Eastnine (EAST) Q1 2025 earnings summary

Executive summary

• Net operating income rose 75% year-over-year to EUR 14.7m, driven by acquisitions and value growth in Poland, with record property management profit up 46% to EUR 7.8m.

• Economic occupancy remained high at 96%, and surplus ratio improved to 93.9%.

• Property portfolio expanded to 16 prime office assets valued at EUR 956m and 271,600 sq.m. lettable area.

• Dividend proposed at SEK 1.20 per share, payable quarterly, an increase from last year.

• Portfolio growth and unrealised value gains in Poland supported the highest quarterly profit since Q3 2022.

Financial highlights

• Rental income for Q1 2025 was EUR 15.6m, up 72% year-over-year; net operating income was EUR 14.7m, up 75%.

• Profit from property management increased 46% to EUR 7.8m, or EUR 0.08 per share.

• Unrealised property value gains of EUR 19.4m, mainly from Poland, contributed to a total profit for the period of EUR 22.3m.

• Surplus ratio improved by 1.7 percentage points to 93.9%.

• Return on equity reached 19.6% (4.7% in Q1 2024).

Outlook and guidance

• Rent indexation, higher occupancy, and limited new supply expected to support further rental income and NOI growth, especially in Poland and Poznań.

• Board proposes a dividend increase to SEK 1.20 per share, paid quarterly, with a new policy targeting annual increases.

• Focus remains on portfolio growth, digitalisation, and operational efficiency in high-growth Central and Eastern European cities.