the eligible asset pool | 2 000 | |
| Total green financing | 21 134 | |
| Unutilised green bond potential | 2 767 | |
| Green share of total debt | 67.8% |
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12 Allocation and impact | Green Bond Asset Pool
Contents | Sustainability at Entra | Allocation and impact | External review
Green Bond Asset Pool
Properties eligible for green bond financing as of 31.12.2025
| Property | EPC | BREEAM NOR | BREEAM In-Use | Earmarked | Category |
|---|---|---|---|---|---|
| Brynsengfaret 6, Oslo | B | Breeam In-Use Excellent (in process) | Existing buildings | ||
| Fredrik Selmers vei 4, Oslo | A | BREEAM-NOR Very Good | Breeam In-Use Excellent | Existing buildings | |
| Fyrstikkalléen 1, Oslo | B | BREEAM-NOR Very Good | Breeam In-Use Excellent | Existing buildings | |
| Grensesvingen 7, Oslo | A/C | BREEAM-NOR Excellent | Existing buildings | ||
| Grensesvingen 26, Oslo | B | BREEAM-NOR Very Good | Breeam In-Use Excellent | Existing buildings | |
| Kjørboveien 12–24, block 1, Sandvika | A | BREEAM-NOR Excellent | Existing buildings | ||
| Kjørboveien 12–24, block 2, Sandvika | A | BREEAM-NOR Excellent | Existing buildings | ||
| Kjørboveien 12–24, block 3, Sandvika | A | BREEAM-NOR Excellent | Existing buildings | ||
| Kjørboveien 12–24, block 4, Sandvika | B | BREEAM-NOR Outstanding | Existing buildings | ||
| Kjørboveien 12–24, block 5, Sandvika | B | BREEAM-NOR Outstanding | Existing buildings | ||
| Kristian Augusts gate 13, Oslo | B/C | Breeam In-Use Excellent | Existing buildings | ||
| Kristian Augusts gate 15–17, Oslo | A | BREEAM-NOR Excellent | Nordic Investment Bank | Existing buildings | |
| Lakkegata 53, Oslo | A | BREEAM-NOR Excellent | Existing buildings | ||
| Lars Hilles gate 30, Bergen | B | BREEAM-NOR Very Good | Breeam In-Use Excellent | Existing buildings | |
| Malmskriverveien 16, Sandvika | A | BREEAM-NOR Excellent | New buildings | ||
| Møllendalsveien 6–8, Bergen | B | Breeam In-Use Excellent | Existing buildings | ||
| Nygårdsgaten 93–97, Bergen | A | BREEAM-NOR Excellent | Existing buildings | ||
| Otto Sverdrups plass 4, Sandvika | A/B | BREEAM-NOR Very Good | Breeam In-Use Excellent | Existing buildings | |
| Schweigsards gate 16, Oslo | B | BREEAM-NOR Excellent | Breeam In-Use Excellent | Existing buildings | |
| St. Olavs plass 5, Oslo | B | BREEAM-NOR Very Good | Breeam In-Use Excellent | Nordic Investment Bank | Existing buildings |
| Stenersgata 1, Oslo (BTT) | B | BREEAM-NOR Excellent | Existing buildings | ||
| Universitetsgata 1–9, Oslo | A/B | BREEAM-NOR Excellent | Nordic Investment Bank | Existing buildings | |
| Vahls gate 1–3, Oslo | B | Breeam In-Use Excellent | Existing buildings | ||
| Verkstedveien 1, Oslo | A | BREEAM-NOR Very Good | Breeam In-Use Excellent | Existing buildings |
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13 Allocation and impact | Green Bond Asset Pool
Contents | Sustainability at Entra Allocation and impact | External review
Brynsengfaret 6, Oslo
Management area: 35 359 sqm
Certified: BREEAM In-Use Excellent (in process)
Energy class: EI
EU Taxonomy alignment (CCM 7.7)¹: Yes
Fredrik Selmers vei 4, Oslo
Management area: 38 027 sqm
Certified: BREEAM-NOR Very Good,
BREEAM In-Use Excellent
Energy class: A
EU Taxonomy alignment (CCM 7.7)¹: Yes
Fyrstikkalléen 1, Oslo
Management area: 39 639 sqm
Certified: BREEAM-NOR Very Good,
BREEAM In-Use Excellent
Energy class: EI
EU Taxonomy alignment (CCM 7.7)¹: Yes
Grensesvingen 7, Oslo
Management area: 23 329 sqm
Certified: BREEAM-NOR Excellent
Energy class: A/C
EU Taxonomy alignment (CCM 7.7)¹: Yes
¹: The calculation of EU Taxonomy alignment is based on updated rules for determining primary energy demand under the revised Norwegian Energy Labelling Regulation, which entered into force on 1 January 2026, as well as the application of updated threshold values for identifying the top 15% most energy-efficient buildings
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14 Allocation and impact | Green Bond Asset Pool
Contents | Sustainability at Entra Allocation and impact | External review
Grensesvingen 26, Oslo
Management area: 18 108 sqm
Certified: BREEAM-NOR Very Good,
BREEAM In-Use Excellent
Energy class: B
EU Taxonomy alignment (CCM 7.7)¹; Yes
Kjørboveien 12–24, block 1–5, Sandvika
Management area: 18 074 sqm²
Certified: BREEAM-NOR Excellent (Block 1–3),
BREEAM-NOR Outstanding (Block 4–5)
Energy class: A (Block 1–3), B (Block 4–5)
EU Taxonomy alignment (CCM 7.7)¹; Yes
Kristian Augusts gate 13, Oslo
Management area: 4 101 sqm
Certified: BREEAM In-Use Excellent
Energy class: B/C
EU Taxonomy alignment (CCM 7.7)¹; Yes
Kristian Augusts gate 15–17, Oslo
Management area: 21 051 sqm
Certified: BREEAM-NOR Excellent
Energy Class: A
EU Taxonomy alignment (CCM 7.7)¹; Yes
¹ The calculation of EU Taxonomy alignment is based on updated rules for determining primary energy demand under the revised Norwegian Energy Labelling Regulation, which entered into force on 1 January 2026, as well as the application of updated threshold values for identifying the top 15% most energy-efficient buildings
² The reported floor area covers the entire property
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15 Allocation and impact | Green Bond Asset Pool
Contents | Sustainability at Entra Allocation and impact | External review
Lakkegata 53, Oslo
Management area: 31 670 sqm
Certified: BREEAM-NOR Excellent
Energy class: A
EU Taxonomy alignment (CCM 7.7)¹: Yes
Lars Hilles gate 30, Bergen
Management area: 45 707 sqm
Certified: BREEAM-NOR Very Good,
BREEAM In-Use Excellent
Energy class: B
EU Taxonomy alignment (CCM 7.7)¹: Yes
Malmskriverveien 16, Sandvika
Management area: 2 720 sqm
Certified: BREEAM-NOR Excellent
Energy class: A
EU Taxonomy alignment (CCM 7.7)¹: Yes
Møllendalsveien 6–8, Bergen
Management area: 15 724 sqm
Certified: BREEAM In-Use Excellent
Energy class: B
EU Taxonomy alignment (CCM 7.7)¹: Yes
¹: The calculation of EU Taxonomy alignment is based on updated rules for determining primary energy demand under the revised Norwegian Energy Labelling Regulation, which entered into force on 1 January 2026, as well as the application of updated threshold values for identifying the top 15% most energy-efficient buildings
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Allocation and impact | Green Bond Asset Pool
Contents | Sustainability at Entra
Allocation and impact
External review
Nygårdsgaten 93–97, Bergen
Management area: 12 069 sqm
Certified: BREEAM-NOR Excellent
Energy class: A
EU Taxonomy alignment (CCM 7.7): Yes
Otto Sverdrups plass 4, Sandvika
Management area: 16 038 sqm
Certified: BREEAM-NOR Very Good,
BREEAM In-Use Excellent
Energy class: A/B
EU Taxonomy alignment (CCM 7.7): Yes
Schweigaards gate 16, Oslo
Management area: 15 497 sqm
Certified: BREEAM-NOR Excellent,
BREEAM In-Use Excellent
Energy class: B
EU Taxonomy alignment (CCM 7.7): Yes
St. Olavs plass 5, Oslo
Management area: 16 433 sqm
Certified: BREEAM-NOR Very Good,
BREEAM In-Use Excellent
Energy class: B
EU Taxonomy alignment (CCM 7.7): Yes
The calculation of EU Taxonomy alignment is based on updated rules for determining primary energy demand under the revised Norwegian Energy Labelling Regulation, which entered into force on 1 January 2026, as well as the application of updated threshold values for identifying the top 15% most energy-efficient buildings
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17 Allocation and impact | Green Bond Asset Pool
Contents | Sustainability at Entra Allocation and impact | External review
Stenersgata 1, Oslo
Management area: 31 969 sqm²
Certified: BREEAM-NOR Excellent (BT 1)
Energy class: B (BT1)
EU Taxonomy alignment (CCM 7.7)¹: Yes
Universitetsgata 1–9, Oslo
Management area: 22 076 sqm
Certified: BREEAM-NOR Excellent
Energy class: A/B
EU Taxonomy alignment (CCM 7.7)¹: Yes
Vahls gate 1–3, Oslo
Management area: 14 887 sqm
Certified: BREEAM In-Use Excellent
Energy class: B
EU Taxonomy alignment (CCM 7.7)¹: Yes
Verkstedveien 1, Oslo
Management area: 31 731 sqm
Certified: BREEAM-NOR Very Good,
BREEAM In-Use Excellent
Energy class: A
EU Taxonomy alignment (CCM 7.7)¹: Yes
¹ The calculation of EU Taxonomy alignment is based on updated rules for determining primary energy demand under the revised Norwegian Energy Labelling Regulation, which entered into force on 1 January 2026, as well as the application of updated threshold values for identifying the top 15% most energy-efficient buildings
² The reported floor area covers the entire property
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External review
Contents | Sustainability at Entra Allocation and impact External review
External review
Entra has appointed Deloitte as an independent external auditor to provide annual assurance that the selection of eligible assets and the allocation of net proceeds are conducted in accordance with Entra's Green Financing Framework as applicable for the reporting period.
Deloitte.
Deloitte AB
Dronning Ederros gata 14
Postboks 651
98120 Stockholm
Norway
+47 (0) 21 86 00
www.deloitte.se
To the Management of Entra ASA
INDEPENDENT AUDITORS' LIMITED ASSURANCE REPORT ON ENTHA-DREIN BOND REPORT 2025
We have performed a limited assurance engagement for the Management of Entra ASA ("Entra") on information set out in table "Green assets (eligible properties as of 01.12.2025)" and table "Properties eligible for green bond financing as of 01.12.2025" (the "Selected Information") within the Entra ASA Green Bond Report for the reporting period ended 31 December 2025.
Our assurance conclusion
Based on our procedures described in this report, and evidence we have obtained, nothing has come to our attention that causes us to believe that the Selected Information for the year ended 31 December 2025, as described below, has not been prepared, in all material respects, in accordance with the Applicable Criteria.
Scope of our work
Entra has engaged us to provide an independent Limited Assurance Report in accordance with International Standard to Assurance Engagements (ISEB (Revised) Assurance Engagement) Other than Audits or Reviews of Historical Financial Information ("ISIN: 8080 (Revised)), issued by the International Auditing and Assurance Standards Board ("AASB") and our agreed terms of engagement.
The Selected Information in scope of our engagement, as presented in the Entra Green Bond Report, for the period ended 31 December 2025 is as follows:
| Description of engagement (included as described in the Appendix) | Description of activity |
|---|---|
| ISEB Green assets (eligible properties as of 01.12.2025), flow- and market-based support (ISEB 01.12.2025) | Eligible cash of assets or services (used in the ISEB "Green assets (eligible properties as of 01.12.2025)" |
| Table Properties eligible for green bond financing as of 01.12.2025 | Whether the Eligible properties comply with the criteria in Entra Green Financing Framework, "Use of a Service") |
In relation to the Selected Information, as listed in the above table, the Selected Information needs to be read and understood together with the Applicable Criteria.
Inherent limitations of the Selected Information
We obtained limited assurance over the preparation of the Selected Information in accordance with the Applicable Criteria. Inherent limitations exist in all assurance engagements.
Any internal control structure, no matter how effective, cannot eliminate the possibility that fraud, errors or irregularities may occur and remain undetected and because we use selective testing in our engagement, we cannot guarantee that errors or irregularities, if present, will be detected.
Deloitte has provided a foundation for the Entra Green Bond Report, the National Fund for the future (or the future of the Entra Green Bond Report) and the National Fund for the future (or the future of the Entra Green Bond Report) as well as the National Fund for the future (or the future of the Entra Green Bond Report) as well as the National Fund for the future.
Sustainability: Authorized (and not yet) for eligible assets and associated entas (e.g., insurance details) by a review date, including a second review and an management review, and below the author's full, current and current status.
Deloitte has provided a foundation for the Entra Green Bond Report, the National Fund for the future (or the future of the Entra Green Bond Report) as well as the National Fund for the future.
Deloitte.
Management/ responsibilities
The Management is responsible for:
- Ensuring that the Use of Proceeds Follow the Entra Green Financing Framework
- Ensuring that the project evaluation and selection, management of proceeds and reporting described in the Entra Green Bond Report are in accordance with the purpose defined within the Entra Green Financing Framework.
- Designing, implementing, and maintaining internal processes and controls over information relevant to the preparation of the Selected Information to ensure that they are free from material misstatement, including whether due to fraud or error.
Our responsibilities
We are responsible for:
- Planning and performing procedures to obtain sufficient appropriate evidence in order to express an independent limited assurance conclusion on the Selected Information.
- Communicating matters that may be relevant to the Selected Information to the appropriate party, including identified or suspected non-compliance with laws and regulations, fraud or suspected fraud, and bias in the preparation of the Selected Information.
- Reporting our conclusion in the form of an independent limited Assurance Report to the management.
Our independence and quality management
We are independent of the company as required by laws and regulations and the International Ethics Standards Board for Accountants' Code of International Ethics for Professional Accountants (including International Independence Standards) (IESBI Code), and we have fulfilled our other ethical responsibilities in accordance with those requirements.
We apply the International Standard on Quality Management (ISQM) L. Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements, and accordingly, maintain a comprehensive system of quality control including documented policies and procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements.
Key procedures performed
We are required to plan and perform our work to address the areas where we have identified that a material misstatement of the description of activities undertaken in respect of the Selected Information is likely to arise. The procedures we performed were based on our professional judgment. In carrying out our limited assurance engagement on the description of activities undertaken in respect of the Selected Information, we performed the following procedures:
- Through inquiries of relevant personnel, we have obtained an understanding of the Company, its environment, processes and information systems relevant to the preparation of the Selected Information sufficient to identify areas where material misstatement in the Selected Information is likely to arise, providing a basis for designing and performing procedures to respond to address these areas and to obtain limited assurance to support a conclusion.
- Through inquiries of relevant personnel, we have obtained an understanding of the Internal processes relevant to the Selected Information and data used in preparing the Selected Information, the methodology for gathering qualitative information, and the process for preparing and reporting the Selected Information.
- Performed procedures on a sample basis to assess whether the Selected Information has been collected and reported in accordance with the Applicable Criteria, including complying to source documentation.
The procedures performed in a limited assurance engagement was in nature and timing from, and are less in extent than for, a reasonable assurance engagement. Consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed.
Entra ASA - Green Bond Report 2025
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19 External review
Contents | Sustainability at Entra Allocation and impact External review
Deloitte.
OJU, 26 Juni 2025
Deloitte AS
Kristine Moum Flateland
State Authorised Public Accountant, Sustainability Auditor
This document is signed electronically
Independent sustainabilit...mited assurance report
Name: Kristine Moum
Flateland, Kristine Moum
2026-06-26
BankID: Flateland, Kristine Moum
Entra ASA – Green Bond Report 2025
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Flexible, attractive and environment-friendly office properties
Head office
Biskop Gunnerus' gate 14 A
0185 Oslo
Postal address
Post box 52, Økern
0508 Oslo, Norway
Tel: (+47) 21 60 51 00
E-mail: [email protected]
Customer service centre
E-mail: [email protected]
Tel: (+47) 800 36 872
www.entra.no
entra
artbox.no
Foto: Knut Neerland (front page)